“Different affiliates use our distribution to help them grow revenue in different ways,” he said. “This is all we do. We are the institutional partner to boutique asset managers.”

Although AMG is listed, it has no leverage at the parent level nor the affiliate level.

“We
don’t have a business where the balance sheet is at risk,” Dalton said.
“Business stability is important. Clients are questioning this at the very
small end of the market. AMG can play a role in smoothing out business
volatility.”