AMG Announces Partnership with Inclusive Capital Partners, Following Completion of ValueAct Capital Long-Term Succession Plan

• AMG’s highly successful 13-year partnership with ValueAct Capital continues under the leadership of CEO Mason Morfit; strong next-generation partnership bench is positioned to generate differentiated long-term returns through active governance investing
• With ValueAct succession complete, founder Jeff Ubben is launching Inclusive Capital Partners, which will focus on responsible capitalism and the advancement of economic, social, and environmental inclusion
• Inclusive Capital Partners to be AMG’s first Affiliate entirely focused on responsible capitalism

WEST PALM BEACH, Fla., June 23, 2020 (GLOBE NEWSWIRE) -- Affiliated Managers Group, Inc. (NYSE: AMG), a global asset management company, today announced that it will be a minority equity partner to newly founded independent investment firm Inclusive Capital Partners, L.P. (”In-Cap”). The successful completion of generational management transition at longtime Affiliate ValueAct Capital Management, L.P. (ValueAct) has facilitated the launch of In-Cap. ValueAct founder Jeffrey W. Ubben will retire from ValueAct and will continue to manage the ValueAct Spring Fund after he transitions to In-Cap. The Spring Fund investment team is moving to In-Cap to continue its work of over two years together on the Spring Fund portfolio.

“Long-term sustainability has been at the very heart of AMG’s business strategy since inception, in working closely with Affiliates to design and implement management succession over time and support Affiliate growth initiatives,” said Jay C. Horgen, President and Chief Executive Officer of AMG. “We are very pleased with the excellent execution of ValueAct’s succession plan over the past decade, which has resulted in the successful transition from the founding generation to a truly outstanding next generation of partners, led by CEO Mason Morfit, and we are highly confident in ValueAct’s forward prospects. I’ve known Mason since AMG’s initial investment in the firm, and he is a unique investor who has demonstrated exemplary leadership over the years.”

Mr. Horgen continued, “The success of this generational transition has enabled ValueAct founder Jeff Ubben to retire and launch Inclusive Capital Partners, which will focus on the important mission of allocating capital to corporate leaders who prioritize long-term responsible decision-making. We believe that asset owners’ interest in investing responsibly is a critical secular trend in the industry. AMG’s investment in ValueAct was the first investment I led upon joining AMG, which has now come full-circle. I am so pleased at the opportunity to continue our long-term partnership with Jeff and George Hamel, and excited for Jeff to prove his hypothesis regarding the excess returns that will be generated by companies that believe in purpose alongside profits. We are delighted to partner with a responsible capitalism specialist for the first time, adding to AMG’s existing participation in sustainable investment strategies through numerous Affiliates which are leaders in this space – and we are particularly pleased to support Jeff, George, and their partners as they launch this exciting venture.”