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CFO Meron Shani acknowledged the slower quarterly growth but emphasized a focus on attracting higher-quality customers, evidenced by a 34% year-over-year increase in average account size. He stated that the company's flexible marketing model allows for dynamic investment to drive growth and that new product rollouts are expected to boost funded account growth in the future.

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President & CFO Matt Audette noted no single significant driver for the quarterly result, highlighting that the corporate RIA channel is the primary engine of growth. CEO Rich Steinmeier added that ambiguity in the regulatory environment, specifically a potential increase in the SEC registration threshold, is causing some advisors to pause and favor LPL's corporate shared ADV model, impacting flows into the independent RIA channel.

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President and CFO Matthew Audette stated the primary focus is maintaining the target leverage ratio of 1.5-2.5x, with corporate cash expected to normalize around $200 million in Q4 after the Atria closing. CEO Rich Steinmeier confirmed a significant, multiyear effort to expand the alternative investments platform, including a new order entry system, to better serve and attract high-net-worth and wirehouse advisors.

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Co-CEO Marc Lipschultz described the Voya partnership as a pivotal and prudent step to bring Blue Owl's income-oriented, downside-protected products to the $12 trillion 401(k) market. He stated the initial approach involves collective investment trusts for target-date funds, emphasizing a methodical rollout to ensure positive outcomes for plan participants. While acknowledging multi-manager structures may evolve, the immediate focus is on delivering safe, proven solutions with a premier partner like Voya.

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Chief Financial Officer Alan Kirshenbaum attributed the sequential change to two factors: minor catch-up fees in Q4 2024 that were not recurring, and the full quarterly impact of a fee step-down for GP Stakes Fund IV that began in late Q4. He stated that Q1 2025 was a 'very clean quarter' for management fees, making it a reliable run rate.

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Co-Chief Executive Officer Marc S. Lipschultz expressed a bullish outlook, citing strong flagship funds, accelerating success in the wealth channel, and new products. Chief Financial Officer Alan Kirshenbaum added that the company expects a meaningful increase in equity fundraising in 2025 compared to 2024.

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Co-Chief Executive Officer Marc Lipschultz described the firm's strategy as a hybrid 'buy and build' model, integrating best-in-class teams like Atalaya and IPI with Blue Owl's platform. He identified alternative credit and digital infrastructure as 'perfect matches' for the wealth channel due to their income generation and durability, signaling significant growth potential and the opportunity to replicate the success seen with the Oak Street acquisition.

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Craig Larson, Partner & Head of IR, and Scott Nuttall, Co-CEO, responded. They highlighted the overall growth in K-Series AUM to $25 billion from $11 billion a year ago. For KFIT specifically, they noted its differentiating allocation to asset-based finance (ABF), strong recent investment returns, and growing distribution. They also mentioned the upcoming conversion of another vehicle into a dedicated evergreen ABF product, KABF, and the incremental distribution channel provided by the Capital Group partnership.

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Co-CEO Scott Nuttall stated there is no change to their Asia strategy, viewing intra-Asia trade as a growing opportunity. Executive Craig Larson provided metrics on Asia AUM growth from $21 billion in 2019 to $70 billion in Q1 2025. On private wealth, Nuttall suggested that outperformance during market pullbacks could accelerate adoption over time. Larson added that K-Series fundraising was healthy, raising $4 billion in Q1 and about $1 billion in April.

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Co-Chief Executive Officer Scott Nuttall responded that KKR's optimistic view has not changed. He stated that the firm still expects an improved M&A market in 2025 and that market volatility creates investment opportunities for a global firm like KKR. The core expectation for increased investing, monetization, and fundraising remains firm.

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Executive Craig Larson attributed the success to the infrastructure business's massive organic growth, with AUM scaling from $15 billion to $77 billion in five years, leading to consistent, strong performance. Chief Financial Officer Rob Lewin added that while the quarter included large transactions, the record Capital Markets revenue was broad-based, with over 100 different deals contributing, demonstrating the platform's diversification.

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President Benjamin Jackson detailed that the primary innovation is creating an integrated, front-to-back platform for the life of a loan. He highlighted current AI applications in data and document automation for underwriting, enhancing customer experience in call centers, and providing compliance answers via the 'Ask Reggie' platform. He also noted future plans to connect mortgage data to capital markets for MBS and whole loan trading.

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President Benjamin Jackson detailed that the primary innovation is creating an integrated, front-to-back platform for the life of a loan. He highlighted current AI applications in data automation for underwriting (credit, income, collateral verification), call center optimization, and compliance through the 'AskRegs' platform. Jackson also noted future plans to connect mortgage data to capital markets with MBS RFQ and secondary whole loan trading.

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President Benjamin Jackson confirmed that 2025 is a key year for large clients signed previously to go live. CFO Warren Gardiner explained the revenue outperformance was driven by pricing structure changes in Encompass renewals. These renewals featured lower volume minimums but higher per-closed-loan fees, so as clients surpassed the lower minimums, ICE benefited from the higher transaction fees.

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Chris Edmonds, President of Fixed Income and Data Services, stated the partnership combines unique client bases and liquidity pools, ensuring clients have better access. He described the early stages as positive and mentioned plans to add more instruments. Edmonds explicitly declined to comment on the possibility of a future acquisition or closer strategic investment.

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CEO Vlad Tenev explained that their model's key advantage is minimizing de-pegging risk by tying every mint and burn to a transaction in the traditional market, ensuring a good price for customers. He outlined a three-phase plan: phase two involves 24/7 trading on Bitstamp, and phase three will unlock the full power of DeFi with non-custodial holdings, which he described as the optimal path for customer adoption.

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CEO Vlad Tenev explained that the product rollout is still controlled and not yet fully open to the public. He noted that while sign-ups are multiples of the initial 1,000, the focus is on gathering feedback from highly engaged early adopters. Tenev emphasized the extremely positive feedback and the team's motivation to continue enhancing the platform for active traders.

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CEO Billy Hult described the high-yield fee introduction as successful, noting that institutional high-yield share increased following the change, which he interpreted as the market affirming the platform's value. He reminded that buy-side fees have existed in investment grade since 2016 and this move was anticipated as Tradeweb built scale. Hult pointed to record block share and strong volume growth in RFQ and portfolio trading as evidence of the platform's strength, justifying the pricing structure.

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CEO William Hult confirmed a structural shift is occurring in the wholesale D2D marketplace, with streaming and session protocols gaining share from the traditional CLOB, particularly in lower volatility environments. He detailed Tradeweb's strategy to offer a comprehensive suite, noting that wholesale streaming and sessions ADV were up 35% and over 25% YoY, respectively. While leading in these emerging protocols, Hult stressed the continued focus on gaining share in the important CLOB protocol as well.

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CEO Douglas Cifu stated that regarding the order protection rule, the firm is agnostic but anticipates a potential outcome similar to Canada's model, where a venue needs a minimum market share for a protected quote. He views this as neutral to slightly positive for Virtu. On the hedge fund topic, Cifu and Co-President Joseph Molluso explained that while they have considered it, the firm has prioritized its capital-light market-making model and shareholder returns, though they do not rule it out for the future.

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CEO Douglas Cifu described a multi-pronged crypto strategy, including expanding coin coverage on platforms like EDX, operating 24/7, launching a direct institutional streaming service (VF Crypto), and supporting related ETF and futures products. Regarding competition, he differentiated VTS as a scalable, commoditized agency aggregation tool for smaller broker-dealers, contrasting it with what he described as more intensive, single-partner white-label RFQ offerings from competitors, stating they are very different approaches.

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CEO Douglas Cifu explained that Virtu optimizes for P&L over raw market share, noting they have maintained their relative share and remain the #2 provider in marketable orders. Regarding fixed income, he reported being happy with the progress, particularly in rates, with the business now profitable. He noted the focus is now on incrementally moving "upstream" to take on larger positions and more risk.

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CEO Douglas Cifu attributed the organic growth decline primarily to a significant drop in Bitcoin ETF ADV and narrower spreads in index options. On the SEC rule, he described it as a 'bad result for the market,' predicting it would lead to increased transaction costs for large institutional orders and fail to drive more liquidity to exchanges. He reiterated that Virtu is a net payer of exchange fees, so the rebate reduction itself won't directly harm its ANTI.

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Chairman & CEO James Cracchiolo declined to comment on market rumors, reiterating that Ameriprise recruits based on its entire value proposition, which leads to significant productivity gains for advisors who join. Regarding the institutional channel, he confirmed the pipeline looks good and they are actively working to finalize new deals.

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James Cracchiolo, Chairman & CEO, declined to comment on specific market rumors regarding recruiting packages, reiterating that Ameriprise focuses on its complete value proposition to attract advisors. Regarding institutional partnerships, he confirmed that the pipeline for the bank and credit union channel 'looks good' and the firm is actively working to secure new deals.

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Chairman and CEO Jim Cracchiolo did not provide specific numbers but stated that Q1 recruiting was consistent with prior quarters and that the pipeline remains strong. He emphasized that Ameriprise's growth is primarily driven by the increased productivity of its existing adviser base, not just new recruits. He characterized the trends heading into the second quarter as a 'continuation' of the first quarter's performance.

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CEO Jim Cracchiolo attributed the advisor count dip to normal productivity-related turnover and adjustments within advisor teams, expecting growth to get back on track. Regarding LTC, CFO Walter Berman described the risk transfer market as 'not mature,' with bids from well-known reinsurers. Jim Cracchiolo added that some private equity firms partner with reinsurers, but the market is not large and applies heavy discounts, making a deal unattractive.

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Vice Chairman & CFO Michael Chae attributed the robust Q2 returns to purchase gains from a significant new deal, strong underlying fund appreciation, and minor currency benefits. President & COO Jonathan Gray added that the secondaries segment is in a 'sweet spot,' with deal volume up substantially. He noted strong investor interest driven by performance, which bodes well for the new flagship private equity secondaries fund launching soon.

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President and COO Jonathan Gray acknowledged the DPI headwinds but emphasized that North American institutions remain committed to private assets long-term. He noted that certain segments are currently favored for new allocations, including secondaries, infrastructure (where clients are under-allocated), and private credit. He believes strong performance will ultimately continue to drive fundraising momentum in the channel.

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Jonathan Gray, President & COO, confirmed a more constructive environment for realizations is emerging. He pointed to a strong economy, healthy equity markets, a doubling of the IPO pipeline, and a better M&A climate as key drivers. Gray specified that private equity realizations are expected to be stronger in the first half of 2025, while the real estate recovery will take more time, with monetization activity likely weighted towards the second half of the year.

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President & COO Jonathan Gray stated that the election has not slowed investment decisions but may have delayed some sales processes. He sees a pickup in activity for both private equity and real estate, with real estate likely to experience a larger percentage increase from its low base. Gray noted that lower rates, tighter spreads, and improving sentiment are creating ideal conditions for more transaction activity.

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President & CFO Lynne Fitzpatrick provided a direct answer, stating that there was no change to the economic structure of the agreement. The renewal was simply an extension of the term out to 2039 with the same economics.

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Lynne Fitzpatrick, President & CFO, provided a direct answer, confirming that there was no change to the economic structure of the agreement; the renewal was purely an extension of the term to 2039.

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Lynne Fitzpatrick, CFO, highlighted CME's unique product offering, IP protection, and deep liquidity. Julie Winkler, Chief Commercial Officer, provided data on outsized international growth in equities (up 33% YoY) and reiterated that clients value the trusted partnership. Terrence Duffy, Chairman and CEO, pointed to the record international ADV of 8.8 million contracts as the key measure of competitive success.

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Chief Commercial Officer Julie Winkler identified the micro equity suite as the typical entry point for new retail clients. Global Head of Financial & OTC Products Tim McCourt clarified that CME's index futures are Section 1256 contracts with the same tax advantages as SPX. On event contracts, CEO Terrence Duffy stated CME has no plans to list political contracts at this time, preferring to wait for markets to mature. McCourt added that CME's event contract strategy is to leverage its existing, underlying futures markets.

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Founder & Chairman Thomas Peterffy stated he prefers to under-promise and over-deliver on account growth forecasts. CEO Milan Galik addressed the crypto question, highlighting IBKR's investment in Zero Hash and plans to expand crypto services, including stablecoin funding, asset transfers, staking, and geographic expansion into Europe.

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Founder & Chairman Thomas Peterffy explained his tendency to under-promise on growth forecasts to ensure the company can over-deliver. CEO Milan Galik then detailed IBKR's crypto expansion plans, including an investment in Zero Hash, adding more coins, enabling stablecoin funding, supporting asset transfers, and introducing staking, with a geographic focus on Europe.

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CEO Milan Galik expressed confidence that the company's model would not be negatively impacted, as it offers both local and U.S. markets on a single platform, positioning it well for volatility. He noted that in April, there was a significant influx of new account applications, a greater-than-expected inflow of cash, and a 12% drop in margin loans, with trading activity returning to the previous quarter's average levels.

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CFO Paul Brody explained that execution costs are influenced by order routing that maximizes rebates, which in turn reduces commission revenue, making a paired analysis necessary. CEO Milan Galik added that there are no plans for share repurchases but dividends could increase. He emphasized the large capital base is a strategic tool for attracting institutional clients and funding international margin loans.

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CFO Martin S. Small explained that while BlackRock has ambitions to bring public-private blended portfolios to defined contribution (DC) plans, significant adoption in the U.S. likely requires litigation or advice reform, though he noted positive momentum in policy dialogues. He highlighted the recent GreatGray partnership and stated that BlackRock expects to launch its own proprietary LifePath target-date fund with private assets in 2026. CEO Laurence D. Fink added that the potential for improved returns is compelling but litigation risk makes advanced analytics and data crucial for this market's development.

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Chairman and CEO Laurence Fink highlighted the Preqin acquisition as a key enabler for providing the necessary data and transparency. Executive Martin Small added that BlackRock has developed the 'glide path' technology for such products and plans to launch a target-date offering with private markets in mid-2025. Small noted that while they are moving forward, broad, scalable adoption would likely require litigation or advice reform from regulators, which BlackRock is actively advocating for.

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Martin Small, an executive, affirmed that BlackRock sees significant potential in blending public and private markets for better retirement outcomes but noted that regulatory reforms, like safe harbors, are necessary for broad adoption in DC plans. Laurence Fink, an executive, emphasized that the acquisition of Preqin is crucial, as providing superior data and analytics is essential to support the regulatory changes needed to expand these offerings in the highly regulated retirement space.

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Martin Small, an executive, confirmed strong, broad-based flows and noted BlackRock's history of outperforming during re-risking periods. He described the institutional money market business as durable. CEO Laurence Fink added that the expanding role of capital markets globally provides a positive backdrop for future flows.

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CFO Jack Weingart stated that private wealth is a top strategic priority, with fundraising pace increasing in Q1. He confirmed the T-POP launch is on track for June with two major wirehouses, but it's too early to quantify inflows. He also noted that T-POP's launch has increased visibility for other products like TCAP and that the firm is actively developing new products and pursuing partnerships to access the RIA channel.

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CFO Jack Weingart explained that the FAUM roll-forward is complex, with a net invested capital increase of about $2 billion being offset by non-fee-earning co-investments and leverage dynamics. CEO Jon Winkelried added that raising this non-fee-earning capital is strategically vital to build dry powder for large transactions, which ultimately drives future fee-paying deployment and satisfies LP demand.

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An Unknown Executive detailed that the real estate fund's success stems from strong fundamentals, a lack of new supply, and opportunities to acquire quality assets with imperfect capital structures, noting strong demand from the U.S. market. Regarding BII, the executive highlighted its strong growth trajectory, emphasizing a globally diversified approach to provide stability for its semi-liquid structure and leveraging the firm's premier infrastructure platform.

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CFO Hadley Peer Marshall confirmed the restructuring is designed to have no tax or voting impact on shareholders. CEO James Flatt explained that the migration of the AEL portfolio is in its early stages and will take at least 24 months, meaning the corresponding uplift in fee-related earnings has not yet materialized in a significant way but will accelerate over the coming years.

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CEO Michael Arougheti explained that the portfolio is defensively positioned with low loan-to-value ratios (42-48%) and significant equity subordination from sponsors, creating a strong incentive for them to support their companies. He noted that non-accruals are currently at half the historical average since the GFC and that the firm is not seeing irregular borrowings on credit facilities, a key real-time indicator of portfolio health. He concluded that he does not anticipate a spike in defaults or non-accruals despite economic uncertainty.

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CFO Jarrod Phillips explained that G&A growth is driven by wealth channel distribution fees and occupancy costs, with the GCP deal adding expenses but at similar margins. CEO Michael Arougheti clarified his role is not changing but expanding management capacity, focusing on GCP integration, real assets lending, insurance partnerships, and leadership development.

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CEO Michael Arougheti explained that private credit fundraising has actually declined industry-wide for three years, concentrating capital with larger, scaled managers. He noted Ares's new fund was already 30% invested at its final close, and the 'debanking' trend provides a larger opportunity than any competition from the BSL market. He stated that the consolidation trend will continue because scale drives performance, a dynamic already visible in the public BDC market.

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CEO Jennifer Johnson highlighted $7.4 billion in positive long-term net flows excluding Western, with notable strength in Franklin fixed income, ETFs, and SMAs. CFO Matthew Nicholls specified that Western Asset's effective fee rate is in the high 15 basis point range and noted that April flows ex-Western were approximately flat. Head of Global Distribution Adam Spector added that gross sales were up in every asset class and region, reflecting a more diversified business mix.

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CEO Alexandre Saigh explained that Patria's portfolio has minimal exposure to tariffs, as investments are primarily focused on local consumption in resilient sectors within South America. He asserted that the region stands to benefit from trade shifts, citing its growing share of FDI. Saigh confirmed that interest from Asian investors was already increasing prior to recent escalations, evidenced by the $1 billion in SMAs closed in Q1, and that Patria's non-U.S. structure is a significant advantage in the current geopolitical climate.

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CEO Alex Saigh confirmed that the GPMS platform is a significant driver of organic growth, putting the firm on track to exceed its $5 billion fundraising target for 2024. He noted the strong momentum is expected to continue into 2025. Regarding the funds, he clarified that the $500 million SMA is not yet included in reported figures and that fundraising for PE Fund VII (in LatAm) and Infrastructure Fund V will continue until mid-2025.

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CEO Robert Sharps stated that private market access for defined contribution (DC) and wealth channels is inevitable, though timing is uncertain. He confirmed the firm is open to partnerships for certain asset classes like infrastructure and real estate but emphasized T. Rowe's extensive internal credit capabilities via OHA. Sharps noted that plan sponsors are currently taking a 'go-slow' approach due to fiduciary, liquidity, and fee concerns. He is confident these issues can be solved and believes it's likely the firm will use partners if and when it incorporates a broader range of private alternatives into its retirement solutions.

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CEO Robert Sharps stated the primary goal is to offer best-in-class solutions and that the firm is open to partnering with other managers in areas where it doesn't have a demonstrated capability. Head of Global Investments Eric Veiel and Sharps both emphasized that introducing private assets into standard retirement offerings is still in the very early stages, with significant liquidity and regulatory hurdles to overcome.

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CEO Rob Sharps described the product as well-designed, using a QLAC (qualifying longevity annuity contract) on a deferred basis to create an optimal outcome. He noted QLACs are affordable relative to other annuities but deferred to his IR team for specific economic details. CFO Jen Dardis added that the product is designed for only a portion of a client's assets, which helps balance the risk and cost trade-off for the participant.

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CEO Ali Dibadj stated that Guardian has a strong history of growth, and the partnership is aligned to continue growing the $45 billion AUM base. He emphasized that there is 'plenty of room out there' for more insurance partnerships, noting the Guardian deal establishes Janus Henderson as a 'true global contender' for sophisticated insurance assets. Dibadj sees enormous opportunity to grow this business line further, both in the U.S. and globally.

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CEO Ali Dibadj attributed the strong, broad-based fixed income performance to both security selection and strategic allocation across asset classes and regions. He highlighted top-quartile results in strategies like multi-asset credit, a suite of fixed income ETFs, and regional offerings in Australia. Regarding the 2025 flow outlook, Ali Dibadj expressed cautious optimism, stating the firm hopes to continue its momentum and grow the fixed income business across U.S. ETFs, Europe, and institutional channels.

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Executive Ali Dibadj confirmed a strong focus on the insurance channel, noting the Victory Park Capital acquisition was critical for adding the asset-backed private credit products insurance clients demand. Regarding Privacore, he reported significant progress, with new high-profile managers in technology, real estate, and private equity joining the platform, validating its open-architecture model for democratizing alternatives.

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CEO Adena Friedman clarified that the Dallas office is a response to Nasdaq's large and growing client base in Texas, which includes 700 clients across all divisions. She stated the goal is to provide a strong local presence for clients who also want access to Nasdaq's global capital markets. Friedman expressed confidence in Nasdaq's value proposition, which has driven an 82% win rate and continued success with its listings switch program, against any new competitors.

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Adena Friedman, Chair and CEO, emphasized that the AxiomSL business is global, with 69% of Adenza's revenue coming from non-U.S. clients, mitigating U.S.-specific regulatory shifts. She expressed high confidence in demand, noting the Regulatory Technology subdivision is expected to perform at the high end of its range in 2025. Friedman added that a pro-growth environment could increase liquidity and demand for other Nasdaq technology solutions.

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CEO Adena Friedman confirmed it was the same client announced previously, starting with payment fraud. She noted that while it's early, they are actively working on upsell opportunities with several Tier 1 and Tier 2 clients, and have already upsold one Tier 2 client, citing positive feedback from initial implementations.

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CEO Marc Rowan explained that few competitors possess the four necessary components for success: capital, efficient origination, a source of assets with spread, and low-cost liabilities. He noted that while some competitors are paying up for liabilities in certain channels, Apollo pivots away from those areas. CFO Martin Kelly added that the increase in cost of funds was matched by a comparable increase in gross income, with the net spread being more impacted by prior rate actions.

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CEO Marc Rowan stated that insurance liability runoff is highly predictable and that the company plans to update its 2025 forecast soon. CFO Martin Kelly affirmed that trends are tracking exactly as expected and that he does not anticipate any deviation from the predictable patterns they have been observing and disclosing.

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Chief Operating Officer Christopher Isaacson clarified that the 'Cboe Titanium' brand is meant to highlight technology as a core strength of the company. He stated there are no current plans to commercialize or sell the platform as a service, as the primary focus is on investing in it to power Cboe's own global businesses.

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CEO Frederic Tomczyk stated that the Board's current focus is firmly on driving growth in areas where Cboe has core strengths aligned with long-term secular trends. He characterized the strategy as a 'journey, not an event,' implying that while divestments are not a current priority, the portfolio is always under review. The primary focus for now is on growth rather than divestiture.

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Global President Dave Howson stated that crypto ETF options should be thought of as a 'phase 2' initiative due to regulatory and infrastructure hurdles. He confirmed the initial Robinhood launch will focus on cash-settled index options, which he believes are an excellent fit for Robinhood's active retail customer base. Cboe plans to support the launch with joint marketing and educational efforts.

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CFO John Redett explained that the current elevated stock-based comp is due to the accounting treatment of performance stock units, which requires heavy upfront expensing. He confirmed that after remaining at Q3 levels in Q4, the expense is expected to "trend down to more normalized levels" in 2025. CEO Harvey Schwartz added that the firm's share buyback program was strategically timed to offset this dilution, resulting in a declining overall share count.

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