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    John Dunn • Evercore ISI

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

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

    Question

    John Dunn of Evercore ISI questioned if Acadian is exploring new distribution channels or vehicles as the business evolves. He also asked about the factors influencing the fee rate, given recent inflows and outflows, and the outlook for the fee rate in the second half of the year.

    Answer

    CEO Kelly Young stated that current product initiatives are well-suited for their focus on the wealth and sub-advisory channels and highlighted the expansion of vehicle offerings like CITs. CFO Scott Hynes explained that the fee rate is dynamic and influenced by client demand and market factors, noting the impact of a large enhanced equity win in Q2. He emphasized that management's focus remains on controllable elements like product initiatives and expense discipline.

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    John Dunn's questions to Janus Henderson Group PLC (JHG) leadership

    John Dunn's questions to Janus Henderson Group PLC (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 PLC (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 PLC (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 Cohen & Steers Inc (CNS) leadership

    John Dunn's questions to Cohen & Steers Inc (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 Inc (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 Inc (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 Inc (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 Artisan Partners Asset Management Inc (APAM) leadership

    John Dunn's questions to Artisan Partners Asset Management Inc (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 Inc (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 FEDERATED HERMES, INC. (FHI) leadership

    John Dunn's questions to FEDERATED HERMES, INC. (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, INC. (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, INC. (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 Inc (BEN) leadership

    John Dunn's questions to Franklin Resources Inc (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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