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    Stephanie Ma

    Research Analyst at Morgan Stanley

    Stephanie Ma is an Executive Director at Morgan Stanley, specializing in equity research and financial analysis within the banking sector. She applies her expertise to evaluating major financial institutions, supporting investment decisions with in-depth sector insights and market trend analysis. With a prominent role at Morgan Stanley, her career reflects strong performance and deep sector knowledge since joining the firm, bolstered by a record of recognized contributions in her field. Stephanie maintains professional credentials aligned with her executive position and stands out for her leadership in banking equity research.

    Stephanie Ma's questions to P10 (PX) leadership

    Stephanie Ma's questions to P10 (PX) leadership • Q2 2025

    Question

    Stephanie Ma of Morgan Stanley asked about the fundraising status and size of Qualitas's flagship funds and inquired about potential cross-selling opportunities. She also asked if P10 would consider alternative M&A structures like JVs, strategic partnerships, or minority investments.

    Answer

    Arjay Jensen, EVP of Strategy and M&A, and Luke Sarsfield, Chairman & CEO, provided answers. Mr. Jensen noted Qualitas's previous primary fund was $250M and highlighted new collaborative products like a continuation fund with HARC. Mr. Sarsfield confirmed P10 is open to various M&A structures, such as staged acquisitions or strategic partnerships, as long as they align with the company's model of platform coordination and strategic fit.

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    Stephanie Ma's questions to P10 (PX) leadership • Q1 2025

    Question

    Stephanie Ma of Morgan Stanley asked about sentiment among endowment and foundation LPs, which funds would be the largest contributors to the 2025 fundraising target, and any observed differences in U.S. versus European investor preferences.

    Answer

    Chairman and CEO Luke Sarsfield stated there has been 'little to no impact' on their endowment and foundation LP base, which skews smaller than institutions in recent headlines. He highlighted secondaries, NAV lending, and GP stakes funds as key fundraising drivers. Regarding investor sentiment, he noted it's too soon to see radical change but sees a timely opportunity for U.S. LPs to gain European exposure through the newly acquired Qualitas platform.

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    Stephanie Ma's questions to P10 (PX) leadership • Q3 2024

    Question

    Stephanie Ma asked for details on the $200 million raised in Separately Managed Accounts (SMAs), including the growth trajectory and strategy, and inquired about the potential impact on fee rates and margins.

    Answer

    Chairman & CEO Luke A. Sarsfield described SMAs as an 'early innings opportunity' with non-linear growth, focused on customized solutions for larger clients that leverage P10's unique access to the lower middle market. He explained that while SMAs typically have lower fee rates than commingled funds, they are very high-margin as they leverage existing expertise with low incremental cost, potentially making them a positive contributor to overall margins.

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    Stephanie Ma's questions to Hamilton Lane (HLNE) leadership

    Stephanie Ma's questions to Hamilton Lane (HLNE) leadership • Q1 2026

    Question

    Stephanie Ma, on behalf of Michael Cyprys, asked for the primary drivers of the reaccelerated growth in customized separate accounts, given previously mentioned elongated sales cycles. She also inquired about the outlook for incentive fees and the potential for an increase in exit activity, considering the improving macroeconomic environment.

    Answer

    Co-CEO Erik Hirsch attributed the customized separate account growth to a combination of new client wins, re-ups, and increased investment activity, noting these results stem from a long-term sales pipeline. On incentive fees, Hirsch concurred that a positive macro environment should boost exit opportunities and expects activity to increase in the latter half of the year, following two relatively light quarters that came after a period of significant carry realization.

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    Stephanie Ma's questions to Hamilton Lane (HLNE) leadership • Q1 2026

    Question

    Speaking for Michael Cyprys, Stephanie Ma asked for the key drivers behind the reacceleration in customized separate account (SMA) growth and inquired about the outlook for incentive fees given recent trends and the improving macroeconomic environment.

    Answer

    Co-CEO Erik Hirsch attributed the strong SMA growth to a combination of new client wins, re-ups, and increased investment activity, all materializing from a long-term pipeline. On incentive fees, Mr. Hirsch acknowledged that a positive macro backdrop should increase exit opportunities and expects activity to pick up in the second half of the year, noting that recent lighter quarters followed a period of significant carry realization.

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    Stephanie Ma's questions to Hamilton Lane (HLNE) leadership • Q1 2026

    Question

    On behalf of Michael Cyprys, Stephanie Ma inquired about the drivers behind the reacceleration in customized separate account growth, referencing previously mentioned elongated sales cycles. She also asked for the outlook on the incentive fee pipeline and its potential trajectory for the remainder of the year.

    Answer

    Erik Hirsch, Co-CEO, clarified that the recent growth in customized separate accounts stems from a combination of new client wins, re-ups from existing clients, and increased investment activity, all of which have long sales and contracting cycles. Regarding incentive fees, Hirsch agreed that a positive macro environment creates more exit opportunities. He noted that while recent quarters were light, this followed a period of significant carry realization, and he expects exit activity to increase in the back half of the year if the macro environment remains favorable.

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    Stephanie Ma's questions to GCM Grosvenor (GCMG) leadership

    Stephanie Ma's questions to GCM Grosvenor (GCMG) leadership • Q3 2024

    Question

    Stephanie Ma of Morgan Stanley asked for an outlook on the private credit industry post-election, focusing on potential changes in competitive dynamics from banks and GCMG's positioning.

    Answer

    Chairman and CEO Michael Sacks and President Jon Levin described private credit's growth as a powerful, long-term secular trend driven by investor demand for less volatile assets, not just a cyclical bank pullback. Levin called this shift a "one-way train." They highlighted GCMG's positioning to offer holistic solutions, including co-investments and secondaries, which represent a significant future opportunity.

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    Stephanie Ma's questions to Cboe Global Markets (CBOE) leadership

    Stephanie Ma's questions to Cboe Global Markets (CBOE) leadership • Q2 2024

    Question

    Stephanie Ma asked about the Cboe Global Cloud, inquiring about its current revenue contribution, its expected growth trajectory, and the key initiatives being undertaken for its expansion.

    Answer

    Global President Dave Howson described Cboe Global Cloud as a key strategic priority for global expansion and revenue diversification, noting that nearly 80% of its revenue comes from outside the U.S. COO Christopher Isaacson added that they are in the 'very early innings' of this initiative. He explained that providing data access globally helps international clients better understand U.S. markets, which in turn drives trading activity back to Cboe's U.S. exchanges.

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