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    Ben Budish

    Director and Senior Equity Research Analyst at Barclays PLC

    Benjamin Budish is a Director and Senior Equity Research Analyst at Barclays PLC, specializing in coverage of the asset management and financial services sectors. He leads equity research on publicly listed companies such as KKR & Co. Inc., Apollo Global Management, Cboe Global Markets, Charles Schwab, and Victory Capital Holdings, and is recognized for his performance in delivering actionable investment ratings for institutional clients. Since joining Barclays, Budish has established himself among Wall Street’s notable financials analysts, offering rigorous coverage and consistently updated ratings, including recent calls on Victory Capital Holdings and other leading industry players. He holds professional securities licenses, as evidenced by industry-standard credentials, and has built his career with a focus on asset managers and exchanges, demonstrating expertise and credibility within the sector.

    Ben Budish's questions to Marex Group (MRX) leadership

    Ben Budish's questions to Marex Group (MRX) leadership • Q2 2025

    Question

    Ben Budish of Barclays asked about the sustainability of Marex's performance into Q3 amid softening exchange volumes, particularly in the securities business, and questioned the drivers behind the allocation of net interest expense across segments.

    Answer

    Group CEO Ian Lowitt expressed confidence in continued momentum, citing a strong July and noting that growth initiatives can offset modest headwinds from potential rate cuts. Group CFO Rob Irvin explained that the change in net interest allocation was a conscious decision to deploy excess liquidity raised from debt issuance to support growth in trading businesses, notably in Capital Markets and Prime services.

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    Ben Budish's questions to Victory Capital Holdings (VCTR) leadership

    Ben Budish's questions to Victory Capital Holdings (VCTR) leadership • Q2 2025

    Question

    Ben Budish of Barclays requested more detail on the nature of the one-time fee event and asked about intra-quarter flow momentum and the outlook heading into the third quarter.

    Answer

    CFO Michael Policarpo specified the fee event related to the accounting recognition of certain annual fees, not performance fees, with a muted margin impact due to the variable cost structure. CEO David Brown described flow momentum as a continued ramp-up as sales teams integrate, expressing long-term optimism while declining to provide specific intra-quarter or Q3 guidance.

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    Ben Budish's questions to StepStone Group (STEP) leadership

    Ben Budish's questions to StepStone Group (STEP) leadership • Q1 2026

    Question

    Ben Budish inquired about the strategic partnership with FTSE Russell, asking for details on the next steps for the private market indices and how to track progress. He also asked for a technical explanation of how foreign exchange (FX) fluctuations impact both fee-earning AUM and management fees.

    Answer

    Mike McCabe, Head of Strategy, explained that the FTSE Russell partnership will launch its first private market indices later in the year, with initial revenue coming from modest licensing fees. He noted longer-term potential for asset management products. David Park, CFO, clarified that while a weaker dollar provided an $800 million benefit to fee-earning AUM and a $2 million benefit to management fees, this was offset by a corresponding increase in expenses, making the net P&L impact minimal due to a natural hedge.

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    Ben Budish's questions to Coinbase Global (COIN) leadership

    Ben Budish's questions to Coinbase Global (COIN) leadership • Q2 2025

    Question

    Ben Budish of Barclays inquired about the payments monetization model, asking if it is solely focused on proliferating stablecoins or if it includes other revenue streams like transaction-based fees on the Base layer or subscription fees.

    Answer

    CEO Brian Armstrong confirmed that while payments growth supports the stablecoin business, payments will also be monetized directly. He explained that Coinbase can charge businesses fees that are significantly lower than traditional options and still maintain a strong business model. Additionally, transactions on the Base layer generate sequencer fees, contributing another revenue stream. He stressed that the overall cost of payments is expected to decrease by orders of magnitude.

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    Ben Budish's questions to Coinbase Global (COIN) leadership • Q2 2025

    Question

    Ben Budish of Barclays asked for clarification on the payments monetization model, questioning if it relies solely on growing stablecoin balances or includes other revenue streams like transaction fees on Base or subscription fees.

    Answer

    CEO Brian Armstrong confirmed that while growing on-platform USDC balances is a benefit, payments will also be monetized directly. He outlined two primary methods: charging businesses fees that are substantially lower than traditional rails and earning sequencer fees for transactions that occur on the Base layer-2 network.

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    Ben Budish's questions to P10 (PX) leadership

    Ben Budish's questions to P10 (PX) leadership • Q2 2025

    Question

    Ben Budish of Barclays sought clarification on the expected step-up in expenses for the second half of the year, particularly in compensation after the Qualitas acquisition. He also asked for confirmation on the full-year guidance for fee-paying AUM step-downs and expirations.

    Answer

    Amanda Coussens, EVP & CFO, responded to both questions. She reiterated that despite some delayed expenses moving to the back half of the year, the company still expects peer-leading FRE margins in the mid-40s for the full year, including the impact of Qualitas. For AUM step-downs, she confirmed that P10 still expects to be at the upper end of the previously guided 5% to 7% range for the year.

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    Ben Budish's questions to P10 (PX) leadership • Q4 2024

    Question

    Speaking for Ben Budish of Barclays, Nick Benoy asked for an update on progress with new investment vehicles like SMAs and different distribution channels, as well as the M&A pipeline, including attractive sectors and pricing.

    Answer

    Chairman and CEO Luke A. Sarsfield addressed the product strategy, stating that under Sarita Jairath's leadership, the company is exploring various wrappers like SMAs and rated feeder funds for different client channels. On M&A, Sarsfield and Arjay Jensen, EVP, Head of Strategy and M&A, confirmed a disciplined, programmatic approach is in place with an active pipeline. Jensen highlighted private credit, direct lending, and asset-backed strategies as key focus areas, particularly in Europe.

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    Ben Budish's questions to Carlyle Group (CG) leadership

    Ben Budish's questions to Carlyle Group (CG) leadership • Q2 2025

    Question

    Ben Budish of Barclays inquired about the near-term outlook for the Alpinvest and Solutions business, asking if its growth cadence was becoming more consistent and what the medium-term trajectory might look like.

    Answer

    CFO John Redett confirmed the business is evolving from historical "step function" growth to more consistent expansion, driven by CAPM, larger successor funds, and strategic partnerships like the one with UBS. He noted the current secondary fund is 65% committed, which will smooth the fundraising cycle. While not forecasting another doubling of FRE, he expects a continued attractive growth rate.

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    Ben Budish's questions to Carlyle Group (CG) leadership • Q2 2025

    Question

    Ben Budish of Barclays asked about the near-term outlook for the Alpinvest and Solutions business, questioning if its FRE could continue its rapid growth and what the medium-term trajectory looks like given strong fundraising.

    Answer

    CFO John Redett stated that Alpinvest's growth has evolved from a 'step function' to a more consistent trajectory, driven by vehicles like CAPM, larger successor funds, and the UBS partnership. While not committing to the recent exceptional growth rate of over 40%, he expressed confidence that the business has 'tremendous growth attributes' and would continue to grow at a 'very attractive' rate going forward, noting the current secondary fund will be followed by another in the near term.

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    Ben Budish's questions to MARKETAXESS HOLDINGS (MKTX) leadership

    Ben Budish's questions to MARKETAXESS HOLDINGS (MKTX) leadership • Q2 2025

    Question

    Ben Budish of Barclays asked for more details on the recent strategic hires, including Spencer Lee and Dean Barry, inquiring about their specific responsibilities, key performance indicators, and the expected timeline for their contributions to impact results.

    Answer

    CEO Christopher Concannon detailed that Spencer Lee is leading U.S. Credit product, leveraging his EMS and buy-side experience to enhance portfolio and block trading solutions. Dean Barry, joining in September, will bring broad expertise in markets, data, and M&A. Their impact is expected to accelerate product innovation, particularly for larger trade sizes and dealer solutions.

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    Ben Budish's questions to Apollo Global Management (APO) leadership

    Ben Budish's questions to Apollo Global Management (APO) leadership • Q2 2025

    Question

    Ben Budish of Barclays followed up on an earlier question, asking for more clarity on the expected timing of the runoff of profitable COVID-era business and whether aggregate spreads would normalize back to 130 basis points.

    Answer

    CFO Martin Kelly explained that the runoff is expected to continue through the next year. This will cause reported net spreads to decline slightly through the remainder of the current year before stabilizing. He emphasized that this dynamic is predictable and is being actively managed alongside top-line growth to achieve the firm's overall ambitions for the business.

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    Ben Budish's questions to Ares Management (ARES) leadership

    Ben Budish's questions to Ares Management (ARES) leadership • Q2 2025

    Question

    Ben Budish asked about the guidance for flat year-over-year FRE margins, including the GCP acquisition's impact, and what the key swing factors are, such as credit fee-earning AUM growth.

    Answer

    CFO Jarrod Phillips described the guidance as 'all-weather' and confirmed that strong deployment would be a positive driver for margins. He also noted that the mix of fundraising, such as international flows that lack distribution fees, is a factor. He expressed confidence that GCP synergies and fundraising strength would help absorb the initial margin drag from the acquisition.

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    Ben Budish's questions to Ares Management (ARES) leadership • Q2 2025

    Question

    Ben Budish asked about the key variables influencing the full-year FRE margin guidance, which is expected to be flat year-over-year despite the dilutive impact of the GCP acquisition, particularly concerning credit AUM growth.

    Answer

    Jarrod Phillips, Partner & CFO, explained that the guidance is based on a normalized market environment. He identified strong deployment as a primary positive driver for margins. He also noted that the fundraising mix is a key factor, with international flows that lack distribution fees being accretive to margins. Phillips expressed confidence that fundraising strength and GCP synergies will offset the initial margin drag from the acquisition.

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    Ben Budish's questions to PRICE T ROWE GROUP (TROW) leadership

    Ben Budish's questions to PRICE T ROWE GROUP (TROW) leadership • Q2 2025

    Question

    Ben Budish from Barclays inquired about T. Rowe Price's view on future opportunities in blockchain and tokenization, such as launching crypto asset ETFs or tokenized funds, as the regulatory environment evolves.

    Answer

    Head of Global Investments & CIO Eric Veiel responded that the firm believes active management will be important in digital assets over time. He stated that T. Rowe Price would prefer to see a broader investable universe beyond just Bitcoin and Ethereum before launching retail products. Veiel emphasized the firm's commitment to a research-led approach and will continue to monitor the space for opportunities consistent with its core culture.

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    Ben Budish's questions to BLUE OWL CAPITAL (OWL) leadership

    Ben Budish's questions to BLUE OWL CAPITAL (OWL) leadership • Q2 2025

    Question

    Ben Budish from Barclays asked for clarification on two modeling items: the outlook for transaction fees after a sequential increase and the key considerations for the full-year FRE margin.

    Answer

    CFO Alan Kirshenbaum addressed the questions by reiterating the full-year FRE margin guidance of 57% to 58%, stating they feel good about the 57% achieved in Q2. Regarding transaction fees, which are tied to gross originations, he suggested that the current quarter's level serves as a reasonable 'leaping off point' for modeling the rest of the year.

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    Ben Budish's questions to KKR & Co. (KKR) leadership

    Ben Budish's questions to KKR & Co. (KKR) leadership • Q2 2025

    Question

    Ben Budish of Barclays asked about Global Atlantic's Q2 performance, which beat guidance. He sought to understand the drivers of the outperformance and the long-term strategy for elongating the liability profile.

    Answer

    CFO Robert Lewin clarified that the outperformance was driven by some variable investment income and that the prior guidance of around $250 million per quarter remains the correct number to model going forward. He outlined a multi-year strategy to elongate liabilities through various channels, not just FABNs, and methodically increase the allocation to alternatives from the current 1% toward the industry average of 5%.

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    Ben Budish's questions to Intercontinental Exchange (ICE) leadership

    Ben Budish's questions to Intercontinental Exchange (ICE) leadership • Q2 2025

    Question

    Ben Budish of Barclays asked for an update on capital allocation priorities now that ICE has reached its 3x leverage target, and also sought comments on recent media speculation regarding potential M&A.

    Answer

    CFO Warren Gardiner confirmed reaching the leverage target ahead of schedule and stated that share repurchases would likely increase in the second half of the year. He reiterated that the primary focus remains on investing in the business and declined to comment on specific M&A rumors, emphasizing that the company is always evaluating opportunities.

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    Ben Budish's questions to Intercontinental Exchange (ICE) leadership • Q2 2025

    Question

    Ben Budish from Barclays asked for an update on capital allocation priorities, given that ICE has reached its target leverage level of three times EBITDA, and also requested comments on recent media speculation regarding potential M&A.

    Answer

    CFO Warren Gardiner confirmed that ICE reached its leverage target ahead of schedule. He stated that share repurchases are expected to increase in the second half of the year, while the company continues to prioritize organic investment. Gardiner declined to comment on specific M&A rumors but affirmed that the company is always evaluating opportunities.

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    Ben Budish's questions to Robinhood Markets (HOOD) leadership

    Ben Budish's questions to Robinhood Markets (HOOD) leadership • Q2 2025

    Question

    Ben Budish from Barclays followed up on tokenized equities, asking how Robinhood ensures low execution costs and tight spreads for traders in Europe, consistent with its low-cost model elsewhere.

    Answer

    CEO Vlad Tenev stated that the number one piece of feedback from European customers is their love for the competitive prices on stock tokens. He clarified that the only fee is a very competitive 10 basis point foreign transaction fee, with no other spread that Robinhood benefits from, as the aim is to pass back the full value to the customer.

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    Ben Budish's questions to Tradeweb Markets (TW) leadership

    Ben Budish's questions to Tradeweb Markets (TW) leadership • Q2 2025

    Question

    Ben Budish of Barclays inquired about the progress of cross-selling products to the ICD customer base and sought more detail on the impact of market volatility on ICD's cash balances during the quarter.

    Answer

    CFO Sara Furber explained that the dip in ICD balances was an episodic event where large-cap clients drew down cash to fund share buybacks and accelerate capital expenditures ahead of potential tariffs. She noted client retention remains high and balances are rebuilding. On cross-selling, Furber confirmed the T-Bills integration is complete, with the focus now shifting to driving client adoption. The next phase involves expanding into longer-dated U.S. Treasuries and leveraging Tradeweb's international sales network.

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    Ben Budish's questions to VIRTUS INVESTMENT PARTNERS (VRTS) leadership

    Ben Budish's questions to VIRTUS INVESTMENT PARTNERS (VRTS) leadership • Q2 2025

    Question

    Ben Budish from Barclays inquired about the significant increase in share repurchases in Q2, the firm's capital allocation priorities, and the M&A pipeline, particularly regarding private markets.

    Answer

    EVP & CFO Michael Angerthal stated the $30 million in Q2 share repurchases were opportunistic due to a compelling valuation and that capital allocation remains balanced. President & CEO George Aylward added that the M&A pipeline is at its highest level, with a focus on private markets where Virtus sees an opportunity for differentiated, boutique-style capabilities to diversify investor exposure away from large-scale players.

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    Ben Budish's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership

    Ben Budish's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership • Q2 2025

    Question

    Ben Budish of Barclays sought more detail on the firm's inorganic growth strategy for its wealth management business, asking about the timing, specific ambitions like the ultra-high net worth focus, and the capital intensity involved.

    Answer

    Onur Erzan, Head of Global Client Group, clarified that the M&A focus isn't new but is an enabler of their existing strategy, not a standalone goal. He explained they are patiently looking at small to midsize RIAs to add geographical breadth or specialized capabilities (e.g., entertainers, global families), noting they can be selective as they don't face the same pressures as private equity-backed platforms.

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    Ben Budish's questions to Blackstone (BX) leadership

    Ben Budish's questions to Blackstone (BX) leadership • Q2 2025

    Question

    Ben Budish asked for details on the drivers of fee-related performance revenues (FRPR), noting the outperformance from private equity, and requested color on the outlook for the next couple of quarters.

    Answer

    Vice Chairman & CFO Michael Chae specified that the Blackstone Infrastructure Partners (BIP) strategy contributed nearly $100 million in FRPR in Q2. He provided forward guidance, expecting about half that amount in Q3 from a scheduled crystallization in the institutional funds, with nothing expected in Q4 from that source. However, he noted that the private wealth infrastructure product (BXIN) is expected to have its first modest crystallization in Q4, which will then become quarterly.

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    Ben Budish's questions to NASDAQ (NDAQ) leadership

    Ben Budish's questions to NASDAQ (NDAQ) leadership • Q2 2025

    Question

    Ben Budish from Barclays asked for more details on the opportunity within the Index business related to annuities, inquiring about its current size and Nasdaq's ambitions in this area.

    Answer

    Chair & CEO Adena Friedman described the expansion into the insurance annuity space as being in its early stages, with a dedicated sales team established only in the last couple of years. The strategy is to increase the currently low institutional exposure to the Nasdaq-100 by creating specific annuity vehicles for insurance clients, with seven such products launched in the quarter.

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    Ben Budish's questions to CME GROUP (CME) leadership

    Ben Budish's questions to CME GROUP (CME) leadership • Q2 2025

    Question

    Ben Budish of Barclays asked about the performance of the BrokerTec cash treasury trading business, noting a perceived decline in market share and inquiring about competitive dynamics.

    Answer

    Mike Dennis, Senior MD & Global Head - Fixed Income, countered that BrokerTec had an exceptional Q2 with ADV up 24%. He argued that when comparing to like-for-like central limit order books for on-the-run Treasuries, market share is flat. He also highlighted the upcoming launch of BrokerTec Chicago, a new matching engine, as a key initiative to attract new clients and enhance competitiveness.

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    Ben Budish's questions to CME GROUP (CME) leadership • Q2 2025

    Question

    Ben Budish from Barclays asked about CME's cash treasury trading business, BrokerTec, noting a perceived decline in market share and inquiring about the competitive dynamics in that market.

    Answer

    Senior MD & Global Head - Fixed Income Mike Dennis clarified that while BrokerTec had an exceptional Q2 with ADV up 24%, market share comparisons can be misleading. He stated that when comparing to like-for-like central limit order books for on-the-run Treasuries, CME's market share is flat. He also highlighted the upcoming launch of BrokerTec Chicago, a second matching engine, which is expected to attract new client acquisition.

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    Ben Budish's questions to Invesco (IVZ) leadership

    Ben Budish's questions to Invesco (IVZ) leadership • Q2 2025

    Question

    Ben Budish of Barclays Capital inquired about Invesco's M&A strategy for private markets, asking about missing capabilities in the suite and the company's capacity for larger acquisitions to achieve scale.

    Answer

    President & CEO Andrew Schlossberg highlighted the strength of the existing $130 billion private markets platform. He stated that partnerships, such as the one with Barings and MassMutual, are the top priority for growth, and the bar for direct M&A remains very high. He also noted investments in specialized distribution and operations to scale the business profitably.

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    Ben Budish's questions to Invesco (IVZ) leadership • Q2 2024

    Question

    Ben Budish from Barclays inquired about Invesco's private markets strategy, asking about missing capabilities in its suite and its capacity and appetite for a large-scale acquisition versus other growth methods.

    Answer

    President, CEO & Director Andrew Schlossberg highlighted the existing $130 billion private markets platform as a strong base. He emphasized that partnerships, like the one with Barings and MassMutual, are "priority number one" for growth, though M&A remains an option with a high bar. He also noted investments in specialized distribution and operations to scale the business profitably.

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    Ben Budish's questions to Interactive Brokers Group (IBKR) leadership

    Ben Budish's questions to Interactive Brokers Group (IBKR) leadership • Q2 2025

    Question

    Ben Budish of Barclays inquired about the specific drivers behind the outsized growth in overnight trading, asking if it's due to a change in international client behavior or product availability. He also sought clarification on the firm's interest rate sensitivity, noting the lower dollar impact from a rate change despite a higher mix of non-USD cash.

    Answer

    CEO Milan Galik explained that overnight trading growth is driven by demand from European and Asian clients who can trade US markets during their daytime. CFO Paul Brody clarified that the lower interest rate sensitivity is due to some non-USD currencies approaching or crossing the zero-rate threshold, which creates non-linear effects on interest income calculations.

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    Ben Budish's questions to Interactive Brokers Group (IBKR) leadership • Q2 2025

    Question

    Ben Budish questioned the drivers behind the rapid growth of overnight trading and asked for clarification on the change in the company's disclosed interest rate sensitivity.

    Answer

    CEO Milan Galik attributed strong overnight trading growth to demand from European and Asian clients trading during their daytime hours, a trend increasingly adopted by introducing brokers. CFO Paul Brody explained that the lower dollar sensitivity to rate changes is due to some non-USD currency rates approaching the zero-bound, which creates non-linear effects and compresses the impact of rate movements.

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    Ben Budish's questions to Cboe Global Markets (CBOE) leadership

    Ben Budish's questions to Cboe Global Markets (CBOE) leadership • Q4 2024

    Question

    Ben Budish of Barclays inquired about the initial performance of the Robinhood partnership, asking about the product mix between SPX and XSP options and future initiatives to drive education and adoption.

    Answer

    Global President David Howson reported that the Robinhood rollout exceeded expectations in both speed and volume uptake, which he described as largely additive. He noted that customers are using the full suite of volatility products (SPX, VIX, XSP) and that future plans include more joint marketing and education to capitalize on the significant growth runway.

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