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    Alex Blostein

    Managing Director and Senior Equity Analyst at Goldman Sachs

    Alex Blostein is a Managing Director and Senior Equity Analyst at Goldman Sachs, specializing in US asset managers, brokers, exchanges, and trust banks. He covers notable financial companies such as MarketAxess Holdings, Artisan Partners Asset Management, and ASSETMARK Financial Holdings, consistently achieving strong performance metrics including an average success rate of 66.5%, a 4.98-star analyst rating, and notable returns above industry averages. Blostein began his career at Thomson Reuters and Deloitte, then worked at Wachovia Securities before joining Goldman Sachs in 2007 and advancing to Managing Director in 2015. He is a CFA charterholder with demonstrated expertise in equity research and financial sector analysis.

    Alex Blostein's questions to Victory Capital Holdings (VCTR) leadership

    Alex Blostein's questions to Victory Capital Holdings (VCTR) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs inquired about Victory Capital's aspirational organic growth target post-Pioneer integration and requested the specific dollar impact of the seasonal fee realization event.

    Answer

    CEO David Brown stated the goal is to achieve consistent positive organic growth, driven by expanded distribution, new products, and the Amundi partnership. CFO Michael Policarpo declined to quantify the one-time fee impact, attributing the higher fee rate to a combination of positive asset mix, client mix, and the realization event, while reiterating the 46-47 basis point forward guidance.

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    Alex Blostein's questions to StepStone Group (STEP) leadership

    Alex Blostein's questions to StepStone Group (STEP) leadership • Q1 2026

    Question

    Alex Blostein inquired about the financial dynamics of the private wealth platform, asking for its current profitability contribution net of non-controlling interests and whether StepStone would consider reclassifying its fee-related performance revenues, similar to industry peers.

    Answer

    CFO David Park confirmed the private wealth business is a meaningful and profitable contributor, representing nearly 8% of total fee-earning AUM, and directed investors to the press release for NCI details. Park stated there are no current plans to reclassify fee-related performance revenue. CEO Scott Hart added that for funds like Spring that do have incentive fees, the current plan is to maintain the existing reporting structure.

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    Alex Blostein's questions to StepStone Group (STEP) leadership • Q4 2025

    Question

    On behalf of Alex Blostein from Goldman Sachs, a representative asked about the growth drivers behind the increase in private wealth distribution platforms from 300 to 500. They also questioned if the competitive advantage of the ticker feature is diminishing as new entrants launch similar interval funds.

    Answer

    Jason Ment, President and Co-COO, stated that the allocation across distribution channels (wires, RIAs, broker-dealers) has remained consistent and that despite a more crowded field, StepStone's growth continues due to a growing overall market. He asserted that the ticker feature's advantage is not diminishing because StepStone's products (SPRIM, SPRING, STRUT, CRED) are differentiated, and more competitors help educate investors on private markets, which has been beneficial.

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    Alex Blostein's questions to Carlyle Group (CG) leadership

    Alex Blostein's questions to Carlyle Group (CG) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs asked for a multi-year outlook on the credit business, specifically focusing on the growth capabilities in asset-based finance and private investment grade credit.

    Answer

    CEO Harvey Schwartz highlighted the convergence of insurance and private credit as a key opportunity. He explained Carlyle's strategy involves establishing collaborative partnerships to generate unique asset flow, referencing the Discover transaction. He sees continued global growth as asset-based finance becomes more mainstream for institutional investors seeking improved risk-adjusted returns.

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    Alex Blostein's questions to Carlyle Group (CG) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs asked for a deeper look into the multi-year growth outlook for the credit business, specifically focusing on capabilities in asset-backed finance and private investment grade credit.

    Answer

    CEO Harvey Schwartz highlighted the convergence of insurance and private credit as a key driver, noting Carlyle's strategy of forming collaborative origination partnerships. He emphasized the firm's early start and strong capabilities built from its partnership with Fortitude Re. Schwartz sees the market for asset-based finance growing globally beyond insurance to sovereign wealth funds and other institutions, positioning Carlyle's franchise for continued growth.

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    Alex Blostein's questions to Hamilton Lane (HLNE) leadership

    Alex Blostein's questions to Hamilton Lane (HLNE) leadership • Q1 2026

    Question

    Alex Blostein requested a deeper analysis of the Evergreen fund platform, specifically asking about the proportion of institutional demand and whether these inflows represent new market expansion or a shift from existing clients. He also sought clarity on the G&A expense outlook, noting a one-time benefit in the quarter and elevated costs in the previous one.

    Answer

    Co-CEO Erik Hirsch stated that institutional investors comprise about 15% of Evergreen flows and use the products for both accessing diversified private markets (smaller institutions) and as a tactical portfolio management tool (larger institutions), viewing it as market expansion rather than cannibalization. CFO Jeffrey Armbrister clarified that the firm targets G&A around $33 million per quarter, with the current quarter benefiting from a ~$2 million one-time item, and reminded that expenses include variable revenue-related commissions.

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    Alex Blostein's questions to Hamilton Lane (HLNE) leadership • Q1 2026

    Question

    Alex Blostein asked for more detail on the Evergreen funds, specifically the mix of institutional versus retail demand and whether it represents new market expansion. He also requested clarification on the G&A expense outlook following a quarter that included a one-time benefit.

    Answer

    Co-CEO Erik Hirsch explained that institutional investors comprise about 15% of Evergreen flows, using the products for both access (smaller institutions) and tactical portfolio management (larger institutions), viewing it as market expansion rather than cannibalization. CFO Jeffrey Armbrister provided a G&A expense target of approximately $33 million per quarter, noting the current quarter included a ~$2 million one-time benefit and that costs are well-managed despite variable revenue-linked commissions.

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    Alex Blostein's questions to Hamilton Lane (HLNE) leadership • Q1 2026

    Question

    Alex Blostein asked for details on the institutional demand within the Evergreen funds, including the proportion of AUM from smaller institutions and whether this growth is incremental or cannibalizing other products. He also requested a framework for the G&A expense outlook, given the mention of a one-time benefit in the quarter.

    Answer

    Erik Hirsch, Co-CEO, stated that institutional investors comprise about 15% of Evergreen flows, consistent with the prior quarter. He explained this includes smaller institutions that previously used fund-of-funds and larger institutions using the product as a tactical portfolio management tool, viewing it as market expansion rather than cannibalization. CFO Jeffrey Armbrister addressed G&A, stating their internal target is around $33 million per quarter, though they have been outperforming that. He noted the one-time benefit was a couple of million dollars and expects G&A to increase as revenue-tied wirehouse commissions grow.

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    Alex Blostein's questions to Hamilton Lane (HLNE) leadership • Q4 2025

    Question

    Alex Blostein of The Goldman Sachs Group, Inc. questioned the underlying FRE margin for the quarter, excluding one-time items, and asked about catalysts for the range-bound separate accounts business.

    Answer

    CFO Jeff Armbrister clarified the FRE margin calculation, guiding to a high 40% range annually going forward. Co-CEO Erik Hirsch added that while the separate accounts business has been impacted by macro conditions, a strong pipeline of contracted capital is expected to drive growth as markets normalize and noted a strategic focus on evergreen products.

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    Alex Blostein's questions to Apollo Global Management (APO) leadership

    Alex Blostein's questions to Apollo Global Management (APO) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs inquired about the dynamics of credit spreads and their potential impact on Apollo's insurance business beyond 2025, considering product flexibility and increasing competition.

    Answer

    CEO Marc Rowan explained that while spreads on commoditized products like CLOs have tightened, Apollo's origination platform has successfully pivoted to maintain attractive new business spreads of around 130 basis points. He noted that current SRE is impacted by the runoff of highly profitable COVID-era business and pointed to future product innovation. CFO Martin Kelly added that spreads widened in Q2 and again in July, supporting the firm's long-term growth outlook for the business.

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    Alex Blostein's questions to Ares Management (ARES) leadership

    Alex Blostein's questions to Ares Management (ARES) leadership • Q2 2025

    Question

    Alex Blostein inquired about institutional private credit demand, focusing on how U.S. direct lending spread compression is affecting demand and fee rates, and the forward dynamics for the alternative credit market.

    Answer

    CEO Michael Arougheti explained that while the broader market has seen fundraising declines, Ares continues to grow due to market consolidation and its strong track record. He stated that Ares has not experienced significant fee pressure and that the attractive spread premium over liquid markets, for both direct lending and asset-based finance, continues to drive institutional demand.

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    Alex Blostein's questions to Ares Management (ARES) leadership • Q2 2025

    Question

    Alex Blostein inquired about institutional demand for private credit, focusing on how spread compression in U.S. direct lending affects demand and fee rates, and the forward dynamics for the alternative credit business.

    Answer

    Michael Arougheti, Co-Founder, CEO & Director, explained that while the broader private credit market has seen fundraising slow, Ares continues to grow due to market consolidation and its strong track record. He stated that Ares has not experienced significant fee pressure and resists requests for fee reductions. Arougheti highlighted that both direct lending and alternative credit still offer attractive return premiums over liquid markets, which continues to attract capital.

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    Alex Blostein's questions to FRANKLIN RESOURCES (BEN) leadership

    Alex Blostein's questions to FRANKLIN RESOURCES (BEN) leadership • Q3 2025

    Question

    Alex Blostein asked for an outlook on private markets growth, seeking updates on both the wealth channel's traction and the institutional pipeline, including the upcoming Lexington flagship fund. He also requested updated expense guidance.

    Answer

    President and CEO Jennifer Johnson noted the Lexington fund's first close is delayed but expects strong full-year alts fundraising of around $18.5B, with 25% from the growing wealth channel. CFO & COO Matthew Nicholls provided detailed expense guidance for fiscal 2025 and reiterated the plan for at least $200 million in run-rate cost savings entering fiscal 2026, with potential offsets from growth initiatives and the Apira acquisition.

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    Alex Blostein's questions to PRICE T ROWE GROUP (TROW) leadership

    Alex Blostein's questions to PRICE T ROWE GROUP (TROW) leadership • Q2 2025

    Question

    Alex Blostein from Goldman Sachs asked for an update on T. Rowe Price's M&A strategy, specifically regarding opportunities in the 401(k) channel and for accelerating overall growth, and whether the OHA acquisition was sufficient for its private market ambitions.

    Answer

    President, CEO & Chair Robert Sharps reiterated the firm has a very high bar for M&A, focusing on deals that are culturally aligned and add new capabilities or client reach. He mentioned retirement and advice capabilities as areas of interest. CFO Jennifer Dardis added that the range of options has expanded beyond full acquisitions to include partnerships and minority investments. Sharps concluded by stating the firm will consider partnering, acquiring, or building capabilities organically.

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    Alex Blostein's questions to LPL Financial Holdings (LPLA) leadership

    Alex Blostein's questions to LPL Financial Holdings (LPLA) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs asked for an update on the Commonwealth acquisition, seeking color on management's confidence in the 90% advisor retention target and the financial reasoning for the run-rate EBITDA remaining at $120 million despite higher asset levels since the deal's announcement.

    Answer

    CEO Rich Steinmeier expressed strong confidence in the 90% retention target, citing deep engagement with Commonwealth advisors, a commitment to preserving their culture, and the upcoming integration of Commonwealth's CEO into LPL's management. President & CFO Matt Audette clarified that while assets under management (AUM) are higher, a slight decrease in cash balances has resulted in a roughly offsetting effect, keeping the initial run-rate EBITDA forecast stable.

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    Alex Blostein's questions to AFFILIATED MANAGERS GROUP (AMG) leadership

    Alex Blostein's questions to AFFILIATED MANAGERS GROUP (AMG) leadership • Q2 2025

    Question

    Alex Blostein asked for details on AQR's tax-advantaged strategies, focusing on potential capacity constraints given its rapid growth and the firm's sustainable competitive advantages.

    Answer

    CEO Jay Horgen described AQR's competitive moat, citing its long history of innovation, robust trading and risk systems, and a significant first-mover advantage in after-tax solutions for wealth clients. President & COO Thomas Wojcik added that there is a 'tremendous amount of runway' for growth, as AQR is actively building out investment, operational, and distribution capacity to meet strong client demand.

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    Alex Blostein's questions to BLUE OWL CAPITAL (OWL) leadership

    Alex Blostein's questions to BLUE OWL CAPITAL (OWL) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs requested a breakdown of the significant increase in AUM not yet earning fees, asking about the main contributors and the expected timeline for deployment and fee realization.

    Answer

    CFO Alan Kirshenbaum explained that the nearly $100 million increase in potential future management fees was driven by the record fundraising quarter, with the first close of the OREF VII net lease fund being a primary contributor. He noted this capital, once deployed at a blended 130 bps fee rate, would boost LTM management fees by over 15%. He expressed confidence in the 18-24 month deployment trajectory, which could accelerate with improving market conditions.

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    Alex Blostein's questions to KKR & Co. (KKR) leadership

    Alex Blostein's questions to KKR & Co. (KKR) leadership • Q2 2025

    Question

    Alex Blostein from Goldman Sachs asked about the institutional fundraising environment, questioning if the previously mentioned 'barbelled approach' still applies given the improved market outlook and healthier equity markets.

    Answer

    Co-CEO Scott Nuttall stated that fundraising has remained very active, with $109 billion raised in the last twelve months. He noted that KKR is ahead of pace to meet its 2024-2026 target of over $300 billion. Nuttall observed that institutional investors are getting back to 'business as usual,' with strong interest in infrastructure and private credit. He also highlighted a trend of institutions consolidating relationships with fewer, larger partners, which benefits KKR's diversified platform.

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    Alex Blostein's questions to Intercontinental Exchange (ICE) leadership

    Alex Blostein's questions to Intercontinental Exchange (ICE) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs inquired about ICE's data center expansion, seeking to understand how this capacity build-out could translate into new or improved revenue opportunities for the company.

    Answer

    Christopher Edmonds, President of Fixed Income & Data Services, explained that ICE is methodically expanding its proprietary network capacity in line with client demand, with a development runway through the early 2030s. He emphasized that controlling the network experience is key, as it securely connects participants to over 750 data sources and 150 trading venues.

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    Alex Blostein's questions to Intercontinental Exchange (ICE) leadership • Q2 2025

    Question

    Alex Blostein from Goldman Sachs asked about ICE's ongoing data center capacity build-out and how this strategic investment is expected to translate into new or improved revenue opportunities for the company as a whole.

    Answer

    President of Fixed Income & Data Services, Christopher Edmonds, responded that the investment in its proprietary network is crucial for controlling the client experience. He noted that about half of the planned capacity is built, with a clear development roadmap through the early 2030s based on client demand. This network provides secure connectivity to over 750 data sources and 150 trading venues.

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    Alex Blostein's questions to STIFEL FINANCIAL (SF) leadership

    Alex Blostein's questions to STIFEL FINANCIAL (SF) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs inquired about the expected incremental margins from a recovery in investment banking and how the firm plans to measure the profitability and efficiency gains from its AI initiatives.

    Answer

    CEO Ronald Kruszewski explained that AI will be an "amplifier" for productivity across the firm, driving efficiency rather than replacing staff. He also noted a clear path to improving institutional margins, especially in equities, through the European restructuring. CFO James Marischen added that institutional pretax margins, currently below 15%, should be above 20% in a normalized environment, highlighting significant operating leverage.

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    Alex Blostein's questions to STIFEL FINANCIAL (SF) leadership • Q3 2024

    Question

    Speaking on behalf of Alex Blostein, an analyst from Goldman Sachs asked for details on the funding rate of the $3 billion in third-party deposits and inquired about the potential for operating leverage on the compensation ratio in 2025.

    Answer

    CFO James Marischen detailed that the deposits consist of sweep accounts at tiered rates (with Smart Rate at 4.5%) and treasury deposits priced slightly below Smart Rate. CEO Ron Kruszewski addressed the compensation ratio, stating that they have been accruing conservatively and expect the 58% level to be at the high end of the 2025 range. He anticipates operating leverage as net interest income grows and the Institutional business normalizes.

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    Alex Blostein's questions to Tradeweb Markets (TW) leadership

    Alex Blostein's questions to Tradeweb Markets (TW) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs asked for the structural outlook on fee per million for swaps over the next one to two years, excluding the impact of mix shifts like compression trading.

    Answer

    CFO Sara Furber stated that, absent mix changes, Tradeweb feels confident it can maintain or modestly grow the fee per million in swaps from current levels. She identified faster growth in higher-priced products, such as emerging markets and RFM protocols, as a key structural tailwind. While acknowledging that dealers moving to fixed plans can be a natural offset, she said the net outlook is constructive. Furber also highlighted the opportunity to grow absolute revenue by electronifying the bilateral swaps market.

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    Alex Blostein's questions to Virtu Financial (VIRT) leadership

    Alex Blostein's questions to Virtu Financial (VIRT) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs asked about Virtu's M&A appetite, noting the company's strengthening balance sheet and the evolving ecosystem, particularly in crypto, and where acquisitions rank on the priority list.

    Answer

    Co-President & Co-COO Joseph Molluso responded that while the company continuously evaluates all opportunities, its most accretive capital allocation in the past five years has been its $1.4 billion share repurchase program. He stated that any potential acquisition must offer a better return than buying back their own stock. While not ruling out M&A, Molluso emphasized that the bar remains high but acknowledged that future opportunities may arise.

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    Alex Blostein's questions to AMERIPRISE FINANCIAL (AMP) leadership

    Alex Blostein's questions to AMERIPRISE FINANCIAL (AMP) leadership • Q2 2025

    Question

    Alex Blostein asked about the roll-on/roll-off yield dynamics in the Ameriprise Bank securities portfolio and questioned how the company plans to fund its future loan growth given the current deposit levels.

    Answer

    EVP & CFO Walter Berman explained that as the securities portfolio matures, they are reinvesting at higher spreads, which is contributing to net interest income growth. He stated that the bank is launching new liability products, such as CDs, to fund the planned loan growth and is comfortable with its ability to diversify its funding sources.

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    Alex Blostein's questions to AMERIPRISE FINANCIAL (AMP) leadership • Q2 2025

    Question

    Alex Blostein from Goldman Sachs inquired about the roll-on/roll-off yield dynamics in the Ameriprise Bank securities portfolio and the funding strategy for the bank's planned loan growth.

    Answer

    Walter Berman, EVP & CFO, explained that as the bank's securities portfolio turns over, they are seeing a spread increase, which contributes to net interest income growth. He also stated that the bank is launching new liability products, such as high-yield savings and CDs, to comfortably fund its asset and loan growth strategy.

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    Alex Blostein's questions to AMERIPRISE FINANCIAL (AMP) leadership • Q4 2024

    Question

    An analyst on behalf of Alex Blostein of Goldman Sachs asked about Ameriprise's capital strategy regarding inorganic growth in wealth management and questioned the path to achieving neutral organic growth in the Asset Management division.

    Answer

    Executive Jim Cracchiolo stated that while the M&A market is pricey, Ameriprise focuses on recruiting advisers and investing in new channels rather than large inorganic deals. For Asset Management, he outlined a path to improved flows through business transformation, efficiency gains, and expanding into formats like model delivery, SMAs, and active ETFs.

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    Alex Blostein's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership

    Alex Blostein's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs asked about AllianceBernstein's capital allocation strategy, particularly its appetite for mergers and acquisitions.

    Answer

    CEO Seth Bernstein confirmed active evaluation of opportunities like insurance sidecars, leveraging Equitable's underwriting skills, while remaining asset-light. Onur Erzan, Head of Global Client Group, added that they are also active in wealth management M&A, focusing on small to midsize businesses to gain operating leverage and scale, but remain disciplined on culture, platform fit, and price.

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    Alex Blostein's questions to Blackstone (BX) leadership

    Alex Blostein's questions to Blackstone (BX) leadership • Q2 2025

    Question

    Alex Blostein inquired about the private credit market, asking how spread compression is affecting client demand and conversations, and what the long-term implications are for fee rates.

    Answer

    President & COO Jonathan Gray responded that demand for private credit remains extraordinarily robust across investment grades and geographies. He emphasized that while absolute returns may moderate, clients are focused on the enduring premium private credit offers over liquid markets, which was approximately 190 basis points for A-rated credits recently. Gray expressed confidence that this relative value, combined with private credit's unique ability to provide bespoke solutions for large corporate and infrastructure deals, will continue to fuel growth.

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    Alex Blostein's questions to NORTHERN TRUST (NTRS) leadership

    Alex Blostein's questions to NORTHERN TRUST (NTRS) leadership • Q2 2025

    Question

    Alex Blostein asked about the expected timeline to achieve the 30%+ pretax margin target and the underlying market assumptions, as well as how the company plans to manage its Net Interest Income (NII) trajectory amid potential rate cuts.

    Answer

    Chairman and CEO Michael O'Grady projected the 30%+ margin target is likely achievable around 2026-2027, assuming a normalized yield curve. EVP & CFO David Fox addressed NII, stating that the firm can reinvest the ~$1.5 billion of securities that mature each quarter at higher yields and is opportunistically extending duration to protect future earnings from rate cuts.

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    Alex Blostein's questions to CME GROUP (CME) leadership

    Alex Blostein's questions to CME GROUP (CME) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs asked how potential changes to bank capital requirements, such as the Supplementary Leverage Ratio (SLR), could impact CME's business and ecosystem.

    Answer

    Chairman & CEO Terrence Duffy stated that he was pleased with potential changes, viewing current rules as onerous and believing any relief would be a "net positive" for CME by freeing up bank balance sheets for more risk management. Senior MD Mike Dennis added that while no rule is final, SLR relief could provide balance sheet flexibility for banks, though the ultimate impact will depend on the final calibration.

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    Alex Blostein's questions to CME GROUP (CME) leadership • Q2 2025

    Question

    Alex Blostein from Goldman Sachs inquired about the potential impact on CME's ecosystem from anticipated changes to bank capital requirements, such as the Supplementary Leverage Ratio (SLR).

    Answer

    Terrence Duffy, Chairman & CEO, stated that any relief from what he termed "onerous" requirements would be a "net positive" for CME. He believes freeing up bank balance sheets would enable more risk management activity. Mike Dennis, Senior MD, added that while the final impact depends on the final rule, SLR relief could provide valuable balance sheet flexibility for bank clients.

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    Alex Blostein's questions to Invesco (IVZ) leadership

    Alex Blostein's questions to Invesco (IVZ) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs asked about the durability of the 8 basis point licensing fee associated with the QQQ and whether there is potential for it to be renegotiated lower in the future.

    Answer

    President & CEO Andrew Schlossberg responded that he was limited to the information disclosed in the preliminary proxy statement but emphasized that Invesco has outstanding partners for the fund and the proposed structure maintains the current arrangement.

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    Alex Blostein's questions to Invesco (IVZ) leadership • Q2 2024

    Question

    Alex Blostein from Goldman Sachs questioned the long-term durability of the 8 basis point licensing fee associated with the QQQ and inquired about the potential for future renegotiation.

    Answer

    President, CEO & Director Andrew Schlossberg responded that he was limited to what was in the proxy filing but characterized their partners as "outstanding" and stated the proposed structure maintains the current setup.

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    Alex Blostein's questions to STATE STREET (STT) leadership

    Alex Blostein's questions to STATE STREET (STT) leadership • Q2 2025

    Question

    Alex Blostein of Goldman Sachs inquired about the sustainability of strong sales in Institutional Servicing, asking if any notable redemptions were on the horizon. He also asked about strategies to mitigate NII pressure from lower rates beyond 2025.

    Answer

    CEO Ronald O'Hanley confirmed strong sales momentum and high client retention rates, driven by investments in service quality and the Alpha platform, with no elevated losses anticipated. Interim CFO Mark Keating added that the sales success is the result of a multi-year strategic effort. Regarding future NII, Keating acknowledged they are working on mitigation strategies but refrained from providing a 2026 outlook.

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    Alex Blostein's questions to STATE STREET (STT) leadership • Q1 2025

    Question

    Asked for a breakdown of deposit trends between interest-bearing and noninterest-bearing, and questioned what business areas are providing strength to maintain the full-year fee guide despite market headwinds.

    Answer

    Management noted that noninterest-bearing deposits are holding up well despite some expected seasonal moderation, and overall client deposits are trending towards the high end of their guided range ($240B). The fee guidance is maintained due to strong core business momentum, a record backlog of to-be-installed revenue ($356M), and a robust new business pipeline driven by platform investments and sales effectiveness.

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    Alex Blostein's questions to Bank of New York Mellon (BK) leadership

    Alex Blostein's questions to Bank of New York Mellon (BK) leadership • Q2 2025

    Question

    Alex Blostein from Goldman Sachs asked for more detail on the opportunities and risks BNY Mellon sees in the evolving digital assets and tokenization landscape. He also inquired about the recent dynamics and forward trajectory for the firm's non-interest-bearing deposits.

    Answer

    CEO & Director Robin Vince stated that BNY Mellon sees more opportunities than risks in digital assets, positioning itself as a key partner for firms in the space by providing traditional banking, custody (including for Bitcoin), and on/off-ramp services. CFO Dermot McDonough added that while core businesses are growing, the firm is active in the stablecoin market. On deposits, McDonough noted that Q2 non-interest-bearing balances were strong, driven by Corporate Trust activity, but he expects them to moderate in Q3 before a potential pickup in Q4.

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    Alex Blostein's questions to Cboe Global Markets (CBOE) leadership

    Alex Blostein's questions to Cboe Global Markets (CBOE) leadership • Q4 2024

    Question

    Alex Blostein's team at Goldman Sachs asked about the SPX franchise, seeking insight on customer trends that could reaccelerate growth and the expected volume contribution from the Robinhood partnership.

    Answer

    Global President David Howson highlighted a strong start to the year for the SPX complex, driven by market uncertainty that increased demand for hedging. He pointed to record volumes in January for SPX and VIX options. He also reiterated that the Robinhood launch has been successful and is expected to be additive, contributing to a positive outlook based on cyclical and secular trends like retail and international growth.

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    Alex Blostein's questions to Cboe Global Markets (CBOE) leadership • Q3 2024

    Question

    Speaking for Alex Blostein of Goldman Sachs, an analyst asked about the contribution of pricing to the acceleration in DnA revenue, seeking the typical percentage increase and expectations for 2025.

    Answer

    Global President David Howson clarified that there is no single blanket percentage increase due to the vast array of products. However, he provided a key data point: pricing contributed about one-third of the DnA segment's growth in Q3. He expects a similar contribution in 2025, stressing that the primary growth strategy is expanding distribution and sales, not just relying on price increases.

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