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    John Dunn

    Managing Director and Senior Equity Research Analyst at Evercore ISI

    John Dunn is a Managing Director and Senior Equity Research Analyst at Evercore ISI, specializing in coverage of asset management and investment firms such as AllianceBernstein, Artisan Partners, and Federated Hermes. He has earned a 4-star rating with a 14.0% average return on analyst calls, demonstrating a strong track record and performance leadership. Dunn has held progressively senior research roles throughout his career and has been with Evercore ISI for several years, with publicly listed coverage dating at least to 2025. He maintains active professional credentials, including securities registrations, and is valued for his expertise and insight in the financial sector.

    John Dunn's questions to StepStone Group (STEP) leadership

    John Dunn's questions to StepStone Group (STEP) leadership • Q1 2026

    Question

    John Dunn asked for an update on the geographical and strategy mix of recent fundraising. He also requested an outlook on capital markets activity and the demand for private equity.

    Answer

    CEO Scott Hart highlighted Australia and the Middle East as particularly strong fundraising regions in Q1, with private credit and infrastructure as the leading strategies. Over the last twelve months, fundraising was balanced across all four asset classes. Regarding the market, Hart noted that the investment pace is now expected to be in line with last year, and while realization activity is recovering, seller price discipline may temper the overall volume of transactions.

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    John Dunn's questions to Acadian Asset Management (AAMI) leadership

    John Dunn's questions to Acadian Asset Management (AAMI) leadership • Q2 2025

    Question

    John Dunn of Evercore ISI questioned if Acadian is exploring new distribution channels or vehicles to expand its business and asked about the factors influencing the management fee rate, along with its outlook for the second half of the year.

    Answer

    CEO Kelly Young explained that current product initiatives are well-suited for both traditional institutional clients and newer channels like wealth and sub-advisory. She also mentioned expanding vehicle offerings like CITs. CFO Scott Hynes described the fee rate as dynamic, influenced by market conditions and product mix. He noted that while a large enhanced equity win impacted the current quarter's rate, the pipeline contains a mix of strategies with varying fee profiles.

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    John Dunn's questions to JANUS HENDERSON GROUP (JHG) leadership

    John Dunn's questions to JANUS HENDERSON GROUP (JHG) leadership • Q2 2025

    Question

    John Dunn asked for more detail on the firm's improving intermediary reputation outside the US, including regional demand and vehicle preferences, and inquired about how institutional investors are utilizing ETFs.

    Answer

    CEO Ali Dibadj detailed growing intermediary opportunities in Continental Europe, the Middle East, and Asia, noting the firm is gaining preferred mandates and signing new clients, while acknowledging the UK remains a challenge. He explained that institutional ETF adoption, which began in the US, is now being led by institutions in Europe for liquidity and cost benefits. CFO Roger Thompson emphasized the growing breadth of the firm's ETF offerings beyond the flagship JAAA fund.

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    John Dunn's questions to JANUS HENDERSON GROUP (JHG) leadership • Q1 2025

    Question

    John Dunn of Evercore ISI asked for commentary on regional differences in flow demand and the general 'temperature' of demand in both the intermediary and institutional channels.

    Answer

    CEO Ali Dibadj explained that intermediary channels in EMEA, the U.K., and the U.S. experienced some caution and outflows amid market volatility in early April. In contrast, demand in Asia and Latin America remained strong. He characterized the institutional channel as more stable and longer-term focused across all regions, with significantly less gyration in demand compared to the intermediary channel.

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    John Dunn's questions to JANUS HENDERSON GROUP (JHG) leadership • Q3 2024

    Question

    John Dunn asked about the catalysts needed to improve flows in the multi-asset segment and questioned the firm's philosophy on integrating acquisitions like Victory Park Capital.

    Answer

    Executive Ali Dibadj expressed bullishness on the balanced fund, citing strong performance and a favorable market environment. On M&A, he rejected a boutique model, favoring a 'smart integration' approach that centralizes functions like distribution and compliance while preserving the investment team's autonomy. He confirmed Victory Park will serve as a chassis for future private credit opportunities.

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    John Dunn's questions to Artisan Partners Asset Management (APAM) leadership

    John Dunn's questions to Artisan Partners Asset Management (APAM) leadership • Q2 2025

    Question

    John Dunn from Evercore asked for more details on two recently won institutional mandates, including funding timing, and sought insights into the current sentiment and demand from institutional clients, both domestically and internationally.

    Answer

    Executive Chair Eric Colson explained that institutional interest is strong in emerging markets, particularly for the M Sites team and the Developing World strategy. He noted that institutional clients are cautious, leaning towards credit due to market uncertainty and dealing with illiquid allocations. He mentioned that gross flows were muted this quarter, signaling a risk-aware environment, and did not see any specific geographic trends causing concern.

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    John Dunn's questions to Artisan Partners Asset Management (APAM) leadership • Q1 2025

    Question

    John Dunn from Evercore ISI asked about the impact of recent market movements on strategy capacity and inquired about the M&A environment, specifically regarding team lift-outs and smaller firms seeking better distribution.

    Answer

    President Jason Gottlieb stated that while some strategies remain soft-closed, there is potential for capacity to open in the near future due to market dislocations. Regarding M&A, he confirmed a high level of activity and opportunity, particularly due to market volatility. However, he emphasized that Artisan Partners will remain disciplined and adhere to its time-tested process for evaluating potential lift-outs or acquisitions based on investment acumen and strategic fit.

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    John Dunn's questions to Artisan Partners Asset Management (APAM) leadership • Q3 2024

    Question

    John Dunn asked for an overview of the puts and takes in the non-U.S. institutional business regarding sales and redemptions. He also inquired about which specific areas of the business currently have the most investment capacity.

    Answer

    CEO Eric Colson responded that the non-U.S. institutional business is strong, representing 26% of total AUM, and has seen slightly positive flows year-to-date. He highlighted the EMsights team and its emerging market debt strategies as a key future growth driver in this channel. For capacity, Mr. Colson identified the EMsights team as having substantial room to grow, along with large-cap equity strategies like Global Value and Global Opportunities. Executive Jason Gottlieb added that International Value, High Income, and small-cap strategies are more capacity-constrained.

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    John Dunn's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership

    John Dunn's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership • Q2 2025

    Question

    John Dunn of Evercore ISI asked about the expected funding timeline for the large institutional pipeline and the key drivers behind demand for the American Income portfolio.

    Answer

    Onur Erzan, Head of Global Client Group, stated that institutional mandates typically take 12-15 months to fund, but the current pipeline may have a higher velocity due to the RGA transaction. Regarding the American Income portfolio, he and CEO Seth Bernstein noted that demand was hit by Q2 macro turbulence and a weaker dollar but has shown signs of stabilization and positive flows in July as market conditions normalized.

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    John Dunn's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership • Q1 2025

    Question

    John Dunn asked for more detail on the institutional pipeline, including the 'temperature' of different business segments and geographic risk appetites. He also questioned if there were any signs of non-U.S. investors, particularly in Japan, avoiding U.S. equities.

    Answer

    Onur Erzan, Head of Global Client Group and Private Wealth, reported a strong institutional pipeline driven by fixed income, particularly from insurance clients and new systematic fixed income mandates in Europe. He also noted strong client interest in asset-based finance and in underallocated equity areas like EM and value. Regarding non-U.S. investors, Mr. Erzan stated that AB has not seen a broad trend of investors avoiding U.S. stocks in its core geographies like Japan.

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    John Dunn's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership • Q4 2024

    Question

    John Dunn asked for details on the scaling of active ETFs, the target investor profile, and which non-Japanese regions are showing demand for U.S. growth equities.

    Answer

    Onur Erzan, Head of Global Client Group, reported that AB has 17 active ETFs with $5.5B in AUM, with six funds exceeding $0.5B each. He noted strong traction in the RIA channel and that future expansion could include Asia and new domestic products in emerging markets and fixed income. For U.S. growth equity demand, he highlighted success in Europe, specifically in the U.K., Italy, and Spain, through partnerships with regional banks.

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    John Dunn's questions to ALLIANCEBERNSTEIN HOLDING (AB) leadership • Q3 2024

    Question

    John Dunn asked for an update on the firm's business with third-party insurers and its outlook. He also inquired about the flow outlook for the Private Wealth channel and which areas are expected to see inflows.

    Answer

    Onur Erzan, Head of Global Client Group and Private Wealth, described accelerated momentum in the third-party insurance channel, citing new wins and investments in dedicated resources. CEO Seth Bernstein noted this interest extends to Europe and Asia. Regarding Private Wealth, Matthew Bass, Head of Private Alternatives, explained that lower rates and increased M&A activity are positive drivers for flows from business owners.

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    John Dunn's questions to COHEN & STEERS (CNS) leadership

    John Dunn's questions to COHEN & STEERS (CNS) leadership • Q2 2025

    Question

    In a follow-up, John Dunn of Evercore ISI asked for a breakdown of geographical demand trends, particularly within the advisory channel, and for an update on the U.S. advisory business.

    Answer

    CEO Joseph Harvey stated that the U.S. continues to be the largest and most active market. He characterized activity in Asia as 'burgeoning,' Europe as 'a little bit slower,' and the Middle East as less active than in prior years, though opportunities remain.

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    John Dunn's questions to COHEN & STEERS (CNS) leadership • Q2 2025

    Question

    John Dunn of Evercore ISI inquired about the current conditions in the wealth management channel, the initial market reception for the company's new active ETFs, and any notable geographical differences in advisory demand.

    Answer

    CEO Joseph Harvey responded that the wealth channel, particularly the RIA segment, is a key growth area with positive allocation trends in real assets. He noted that the new active ETFs are attracting both new ETF-only investors and existing clients converting from mutual funds. Geographically, Harvey stated that the US remains the most active market, with burgeoning activity in Asia, while Europe and the Middle East are currently slower.

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    John Dunn's questions to COHEN & STEERS (CNS) leadership • Q2 2025

    Question

    John Dunn of Evercore ISI inquired about the wealth management channel's appetite for various strategies and potential seasonality. He also asked for details on the marketing of new active ETFs, including the investor profile, and sought color on geographical demand trends within the advisory business.

    Answer

    CEO Joseph Harvey addressed the questions, noting the wealth channel remains crucial, with Q2 sales showing some seasonal softness but good progress in the RIA segment. Regarding active ETFs, he described a strong start, attracting both new ETF-only RIAs and existing clients converting from mutual funds. Geographically, Harvey confirmed the U.S. is the most active market, with growing activity in Asia, while Europe and the Middle East are currently slower.

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    John Dunn's questions to COHEN & STEERS (CNS) leadership • Q2 2025

    Question

    In a follow-up, John Dunn of Evercore ISI asked for details on geographical demand trends within the advisory channel and an update on the U.S. advisory business.

    Answer

    CEO Joseph Harvey stated that the U.S. continues to be the largest and most active market for the firm. He characterized activity in Asia as 'burgeoning,' Europe as 'a little bit slower,' and the Middle East as less active than it was a few years ago, although opportunities remain.

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    John Dunn's questions to COHEN & STEERS (CNS) leadership • Q2 2025

    Question

    John Dunn of Evercore ISI inquired about the current environment in the wealth management channel, including sales trends, strategy preferences, and potential seasonality. He also asked for details on the initial marketing success of active ETFs, the profile of new investors, and any notable geographical differences in advisory demand.

    Answer

    CEO Joseph Harvey stated that the wealth management channel, especially the RIA segment, is a key growth area with positive traction in real estate, multi-strategy real assets, and infrastructure. Harvey noted that while Q2 gross sales saw a seasonal dip, the firm's new active ETFs are successfully attracting new capital from ETF-only RIAs and advisors converting from mutual funds. Geographically, he identified the U.S. as the most active market, with burgeoning activity in Asia, while Europe and the Middle East are currently slower.

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    John Dunn's questions to COHEN & STEERS (CNS) leadership • Q2 2025

    Question

    In a follow-up question, John Dunn of Evercore ISI asked for commentary on geographical demand trends, particularly within the advisory channel, and requested a specific update on the dynamics of the U.S. advisory business.

    Answer

    CEO Joseph Harvey stated that the U.S. continues to be the largest and most active market. He characterized activity in Asia as 'burgeoning,' while noting that Europe is currently slower and the Middle East is less active than it was three to four years ago, though opportunities still exist there.

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    John Dunn's questions to COHEN & STEERS (CNS) leadership • Q1 2025

    Question

    John Dunn of Evercore ISI inquired about several key areas, including the current flow environment in the wealth management channel, the second-order impacts of tariffs on investment strategies, the sales process and client acquisition for new active ETFs, the nature of future innovation, the surprisingly low institutional pipeline, and the firm's potential shift towards M&A.

    Answer

    CEO Joseph Harvey and President & CIO John Cheigh addressed the questions. Harvey noted that market volatility has slowed wealth channel flows but interest in U.S. REITs and listed infrastructure remains strong, while preferreds have seen outflows. Cheigh explained that tariffs have indirect effects, slowing growth and raising inflation, positioning infrastructure as a resilient 'stagflationary' strategy. Harvey detailed that the new active ETFs are attracting new RIA clients who exclusively use ETFs and are also helping retain existing clients who are transitioning their business models. He clarified that 'innovation' could include a second round of ETFs or inorganic growth, a strategy the firm is now more open to given market dynamics. Regarding the institutional pipeline, Harvey acknowledged the low figure but cited solid activity levels and a new hybrid real estate product as positive future drivers. He confirmed the firm is exploring a spectrum of inorganic growth opportunities, from partnerships to acquisitions, driven by changing industry dynamics.

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    John Dunn's questions to COHEN & STEERS (CNS) leadership • Q4 2024

    Question

    In a follow-up question, John Dunn from Evercore ISI asked for details on the firm's international expansion, specifically questioning which markets outside the U.S. are most important for flow demand and what differences exist in client preferences in those regions.

    Answer

    CEO Joseph Harvey highlighted Asia ex-Japan and Japan as key opportunity regions. He noted the slow but steady adoption of real estate and infrastructure assets in Asia, justifying the new Singapore office and expanded presence in Hong Kong. In Japan, despite slower-than-expected flows, he expressed confidence in the long-term 'investment renaissance' and confirmed the firm is adding sales resources there to support its partner.

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    John Dunn's questions to COHEN & STEERS (CNS) leadership • Q3 2024

    Question

    John Dunn of Evercore ISI inquired about the expected fee rate and incremental margins for new business, and the company's strategy for succeeding in the competitive active ETF and private real estate markets.

    Answer

    CFO Raja Dakkuri confirmed that recent inflows are directed towards higher-fee open-end funds. CEO Joe Harvey added that strong investment performance allows them to maintain attractive and historically stable fee rates. Regarding new initiatives, Harvey explained that their active ETF launch will leverage key talent and a new sales structure, while the non-traded REIT aims to differentiate itself through a focus on mispriced shopping centers and the strategic use of a listed REIT sleeve to generate alpha.

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    John Dunn's questions to FEDERATED HERMES (FHI) leadership

    John Dunn's questions to FEDERATED HERMES (FHI) leadership • Q1 2025

    Question

    John Dunn asked about the blended fee rate of the current institutional pipeline and how it compares to historical levels, as well as the firm's outlook and strategy for building out its active ETF product roster.

    Answer

    Executive Raymond Hanley stated that the current pipeline, with its skew toward private markets and equity, is accretive to the company's overall blended fee rate. CEO John Donahue described the firm's active ETF strategy as being in the 'early innings,' with plans to add a handful of new ETFs each year. The current active ETF AUM is over $800 million, with the MDT ETFs contributing about $250 million.

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    John Dunn's questions to FEDERATED HERMES (FHI) leadership • Q4 2024

    Question

    John Dunn asked for context on demand for the Strategic Value Dividend fund and inquired about any significant institutional mandates that might be at risk.

    Answer

    CEO John Donahue positioned the Strategic Value Dividend fund as a 'stepping stone' into the market for investors seeking yield and market participation. Regarding institutional risk, he stated that while all mandates are on a 'short leash,' there are no specific, known material redemptions. Executive Raymond Hanley confirmed that known redemptions were very low and that the institutional inflow pipeline, particularly for MDT strategies, continues to build.

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    John Dunn's questions to FEDERATED HERMES (FHI) leadership • Q3 2024

    Question

    John Dunn asked about the funding timeline for the institutional pipeline and the general sentiment among institutional investors and consultants. He also inquired about any changes to marketing the active ETF suite and its potential significance for the firm.

    Answer

    Executive Raymond Hanley detailed the pipeline, noting fixed income funding is front-loaded while alternatives are more ratable. CEO John Donahue added that RFP activity is 'very, very strong.' Regarding ETFs, Donahue stated they could be 'very big,' highlighting the success of the Total Return Bond and Strategic Value Dividend ETFs. Hanley confirmed the suite is over $500 million and the firm will continue to add to its active ETF menu.

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    John Dunn's questions to FRANKLIN RESOURCES (BEN) leadership

    John Dunn's questions to FRANKLIN RESOURCES (BEN) leadership • Q4 2024

    Question

    John Dunn of Evercore ISI inquired about the target to double the private wealth management business, Fiduciary Trust International, asking about the appetite for firms to join the platform and how aggressive Franklin Templeton plans to be with acquisitions.

    Answer

    CFO and COO Matthew Nicholls clarified that after focusing on building out the core asset management business, the company now intends to strategically grow its Fiduciary Trust wealth platform. He stated the plan is to capitalize on the existing full-scale platform by actively attracting new teams to join, turning it into a more strategic growth operation for the firm.

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    John Dunn's questions to BSIG leadership

    John Dunn's questions to BSIG leadership • Q1 2024

    Question

    Asked about inflow sources offsetting managed volatility outflows, the ideal environment for managed vol strategies, the institutional pipeline's composition, and potential large redemptions.

    Answer

    Inflows are broad-based across global, non-U.S., and small-cap equity strategies. Managed vol performs better in risk-off environments. The institutional pipeline is healthy but faces pressure from managed vol outflows and a pension derisking trend, leading to an expected flattish flow outlook.

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    John Dunn's questions to BSIG leadership • Q4 2023

    Question

    Asked about visibility on any large client flows in the near future, the expected time for pipeline mandates to fund, and the outlook for the company's fee rate.

    Answer

    More outflows are expected from the managed volatility strategy, but no other specific large flows are anticipated. The timing for pipeline conversion is hard to predict. The fee rate is expected to be stable around 38 bps for the next few quarters, with a long-term expectation for it to gradually increase as higher-fee strategies like Equity Alts and Systematic Credit grow.

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