The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation m ...

For those looking to find strong Finance stocks, it is prudent to search for companies in the group that are outperforming their peers. Has BrightSphere Investment Group (BSIG) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Finance peers, we might be able to answer that question.BrightSphere Investment Group is one of 856 individual stocks in the Finance sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sect ...

Investors interested in Finance stocks should always be looking to find the best-performing companies in the group. Is BrightSphere Investment Group (BSIG) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.BrightSphere Investment Group is a member of our Finance group, which includes 857 different companies and currently sits at #4 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst i ...

PART I [Business](index=6&type=section&id=Item%201.%20Business) BrightSphere Investment Group (BSIG) is a global asset management company operating through its Quant & Solutions segment, Acadian Asset Management LLC, focusing on systematic investment strategies - The company operates as a global, diversified asset management firm with **approximately $104 billion** in Assets Under Management (AUM) as of December 31, 2023[162](index=162&type=chunk) - The business is conducted through its majority-owned subsidiary, Acadian Asset Management LLC, a systematic manager of active global, international equity, and alternative strategies, which forms the Quant & Solutions reportable segment[162](index=162&type=chunk)[164](index=164&type=chunk) - The distribution model is focused on institutional and sub-advisory channels, which account for **approximately 79%** and **12%** of AUM, respectively. Key institutional clients include public/government pension funds (**42%** of AUM) and corporate plans (**12%** of AUM)[191](index=191&type=chunk) - The company has a diverse client base with no significant concentration. As of December 31, 2023, the top five client relationships represented about **14%** of total run rate gross management fee revenue, and the top 25 clients represented about **38%**[196](index=196&type=chunk)[5](index=5&type=chunk) - From January 1, 2019, to December 31, 2023, the company repurchased **approximately 63%** of its shares, demonstrating a strong commitment to returning capital to shareholders[190](index=190&type=chunk) - The company is subject to extensive regulation in the U.S. by the SEC under the Investment Advisers Act of 1940 and the Investment Company Act of 1940, as well as by international regulators like the FCA in the U.K., MAS in Singapore, and ASIC in Australia[252](index=252&type=chunk)[253](index=253&type=chunk) [Risk Factors](index=14&type=page&id=Item%201A.%20Risk%20Factors) The company faces a wide range of risks, including significant dependency on its sole affiliate Acadian, operational challenges, financial risks, and extensive regulations [Risks Related to Operations](index=14&type=section&id=Risks%20Related%20to%20Operations) The company's financial results are almost entirely dependent on its sole affiliate, Acadian, with revenue concentrated in a few critical investment strategies and reliance on key personnel - Substantially all revenue and cash flows are dependent on the profitability of the sole affiliate, Acadian[40](index=40&type=chunk) - A significant portion of assets are concentrated in a limited number of investment strategies. As of December 31, 2023, **43%** of AUM (**$44.7 billion**) was in three strategies: Emerging Markets Equity (**16%**), Global Equity (**14%**), and All-Country World ex-US Equity (**13%**)[46](index=46&type=chunk) - The business is dependent on retaining key investment and management personnel, the loss of whom could have an adverse impact[47](index=47&type=chunk) - The company faces downward pressure on fee levels due to industry competition and changes in how clients access asset management services[10](index=10&type=chunk)[13](index=13&type=chunk) - Over **95%** of total AUM as of December 31, 2023, was invested in global, international, and emerging markets equities, exposing the company to significant foreign currency exchange risk and geopolitical uncertainties[18](index=18&type=chunk) - As of December 31, 2023, the company had **approximately $41 million** committed to seed capital invested in five products, which is subject to market risk and potential liquidity constraints[24](index=24&type=chunk) [Risks Related to Financial Structure and Strategy](index=21&type=section&id=Risks%20Related%20to%20Financial%20Structure%20and%20Strategy) The company's financial structure includes **$275 million** in outstanding long-term bonds, which could constrain growth and require substantial cash flow for debt service - As of December 31, 2023, the company had **$275 million** of long-term bonds outstanding. This indebtedness may require substantial cash flow for debt service, reducing funds available for other corporate purposes[29](index=29&type=chunk)[30](index=30&type=chunk) - The company's **$125 million** senior unsecured revolving credit facility was assigned to its affiliate, Acadian, in February 2021 and is no longer available for borrowing at the holding company level, making future financing dependent on operating performance and new debt issuances[31](index=31&type=chunk) - The development and introduction of new products and capabilities, while crucial for growth, may be unsuccessful and expose the company to additional legal, regulatory, and financial risks[27](index=27&type=chunk)[28](index=28&type=chunk) [Risks Related to Technology, Cybersecurity, and Legal Matters](index=22&type=section&id=Risks%20Related%20to%20Technology%2C%20Cybersecurity%2C%20and%20Legal%20Matters) The company faces increasing cybersecurity risks, complex data protection laws, potential litigation, and compliance challenges with anti-corruption laws - The company faces a significant and increasing risk of cyber-attacks, which could result in unauthorized access to confidential information, operational disruptions, reputational damage, and financial losses[35](index=35&type=chunk)[38](index=38&type=chunk) - The company is subject to stringent data protection laws, including the EU/U.K. GDPR and the California Consumer Privacy Act (CCPA), with non-compliance potentially leading to substantial fines (**up to 4%** of total annual worldwide turnover under GDPR) and reputational harm[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - The business is exposed to potential litigation from clients alleging misconduct, breach of fiduciary duty, or breach of contract, which could result in substantial legal expenses and reputational damage[32](index=32&type=chunk)[34](index=34&type=chunk) - Operations are subject to anti-corruption laws like the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act, as well as various trade control laws, with non-compliance carrying potential civil or criminal penalties[60](index=60&type=chunk)[61](index=61&type=chunk) - The exit of the U.K. from the EU ("Brexit") creates ongoing political, legal, and economic uncertainty that could adversely impact the company's business, particularly regarding the regulation of financial services[64](index=64&type=chunk)[67](index=67&type=chunk) [Risks Related to Our Industry](index=25&type=section&id=Risks%20Related%20to%20Our%20Industry) The asset management industry is highly competitive and extensively regulated, making the company susceptible to industry trends and compliance risks - The company operates in a highly competitive environment, facing competition from a broad range of domestic and international asset managers, some of which have greater capital resources and name recognition[69](index=69&type=chunk)[72](index=72&type=chunk) - Being solely focused on asset management makes the company more susceptible to negative events and trends impacting the industry compared to more diversified financial services firms[76](index=76&type=chunk) - The business is subject to extensive and changing regulations in the U.S. (SEC, Advisers Act, Investment Company Act) and internationally (FCA in the U.K.). Failure to comply could lead to fines, sanctions, and reputational harm[77](index=77&type=chunk)[79](index=79&type=chunk)[84](index=84&type=chunk) [Risks Related to Our Ownership Structure and Governance](index=27&type=section&id=Risks%20Related%20to%20Our%20Ownership%20Structure%20and%20Governance) Paulson & Co. Inc.'s significant ownership stake influences business decisions, and future share sales could impact stock price, while the share repurchase program is discretionary - As of February 14, 2024, Paulson & Co. Inc. owned **23.11%** of the company's common stock, giving it significant influence over the business and potentially discouraging changes in control[85](index=85&type=chunk) - Future sales of a substantial number of shares by significant stockholders like Paulson could cause the stock price to decline[86](index=86&type=chunk) - The company's certificate of incorporation designates the Court of Chancery of the State of Delaware as the exclusive forum for certain stockholder lawsuits, which may limit a stockholder's ability to bring a claim in a different judicial forum[90](index=90&type=chunk)[91](index=91&type=chunk) - The company's share repurchase program is discretionary and subject to market conditions, with no assurance that shares will be repurchased or that they will be repurchased at favorable prices[92](index=92&type=chunk)[93](index=93&type=chunk) [Risks Related to Our Tax Matters](index=28&type=section&id=Risks%20Related%20to%20Our%20Tax%20Matters) The company's global effective tax rate is volatile due to earnings mix and legislative changes, with tax audits posing risks of adjustments and reputational damage - The company's global effective tax rate is subject to volatility due to the global mix of earnings and changes in tax legislation in the U.S., U.K., and other jurisdictions[94](index=94&type=chunk)[96](index=96&type=chunk) - Changes in tax laws, such as those from the OECD's base erosion and profit shifting (BEPS) project, could increase tax uncertainty and the company's effective tax rate[100](index=100&type=chunk) - The company is subject to tax audits, and disagreements with tax authorities could result in erroneous filings, adverse impacts on income, and reputational damage[98](index=98&type=chunk)[99](index=99&type=chunk) [General Risk Factors](index=29&type=section&id=General%20Risk%20Factors) The company's common stock price is volatile, goodwill and intangible assets face impairment risk, dividend payments are discretionary, and public company reporting is costly - The market price of the company's common stock is volatile and can be affected by financial results, changes in analyst estimates, and general economic conditions[101](index=101&type=chunk)[104](index=104&type=chunk) - The carrying value of goodwill and intangible assets is subject to impairment risk, which could result in a non-cash charge affecting reported earnings[105](index=105&type=chunk)[106](index=106&type=chunk) - The ability to pay dividends is at the discretion of the Board of Directors and depends on financial condition, earnings, and cash distributions from Acadian[107](index=107&type=chunk)[108](index=108&type=chunk) - Compliance with public company reporting requirements, including Sarbanes-Oxley Section 404, is costly and time-consuming. Deficiencies in internal controls could lead to a decline in stock price and regulatory sanctions[109](index=109&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [Unresolved Staff Comments](index=32&type=page&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved written comments from the Securities and Exchange Commission staff that were received 180 days or more before the end of the fiscal year - There are no unresolved written comments from the SEC staff received 180 days or more before the end of the fiscal year[115](index=115&type=chunk) [Cybersecurity](index=32&type=page&id=Item%201C.%20Cybersecurity) The company has established processes to manage cybersecurity risks, overseen by the Audit Committee, and has not experienced any material cybersecurity incidents - The company has adopted processes to identify, assess, and manage material risks from cybersecurity threats, including an incident response plan[116](index=116&type=chunk)[117](index=117&type=chunk) - The Audit Committee of the Board of Directors has primary responsibility for cybersecurity oversight and receives quarterly briefings[120](index=120&type=chunk) - The cybersecurity program is managed by the Head of IT and CISO, who has over **20 years** of industry experience and reports to the CEO[121](index=121&type=chunk) - As of the report date, the company has not experienced a cybersecurity incident that resulted in a material effect on its business strategy, results of operations, or financial condition[119](index=119&type=chunk) [Properties](index=33&type=page&id=Item%202.%20Properties) The company's principal executive office is in Boston, with its affiliate Acadian maintaining primary and secondary offices globally to support operations - The principal executive office is located at 200 State Street, 13th Floor, Boston, Massachusetts 02109, with a lease for **7,218 square feet** expiring on June 30, 2024[124](index=124&type=chunk) - Acadian maintains its primary office in Boston, with secondary offices in London, Singapore, and Sydney to support research, distribution, and client servicing[124](index=124&type=chunk) [Legal Proceedings](index=33&type=page&id=Item%203.%20Legal%20Proceedings) Management does not believe any ongoing legal proceedings will result in liabilities material to the company's consolidated financial condition or results of operations - The company does not currently believe that any ongoing legal proceedings will result in liabilities material to its consolidated financial condition, future results of operations, or cash flow[125](index=125&type=chunk) [Mine Safety Disclosures](index=33&type=page&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[126](index=126&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=34&type=page&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under "BSIG", and the Board authorized a new **$100.0 million** share repurchase program in December 2023 - The company's common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol "BSIG"[129](index=129&type=chunk) - On December 20, 2023, the Board of Directors authorized a new share repurchase program for **up to $100.0 million** of common stock[139](index=139&type=chunk) Share Repurchases for the Three Months Ended December 31, 2023 | Period | Total Shares Purchased | Average Price Paid per Share ($) | Value Remaining Under Program (in millions) | | :--- | :--- | :--- | :--- | | Oct 1-31, 2023 | — | — | **$100.0** | | Nov 1-30, 2023 | — | — | **$100.0** | | Dec 1-31, 2023 | **268,800** | **19.03** | **$94.9** | | **Total** | **268,800** | **$19.03** | **$94.9** | [Reserved]](index=36&type=page&id=Item%206.%20%5BReserved%5D) This item is reserved - Item 6 is reserved[143](index=143&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=page&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, including AUM changes, U.S. GAAP and ENI results, capital resources, liquidity, and critical accounting policies [Overview](index=38&type=section&id=Overview) The company operates through its Quant & Solutions segment, Acadian, with profitability driven by AUM management fees and a profit-sharing model, using ENI for performance evaluation - The company operates through a single segment, Quant & Solutions, comprised of its interest in Acadian Asset Management LLC[151](index=151&type=chunk) - The company's profitability relies on a profit-sharing model with Acadian, where variable compensation is a percentage of earnings, and remaining profits are shared between the company and Acadian's key employee equity holders[170](index=170&type=chunk)[171](index=171&type=chunk) - Management's key performance measure is Economic Net Income (ENI), a non-GAAP metric that adjusts U.S. GAAP net income to better reflect operating performance and cash generation[175](index=175&type=chunk)[176](index=176&type=chunk) Summary Results of Operations (U.S. GAAP vs. ENI) | Metric ($ in millions) | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **U.S. GAAP Basis** | | | | | Revenue | **$426.6** | **$417.2** | **$523.8** | | Net income attributable to controlling interests | **$65.8** | **$100.6** | **$828.4** | | Diluted EPS ($) | **$1.55** | **$2.33** | **$10.29** | | **Economic Net Income (ENI) Basis** | | | | | ENI revenue | **$423.6** | **$416.8** | **$523.5** | | Economic net income | **$75.7** | **$81.6** | **$118.3** | | ENI diluted EPS ($) | **$1.78** | **$1.89** | **$1.47** | Assets Under Management (AUM) Roll-Forward ($ in billions) | AUM ($ in billions) | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Beginning balance | **$93.6** | **$117.2** | **$116.0** | | Net flows | **$(2.3)** | **$(3.1)** | **$(5.9)** | | Market appreciation (depreciation) | **$12.4** | **$(20.5)** | **$16.1** | | Sale of Affiliates / Other | — | — | **$(9.0)** | | **Ending balance** | **$103.7** | **$93.6** | **$117.2** | [U.S. GAAP Results of Operations](index=49&type=section&id=U.S.%20GAAP%20Results%20of%20Operations) Total revenue increased in 2023, but operating income and net income declined due to higher compensation and benefits expenses U.S. GAAP Consolidated Statements of Operations Highlights ($ in millions) | Line Item | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Total revenue | **$426.6** | **$417.2** | **$9.4** | | Compensation and benefits | **$217.9** | **$159.2** | **$58.7** | | Total operating expenses | **$320.6** | **$249.3** | **$71.3** | | Operating income | **$106.0** | **$167.9** | **$(61.9)** | | Income from continuing operations | **$67.1** | **$100.6** | **$(33.5)** | | Net income attributable to controlling interests | **$65.8** | **$100.6** | **$(34.8)** | - Management fees increased by **$5.8 million** (**1.6%**) in 2023 due to an improvement in the blended average basis points, despite a slight decrease in average AUM[305](index=305&type=chunk) - Performance fees remained relatively stable, increasing by **$1.0 million** (**2.0%**) to **$50.4 million** in 2023[314](index=314&type=chunk) - Compensation and benefits expense rose by **$58.7 million** (**36.9%**) in 2023, primarily due to severance-related costs at Acadian and a **$39.9 million** change in the revaluation of Affiliate key employee equity liabilities compared to the prior year[318](index=318&type=chunk) [Non-GAAP Supplemental Performance Measure—Economic Net Income and Segment Analysis](index=59&type=section&id=Non-GAAP%20Supplemental%20Performance%20Measure%E2%80%94Economic%20Net%20Income%20and%20Segment%20Analysis) Management uses Economic Net Income (ENI), a non-GAAP measure, to assess business performance, with 2023 ENI decreasing from 2022 - Economic Net Income (ENI) is a key non-GAAP measure used by management for operational decisions, resource allocation, and incentive compensation[271](index=271&type=chunk)[272](index=272&type=chunk) Reconciliation of U.S. GAAP Net Income to Economic Net Income ($ in millions) | Line Item | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **U.S. GAAP net income attributable to controlling interests** | **$65.8** | **$100.6** | **$828.4** | | Non-cash key employee-owned equity revaluations | **$(0.1)** | **$(40.0)** | **$32.9** | | Discontinued operations and restructuring | **$9.5** | **$1.3** | **$(743.8)** | | Other adjustments (net) | **$(0.1)** | **$18.1** | **$1.3** | | **Economic net income** | **$75.7** | **$81.6** | **$118.3** | ENI Revenue and Operating Expense ($ in millions) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | ENI Revenue | **$423.6** | **$416.8** | **$523.5** | | ENI Operating Expense | **$198.4** | **$182.1** | **$192.8** | | ENI Variable Compensation | **$104.9** | **$100.3** | **$129.6** | | ENI Operating Margin | **28.4%** | **32.2%** | **38.4%** | - The Quant & Solutions segment generated ENI revenue of **$423.6 million** in 2023, an increase of **1.6%** from **$416.8 million** in 2022, driven by higher performance and management fees[393](index=393&type=chunk)[402](index=402&type=chunk) [Capital Resources and Liquidity](index=72&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintains a solid liquidity position with **$273.9 million** in long-term debt and sufficient cash flow to fund operations Cash Flow Summary ($ in millions) | Cash Flow Activity | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Operating activities | **$77.7** | **$119.0** | **$(4.4)** | | Investing activities | **$(31.4)** | **$(13.0)** | **$1,036.0** | | Financing activities | **$(8.1)** | **$(233.7)** | **$(1,152.4)** | - Working capital was **$181.6 million** as of December 31, 2023, an increase from **$117.8 million** at the end of 2022[409](index=409&type=chunk)[411](index=411&type=chunk) - Long-term debt primarily consists of **$273.9 million** in **4.80%** Senior Notes due 2026. Acadian also has a **$125 million** revolving credit facility, which was undrawn as of December 31, 2023[422](index=422&type=chunk)[424](index=424&type=chunk) Adjusted EBITDA Reconciliation ($ in millions) | Line Item | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net income attributable to controlling interests | **$65.8** | **$100.6** | **$828.4** | | Adjustments (Interest, Taxes, D&A, etc.) | **$60.2** | **$82.5** | **$356.7** | | **EBITDA** | **$126.0** | **$183.1** | **$1,185.1** | | Other Adjustments (Non-cash comp, discontinued ops, etc.) | **$7.8** | **$(33.0)** | **$(973.4)** | | **Adjusted EBITDA** | **$133.8** | **$150.1** | **$211.7** | [Critical Accounting Policies and Estimates](index=79&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Management identifies share-based compensation and taxation as critical accounting policies requiring significant judgment due to complex valuations and tax law interpretations - The valuation of cash-settled equity awards for Affiliate key employees is a critical estimate, requiring discounted cash flow analyses with subjective assumptions like forecasted earnings, growth rates, and discount rates[268](index=268&type=chunk)[481](index=481&type=chunk) - The accounting for income taxes is critical, involving significant judgment in determining the worldwide provision for income taxes, assessing the realizability of deferred tax assets, and establishing reserves for uncertain tax positions[266](index=266&type=chunk)[277](index=277&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=80&type=page&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are equity market and foreign currency fluctuations, with minimal interest rate risk - A **10% change** in the value of total AUM (**$103.7 billion**) would result in an **approximate $39 million** change in annualized management fees and a **$17 million** change in post-tax economic net income[298](index=298&type=chunk) - A **10% change** in equity markets would affect **$101 billion** of equity AUM, causing a **$38 million** change in annualized management fee revenue and a **$15 million** change in post-tax ENI[293](index=293&type=chunk) - A **10% change** in foreign exchange rates against the U.S. dollar would affect **$83 billion** of foreign currency-denominated AUM, resulting in a **$33 million** change in annualized management fee revenue and a **$13 million** change in post-tax ENI[293](index=293&type=chunk) - Interest rate risk is minimal as of December 31, 2023, as there was no balance drawn on Acadian's variable-rate revolving credit facility[297](index=297&type=chunk)[299](index=299&type=chunk) [Financial Statements and Supplementary Data](index=83&type=page&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements for 2023, with an unqualified opinion from KPMG LLP on both financial statements and internal controls - The independent registered public accounting firm, KPMG LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of the company's internal control over financial reporting as of December 31, 2023[452](index=452&type=chunk)[491](index=491&type=chunk) - A critical audit matter identified was the assessment of the fair value measurement of the cash-settled affiliate awards liability, due to the complex and subjective judgments required for key assumptions like forecasted earnings and discount rates[479](index=479&type=chunk)[484](index=484&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=143&type=page&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with accountants on accounting and financial disclosure - None[848](index=848&type=chunk) [Controls and Procedures](index=143&type=page&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes during the fourth quarter - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[876](index=876&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2023[849](index=849&type=chunk) - There were no changes in internal control over financial reporting during the fourth quarter of 2023 that materially affected, or are reasonably likely to materially affect, internal controls[879](index=879&type=chunk) [Other Information](index=143&type=page&id=Item%209B.%20Other%20Information) No directors or officers entered into, modified, or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements during the fourth quarter of 2023 - No directors or officers entered into, modified, or terminated Rule 10b5-1 trading plans during the fourth quarter of 2023[880](index=880&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=143&type=page&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not Applicable[881](index=881&type=chunk) PART III [Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, and Principal Accountant Fees](index=144&type=page&id=Items%2010-14) Information for Items 10-14 is incorporated by reference from the definitive proxy statement for the 2024 annual meeting of shareholders - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the definitive proxy statement for the 2024 annual meeting of shareholders[853](index=853&type=chunk)[854](index=854&type=chunk)[855](index=855&type=chunk) PART IV [Exhibits, Financial Statements Schedules](index=145&type=page&id=Item%2015.%20Exhibits%2C%20Financial%20Statements%20Schedules) This section lists financial statements and exhibits, including corporate governance documents, debt agreements, and executive certifications - The financial statements required by this item are contained in Item 8 of the report[857](index=857&type=chunk) - The report includes a list of exhibits filed, such as corporate governance documents, debt agreements, compensation plans, and executive certifications[858](index=858&type=chunk) [Form 10-K Summary](index=147&type=page&id=Item%2016.%20Form%2010-K%20Summary) This item is noted in the table of contents but no summary is provided in the document - No summary is provided for Item 16[898](index=898&type=chunk)

BrightSphere Investment Group Inc. (BSIG) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, BSIG's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves t ...

Financial Data and Key Metrics Changes - For Q4 2023, the company reported record ENI per share of $0.77, a 15% increase from $0.67 in Q4 2022 and $0.45 in Q3 2023, primarily driven by a 10% increase in management fee revenue due to higher AUM from market appreciation [16][32][50] - The cash balance as of December 31, 2023, was $147 million, with the company fully paying down its revolver compared to $13 million outstanding at the end of Q3 [10][46] Business Line Data and Key Metrics Changes - Acadian's investment performance remained strong, with over 90% of strategies by revenue outperforming their respective benchmarks as of December 31, 2023 [9] - The company experienced net client cash flows of negative $2 billion in the quarter, attributed to outflows from managed volatility strategies and select large reallocations [32][47] Market Data and Key Metrics Changes - The company noted continued pressure on managed volatility strategies, which have underperformed core indices, leading to client reallocations [22][26] - There is a healthy pipeline across various strategies, including equity ex-U.S. and small cap strategies, indicating strong interest in these areas [38][47] Company Strategy and Development Direction - The company remains focused on maximizing shareholder value, planning to use free cash flow to support organic growth and share buybacks [33] - Growth initiatives are on track, with Acadian's Equity Alternatives platform showing good investment outperformance and the Systematic Credit initiative seeded in November 2023 [17][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the institutional pipeline, despite acknowledging that client conversations are taking longer than usual [22][38] - The company expects continued pressure on managed volatility strategies but is satisfied with the overall pipeline and client engagement [26][47] Other Important Information - The Board authorized share buybacks of up to $100 million, with approximately $43 million repurchased so far, representing about 5.2% of outstanding shares [50] - The company plans to allocate $20 million to $25 million for operating cash, leaving around $100 million available for buybacks [46] Q&A Session Summary Question: What is the outlook for cash usage this year? - Management indicated that cash from operations will build additional capacity for buybacks or to seed more organic growth [11][20] Question: Can you comment on areas of strength and the institutional pipeline? - Management noted pressure on managed volatility strategies but highlighted a good pipeline across various strategies, with hopes to add more clients in the Equity Alternatives strategy [22][24][26] Question: What is the expected fee rate for the next few quarters? - Management suggested that 38 basis points is a good baseline for the next few quarters, with potential increases as higher fee strategies gain traction [28][43] Question: Can you elaborate on flows in the quarter? - Management acknowledged $2 billion in outflows but noted that the sales pipeline remains healthy and is expected to improve [36][38] Question: What is the progress on the systematic credit and Equity Alts platform? - Management expressed satisfaction with the progress of both initiatives, with good client conversations and expectations for early client engagement [39][52]

BrightSphere Investment Group (BSIG) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 32.76%. A quarter ago, it was expected that this asset manager would post earnings of $0.29 per share when it actually produced earnings of $0.45, delivering a surprise of 55.17%.Over the last four qu ...

Wall Street expects a year-over-year decline in earnings on higher revenues when BrightSphere Investment Group (BSIG) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 1, 2024, might help the stock move higher if these key numbers ...

62 This Quarterly Report on Form 10-Q includes forward-looking statements, which may include, from time to time, anticipated revenues, margins, cash flows or earnings, anticipated future performance of our business, our expected future net cash flows, our anticipated expense levels, capital management, financial condition, results of operations and cash flows, and/or expectations regarding market conditions. The words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "ca ...

BrightSphere Investment Group Inc. (NYSE:BSIG) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET Company Participants Melody Huang - SVP, Director of Finance and IR Suren Rana - President and CEO Conference Call Participants Kenneth Lee - RBC Capital Markets Michael Cyprys - Morgan Stanley John Dunn - Evercore ISI Michael Cyprys - Morgan Stanley Operator Ladies and gentlemen, thank you for standing by. Welcome to the BrightSphere Investment Group Earnings Conference Call and Webcast for the Thir ...