Senior Analyst specializing in US Capital Markets at Richard Bernstein Advisors LLC
Christian Bolu is a Senior Analyst specializing in US Capital Markets at Bernstein, where he has covered a range of major financial institutions since 2017. His coverage includes leading companies within the capital markets space, leveraging a deep understanding of sector performance and trends; details on quantitative performance metrics and specific rankings are not publicly available. Bolu began his analyst career prior to joining Bernstein and subsequently transferred his expertise to Autonomous Research, further solidifying his reputation within the investment research industry. He holds relevant professional credentials and is recognized for his independent research and sector insights across global capital markets.
Christian Bolu asked about the drivers behind the consistent share gains in the equities business and where further opportunities lie for growth.
CFO Sharon Yeshaya attributed the gains to significant investments in the platform, people, and global regions. She highlighted durable prime brokerage balances, technology investments in derivatives and cash businesses, and the strength of the global franchise across Asia and Europe as key drivers of consistent growth.
Christian Bolu of Bernstein asked about the pros and cons of Ameritrade being acquired and sought more detail on the source of client flows and expected activity uplift post-commission cuts.
President & CEO Tim Hockey declined to comment on the merits of being acquired. On client flows, he stated that account transfer data shows new assets are coming 'from all over' and that outflows are slowing. He referenced a free trade offer from 20 years ago that saw a 20x increase in trading intensity, and while not expecting that level of increase now, he is excited about the potential for more activity from traders, who are their most profitable clients.
Christian Bolu asked for the reasons behind TD Ameritrade's sustained technology advantage and inquired about the source of market share gains in the institutional business.
President and CEO Tim Hockey attributed the technology lead to a cultural focus on innovation, agility, and system simplification that has been a multi-year journey. Regarding the institutional business, Hockey stated that share gains are broad-based and that while specific asset figures are not disclosed, the split with retail is roughly 50-50.
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