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    Bill Katz

    Senior Equity Analyst at TD Securities

    Bill Katz is a Senior Equity Analyst at TD Securities, specializing in coverage of financial services, asset management, and alternative investment firms. He analyzes publicly traded companies including BlackRock, Invesco, T. Rowe Price, and Apollo Global Management, maintaining a track record of highly ranked investment calls and strong performance on platforms like TipRanks. Katz began his analyst career in the 1990s, previously serving in senior roles at Citi, Sandler O’Neill, and Credit Suisse before joining TD Securities in 2023. He holds FINRA registrations and multiple securities licenses, regularly providing market insights on networks such as CNBC.

    Bill Katz's questions to JANUS HENDERSON GROUP (JHG) leadership

    Bill Katz's questions to JANUS HENDERSON GROUP (JHG) leadership • Q2 2025

    Question

    Represented by Robin Holby, Bill Katz asked about the addressable market for the new JABS ETF, the drivers behind improved investment performance, and the client profile and strategy for the firm's tokenized funds.

    Answer

    CEO Ali Dibadj described the JABS ETF as a client-led innovation, particularly for insurance clients like Guardian, designed to complement the floating-rate JAAA ETF. CFO Roger Thompson attributed the strong one-year performance improvement to a rebound in key US and global equity products. Regarding tokenization, Ali Dibadj explained that the primary clients are on-chain users, such as those holding stablecoins, who are seeking to earn a yield, with the firm aiming to stay ahead in disruptive financial technologies.

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    Bill Katz's questions to PRICE T ROWE GROUP (TROW) leadership

    Bill Katz's questions to PRICE T ROWE GROUP (TROW) leadership • Q1 2025

    Question

    A representative for Bill Katz asked about the firm's fee rate dynamics, including the exit rate from Q1, trends in April, and the outlook for the rest of 2025.

    Answer

    CFO Jen Dardis explained that the Q1 effective fee rate decline was driven by two factors. Approximately 60% of the impact came from persistent structural shifts toward lower-cost vehicles like ETFs and CITs, and strategies like blend target-date funds. The remaining 40% was cyclical, caused by an AUM mix shift away from higher-fee equity assets due to market performance and flows. She noted the cyclical impact was more significant than typical this quarter and advised analyzing the fee rate over a multi-quarter period.

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    Bill Katz's questions to KKR & Co. (KKR) leadership

    Bill Katz's questions to KKR & Co. (KKR) leadership • Q1 2025

    Question

    Manu on behalf of Bill Katz at TD Cowen asked for an update on KKR's asset-backed finance (ABF) platform, including its sourcing funnel and bank partnerships, heading into the rest of 2025.

    Answer

    Executive Craig Larson highlighted the significant scale and growth of the ABF business, with AUM at $74 billion, up 35-40% year-over-year. He described the market as a massive opportunity with high barriers to entry, noting that KKR is well-positioned to fill a void left by traditional providers. He also pointed to strong deployment, with over $4 billion in Q1, suggesting a favorable environment for the strategy.

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    Bill Katz's questions to Bridge Investment Group Holdings (BRDG) leadership

    Bill Katz's questions to Bridge Investment Group Holdings (BRDG) leadership • Q2 2024

    Question

    Inquired about the potential fundraising quantum for upcoming vehicles, specifically asking for more detail on the Newbury secondaries platform's traction. He also asked for an update on the retail accredited investor strategy, including products, AUM, and distribution efforts.

    Answer

    Fundraising momentum is building in flagship Workforce & Affordable Housing and Debt strategies. The Newbury secondaries platform is gaining traction through re-ups and by leveraging Bridge's broader client network, with fundraising expected to continue into 2025. The retail strategy is focused on a single triple net lease product and is expanding distribution channels beyond wirehouses to RIAs and independent broker-dealers.

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    Bill Katz's questions to AMTD IDEA (AMTD) leadership

    Bill Katz's questions to AMTD IDEA (AMTD) leadership • Q4 2019

    Question

    Bill Katz from Citigroup sought to unpack the fiscal 2020 guidance, asking about the underlying interest rate assumptions for the net interest margin forecast and why the net new asset outlook was not increased.

    Answer

    CFO Steve Boyle clarified the guidance was based on one rate cut in March but provided sensitivity for further cuts. Regarding net new assets, President & CEO Tim Hockey explained they chose not to adjust the 7-10% range, calling it a conservative approach given it was only two weeks after the commission change, despite strong anecdotal trends.

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    Bill Katz's questions to AMTD IDEA (AMTD) leadership • Q2 2019

    Question

    Bill Katz from Citigroup asked for clarification on commentary about potentially being below the low end on pricing within the trading business. He also sought more detail on expense dynamics, questioning if operating leverage would primarily build in 2020 rather than the second half of the current year.

    Answer

    President and CEO Tim Hockey confirmed the competitive environment continues to put moderate pressure on commissions through customer-by-customer negotiations, despite stable headline rates. EVP and CFO Steve Boyle clarified that while they have levers to pull, the expense reduction will be a gradual grind, with the bigger impact on 2020 expenses rather than the remainder of the current fiscal year.

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    Bill Katz's questions to AMTD IDEA (AMTD) leadership • Q1 2019

    Question

    Bill Katz inquired about the expected behavior of deposit betas in a flat interest rate environment and questioned the pace of share buybacks during the fourth quarter's stock price decline.

    Answer

    CFO Steve Boyle stated he would be 'extremely surprised' if pricing on deposits changed in a flat rate environment, seeing rational behavior from customers and competitors. On capital management, Boyle attributed the buyback pacing to accounting and settlement timing of ASR and 10b5-1 plans, reaffirming comfort with their capital levels and guidance.

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