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    Ben Rubin • UBS

    Ben Rubin's questions to P10 Inc (PX) leadership

    Ben Rubin's questions to P10 Inc (PX) leadership • Q1 2025

    Question

    Ben Rubin of UBS Group AG inquired about the contribution from Separately Managed Accounts (SMAs) to Q1 fundraising, the pipeline for new SMA clients, and the expected expense impact from the Qualitas acquisition on Q2 FRE margins.

    Answer

    Chairman and CEO Luke Sarsfield highlighted a 'strong contribution' from the SMA pipeline, including a new global sovereign wealth fund, and noted a growing trend of large allocators seeking access to the lower middle market via bespoke solutions. EVP and CFO Amanda Coussens reiterated that the core organic FRE margin guidance remains in the mid-40s for the year, inclusive of Qualitas, and confirmed the long-term target of near 50%.

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    Ben Rubin's questions to Houlihan Lokey Inc (HLI) leadership

    Ben Rubin's questions to Houlihan Lokey Inc (HLI) leadership • Q4 2025

    Question

    Ben Rubin requested a deeper analysis of the Corporate Finance business, asking about the outlook for middle-market versus large-scale M&A amid recent volatility and the current state of the deal backlog. He also inquired about the pipeline for strategic bolt-on acquisitions for fiscal year 2026.

    Answer

    CEO Scott Adelson confirmed that deal backlogs remain strong and are growing, with the main variable being the velocity of deal completions. He reiterated his belief that mid-cap M&A volumes are historically more resilient than large-cap volumes in volatile cycles. On acquisitions, Adelson stated that the firm maintains a very active dialogue with potential targets and that this remains a key part of their growth strategy.

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    Ben Rubin's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership

    Ben Rubin's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q1 2025

    Question

    Ben Rubin inquired about potential overcrowding in private credit, how the Angel Oak acquisition enhances the platform, and the outlook for expense growth and FRE margins for the remainder of the year.

    Answer

    CFO Hadley Peer Marshall explained that Brookfield's credit business is differentiated by its focus on opportunistic and real assets, where its capital is more valuable. She noted Angel Oak's non-qualified mortgage platform is a perfect strategic fit, especially for insurance clients. Regarding margins, she stated that while operating leverage is improving, the firm will continue to invest in building out its credit and fundraising capabilities to support growth towards its 60% long-term margin target.

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    Ben Rubin's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q4 2024

    Question

    Ben Rubin from UBS requested an update on Brookfield's private wealth business, referencing the 30-50% growth target from Investor Day, and asked about the operational risks a potential U.S.-Canadian trade war could present.

    Answer

    CEO James Flatt reaffirmed the 30-50% growth outlook for the private wealth channel, highlighting that demand for its four retail-focused products is so strong they are turning down capital to maintain deployment discipline. On trade risks, he stated the business is largely insulated due to its domestic focus on critical, inflation-indexed infrastructure assets, and that regulatory changes often favor large, operationally capable firms like Brookfield.

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    Ben Rubin's questions to PJT Partners Inc (PJT) leadership

    Ben Rubin's questions to PJT Partners Inc (PJT) leadership • Q1 2025

    Question

    Ben Rubin asked for the growth outlook across PJT's three main businesses in light of the unchanged full-year forecast and inquired about the drivers for the adjusted compensation ratio and what might cause it to move from the 67.5% level.

    Answer

    Chairman and CEO Paul Taubman reiterated that Restructuring and Park Hill should perform consistently with last year's record levels, while Strategic Advisory is expected to be up strongly. He explained the 67.5% comp ratio is the firm's best full-year estimate, incorporating expected revenue and recruiting, and would only change based on material deviations from that plan. CFO Helen Meates confirmed this view is refreshed quarterly.

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    Ben Rubin's questions to Lazard Inc (LAZ) leadership

    Ben Rubin's questions to Lazard Inc (LAZ) leadership • Q1 2025

    Question

    Ben Rubin of UBS asked about the 65.5% compensation ratio, the path to the 60% target, the revenue assumptions behind the current accrual rate, and the outlook for Asset Management net flows, including an update for April.

    Answer

    CEO Peter Orszag reiterated that the 60% comp ratio target was always market-dependent. CFO Mary Ann Betsch added that the 65.5% rate assumes relatively stable revenue, as the backlog is growing more modestly than initially expected. Evan Russo, CEO of Asset Management, noted that the 'won but not funded' pipeline has grown, giving confidence in a more balanced flow picture, a trend he sees continuing into Q2.

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    Ben Rubin's questions to Moelis & Co (MC) leadership

    Ben Rubin's questions to Moelis & Co (MC) leadership • Q1 2025

    Question

    Ben Rubin asked about the performance of the technology banking team hired in 2023 and requested the dollar impact on Q1 compensation expense from accelerated vesting for retirement-eligible bankers.

    Answer

    Chairman and CEO Kenneth Moelis described the tech team as a 'stunning success' that has performed 'even better than we thought,' citing their significant contributions to revenue backlog and sponsor relationships. CFO Christopher Callesano addressed the vesting question by stating the specific dollar amount would be in the 10-Q, but clarified that fixed compensation expense in Q1 is roughly double that of a normal quarter due to this factor.

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    Ben Rubin's questions to Victory Capital Holdings, Inc. (VCTR) leadership

    Ben Rubin's questions to Victory Capital Holdings, Inc. (VCTR) leadership • Q4 2024

    Question

    Ben Rubin from UBS asked about the specific products driving the strong performance in the VictoryShares ETF business and the company's expectations for its active ETF lineup in 2025.

    Answer

    CEO David Brown highlighted the success of active fixed-income ETFs from the Victory Income Investors franchise and the new free cash flow ETF series (VFLO, SFLO). He noted that four of the top five selling ETFs in 2024 were active strategies. With new investments in dedicated ETF sales specialists and marketing, he expects the strong momentum to accelerate through 2025.

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    Ben Rubin's questions to Cohen & Steers Inc (CNS) leadership

    Ben Rubin's questions to Cohen & Steers Inc (CNS) leadership • Q4 2024

    Question

    Ben Rubin from UBS asked about the potential for operating margin expansion in 2025, sought clarification on the updated guidance for known redemptions, and inquired about the firm's appetite for M&A.

    Answer

    CFO Raja Dakkuri and CEO Joseph Harvey addressed the questions. Dakkuri explained that current operating expenses are tied to strategic investments, like new ETFs, which are expected to create positive operating leverage in the long term. Harvey clarified that of the previously guided redemptions, $200 million occurred in Q4, with an updated $800 million now expected in the first half of 2025. Regarding M&A, Harvey stated the primary focus remains on organic growth, using their strong balance sheet to seed new products, though a strategic deal is not entirely ruled out.

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    Ben Rubin's questions to Cohen & Steers Inc (CNS) leadership • Q3 2024

    Question

    Ben Rubin from UBS asked for details on the Q3 U.S. real estate inflows, the drivers for future operating margin expansion, and the company's capital return priorities given its strong liquidity position.

    Answer

    CEO Joe Harvey clarified that Q3 flows were concentrated with a large, sophisticated allocator, which he views as a positive leading indicator, and noted that overall business activity has increased. He attributed recent margin pressure to investments in private real estate capabilities, stating that future margin expansion will be driven by market appreciation and AUM growth in that new business. Regarding capital, Harvey emphasized maintaining a strong balance sheet for co-investments, with a policy of a predictable quarterly dividend and special dividends considered after assessing all capital needs.

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    Ben Rubin's questions to Evercore Inc (EVR) leadership

    Ben Rubin's questions to Evercore Inc (EVR) leadership • Q3 2024

    Question

    Ben Rubin, on behalf of Brennan Hawken at UBS, asked for details on the restructuring business, its momentum into 2025, and whether the start of interest rate cuts has shifted client dialogues.

    Answer

    CEO John Weinberg stated that the restructuring business is currently very active and operating at a high capacity with no slowdown observed. He highlighted that liability management is the primary driver of activity and expects the business to continue performing well into 2025, irrespective of a recovering M&A market or lower interest rates.

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