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    Ryan Kenny • Morgan Stanley

    Ryan Kenny's questions to Evercore Inc (EVR) leadership

    Ryan Kenny's questions to Evercore Inc (EVR) leadership • Q2 2025

    Question

    Ryan Kenny from Morgan Stanley asked if the Roby Warshaw acquisition signals a strategic shift towards more M&A for growth, questioning how Evercore now views the mix between acquisitions and its traditional organic hiring model.

    Answer

    Chairman and CEO John Weinberg affirmed that Evercore's primary growth strategy remains hiring high-quality talent on an individual basis. He characterized the Roby Warshaw deal as a unique opportunity driven by the firm's exceptional quality, cultural fit, and business synergies, rather than a fundamental change in strategy. He reiterated the commitment to aggressively growing through recruiting.

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    Ryan Kenny's questions to Evercore Inc (EVR) leadership • Q1 2025

    Question

    Ryan Kenny from Morgan Stanley asked about Evercore's hiring plans and strategy in a potentially slower M&A environment, including which areas the firm is focused on for talent acquisition.

    Answer

    CEO John Weinberg affirmed the firm's consistent hiring philosophy, stating they hire for 'A plus talent' as it becomes available, not based on numerical targets. He mentioned a strong pipeline and continued focus on areas like TMT, Healthcare, and European expansion, emphasizing that 'talent drives opportunity'.

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    Ryan Kenny's questions to Evercore Inc (EVR) leadership • Q4 2024

    Question

    Ryan Kenny of Morgan Stanley asked for more detail on the pace of the activity build in M&A and equity capital markets for 2025, questioning if recent market volatility around tariffs or AI had impacted the firm's 'gradual build' outlook.

    Answer

    CEO John Weinberg reiterated the expectation for a gradual build throughout the year in both M&A and ECM. He stated that, at this point, issues like tariffs are not seen as impacting the high level of client dialogue and deal preparation, and the firm's positive outlook remains unchanged.

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    Ryan Kenny's questions to Evercore Inc (EVR) leadership • Q3 2024

    Question

    Ryan Kenny from Morgan Stanley inquired about the size of deals in Evercore's pipeline, specifically asking about corporate appetite for large-cap M&A and whether deal values are expected to be higher in the current cycle.

    Answer

    CEO John Weinberg confirmed the pipeline is robust with deals of all sizes and that he expects sizable transactions, although the uncertain regulatory environment could be a factor. He does not see a bias for small or large deals to recover first. CFO Timothy LaLonde added that year-to-date, the number of M&A transactions valued over $1 billion is up 26%.

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    Ryan Kenny's questions to Houlihan Lokey Inc (HLI) leadership

    Ryan Kenny's questions to Houlihan Lokey Inc (HLI) leadership • Q1 2026

    Question

    Ryan Kenny from Morgan Stanley questioned the company's 'cautiously optimistic' stance, asking why the outlook isn't more bullish given strong markets and deal activity. He sought to understand what client feedback might be tempering their optimism.

    Answer

    CEO Scott Adelson explained that the 'cautiously optimistic' tone reflects the company's measured nature and acknowledges the ongoing uncertainty and volatility in the macro environment. He stated that while they feel very good about the current trajectory, they remain mindful of potential volatility.

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    Ryan Kenny's questions to Houlihan Lokey Inc (HLI) leadership • Q4 2025

    Question

    Ryan Kenny sought specifics on the increase in restructuring conversations or mandates since early April, asking if it was a modest increase or a significant wave. He also asked if the positive outlook on the non-U.S. business was driven solely by tariff-related dynamics or if other factors, like regulatory changes, were at play.

    Answer

    CFO J. Alley confirmed that conversations with concerned companies have started but stated it is too early to determine if they will materially impact the P&L in the coming quarters. CEO Scott Adelson added that restructuring work has a longer lead time. Regarding the non-U.S. business, Adelson attributed its strength to continued market share gains and the firm's mid-market focus, which insulates it more from U.S.-centric disruptions compared to large-cap focused competitors.

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    Ryan Kenny's questions to Houlihan Lokey Inc (HLI) leadership • Q3 2025

    Question

    Ryan Kenny from Morgan Stanley asked for more detail on client conversations in Corporate Finance, specifically whether the pickup in financial sponsor activity was more pronounced than the broader M&A market recovery.

    Answer

    CEO Scott Adelson confirmed that financial sponsor activity, dialogue, and sentiment have indeed picked up materially. He added that the sponsor-related pickup feels even stronger than the general market improvement, and the firm is optimistic about the trajectory of that business.

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    Ryan Kenny's questions to Moelis & Co (MC) leadership

    Ryan Kenny's questions to Moelis & Co (MC) leadership • Q2 2025

    Question

    Ryan Kenny followed up on the compensation ratio, asking if there is a specific formula that investors should use for modeling the rest of the year, referencing a formula provided in the prior year.

    Answer

    CEO Kenneth Moelis confirmed there is no formula for the current year. He explained that last year's formula was specific to that environment and that for this year, the compensation ratio will be a derivative of top-line revenue performance, driven by the firm's recent investments.

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    Ryan Kenny's questions to Moelis & Co (MC) leadership • Q1 2025

    Question

    Ryan Kenny sought clarification on the first quarter's 69% compensation ratio, asking whether the accrual was based on the full-year outlook as of March 31 or if it reflected the more recent market turmoil.

    Answer

    CFO Christopher Callesano and CEO Kenneth Moelis confirmed that the 69% comp ratio is their current best estimate for the full year. This figure incorporates the recent market volatility post-April 2nd and includes planned investments in strategic hiring, such as for the private funds advisory business.

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    Ryan Kenny's questions to Moelis & Co (MC) leadership • Q4 2024

    Question

    Ryan Kenny asked if the recruiting environment is becoming more competitive as the market recovers and how that might affect hiring pace. He also questioned if the strong Q4 revenue represents a new run-rate or if it contained any idiosyncratic items.

    Answer

    CEO Ken Moelis stated that while the hiring environment is competitive, regulatory pressures on large banks continue to make top talent available to independent firms. On Q4 revenue, Moelis and CFO Joe Simon confirmed there were no unusual large fees or significant pull-forwards, but cautioned against annualizing a single quarter's results due to typical business seasonality.

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    Ryan Kenny's questions to Moelis & Co (MC) leadership • Q3 2024

    Question

    Ryan Kenny asked for an update on the factors driving longer transaction completion times and whether this lag is expected to normalize. He also asked a technical question about the nature of the $7 million gain on Moelis Australia shares.

    Answer

    CEO Ken Moelis attributed the deal lag to a combination of factors, including regulatory reviews but more significantly, internal dynamics at private equity firms related to capital allocation and fundraising uncertainty. On the Moelis Australia shares, he explained the sale was prompted by a reverse inquiry from a buyer. He clarified it was an opportunistic move for liquidity and that the strategic alliance with MA Financial remains strong and important.

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    Ryan Kenny's questions to Lazard Inc (LAZ) leadership

    Ryan Kenny's questions to Lazard Inc (LAZ) leadership • Q2 2025

    Question

    Ryan Kenny of Morgan Stanley questioned the timing for achieving the firm's 60% compensation ratio target, given the improving advisory outlook. He also asked if the current non-MD headcount is appropriately sized to handle an anticipated increase in deal volume.

    Answer

    Peter Orszag, CEO & Chairman, stated that while the 60% comp ratio remains the goal, the timeline is dependent on market conditions and the pace of hiring. He emphasized that the firm is being conservative by holding the ratio flat for the quarter. Regarding staffing, he confirmed that Lazard is in a 'good place' with its non-MD ranks and has the capacity to meet a more constructive business environment.

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    Ryan Kenny's questions to Lazard Inc (LAZ) leadership • Q1 2025

    Question

    Ryan Kenny from Morgan Stanley questioned if there is a floor for compensation dollars if revenue weakens and asked about the timing for the growing restructuring backlog to impact the P&L.

    Answer

    CFO Mary Ann Betsch explained that fixed compensation components like salaries and amortization, which are expected to be up mid-single-digits, effectively form a floor for comp dollars. CEO Peter Orszag added that liability management and other non-M&A mandates can convert to revenue faster than traditional M&A deals.

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    Ryan Kenny's questions to Lazard Inc (LAZ) leadership • Q4 2024

    Question

    Ryan Kenny asked about Managing Director productivity, questioning if the 2028 target of $10 million per MD could be achieved early. He also inquired about the sensitivity of the M&A pipeline to different interest rate scenarios.

    Answer

    CEO Peter Orszag confirmed they believe the $10 million per MD target can be surpassed and that they are ahead of schedule. He attributed this to an improving operating environment, better mandate selection, and a culture of collegiality. Regarding interest rates, Orszag stated they are a "secondary factor" for most M&A discussions, with offsetting effects in businesses like restructuring, and that the overall impact on the advisory business is marginal at this point.

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    Ryan Kenny's questions to Lazard Inc (LAZ) leadership • Q4 2024

    Question

    Ryan Kenny asked about MD productivity, noting the firm surpassed its 2025 target a year early and questioning if the 2028 target of $10 million per MD could also be achieved sooner. He also asked about the M&A pipeline's sensitivity to a scenario with fewer interest rate cuts.

    Answer

    CEO Peter Orszag affirmed that Lazard aims to surpass the $10 million productivity target and remain ahead of schedule, citing improved mandate selection, a cultural shift towards collaboration, and a more productive mix of bankers as key drivers. On interest rates, he characterized them as a 'secondary factor' for M&A, noting that other businesses like restructuring provide an offset and that the long-end of the curve, which is more critical for deal analytics, has not moved in tandem with short-term rate expectations.

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    Ryan Kenny's questions to Lazard Inc (LAZ) leadership • Q3 2024

    Question

    Ryan Kenny of Morgan Stanley asked about the key drivers behind the growing investor interest in emerging market equities and whether management views this trend as sustainable.

    Answer

    CEO Peter Orszag attributed the trend to the prospect of future rate cuts and Lazard's strong performance in the asset class. Evan Russo, CEO of Asset Management, added that clients have been significantly under-allocated to emerging markets and are now in the early stages of rebalancing portfolios to capture potential upside. He described it as a developing trend that will likely unfold over the next one to two years as the rate environment and geopolitical landscape stabilize.

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    Ryan Kenny's questions to SEI Investments Co (SEIC) leadership

    Ryan Kenny's questions to SEI Investments Co (SEIC) leadership • Q2 2025

    Question

    Ryan Kenny asked about the differentiating factors of Stratos's strategy compared to other RIA aggregators and whether SEI anticipates revenue synergies from the partnership, particularly from its asset management and servicing capabilities.

    Answer

    CEO Ryan Hicke and EVP Michael Lane highlighted Stratos's experienced executive team, disciplined centralized investment platform, and strong cultural fit as key differentiators. They also noted its hybrid advisor model (1099 and W-2) is a strategic advantage. Regarding synergies, they clarified the focus is on long-term, non-disruptive growth to protect Stratos's 10% organic growth rate, with opportunities to scale Stratos's existing investment management services rather than immediate cost-cutting.

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    Ryan Kenny's questions to SEI Investments Co (SEIC) leadership • Q4 2024

    Question

    Ryan Kenny of Morgan Stanley questioned if the Q4 incentive compensation should be considered a one-off expense and asked for details on the size and competitive differentiation of the alternative servicing business within the Investment Managers segment.

    Answer

    CFO Sean Denham confirmed the increased incentive compensation is being treated as a one-off for 2024, though CEO Ryan Hicke added that the company would not hesitate to reward employees for future record performance. Executive Phil McCabe stated that the alternatives business, including its global component, constitutes about 70% of the Investment Managers segment's revenue and is growing due to industry tailwinds and investments in its global footprint, particularly in Luxembourg.

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    Ryan Kenny's questions to Citigroup Inc (C) leadership

    Ryan Kenny's questions to Citigroup Inc (C) leadership • Q3 2024

    Question

    Ryan Kenny asked for an explanation of how Net Interest Income in the Services division could be a tailwind as interest rates decline.

    Answer

    CFO Mark Mason explained that the dynamic is driven by several factors, including disciplined pricing with institutional clients, beta catch-up in non-U.S. currencies, and a significant benefit from reinvesting securities at higher yields, which flows through to the business's NII.

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