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    Brian Bedell

    Managing Director and Senior Equity Analyst at Deutsche Bank

    Brian Bedell is a Managing Director and Senior Equity Analyst at Deutsche Bank, specializing in financial services equity research with a core focus on companies such as Charles Schwab Corp and Circle Internet Group. He has covered over 40 firms, providing more than 2,100 ratings, and maintains an average price target success rate of 85% with an average potential price upside of 21%, and a recommendation success rate of 58% yielding an average return per transaction of 13%. Bedell began his public analyst career in 2002, joining Deutsche Bank in the early 2000s, and has become notable for his deep sector expertise and effective stock coverage as highlighted by top-performing calls on companies like TPG. He holds key investment research credentials and is registered with FINRA, reflecting significant standing in the equity research community.

    Brian Bedell's questions to Circle Internet Group (CRCL) leadership

    Brian Bedell's questions to Circle Internet Group (CRCL) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank asked about Circle's appetite for partnerships that might involve higher distribution costs and lower reserve margins in order to achieve "winner-take-most" scale for USDC.

    Answer

    Chairman, CEO & Co-Founder Jeremy Allaire stated a strong appetite for win-win, growth-oriented partnerships, noting that deals are unique and not all involve sharing reserve income. CFO Jeremy Fox-Geen added that the RLDC margin is supported by three long-term tailwinds: strengthening network effects, growth of USDC held on Circle's own platform infrastructure, and the growth of high-margin 'Other Revenues' from value-added services.

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    Brian Bedell's questions to TPG (TPG) leadership

    Brian Bedell's questions to TPG (TPG) leadership • Q2 2025

    Question

    Brian Bedell asked a multi-part question on the Impact platform's fundraising pipeline, covering the next vintage for RISE, the timing for Rise Climate II's final close, and expectations for related strategies like climate infrastructure.

    Answer

    Executive Chairman Jim Coulter stated that a first close for Rise 4 is expected in Q4. He noted that policy clarity is helping the climate strategy and that TPG is now in the back half of the fundraising campaigns for TRC2 and initiating its climate infrastructure fund (TCI), with a robust pipeline.

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    Brian Bedell's questions to TPG (TPG) leadership • Q1 2025

    Question

    Brian Bedell questioned the Impact platform, asking about the difference in perception of policy uncertainty between the U.S. and international markets for both deployment and fundraising, and if opportunities are greater outside the U.S.

    Answer

    Executive Chairman and Co-Founder Jim Coulter explained that while U.S. policy discussions create noise, the underlying fundamentals for climate investing are strong globally. He noted that over 90% of new energy addition worldwide is clean energy and that international markets are largely unbothered by U.S. policy debates. In the U.S., an energy shortage is driving demand, creating unique opportunities. He concluded that fundraising timelines may elongate slightly, but the opportunity set remains robust.

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    Brian Bedell's questions to TPG (TPG) leadership • Q4 2024

    Question

    Brian Bedell questioned the financial impact of the Intersect Power and Google partnership on TPG and the potential for similar deals to accelerate growth in the Impact platform, asking if it could rival the Capital platform in size within five years.

    Answer

    Executive Chairman Jim Coulter explained that the Intersect deal is indicative of a broader trend of explosive spending on the U.S. grid, driven by data centers and electrification. He noted that market disruption is creating significant opportunities and that the climate investor base remains strong, particularly internationally. He expressed confidence in the platform's long-term growth trend and its ability to expand into related infrastructure and credit products.

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    Brian Bedell's questions to Brookfield Asset Management (BAM) leadership

    Brian Bedell's questions to Brookfield Asset Management (BAM) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank Securities asked about the expense outlook, the potential path to a 60% FRE margin, and progress on the $250 million FRE upside from acquiring stakes in partner managers, clarifying if the Angel Oak deal was incremental.

    Answer

    CFO Hadley Peer Marshall stated that the ~10% expense growth reflects strategic investments and should remain steady. She noted margins are impacted by business mix, such as partner manager acquisitions. She confirmed they are in the early stages of realizing the $250 million FRE opportunity and that the Angel Oak acquisition is incremental to that figure.

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    Brian Bedell's questions to Brookfield Asset Management (BAM) leadership • Q1 2025

    Question

    Brian Bedell asked about the expected deployment cycle times for new large funds compared to prior vintages, especially in a distressed environment. He also sought clarification on whether the projected $250 million FRE uplift from increasing partner stakes includes Oaktree.

    Answer

    President Connor Teskey stated that while flagships typically deploy over 3 to 3.5 years, that timeline would shorten in a distressed market to capitalize on opportunities. In the current environment, he expects deployment to be at or inside the traditional run rate. CFO Hadley Peer Marshall confirmed that the $250 million FRE growth estimate over five years from increasing ownership does include all partner managers, including Oaktree.

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    Brian Bedell's questions to Carlyle Group (CG) leadership

    Brian Bedell's questions to Carlyle Group (CG) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank inquired about the outlook for capital markets fees in the second half of 2025 and the key long-term organic growth drivers for the business beyond the macro environment.

    Answer

    CEO Harvey Schwartz outlined a strategy focused on high-quality fees without balance sheet risk. He identified three organic drivers: new fund vintages adopting the fee structure, increased operating leverage as the practice becomes standard, and the overall growth of the platform. CFO John Redett added that significant growth has already been achieved in a benign market, suggesting future upside.

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    Brian Bedell's questions to Carlyle Group (CG) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank Securities asked about the outlook for capital markets fees, questioning if the second half of the year could exceed the first and what the key long-term organic growth drivers are.

    Answer

    CEO Harvey Schwartz explained that the capital markets strategy is now ingrained in the business and has significant operating leverage to market activity. He identified three organic growth drivers: new fund vintages adopting the fee structure, the natural muscle memory and flywheel effect of the business, and the overall scale and growth of the platform. He suggested that in the right environment, the business should meaningfully exceed its prior peak of $300 million. CFO John Redett added that the revenue is high quality as it does not involve balance sheet risk.

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    Brian Bedell's questions to Carlyle Group (CG) leadership • Q1 2025

    Question

    In a follow-up, Brian Bedell asked about the timing for launching the next flagship buyout fund, CP IX, given that its predecessor is 70% committed, and whether any of its fundraising is included in the current year's targets.

    Answer

    CEO Harvey Schwartz and CFO John Redett clarified that no fundraising for CP IX is included in the current year's financial targets. Harvey Schwartz stated the plan remains a Q4 kickoff, but the timing is flexible and depends on the deployment pace of the current fund, CP VIII. John Redett added that strong performance in predecessor funds supports the timeline.

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    Brian Bedell's questions to Carlyle Group (CG) leadership • Q4 2024

    Question

    Brian Bedell asked about G&A expenses, including the Q4 increase and the 2025 outlook amid investments in retail and asset-backed finance. He also inquired if the capital markets platform investment is now complete, suggesting higher incremental margins ahead.

    Answer

    CFO John Redett explained that the elevated Q4 G&A was due to seasonality and one-off fundraising expenses. He noted G&A grew only 4% in 2024 and expects Q1 2025 to be similar to Q4. He confirmed ongoing investments in Wealth (headcount up >50%), Credit, and Solutions, indicating the investment phase is not complete.

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    Brian Bedell's questions to Carlyle Group (CG) leadership • Q3 2024

    Question

    Brian Bedell followed up on the topic of tariffs, asking how Carlyle views the potential impact on global trade and its capital deployment strategy outside the U.S., particularly in Europe and Japan.

    Answer

    CEO Harvey Schwartz reiterated that it would be a mistake to alter strategy based on anticipating government policy. He stressed that Carlyle's structure as a global firm with strong local capabilities, such as its leading franchise in Japan, is a key advantage in any environment. He suggested the firm is better served by focusing on more certain factors like regulatory policy while preparing for various peripheral scenarios.

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    Brian Bedell's questions to Apollo Global Management (APO) leadership

    Brian Bedell's questions to Apollo Global Management (APO) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank asked about the roadmap for Capital Solutions, particularly the trading of private credit, and its potential to accelerate fee targets. He also inquired about rate cut assumptions in the SRE guidance.

    Answer

    President Jim Zelter addressed the Capital Solutions question, explaining that increased transparency from trading private credit will expand the entire market. He sees this creating new revenue opportunities from bid/offer spreads, liquidity provision, and indexing, with a broader impact expected in 12-24 months. CEO Marc Rowan deferred the question on SRE rate assumptions to an offline follow-up.

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    Brian Bedell's questions to Apollo Global Management (APO) leadership • Q3 2024

    Question

    Brian Bedell asked about origination capacity, questioning if there are constraints that would prevent Apollo from materially exceeding its $275 billion annual goal and how the allocation of originations might shift if they do.

    Answer

    Co-President James Zelter stated it was too early to adjust the 5-year target but highlighted the strength and consistency of their strategy. He noted that origination spreads have remained robust despite public market compression and that the 'flywheel' effect from syndication, global wealth, and third-party insurance provides a scalable system to absorb higher volumes.

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    Brian Bedell's questions to Ares Management (ARES) leadership

    Brian Bedell's questions to Ares Management (ARES) leadership • Q2 2025

    Question

    Brian Bedell asked about the deployment timeline for the $105 billion of AUM not yet paying fees, and whether an improving deployment environment could accelerate this from the typical 18-24 month window.

    Answer

    CEO Michael Arougheti stated that historically, the relationship between dry powder and deployment has been nearly one-to-one. Given the current deployment pace and historical trends, he suggested the timeline to deploy this capital is likely closer to one year rather than the more conservative 18-24 month guidance often cited.

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    Brian Bedell's questions to Ares Management (ARES) leadership • Q2 2025

    Question

    Brian Bedell asked about the deployment timeline for the $105 billion of AUM not yet paying fees, questioning if the typical 18-24 month window could accelerate with improving deployment activity.

    Answer

    Michael Arougheti, Co-Founder, CEO & Director, noted that historically, the relationship between dry powder and deployment has been nearly one-to-one. He stated that while the official guidance has been 18-24 months, the actual deployment pace has been closer to one year, and he expects that strong correlation to continue given the current environment.

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    Brian Bedell's questions to Ares Management (ARES) leadership • Q3 2024

    Question

    Brian Bedell asked about growth in the retail segment, focusing on penetrating the addressable market through more advisors, especially in channels with lower fees. He also questioned if the product pipeline could exceed the 8-10 semi-liquid product target by 2028, given new opportunities in sports and from the GCP acquisition.

    Answer

    CEO Michael Arougheti confirmed it is possible to exceed the 8-10 product target, particularly with the new capabilities from the GCP acquisition. He stated that growth in the retail channel is proceeding as planned, requiring a dual focus on the large wirehouse platforms for scale and the fast-growing RIA channel for rapid growth.

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    Brian Bedell's questions to FRANKLIN RESOURCES (BEN) leadership

    Brian Bedell's questions to FRANKLIN RESOURCES (BEN) leadership • Q3 2025

    Question

    Brian Bedell inquired about the firm's strategy for bringing private market investments into the 401(k) and defined contribution (DC) channel, asking about their plans for product integration and partnerships.

    Answer

    President and CEO Jennifer Johnson stated they are pursuing both partnerships, like one with Apollo, and developing their own products. She acknowledged that the litigious nature of the DC space might slow adoption but confirmed they are building private market allocations into their target-date funds for a potential 2026 launch. EVP & Head of Global Distribution Adam Spector added that the Putnam acquisition provided significant scale in the target-date space, which is key to their strategy.

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    Brian Bedell's questions to FRANKLIN RESOURCES (BEN) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank asked for clarification on the $470 billion international AUM and how Franklin Templeton is positioned for a potential client rotation from U.S. to non-U.S. investment strategies.

    Answer

    Head of Global Distribution Adam Spector clarified that the $470 billion figure represents AUM sourced from clients outside the United States. He stated that the firm is well-positioned for such a shift, as international and global equity are hallmark strategies for the company outside the U.S. He also noted that the firm has relative strength in value strategies, which are benefiting from a separate allocation shift away from growth.

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    Brian Bedell's questions to FEDERATED HERMES (FHI) leadership

    Brian Bedell's questions to FEDERATED HERMES (FHI) leadership • Q2 2025

    Question

    Brian Bedell from Deutsche Bank asked to what extent the tokenization of money market funds could expand the total size of the industry. He also inquired if Federated Hermes expects to gain market share from this trend, given its scale, reputation, and low-cost structure.

    Answer

    CEO J. Christopher Donahue and CIO of Global Liquidity Markets Deborah Cunningham both stated that while they believe tokenization will be an incremental positive for the industry, it is too early to quantify the potential size of the growth. Regarding market share, Mr. Donahue explained that regulation creates high barriers to entry, which benefits large, established players. However, he emphasized that the business is intensely competitive, and while they will strive to increase their share from the current 7.11%, it is not a guaranteed outcome.

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    Brian Bedell's questions to FEDERATED HERMES (FHI) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank questioned the extent to which tokenization could expand the total size of the money market fund industry and whether Federated Hermes could gain market share from this trend due to its scale and reputation.

    Answer

    J. Christopher Donahue, Chairman, President, & CEO, and Deborah Cunningham, EVP & CIO of Global Liquidity Markets, stated it is 'too early to tell' how much tokenization might grow the industry but believe the impact will be incremental. Regarding market share, Mr. Donahue explained that regulation has created a competitive oligopoly, making significant share shifts challenging for any single player. While Federated Hermes aims to grow its share, he did not commit to the idea that tokenization would be a definitive catalyst for share gains.

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    Brian Bedell's questions to FEDERATED HERMES (FHI) leadership • Q3 2024

    Question

    Brian Bedell asked about the institutional cash management business, seeking to quantify the addressable market of client assets currently in overnight agreements that could shift to money funds. He also asked if the improved performance of the Strategic Value Dividend fund is expected to lead to positive flows soon.

    Answer

    CIO for Money Markets, Deborah Cunningham, estimated that an additional 10% to 20% of asset flows could potentially move from direct overnight cash into money funds if yield advantages are maintained. CEO John Donahue emphatically added that the potential market was in the 'trillions.' Regarding the Strategic Value Dividend fund, Donahue noted the positive performance trend is improving client sentiment and expects the flow trend to continue improving, though he did not provide a specific timeline for a return to inflows.

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    Brian Bedell's questions to PRICE T ROWE GROUP (TROW) leadership

    Brian Bedell's questions to PRICE T ROWE GROUP (TROW) leadership • Q2 2025

    Question

    Brian Bedell from Deutsche Bank Securities inquired about T. Rowe Price's strategy for integrating private market assets into its 401(k) and target-date fund offerings, asking about the potential timing, key considerations for plan sponsors, and whether the firm would use OHA exclusively or seek other partners.

    Answer

    President, CEO & Chair Robert Sharps responded that the firm is encouraged by the long-term potential to improve participant outcomes with private assets. He noted that while the investment case is sound, concerns about fees and fiduciary risks remain. Sharps mentioned that potential regulatory guidance could provide clarity, but legislation would be preferable for long-term stability. He confirmed T. Rowe Price would consider OHA's capabilities and is also in discussions with other best-in-class partners.

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    Brian Bedell's questions to AFFILIATED MANAGERS GROUP (AMG) leadership

    Brian Bedell's questions to AFFILIATED MANAGERS GROUP (AMG) leadership • Q2 2025

    Question

    Brian Bedell inquired about the sustainability and consistency of private market fundraising and requested color on the composition of recent inflows, such as the conversion to fee-paying AUM.

    Answer

    President & COO Thomas Wojcik detailed the strategic shift that has increased alternatives AUM from 30% to 45% of the total, improving the baseline for growth. He noted the $8 billion in Q2 private markets fundraising was diverse, led by Pantheon with contributions from Comvest, Ara, and EIG. CFO Dava Ritchea added that this growth in higher-fee, longer-duration alternatives is increasingly flowing through to EBITDA, as reflected in the Q3 guidance.

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    Brian Bedell's questions to AFFILIATED MANAGERS GROUP (AMG) leadership • Q1 2025

    Question

    Brian Bedell asked for clarification on the 8% accretion from recent transactions, questioning if it was an annualized 2026 figure for economic EPS, and also asked if the quarter's net flows resulted in positive or negative base fee organic growth.

    Answer

    Dava Ritchea, CFO, confirmed the 8% accretion is an annualized run-rate impact on economic earnings per share, expected to be fully realized starting in 2026. Thomas Wojcik, COO, added that the fee impact from flows was 'pretty positive' on a long-term basis, as high-fee, long-duration alternative inflows outweighed lower-fee equity outflows.

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    Brian Bedell's questions to AFFILIATED MANAGERS GROUP (AMG) leadership • Q3 2024

    Question

    Brian Bedell from Deutsche Bank asked about the scalability of AMG's U.S. wealth platform, which has reached $5 billion in AUM, and the potential for new perpetual products to contribute meaningfully to performance fees.

    Answer

    COO Tom Wojcik detailed the platform's rapid growth from ~$1 billion to over $5 billion in AUM in just a few years, driven by products like the AMG Pantheon fund. He highlighted new launches with Comvest and Pantheon as examples of future growth and confirmed that certain perpetual products are eligible to generate performance fees, which will further diversify that earnings stream over time.

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    Brian Bedell's questions to BLUE OWL CAPITAL (OWL) leadership

    Brian Bedell's questions to BLUE OWL CAPITAL (OWL) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank Securities inquired about the potential to accelerate the entry into the 401(k) market via the Voya partnership, possibly by targeting the small plan market through financial advisors.

    Answer

    Co-CEO Marc Lipschultz agreed with the premise, noting that Blue Owl's existing retail vehicles like BDCs are already eligible for 401(k) plans. He acknowledged that while the bulk of the market is in target-date funds (a medium-term effort), Blue Owl is already positioned on the 'front edge' to serve the portion of the market where advisors or individuals make direct allocation decisions, stating the opportunity 'matches hand in glove' with their platform.

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    Brian Bedell's questions to BLUE OWL CAPITAL (OWL) leadership • Q3 2024

    Question

    Brian Bedell asked about the timing for deploying capital to activate the $260 million in fees from AUM not yet paying fees, and whether deployment might be soft in the near term.

    Answer

    Co-Chief Executive Officer Marc Lipschultz countered the idea of softness, highlighting that deployment has been at 'exceptionally healthy' levels despite a tepid M&A market. He expressed bullishness on future deployment opportunities, stating that when PE activity inevitably picks up, it will drive 'pretty meaningful upticks' in volume, though he could not predict the exact timing.

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    Brian Bedell's questions to KKR & Co. (KKR) leadership

    Brian Bedell's questions to KKR & Co. (KKR) leadership • Q2 2025

    Question

    Brian Bedell from Deutsche Bank asked a two-part question regarding drivers for the strong investment management fees and the outlook for Capital Markets fees in the second half of the year.

    Answer

    CFO Robert Lewin explained that management fees were driven by solid organic growth and the turn-on of large funds like Americas XIV, which contributed about $30 million, with no other unusual items. For Capital Markets, which had a solid $200 million quarter, he expects Q3 to be 'plus or minus in line' with Q2, with potential upside if markets remain healthy. He expressed confidence in the franchise's growth heading into 2026.

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    Brian Bedell's questions to KKR & Co. (KKR) leadership • Q1 2025

    Question

    Brian Bedell of Deutsche Bank asked if there is a ceiling on KKR's fee-related earnings (FRE) margin and whether higher distribution costs from new partnerships could create a headwind.

    Answer

    CFO Rob Lewin stated there is no cap on the FRE margin. While the firm can operate sustainably in the mid-60% range, he expects revenue to grow faster than headcount and complexity as they scale existing platforms, making margin expansion a natural output of the strategy. He views placement and distribution fees as a positive investment with a clear ROI, not a headwind.

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    Brian Bedell's questions to KKR & Co. (KKR) leadership • Q3 2024

    Question

    Brian Bedell of Deutsche Bank asked about the monetization pipeline heading into 2025, focusing on the outlook for the IPO market versus strategic M&A for portfolio company exits.

    Answer

    Chief Financial Officer Rob Lewin expressed optimism, noting that while the IPO market has been sluggish, he expects it to change, citing the strong performance of KKR's four recent IPOs. Co-CEO Scott Nuttall added that deal momentum is continuing across both strategic M&A and IPOs, and that a pent-up supply of exits exists across the industry after a slower period.

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    Brian Bedell's questions to Robinhood Markets (HOOD) leadership

    Brian Bedell's questions to Robinhood Markets (HOOD) leadership • Q2 2025

    Question

    Brian Bedell from Deutsche Bank Securities asked for elaboration on the businesses in the $50 million revenue range that are approaching the $100 million mark, and the potential timeline for staking and tokenized stocks to reach that scale.

    Answer

    CFO Jason Warnick identified several businesses with strong momentum, including TradePMR, Bitstamp, and prediction markets. He also mentioned others coming up behind them, such as index options, the Robinhood Gold Card, and the Legend trading platform, as vectors gaining significant steam.

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    Brian Bedell's questions to Robinhood Markets (HOOD) leadership • Q1 2025

    Question

    Brian Bedell of Deutsche Bank asked about the active trader mix within recent net deposits and sought an update on the usage and revenue run rate of the Robinhood Legend platform.

    Answer

    CFO Jason Warnick confirmed strong sequential growth in volumes through Legend but did not provide an updated ARR, stating it would be updated periodically. He emphasized that the vast majority of Legend volume is incremental, which is very encouraging. CEO Vladimir Tenev added that the roadmap for Legend includes adding futures and continuing to improve the active trader and live streamer experience.

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    Brian Bedell's questions to Robinhood Markets (HOOD) leadership • Q4 2024

    Question

    Brian Bedell inquired about the growth trajectory for new initiatives like the Legend platform, Index Options, and futures, asking whether their growth is accelerating or has slowed since launch.

    Answer

    CFO Jason Warnick confirmed strong week-over-week growth rates for both Legend (now at a $50M annual revenue run rate) and Index Options ($15M run rate). CEO Vladimir Tenev added that the products have compounding effects, with Index Options on Legend accelerating growth, and that the company sees continued opportunities to enhance the platform, particularly for options traders.

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    Brian Bedell's questions to Robinhood Markets (HOOD) leadership • Q3 2024

    Question

    Brian Bedell asked about the rollout timeline for futures and index options in Q4 and whether the company has observed increased trading velocity from users of the new Robinhood Legend desktop platform.

    Answer

    CEO Vlad Tenev confirmed that Legend users are among the most active, showing high velocity, but noted the user base is still small and curated. Regarding timelines, he stated that outright futures and index options are planned for rollout in the 'coming months,' as the immediate focus for the derivatives team was ensuring a smooth launch of the presidential election market.

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    Brian Bedell's questions to NASDAQ (NDAQ) leadership

    Brian Bedell's questions to NASDAQ (NDAQ) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank Securities asked if the strong Q2 in Capital Markets Tech implies full-year growth will be at the higher end of guidance, and if the maturing crypto ecosystem improves the long-term outlook for the Adenza business.

    Answer

    Chair & CEO Adena Friedman maintained a consistent full-year outlook for Capital Markets Tech, citing some elongated sales cycles. Regarding crypto, she stated that while its institutional adoption was not a core assumption in the Adenza acquisition, if crypto becomes 'bankable,' it would create a significant opportunity across the entire FinTech division for infrastructure, risk, and compliance solutions.

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    Brian Bedell's questions to NASDAQ (NDAQ) leadership • Q1 2025

    Question

    Brian Bedell asked if AxiomSL's global business is offsetting U.S. regulatory headwinds and inquired about the potential for crypto market growth to drive demand for RegTech, Calypso, and Verafin.

    Answer

    CEO Adena Friedman confirmed that AxiomSL is a highly diversified global business that processes thousands of regulatory changes annually, providing a buffer against timing shifts in any single jurisdiction like the U.S. Basel III endgame. On crypto, she stated that a more regulated environment presents a significant opportunity across multiple platforms, including Market Tech, Surveillance, Verafin, and AxiomSL, as banks would require solutions for trading, compliance, and reporting of the new asset class.

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    Brian Bedell's questions to NASDAQ (NDAQ) leadership • Q4 2024

    Question

    Brian Bedell noted the strong Q4 sales metrics in FinTech and asked if this was purely seasonal or if it indicated improving momentum that could drive stronger ARR growth into 2026.

    Answer

    Adena Friedman, Chair and CEO, confirmed that Q4 is consistently a seasonally high sales quarter for the company. However, she also emphasized that Nasdaq is seeing strong underlying client engagement trends that are providing positive momentum heading into 2025.

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    Brian Bedell's questions to NASDAQ (NDAQ) leadership • Q3 2024

    Question

    Brian Bedell asked about the index options business, specifically its expected revenue contribution in 2025 and the extent to which it is being marketed to retail investors and platforms.

    Answer

    CEO Adena Friedman characterized the index options business as a 'nice grower' with good momentum, but noted it is still a small contributor to overall options revenue. She confirmed they are actively marketing to retail platforms and also pursuing opportunities with international investors and for inclusion as overlays in ETFs.

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    Brian Bedell's questions to NORTHERN TRUST (NTRS) leadership

    Brian Bedell's questions to NORTHERN TRUST (NTRS) leadership • Q2 2025

    Question

    Brian Bedell asked how digital and AI initiatives in wealth management enhance the client relationship and whether the firm would move down-market. He also inquired about alternatives penetration and product availability for wealth clients.

    Answer

    Chairman and CEO Michael O'Grady explained that technology enhances the client experience by improving processes and empowering employees with better tools, and that the strategy is to refine the value proposition for all client tiers. Regarding alternatives, he and EVP & CFO David Fox noted that the platform provides access to both large and bespoke managers, with a focus on highly curated, differentiated opportunities and advisory services.

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    Brian Bedell's questions to NORTHERN TRUST (NTRS) leadership • Q4 2024

    Question

    Brian Bedell asked whether the company targets total operating leverage, including volatile NII, or if the primary focus remains on the expense-to-trust fee ratio. He also inquired about the strategy to increase the penetration of Northern Trust Asset Management (NTAM) products within its Wealth Management channel, and if the mix could return to historical highs.

    Answer

    Chief Financial Officer David Fox emphasized that the goal is a sustainable model, meaning the expense curve must decline regardless of market-driven NII performance. Chairman and CEO Michael O'Grady stated they see a positive opportunity to increase NTAM penetration by better aligning the businesses, segmenting solutions for different wealth tiers (GFO, ultra-high net worth), and expanding offerings like ETFs and alternatives.

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    Brian Bedell's questions to NORTHERN TRUST (NTRS) leadership • Q3 2024

    Question

    Brian Bedell inquired about the organic revenue growth target for the Wealth segment and whether growth would come from new or existing clients. He also asked if strong revenue could justify expense growth of 6% or more.

    Answer

    Then-CFO Jason Tyler stated the goal is for Wealth Management to achieve a 2.5% to 3% organic growth rate, balanced between new client acquisition and increasing wallet share with existing clients. He and CEO Mike O'Grady reiterated a commitment to decouple expense growth from revenue fluctuations, aiming for absolute expense control below 5% next year.

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    Brian Bedell's questions to CME GROUP (CME) leadership

    Brian Bedell's questions to CME GROUP (CME) leadership • Q2 2025

    Question

    Brian Bedell from Deutsche Bank Securities inquired about the growth in retail trading, how CME measures new participants, and the company's strategic role in the broader crypto ecosystem, including perpetual futures and tokenization.

    Answer

    Terrence Duffy (Chairman & CEO), Julie Winkler (Chief Commercial Officer), and Tim McCourt (Senior Managing Director) provided a comprehensive answer. Duffy highlighted the unprecedented 90,000 new retail traders in Q2 and positioned CME as a regulated "fast follower" in crypto, noting U.S. legal restrictions on perpetuals. Winkler detailed the fifth consecutive quarter of double-digit retail client growth, driven by broker partnerships and education. McCourt added that crypto complex ADV was up over 130% year-over-year with strong momentum continuing.

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    Brian Bedell's questions to CME GROUP (CME) leadership • Q2 2025

    Question

    Brian Bedell from Deutsche Bank Securities asked a multi-part question about the growth in retail traders, how they are measured, and their trading behavior, as well as CME's strategy for the crypto ecosystem, including perpetual futures and potential acquisitions.

    Answer

    Chairman & CEO Terrence Duffy highlighted the unprecedented 56% YoY growth in new retail traders, noting they are active across asset classes with high media attention. He positioned CME as a regulated "fast follower" in crypto and stated perpetuals are currently illegal in the U.S. Chief Commercial Officer Julie Winkler added that this was the fifth consecutive quarter of double-digit retail client acquisition growth. Senior Managing Director Tim McCourt provided details on the strong momentum in crypto futures volume, which continued into July.

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    Brian Bedell's questions to CME GROUP (CME) leadership • Q1 2025

    Question

    Brian Bedell of Deutsche Bank asked to what extent retail users trade contracts other than micros and whether volume-based pricing tiers are concentrated in interest rates or diversified across products.

    Answer

    Lynne Fitzpatrick, CFO, explained that volume tiers are product-specific, not based on total volume, and are designed to encourage trading during high-volume periods. Julie Winkler, Chief Commercial Officer, stated that while micros are a good proxy, retail traders also trade full-size contracts in products like gold and crypto. Terrence Duffy, Chairman and CEO, added that institutions also use micro contracts.

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    Brian Bedell's questions to CME GROUP (CME) leadership • Q4 2024

    Question

    Sought clarification on the 'blurring' of retail users, their interaction with CME's data products, the revenue contribution from retail, and an update on cash collateral balances.

    Answer

    The 'blurring' refers to the narrowing gap between professional retail and institutional traders due to technology access. Retail users are sophisticated consumers of data, driving growth in non-professional device usage. While a specific revenue percentage was not disclosed, retail drove two-thirds of the $1 billion in new client revenue over the last five years. Cash collateral balances ticked up slightly in Q1, but the new fee structure doesn't begin until April.

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    Brian Bedell's questions to CME GROUP (CME) leadership • Q3 2024

    Question

    Brian Bedell asked if CME could use tiered pricing on SOFR contracts as a competitive tool in the future. He also requested a review of the collateral balances and the rates earned on them during the quarter and exiting September.

    Answer

    CEO Terrence Duffy declined to comment on future competitive pricing actions, stating they have many levers and will not predetermine their strategy. CFO Lynne Fitzpatrick provided collateral details: Q3 average cash balances were $72 billion earning 36 bps, and non-cash was $165 billion earning 10 bps. She noted the rate paid to clients on cash is 25 bps, with the extra earnings coming from optimization strategies that could be pressured if market rates continue to fall.

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    Brian Bedell's questions to Invesco (IVZ) leadership

    Brian Bedell's questions to Invesco (IVZ) leadership • Q2 2025

    Question

    Brian Bedell from Deutsche Bank asked for clarification on the accounting for QQQ expenses and inquired about Invesco's long-term strategy and positioning for the potential adoption of private market products in the 401(k) market.

    Answer

    CFO L. Allison Dukes confirmed that the approximate 14 basis points of licensing, custody, and discretionary marketing fees would be recognized in the 'third party distribution, service and advisory expense' line. President & CEO Andrew Schlossberg addressed the 401(k) topic, acknowledging regulatory hurdles but stating Invesco is well-positioned with its trust company, collective trust capabilities, and ability to create multi-asset solutions combining public and private assets.

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    Brian Bedell's questions to Invesco (IVZ) leadership • Q1 2025

    Question

    Brian Bedell inquired about the economic structure of the Barings partnership and whether Invesco is seeing regional differences in investment sentiment due to global trade tensions.

    Answer

    CEO Andrew Schlossberg described the partnership as Invesco-led products where Invesco acts as distributor and operator, sharing management fees with Barings on an undisclosed basis. He also stated that Invesco has not seen anti-U.S. sentiment, but rather a broadening of allocations, where the firm's strong local presence in EMEA and Asia is an advantage.

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    Brian Bedell's questions to Invesco (IVZ) leadership • Q4 2024

    Question

    Brian Bedell inquired about the compensation-to-revenue ratio outlook, both under the current flat-market guidance and in a scenario with 10% market growth. He also asked for more specifics on the active equity ETF strategy, particularly regarding the cloning of existing mutual funds and potential pushback from distribution channels.

    Answer

    Chief Financial Officer Allison Dukes stated that the comp-to-revenue ratio was just over 43% in 2024 and a similar level is a reasonable expectation for 2025, with a longer-term goal of returning to the 38-42% range. President and CEO Andrew Schlossberg discussed multiple paths for active ETFs, including conversions and potential ETF share classes, noting that while cloning is an option, it is not the core path. He emphasized that distribution platforms primarily want high-quality products in multiple wrappers.

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    Brian Bedell's questions to Invesco (IVZ) leadership • Q3 2024

    Question

    Brian Bedell inquired if the fee rate at the Great Wall JV in China could rebound due to a mix shift towards equities. He also asked about the outlook for global liquidity flows, including seasonality and the impact of a rate-cutting cycle.

    Answer

    President and CEO Andrew Schlossberg acknowledged that a shift to equities in China would be positive for the fee rate but cautioned that equities are only 30% of the JV's business and the market is volatile. On liquidity, he explained that the business is 85% institutional, and these clients have other options in a changing rate environment, making the outlook different from retail-focused money market funds.

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    Brian Bedell's questions to Invesco (IVZ) leadership • Q2 2024

    Question

    Brian Bedell of Deutsche Bank sought clarification on the accounting for QQQ expenses and asked about Invesco's strategic positioning for the potential adoption of private market products within the 401(k) market.

    Answer

    Senior MD & CFO L. Allison Dukes confirmed the expense accounting. President, CEO & Director Andrew Schlossberg addressed the 401(k) market, noting that regulatory and litigation relief is needed for acceleration. He stated Invesco is well-positioned with its trust company, collective trust wrappers, and multi-asset capabilities to meet demand as the market evolves, though he expects it will take time.

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    Brian Bedell's questions to STATE STREET (STT) leadership

    Brian Bedell's questions to STATE STREET (STT) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank asked for the market return assumptions behind the updated fee guidance and for a longer-term perspective on the tokenization of assets and State Street's role in this trend.

    Answer

    Interim CFO Mark Keating noted that their market assumptions are now more constructive than at the start of the year. CEO Ronald O'Hanley shared his view that asset tokenization will accelerate as regulatory frameworks solidify, creating broad opportunities. He affirmed that State Street intends to be a key participant, primarily as a major servicer for these emerging digital asset markets.

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    Brian Bedell's questions to STATE STREET (STT) leadership • Q4 2024

    Question

    Asked about the potential for more aggressive deposit gathering, sought clarification on the Q4 asset management fee rate as a baseline for future growth, and inquired about the long-term prospect of alternative products being adopted in 401(k) plans.

    Answer

    Executives confirmed that some deposit expansion initiatives are built into the outlook and that Q4 was a good jumping-off point for SSGA's growth. Regarding alternatives in 401(k)s, Ron O'Hanley explained that significant litigation risk has been a major roadblock, and a regulatory 'safe harbor' rule would likely be necessary for widespread adoption.

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    Brian Bedell's questions to STATE STREET (STT) leadership • Q4 2024

    Question

    Brian Bedell of Deutsche Bank AG inquired about the potential for more aggressive deposit-raising strategies and asked about SSGA's Q4 fee rate sustainability and the long-term prospect of alternative products in 401(k) plans.

    Answer

    Incoming Interim CFO Mark Keating stated that ongoing client engagement on deposits is already factored into the company's outlook. CEO Ron O'Hanley confirmed Q4 was a solid jumping-off point for SSGA's growth. Regarding 401(k)s, O'Hanley noted that while State Street has innovated with annuities in target-date funds, widespread adoption of illiquid alternatives is unlikely without a regulatory safe harbor due to significant litigation risks for fund trustees.

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    Brian Bedell's questions to Bank of New York Mellon (BK) leadership

    Brian Bedell's questions to Bank of New York Mellon (BK) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank asked about the Platforms Operating Model, seeking to frame the cost reduction benefits over the next year as the remaining half of the company migrates. He also questioned how this model informs M&A strategy and whether it could facilitate a large-scale integration.

    Answer

    CFO Dermot McDonough emphasized that the model is about 'running the company better' and creating capacity, not just cost reduction, with benefits expected to mature over the next few years. CEO & Director Robin Vince added that the model is a 'two-sided thing' that also drives revenue. He explained that the model creates a clear, well-organized 'chassis,' which would allow for higher-quality integrations of future acquisitions, of any size, by enabling them to be bolted on more efficiently.

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    Brian Bedell's questions to Bank of New York Mellon (BK) leadership • Q1 2025

    Question

    Brian Bedell of Deutsche Bank inquired about the progress of BNY Mellon's platform operating model, asking if the resulting efficiencies and cross-selling are exceeding expectations. He also asked whether these gains would lead to lower expense growth or be reinvested, and confirmed the timeline for full company adoption.

    Answer

    CEO Robin Vince explained that the platform model is a long-term investment, with significant benefits expected in 2026 and beyond, layered with AI benefits later in the decade. He noted the firm is simultaneously realizing savings from past initiatives like Project Catalyst. CFO Dermot McDonogh confirmed the firm is on track to fully operate in the new model by this time next year and highlighted the consistent reduction in expense growth over the past few years, reinforcing the firm's confidence in its guidance.

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    Brian Bedell's questions to Bank of New York Mellon (BK) leadership • Q4 2024

    Question

    Brian Bedell of Deutsche Bank asked for the key assumptions in the 2025 outlook, specifically regarding deposit growth for NII and market appreciation for fee revenue. He later asked for clarification on the revenue guide for the Wove platform.

    Answer

    CFO Dermot McDonogh stated the NII guide assumes roughly flat balances, with proactive asset-side management being a key driver. He noted the fee guide assumes a neutral market appreciation environment and that a 5% market move equates to about $70 million in fees. For Wove, he guided to $60-$70 million in incremental revenue for 2025.

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    Brian Bedell's questions to Bank of New York Mellon (BK) leadership • Q3 2024

    Question

    Brian Bedell asked about the revenue impact from the 'commercial lift off' initiative and requested confirmation of revenue sensitivity to market movements. He later inquired about the firm's view on investing future revenue gains versus allowing margins to expand beyond the 33% target.

    Answer

    CFO Dermot McDonogh confirmed the market sensitivity figures ($60M in fees for a 5% equity change, $40M for fixed income) and described the commercial initiatives as a strategic way to deliver holistic solutions. Regarding margins, Dermot stated the goal is to prove they can consistently deliver 33% through the cycle while balancing investment and positive operating leverage. CEO Robin Vince added that they are pursuing operating leverage differently by segment, growing the business in some areas and the margin in others.

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    Brian Bedell's questions to BlackRock (BLK) leadership

    Brian Bedell's questions to BlackRock (BLK) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank asked about the growth trajectory for iShares, focusing on the European market and the long-term potential for fixed income ETFs to substitute for individual bond holdings.

    Answer

    President Robert S. Capito noted industry-leading flows, with bond ETFs attracting $44 billion in Q2 and Europe seeing $29 billion in inflows. CEO Laurence D. Fink added that Europe is 5-6 years behind the U.S. in ETF adoption and is just beginning a major growth phase, driven by regulatory changes. He believes BlackRock's dominant European presence and innovation in areas like digital asset ETFs position it perfectly to capture this growth.

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    Brian Bedell's questions to BlackRock (BLK) leadership • Q2 2025

    Question

    Brian Bedell of Deutsche Bank asked about the growth drivers for the iShares franchise, focusing on the substitution of fixed income securities for ETFs and the growth potential in Europe's democratizing retail investor base.

    Answer

    President Robert S. Capito highlighted industry-leading global ETF flows driven by diversified offerings, with particular strength in fixed income, active, and digital asset ETFs. He noted Europe saw $29 billion of net inflows. CEO Laurence D. Fink added that Europe's ETF market is 5-6 years behind the U.S. and is just beginning a significant growth phase, driven by regulatory changes and new investor access. He also mentioned that digital asset ETFs like iBit are bringing new clients to the iShares platform.

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    Brian Bedell's questions to BlackRock (BLK) leadership • Q4 2024

    Question

    Brian Bedell inquired about BlackRock's confidence in growing its retail alternatives business, the likelihood of regulatory changes like safe harbor provisions for 401(k)s, and demand from plan sponsors.

    Answer

    Martin Small, an executive, detailed a multi-pronged strategy to grow retail alternatives, where allocations remain in the low single digits. Key initiatives include simplifying access through managed model solutions (like with Partners Group), launching evergreen funds in Europe under the ELTIF 2.0 structure, and leveraging the HPS acquisition for its BDC. He identified the biggest opportunity as integrating semi-liquid products into BlackRock's extensive managed models and SMA franchise.

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    Brian Bedell's questions to BlackRock (BLK) leadership • Q3 2024

    Question

    Brian Bedell asked about the outlook for BlackRock's effective fee rate, questioning if the mix shift toward private markets could lead to stabilization or an increase, and also inquired about the growth potential from the model portfolios partnership.

    Answer

    Executive Martin Small explained that while the fee rate can be impacted by 'divergent beta' (outperformance of lower-fee assets), the strategic shift towards private markets is expected to have a positive long-term impact. He noted the GIP acquisition alone is expected to lift the overall fee rate by 0.5 to 1 basis point.

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    Brian Bedell's questions to MARKETAXESS HOLDINGS (MKTX) leadership

    Brian Bedell's questions to MARKETAXESS HOLDINGS (MKTX) leadership • Q1 2025

    Question

    Brian Bedell asked about the upcoming rollout of the X-Pro platform in Europe, its potential to accelerate portfolio trading (PT) share there, and for a long-term prediction on where PT's overall market penetration could go.

    Answer

    CEO Christopher Concannon described X-Pro as a critical part of their technology migration that enables faster innovation and delivery of data and analytics. He is excited for the European launch to build on existing momentum in Eurobonds and EM. While not giving a specific number, he predicted PT will continue to grow as a key liquidity tool, supported by more dealers entering the space and the growth of related hedging instruments like credit futures and ETFs.

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    Brian Bedell's questions to MARKETAXESS HOLDINGS (MKTX) leadership • Q3 2024

    Question

    Brian Bedell asked if the pace of market electronification, which has slowed, could inflect higher with the new block trading strategy or if it will remain a gradual process.

    Answer

    CEO Chris Concannon expressed optimism for an accelerated pace, citing a market-wide 'electronic capitulation.' He pointed to the rapid adoption of portfolio trading by high-touch traders as proof that they are ready to convert from chat to more efficient electronic solutions for block trades. He believes the new offering's data and efficiency benefits will be key to capturing this next wave of electronification.

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    Brian Bedell's questions to Cboe Global Markets (CBOE) leadership

    Brian Bedell's questions to Cboe Global Markets (CBOE) leadership • Q1 2025

    Question

    Brian Bedell asked if the revised organic growth guidance for Data Vantage was conservative, given strong non-U.S. sales and other positive leading indicators.

    Answer

    Global President David Howson acknowledged the strong Q1 results, including over 8% growth and 47% ACV growth. However, he noted that given the uncertain macro environment, the company has taken a prudent view for the remainder of the year and will update guidance quarterly as appropriate.

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    Brian Bedell's questions to Cboe Global Markets (CBOE) leadership • Q2 2024

    Question

    Brian Bedell asked about the drivers behind the sequential decline in the index options revenue capture rate in the second quarter and its potential trajectory going forward.

    Answer

    Global President Dave Howson clarified that the change in revenue per contract (RPC) was driven entirely by a product mix shift, not by any pricing changes. He explained that as clients rotate between products with different fee structures, such as SPX and RUT options, the overall blended capture rate fluctuates. He indicated that this ebb and flow is based on customer activity and did not signal a specific forward trend.

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    Brian Bedell's questions to Blackstone (BX) leadership

    Brian Bedell's questions to Blackstone (BX) leadership • Q1 2025

    Question

    Brian Bedell inquired about the international backdrop, including the impact of tariff negotiations on corporate decision-making and capital deployment in Europe and Asia, as well as retail demand in Japan and Europe.

    Answer

    President and COO Jonathan Gray observed that while global investors have questions about U.S. policy, there has been no material pullback in capital allocation from international clients, including private wealth in Japan. He noted that a stronger dollar has been a benefit and that there is some increased investor interest in diversifying into European and Asian assets. He concluded that it is still early and a resolution to tariff uncertainty would be helpful.

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    Brian Bedell's questions to Blackstone (BX) leadership • Q4 2024

    Question

    Brian Bedell inquired about the fee-related earnings (FRE) margin outlook for 2025, considering base fee growth, the impact of fee-related performance revenues (FRPR), and the fungibility of compensation.

    Answer

    Michael Chae, CFO, suggested a starting point of "margin stability" for 2025. He highlighted positive drivers, including a higher baseline for management fee growth (Q4's 10% YoY is a "reasonable starting point") and a stable OpEx growth rate. He also noted the higher incremental margin on certain FRPRs and the firm's ongoing investment in new initiatives, while emphasizing a high degree of control over the overall cost structure.

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    Brian Bedell's questions to Blackstone (BX) leadership • Q3 2024

    Question

    Brian Bedell asked about the connection between massive AI and data center deployment opportunities and the firm's fundraising capacity, questioning if it could accelerate fund cycles.

    Answer

    President & COO Jonathan Gray explained that Blackstone's ability to deploy large-scale, cross-platform capital is a significant competitive advantage in the data center space. He noted that while it's too early to predict an acceleration of specific fund cycles, the theme is a major driver of performance and deployment, which should lead to faster deployment and higher returns overall.

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    Brian Bedell's questions to AMTD IDEA (AMTD) leadership

    Brian Bedell's questions to AMTD IDEA (AMTD) leadership • Q4 2019

    Question

    Brian Bedell of Deutsche Bank asked for Tim Hockey's view on consolidation versus organic growth and inquired about the achievability of new revenue initiatives like stock lending and enhanced banking products.

    Answer

    President & CEO Tim Hockey reiterated that while industry consolidation is logical, Ameritrade is comfortable with its current scale. CFO Steve Boyle affirmed that new revenue goals are achievable through numerous smaller initiatives, highlighting fully paved stock lending as a key opportunity for both the company and its clients. He also confirmed they will continue to explore additional banking products with TD Bank.

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    Brian Bedell's questions to AMTD IDEA (AMTD) leadership • Q3 2019

    Question

    Brian Bedell of Deutsche Bank asked for CEO Tim Hockey's personal view on the future of the online brokerage industry and whether consolidation is necessary for success.

    Answer

    President, CEO & Director Timothy Hockey expressed a highly optimistic view, citing strong secular tailwinds like the shift to RIAs and DIY investing. Regarding consolidation, he noted much has already occurred and that TD Ameritrade is very happy with its current scale.

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    Brian Bedell's questions to AMTD IDEA (AMTD) leadership • Q2 2019

    Question

    Brian Bedell from Deutsche Bank asked for a characterization of client behavior into April, focusing on ETF marketplace growth, net buying, and cash deployment. He also followed up on the BDA strategy, the 19% floating rate portion of the portfolio, and what spread would be needed to resume seven-year extensions.

    Answer

    President and CEO Tim Hockey described the client tone as cautiously optimistic, with strong net buying but muted absolute trading levels. EVP and CFO Steve Boyle addressed the BDA strategy, stating the 19% floating balance is consistent with their desired profile to guard against falling rates. He added that they would need to see a normalization of the historic five-to-seven-year spread before extending duration again.

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    Brian Bedell's questions to AMTD IDEA (AMTD) leadership • Q1 2019

    Question

    Brian Bedell asked about client buying activity and its potential impact on BDA balances, the cash component of NNA, and the drivers behind growth in fee-based balances.

    Answer

    President and CEO Tim Hockey confirmed that clients were net buyers quarter-to-date. Later in the call, CFO Steve Boyle specified that 84% of retail inflows arrive as cash before being deployed. Hockey attributed growth in fee-based balances to the market channel and asset-based pricing but did not provide a period-end balance.

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