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CFO John Redett explained that after a deliberately quiet 2024 for integrating the Lincoln transaction, activity at Fortitude Re has ramped up significantly in 2025. He cited a $4B deal in Q1 and the closing of the Unum transaction in July, noting the pipeline is the busiest it has been in years, particularly in Japan. He also highlighted the strategic flexibility Fortitude provides for pursuing flow insurance business.

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CFO John Redett explained that 2024 was a deliberately quiet year for Fortitude Re to absorb the large Lincoln transaction, but activity ramped up late in the year. He noted the recent closing of the Unum transaction and a busy pipeline, particularly in Japan. Redett also highlighted the strategic flexibility of the Fortitude structure, which allows Carlyle to pursue flow insurance business both inside and outside of the platform, stating the firm is 'very pleased' with Fortitude's growth.

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CFO John Redett clarified that the capital markets transaction fees are reported within the Global Credit segment but are generated across the entire firm, including private equity and infrastructure, making the revenue stream highly diversified. He noted the sequential management fee decline was immaterial and that all other parts of the credit business are growing.

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CFO Martin S. Small outlined a robust product roadmap for 2025 and beyond, with current fundraising efforts across mid-cap infrastructure, various credit strategies, and real estate. He reiterated the firm's target of $400 billion in gross private market fundraising through 2030, cautioning that it would likely be a ramp-up rather than a straight-line average. Small emphasized that consistent investment performance is the key prerequisite for achieving these fundraising goals.

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Executive Martin Small highlighted the firm's strong 6% organic base fee growth, which is above target for the third consecutive quarter. He noted the fee rate has increased sequentially, driven by private markets, and will be further boosted by the HPS acquisition. Regarding ETF pricing, Small stated the strategy is unchanged: make targeted price investments in high-growth areas. He mentioned that recent investments have been below historical levels and that strong Q1 flows of $107 billion validate their current competitive positioning without needing reactive cuts.

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Executive Martin Small emphasized that the immediate priority is integrating GIP and closing Preqin successfully. He stated that while BlackRock evaluates inorganic opportunities, it does not need M&A to achieve its 5% organic base fee growth target, pointing to the significant organic growth potential within its existing private credit business with insurance clients.

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Executive Matthew Audette confirmed that the Atria integration is on track, with expectations to meet the 80% retention target and achieve a $150 million run-rate EBITDA benefit by year-end. He reported that the first two of seven conversion events went 'really well,' demonstrating the strength of LPL's onboarding capabilities. Audette also noted that the Prudential onboarding was complete and performing better than expected, with the run-rate EBITDA forecast increased from $70 million to $80 million.

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Executive Matthew Audette provided detailed January figures. He noted that after accounting for seasonal factors, January NNA was expected to be in the 3-4% range before the Prudential and Wintrust onboardings, which could lift Q1 growth to the mid-teens. For cash, he explained the seasonal outflows and redeployment of December's build resulted in January balances just under $51.5 billion, but noted underlying stability with a $1.5 billion net increase over the past four months.

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Thomas Wojcik, COO, attributed the record $10 billion in liquid alternative inflows primarily to tax-aware solutions, which have gained significant traction in the wealth channel. He noted these flows are attractive due to their stickiness and fee rates. Wojcik connected the trend to increased market volatility, which enhances the appeal of high-quality liquid alts for delivering risk-adjusted returns, a theme further supported by the recent investment in Verition.

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President and CEO Jay Horgen explained that while small, some carried interest is materializing from funds raised after AMG's initial investments and is expected to grow. COO Tom Wojcik highlighted strong growth in tax-advantaged products, driven by a broader wealth management focus on after-tax returns. Horgen added that AQR's strong overall performance and product innovation are driving significant asset growth in this area.

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Executive Sean M. O'Connor stated that he anticipates higher, but not extreme, volatility going forward, which should be a net positive. He explained the Payments segment's recent underperformance was due to a technology capacity bottleneck that is now resolved with a new platform, leading to a strong rebound in volumes. Regarding the Retail segment, both O'Connor and Executive William Dunaway noted that revenue capture was normalizing from previous 'off the charts' highs and was also affected by product mix and a difficult trading environment early in the quarter.

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William Dunaway (Executive) attributed the physical contracts' strength to precious metals volatility and strong performance in the cotton and cocoa businesses, noting sustainability depends on market conditions. Sean O'Connor (Executive Vice Chairman) and Charles Martin Lyon (President) explained that retail RPM is near a high watermark due to technology improvements, and future growth will come from product expansion and new clients. Philip Smith (CEO) stated that Payments rates are influenced by unpredictable dollar scarcity in certain corridors, so the company's strategic focus is on controllably increasing transaction volumes and diversifying its client base.

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CEO Sean O'Connor and CFO William Dunaway explained that the Commercial segment's capture rate normalized after an unusually strong prior quarter driven by LME volatility, with the current OTC market being a low watermark. In the Institutional segment, lower rates reflect a strategic shift to higher-volume, large institutional clients. For Payments, O'Connor noted that while market-wide spread compression is a headwind, the company is focused on internal growth levers and remains open to strategic M&A, like the discussed Cab Payments transaction, at the right valuation. Regarding expenses, management aims for flat to inflationary growth as efficiency gains from digitization begin to offset new investments.

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Based on a likely misattributed line in the transcript, an executive clarified that the public portfolio, including the funds and publicly marked investments CVI and UAN, was modestly positive for the quarter-to-date period as of the week prior to the call.

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CEO Andrew Teno emphasized the company's significant liquidity, citing a "war chest" of $1.6 billion in cash at the holding company and $800 million at the funds, supplemented by undervalued assets like a Nashville property. He noted that management changes in the auto business occurred around quarter-end and are already showing trend improvements, though not yet positive growth. Teno also suggested a new administration could be more favorable for M&A and the refining business. Regarding the dividend, he stated it is evaluated quarterly and future decisions depend on the performance of the company's undervalued assets.

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CEO Andrew Teno emphasized the company's significant liquidity, citing $1.6 billion in cash at the holding company and $800 million at the funds, which he described as a "war chest." He explained the CVR tender is an attractive long-term investment and highlighted undervalued assets like the Nashville property as additional liquidity sources. Teno noted that management changes in the auto business occurred around quarter-end, leading to an immediate improvement in performance trends. He also suggested a new political administration could be more favorable for M&A and refining. Regarding the dividend, he stated it is evaluated quarterly based on the performance and value of the company's assets.

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CEO Jennifer Johnson reported that Western Asset's performance has been good and the team is stable, despite an anticipated $10 billion in net outflows for April. She noted this was offset by strength elsewhere, such as in private credit and Franklin fixed income. Head of Global Distribution Adam Spector specified that successful strategies included munis (around $1 billion in flows), stable value, high yield, CLOs ($2 billion), and short-duration products. He also mentioned that fixed income constitutes about half of the firm's unfunded institutional pipeline.

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CFO Matthew Nicholls confirmed the savings are incremental and will be fully realized in fiscal 2026. CEO Jennifer Johnson explained that alternatives managers are not suited for similar integration, and identified Royce as the last largely independent traditional manager. Nicholls added the firm is simplifying its structure into a single scaled operation for public markets and specialized operations for alternatives.

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CFO and COO Matthew Nicholls stated that, after normalizing for a full year of Putnam and excluding performance fees and the Western situation, fiscal 2025 expenses are expected to be 'quite similar' to fiscal 2024. He noted that expense growth will remain in check through disciplined management and operational initiatives. He also clarified that one quarter of Putnam's expenses amounts to approximately $125 million.

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Global President David Howson highlighted strong data consumption from APAC as a leading indicator, with 55% of new data sales coming from international markets. He confirmed investments in local salespeople, digital marketing, and education, noting successful client onboarding in Korea and Taiwan. He expressed optimism, citing both direct and indirect demand for Cboe's products in the region.

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Chief Financial Officer Jill Griebenow confirmed the Data Vantage guidance is consistent with the prior 7% to 10% range. Regarding below-the-line items, she explained that income from maturing minority investments is tapering off, while dividend income is growing. She noted that full granularity would be provided in the upcoming Form 10-K filing.

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CEO Frederic Tomczyk clarified that the initial slowdown in M&A was to halt numerous small acquisitions and establish a core organic growth strategy. With the balance sheet now strong, leverage low, and margins stabilized, he stated that strategic M&A that supplements the core strategy is once again a consideration, citing the Japannext investment as an example. He affirmed that the primary capital allocation priorities remain dividends, share repurchases, and organic investments.

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Global President Dave Howson attributed the softer Q2 results to the timing of enterprise sales, longer sales cycles, and a difficult year-over-year comparison. He expressed confidence in hitting the guidance based on a strong new sales pipeline, new product bundles, and pricing actions. COO Christopher Isaacson added that recent technology enhancements, like Dedicated Cores, are just beginning to contribute to revenue and will support growth in the second half of the year.

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CEO Robert Sharps reported that the full-year flow outlook is largely unchanged, with an expectation for improvement relative to 2024, though a return to positive flows in 2025 is unlikely. He noted a spike in retail outflows in early April that has since normalized and highlighted a favorable institutional pipeline. CFO Jen Dardis added that recent volatility drove a mix shift, with outflows from equities and inflows into fixed income. Sharps concluded that the firm's equity-heavy mix faced cyclical headwinds from market rebalancing and derisking.

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CEO Robert Sharps confirmed that 2024 was the best gross sales year since 2021, with improvement across nearly all channels. He noted the net pipeline ended the year stronger, driven by new opportunities and fewer assets at risk. While confident in further reducing outflows in 2025, he cautioned that a return to net inflows also depends on external factors like market breadth and investor risk appetite.

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CEO Rob Sharps explained that the weighted net pipeline, which grew quarter-over-quarter despite the VA termination, covers the entire business over a one-year horizon, not just institutional. He described it as broad-based, reflecting underlying business trends: less risk in active equity (particularly large growth), continued momentum in structured research and global equity, and a strong pipeline for fixed income and retirement date products. He noted the pipeline's growth indicates the VA loss is not indicative of the underlying business trajectory.

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President of Fixed Income & Data Services, Christopher Edmonds, attributed the wins to investments in the ability to rapidly customize indices for clients. He specified that one of the new licensing deals involves moving approximately $10 billion in assets under management (AUM) to an ICE index family.

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President of Fixed Income & Data Services, Chris Edmonds, highlighted a trend of buy-side clients consolidating vendors to those with robust catalogs and predictable costs, creating opportunities for ICE. CFO Warren Gardiner added that the 5.4% exit ASV supports the outlook and expects a potential pickup in the 'other data and network services' business due to datacenter investments.

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CFO Warren Gardiner clarified the Q4 expense guidance includes $10-15 million in one-time items and the core run rate is a good starting point for 2025 planning. He confirmed that as mortgage origination volumes recover, the transaction revenues carry very high incremental margins, similar to the futures and exchange businesses, which would benefit segment and overall company margins.

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Co-CEO Scott Nuttall described significant client engagement, characterizing the mood as 'cautious greed.' He said clients are liquid and actively looking for opportunities to lean into the dislocation, not wanting to repeat the mistake of being too cautious post-GFC or COVID. While discussions are macro-focused, he has not seen any abrupt changes in allocation strategies.

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CFO Robert Lewin stated that KKR expects monetizations to be up 'pretty comfortably' in 2025, citing conducive equity markets, high credit availability, and tight spreads. He added that the firm's strong investment returns and a near-record $16 billion in embedded gains on its balance sheet provide a strong foundation for an uptick in realizations.

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Chief Financial Officer Rob Lewin responded that while Global Atlantic was a "solid contributor" during the quarter, its contribution was "not all that material" in the context of the total $424 million in revenue. He reiterated that the long-term opportunity from the GA partnership is expected to be in the hundreds of millions of dollars over time.

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CEO William Hult explained the strategy is to balance the ecosystem, emphasizing that dealers are crucial partners. As Tradeweb's credit business has scaled, a mixed pricing model becomes mutually beneficial. CFO Sara Furber added that the shift increases recurring revenues, noting that credit fixed revenue was less than 7% of total credit revenue in Q1 2024 and is expected to trend closer to 13% by the end of Q2 2025. She clarified this shift is revenue-neutral for Q2 and still leaves over 85% of credit revenue as variable, allowing for significant volume-driven growth.

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CEO William Hult asserted that the 'onward march of electronification is not a pendulum' and will continue regardless of regulation. He argued that healthy banks with strong flow trading operations are very good for Tradeweb's business, as the company acts as a trusted electronic intermediary. Hult believes the need for efficiency is here to stay and that Tradeweb benefits when banks are both strong and efficient.

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CEO Billy Hult stated that competition is beneficial and that Tradeweb's brand is built on value and innovation, not just price. He views fee holidays as a short-term tactic and believes clients are willing to pay for unique functionality like net spotting and superior technology. Hult expects the competitive landscape to eventually rationalize pricing and feels confident in Tradeweb's position, as the overall portfolio trading market is poised for significant growth.

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Executive Raymond Hanley clarified that MDT's fee rate is slightly below the average equity fee rate and that AUM for the strategies is about $15 billion. CEO John Donahue confirmed MDT performance has weathered volatility well. CFO Thomas Donahue provided expense guidance, noting Q1 compensation was seasonally high and that modest increases are expected in advertising, travel, and systems.

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CFO Thomas Donahue confirmed the $3.7 million severance was primarily from the London office and part of a broader effort to ensure the business operates sustainably. Saker Nusseibeh, CEO of Federated Hermes Limited, added that these efficiencies are being pursued alongside growth initiatives in Europe and Asia. Executive Raymond Hanley stated that sub-advised AUM was about $37 billion, with the money market component growing and the institutional side remaining relatively stable.

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CFO Sarah Youngwood explained that the adjustment was a direct result of the strong revenue performance in the first quarter. While maintaining rigorous expense discipline, the company allocated a small portion of the revenue outperformance toward investments, which prompted the narrowing of the guidance range by raising the lower bound.

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Adena Friedman, Chair and CEO, stated that while specific breakouts are not provided, professional services fees were about 20% of Adenza's revenue and just over 10% of total FinTech revenue. She explained that after downward pressure in 2024, she expects an upward trajectory for professional services revenue in 2025, driven by strong 2024 sales in Market Tech and AxiomSL.

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CEO Adena Friedman explained that the difficult comparison from a $27 million professional services fee in 2023 will abate in Q4. She highlighted strong current momentum, with 13 upsells in the quarter, driven by client modernization. This strong sales year is expected to fuel a recovery in professional services revenue and better overall growth in 2025.

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CEO Paul Shoukry confirmed that there was no notable adviser attrition and expressed optimism for NNA in the second half of fiscal '25, noting that volatility often benefits Raymond James due to its stable balance sheet. CFO Jonathan Oorlog clarified that cash balances were down since quarter-end by an amount roughly equivalent to the $1.5 billion in fee billings.

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CEO Paul Shoukry confirmed no significant adviser attrition occurred and noted that volatility has historically been a strong recruiting catalyst for Raymond James. CFO Jonathan Oorlog clarified that client cash balances fell by an amount equivalent to the $1.5 billion in April fee billings, a result Paul Shoukry called positive given simultaneous tax payment outflows.

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President Paul Shoukry clarified that the 10% non-comp growth is reasonable given recent revenue growth, as key expense lines like investment sub-advisory fees are directly correlated to rising fee-based assets. He suggested this growth rate would naturally decelerate if revenue drivers slow. Chair and CEO Paul Reilly addressed recruiting, stating the pipeline is 'as strong as it's been,' with teams up to $20 billion in assets. He confirmed the previously discussed large branch departure is now behind them and sees no other significant attrition events on the horizon.

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Terrence Duffy, Chairman and CEO, explained that historical comparisons are difficult because the underlying market drivers for margin changes differ greatly (e.g., the 2008 crisis vs. current geopolitical events). He emphasized CME's proactive approach aims to avoid market disruption. Suzanne Sprague, Senior Managing Director and Global Head of Clearing & Post-Trade, added that clients value the safety of central clearing in volatile periods, and record margin levels are consistent with record activity.

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Executive Chairman and CEO Terrence Duffy stated that the company constantly monitors its capital return policy with the board but made no commitment to changes. On M&A, he noted CME is in a strong position and open to sensible opportunities. Suzanne Sprague, Global Head of Clearing & Post-Trade Services, reported that the portfolio margining program delivers average daily savings of about $7 billion, while the FICC cross-margining program has 12 clearing members and achieves upwards of $1 billion in daily savings.

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CEO Douglas Cifu detailed several factors supporting the VES target, including the rollout of the Virtu Technology Services (VTS) platform, significant cross-selling opportunities, and key product enhancements like the switcher algo and an agency fixed income RFQ platform. He also credited strategic hires and improved customer service. Regarding retail, Cifu stated that the data provided in their supplemental materials shows a sustained, elevated baseline of engagement, refuting the narrative of a slowdown and noting that long-term trends remain positive.

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CEO Douglas Cifu attributed the success of Execution Services to a multi-year effort to create a truly multi-asset, global, and integrated platform, a significant culture shift post-acquisitions, and key senior hires. Co-President Joseph Molluso stated that operating expense growth is expected to remain in the low-to-mid-single-digit range, consistent with prior guidance, though they have modeled slightly higher compensation and interest expenses for 2025.

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Co-President Joseph Molluso explained that the buyback strategy is based on a dollar-cost averaging approach tied to net trading income levels, viewing it as a value creation exercise that will continue unless a superior investment opportunity arises. On expenses, he stated that compensation is accrued consistently and is not seasonal, and that the firm expects to remain within its historical guidance for both the comp ratio and non-comp expenses.

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Executive Denis Coleman confirmed that placement fees were down sequentially. He explained that the firm does not manage to an average effective fee but rather builds multiple strategies for different client demands, which results in a blended rate that can fluctuate based on mix.

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CFO Denis Coleman stated that future fundraising in alternatives will remain diversified across their broad platform and that they are not seeing significant fee compression. Regarding AWM fees, he noted that while there are different factors affecting each subsegment, the firm re-underwrites its expectation for overall AWM management and other fees to grow at a high single-digit rate over the next several years, despite recent outperformance.

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CFO Denis Coleman stated that realizing the $4 billion in unrecognized incentive fees depends on market conditions, expecting to move towards the $1 billion run-rate target over the next several years. On wealth management, he confirmed a strategic, sustained, multi-year investment program in hiring advisers, viewing it as an attractive area for growth.

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President Connor Teskey highlighted strong momentum in both segments. For real estate, the flagship BSREP fund's final close in H1 2025 will drive fee growth. For private equity, he noted a robust pipeline and expects to launch the next flagship fund vintage earlier than anticipated in 2025. Regarding margins, he stated that revenue growth from recent fundraising is driving improvement, which is expected to continue, counterbalanced only by investments in new, high-growth products.

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President Connor Teskey confirmed the BPG fee level is a good run rate and should increase over time. Regarding the insurance SMA strategy, he explained that the platform is fully built out, enabling significant capacity to add new clients. He noted a strong pipeline of conversations and emphasized that the scale of the business allows for attractive margins despite lower fee rates.

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CEO Jon Winkelried stated that it is 'still early days' in maximizing the combination's potential. He highlighted that the firm is now deep in dialogues with its largest capital partners, introducing them to the credit platform, which is creating a significant pipeline for new allocations. He also noted there is substantial 'white space' for growth in the private wealth channel by leveraging the combined TPG and Angelo Gordon brand.

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CEO Christopher Concannon cited favorable macro conditions, high market turnover, and a robust new issue market as tailwinds. He stated that while low volatility challenges the all-to-all model, MarketAxess's confidence stems from its multi-protocol strategy. This includes completing its portfolio trading solution, launching its block trading tool to capture the large unelectronified segment, and enhancing its dealer-to-dealer offerings, all with a disciplined delivery schedule for 2025.

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CFO Ilene Bieler explained that while some planned fixed costs are shifting out of 2024, higher variable costs from strong volumes are offsetting this, keeping the full-year guidance intact. CEO Christopher Concannon addressed the political question, stating that electronification is driven by commercial demands for efficiency, not regulation, making the business well-positioned regardless of the political climate.

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CFO Roger Thompson explained that while he cannot predict future performance, the main known variable is an expected significant improvement in U.S. mutual fund fulcrum fees, from a negative $39 million in 2024 to a negative high-single-digit figure in 2025. He noted that performance fees on the other $40 billion of eligible AUM are variable but are accretive to the operating margin. He confirmed that the expected improvement in mutual fund fees is already embedded in the 2025 expense guidance.

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Executive Ali Dibadj stated that ETF flows remained strong as rates fell, highlighting the competitive advantage of having four active fixed income ETFs with over $1 billion in AUM. He noted expansion into new U.S. ETFs and a European franchise. Regarding 2025, he confirmed investments would continue to support growth areas, with costs likely rising due to inflation and strategic initiatives.

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Jonathan Gray, President & COO, outlined several positive indicators for a real estate recovery. He cited strong U.S. economic growth boosting demand, a two-thirds decline in new supply starts for logistics and rental housing, and significantly improved capital availability and costs, with borrowing spreads tightening. Gray stated that while the near-term was impacted by a rise in Treasury yields, the overall path to recovery is clear, prompting Blackstone to continue deploying capital into the sector.

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CFO Michael Chae quantified that foregone fees from funds exiting holidays were about $40 million in Q3. President & COO Jonathan Gray added that while institutional investor dialogue is improving, an increase in realizations (DPI) is crucial for freeing up capital for new funds. He confirmed several successor funds, including for Asia PE and Life Sciences, are launching soon.

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CEO Milan Galik explained that investments are continuous and focus on both client-facing improvements based on feedback and significant back-end work to ensure system reliability and scalability. On M&A, he stated that the company remains open to opportunities, noting they had looked at a significant competitor in the prior quarter but did not complete a transaction.

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CFO Paul Brody clarified the comment on new accounts was general, while Chairman Thomas Peterffy added that prop traders, a lucrative and growing segment, bring in more cash. President and CEO Milan Galik stated the company aims for a roughly 20% annual increase in marketing spend, with allocations adjusted based on channel performance.

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CEO Ian Lowitt explained that the updated guidance reflects a stronger-than-expected Q3 while maintaining a seasonally softer Q4 forecast. He confirmed the current environment remains positive with robust volumes. Regarding M&A, he noted the recent activity was partly a post-IPO catch-up and expects a more normalized pace of three to four deals per year, consistent with Marex's historical average.

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CFO Martin Kelly confirmed that the repositioning is complete. The new portfolio consists of approximately 80% AAA, 10% retained platforms like Athora, and 10% other hybrid investments. He affirmed that this new, simplified structure supports a sustained return expectation of circa 11% over time.

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