The Ledger ResearchPrivate

The Front Office

Scouting report · AMG

Jay C. Horgen

  • President & CEO, AMG since 2019-05src

Joined AMG in 2007; CFO 2011-2019; CEO since May 2019

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—no promises on the record yet
Answers the question—no call reviewed yet
Capital allocation—company not reviewed yet
Pay design67ebitda, eps, tsr, relative tsr, roic, strategic, roe · 97.9% for · 2.28% of net income
Skin in the game—no holding or price on file
Age
55src
In the role
7 yr
Promises scored
0
Hit rate
—
Dodges / 100 answers
—
Airtime on calls
—
Every promise, oldest firstno scored promises yet

What to weigh

Watch 3

  • Succession reset: Thomas Wojcik, named President in June 2025, left 2026-03-06 under a separation deal ($5.0m cash in 2026, $11.05m in Q1 2027 subject to non-compete). Horgen took the President title back; no COO was namedsrc
  • Sold 17,500 shares on 2026-06-08 at a weighted ~$338 ($5.9m) the day he exercised 75,000 options at $74.49; the Form 4 does not mark the sale as under a 10b5-1 plansrc
  • Two of the nine equally weighted bonus metrics, absolute TSR and 3-year adjusted return on capital, hit the 200% cap in 2025 and carried the 134% scoresrc

In their favour 3

  • Performance equity pays on three-year average ROE (100% at 17-18% for 2025 awards, nothing below 11%) and 75% of equity is performance-conditionedsrc
  • Bought 52,000 shares in the open market since May 2019; hedging and pledging bannedsrc
  • Say-on-pay passed with about 98% of votes cast at the May 2026 meeting; CEO pay ratio 77:1src

Career

  1. 2026 – now
    Affiliated Managers Groupsrc
    President & CEO
    Re-appointed President effective 2026-04-01 after Wojcik's 2026-03-06 departure
  2. 2025 – 2026
    Affiliated Managers Groupsrc
    CEO (President title passed to Thomas Wojcik on 2025-06-03)
  3. 2019 – 2025
    Affiliated Managers Groupsrc
    President & CEO; director from May 2019
    Named President 2019-02 while still CFO (8K-2019-02-04); succeeded Nathaniel Dalton as CEO after the 2019 annual meeting
  4. 2011 – 2019
    Affiliated Managers Groupsrc
    Chief Financial Officer (and Treasurer)
  5. 2007 – 2011
    Affiliated Managers Groupsrc
    Executive Vice President, New Investments
  6. 2005 – 2007
    Eastside Partnerssrc
    Founder and Managing Director (private equity)
    Proxy dates this only as after 2005 and before joining AMG in 2007
  7. 1993 – 2005
    Merrill Lynch & Co. and Goldman Sachs & Co.src
    Investment banker, Financial Institutions Groups (asset management); Managing Director at Merrill Lynch
    The proxy does not split the years between the two banks

Not located: Split of 1993-2005 between Goldman Sachs and Merrill Lynch not located in any source searched

Achievements

  • Nineteen years at AMG: led new-affiliate investments from 2007, CFO for eight years, CEO since May 2019src
  • 2025 scorecard scored 134% of target; the formula produced $19.0m total pay, cut to the $17.5m capsrc
  • Proxy reports AMG stock beat the peer-group median by 49, 37 and 135 points over the 1-, 3- and 5-year periods to 2025 year endsrc
  • AMG GAAP net income (controlling interest) was $716.6m in FY2025, against $511.6m in FY2024 and $672.9m in FY2023src
  • Holds 645,935 shares (2.4%), the largest insider stake; bought 52,000 shares in the open market since his 2019 appointmentsrc

Education

  • Yale University, BA Economics and Mathematicssrc

Background

  • Family The 8-K announcing his CEO appointment states no familial relationships with any AMG director or executive officersrc
  • Boards Sits on no other public-company board per the 2026 proxy's director tablesrc
  • Investing Invested $1.0m (including unfunded commitment) in an Affiliate's fund through assignment of part of AMG's own commitment, on senior-professional terms with no management fee; Audit Committee approvedsrc
  • Other No employment agreement and no change-in-control agreement; subject to a 10x-salary ownership guideline and a holding policy that bars CEO sales until unrestricted shares exceed 2x total annual paysrc
  • Giving Gave 4,000 AMG shares to a charitable donor-advised fund in December 2025src

The promise ledger

No promise on the record yet: the research routine has not scored this company's guidance.

Sources

11
  1. Filing Affiliated Managers Group DEF 14A (accession 0001628280-26-025798) · 2026-04-17
  2. Filing AMG 8-K Item 5.07, 2026 annual meeting results (0001193125-26-245324) · 2026-05-28
  3. Filing AMG 8-K Item 5.02, Horgen re-appointed President effective 2026-04-01 (0001193125-26-076911) · 2026-02-26
  4. Filing AMG 8-K Item 5.02, Wojcik stepping down as President & COO (0001193125-26-047590) · 2026-02-12
  5. Filing AMG 8-K Item 5.02, Wojcik appointed President; Horgen continues as CEO (0001193125-25-137112) · 2025-06-06
  6. Filing AMG 8-K Item 5.02, Horgen appointed CEO effective after the 2019 annual meeting (0001193125-19-138319) · 2019-05-06
  7. Filing AMG 8-K Item 5.02, Horgen appointed President while remaining CFO (0001193125-19-026460) · 2019-02-04
  8. Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 1004434 (FY2025 10-K, 0001628280-26-008665) · 2026-02-17
  9. Filing Form 4, Jay C. Horgen (reporting CIK 1432993), option exercise and sale of 2026-06-08 (0001004434-26-000065) · 2026-06-08
  10. Filing Form 4, Jay C. Horgen, vesting, grant and GRAT transfer of 2026-03-05 (0001004434-26-000031) · 2026-03-09
  11. Filing Form 4, Jay C. Horgen, gift to a donor-advised fund of 2025-12-23 (0001004434-25-000067) · 2025-12-23