AMG Reports Financial and Operating Results for the First Quarter of 2007.

Company Reports EPS of $0.93; Cash EPS of $1.43

BOSTON -- Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the quarter ended March 31, 2007.

Cash Earnings Per Share ("Cash EPS") for the first quarter of 2007 were $1.43, compared to $1.27 for the first quarter of 2006, while diluted earnings per share for the first quarter of 2007 were $0.93, compared to $0.81 for the same period of 2006. Cash Net Income was $55.4 million for the first quarter of 2007, compared to $52.8 million for the first quarter of 2006. Net Income for the first quarter of 2007 was $36.6 million, compared to $35.2 million for the first quarter of 2006. (Cash EPS and Cash Net Income are defined in the attached tables.)

For the first quarter of 2007, revenue was $309.8 million, compared to $278.0 million for the first quarter of 2006. EBITDA for the first quarter of 2007 was $89.1 million, compared to $78.5 million for the same period of 2006.

Net client cash flows for the first quarter of 2007 were approximately $1.9 billion, with net flows in the institutional, mutual fund, and high net worth channels of $2.2 billion, $133 million, and $(446) million, respectively. These aggregate net client cash flows resulted in an increase of approximately $2.0 million to AMG's annualized EBITDA. The aggregate assets under management of AMG's affiliated investment management firms at March 31, 2007 were approximately $250 billion.

"AMG generated strong earnings growth during the first quarter, with solid results across our Affiliate group. Year over year, assets under management grew by 23%, to approximately $250 billion, with organic growth contributing $34 billion, or 17%, including $7.4 billion in the first quarter," stated Sean M. Healey, President and Chief Executive Officer of AMG. "AMG is well-positioned for strong results going forward, especially in high-growth areas such as alternative investments and international equities."

Mr. Healey continued, "Our Affiliates' alternative products had excellent performance during the quarter, and we expect that alternative investments will continue to be among our fastest-growing product areas. AQR and First Quadrant, two of the industry's leading quantitative managers, both produced outstanding results in the first quarter, and continue to generate substantial new business. We also had excellent results from our international equities, where Affiliates such as Tweedy, Browne and Genesis achieved solid investment returns in their global and emerging markets equities products, respectively. Performance was strong in domestic equity products as well, as managers such as Third Avenue and Friess Associates continued to outperform their peers and benchmarks."

Mr. Healey concluded, "We are making significant progress in executing our new investment strategy and have a strong pipeline of investment opportunities. With an expanded new investments team in place and substantial financial capacity, we are well-positioned to capitalize on a broad set of investment opportunities."

AMG is an asset management company with equity investments in a diverse group of boutique investment management firms. AMG's strategy is to generate growth through the internal growth of its existing Affiliates, as well as through investments in new Affiliates. AMG's innovative transaction structure allows individual members of each Affiliate's management team to retain or receive significant direct equity ownership in their firm while maintaining operating autonomy. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, the ability to close pending investments, the investment performance of our Affiliates and their ability to effectively market their investment strategies, and other risks detailed from time to time in AMG's filings with the Securities and Exchange Commission. Reference is hereby made to the "Cautionary Statements" set forth in the Company's Form 10-K for the year ended December 31, 2006.

Financial Tables Follow

A teleconference will be held with AMG's management at 11:00 a.m. Eastern time today. Parties interested in listening to the teleconference should dial 1-800-218-0204 (domestic calls) or 1-303-262-2141 (international calls) starting at 10:45 a.m. Eastern time. Those wishing to listen to the teleconference should dial the appropriate number at least ten minutes before the call begins. The teleconference will be available for replay approximately one hour after the conclusion of the call. To access the replay, please dial 1-800-405-2236 (domestic calls) or 1-303-590-3000 (international calls) and enter the pass code, 11088336. The live call and the replay of the session, and the additional financial information referenced during the teleconference, may also be accessed via the Web at www.amg.com.

For more information on Affiliated Managers Group, Inc.,

please visit AMG's Web site at www.amg.com.

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Affiliated Managers Group, Inc.
Notes

(A)  Cash Net Income is defined as Net Income plus amortization and
     deferred taxes related to intangible assets plus Affiliate
     depreciation. This supplemental non-GAAP performance measure is
     provided in addition to, but not as a substitute for, Net
     Income. The Company considers Cash Net Income an important
     measure of its financial performance, as management believes it
     best represents operating performance before non-cash expenses
     relating to the acquisition of interests in its affiliated
     investment management firms. Since acquired assets do not
     generally depreciate or require replacement, and since they
     generate deferred tax expenses that are unlikely to reverse, the
     Company adds back these non-cash expenses. Cash Net Income is
     used by the Company's management and Board of Directors as a
     principal performance benchmark.

     The Company adds back amortization attributable to acquired
     client relationships because this expense does not correspond to
     the changes in value of these assets, which do not diminish
     predictably over time. The Company adds back the portion of
     deferred taxes generally attributable to intangible assets
     (including goodwill) that it no longer amortizes but which
     continues to generate tax deductions. These deferred tax expense
     accruals would be used in the event of a future sale of an
     Affiliate or an impairment charge, which the Company considers
     unlikely. The Company adds back the portion of consolidated
     depreciation expense incurred by Affiliates because under its
     Affiliate operating agreements, the Company is generally not
     required to replenish these depreciating assets.

(B)  EBITDA is defined as earnings before interest expense, income
     taxes, depreciation and amortization. This supplemental non-GAAP
     liquidity measure is provided in addition to, but not as a
     substitute for, cash flow from operations. As a measure of
     liquidity, the Company believes EBITDA is useful as an indicator
     of its ability to service debt, make new investments and meet
     working capital requirements. EBITDA, as calculated by the
     Company, may not be consistent with computations of EBITDA by
     other companies. In reporting EBITDA by segment, Affiliate
     expenses are allocated to a particular segment on a pro rata
     basis with respect to the revenue generated by that Affiliate in
     such segment.

(C)  Cash earnings per share represents Cash Net Income divided by the
     adjusted diluted average shares outstanding. In this
     calculation, the potential share issuance in connection with the
     Company's convertible securities is measured using a "treasury
     stock" method. Under this method, only the net number of shares
     of common stock equal to the value of the contingently
     convertible securities and the junior convertible trust
     preferred securities in excess of par, if any, are deemed to be
     outstanding. The Company believes the inclusion of net shares
     under a treasury stock method best reflects the benefit of the
     increase in available capital resources (which could be used to
     repurchase shares of common stock) that occurs when these
     securities are converted and the Company is relieved of its debt
     obligation. This method does not take into account any increase
     or decrease in the Company's cost of capital in an assumed
     conversion.

(D)  Convertible securities interest expense, net, includes the
     interest expense, net of tax, associated with the Company's
     contingently convertible securities and junior convertible trust
     preferred securities (but excludes the interest expense
     associated with the Company's mandatory convertible securities).

(E)  The Company transferred its interests in an Affiliate during the
     first quarter of 2007. The financial effect of this transaction
     is not material to the Company's ongoing results.

(F)  The Company is required to use the equity method of accounting

     for its investments in AQR Capital Management, LLC, Beutel,
     Goodman & Company Ltd. and Deans Knight Capital Management Ltd.
     (together, "equity method investments"). Consistent with this
     method, the Company has not consolidated the operating results
     (including the revenue) of its equity method investments in its
     income statement. The Company's share of its equity method
     investments' profits, net of intangible amortization, is
     reported in "Income from equity method investments." Income tax
     attributable to these profits is reported within the Company's
     consolidated income tax provision. The assets under management
     of equity method investments are included in the Company's
     reported assets under management.

(G)  Minority interest on the Company's income statement represents
     the profits allocated to Affiliate management owners for that
     period. Minority interest on the Company's balance sheet
     represents the undistributed profits and capital owned by
     Affiliate management, who retain a conditional right to sell
     their interests to the Company.

(H)  EITF Issue No. 04-05, "Determining Whether a General Partner, or
     the General Partners as a Group, Controls a Limited Partnership
     or Similar Entity When the Limited Partners Have Certain
     Rights," ("EITF 04-05"), became effective January 1, 2006. EITF
     04-05 requires the Company to consolidate certain Affiliate
     investment partnerships (including interests in the partnerships
     in which the Company does not have ownership rights) in its
     consolidated financial statements. For the three months ending
     March 31, 2007, the total non-operating income associated with
     those partnerships was $2.6 million, while the portion
     attributable to the underlying investors unrelated to the
     Company (the "outside owners") was $2.5 million; as of March 31,
     2007, the total assets attributable to these investment
     partnerships was $108.5 million, while the portion owned by the
     outside owners was $104.2 million.