Affiliated Managers Group, Inc. is an asset management company with equity investments in a diverse group of mid-sized investment management firms (the Affiliates). As of December 31, 2002, the Companys affiliated investment management firms managed approximately $70.8 billion in assets across a range of investment styles and in three principal distribution channels: High Net Worth, Mutual Fund and Institutional. In its investments in Affiliates, it typically holds a majority equity interest in each firm, with the remaining equity interests retained by the management of the Affiliate. The Companys investment approach addresses the succession and ownership transition issues facing the founders and principal owners of many medium-sized investment management firms by allowing them to preserve their firms entrepreneurial culture and independence and to continue to participate in their firms success.