Core Insights - MSCI's Q3 2025 adjusted earnings per share were $4.47, exceeding estimates by 2.29% and reflecting a 15.8% year-over-year increase [2] - Revenues for Q3 2025 reached $793.4 million, a 9.5% increase year-over-year, but fell short of consensus estimates by 0.72% [2] - The company has seen a downward trend in estimates over the past month, indicating potential challenges ahead [13][15] Financial Performance - Recurring subscription revenues were $579.1 million, up 7.9% year-over-year, contributing 73% to total revenues [3] - Asset-based fees increased by 17.1% year-over-year to $197.5 million, accounting for 24.9% of revenues [3] - Non-recurring revenues decreased by 13.4% year-over-year to $16.9 million, contributing 2.1% to total revenues [3] Segment Performance - Index revenues grew 11.4% year-over-year to $451.2 million, driven by market-cap-weighted Index products and ETFs [4] - Analytics operating revenues increased by 5.7% year-over-year to $182.2 million, with recurring subscriptions rising by 6% [5] - The Sustainability and Climate segment reported revenues of $90.1 million, a 7.7% increase year-over-year, despite a 31.2% decline in non-recurring revenues [6] Operating Metrics - Adjusted EBITDA rose 9.7% year-over-year to $494.4 million, with an adjusted EBITDA margin of 62.3% [8] - Total operating expenses increased by 6.9% year-over-year to $345.7 million, primarily due to higher compensation costs [9] - Operating income improved by 11.6% year-over-year to $447.7 million, with an operating margin of 56.4% [9] Balance Sheet and Cash Flow - As of September 30, 2025, total cash and cash equivalents were $400.1 million, up from $347.3 million as of June 30, 2025 [10] - Total debt increased to $5.6 billion, with a debt-to-adjusted EBITDA ratio of 3 times [10] - Free cash flow for the quarter was $423.3 million, a 7.4% increase year-over-year [11] Guidance and Outlook - MSCI maintains its 2025 guidance, expecting total operating expenses between $1.415 billion and $1.445 billion [12] - The company anticipates adjusted EBITDA expenses to be between $1.230 billion and $1.250 billion [12] - The overall direction of estimate revisions suggests a Zacks Rank 3 (Hold) for MSCI, indicating an expectation of in-line returns in the near term [15]

Core Viewpoint - Franklin Resources Inc. (BEN) is expected to report a decline in both earnings and revenues for the fourth quarter of fiscal 2025, with earnings anticipated at 57 cents, reflecting a 3.4% decrease year-over-year, and revenues estimated at $2.12 billion, indicating a 3.9% decline from the previous year [1][3]. Group 1: Earnings and Revenue Estimates - The Zacks Consensus Estimate for BEN's earnings is 57 cents, unchanged over the past week, representing a 3.4% decline from the same quarter last year [3]. - The consensus estimate for sales is $2.12 billion, suggesting a year-over-year decline of 3.9% [3]. - Franklin's earnings have beaten the consensus estimate in two of the last four quarters, with an average earnings surprise of 2.93% [2]. Group 2: Assets Under Management (AUM) - As of September 30, 2025, Franklin's preliminary total AUM was $1.66 trillion, up from $1.64 trillion at the end of August 2025, reflecting positive market impacts but offset by long-term net outflows of $11 billion [5]. - The Zacks Consensus Estimate for AUM in the fiscal fourth quarter is $1.67 trillion, indicating a 3.6% rise from the previous quarter's actual [5]. - The company's own estimate for AUM is pegged at $1.69 trillion [5]. Group 3: Fee Estimates - The Zacks Consensus Estimate for investment management fees is $1.69 billion, indicating a sequential rise of 2.9% [6]. - The consensus estimate for sales and distribution fees is $359.3 million, suggesting a 2.1% rise from the prior quarter [6]. - The estimate for shareholder servicing fees is $64.4 million, indicating a 7.5% rise from the previous quarter [6]. Group 4: Market Performance Context - The S&P 500 Index advanced nearly 8% during the July-September quarter, reflecting strong equity market performance, which likely benefited Franklin's performance [4]. - Despite the positive market trends, BEN is expected to have continued recording net outflows in the fiscal fourth quarter [5].

Core Insights - Affiliated Managers Group Inc. (AMG) is expected to report improved third-quarter 2025 results on November 3, with earnings anticipated to rise by 21% year over year [1][9][11] AMG's Recent Developments - In August, AMG agreed to sell its interest in Comvest Partners' private credit business to Manulife Financial Corporation for approximately $285 million, expected to close in Q4 2025 [3] - In July, AMG announced a definitive agreement to acquire a minority stake in Montefiore Investment, enhancing its strategy to partner with leading independent asset managers [4] - Also in July, AMG completed the sale of its equity interest in Peppertree Capital Management for about $240 million, which included $102 million in cash and nearly 2.9 million TPG Class A common shares [5] Management Expectations for Q3 - Management projects adjusted EBITDA in the range of $230-$240 million, considering current AUM levels and lower net performance fees of up to $10 million [6] - Expected net income (controlling interest) is between $121 million and $129 million, with economic earnings per share projected between $5.62 and $5.87 [7][11] Earnings Projections - The Zacks Consensus Estimate for AMG's earnings is $5.83, reflecting a 21% increase from the previous year [11] - The consensus estimate for sales is $521.13 million, indicating nearly 1% growth [11] Earnings Surprise History - AMG has a strong earnings surprise history, surpassing consensus estimates in three of the last four quarters, with an average beat of 3.23% [2]

Core Viewpoint - T. Rowe Price Group, Inc. (TROW) is expected to report a decline in earnings for Q3 2025, while revenues are projected to increase compared to the same quarter last year [1][10]. Group 1: Earnings and Revenue Expectations - The Zacks Consensus Estimate for TROW's third-quarter earnings is $2.49 per share, indicating a year-over-year decline of 3.1% [11]. - Revenue estimates stand at $1.86 billion, reflecting a 3.9% increase from the prior-year quarter [11]. - The company is anticipated to benefit from higher assets under management (AUM) and investment advisory fees, which are expected to lift quarterly revenues [10]. Group 2: Assets Under Management and Market Performance - TROW's preliminary AUM as of September 30, 2025, is $1.77 trillion, a 5.4% increase from June 30, 2025, driven by improved equity market performance [4]. - The Zacks Consensus Estimate for total AUM is $1.74 trillion, indicating a 3.6% sequential increase [5]. Group 3: Expenses and Financial Challenges - T. Rowe Price is likely to face increased expenses due to investments in technology and client acquisition, which may pressure profit margins [10]. - The estimate for operating expenses (GAAP basis) is pegged at $1.2 billion, indicating a 3.5% decrease on a sequential basis [8]. - Despite the rise in expenses, cost management efforts are expected to mitigate some of the financial pressures [7]. Group 4: Market Context and Competitor Performance - The S&P 500 Index rose nearly 8% during the July-September quarter, indicating strong market performance that may have positively impacted TROW's results [3]. - Competitors like Invesco and SEI Investments Co. reported strong earnings, with Invesco's adjusted earnings increasing by 38.6% and SEI's by 9.2% from the prior-year quarter, highlighting a competitive landscape [12][13].

Core Insights - SEI has launched a streamlined implementation model and scalable platform specifically designed for community banks and trust companies managing less than $1 billion in assets, with Clermont Trust USA being the first to utilize this platform [1][3]. Company Overview - SEI (NASDAQ:SEIC) is a leading global provider of financial technology, operations, and asset management services, focusing on helping clients effectively deploy their capital [6][7]. - As of September 30, 2025, SEI manages, advises, or administers approximately $1.8 trillion in assets [7]. Strategic Partnership - Clermont Trust USA aims to deliver customized trust and advice solutions, leveraging SEI's Wealth Platform to enhance operational efficiency and client service [2][3]. - The partnership emphasizes the need for scalable, integrated solutions to address complex wealth management challenges [2][4]. Platform Features - The SEI Wealth Platform offers a comprehensive suite of services, including advanced reporting and analytics tools, business process outsourcing, and access to SEI's asset management offerings [3][6]. - The platform is designed for quick implementation, allowing firms to enhance technology and user experience with minimal disruption [3][5]. Market Context - SEI has been serving trust companies and community banks for over 55 years, recognizing the challenges they face in a competitive wealth management landscape [4]. - The new model aims to reduce costs and improve access to modern solutions, addressing the limitations posed by high technology costs and complex implementations [4][5].

Core Viewpoint - The article compares Federated Hermes (FHI) and SEI Investments (SEIC) to determine which stock is more attractive to value investors [1] Group 1: Zacks Rank and Earnings Outlook - FHI has a Zacks Rank of 1 (Strong Buy), while SEIC has a Zacks Rank of 3 (Hold), indicating a stronger earnings outlook for FHI [3] - The Zacks Rank emphasizes stocks with positive revisions to earnings estimates, suggesting an improving earnings outlook for FHI [3] Group 2: Valuation Metrics - FHI has a forward P/E ratio of 10.35, compared to SEIC's forward P/E of 14.82, indicating that FHI may be undervalued [5] - FHI's PEG ratio is 0.53, while SEIC's PEG ratio is 1.23, further suggesting that FHI is a better value option when considering expected earnings growth [5] - FHI's P/B ratio is 3.35, whereas SEIC's P/B ratio is 4.22, reinforcing the notion that FHI is more attractively priced [6] Group 3: Value Grades - FHI has earned a Value grade of B, while SEIC has a Value grade of C, indicating that FHI is viewed as a superior value investment based on various valuation metrics [6]

Market Adoption - BlackRock, Apollo, Hamilton Lane, Nomura, Brevan Howard 等公司，共计 15 万亿美元资产管理规模 (AUM) 选择 SEI 作为 RWA (Real World Asset) 结算平台 [1] - DTCC 每年处理 2 quadrillion 美元交易额，SEI 获得其中 0.01% 的份额，交易额将达到 2000 亿美元 [1] Financial Implication - SEI 当前市值为 18 亿美元 [1] Competitive Advantage - 首个锁定跨机构结算的区块链平台将赢得整个市场 [1]

Core Insights - SEI Investments Company has approved an increase in its stock repurchase program by an additional $650 million, raising the total authorization to approximately $773.2 million, which includes $123.2 million remaining as of October 20, 2025 [1] Company Overview - SEI (NASDAQ: SEIC) is a prominent global provider of financial technology, operations, and asset management services within the financial services industry, managing, advising, or administering approximately $1.8 trillion in assets as of September 30, 2025 [2]

Core Insights - SEI Investments Company reported strong financial results for Q3 2025, with EPS increasing by 9% year-over-year, and revenue and operating income growing by 8% and 11%, respectively, leading to an operating margin of 28% [1][6]. Financial Performance - Revenues for Q3 2025 reached $578.5 million, up from $537.4 million in Q3 2024, marking an 8% increase [1][10]. - Operating income rose to $160.0 million, an 11% increase from $143.8 million in the same quarter last year [1][10]. - Net income attributable to SEI Investments was $164.2 million, a 6% increase from $154.9 million in Q3 2024 [1][10]. - Diluted earnings per share (EPS) for Q3 2025 were $1.30, compared to $1.19 in Q3 2024, reflecting a 9% increase [1][10]. Business Segment Performance - **Investment Managers**: Revenues increased by 12% to $207.1 million, with operating profit rising by 15% to $81.1 million, maintaining an operating margin of 39% [2][3]. - **Private Banks**: Revenues grew by 4% to $144.0 million, but operating profit declined by 2% to $23.2 million, resulting in a 16% operating margin [2][3]. - **Investment Advisors**: Revenues surged by 16% to $147.5 million, with operating profit increasing by 21% to $68.3 million, achieving a 46% operating margin [2][3]. - **Institutional Investors**: Revenues remained flat at $71.8 million, with operating profit also stable at $33.8 million, maintaining a 47% operating margin [2][3]. Sales and Market Activity - SEI achieved record net sales events totaling $30.5 million for Q3 2025, bringing the year-to-date total to $106.3 million [6][4]. - The growth in sales was primarily driven by strong demand in the Investment Managers segment, particularly in outsourcing and client expansions [6][4]. Asset Management - Assets under administration increased by 7%, while assets under management rose by 5% from Q2 to Q3 2025 [6][4]. - The majority of growth in assets under administration was attributed to alternatives, which do not benefit from market appreciation [6][4]. Shareholder Returns - SEI repurchased 1.6 million shares for $141.6 million during Q3 2025, with an average price of $90.02 per share, totaling 9.3 million shares repurchased over the trailing 12 months [6][4].

The market expects Virtus Investment Partners (VRTS) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expecte ...