Question · Q3 2025
Karim Assef asked about the deceleration in institutional outflows within the asset management business, specifically inquiring about the remaining Limestone assets. He also questioned whether the level of 'irrational bids' for advisors, mentioned last quarter, is expected to persist over the next six to twelve months given market disruption.
Answer
EVP and CFO Walter Berman confirmed that Limestone is still in progress but the majority of assets have been outflowed, with approximately $500 million remaining. Chairman and CEO Jim Cracchiolo suggested that the current 'irrational bids' might be tied to favorable markets and spread revenue, implying that if market conditions change, the environment for such arrangements could shift.