Exhibit 99.2

Affiliated Managers Group, Inc.

Financial Highlights

(dollars in thousands, except per share data)

	Three Months		Three Months
	Ended		Ended
	6/30/09		6/30/10
Revenue	$	201,246	$	332,080
Net Income (controlling interest)	$	10,979	$	25,204
Economic Net Income (A)	$	42,419	$	63,797
EBITDA (B)	$	53,155	$	81,743
Average shares outstanding - diluted	43,159,140		47,635,230
Earnings per share - diluted	$	0.26	$	0.53
Average shares outstanding - adjusted diluted (C)	42,286,500		47,159,765
Economic earnings per share (C)	$	1.00	$	1.35

	December 31, 2009		June 30, 2010
Cash and cash equivalents	$	259,487	$	220,543
Senior bank debt	$	—	$	659,500
Senior convertible securities (D)	$	456,976	$	415,856
Junior convertible trust preferred securities (D)	$	507,358	$	508,588
Stockholders’ equity	$	1,109,690	$	1,487,861

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Affiliated Managers Group, Inc.

Financial Highlights

(dollars in thousands, except per share data)

	Six Months		Six Months
	Ended		Ended
	6/30/09		6/30/10
Revenue	$	379,721	$	583,102
Net Income (controlling interest)	$	17,104	$	42,667
Economic Net Income (A)	$	80,125	$	114,638
EBITDA (B)	$	102,383	$	149,976
Average shares outstanding - diluted	42,082,991		46,539,949
Earnings per share - diluted	$	0.41	$	0.92
Average shares outstanding - adjusted diluted (C)	41,209,769		45,970,259
Economic earnings per share (C)	$	1.94	$	2.49

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Affiliated Managers Group, Inc.

Reconciliations of Earnings Per Share Calculation

(dollars in thousands, except per share data)

	Three Months		Three Months
	Ended		Ended
	6/30/09		6/30/10
Net Income (controlling interest)	$	10,979	$	25,204
Convertible securities interest expense, net (E)	36		28
Net Income (controlling interest), as adjusted	$	11,015	$	25,232
Average shares outstanding - diluted	43,159,140		47,635,230
Earnings per share - diluted	$	0.26	$	0.53

	Six Months		Six Months
	Ended		Ended
	6/30/09		6/30/10
Net Income (controlling interest)	$	17,104	$	42,667
Convertible securities interest expense, net (E)	72		52
Net Income (controlling interest), as adjusted	$	17,176	$	42,719
Average shares outstanding - diluted	42,082,991		46,539,949
Earnings per share - diluted	$	0.41	$	0.92

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Affiliated Managers Group, Inc.

Reconciliations of Average Shares Outstanding

	Three Months		Three Months
	Ended		Ended
	6/30/09		6/30/10
Average shares outstanding - diluted	43,159,140		47,635,230
Assumed issuance of LYONS shares	(873,803	)	(661,054	)
Assumed issuance of 2008 Senior Convertible Notes shares	—		—
Assumed issuance of Trust Preferred shares	—		—
Dilutive impact of LYONS shares	1,163		185,589
Dilutive impact of 2008 Senior Convertible Notes shares	—		—
Dilutive impact of Trust Preferred shares	—		—
Average shares outstanding - adjusted diluted (C)	42,286,500		47,159,765

	Six Months		Six Months
	Ended		Ended
	6/30/09		6/30/10
Average shares outstanding - diluted	42,082,991		46,539,949
Assumed issuance of LYONS shares	(873,803	)	(767,341	)
Assumed issuance of 2008 Senior Convertible Notes shares	—		—
Assumed issuance of Trust Preferred shares	—		—
Dilutive impact of LYONS shares	581		197,651
Dilutive impact of 2008 Senior Convertible Notes shares	—		—
Dilutive impact of Trust Preferred shares	—		—
Average shares outstanding - adjusted diluted (C)	41,209,769		45,970,259

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Affiliated Managers Group, Inc.

Operating Results

(in millions)

Assets Under Management

Statement of Changes - Quarter to Date

	Mutual Fund			Institutional			High Net Worth			Total
Assets under management, March 31, 2010	$	60,511		$	140,573		$	31,051		$	232,135
New investments (F)	9,858			23,884			390			34,132
Adjusted Assets under management, March 31, 2010	70,369			164,457			31,441			266,267
Client cash inflows	4,563			5,341			1,876			11,780
Client cash outflows	(4,369		)	(5,221		)	(1,907		)	(11,497		)
Net client cash flows	194			120			(31		)	283
Investment performance	(6,197		)	(9,402		)	(1,910		)	(17,509		)
Other (G)	(49		)	—			—			(49		)
Assets under management, June 30, 2010	$	64,317		$	155,175		$	29,500		$	248,992

Statement of Changes - Year to Date

	Mutual Fund			Institutional			High Net Worth			Total
Assets under management, December 31, 2009	$	44,531		$	133,858		$	29,650		$	208,039
New investments (F)	22,903			26,060			427			49,390
Adjusted Assets under management, December 31, 2009	67,434			159,918			30,077			257,429
Client cash inflows	8,873			12,322			3,589			24,784
Client cash outflows	(7,936		)	(14,153		)	(3,482		)	(25,571		)
Net client cash flows	937			(1,831		)	107			(787		)
Investment performance	(4,005		)	(2,806		)	(683		)	(7,494		)
Other (G)	(49		)	(106		)	(1		)	(156		)
Assets under management, June 30, 2010	$	64,317		$	155,175		$	29,500		$	248,992

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Affiliated Managers Group, Inc.

Operating Results

(in thousands)

Financial Results

	Three			Three
	Months			Months
	Ended		Percent	Ended		Percent
	6/30/09		of Total	6/30/10		of Total
Revenue
Mutual Fund	$	72,360	36%	$	147,993	45%
Institutional	101,491		50%	152,301		45%
High Net Worth	27,395		14%	31,786		10%
	$	201,246	100%	$	332,080	100%
EBITDA (B)
Mutual Fund	$	14,391	27%	$	27,085	33%
Institutional	31,690		60%	45,729		56%
High Net Worth	7,074		13%	8,929		11%
	$	53,155	100%	$	81,743	100%

	Six			Six
	Months			Months
	Ended		Percent	Ended		Percent
	6/30/09		of Total	6/30/10		of Total
Revenue
Mutual Fund	$	140,698	37%	$	245,919	42%
Institutional	183,729		48%	274,073		47%
High Net Worth	55,294		15%	63,110		11%
	$	379,721	100%	$	583,102	100%
EBITDA (B)
Mutual Fund	$	29,266	28%	$	47,950	32%
Institutional	59,127		58%	83,851		56%
High Net Worth	13,990		14%	18,175		12%
	$	102,383	100%	$	149,976	100%

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Affiliated Managers Group, Inc.

Reconciliations of Performance and Liquidity Measures

(in thousands)

	Three Months			Three Months
	Ended			Ended
	6/30/09			6/30/10
Net Income (controlling interest)	$	10,979		$	25,204
Intangible amortization	16,000			16,956
Intangible-related deferred taxes	9,544			14,310
Imputed interest and contingent payment adjustments	2,053			3,207
Affiliate equity expense	1,889			1,823
Affiliate depreciation	1,954			2,297
Economic Net Income (A)	$	42,419		$	63,797
Cash flow from operations	$	72,214		$	115,091
Interest expense, net of non-cash items	13,928			14,423
Current tax provision	(1,126		)	5,344
Income from equity method investments, net of distributions	5,428			4,357
Changes in assets and liabilities and other adjustments	(37,289		)	(57,472		)
EBITDA (B)	$	53,155		$	81,743
Holding company expenses	10,537			25,558
EBITDA Contribution	$	63,692		$	107,301

	Six Months			Six Months
	Ended			Ended
	6/30/09			6/30/10
Net Income (controlling interest)	$	17,104		$	42,667
Intangible amortization	32,000			33,684
Intangible-related deferred taxes	19,115			25,050
Imputed interest and contingent payment adjustments	4,110			5,487
Affiliate equity expense	3,895			3,540
Affiliate depreciation	3,901			4,210
Economic Net Income (A)	$	80,125		$	114,638
Cash flow from operations	$	87,905		$	183,111
Interest expense, net of non-cash items	28,650			28,649
Current tax provision	(9,171		)	7,852
Income from equity method investments, net of distributions	809			(1,620		)
Changes in assets and liabilities and other adjustments	(5,810		)	(68,016		)
EBITDA (B)	$	102,383		$	149,976
Holding company expenses	21,049			43,766
EBITDA Contribution	$	123,432		$	193,742

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Affiliated Managers Group, Inc.

Consolidated Statements of Income

(dollars in thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2010			2009			2010
Revenue	$	201,246		$	332,080		$	379,721		$	583,102
Operating expenses:
Compensation and related expenses	103,373			142,740			187,533			261,969
Selling, general and administrative	30,953			72,126			62,413			117,365
Amortization of intangible assets	8,044			9,592			16,138			18,528
Depreciation and other amortization	3,243			3,375			6,482			6,401
Other operating expenses	4,736			8,416			10,486			14,470
	150,349			236,249			283,052			418,733
Operating income	50,897			95,831			96,669			164,369
Non-operating (income) and expenses:
Investment and other income	(7,191		)	(723		)	(6,950		)	(3,545		)
Income from equity method investments	(7,351		)	(9,861		)	(13,767		)	(19,007		)
Investment (income) loss from Affiliate investments in partnerships (H)	(14,947		)	8,585			(11,152		)	4,493
Interest expense	15,828			16,315			32,404			32,428
Imputed interest expense	3,365			6,374			6,737			10,112
	(10,296		)	20,690			7,272			24,481
Income before income taxes	61,193			75,141			89,397			139,888
Income taxes (I)	4,944			16,923			9,908			28,910
Net income	56,249			58,218			79,489			110,978
Net income (non-controlling interests) (H)	(30,671		)	(41,411		)	(51,549		)	(72,697		)
Net (income) loss (non-controlling interests in partnerships) (H)	(14,599		)	8,397			(10,836		)	4,386
Net Income (controlling interest)	$	10,979		$	25,204		$	17,104		$	42,667
Average shares outstanding - basic	41,450,659			44,610,506			40,740,486			43,491,622
Average shares outstanding - diluted	43,159,140			47,635,230			42,082,991			46,539,949
Earnings per share - basic	$	0.26		$	0.56		$	0.42		$	0.98
Earnings per share - diluted	$	0.26		$	0.53		$	0.41		$	0.92

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Affiliated Managers Group, Inc.

Consolidated Balance Sheets

(in thousands)

	December 31,			June 30,
	2009			2010
Assets
Current assets:
Cash and cash equivalents	$	259,487		$	220,543
Investment advisory fees receivable	140,118			200,395
Investments in partnerships (H)	93,809			89,554
Investments in marketable securities	56,690			62,802
Unsettled fund share receivables	—			55,817
Prepaid expenses and other current assets	35,478			30,007
Total current assets	585,582			659,118
Fixed assets, net	62,402			68,086
Equity investments in Affiliates	658,332			635,321
Acquired client relationships, net	571,573			1,397,034
Goodwill	1,413,217			1,983,468
Other assets	99,800			195,426
Total assets	$	3,390,906		$	4,938,453
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	117,227		$	194,759
Unsettled fund share payables	—			50,446
Payables to related party	109,888			90,791
Total current liabilities	227,115			335,996
Senior bank debt	—			659,500
Senior convertible securities (D)	456,976			415,856
Junior convertible trust preferred securities (D)	507,358			508,588
Deferred income taxes	322,671			464,151
Other long-term liabilities	26,066			174,545
Total liabilities	1,540,186			2,558,636
Redeemable non-controlling interests	368,999			344,020
Equity:
Common stock	458			508
Additional paid-in capital	612,091			880,729
Accumulated other comprehensive income	45,958			47,161
Retained earnings	873,137			915,804
	1,531,644			1,844,202
Less treasury stock, at cost	(421,954		)	(356,341		)
Total stockholders’ equity	1,109,690			1,487,861
Non-controlling interests (H)	281,946			462,015
Non-controlling interests in partnerships (H)	90,085			85,921
Total equity	1,481,721			2,035,797
Total liabilities and equity	$	3,390,906		$	4,938,453

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Affiliated Managers Group, Inc.

Consolidated Statements of Cash Flow

(in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2010			2009			2010
Cash flow from operating activities:
Net income	$	56,249		$	58,218		$	79,489		$	110,978
Adjustments to reconcile Net income to net cash flowfrom operating activities:
Amortization of intangible assets	8,044			9,592			16,138			18,529
Amortization of issuance costs	1,841			1,847			3,636			3,694
Depreciation and other amortization	3,243			3,375			6,482			6,401
Deferred income tax provision	4,866			8,997			16,828			17,655
Imputed interest expense	3,365			6,374			6,737			10,112
Income from equity method investments, net of amortization	(7,351		)	(9,861		)	(13,767		)	(19,008		)
Distributions received from equity method investments	9,879			13,577			28,820			36,764
Tax benefit from exercise of stock options	1,459			1,802			1,459			2,076
Stock option expense	1,958			3,159			3,135			6,803
Affiliate equity expense	3,469			3,432			6,719			6,800
Other adjustments	(21,189		)	13,483			(18,580		)	9,548
Changes in assets and liabilities:
(Increase) decrease in investment advisory fees receivable	(11,447		)	(24,391		)	17,895			(25,329		)
(Increase) decrease in Affiliate investments in partnerships	(648		)	(787		)	331			(504		)
(Increase) decrease in prepaids and other current assets	(9,470		)	9,039			(9,213		)	19,768
(Increase) decrease in other assets	1,085			2,987			2,915			(8,125		)
(Increase) decrease in unsettled fund shares receivable	—			96,487			—			(2,224		)
Increase (decrease) in unsettled fund shares payable	—			(106,089		)	—			2,265
Increase (decrease) in accounts payable, accrued liabilities and other long-term liabilities	26,861			23,850			(61,119		)	(13,092		)
Cash flow from operating activities	72,214			115,091			87,905			183,111
Cash flow used in investing activities:
Investments in Affiliates	(1,411		)	(665,368		)	(1,411		)	(793,036		)
Purchase of fixed assets	(663		)	(2,002		)	(1,215		)	(3,107		)
Purchase of investment securities	(2,911		)	(15,484		)	(11,747		)	(30,403		)
Sale of investment securities	—			—			5,720			11,784
Cash flow used in investing activities	(4,985		)	(682,854		)	(8,653		)	(814,762		)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt	—			782,500			—			1,017,500
Repayments of senior bank debt	—			(293,000		)	(233,514		)	(358,000		)
Issuance of common stock	11,622			22,959			11,622			25,414
Issuance costs	—			(147		)	(921		)	(229		)
Excess tax benefit from exercise of stock options	1,086			4,358			1,086			4,719
Settlement of forward equity sale agreement	—			100,004			144,258			100,004
Note payments	(2,932		)	(520		)	(4,479		)	(25,891		)
Distributions to non-controlling interests	(25,506		)	(23,779		)	(87,125		)	(60,692		)
Affiliate equity issuances and repurchases	(16,421		)	(6,893		)	(32,806		)	(109,532		)
Subscriptions (redemptions) of Non-controlling interests in partnerships	508			787			(471		)	503
Cash flow from (used in) financing activities	(31,643		)	586,269			(202,350		)	593,796
Effect of foreign exchange rate changes on cash and cash equivalents	1,492			(1,714		)	1,036			(1,089		)
Net increase (decrease) in cash and cash equivalents	37,078			16,792			(122,062		)	(38,944		)
Cash and cash equivalents at beginning of period	237,291			203,751			396,431			259,487
Cash and cash equivalents at end of period	$	274,369		$	220,543		$	274,369		$	220,543

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Affiliated Managers Group, Inc.

Notes

(in thousands)

(A)	Under our Economic Net Income definition, we add to Net Income (controlling interest) amortization (includingequity method amortization), deferred taxes related to intangible assets, Affiliate depreciation and Affiliate equityexpense, and exclude the non-cash effect of imputed interest expense (principally APB 14-1 interest on convertiblesecurities and non-cash expenses related to contingent payment arrangements). We consider Economic Net Incomean important measure of our financial performance, as we believe it best represents operating performance beforenon-cash expenses relating to the acquisition of interests in our affiliated investment management firms, and it istherefore employed as our principal performance benchmark. This non-GAAP performance measure is providedin addition to, but not as a substitute for, Net Income; Economic Net Income is not a liquidity measure, and shouldnot be used in place of liquidity measures calculated under GAAP.
	We add back amortization attributable to acquired client relationships because this expense does not correspond tothe changes in value of these assets, which do not diminish predictably over time. The portion of deferred taxesgenerally attributable to intangible assets (including goodwill) that are no longer amortized but continue togenerate tax deductions is added back because we believe it is unlikely these accruals will be used to settle materialtax obligations. We add back the portion of consolidated depreciation expense incurred by Affiliates because underour Affiliate operating agreements, we are generally not required to replenish these depreciating assets. Weadd back non-cash expenses relating to certain transfers of equity between Affiliate management partners when thesetransfers have no dilutive effect to shareholders.
	In connection with recent investments in Affiliates, in the first quarter of 2010 we modified our Economic Net Incomedefinition to exclude non-cash imputed interest and revaluation adjustments related to contingent paymentarrangements from Net Income (controlling interest). The modification of the Economic Net Income definition didnot have an impact on prior periods reported herein.
(B)	EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. Thissupplemental non-GAAP liquidity measure is provided in addition to, but not as a substitute for, cash flowfrom operations. As a measure of liquidity, we believe EBITDA is useful as an indicator of our ability to servicedebt, make new investments and meet working capital requirements. EBITDA, as calculated by us, may not beconsistent with computations of EBITDA by other companies. In reporting EBITDA by segment, Affiliateexpenses are allocated to a particular segment on a pro rata basis with respect to the revenue generated by thatAffiliate in such segment.
(C)	Economic earnings per share represents Economic Net Income divided by the adjusted diluted average sharesoutstanding. In this calculation, the potential share issuance in connection with our convertiblesecurities is measured using a “treasury stock” method. Under this method, only the net number of shares ofcommon stock equal to the value of the contingently convertible securities and the junior convertible trustpreferred securities in excess of par, if any, are deemed to be outstanding. We believe the inclusionof net shares under a treasury stock method best reflects the benefit of the increase in available capitalresources (which could be used to repurchase shares of common stock) that occurs when these securities areconverted and we are relieved of our debt obligation. This method does not take into account any increase ordecrease in our cost of capital in an assumed conversion. Economic earnings per share is not a liquidity measure,and should not be used in place of liquidity measures calculated under GAAP.

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(D)	We have bifurcated our convertible debt securities into their debt and equity components on ourbalance sheet. The principal amount at maturity of thesenior convertible notes due 2038 was $460,000 at December 31, 2009 and June 30, 2010. The principal amount atmaturity of the junior convertible trust preferred securities was $730,820 at December 31, 2009 and June 30, 2010.
(E)	Convertible securities interest expense, net, includes the interest expense, net of tax, associated with our dilutiveconvertible securities.
(F)	We completed our investment in Artemis Investment Management during the first quarter of 2010; and we completedour investments in Pantheon and Aston Asset Management during the second quarter of 2010. Ourpresentation of assets under management activity is pro forma assuming these investments closed at the beginningof each period presented.
(G)	Other includes assets under management attributable to Affiliate product closings, the financial effects of which arenot material to our ongoing results.
(H)	Income attributable to non-controlling interests on our income statement represents the profits allocatedto Affiliate management owners and investors in certain Affiliate investments in partnerships that we arerequired to consolidate. Non-controlling interests on our balance sheet represents the undistributed profitsand capital owned by Affiliate management. Non-controlling interests in partnerships on our balance sheetrepresent the net assets owned by investors in certain Affiliate investment partnerships.
(I)	Our consolidated income tax provision includes taxes attributable to controlling interests, and to a lesser extent,taxes attributable to non-controlling interests, as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2010			2009			2010
Current income taxes	$	(1,126	)	$	5,344		$	(9,171	)	$	7,852
Intangible-related deferred taxes	9,544			14,310			19,115			25,050
Other deferred taxes	(4,678		)	(4,852		)	(2,287		)	(6,935		)
Taxes attributable to controlling interests	3,740			14,802			7,657			25,967
Taxes attributable to non-controlling interests	1,204			2,121			2,251			2,943
Total income taxes	$	4,944		$	16,923		$	9,908		$	28,910
Effective tax rate*	25.4		%	37.0		%	30.9		%	37.8		%

*  Taxes attributable to controlling interests divided by our share of the consolidated income before taxes.

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