Accretion

Q1 2025

Low double‑digit accretion "

no current guidance

no current guidance

Expense Synergies

Q1 2025

$100 million of expense synergies expected within 2 years " "

no current guidance

no current guidance

Revenue Synergies

Q1 2025

Guidance on revenue synergies will be provided closer to transaction closing " "

no current guidance

no current guidance

Fee Rates

Q1 2025

High‑40s basis points "

no current guidance

no current guidance

Long‑term Margins

Q1 2025

49% "

no current guidance

no current guidance

Adjusted EBITDA Margin Guid.

Q1 2025

49% "

no current guidance

no current guidance

Amundi Integration and Synergies

Consistently discussed across Q1–Q3 with detailed plans for integrating Amundi U.S., achieving $100 million in expense synergies (majority in year one), and anticipations for EPS accretion and enhanced platform scalability. " " "

Q4 reiterated being on track to close the Amundi acquisition by quarter‐end, reaffirming synergy targets and highlighting strong growth within the Amundi U.S. business, including impressive net flow performance. " "

Consistent optimism with a maturing integration process. Early discussions focused on planning and cautious execution, while Q4 exhibits increased confidence and confirmed progress.

Product Performance and Net Flow Trends

Q1–Q3 emphasized positive net flows and strong performance in both ETFs and fixed income—with steady inflows and robust performance ratings—and highlighted resilience amid minor volatility concerns. " " "

Q4 showcased record ETF flows (over $1 billion in Q4), continued fixed income momentum, and no significant volatility-related issues, reflecting strong distribution efforts and successful product innovation. " "

Robust and improving performance. Early positivity has evolved into record flow achievements and innovative product launches, indicating a strengthening trend.

Capital Allocation and Shareholder Returns

Q1–Q3 discussions balanced dividends with strategic acquisitions. Earlier calls noted dividend increases and limited share repurchases due to transaction restrictions (e.g. proxy process), while emphasizing strategic capital allocation. " "

Q4 noted a resumption of share repurchases with a $200 million repurchase program and an additional 7% dividend increase, showing a balance between acquisitions and active shareholder returns. " " "

Steady commitment with improved flexibility. Consistent emphasis on capital allocation remains, with Q4 showing less restrictive conditions and more proactive shareholder return measures.

Expense Synergies and Margin Discipline

Across Q1–Q3, management consistently reiterated the $100 million synergy target, maintained long-term margin guidance (around 49%), and showcased disciplined operational cost management with robust adjusted EBITDA margins. " " "

In Q4, the focus was on reaffirming the same synergy targets and highlighting record-adjusted EBITDA margins with no emerging margin vulnerabilities, underlining confidence in their scalable operating platform. " "

Stable and disciplined execution. The company has maintained its cost management focus with stable margins and synergy guidance, reinforcing its execution discipline throughout the periods.

Reliance on Industry Consolidation and M&A Strategy

Q1–Q3 emphasized acquisitions as central to growth, with discussions about the Amundi deal, integration of WestEnd Advisors, and anticipation of an industry “golden era of consolidation” to drive future inorganic growth. " " "

Q4 maintained the focus on industry consolidation. Although detailed M&A discussion was slightly less granular than earlier calls, the strategic reliance on acquisitions as a high-return capital allocation choice remained central. " "

Consistent strategic focus. The theme of leveraging consolidation through M&A has been constant, with Q4 reinforcing the approach as a cornerstone of long‐term growth despite minor shifts in emphasis.

Underperforming WestEnd Performance

Not mentioned in prior periods; WestEnd was discussed positively in Q1 as generating net flows and revenue growth. "

Q4 introduced WestEnd underperformance as a newly emerged risk, noting subpar performance relative to expectations in 2024, albeit with signs of an improved start in 2025 and new product (MODL ETF) initiatives to bolster recovery. "

New emerging risk. While WestEnd was positively viewed earlier, Q4 identifies a short-term underperformance risk that management expects to reverse in the near term, marking a qualitative shift in sentiment toward this acquisition.

Institutional Funding Dynamics

Q2 and Q3 noted delays in institutional unit fundings despite a strong and diversified pipeline; management expressed optimism for improved activity in upcoming quarters. " "

In Q4, management reported the largest institutional pipeline ever, with expectations that nearly all “won but not yet funded” mandates will materialize in 2025, lessening previous concerns about delays. " "

Marked improvement. Earlier delays appear to be resolving, as Q4 points to a record pipeline and a more favorable funding environment, indicating a positive turnaround in the institutional channel dynamics.

Global Distribution Network Partnership

In Q1–Q3, significant attention was given to building and leveraging the global distribution partnership with Amundi, including reciprocal and exclusive distribution agreements and geographic expansion plans. " " "

In Q4, while the 15-year exclusive distribution agreement is still noted as an asset to enhance organic growth, the discussion is less detailed, suggesting that this topic is now less of a focal point compared to earlier periods. "

Reduced emphasis. The distribution network remains strategically important, but Q4 discussions signal that it is now more of an established part of the business rather than an emerging strategic initiative, reflecting a maturation of the partnership.