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    Mike Carrier

    Research Analyst at Bank of America Merrill Lynch

    Mike Carrier's questions to AMTD IDEA (AMTD) leadership

    Mike Carrier's questions to AMTD IDEA (AMTD) leadership • Q4 2019

    Question

    Mike Carrier from Bank of America Merrill Lynch asked how the company plans to maintain flat expenses while growing net new assets and what is needed to enhance offerings for high-net-worth and RIA clients.

    Answer

    CFO Steve Boyle detailed expense control measures, including focusing on core competencies, shutting down non-core businesses like Investools, and enhancing automation. President & CEO Tim Hockey added they are eliminating services clients don't value. For high-net-worth clients, Tim Hockey mentioned developing donor-advised funds and other services, while Steve Boyle noted they are creating premium paid services for engaged investors.

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    Mike Carrier's questions to AMTD IDEA (AMTD) leadership • Q1 2019

    Question

    Mike Carrier questioned the normalization timeline for margin balances following market volatility and asked about the flexibility in expense management relative to revenue performance and investment opportunities.

    Answer

    CFO Steve Boyle and President and CEO Tim Hockey explained that margin balances typically recover more slowly than they fall and that they were already seeing this trend. Boyle elaborated on expense flexibility, stating that while they invest more in strong environments, recent tech investments provide an ongoing benefit to the cost run rate, allowing them to manage expenses down prudently if revenue slows.

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