Robin Holby

Robin Holby asked what is driving the faster payback period for newer cohorts, specifically the 2025 ones, and if it's due to more engaged customers or marketing strategies.

Answer

CEO Yoni Assia attributed the faster payback periods to constantly evolving marketing strategies that identify opportunities and target higher LTV cohorts. He noted a 23% year-over-year increase in the first-time deposit average amount for customers in 2025. CFO Meron Shani added that the marketing machine's flexibility allows it to quickly adapt to market trends, like gold or silver volatility, attracting more engaged customers and improving ROIs.

Robin Holby asked about the factors driving the faster payback period for newer cohorts, specifically those from 2025, inquiring whether it was due to increased customer engagement or marketing strategy improvements.

Answer

Yoni Assia, CEO of eToro, attributed the faster payback to an evolving marketing strategy that better identifies opportunities and targets higher LTV cohorts. He highlighted a 23% year-over-year increase in the average first-time deposit amount in 2025. Meron Shani, CFO, added that eToro's flexible marketing machine quickly adapts to market trends, such as volatility in gold or silver, to attract customers with specific intent, thereby improving ROIs and payback periods.

Robin Holby, on behalf of Bill Katz at TD Cowen, inquired about the structural drivers of the strong growth in interest rate volumes and open interest, and the outlook for the business in 2025.

Answer

President Benjamin Jackson credited the growth to ongoing investment in their multi-currency complex, particularly the development of options markets and attracting key market participants. He anticipates that policy shifts from new governments globally will continue to drive interest rate volatility and demand for risk management, for which ICE is well-positioned.

Robin Holby, on for Bill Cass, questioned the near-term outlook for portfolio realizations in private markets and when fundraising for new funds would likely offset these distributions.

Answer

Saker Nusseibeh, CEO of Federated Hermes Limited, explained that the firm is in a continuous cycle of distributing capital from mature funds while raising new capital for subsequent vintages. He characterized returning assets to clients as a sign of success that encourages re-investment, stating they are currently in a healthy cycle of replenishing and growing assets.

Robin Holby, on for Bill Katz, asked for an update on the timeline to reach $100 billion in private markets AUM, the key opportunities, the contribution from Equitable, and the incremental margin impact from market movements.

Answer

Matthew Bass, Head of Private Alternatives, reiterated confidence in the $100B target, highlighting private credit and asset-backed finance as key opportunities. Onur Erzan, Head of Global Client Group and Private Wealth, added that only $11B of Equitable's $20B commitment has been deployed and noted record alternatives fundraising in Private Wealth. CFO Jacqueline Marks confirmed the 33% baseline margin for 2025 and said she would follow up on the specific market impact.