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    Benjamin Rubin

    Vice President and Equity Research Analyst at UBS

    Benjamin Rubin is a Vice President and Equity Research Analyst at UBS, specializing in coverage of asset management and alternative investment firms. He closely follows companies such as Apollo Global Management, delivering well-researched stock ratings and recommendations. Rubin boasts a strong performance record with a 100% success rate and an average return of 23.61% on his calls, reflecting his rigorous approach to research and valuation. Having begun his analyst career in the financial sector before joining UBS, he is also registered with FINRA and holds active securities licenses, demonstrating his commitment to professional standards.

    Benjamin Rubin's questions to P10 (PX) leadership

    Benjamin Rubin's questions to P10 (PX) leadership • Q3 2024

    Question

    Benjamin Rubin asked for clarification on the expected Q4 step-down in FRE margin given the high year-to-date performance, and questioned the future pace of share buybacks after a slower Q3.

    Answer

    EVP & CFO Amanda Coussens explained the high Q3 margin was due to product mix and high-margin catch-up fees, reiterating the mid-40s full-year guidance due to ongoing investments. Chairman & CEO Luke A. Sarsfield confirmed the long-term goal of near 50% margins driven by operating leverage. Regarding buybacks, he stated the Q3 slowdown was a prudent measure during the Qualitas deal and that repurchases remain a co-equal priority with M&A, contingent on market opportunities.

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