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    Ken Worthington

    Managing Director and Senior Equity Research Analyst at JPMorgan Chase & Co.

    Ken Worthington is a Managing Director and Senior Equity Research Analyst at JPMorgan Chase & Co., specializing in financials and technology with active coverage on industry leaders such as Circle, T. Rowe Price Group, Janus Henderson Group, and Federated Hermes. He has issued over 260 stock ratings, is known for bold calls on digital assets and fintech, and holds a career success rate of approximately 58% with an average return of around -4% according to independent analyst tracking platforms, ranking him in the upper half of nearly 5,000 analysts on Wall Street. Beginning his analyst career in 2006 at JP Morgan India Private, Worthington progressed to his current US-based leadership role, establishing a reputation for deep sector expertise and regularly cited market insights. He is licensed with relevant FINRA securities registrations, reflecting formal compliance and professional standing in the industry.

    Ken Worthington's questions to Circle Internet Group (CRCL) leadership

    Ken Worthington's questions to Circle Internet Group (CRCL) leadership • Q2 2025

    Question

    Ken Worthington from JPMorgan Chase & Co. asked about the competitive dynamics between Circle's CPN and other payment networks like Coinbase/Shopify, and inquired about the company's strategy for using its stock for M&A post-IPO.

    Answer

    Chairman, CEO & Co-Founder Jeremy Allaire stated that Circle maintains a market-neutral "big tent" approach, viewing integrations like Shopify using USDC via Coinbase as positive for the entire network's utility. On M&A, he noted Circle prefers organic growth but will selectively acquire teams and IP that fit its integrated platform strategy, citing recent small acquisitions related to ARC and blockchain privacy.

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    Ken Worthington's questions to Coinbase Global (COIN) leadership

    Ken Worthington's questions to Coinbase Global (COIN) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. asked about Coinbase's long-term payments strategy, questioning whether the company aims to build an open alternative to Visa and Mastercard or focus on proprietary use cases, and how it plans to monetize through transaction fees versus USDC revenue.

    Answer

    CEO Brian Armstrong clarified that while Coinbase partners with Visa and Mastercard, he sees open, decentralized protocols as the true long-term competitors. He explained the strategy is to serve both consumers and merchants, using the fee savings from crypto rails to offer rewards, as seen in the Shopify partnership. President & COO Emilie Choi added that traditional networks can adapt by participating in the new ecosystem, such as by running nodes.

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    Ken Worthington's questions to Coinbase Global (COIN) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. asked about Coinbase's long-term payments strategy, specifically how it views competition with networks like Visa and Mastercard, whether the focus is on building an open network or creating closed-loop use cases, and how it plans to monetize payments through transaction fees versus USDC revenue.

    Answer

    CEO Brian Armstrong clarified that while Coinbase partners with Visa and Mastercard, he sees open, decentralized protocols as the true competitors to traditional payment networks. He explained the strategy is to build a two-sided network of consumers seeking rewards and merchants wanting lower fees, citing the Shopify partnership as an example. President & COO Emilie Choi added that traditional networks can adapt by participating in the new ecosystem, such as by running nodes.

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    Ken Worthington's questions to StepStone Group (STEP) leadership

    Ken Worthington's questions to StepStone Group (STEP) leadership • Q1 2026

    Question

    Ken Worthington asked about the success of StepStone's evergreen products, specifically seeking reasons for the strong performance of the 'Spring' venture and growth fund, the progress of the 'Credex' BDC, and the future product roadmap for the private wealth channel.

    Answer

    Jason Ment, President & Co-COO, attributed Spring's success to its unique market position and the team's leading reputation in the innovation economy. He stated that Credex's organic growth is tracking in line with previous fund launches and is expanding its platform presence. For the future, Ment mentioned a pure-play private equity fund is in registration and the firm is focused on refining product packaging, such as removing accredited investor requirements from certain funds to broaden access.

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    Ken Worthington's questions to GCM Grosvenor (GCMG) leadership

    Ken Worthington's questions to GCM Grosvenor (GCMG) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. asked whether the strong Q2 results for the Absolute Return Strategies (ARS) business represented a sustainable turning point and questioned the drivers behind a slight dip in the ARS fee rate.

    Answer

    CEO Michael Sacks stated that while sentiment has clearly improved and the pipeline is building after strong performance, the firm has not changed its internal forecast of flat net flows for the ARS business. President Jonathan Levin described the fee rate dip as idiosyncratic and not indicative of systemic pricing pressure, noting that demand for the strategy is more relevant now than it has been in the recent past.

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    Ken Worthington's questions to P10 (PX) leadership

    Ken Worthington's questions to P10 (PX) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. asked about the new Evergreen Fund at Enhanced Capital, its target audience, and the future product roadmap for the wealth channel. He also questioned the sustainability of the high capital deployment in credit, particularly at HARC, and its remaining dry powder.

    Answer

    Sarita Narson Jairath, EVP of Global Client Solutions, and Luke Sarsfield, Chairman & CEO, addressed the questions. They confirmed the Evergreen Fund targets both institutional and high-net-worth segments, leveraging partnerships rather than building a direct retail force. On deployment, Mr. Sarsfield explained the Q2 strength was a mix of HARC's NAV lending and committed capital from other credit funds. He noted HARC has ample capacity and a successor fund, HARC five, is planned for later in the year.

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    Ken Worthington's questions to Brookfield Asset Management (BAM) leadership

    Ken Worthington's questions to Brookfield Asset Management (BAM) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. asked for more detail on the 401(k) opportunity, questioning if Brookfield intends to pursue this channel specifically and what their strategic approach, including potential partnerships, might be.

    Answer

    President Connor Teskey confirmed that Brookfield will "absolutely expect to go after this opportunity" across all available channels. He reiterated that having the right products is the most critical factor for success and that Brookfield's leadership in suitable alternative asset classes positions them to capture this long-term opportunity, regardless of any non-exclusive partnerships formed in the industry.

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    Ken Worthington's questions to Carlyle Group (CG) leadership

    Ken Worthington's questions to Carlyle Group (CG) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan asked for more detail on the path forward for the wealth business, including the ongoing vision beyond the current product ramp-up.

    Answer

    CEO Harvey Schwartz described the vision as being centered on Carlyle's powerful brand recognition, the diversification of its investment platform, and a focus on solving specific client needs. He emphasized that success comes from leveraging their global reach and history of trust to build solutions that advisors want, rather than just proliferating products. He highlighted the flexibility provided by platforms like Carlyle Alpinvest.

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    Ken Worthington's questions to Carlyle Group (CG) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. asked for more detail on the path forward for the wealth business, inquiring about the ongoing vision and next steps for the successful platform.

    Answer

    CEO Harvey Schwartz outlined the key pillars for success in wealth: strong brand recognition built on trust since 1987, a diversified global platform that allows for creating tailored solutions, and a deep understanding of advisor needs. He emphasized that Carlyle's ability to combine platforms like Alpinvest and traditional buyout provides unique flexibility. Schwartz reiterated that it is still 'early days' in the global wealth trend and the firm is well-positioned on multiple platforms in multiple geographies.

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    Ken Worthington's questions to Hamilton Lane (HLNE) leadership

    Ken Worthington's questions to Hamilton Lane (HLNE) leadership • Q1 2026

    Question

    Ken Worthington inquired about the strategic details of the new DBS private banking relationship in Asia, questioning if it represents a different distribution model and if it includes technology or data solutions beyond asset management. He also asked for an update on the investment progress of Secondary Fund VI and the marketing timeline for the subsequent Fund VII.

    Answer

    Co-CEO Erik Hirsch explained that the DBS partnership is an extension of their strategy to meet diverse client needs across various channels, confirming it is a differentiated, customized platform and that more such partnerships are expected. Regarding the funds, Hirsch stated that Secondary Fund VI is over halfway invested and that while deal flow is strong, active marketing for Fund VII has not yet begun but is anticipated in the near future.

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    Ken Worthington's questions to Hamilton Lane (HLNE) leadership • Q1 2026

    Question

    Ken Worthington inquired about the strategic nature of the new DBS private banking relationship in Asia, asking if it represents a new distribution model and includes technology solutions. He also asked for an update on the investment progress of Secondary Fund VI and the marketing timeline for Fund VII.

    Answer

    Co-CEO Erik Hirsch clarified that the DBS partnership is an extension of their strategy to meet diverse customer needs across various channels, confirming it is a differentiated, customized platform with potential for further expansion. Regarding the fund, Mr. Hirsch stated that Secondary Fund VI is over halfway invested and they have not yet begun actively marketing Fund VII, though it is planned for the near future.

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    Ken Worthington's questions to Hamilton Lane (HLNE) leadership • Q1 2026

    Question

    Ken Worthington asked about the new DBS private banking relationship in Asia, questioning if it represents a different distribution strategy and whether it includes technology or data solutions. He also inquired about the investment progress of Secondary Fund Six and the marketing timeline for its successor, Fund Seven.

    Answer

    Erik Hirsch, Co-CEO, explained that the DBS partnership is an extension of their existing strategy to form diverse strategic relationships and meet customers where they are, using various channels including technology and tokenization. He confirmed the relationship is differentiated and customized for the client base, with plans for further expansion. Regarding the secondary fund, Hirsch stated that Fund Six is more than halfway invested, but they have not yet started actively marketing the next fund, noting strong deal flow across multiple vehicles.

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    Ken Worthington's questions to Hamilton Lane (HLNE) leadership • Q4 2025

    Question

    Ken Worthington from JPMorgan Chase & Co. asked about the margin outlook following reporting changes and the nature of distribution fees within G&A for new products.

    Answer

    Co-CEO Erik Hirsch explained that the overall margin outlook remains stable despite the reporting changes, as the company continues to invest heavily in growth. He clarified that distribution fees are primarily upfront costs associated with US wirehouse channels and that this structure has not fundamentally changed.

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    Ken Worthington's questions to PRICE T ROWE GROUP (TROW) leadership

    Ken Worthington's questions to PRICE T ROWE GROUP (TROW) leadership • Q2 2025

    Question

    Ken Worthington from JPMorgan Chase & Co. asked whether achieving positive organic growth is a necessity for T. Rowe Price over the long term, especially after five consecutive years of net outflows.

    Answer

    President, CEO & Chair Robert Sharps stated that, over time, organic growth is necessary for the firm to be successful, dynamic, and drive value for shareholders. He explained that it's essential for creating associate opportunities and funding investments in client-facing capabilities. He concluded that philosophically, the leadership team would not be satisfied with a multi-year outlook that did not include a path back to organic growth.

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    Ken Worthington's questions to JANUS HENDERSON GROUP (JHG) leadership

    Ken Worthington's questions to JANUS HENDERSON GROUP (JHG) leadership • Q2 2025

    Question

    Ken Worthington inquired about the sustainability of positive net flows in the institutional channel and the strategy for addressing persistent outflows in the retail active equity business.

    Answer

    CEO Ali Dibadj expressed confidence in the institutional pipeline, highlighting broader client engagement and the impact of the new branding campaign. He affirmed the firm's commitment to its core equities franchise, believing the complex market environment favors active management. CFO Roger Thompson added that several specific equity strategies, both new and existing, are already experiencing positive net flows.

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    Ken Worthington's questions to Intercontinental Exchange (ICE) leadership

    Ken Worthington's questions to Intercontinental Exchange (ICE) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. asked for a breakdown of the drivers behind the strong growth in Mortgage Technology's origination and closing solutions revenue, questioning the relative contributions from new client onboarding, higher industry activity, and seasonality.

    Answer

    President Benjamin Jackson explained the growth was a mix of all three elements. He highlighted the successful onboarding of new clients won since the Black Knight acquisition, including a large regional bank. He also noted strong performance in the MERS and Simplifyll businesses, which were aided by an improving market environment.

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    Ken Worthington's questions to Intercontinental Exchange (ICE) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. sought clarity on the drivers behind the strong growth in Mortgage Technology's origination and closing solutions revenue, asking to what extent it was driven by new client onboarding versus higher industry activity or seasonality.

    Answer

    President Benjamin Jackson explained that the growth was a mix of all three factors. He highlighted the onboarding of new clients from a strong sales pipeline, including 23 new Encompass wins in Q2. Jackson also noted that an improving market backdrop boosted transaction-oriented parts of the business, such as closing solutions and MERS registrations.

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    Ken Worthington's questions to Robinhood Markets (HOOD) leadership

    Ken Worthington's questions to Robinhood Markets (HOOD) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. asked about the build-out of the active trader base, how its ranks are growing, and whether the positive transfer of assets (TOA) against competitors also applies specifically to this client segment.

    Answer

    CEO Vlad Tenev stated that while they don't break down TOA by segment, they remain positive against all major competitors and track active trader progress via market share, which is growing nicely across all assets. CFO Jason Warnick added that Net Promoter Score (NPS) for active traders is at a four-year high, which they see as a leading indicator for future market share gains.

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    Ken Worthington's questions to Robinhood Markets (HOOD) leadership • Q3 2024

    Question

    Speaking on behalf of Ken Worthington, Madeline Delden asked about the strategy for listing election-related event contracts, their fit within the product roadmap, and if Robinhood plans to expand into sports betting-type products.

    Answer

    CEO Vlad Tenev explained that the company's philosophy is to make all product categories, especially those used by institutions, available to retail customers. He positioned the event contracts as regulated instruments that provide hedging utility and serve as a reliable data source for market predictions. He emphasized the goal of being at the frontier of innovation for active traders but did not directly address any plans for sports betting products.

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    Ken Worthington's questions to Tradeweb Markets (TW) leadership

    Ken Worthington's questions to Tradeweb Markets (TW) leadership • Q2 2025

    Question

    Ken Worthington of JPMorgan Chase & Co. asked about the potential impact of stablecoins and tokenized money market funds on the treasury market and Tradeweb, and inquired about the company's current investment focus in the digital asset space.

    Answer

    CEO Billy Hult and CFO Sara Furber expressed a bullish view, calling stablecoins "game changers" amid an improving regulatory landscape. They stated Tradeweb is exploring tokenized funds and building an interoperable digital fixed income ecosystem, starting with post-trade workflows. Current investments and partnerships include the Canton Network, Digital Asset (alongside Goldman Sachs and Citadel), and Securitize (with BlackRock), positioning Tradeweb at the forefront of this evolution.

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    Ken Worthington's questions to Blackstone (BX) leadership

    Ken Worthington's questions to Blackstone (BX) leadership • Q2 2025

    Question

    Ken Worthington requested more details on the Legal & General partnership, including the nature of the $20 billion target, and asked for an update on product development with Wellington and Vanguard.

    Answer

    President & COO Jonathan Gray explained the Legal & General partnership is an aspiration to manage up to $20 billion over five years, primarily by providing investment-grade private credit for L&G's pension risk transfer and annuities businesses. It also includes joint product development for the UK wealth and retirement markets. Regarding Vanguard and Wellington, Gray stated he was legally limited but confirmed Wellington has filed for the first joint product, which now awaits SEC approval. He expressed excitement about combining Blackstone's private market skills with their public market expertise.

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    Ken Worthington's questions to Bridge Investment Group Holdings (BRDG) leadership

    Ken Worthington's questions to Bridge Investment Group Holdings (BRDG) leadership • Q3 2024

    Question

    Asked for details on the expected Q4 fundraising improvement and questioned the rationale behind the increase in compensation expense, asking if it was pre-paying for future performance.

    Answer

    The company expects a 'notable increase' in Q4 fundraising driven by logistics and contributions from their other key strategies. The higher compensation is a strategic investment in their teams to maintain morale and prepare for an anticipated increase in business volume, reflecting confidence in future growth.

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    Ken Worthington's questions to Apollo Global Management (APO) leadership

    Ken Worthington's questions to Apollo Global Management (APO) leadership • Q3 2024

    Question

    Ken Worthington asked about the impact of the recent backup in interest rates on Apollo's hedges, its strategy for fixing floating-rate assets, and whether the move could affect spreads in the fourth quarter.

    Answer

    CFO Martin Kelly confirmed there is no change to their hedging posture or outlook. He stated that the plan to maintain a net floating rate position of around $15 billion remains intact and that their financial model already incorporated the equivalent of six rate cuts, a scenario that now looks more realistic.

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    Ken Worthington's questions to Cboe Global Markets (CBOE) leadership

    Ken Worthington's questions to Cboe Global Markets (CBOE) leadership • Q3 2024

    Question

    On behalf of Ken Worthington at JPMorgan, Madeline Daleiden asked about the apparent reacceleration of market share loss in multi-listed options during Q3 and what actions Cboe is taking to combat this trend.

    Answer

    Global President David Howson explained that Cboe focuses on optimizing revenue by balancing market share with capture, noting that RPC increased 15% year-over-year. COO Chris Isaacson added that Cboe is competing aggressively on technology, highlighting a new options access architecture rolled out in August that is showing encouraging early results. He also mentioned investments in talent and data analytics to enhance competitiveness.

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