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    Alexander EM Hess • JPMorgan Chase & Co.

    Alexander EM Hess's questions to Moody's Corp (MCO) leadership

    Alexander EM Hess's questions to Moody's Corp (MCO) leadership • Q1 2025

    Question

    Alexander EM Hess of JPMorgan Chase & Co. inquired about the assumptions for acquisitions within Moody's guidance, specifically asking if CAPE Analytics was factored into the previous outlook and its expected contribution for the year.

    Answer

    CFO Noemie Heuland clarified that there were no changes to the M&A assumptions in the Moody's Analytics revenue guidance. She confirmed that the impact of the CAPE Analytics acquisition was already included in the prior guidance and remains factored into the current outlook.

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    Alexander EM Hess's questions to MSCI Inc (MSCI) leadership

    Alexander EM Hess's questions to MSCI Inc (MSCI) leadership • Q1 2025

    Question

    Alexander Hess asked for commentary on the healthy growth in the non-ETF part of the business and what is driving the trend.

    Answer

    Chief Financial Officer Andrew Wiechmann noted that while there can be some lumpiness, underlying non-ETF average AUM grew around 20% year-over-year. Key drivers include new fund creation in areas like climate and custom mandates, high growth in direct indexing (though still small), and continued demand for institutional passive mandates, particularly against custom indexes where MSCI is differentiated. End-of-period AUM was approximately $3.9 trillion.

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