Affiliated Managers Group, a US-listed business that acquires and consolidates fund managers, has told analysts to expect more deals in 2020 — as it aims to put a difficult 12 months behind it.

AMG, which owns stakes in asset managers including UK retail specialist Artemis, the quantitative managers AQR and Winton, and private equity firm Pantheon, reported $53.5bn of net outflows for 2019 on 3 February. The withdrawals, chiefly from quant strategies, including those run by AQR, took AMG’s overall assets down to $722.5bn.