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    Michael Cho • JPMorgan Chase & Co.

    Michael Cho's questions to Victory Capital Holdings, Inc. (VCTR) leadership

    Michael Cho's questions to Victory Capital Holdings, Inc. (VCTR) leadership • Q2 2025

    Question

    Michael Cho of JPMorgan Chase & Co. asked for expectations on the growth uplift from the Amundi partnership's non-US distribution and questioned the near-term margin outlook given recent tailwinds.

    Answer

    CEO David Brown detailed the Amundi partnership's phased rollout, noting Pioneer products are already distributed, institutional products are available, and new registered products will launch into 2026, with the goal of significantly growing non-US AUM. He reiterated the 49% long-term margin guidance, stating it provides flexibility for business investment, even if margins temporarily exceed that level due to synergies.

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    Michael Cho's questions to Victory Capital Holdings, Inc. (VCTR) leadership • Q4 2024

    Question

    Michael Cho of JPMorgan Chase & Co. asked for clarification on margin differences across products, particularly the rules-based ETFs, and requested more context on the institutional pipeline described as the 'largest ever'.

    Answer

    President and CFO Michael Policarpo explained that Victory Capital's single, scalable operating platform, with over two-thirds of expenses being variable, ensures that all products, including active and rules-based ETFs, are highly profitable. He confirmed the institutional pipeline is the largest in the company's history, is diversified across multiple franchises and channels, and is expected to fund predominantly within 2025.

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    Michael Cho's questions to Victory Capital Holdings, Inc. (VCTR) leadership • Q3 2024

    Question

    Representing Ken Worthington, Michael Cho asked for an update on the initial operational priorities for the Amundi distribution partnership and requested commentary on fund flow trends in October.

    Answer

    Michael Policarpo, President and CFO, explained that operational priorities for the Amundi partnership include evaluating which Victory products to prioritize, working on structuring for the global network, and educating sales teams. Regarding flows, he indicated that October's trend was closer to September's improvement than the softer results of July and August, but did not provide specific figures, instead highlighting the significant 'won but not funded' pipeline for Q4.

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    Michael Cho's questions to Victory Capital Holdings, Inc. (VCTR) leadership • Q2 2024

    Question

    Representing Ken Worthington, Michael Cho from JPMorgan Chase & Co. asked about the impact of the large-cap to mid-cap valuation gap on net flows and the potential for an inflection. He also questioned the slight decline in the firm's fee rate and any underlying product-level trends.

    Answer

    CEO David Brown addressed the questions, stating that a broadening market would create tailwinds for Victory's competitive small and mid-cap strategies. Regarding the fee rate, he explained there is no underlying pricing pressure and the minor fluctuation is due to asset and channel mix. Brown emphasized that the firm is margin-focused, and its adjusted EBITDA margin has remained strong and even expanded, which is a more critical metric for the business.

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    Michael Cho's questions to Stifel Financial Corp (SF) leadership

    Michael Cho's questions to Stifel Financial Corp (SF) leadership • Q2 2025

    Question

    Michael Cho of JPMorgan Chase & Co. asked about the prioritization and pace of Stifel's AI investments and inquired about the firm's next strategic focus for its European business following the Bryan Garnier acquisition.

    Answer

    CEO Ronald Kruszewski detailed that the AI strategy focuses on using off-the-shelf tools to amplify employee productivity across numerous workflows, rather than building proprietary models. Regarding Europe, he clarified the strategy is a "shift in focus" to de-emphasize the capital-intensive sales and trading business and concentrate on advisory and investment banking, which offers better synergies with U.S. operations and improved profitability.

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    Michael Cho's questions to Stifel Financial Corp (SF) leadership • Q4 2024

    Question

    Michael Cho followed up on advisory productivity, asking about the change in MD count and if 2021 M&A levels are a good benchmark. He also requested a relative metric for the recruiting pipeline and commentary on recruiting package evolution.

    Answer

    CEO Ron Kruszewski confirmed that managing productivity is a factor in the MD count and agreed that benchmarking M&A productivity against 2021 levels is fair. On recruiting, he described the current landscape as 'very competitive.' He explained that Stifel maintains a disciplined, ROI-focused approach to transition packages and does not aggressively adjust them with market highs, which can lead to outperformance in recruiting when markets moderate.

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    Michael Cho's questions to Raymond James Financial Inc (RJF) leadership

    Michael Cho's questions to Raymond James Financial Inc (RJF) leadership • Q3 2025

    Question

    Michael Cho of JPMorgan Chase & Co. inquired about the drivers behind the strong advisor recruiting pipeline, its sustainability, and the balance sheet's growth trajectory, particularly in securities-based lending.

    Answer

    CEO Paul Shoukry described the recruiting momentum as the most significant acceleration since the financial crisis, attributing it to the firm's value proposition and investments in transition support. He also confirmed strong growth in securities-based loans (up 20% YoY) is supported by a robust deposit base, meeting increased client demand.

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    Michael Cho's questions to Raymond James Financial Inc (RJF) leadership • Q3 2025

    Question

    Michael Cho of JPMorgan Chase & Co. inquired about the strength and sustainability of the financial advisor recruiting pipeline and the drivers behind the recent balance sheet growth, particularly in securities-based lending.

    Answer

    CEO Paul Shoukry described the recruiting pipeline activity as the strongest since the financial crisis, attributing it to the firm's culture and investments in transition teams. He also noted that securities-based loans to private clients were up 20% year-over-year, reflecting increased client demand and utilization of the firm's balance sheet.

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    Michael Cho's questions to Raymond James Financial Inc (RJF) leadership • Q2 2025

    Question

    Michael Cho asked for more detail on the sequential improvement in Wealth Management net new assets (NNA) during the quarter and into April, the size of the recruiting pipeline versus last year, and loan demand trends.

    Answer

    CEO Paul Shoukry explained that NNA improved throughout the quarter, with strong new commits in March and April set to boost future results. He highlighted a strong recruiting pipeline, driven by the firm's culture and balance sheet. Shoukry noted corporate loan demand was tepid due to volatility but remained strong for securities-based loans (SBLs), which saw continued demand in April.

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    Michael Cho's questions to Nasdaq Inc (NDAQ) leadership

    Michael Cho's questions to Nasdaq Inc (NDAQ) leadership • Q2 2025

    Question

    Michael Cho of JPMorgan Chase & Co. asked about the revenue acceleration in the Data and Listings business, seeking clarity on the business mix and the relative contributions from the strong data trends versus the improving listings environment.

    Answer

    Chair & CEO Adena Friedman explained that data business growth was driven by expanded relationships with global retail brokers and higher usage-based revenue amid strong retail market participation. For listings, she noted that while the IPO environment is improving, the revenue impact has a lag due to amortization, but the business is trending above its medium-term outlook.

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