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    Aidan Hall • KBW

    Aidan Hall's questions to P10 Inc (PX) leadership

    Aidan Hall's questions to P10 Inc (PX) leadership • Q4 2024

    Question

    Aidan Hall of KBW sought clarity on the FRE margin trajectory for 2025, questioning why the margin is expected to remain in the mid-40s despite the large Bonaccord II fund close and asking about the potential for near-term contraction.

    Answer

    CEO Luke A. Sarsfield reiterated the guidance from Investor Day: near-term FRE margins in the mid-40s, expanding toward 50% in the out years. He explained that the 2024 margin was temporarily boosted by high-margin catch-up fees. For 2025, he cited three factors for the mid-40s guidance: ongoing investments in distribution, a mix shift toward faster-growing but lower-margin strategies, and a modest downward pressure from the incoming Qualitas business.

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    Aidan Hall's questions to Evercore Inc (EVR) leadership

    Aidan Hall's questions to Evercore Inc (EVR) leadership • Q4 2024

    Question

    Aidan Hall of Keefe, Bruyette & Woods, Inc. asked about Evercore's competitive advantage in its Private Capital Advisory (PCA) and Private Funds Group (PFG) businesses, especially with increasing competition from larger banks.

    Answer

    CEO John Weinberg stated that both businesses had record years in 2024 and are competing effectively, with high activity in continuation funds and new products being added. CFO Timothy LaLonde reiterated that 2024 was a record year, the pipeline is strong, and the firm is benefiting from a secular growth trend in the space, which helps offset increased competition.

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    Aidan Hall's questions to Evercore Inc (EVR) leadership • Q3 2024

    Question

    Aidan Hall of KBW inquired about the delayed recovery in financial sponsor activity and the factors holding up pent-up demand. He also followed up on the compensation ratio, asking about leverage on base pay and bonuses and the outlook for the fourth quarter.

    Answer

    CEO John Weinberg addressed sponsor activity, noting it is 'gathering steam' due to LP pressure and narrowing valuation gaps, with a significant pickup in dialogues and 'bake-offs' expected to translate to deals in 2025. On compensation, CFO Timothy LaLonde explained that while some areas like base pay offer leverage, the firm is prioritizing long-term value creation through strategic hiring, which impacts the near-term ratio.

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    Aidan Hall's questions to Hamilton Lane Inc (HLNE) leadership

    Aidan Hall's questions to Hamilton Lane Inc (HLNE) leadership • Q3 2025

    Question

    Aidan Hall of KBW asked about the base compensation level, excluding equity and incentive fees, and whether the current level represents a sustainable run rate given the firm's focus on margin defense and technology.

    Answer

    Co-CEO Erik Hirsch explained that management views compensation holistically, using multiple levers (base, bonus, equity, carry) to retain talent, and advised against extrapolating base comp in isolation. He did confirm, however, that the carried interest compensation ratio of about 48% to employees is a stable metric that can be extrapolated, and suggested focusing on the steady total compensation ratio.

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    Aidan Hall's questions to PJT Partners Inc (PJT) leadership

    Aidan Hall's questions to PJT Partners Inc (PJT) leadership • Q4 2024

    Question

    Aidan Hall asked for a characterization of the restructuring backlog compared to the previous year. He also inquired about the firm's main areas of focus for talent acquisition and overall hiring expectations for 2025.

    Answer

    Chairman and CEO Paul Taubman described the restructuring backlog as 'broadly consistent' with last year, highlighting very robust activity within a multiyear cycle. On hiring, he noted competing factors: a strong 'micro' story making PJT an attractive platform, against a 'macro' headwind where a busy market makes it harder for talent to move. He affirmed the firm will continue hiring aggressively, stating there is 'white space almost everywhere' and the core strategy is to continuously add intellectual capital.

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    Aidan Hall's questions to PJT Partners Inc (PJT) leadership • Q3 2024

    Question

    Aidan Hall asked about the immediate impact and long-term aspirations for the recent acquisition of deNovo Partners in the Middle East.

    Answer

    CFO Helen Meates responded that the acquisition builds on a four-year strategic alliance and brings key personnel and operating licenses. She stated the immediate impact is expected 'across the board' in Advisory, Restructuring, and Park Hill. Long-term, she expects PJT to become 'well ingrained' and achieve 'a lot of success' in the region, with personnel already increasing client meetings there.

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    Aidan Hall's questions to Lazard Inc (LAZ) leadership

    Aidan Hall's questions to Lazard Inc (LAZ) leadership • Q4 2024

    Question

    Aidan Hall followed up on expense guidance, asking about margin expectations for the advisory and asset management segments. He also inquired about the drivers of the sequential trend in the Asset Management fee rate and its future outlook.

    Answer

    CEO Peter Orszag reiterated that the firm can achieve its comp ratio targets through ongoing productivity improvements, which create room to hire productive bankers. He noted that margins would follow from the previously discussed comp and non-comp outlooks. Evan Russo, CEO of Asset Management, explained that the fee rate is driven by business mix, with recent outflows in lower-fee products. He suggested using the average fee rate for 2024 as a good starting point for the next year.

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    Aidan Hall's questions to Lazard Inc (LAZ) leadership • Q4 2024

    Question

    Aidan Hall asked about the margin outlook for the Financial Advisory and Asset Management businesses, given the firm's compensation and non-compensation guidance. He also inquired about the expected trajectory for the Asset Management fee rate.

    Answer

    CEO Peter Orszag linked margin performance to continued improvements in MD productivity, which provides the flexibility to invest in talent while managing the compensation ratio. He noted the firm is willing to temporarily exceed its comp target to hire exceptional talent for long-term benefit. Evan Russo, CEO of Asset Management, addressed the fee rate, explaining it is driven by business mix and suggested that the average fee rate for the full year 2024 is a reasonable starting point for 2025.

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    Aidan Hall's questions to Lazard Inc (LAZ) leadership • Q3 2024

    Question

    Aidan Hall from KBW sought clarity on the fourth-quarter compensation ratio, asking if it might increase as the firm manages deferred comp. He also requested an update on recent organic growth trends in the Asset Management business.

    Answer

    CFO Mary Ann Betsch indicated that based on current forecasts, the Q4 comp ratio is unlikely to rise but also unlikely to improve significantly, as the firm plans to address as much deferred compensation as possible. Evan Russo, CEO of Asset Management, noted that organic growth remains 'lumpier and choppier' due to slower gross inflows as clients hold cash. He anticipates a potential rebound in inflows next year as interest rates decline and asset allocation decisions broaden.

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    Aidan Hall's questions to SEI Investments Co (SEIC) leadership

    Aidan Hall's questions to SEI Investments Co (SEIC) leadership • Q4 2024

    Question

    Aidan Hall of KBW inquired about the expected near-term margin pressure from strong sales, the opportunities in the asset management businesses, and SEI's strategic positioning for potential M&A and consolidation among U.S. banks.

    Answer

    CFO Sean Denham acknowledged that upfront costs for new business may pressure margins in the near term but affirmed confidence in margin expansion for 2025. Executive Michael Lane noted progress in consolidating overlapping areas to fund investment in new distribution opportunities, such as leveraging the wealth platform for large firms. Executive Sanjay Sharma stated that bank M&A presents a dual opportunity for SEI: assisting existing clients in acquisitions and winning business when an existing client is acquired by a non-SEI firm.

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    Aidan Hall's questions to Perella Weinberg Partners (PWP) leadership

    Aidan Hall's questions to Perella Weinberg Partners (PWP) leadership • Q3 2024

    Question

    Aidan Hall asked for more detail on where Perella Weinberg sees the biggest needs to build out its capabilities and expand its services. He then asked how to frame the outlook for the compensation ratio in 2025, considering the firm's strong growth, below-trend recruiting, and commentary about a multi-year M&A rebound.

    Answer

    Andrew Bednar, Chief Executive Officer, clarified that the firm's near-term priority is expanding its client footprint with more coverage bankers in the U.S. and Europe, rather than adding new service lines. On the compensation ratio, he stated the 68% accrual reflects a balance between investment and shareholder returns, noting it's a 'multivariable equation' that includes costs for new talent, promotions, and longer ramp-up times for recent hires.

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    Aidan Hall's questions to Houlihan Lokey Inc (HLI) leadership

    Aidan Hall's questions to Houlihan Lokey Inc (HLI) leadership • Q2 2025

    Question

    Aidan Hall asked for an update on the expected revenue contribution from the Capital Markets business to the Corporate Finance line, given recent acquisitions like Triago. He also sought more detail on how Prytania's technology could be utilized across other asset classes beyond structured credit.

    Answer

    CFO J. Alley reiterated the guidance that the Capital Markets business should contribute between 15% and 20% of Corporate Finance revenues, depending on the pace of the M&A recovery. CEO Scott Adelson stated that while they believe Prytania's technology has broader applicability, it is too early to detail specific plans, but it will be additive to their existing tech-enabled processes.

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    Aidan Hall's questions to Moelis & Co (MC) leadership

    Aidan Hall's questions to Moelis & Co (MC) leadership • Q3 2024

    Question

    Aidan Hall followed up on hiring, asking about the firm's appetite to grow non-M&A capabilities like private capital advisory. He also requested clarification on the elevated sequential decrease of five Managing Directors in the quarter.

    Answer

    CEO Ken Moelis affirmed that the firm has 'significant ambitions' to grow in areas like private capital advisory to better serve the private equity community, stating a potential transaction would be similar in nature to the SVB team lift-out. Regarding the MD headcount change, he explained that departures can have a lag of several months before appearing in reported numbers due to factors like garden leave, so the Q3 decrease reflects actions from earlier in the year.

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