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Group CEO Ian Lowitt acknowledged that with a larger public float, share buybacks are now a consideration, though value-accretive M&A remains a priority. Chief Strategist Paolo Tonucci detailed strong Prime client growth (~150 new accounts in H1) and projected continued low-double-digit growth. He noted Prime's margin profile is comparable to the high-margin Clearing business.

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CFO Meron Shani clarified that marketing spend is managed as a percentage of net contribution, typically around the 20% mark. CEO Yoni Assia added that following the recent expansion to 100 crypto assets for U.S. users, the company plans to launch CopyTrader for both crypto and stocks in the U.S. later this year.

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President Jonathan Levin explained the infrastructure platform's flexible, open-architecture model, which leverages co-investments, secondaries, and direct deals for broad origination. CEO Michael Sacks confirmed a strong second-half fundraising pipeline, likely weighted to Q4, but cautioned it would not significantly impact 2025 revenue. Both executives highlighted AI as a key focus for enhancing efficiency, investment decisions, and operational scalability across the firm.

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Chairman and CEO Michael Sacks clarified the SuMi TRUST capital target is a floor they aim to exceed, with no current plans for an increased equity stake. He attributed cautious deployment to short-term policy uncertainty around tariffs and taxes, not a structural business change. President Jon Levin described a strong ARS pipeline driven by client demand for liquid alpha, which converts to fee-paying AUM immediately. CFO Pam Bentley noted the SuMi transaction resulted in ~2% dilution, with overall dilution remaining modest.

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Chairman and CEO Michael Sacks explained that the firm's share of carry revenue should increase over time as newer funds, where the firm owns a larger percentage, are realized. President Jonathan Levin clarified that the full-year incentive fee compensation ratio was at the high end of the 40-50% guided range. Regarding retail, Levin mentioned a dual strategy of using partners like CION while building internal capabilities, with a current investment focus on the individual investor channel.

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Chairman and CEO Michael Sacks outlined a plan for 10%+ private market management fee growth combined with margin expansion. President Jon Levin added that investments for the individual investor channel are already factored into their financial targets. He highlighted that GCMG has already raised over $3 billion from this channel and is launching new registered products with partners like Axxes and CION Investments to accelerate growth.

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CEO Jon Winkelried stated that deployment pipelines have been increasing and he expects the pace to accelerate in the second half of the year, driven by bespoke opportunities. CFO Jack Weingart added that the incremental margin on the revenue would vary by asset class.

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CFO John Redett attributed the revised outlook to strong momentum across the platform, particularly organic growth in Alpinvest, robust capital markets revenue, and expansion in the wealth channel. CEO Harvey Schwartz acknowledged the feedback requesting longer-term metrics but did not commit to a multi-year forecast, citing the difficulty of long-range predictions.

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CEO Harvey Schwartz acknowledged stakeholder feedback requesting longer-term guidance but did not commit to providing it, noting the difficulty of five-year predictions. CFO John Redett attributed the upgraded FRE outlook to broad-based momentum, especially exceptional organic growth in Alpinvest, strong capital markets revenue, and growth in the wealth business. Redett noted there could be further upside if markets improve.

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CEO Harvey Schwartz explained that the growth is a result of a strategic initiative launched two years ago to monetize firm-wide activity without taking balance sheet risk. He stated the fees are activity-driven, stemming from deployment and portfolio company financing across private equity, credit, and infrastructure. He sees a multiyear growth path, noting the $150 million generated in the last two quarters alone surpassed any previous full year.

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CFO John Redett reiterated that while Carlyle's fees are based on the level of assets, the actual financial impact of this specific AUM decline on 2025 earnings is 'literally a couple of million dollars,' which he characterized as immaterial to the firm's overall results.

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CFO John Redett expressed satisfaction with the current 47% FRE margin, a 1,000 basis point year-over-year improvement. He stated that the management team's focus is now shifting from efficiency gains to driving FRE dollar growth through organic, top-line expansion. He expects the margin will continue to improve over time as the business grows. CEO Harvey Schwartz praised the team for the foundational work on compensation and expenses that enabled this progress.

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President Jim Zelter attributed the acceleration to the 'power of the ecosystem.' He explained that by offering an integrated 'toolbox' of financing solutions—rather than single products—Apollo has become a more compelling partner for corporates and sponsors. He cited unified global origination leadership and the successful strategic pivot of the Atlas platform as key contributing factors.

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CEO Marc Rowan confirmed that partnerships with traditional asset managers are a key focus, highlighting existing deals with State Street and Lord Abbett. He believes the opportunity is vast and that the primary constraint for the industry will be the ability to originate high-quality private assets to meet demand, not the number of partnerships formed. He stressed that Apollo is focused on scaling its origination capabilities to meet this future demand.

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CEO Marc Rowan explained that the current retirement system is inefficiently allocated and that private assets offer superior returns. He believes progress is possible even without new laws, suggesting that regulatory guidance clarifying the fiduciary goal as 'best net returns' rather than 'lowest fees' would be a significant catalyst. He also noted that broader regulatory trends, including addressing offshore capital flight to jurisdictions like the Cayman Islands, are favorable for Apollo's business model.

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CEO Marc Rowan outlined a pyramid strategy targeting family offices, high-net-worth, and mass affluent channels with a focus on yield-oriented, evergreen products. He asserted that the costs for this build-out were already contemplated in forecasts and are not a surprise. Co-President James Zelter added that the focus is shifting from a product dialogue to a more comprehensive portfolio solutions dialogue.

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CEO Michael Arougheti expressed strong belief in the trend but tempered expectations, noting that regulatory steps are still needed. He confirmed Ares is prepared with products and is in discussions with retirement services partners, but stressed that the firm's primary focus remains on quality deployment and investment opportunities, not just AUM growth from new channels.

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CEO Michael Arougheti described the wealth channel as a 'real bright spot,' citing record Q1 inflows of $5 billion. He identified growth drivers as geographic expansion into Europe and Asia and the launch of new products, including a tax-advantaged infrastructure fund and a sports media and entertainment offering. He confirmed that April inflows remained strong at $1.2 billion and that redemptions did not increase during the volatility, suggesting the low-volatility nature of private assets is proving attractive to investors.

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CEO Michael Arougheti said it's too early to tell on the partnership's market impact, emphasizing that any product must be client-led and differentiated. CFO Jarrod Phillips explained that while European waterfall income provides compensation flexibility over time, it would likely take a year or two of established performance to materially impact the FRE structure.

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CFO Jarrod Phillips explained that future fundraising will be broad-based across approximately 35 funds, including strategies in special opportunities, climate infrastructure, and secondaries, supported by a higher fundraising floor from the retail channel. CEO Michael Arougheti added that while market share in wealth management is concentrating among top players, Ares is a leader due to its investments in product, distribution, and brand, and is not seeing a deterioration in economics.

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President and CEO Jennifer Johnson detailed how tokenization will fundamentally change financial infrastructure, citing their Benji fund's efficiency as proof of concept for lowering costs and disintermediating 'toll takers.' Regarding capital, Johnson noted stabilizing trends at Western Asset, while CFO & COO Matthew Nicholls confirmed no new reserves and reiterated capital priorities: dividends, organic growth, share repurchases, and debt service.

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CEO Jennifer Johnson confirmed the $10 billion was a net outflow figure for Western Asset. Regarding partnerships, she expressed high confidence in Franklin Templeton's existing stable of acquired alternative managers, stating it would be difficult for peers to replicate. She highlighted the benefits of internal collaboration, such as a product developed between Benefit Street Partners and Clarion, arguing that having managers under one umbrella provides superior insights compared to sleeve-based alliances.

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CFO Matthew Nicholls confirmed the expense guidance interpretation was correct. Regarding WAMCO's revenue, he stated it would not be zero but declined to provide a specific forecast. Instead, he committed to providing monthly AUM updates for Western, allowing analysts to track its progress and calculate the revenue impact using the firm's effective fee rate.

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President and CEO Jennifer Johnson stated that WAMCO outflows are concentrated in specific strategies and have not significantly spilled over into other Franklin Templeton products. CFO and COO Matthew Nicholls added that WAMCO is the firm's fifth or sixth largest manager by revenue, not AUM, and that its economic arrangement will be adjusted to reflect its lower revenue base. Head of Global Distribution Adam Spector noted that, excluding Western, institutional net flows more than doubled year-over-year, indicating positive momentum elsewhere.

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President & CFO Matt Audette stated that cash as a percentage of AUM at Commonwealth is slightly below LPL's, in the 1.5% to 2.0% range. On the second point, he responded with a definitive 'no,' asserting that competition has not impacted the multiples LPL pays for Liquidity & Succession deals, attributing this to the strength of LPL's unique value proposition for selling advisors.

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Executive Richard Steinmeier expressed confidence that few credible alternatives exist for Commonwealth advisers, given LPL's commitment to preserving the Commonwealth brand, service, and culture while adding its scale and technology. He argued that the seamless, non-repapering transition makes the combined offering difficult for any competitor, small or large, to match. Steinmeier concluded that while unique niches may exist, it is becoming increasingly challenging for firms without scale to compete effectively against LPL's flexible, yet powerful, model.

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Executive Matthew Audette stated that the firm's strategy will not change, and they will continue to target the 50% to 75% fixed-rate mix. He emphasized that the goal is to maintain a steady, rolling 3-to-5-year portfolio rather than trying to time interest rate movements, and they will likely move back toward the midpoint of the range in Q1.

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CEO Jay Horgen reiterated the strategy of evolving towards a two-thirds alternatives mix but emphasized the complementary and diversifying nature of their long-only affiliates. President & COO Thomas Wojcik stressed that AMG acts as a permanent partner and does not 'trade' affiliates, with any sales being affiliate-driven. CFO Dava Ritchea explained the balanced capital allocation approach, noting ample liquidity in the stock and viewing buybacks as a flexible tool for shareholder returns.

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Thomas Wojcik, COO, acknowledged ongoing industry headwinds for equities but highlighted that market volatility is creating opportunities for AMG's high-quality, defensively-oriented managers to outperform. He also noted that a weakening U.S. dollar has provided a market-driven lift to global and international strategies, positively influencing client allocation conversations in those areas.

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President and CEO Jay Horgen responded that the strategy encompasses both approaches. He explained that AMG's pipeline includes mid-sized firms they can help grow significantly, leveraging their distribution capabilities, particularly in the wealth channel. Horgen also confirmed that larger new investments are in the pipeline, fitting within their typical $250 million to $750 million enterprise value range, but noted they are open to even larger opportunities if the strategic fit and value proposition are compelling.

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Co-CEO Marc Lipschultz described the direct lending environment as 'extremely good' with exceptional credit quality and portfolio company EBITDA growth over 10%. While Q2 originations were moderate, he noted a 'meaningful pickup in activity' in recent weeks. He expressed cautious optimism that a more stable economic backdrop is beginning to unlock sponsor dry powder, potentially signaling a recovery in market volume.

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Chief Financial Officer Alan Kirshenbaum explained that transaction fees naturally fluctuate and that institutional fundraising is expected to strengthen in the latter half of the year due to the timing of flagship fund launches like GP Stakes VI and Real Estate VII. Co-CEO Marc Lipschultz added that gross originations, which drive transaction fees, were lower, and emphasized that these fees are a very small, unpredictable part of their business. He also noted strong momentum in winning new institutional LPs and penetrating new geographies like the Middle East.

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Chief Financial Officer Alan Kirshenbaum confirmed the 57-58% FRE margin guidance for 2025 (gross of NCI), down from ~59% in 2024. He explained that while the firm is focused on margins and sees a path back to 60%, it prioritizes overall earnings growth and will execute accretive, lower-margin acquisitions like Atalaya. Co-CEO Marc Lipschultz added that their job is to make short-term trade-offs to drive exceptional long-term DE growth.

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Craig Larson, Partner & Head of IR, and Scott Nuttall, Co-CEO, responded. Larson highlighted KKR's 35 origination platforms across ABF and real estate. Nuttall drew a parallel to private equity 20 years ago, arguing that scale, moving upmarket, and building adjacent capabilities are key to continued growth. He noted that KKR's 7,500-person sourcing network and new platform additions like HCR provide a significant and scalable origination engine, countering the idea that returns will diminish.

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Executive Craig Larson highlighted the growth in K-Series products, now at $18 billion AUM. Co-CEO Scott Nuttall emphasized the significant opportunity with the Capital Group partnership targeting the mass affluent. CFO Robert Lewin noted that while distribution costs increase 'other operating expenses,' the ROI is clear, and the firm still expects margin expansion as revenue outpaces expense growth.

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Chief Financial Officer Rob Lewin explained that deployment is the largest driver of Capital Markets revenue. On margins, he stated that while the mid-60% FRE margin is a sustainable base, it is not a cap. He expects revenue to grow faster than operating complexity, leading to additional operating leverage and margin expansion over time, as demonstrated by the flow-through in the strong Q3.

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CEO Ronald Kruszewski attributed the NNA success to the strength of Stifel's overall platform and culture, which attracts and retains highly productive advisors, as validated by its J.D. Power ranking. On capital allocation, Kruszewski explained the approach is dynamic; with the stock price having recovered, the focus is shifting back toward bank growth, which is currently viewed as more accretive than buybacks.

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CEO Ronald Kruszewski responded that annualizing the seasonally slower first quarter is not an accurate projection and that current guidance already accounts for market conditions, anticipating a delay, not cancellation, of activity. CFO James Marischen noted strength in the tech and industrials pipeline for the second half. Regarding M&A, Kruszewski stated that while they are always looking, high valuations make deals difficult, and return on investment remains the governing factor.

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CFO Jim Marischen explained that the Q4 provision was elevated due to macroeconomic forecasts and is difficult to predict, but guided to a 20-21% effective tax rate for 2025. CEO Ron Kruszewski noted that capital deployment priorities include balance sheet growth, dividends, and buybacks, but the firm is still building excess capital for future opportunities. Marischen clarified that while sweep cash saw a typical January pullback, the underlying growth in commercial and venture deposits remains strong.

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CEO Ron Kruszewski explained that muted net headcount growth is due to balancing recruiting with retirements, but advisor productivity is increasing. He is optimistic about the recruiting pipeline. On cash migration, he stated that since a zero-rate environment is unlikely, the Smart Rate product will remain a distinct choice for savings cash. CFO James Marischen clarified the lower Q4 tax rate is a recurring seasonal benefit from stock compensation, magnified this year by the stock's performance.

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Thomas Donahue, CFO, projected that compensation would likely increase by a couple of million dollars in the next quarter, with distribution costs also rising due to asset growth. He guided the 'other' expense line, excluding unpredictable FX and one-time items, to be around $6.5 million. J. Christopher Donahue, Chairman, President, & CEO, reiterated that acquisitions, particularly in private markets, remain the 'highest and best use of cash' and that the company is actively exploring opportunities, though he did not provide a specific timeline.

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CFO Thomas Donahue stated the accelerated Q1 buybacks were driven by the stock's valuation and that they will remain active. On M&A, he noted a pipeline of various-sized deals. CEO John Donahue highlighted a strong institutional pipeline of $3.9 billion yet to fund, with significant interest in MDT strategies, private equity, and direct lending, particularly from U.S. and Asian clients.

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CIO for Money Markets, Deborah Cunningham, explained that the retail shift from deposits to money funds will continue, while sideline cash (10-15% of recent inflows) is beginning to move into risk assets. She expects institutional flows to increase as the Fed cuts rates. Executive Raymond Hanley quantified the current mix as 60% institutional and 40% retail. Saker Nusseibeh, CEO of Federated Hermes Limited, addressed the alternatives question by noting that clients are re-upping in new fund vintages at higher levels and that new product innovation will drive continued growth.

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EVP & CFO Michael Angerthal confirmed the employment expense guidance of 49-51% of revenues and does not foresee catch-up spending, expecting incremental margins of 50-55%. President & CEO George Aylward noted that compensation is highly variable and that the positive flow momentum from June continued into July, particularly for fixed income and ETFs. He added that institutional inflows were seen in emerging market debt and REITs.

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CFO Michael Angerthal explained the affiliate step-up was a pre-planned, multi-year increase in ownership of a majority-owned affiliate, raising their stake to about 80% and consequently lowering future NCI. President and CEO George Aylward addressed M&A by acknowledging the trend of converging public and private markets, stating they are active in those discussions. Regarding institutional flows, Aylward noted that recent outflows were primarily from client rebalancing after strong performance, not mandate terminations, and that the new business pipeline remains strong despite being competitive and lumpy.

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CEO Paul Shoukry stated that due to the firm's large scale, any impact from new advisors on firm-wide ratios would be a gradual 'glide path' rather than a sudden shift. On M&A, he reiterated the firm's disciplined three-part criteria (cultural fit, strategic fit, valuation) and noted the primary focus remains on the Private Client Group, though opportunities are evaluated across all businesses.

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CEO Paul Shoukry stated that due to the firm's large scale, any impact from new advisors on firm-wide ratios would be a gradual 'glide path.' On M&A, he reiterated the firm's disciplined three-part criteria (cultural fit, strategic fit, valuation) and noted that while the Private Client Group is a primary focus, the firm remains active in seeking opportunities across all its businesses.

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CFO Jonathan Oorlog explained that maturing securities were redeployed to fund loan growth, a trend expected to continue. CEO Paul Shoukry added that SBL growth is ongoing while corporate loan demand is tepid. Shoukry confirmed the 10% Tier 1 leverage ratio is still the target and stated the firm would be more consistent with buybacks to manage capital while preserving capacity for growth.

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CFO Jonathan Oorlog explained that maturing securities are being redeployed to fund loan growth, a trend he expects to continue. CEO Paul Shoukry confirmed the 10% Tier 1 leverage ratio is still the target, which is a key reason for increasing share buybacks, but declined to detail the specific M&A opportunities.

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President Paul Shoukry identified the Private Client Group as the top M&A priority, followed by M&A advisory firms and asset managers with strong organic growth profiles. Chair and CEO Paul Reilly added that geographically, the Northeast and West Coast offer significant market share opportunities, with Canada and the U.K. also being of interest. Regarding expenses, Shoukry explained that much of the non-comp expense growth is tied to revenue growth (e.g., sub-advisory fees, FDIC premiums), so while there is flex, it's not desirable. He affirmed the firm's commitment to long-term investment over short-term expense management.

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Vice Chairman & CFO Michael Chae stated that while the firm is tracking favorably against its initial full-year margin guidance, the second half is subject to variables like fee-related performance revenues and seasonally higher operating expenses. He reiterated a low-double-digit OpEx growth view for 2025. Regarding performance fees, Chae expects broad stability in compensation ratios, noting that the mix of funds realizing gains can cause quarterly variations. He also mentioned the ability to manage the mix of compensation, which could directionally benefit FRE margins.

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President and COO Jonathan Gray described the wealth channel as a very large growth opportunity, highlighting Blackstone's early-mover advantage and extensive distribution team. He explained the alliance with Wellington and Vanguard aims to create simplified, holistic public-private investment solutions for individuals, leveraging the partners' leadership in liquid assets and Blackstone's leadership in private markets. He did not comment on specific distributor platforms.

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Jonathan Gray, President & COO, argued that the current 401(k) system's focus on low fees over performance is a disadvantage for most workers. He believes it is logical for private assets to eventually be included in retirement vehicles like target-date funds. Gray asserted that should regulations change, Blackstone is "uniquely positioned" to capitalize on the opportunity due to its brand, performance, and product breadth, viewing it as a matter of "when, not if."

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Chairman & CEO Stephen Schwarzman highlighted Blackstone's significant first-mover advantage, scale, brand, and performance as durable competitive strengths. President & COO Jonathan Gray added that as base rates fall, the relative attractiveness of their products compared to cash will increase, which should accelerate momentum in the private wealth channel, a market that remains highly underpenetrated.

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Chair & CEO Adena Friedman explained that stablecoins could enhance the efficiency of payment rails and collateral movement, benefiting their Calypso business. For the broader crypto space, she noted that market structure is still evolving and Nasdaq is engaged with regulators to promote an 'investor-first' framework, viewing institutionalization as a positive long-term trend.

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CEO Adena Friedman stated the tick rule will not have a material financial impact but expressed concern that the deep cut to access fees could harm lit market liquidity. CFO Sarah Youngwood explained the expense guidance range is driven by variability in revenue-related spending and the timing of marketing and other investments.

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President & CFO Lynne Fitzpatrick acknowledged the two competing factors: higher-RPC international activity versus lower-RPC retail activity in micro contracts. She stated that CME's primary focus is on growing overall revenue and providing trading opportunities for clients, rather than specifically managing or targeting RPC growth.

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Lynne Fitzpatrick, President & CFO, acknowledged the two opposing trends: higher-RPC international volume and lower-RPC retail volume from micro contracts. She clarified that the company's primary focus is on growing overall revenue and providing trading opportunities, not on managing the RPC metric itself.

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Julie Winkler, Chief Commercial Officer, detailed that the record 8.8 million ADV in Q1 was driven by double-digit growth across all asset classes and every international customer segment, led by commercial participants. She highlighted record non-U.S. options growth and strong activity from the buy-side community, particularly quant funds in APAC.

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CFO Lynne Fitzpatrick explained the Q4 expense increase is seasonal and consistent with prior years, driven by large marketing events and support for new retail partners. She stated that CME does not target a specific margin level but focuses on driving earnings growth. Chief Commercial Officer Julie Winkler addressed the retail question by stating it's difficult to generalize volume uplift due to the diverse models of their distribution partners; the focus is on education and leveraging CME's broad product suite to match trader interest with market volatility.

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CFO Martin S. Small reiterated the firm's capital management strategy: first invest in the business, then return excess cash to shareholders. He confirmed the plan to repurchase at least $375 million in shares per quarter for the rest of 2025, noting buybacks are an 'output' of the strategy. For dividends, the firm targets a 40-50% payout ratio of GAAP net income and expects the 2030 strategy to drive high-single to low-double-digit dividend growth.

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Martin Small, an executive, reiterated that BlackRock's capital allocation strategy remains consistent. The first priority is investing in the business to drive organic growth, followed by a commitment to the dividend. Share repurchases are treated as an output to return excess cash after other priorities are met. He noted that the size of future buybacks depends on factors like cash flow and investment needs, highlighting the $4.7 billion returned to shareholders in 2024 as evidence of their commitment to being an attractive compounder.

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Executive Martin Small highlighted the strategy to integrate private markets into their $300B+ model portfolio business. CEO Laurence Fink added a broader vision, comparing the potential to the rise of ETFs. He stressed that the acquisition of Preqin is key, as enhanced data and analytics will be crucial to making private markets more transparent and accessible for wealth clients.

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CEO Ali Dibadj expressed excitement for the Guardian partnership, noting it positions Janus Henderson as a top 15 unaffiliated insurance asset manager with over $100 billion in global insurance AUM. He highlighted growth vectors including amplifying relationships with other insurers, leveraging the $400 million seed capital commitment, and co-developing solutions for Guardian's Park Avenue Securities broker-dealer. On M&A, Dibadj described the environment as 'very, very active' and noted that while the bid-ask spread has narrowed, there has not been 'capitulation' from potential sellers.

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CEO Ali Dibadj detailed a multi-pronged strategy for intermediary success, including talent management, data-driven sales, marketing, and performance-linked compensation. For institutional, he noted a growing pipeline and positive consultant ratings. On M&A, he described the pipeline as robust but stressed a disciplined, culture-focused approach. CFO Roger Thompson added that for Privacore, the firm is actively exploring strategic options for its 49% stake, which could include extending the window to acquire the remaining 51%.

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Executive Ali Dibadj attributed the expected Q4 performance fee strength to both significant improvement in U.S. mutual fund fees and strong performance in hedge funds. CFO Roger Thompson stated the board authorized an additional $50 million for share repurchases, which they expect to execute by the next AGM, while maintaining flexibility for strategic M&A or seed capital needs.

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CEO Eric Colson explained the new disclosure highlights the significant progress and leverage achieved in the intermediated wealth channel, which aligns with the firm's high-value-add model. He stated the institutional business remains a strong area, with the firm adding fixed income and alternative strategies to meet rebalancing demand. Colson confirmed a definite focus on growth, evidenced by the evolution from being 'bought' to 'sold,' increased sales headcount, and a strategic focus on building strategies that fit the wealth channel.

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Executive Eric Colson explained that the International Value Fund's capacity is actively managed to prioritize long-term performance over asset gathering. He attributed the recent fee rate dip to large, lower-fee 'foundational assets' in new fixed income strategies, not just a simple mix shift. CFO Charles Daley added that the higher dividend payout resulted from realized seed capital gains, with more redemptions expected in 2025. He projected the 2025 payout ratio would remain in the mid-90% range, consistent with prior years.

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Executive Jason Gottlieb explained that Artisan's alpha generation relies on security selection and stock picking rather than building a separate origination function. CFO Charles Daley clarified that the recent fixed income fee rate decline was due to a mix shift, with outflows from higher-fee accounts and inflows to new, large institutional mandates at 'founder fee' rates. He specified that subsidies for new teams abate within the incentive compensation line as those teams begin to earn into their revenue share.

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CEO Robert Sharps expressed excitement about the Aspida partnership, noting it will help refine their insurance asset management offering and could lead to co-developed products. He emphasized that insurance is a key growth area with momentum building in 2024. Head of Global Investments Eric Veiel added that while there are hurdles, the firm is deeply researching the use of alternatives like private credit in defined contribution plans to improve client outcomes.

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CFO Jill Griebenow deferred specific 2025 guidance but stressed the company's focus on disciplined expense management and margin stabilization. She contextualized the Q3 expense figure, noting it was impacted by a tough prior-year comparison and that the year-to-date expense growth rate is significantly lower than the previous year. She reiterated that managing operating expenses remains a key component of their margin strategy.

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CFO Sara Furber confirmed the fee per million calculations were heard correctly. CEO Billy Hult addressed the competitive landscape, stating he doesn't have a major comment on the MarketAxess/ICE deal and feels confident in Tradeweb's own client focus and retail business advantages. Regarding private credit, Hult noted they are closely watching its convergence with public markets, viewing it as an opportunity that aligns with Tradeweb's expertise in electronifying new markets.

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Executive Chairman Robert Morse highlighted fundraising momentum in the Workforce & Affordable Housing and Debt strategies. For Newbury, he acknowledged a slower start but noted a first close was complete and momentum is building through re-ups and new interest from Bridge's client base. On the retail front, he discussed the single triple-net lease product and the expansion of distribution to RIAs and independent broker-dealers, citing over 1,200 retail investor dialogues this year.

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Executive Chairman Robert Morse stated the macro environment is improving and investor interest is strong, emphasizing that the financial impact from the Office Fund I was contained and is a de minimis part of AUM. To drive value, Morse highlighted the firm's focus on transaction execution and growth from newer initiatives like Logistics, Secondaries, and renewable energy, which build upon their established foundation.

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