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Jason Ment, President & Co-COO, expressed optimism that the executive order will lead to rulemaking that clarifies fiduciary duties, though he noted adoption will take time. He sees the primary entry point as custom target-date funds and confirmed StepStone plans to partner with existing retirement ecosystem players. Ment believes market adoption will involve a mix of reallocating assets within existing funds and creating new fund series.

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Scott Hart, Chief Executive Officer, stated they expect increased selling in the secondaries market and are an active buyer across all private markets. He noted their large real estate secondaries fund is primarily GP-led, and the less active LP secondary market currently limits its ability to scale like PE funds. Jason Ment, President and Co-COO, explained that the private wealth platform will likely evolve toward more specialized products as individual investor allocations grow, mirroring the institutional market's history.

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Jason Ment, President and Co-Chief Operating Officer, responded that conversations around public-private blended products are increasing and that StepStone views these as partnering opportunities. He emphasized the focus is on solving client needs rather than just pushing products. Regarding the retirement market, Ment stated that while regulatory action isn't necessary for success, it would be welcome. He noted that conversations with plan sponsors and managers have gained a greater sense of urgency post-election.

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Head of Strategy Mike McCabe responded that the platform is largely built out, and future M&A would likely focus on accelerating or enhancing existing capabilities, with the primary focus being the accretive buy-in of the NCI. President and Co-COO Jason Ment addressed the 401(k) opportunity, stating that the most likely path is through target-date funds rather than direct menu options. He noted that regulatory action is not required, as adoption is already occurring in private real estate, and emphasized StepStone's ongoing educational efforts in the defined contribution market.

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CEO Jon Winkelried and CFO Jack Weingart explained that as large LPs consolidate GP relationships, TPG is creating bespoke, long-term, multi-asset class partnerships. These arrangements provide capital commitment certainty, help anchor new strategies, and solidify TPG's position as a core partner.

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CEO Jon Winkelried confirmed that clients are re-evaluating geographic exposure amid U.S. policy uncertainty, creating opportunities for TPG to partner on deals in regions like Europe and Asia. He stated that China represents less than 2% of the firm's total AUM and is not a current focus for new capital deployment, although TPG maintains a presence there for regional economic insight.

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CEO Jon Winkelried confirmed a timeline of 'several years' is a fair characterization for the AUM goal. He estimated that organic growth could increase AUM from roughly $250 billion to $400 billion, with inorganic levers like strategic acquisitions and an insurance partnership providing the path to $500 billion. He expressed confidence in TPG's integration capabilities, citing the success of the Angelo Gordon transaction.

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Executive Chairman Jim Coulter detailed a strategy of expanding distribution and creating new products, confirming the TPOP semi-liquid PE vehicle will launch in Q1 with a seeded portfolio. He also mentioned potential future products in climate and yield. CEO Jon Winkelried emphasized the strong demand from channel partners and TPG's active brand-building efforts in the private wealth space.

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CEO Harvey Schwartz reiterated a client-centric approach, emphasizing the need to develop solutions that meet fundamental needs, particularly in the retirement channel. He stressed the importance of working with regulators to "get it right" by creating consistent, long-term products. While many product permutations are possible, the focus is on building what is right for the client, not just building for the sake of it.

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CEO Harvey Schwartz stated that the key to future product development is putting the client at the center of the discussion and developing solutions that consistently deliver over the long term. He emphasized the need for the industry to 'get it right' for the retirement channel. While acknowledging numerous permutations are possible, he said the firm's focus is not on building for the sake of building, but on creating the right products that meet fundamental client needs, leveraging capabilities like its hyperscaler secondaries business.

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CEO Harvey Schwartz highlighted Carlyle's 20-year history in Japan, which has built an 'exceptionally strong' franchise. He sees continued growth in the Japan buyout fund, strong demand on wealth platforms, and a leading position in insurance reinsurance via the Fortitude partnership. Key drivers include evolving corporate stewardship and a push by local institutions to extend asset management capabilities.

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CFO John Redett stated that the firm remains positive on the activity outlook for 2025. He cited several positive catalysts, including open IPO markets, attractive all-in financing costs due to tight credit spreads, and the re-engagement of strategic buyers. He expressed optimism for a 'busy, busy year' on the realization front.

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CFO John Redett described asset-based finance as an "enormous opportunity" and a key future driver of credit growth. He noted that the business, started organically a few years ago, has already grown to roughly $7 billion in AUM. The growth strategy involves a mix of one-off portfolio purchases, like the recent Discover transaction, and expanding flow arrangements with partners such as Monogram, Triad, and Unison.

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CEO Christopher Concannon explained that monthly portfolio trading share can be volatile and client-specific, often influenced by a few very large trades. He noted that future growth will be driven by product enhancements, such as embedding proprietary pre-trade analytics into the tool. Success will also involve developing new solutions for dealers to show large baskets of bonds to clients, an emerging area of the portfolio market.

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CEO Christopher Concannon attributed the success to significant investments in the new X-Pro platform, which now handles 92% of PT volume. He highlighted its superior workflow, pre-trade analytics, and features like net hedging. Looking forward, he stated that innovation will focus heavily on enhancing data and analytics to help clients optimize portfolio construction and execution timing, which is a constant source of client demand.

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CEO Christopher Concannon acknowledged the rates market is dominated by traditional RFQ and lacks access to alternative liquidity. He highlighted MarketAxess's innovation through its algo solutions, which are being migrated to Pragma technology to help clients work large orders with low market impact. He confirmed the net hedging tool continues to see growing adoption. The 2025 plan includes launching a traditional RFQ solution to create a hybrid offering that combines algorithmic and standard RFQ protocols.

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CEO Christopher Concannon highlighted the suite's strong 32% YoY growth and noted clients are using it for larger trade sizes across all products. He described the next-gen solution, built on Pragma technology, as a smart order router that seeks alternative liquidity before initiating a standard RFQ. He sees automation as a key workflow solution, especially in fragmented markets like municipal bonds.

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CEO Marc Rowan clarified that the main barrier has been litigation risk for plan sponsors, not a prohibition on private assets. He anticipates regulatory changes will provide needed clarity. Rowan noted that Apollo's primary access point will be indirect, through partnerships with traditional asset managers and inclusion in target-date funds, which are already generating billions in inflows. He stressed that origination capacity is the ultimate key to success.

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CFO Martin Kelly stated that ADIP's participation rate is a lever for managing growth but should average in the mid-to-high 30s or 40% range over time. CEO Marc Rowan added that the $750 million annual dividend from Athene is expected to remain stable, as capital is needed to fund substantial growth. He also emphasized Apollo's responsible, well-capitalized approach compared to riskier industry practices.

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CEO Jonathan Steinberg and President & COO R. Jarrett Lilien explained that growth will be driven by leveraging WisdomTree's established US distribution channels to bring Cerus's investment expertise to a broader client base. CFO Bryan Edmiston projected that the $750M AUM target would double base fees over five years. Head of Digital Assets Will Peck detailed the stablecoin opportunity, citing corporate treasury and cross-border payments as key use cases, and noted that WisdomTree's regulated, multi-chain approach positions it well for what he termed a 'land grab moment.'

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CEO Jonathan Steinberg described the penetration as being in its 'early days,' with significant room for growth within the current advisor base. Executive Robert Lilien noted that models consistently contribute 10-12% of flows. Head of Digital Assets Will Peck highlighted strong initial demand for Digital Funds from the crypto-native community and confirmed active B2B2C partnership discussions are underway via WisdomTree Connect, with institutional customers already being onboarded.

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CEO Michael Arougheti highlighted that ABF is a fast-growing business with a large, specialized team. He explained that the strategy is balanced between higher-fee, non-rated assets and lower-fee, investment-grade assets. He noted that while the focus is on FRE growth, not just AUM, the investment-grade capabilities are valuable for providing full solutions and enhancing origination for the entire platform.

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Michael Arougheti, Co-Founder, CEO & Director, described the ABF business as a fast-growing area with a large, specialized global team. He explained that the business is balanced about 50/50 between non-rated (higher fee) and rated (lower fee) assets, with the mix driven by a focus on FRE growth and profitability rather than just AUM. He affirmed that Ares is focused on growing both segments, as the investment-grade capabilities can enhance origination for the higher-return, non-rated side.

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CEO Michael Arougheti emphasized that success in ABF requires scale, experienced teams, and strong bank relationships, areas where Ares has a competitive advantage. He confirmed that bank partnerships are a significant opportunity, driven by regulation and capital needs. He cited examples of Ares's activity, including portfolio purchases like a $1.3 billion loan portfolio from a European bank, forward flow agreements, and SRTs, highlighting the need for flexible and creative solutions to be a valued partner to banks.

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CEO Michael Arougheti affirmed his confidence in the data center thesis, stating demand for compute continues to grow and the near-term pipeline is de-risked. He noted that over 35% of wealth capital came from Europe and Asia, where the distribution strategy relies more on bank and wealth partnerships compared to the wirehouse and RIA focus in the U.S.

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CEO Michael Arougheti highlighted that the record $1.2 billion in October inflows were broad-based and that the new core infra fund offers a unique tax-advantaged structure. An unnamed executive added that real estate activity is picking up quarterly, with a continued focus on high-conviction sectors like industrial and multifamily in the U.S. and Europe, as well as student and single-family housing.

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EVP & Head of Global Distribution Adam Spector confirmed seeing increased client interest in non-US markets. He characterized this not as a political move, but as an investment decision to rebalance away from US large-cap growth and capture opportunities abroad. He highlighted flows into emerging markets equity, international value, global bond, and EM high yield strategies. He also noted that non-US clients see growing upside in their own domestic markets.

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Head of Global Distribution Adam Spector explained that the firm has positive gross sales momentum in every region. He noted regional preferences, such as alternatives in Australia and income in Asia. The Asia-Pacific region experienced some headwinds from institutional clients de-risking. Spector confirmed that approximately $470 billion in AUM is sourced from outside the U.S., and both the EMEA and Americas ex-U.S. regions were net flow positive for the quarter.

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CFO Matthew Nicholls described the Putnam acquisition as a 'home run,' citing net flows of approximately $1 billion per month, strong performance, and financial accretion ahead of schedule. Head of Global Distribution Adam Spector attributed the success to combining Putnam's strong investment team with Franklin's scaled distribution, which has more than doubled gross sales. He also noted the partnership with the Power Group is progressing well with new product development.

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CFO and COO Matthew Nicholls stated that Western Asset currently contributes about 8-9% of adjusted operating revenue. He explained the firm's long-term goal is to achieve low single-digit organic growth on average after normalizing for the Western situation. President and CEO Jennifer Johnson added that ex-Western, the organic growth rate is about 1.3%, and highlighted growth drivers like ETFs, a strong international footprint, and unique public-private market capabilities.

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President, CEO & Chair Robert Sharps explained the firm's multi-year plan to drive efficiencies to fund investment while keeping expense growth in the low single digits. He highlighted AI's potential for productivity, cost savings, and growth through customized client solutions. Head of Global Investments & CIO Eric Veiel added that AI is a "game changer" for alpha generation and productivity in research. Veiel also noted the firm's ongoing work in tokenization, having participated in several proofs of concept.

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CEO Robert Sharps detailed the ETF business's momentum, driven by a growing lineup of 19 differentiated products, strong investment performance, and increasing placement on wealth platforms. He identified third-party asset allocation models and international expansion as future growth drivers. Regarding an ETF share class, Sharps stated it is a likely opportunity the firm will pursue thoughtfully, considering intellectual property and capacity constraints. Head of Global Investments Eric Veiel added that recent innovative launches like the Hedged Equity ETF are key differentiators and that a rich pipeline of new ETFs is planned.

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CEO Rob Sharps detailed that the custom glide path win involves creating a bespoke allocation for a plan sponsor, with fees recognized as AUA. He highlighted momentum in new products like the Personalized Retirement Manager and Managed Lifetime Income, which are initially launching on T. Rowe's own recordkeeping platform with plans for broader distribution. CFO Jen Dardis added that their go-to-market strategy includes both their own platform and their DC investment-only (DCIO) channel, where they partner with other recordkeepers.

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President & CFO Matt Audette reiterated the firm's capital allocation plan, prioritizing deleveraging from 2.25x post-close to approximately 2.0x by 2026, which involves pausing share repurchases. He confirmed that the Liquidity & Succession program continues to perform well, with a steady pace of about 10 small deals per quarter, and that this capital deployment fits within the broader deleveraging strategy.

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Executive Richard Steinmeier noted that adviser movement has settled into a 'new normal' around 5%, down from historical highs, but LPL's win rates continue to improve. He acknowledged that while some competitors are increasing transition assistance, LPL's value proposition remains strong across technology, service, and economics. Steinmeier cautioned that sustained market volatility could cause some advisers to delay their moves, potentially causing idiosyncratic quarterly results, but the long-term pipeline remains robust.

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Executive Richard Steinmeier outlined a clear roadmap, stating that a cash management account will launch in the first half of the year. He also detailed plans to internalize the securities-based lending capability, fully integrating it into LPL's platforms to simplify the process for advisors and clients, with the long-term goal of achieving industry-leading penetration in these services.

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CEO Rich Steinmeier highlighted strong momentum for the liquidity and succession solution, noting its unique ability to ensure continuity for retiring advisors, and its expansion to external advisors. President and CFO Matthew Audette added that about 40 deals have been done internally at 6-8x EBITDA. On operating leverage, Audette pointed to investments in technology and robotics to lower the cost-to-serve, while Steinmeier noted the new organizational structure enhances this focus.

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CEO Kelly Young attributed the record flows primarily to enhanced equity mandates and global core offerings, noting a single, outsized mandate from a non-U.S. client was a major driver. She cautioned this level of inflow is not a new quarterly run-rate but confirmed the pipeline is strong. CFO Scott Hynes highlighted the business's scalability, pointing to the improved operating margin and a lower expected full-year operating expense ratio as evidence of increasing operating leverage.

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Craig Larson, Partner & Head of IR, and Scott Nuttall, Co-CEO, acknowledged it's still early. Larson noted KKR's focus is on building smarter solutions at portfolio companies, increasing productivity, and identifying new investment opportunities like digital infrastructure. He also pointed to KKR's 2022 tokenized interest in a fund as a sign of innovation. Nuttall added that AI will help scale the firm and make teams more productive, especially in areas like private wealth and insurance, but the specific applications are still being developed.

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CFO Rob Lewin clarified the 90% 'no material exposure' figure applied to the global private equity portfolio, and the remaining 10% does not yet account for mitigation strategies. Co-CEO Scott Nuttall added this favorable positioning is a result of a multi-year strategy focused on acquiring companies with durable demand drivers that can maintain margins. The firm's macro and public policy teams are actively assessing broader impacts.

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Executive Craig Larson reported that ABF AUM has grown to approximately $70 billion, up over 40% year-over-year. He described ABF as a massive market with high barriers to entry where KKR finds attractive risk-reward. He noted that as banks focus on ROE and shed non-core business lines, it creates significant opportunities for KKR to partner and acquire assets.

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Executive Craig Larson described the climate initiative as a major focus, targeting the "sweet spot" between mature renewables and early-stage tech, leveraging KKR's infrastructure expertise. He highlighted the massive capital need ($7 trillion annually) and noted KKR has raised $2.5 billion for the strategy, which it believes can become a needle-moving opportunity for the firm over time.

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CFO Jason Warnick shared that prediction markets are nearing $2 billion in cumulative contracts, with a large percentage being in sports, but also over 100 million economic contracts traded since launch. CEO Vlad Tenev added that overnight volumes on Legend continue to grow nicely, though specific numbers were not shared, and that the team is rolling out improvements weekly.

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CEO Vladimir Tenev stated that 24-hour trading is continuing to grow, with engagement spiking during after-hours macro events. He believes it will become 'table stakes' for all platforms within five years. He also noted that as Robinhood expands internationally into Europe and Asia, the feature will become even more imperative and will be a tailwind for volume growth, with the long-term trend being 24/7 trading for every asset.

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CEO Vladimir Tenev acknowledged the competitive landscape and emphasized the need for continuous innovation, particularly in AI and crypto technology. He stated that Robinhood is well-positioned with the right team and culture to capture the significant intergenerational wealth transfer, and that investors should expect an acceleration of new products to further this goal.

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CEO Douglas Cifu explained that institutional adoption of overnight trading is currently minimal and will require greater liquidity and regularization before it grows, with initial use cases likely focused on risk mitigation. On tokenization, he reiterated that it is in very early days but represents a significant opportunity to expand the market to non-U.S. persons, fitting perfectly into Virtu's role as a liquidity provider for trusted partners like Robinhood and Fidelity.

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CEO Douglas Cifu described the single-name options business as an incremental build, stating they are active in dozens of names and profitable, but "not even close" to the end state, with ongoing investments in technology. On private credit, he acknowledged the significant growth and interest from large asset managers. He sees an eventual path to making those assets tradable, likely starting with index-like products, and confirmed Virtu is in discussions with key players.

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President & CEO George Aylward attributed ETF growth to building track records and expanding channel access, noting the sales force is vehicle-agnostic. Regarding M&A, he stated that opportunities are evaluated individually for strategic value and that partnership structures like JVs might be suitable for certain private market capabilities to ensure proper alignment and leverage Virtus's distribution infrastructure.

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President and CEO George Aylward stated that Virtus is as active as ever in evaluating M&A, particularly in private markets, and remains flexible on deal structures to find the right partner. He confirmed they would consider taking on higher leverage for a value-creating transaction but offered no timeline. On technology, Aylward explained that while Virtus provides IT infrastructure, each affiliate manager researches and applies advanced technologies like AI according to their own unique investment process.

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CEO Paul Shoukry attributed the improved investment banking outlook to fading market 'shock' from earlier tariff discussions and significant pent-up demand from private equity sponsors. On digital assets, he stated the firm is encouraged by regulatory progress but remains deliberate and focused on client protection, monitoring the space closely rather than being on the 'bleeding edge'.

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CEO Paul Shoukry attributed the improved investment banking outlook to reduced market shock over tariffs and significant pent-up demand, especially from private equity sponsors. Regarding digital assets, he stated the firm is encouraged by regulatory progress but remains deliberate and focused on client protection, avoiding a 'bleeding edge' approach until a clear framework exists.

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CEO Paul Shoukry described the new role as a dedicated internal 'lookout function' to evaluate AI developments. He emphasized the goal is to use AI to empower advisers, not replace them, and mentioned a new proprietary AI search tool as an early example. He deferred more specific details on use cases to the upcoming Analyst Investor Day.

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CEO Paul Shoukry explained the new internal Chief AI Officer will lead a team to evaluate AI developments. He stressed the strategy is to use AI to empower financial advisers, not circumvent them, and mentioned a new proprietary AI search tool. Shoukry deferred specifics on use cases to the upcoming Analyst Investor Day.

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President Paul Shoukry identified technology as a major focus, aimed at saving advisers time and enabling more efficient client service. He highlighted that the firm's technology is often seen as an upgrade by recruits from larger firms and that the topic would be covered in more detail at the next Analyst Day. Regarding AI, Shoukry confirmed the firm is actively investing in a more formal process to monitor and deploy AI use cases. While acknowledging AI will bring substantial changes, he stated it's too early to know exactly how they will manifest, making proactive monitoring and piloting essential.

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Chairman & CEO James Cracchiolo said they recruit broadly from independents, wires, and regionals, seeking advisors who fit their value proposition. EVP & CFO Walter Berman clarified that the distribution expense ratio is influenced by mark-to-market adjustments on deferred compensation but is expected to remain stable in the current 66-67% range, subject to that volatility.

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James Cracchiolo, Chairman & CEO, noted the recruiting pipeline is strong across various channels. Walter Berman, EVP & CFO, clarified that the distribution expense ratio fluctuates due to mark-to-market impacts on deferred compensation but should remain in the current 66-67% range, subject to those movements.

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Executive Jim Cracchiolo explained that Ameriprise has long used intelligent automation and robotics to drive efficiency. He noted that while the company is actively deploying generative AI for adviser productivity, client experience, and research, significant efficiencies are not yet realized but are expected to grow as they expand rollouts within their regulated environment.

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CEO Jim Cracchiolo explained that the excess capital provides flexibility for 2025, with options including increased buybacks or inorganic opportunities, depending on the market. He also detailed that the company is actively developing new products and solutions focused on retirement income and longevity, which will be integrated into their advice-based model and launched over the next year.

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President & COO Jonathan Gray advised patience, pending a potential executive order and rulemaking, but stated that providing individuals in defined contribution plans with access to alternatives is compelling. He agreed that target-date funds are the logical initial vehicle. Gray highlighted Blackstone's competitive advantage due to its scale, brand, and lineup of perpetual products, which he believes are better suited for this channel than complex drawdown funds, positioning the firm uniquely for this potentially significant opportunity.

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President and COO Jonathan Gray explained that Blackstone initially targets dislocated public securities like leveraged loans and high-yield bonds. The firm then looks at public companies where stock price declines may increase board receptivity to offers. Gray emphasized that with $177 billion in dry powder, Blackstone views the current environment as a 'seed planting' opportunity, leaning into sectors with long-term conviction like digital infrastructure, energy, and life sciences.

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Jonathan Gray, President & COO, affirmed confidence in the sector, highlighting Blackstone's $80 billion long-term leased data center business, which is not built speculatively. He acknowledged that while the cost of compute is falling, this will spur greater usage and adoption. Citing commentary from major tech firms, Gray concluded that while the form of use may evolve, the vital need for physical infrastructure like data centers and power will persist and grow with overall demand.

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President & COO Jonathan Gray highlighted the platform's $221 billion AUM, up 24% year-over-year. He noted that while new strategic partnerships are episodic, the dialogue with potential partners is strong. Gray emphasized significant momentum in SMAs as more insurers recognize the value of investment-grade private credit, which offers a substantial excess return (approx. 185 bps) compared to liquid markets, positioning the business for continued high growth.

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Chair & CEO Adena Friedman detailed a dual strategy for AI, focusing on integration within products (like Calypso and financial crime tools) and application within the business to enhance efficiency in product development and client success. She noted that the 2025 efficiency program reflects early progress, with expectations for these efforts to scale further into 2026.

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Adena Friedman, Chair and CEO, described Nasdaq's platform approach, which leverages multiple AI models to deliver the best solutions cost-effectively. She provided examples like the GenAI Copilot for anti-financial crime and surveillance. Friedman also noted that AI is being used internally to drive efficiencies, which is reflected in the company's expanded cost synergy program.

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CEO Adena Friedman reported 7 cross-sells year-to-date across the FinTech division. She detailed two new campaigns: one offering the Nasdaq Risk platform to Calypso's OTC-focused clients and another promoting AxiomSL's global shareholder disclosure solution to the broker-dealer community.

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Chairman & CEO Terrence Duffy identified the primary roadblock as the cost for firms to staff 24/7 operations, which must be justified by sufficient client demand. He believes 24/7 trading will eventually happen but will be asset-class specific, with crypto being the most likely candidate to lead the way. He noted that other asset classes like interest rates or energy would face more complex considerations involving central banks and other key constituents.

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Terrence Duffy, Chairman & CEO, identified the significant operational cost for member firms to staff 24/7 as a primary hurdle. He believes 24/7 trading will eventually happen but will be asset-class specific and that the timing is uncertain. He suggested crypto products are the most likely to move in that direction first, given the cash market already operates around the clock, while noting potential reluctance from central banks for other asset classes like rates and FX.

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Suzanne Sprague, Senior Managing Director, reported that the FICC cross-margining program now has 15 participating accounts and that CME plans to be operationally ready to support end-user customers by year-end. Terrence Duffy, Chairman and CEO, contextualized this by noting that CME already provides immense savings, with total daily offsets of $60 billion across all asset classes.

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The market is already using existing CME products (Ag, Energy, Metals, Weather derivatives) to manage climate-related risks. They are seeing significant participation and growth in these areas. They are also exploring more tailored products for the insurance industry, acknowledging the growing challenges in that sector, such as obtaining insurance for mortgages in high-risk areas.

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CEO Terrence Duffy said he is gaining traction with regulators and legislators as they better understand the derivatives market's size and the risks related to resolution authority. Global Head of Clearing Suzanne Sprague added that achieving cross-border netting benefits is historically difficult and expensive due to regulatory capital requirements. On swaps, she noted 75-80% of margin is from USD swaps, and Head of Rates Products Mike Dennis added that they are seeing renewed client interest in the platform's capital efficiencies amid Basel III concerns.

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President & CEO Andrew Schlossberg focused on revenue growth from ETFs, SMAs, private markets, and improved retention in fundamental equities. CFO L. Allison Dukes added that opportunities exist on all fronts, including continued expense control, achieving scale benefits from technology platform consolidation, and flexible capital allocation for both deleveraging and reinvestment, describing it as a 'flywheel' for value creation.

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CEO Andrew Schlossberg attributed the SMA platform's 25% annualized growth to its differentiated fixed income offerings, which align with strong client demand for income strategies. CFO Allison Dukes reiterated the $10-15 million quarterly implementation cost for the Alpha platform through 2025, with benefits from reduced system redundancies expected to materialize around 2027.

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President and CEO Andrew Schlossberg described the India JV as a strategic partnership with a bank-oriented distributor that allows Invesco to participate in the market's growth. CFO Allison Dukes asserted that the firm can drive positive operating leverage without market beta through organic growth and expense discipline. She noted Alpha fees would be immaterial in Q4 and that overall expenses would see some seasonal increases.

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President, CEO & Director Andrew Schlossberg focused on revenue enhancement through ETFs, SMAs, private markets, and better retention in fundamental equities. Senior MD & CFO L. Allison Dukes added that opportunities exist on all three fronts, highlighting strong expense control, the path to realizing benefits from the Alpha/Aladdin platform implementation by late 2026, and continued progress on capital allocation and deleveraging to create a "flywheel" for growth.

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Chairman & CEO Laurence D. Fink explained that client feedback on the acquisitions is extremely strong, citing the oversubscribed GIP V fundraise ($25.2B) as proof. He noted that while the HPS integration is just beginning, flows remain robust. Fink emphasized the significant opportunity in retirement, where 50% of BlackRock's AUM resides, and highlighted the critical future role of analytics from Preqin and eFront in expanding private market access for wealth clients.

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Chairman & CEO Laurence D. Fink stated that client feedback has been extremely strong, highlighting the GIP V fund closing above its target and a robust pipeline for the AIP fund. Fink emphasized the growing opportunity in public-private financing due to government deficits and noted that HPS deal momentum did not slow during the acquisition process. He also pointed to the accelerating opportunities in wealth and retirement, underscoring the critical role of analytics and data from Preqin and Aladdin in capturing this growth.

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Chairman and CEO Laurence Fink stated that BlackRock has not seen any client capitulation. Instead, there are elevated inflows into cash, signaling a large reserve of capital. Client conversations are focused on fixed income duration, private credit opportunities, and the right time to re-enter equities. Fink also highlighted strong, unabated demand for infrastructure and systematic equity strategies, while noting a potential long-term reallocation of capital from the U.S. to other regions like Europe.

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Laurence Fink, an executive, stated that client feedback on the HPS deal has been 'extraordinarily positive,' particularly from insurance companies. He highlighted a significant opportunity to expand HPS's current $20 billion in wealth channel assets by leveraging BlackRock's extensive distribution network. Fink stressed that the acquisition is part of a larger strategy, combined with Preqin and eFront, to provide the data and analytics necessary to fuel the expansion of the entire private credit market.

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Executive Martin Small detailed BlackRock's 'financial rubric' for profitable growth, which involves disciplined investment, variabilizing expenses, and achieving fixed-cost scale via technology. He highlighted the 350 basis point year-over-year margin expansion and noted that AUM grew by $3 trillion since late 2022 while headcount remained flat, demonstrating significant operating leverage.

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Co-CEO Erik Hirsch detailed that the firm is capitalizing on volatility through increased deal flow, talent acquisition, and strategic tech investments like 73 Strings. He explained that institutions are increasingly using evergreen funds as complementary tools alongside traditional drawdown funds, highlighting the early but significant trend of adoption by a growing number of institutional investors.

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Co-CEO Erik Hirsch credited the firm's ability to manage costs to two key areas: efficiency gains from technology investments and cost savings from re-evaluating vendor relationships as the business scales. He guided towards margin stability in the near term, noting that holding the margin steady while absorbing significant growth-related costs is a positive outcome.

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Co-Chief Executive Officer Erik Hirsch noted that while it's too early to know the new administration's priorities, Hamilton Lane is well-positioned to participate if the 401(k) market opens up. He identified the primary hurdles as both regulatory and practical, including addressing daily valuation requirements for illiquid assets and rules limiting the proportion of such assets in funds. He emphasized that these challenges are 'real' and have historically prevented private market inclusion in 401(k)s.

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Sachin Shah, CEO of Wealth Solutions, attributed the expected ramp-up to the typical slowness of Q1, with growth anticipated from U.K. pension deals, scaling the U.S. pension business, and expanding retail annuity distribution into large bank channels. Nicholas Goodman, an executive, addressed the real estate question by highlighting strong underlying fundamentals like high tenant demand and tight supply, noting that constructive capital markets are creating the building blocks for increased transaction activity, with some asset sales already underway.

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President Nick Goodman attributed confidence in real estate monetizations to improving fundamentals and deepening capital market liquidity. For Wealth Solutions, he highlighted strong demographic tailwinds, expansion of distribution channels and products, and significant recent annuity origination, noting the business is already highly rated and well-capitalized.

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An Unknown Executive confirmed that building a capital markets business is now part of the plan and could add low-hundreds of millions in fee revenue over 4-5 years, noting this is upside to the Investor Day forecast. They also explained the dividend payout is expected to be north of 90% of distributable earnings, and the Q1 level reflects confidence in future earnings growth. Buybacks will remain opportunistic, deployed when the firm sees value in its shares.

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CEO James Flatt explained the French deal highlights significant sovereign and corporate demand for AI infrastructure, an opportunity available to few firms with Brookfield's scale across real estate, infrastructure, and power. He noted deployment occurs across the capital stack and value chain. Regarding internal use, Flatt described it as early days but with meaningful efficiency gains, leveraging knowledge from across the entire portfolio to trial functions and share best practices, initially focusing on cost savings.

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Global President David Howson stated that intraday options are not an active focus. He is most excited about the disciplined retail use of the full product suite and the growth of the crypto ecosystem (ETFs, options, futures). Regarding prediction markets, he said Cboe is led by customer demand and regulatory dialogue, viewing the space as nascent.

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Global President David Howson and COO Christopher Isaacson explained the initiative is driven by customer demand, especially from Asia Pacific. They noted that EDGX was chosen for its existing extended-hours market share and retail focus. Key hurdles include regulatory approvals and industry infrastructure readiness (the SIP), with a potential launch in late 2025 or early 2026. They view 24/7 trading as a more substantial industry-wide infrastructure challenge for a later date.

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CEO Ali Dibadj described the market dislocation as a significant opportunity for an active manager to 'separate wheat from chaff' for clients. He emphasized that Janus Henderson's global footprint, strong balance sheet, and disciplined cost management provide a solid foundation. Dibadj noted that while some clients are cautious, many are looking to reallocate to active, global, and fixed income strategies, driving interest in the firm's technology, healthcare, small-cap, and absolute return products.

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CEO Ali Dibadj outlined a three-pronged tech investment strategy: improving the investment process, enhancing client service through data, and increasing employee productivity. Regarding generative AI, he said the firm is in the "early days" with a few use cases in production, highlighting an RFP tool that improves speed and accuracy for a capacity-constrained team and an AI-powered distribution intelligence platform. While he couldn't quantify the financial impact, he stressed the clear need for the productivity gains these tools provide.

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Executive Ali Dibadj described a comprehensive overhaul of the distribution team focused on 'people, product, process, and pay.' He explained this framework was successfully implemented in the U.S. intermediary business, leading to five consecutive quarters of positive flows, and is now being rolled out globally. The ultimate goal of these changes is to deepen client relationships and deliver better outcomes.

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CEO William Hult described Tradeweb's approach as deliberate, focusing on investing in infrastructure and partnerships with 'smart money' clients like BlackRock and Goldman Sachs. He mentioned moving from a neutral 'Switzerland' stance to picking potential winners, particularly in areas like collateral management. CFO Sara Furber added that the company is not just investing but also getting its 'hands dirty' by building and integrating technology internally to ensure it works seamlessly with existing plumbing. Potential applications mentioned include the TBA mortgage and repo markets.

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CEO William Hult explained the strategy is to build a multi-product offering across rates and credit, starting from their strength in EM swaps. He stated the EM business is now run-rating at over $60 million annually, up 85% YoY. Hult sees significant potential, sizing the total EM wallet at over $1 billion, and highlighted a continued push into EM credit, where he sees an appetite for competition similar to the U.S. market.

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CFO Sara Furber outlined a two-pronged strategy for ICD. The near-term opportunity is expanding ICD's global reach through Tradeweb's sales force. The longer-term plan involves cross-selling Tradeweb products, like U.S. Treasuries, on the ICD portal, which is expected in H1 2025. She also noted that demand for money market funds can actually increase as rates fall, as their yield premium over bank deposits often widens, and the fundamental driver remains healthy corporate cash balances.

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CEO Luke A. Sarsfield expressed strong enthusiasm for the Qualitas partnership, highlighting immediate synergies from combining data platforms and leveraging Qualitas's expertise in European product wrappers and distribution. For the long term, he sees a significant opportunity in NAV lending in Europe. Regarding Bonaccord, Sarsfield acknowledged the strong momentum and robust opportunity set, confirming the team is excited about the prospects for BCP III and expects to share more details later in 2025.

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David Brown, Chairman and CEO, responded that making Victory better involves increasing size and scale, expanding the product set in both traditional and private markets, and adhering to their proven operating model. He highlighted that lessons from past deals include being conservative, patient, and deliberate during integration. Regarding private markets, he said the company has observed others' approaches and will apply those lessons to its own unique strategy when the time is right.

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CEO David Brown explained that Victory is actively investing in its ETF platform with dedicated sales resources and partnerships, and is evaluating a full range of new products. On capital management, he stated there is no specific dividend payout target and that strategic M&A remains the primary use of capital. The restriction on share repurchases is related to the pending Amundi transaction, and buybacks will resume when permitted under the board's existing $100 million authorization.

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The company sees a positive deployment environment for multifamily, emphasizing that the shorter end of the yield curve and renewed liquidity in debt markets are more critical than long-end rates. They expect volumes to increase due to strong fundamentals. Operationally, multifamily/workforce saw 3.3% QoQ rent growth, and the forward outlook is strong due to declining new supply and robust absorption.

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CEO Jonathan Slager responded that the shorter end of the yield curve is most impactful for their value-add strategy and highlighted a resurgence in the CLO and securitization markets, which provides liquidity and should lead to tighter credit spreads. He expects volumes and values to increase regardless of the pace of rate changes. For the follow-up, CFO Katherine Elsnab reported 3.3% quarter-over-quarter rent growth in multifamily workforce housing. Mr. Slager added that multifamily absorption is now exceeding deliveries, which are declining, creating a favorable supply-demand outlook.

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CEO Jonathan Slager responded that financing markets are poised for more activity, noting that their internal debt capital markets team is seeing tightening spreads and has strong lender relationships. Regarding multifamily, he acknowledged a current supply overhang but expects it to wane by late 2024, with demand exceeding supply in 2025. He highlighted Bridge's operational focus as a key differentiator in navigating the current environment.

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CEO Jonathan Slager noted that financing markets are poised for more activity, with their internal debt capital markets team seeing tightening spreads and securing attractive capital. Regarding Multifamily, Slager acknowledged a current supply overhang but expects it to wane by year-end, with demand exceeding supply in 2025. He emphasized Bridge's operational focus on key performance drivers to outperform the market.

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The executive clarified that the current moves are a continuation of the existing strategy, not a change, and the company remains open to strategic alternatives. New products are progressing as expected but require longer track records to see significant sales. Capital allocation in 2025 will continue to be an opportunistic split between buybacks and seeding new strategies.

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Outflows were driven by pressure on managed volatility strategies and a large client reallocation. The sales pipeline is healthy but conversions are slow, with interest in ex-U.S. and small-cap strategies. The Equity Alts platform has a good one-year track record and client conversations are progressing. The newer Systematic Credit initiative is also progressing well since being seeded, with good client interest.

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President, CEO & Director Timothy Hockey confirmed that expense synergies have already been fully achieved, with recent branch closures being an additional benefit. On revenue synergies, he stated they are tracking ahead of schedule, about halfway to the 5-year goal in less than two years.

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President and CEO Tim Hockey explained they sold the third-party administrator part of the retirement business to Broadridge to focus on their core RIA retirement plan offering, for which Broadridge will now provide back-end servicing. Regarding the stock plan business, Hockey noted it's a relatively small but growing area, and the new relationship with Certent opens up opportunities to work with private companies, which their previous system did not allow.

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President and CEO Tim Hockey described the Asian client as highly active, mobile-first, and focused on U.S. markets, driving strong DARTs growth. He clarified the recent WeChat launch was for U.S. clients, while the broader Asia strategy is to use the region as a testbed for scalable, automated processes before deploying them in the U.S.

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