Total Revenue

6% decline ( " " )

Total Revenue declined from $224.4 million in Q2 2024 to $210.5 million in Q2 2025, driven largely by weaker fee income. This mirrors earlier trends where lower Investment Management Fees and Distribution and Service Fees (see below) combined to depress revenue, similar to the declines observed in Q1 2025 due to reduced fee rates and lower assets under management ( " " ).

Investment Management Fees

6% decline ( " " )

Investment Management Fees dropped from $191.7 million to $179.5 million, likely reflecting lower fee rates and a slight decline in average assets under management—a trend previously observed in Q1 2025 when fee rates fell from 41.9 to 41.7 basis points ( " " ).

Distribution and Service Fees

10% decline ( " " )

Distribution and Service Fees decreased from $13.4 million to $12.0 million, primarily due to lower sales and reduced average assets under management for open-end funds, consistent with declines noted in prior periods such as Q1 2025 ( " ).

Administration and Shareholder Fees & Other Income

Largely stable ( " " )

These fees remained stable at approximately $18.0 million and $1.0 million respectively, indicating steady performance in fund administration and fee-based other income, unlike the declines seen in other revenue areas in both Q1 and Q2 2025.