Affiliated Managers Group: Lowered Moat Rating to None From Narrow on Diminished Intangible Assets

We've lowered our moat rating for Affiliated Managers Group to none from narrow. Our fair value estimate remains in place at $184 per share. While AMG has some moatworthy characteristics—like a portfolio of well-respected boutique asset managers, well-forged distribution channels, and a track record of generating excess returns—these attributes and other intangibles continue to diminish, much as they do for the rest of the US-based traditional asset managers.