Financial Data and Key Metrics Changes - The company reported record assets under management (AUM) of $829 billion, marking a post-financial crisis high [5][6] - Adjusted earnings for the second quarter were $0.76 per unit, a 7% increase year-over-year [38] - Net revenues reached $844 million, a 2% increase compared to the prior year, while base fees increased by 4% [39] - Total performance fees decreased by $12 million to $30 million, primarily due to lower public market performance fees [39] - The adjusted operating margin for the quarter was 32.3%, up 150 basis points year-over-year [48] Business Line Data and Key Metrics Changes - Private wealth represented 17% of AUM and 35% of base management fees [6] - Active strategies experienced net outflows of $4.8 billion, with active equity shedding $6 billion [7] - The private markets platform grew to $77 billion in fee-paying and net fee-eligible AUM, a 20% year-over-year increase [9] - Alternatives multi-asset inflows totaled $1.6 billion, driven by strong deployments into private placements and real estate debt [8] Market Data and Key Metrics Changes - The firm observed a negative trend in retail flows, with active equity experiencing significant outflows [27] - The taxable fixed income segment generated $2.4 billion in outflows, while tax-exempt fixed income saw $1.2 billion in inflows [8][29] - The company reported strong organic growth in its retail municipal platform, growing at an annualized rate of 14% [8] Company Strategy and Development Direction - The company aims to grow private markets AUM to $90 billion to $100 billion by 2027, leveraging partnerships with Equitable [12][13] - The focus remains on delivering consistent and profitable growth supported by scale gains and improved operational leverage [9] - The company is expanding its distribution coverage by forming new partnerships and extending its addressable market [10] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical tensions and policy uncertainty impacted investor sentiment, but conditions improved as trade tensions eased [5] - The company expects to maintain a 33% operating margin in 2025, assuming flat markets [9][48] - Management expressed optimism about the potential for margin expansion over time as the business scales [10] Other Important Information - The company has invested significantly in operational resources to enhance client service and unlock incremental revenue opportunities [10] - The firm is focused on maintaining expense discipline while investing in growth to generate long-term value for unitholders [49] Q&A Session Summary Question: How is the company thinking about scaling its retirement income business with Pacific Life joining? - Management highlighted the importance of the insurance segment and the ongoing expansion of engagement in lifetime income solutions, noting an uptick in interest due to demographic trends [51][52] Question: Can you clarify the likelihood of further exchanges into AllianceBernstein holding units? - Management explained that the conversion from private to public units is driven by tax treatment and does not affect daily trading volume [55][56] Question: What is the company's stance on potential M&A opportunities? - Management indicated that they are exploring various opportunities, particularly in insurance sidecars and partnerships, while maintaining a cautious approach to capital intensity [59][61] Question: How should the market think about the incremental margin and trajectory into 2026? - Management confirmed expectations of maintaining a 33% margin for both halves of the year, with future guidance for 2026 to be provided later [71][72] Question: What are the drivers of demand for American Income and the outlook for improvement? - Management noted that demand for American Income is cyclical and has seen signs of stabilization, with positive flow activity in fixed income and retail [84][87]

Group 1 - AGF Investments Inc. announced cash distributions for July 2025 for three funds, with payments scheduled for August 7, 2025 [1] - The cash distribution per unit for AGF Enhanced U.S. Equity Income Fund is $0.163335, for AGF Total Return Bond Fund is $0.103800, and for AGF Systematic Global Infrastructure ETF is $0.147170 [1] Group 2 - AGF Management Limited, founded in 1957, is an independent asset management firm with a focus on public and private markets [4] - AGF has $55 billion in total assets under management and serves over 815,000 investors [6] - AGF operates through three business lines: AGF Investments, AGF Capital Partners, and AGF Private Wealth [4][5]

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Fund Performance - WisdomTree Prime Government Money Market Digital Fund (WTGXX) on Ethereum approaches $500 million in AUM [1] - The fund's AUM has increased approximately 50 times since the beginning of the year [1] Market Analysis - A $129 billion AUM asset manager notes that the total market cap of listed, investable assets is approximately $200 trillion [1] - Cryptocurrencies, with a market cap of approximately $3 trillion, represent about 15% of the total market portfolio [1] - The neutral position for multi-asset portfolios is to invest roughly 15% in cryptocurrencies [1]

A $129B AUM asset manager:"The total market cap of listed, investable assets is ~$200T. With a market cap of ~$3T, cryptocurrencies represent around 1.5% of the market portfolio.""The neutral position for multi-asset portfolios is to invest roughly 1.5% in cryptocurrencies." https://t.co/tldjn41LZl ...

Core Viewpoint - The 2025 Asset Management Annual Conference is set to take place on August 16, 2025, in Shanghai, focusing on the core issues, latest dynamics, and cutting-edge development trends in the asset management industry, under the theme "Breaking the Deadlock and Restructuring - Rebuilding Competitiveness in Asset Management" [1] Group 1: Event Overview - The conference, initiated in 2007, has become one of the most influential events in China's asset management industry [1] - The event will feature a main forum, two parallel thematic forums, an "ESG Innovation" forum, and a closed-door seminar, with a total expected attendance of over a thousand participants [1][2] Group 2: Agenda Highlights - The main forum will run from 08:30 to 12:30, focusing on the theme of rebuilding competitiveness in asset management [2] - The thematic forums will cover topics such as multi-asset allocation strategies and the development of passive investment in wealth management, scheduled from 13:30 to 17:30 [2] - A closed-door seminar will discuss strategies for asset management institutions amid stock-bond rotation [2] Group 3: Registration Information - The registration channel for the 2025 Asset Management Annual Conference is now open, inviting industry professionals and interested parties to sign up [1] - Registration is subject to review, and selected participants will receive entry tickets, with a limit on available seats [1]

Financial Data and Key Metrics Changes - The company reported a return on tangible common equity of 18% and a return on assets (ROA) of nearly 1.3% with overall revenue growth of 1.6% compared to the prior quarter [5][6] - The common equity Tier one ratio increased, and the loan to deposit ratio remained flat at 81% [6][15] - The tangible book value per common share grew to $35.13, up over 3% from the previous quarter [15][23] Business Line Data and Key Metrics Changes - Total loans increased by $616 million or 1.2% linked quarter, with a notable one-time transfer of $242 million of loans to held for sale [16][17] - Total deposits grew by $739 million, with deposit costs up three basis points due to seasonal mix shifts [17][20] - Non-interest income was $95 million, reflecting a modest increase driven by growth in deposit service fees [20] Market Data and Key Metrics Changes - The company has not observed new pockets of credit deterioration across any industry or sector, maintaining a strong operating position [7][22] - The healthcare financial services segment is expected to benefit from favorable provisions in the reconciliation bill, potentially increasing HSA deposits significantly over the next five years [11][12] Company Strategy and Development Direction - The company is focused on organic growth, tuck-in acquisitions, and enhancing its healthcare services vertical [25][46] - The asset management partnership with Marathon is anticipated to enhance loan growth and drive fee revenue starting in 2026 [9][13] - The company aims to leverage its differentiated deposit profile and strong capital position to capitalize on growth opportunities [7][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about loan growth accelerating as clients adapt to the current economic environment [25][26] - The company is well-positioned to thrive in various operating environments, including an accelerating investment cycle [27][28] - Management remains vigilant regarding potential impacts from proposed tariffs but does not foresee significant exposure to affected industries [7][26] Other Important Information - The company authorized an additional $700 million in share repurchases and bought back 1.5 million shares during the quarter [6][15] - The company welcomed a new Chief Risk Officer and a new Board member, enhancing its executive management team [28][29] Q&A Session Summary Question: What is the company's willingness to reduce CET1 and thoughts on near-term buyback pace? - Management indicated a medium-term goal of 11% for CET1 and a potential reduction over time, with disciplined capital management strategies in place [34][35] Question: What is the outlook for NIM and cash balances? - Management confirmed that cash balances are at desired levels, with a slight impact on NIM expected from cash build and new debt issuance [40] Question: How does the company view deposit costs in light of expected rate cuts? - Management expects to lower deposit costs if rate cuts occur but noted significant competition in the deposit market [42][43] Question: What is the company's stance on M&A if the category four threshold is lifted? - Management stated that while they are not actively pursuing whole bank M&A, they remain open to opportunities if the regulatory environment changes [46][47] Question: How will the expansion of the HSA market impact expenses? - Management indicated no major changes in expense trajectory for HSA, with some marketing investments anticipated for consumer education [53][55] Question: What is the outlook for credit quality metrics? - Management expressed cautious optimism about continued improvement in credit quality metrics, with no new pockets of problems identified [76][78] Question: How will the joint venture with Marathon impact loan growth? - Management expects the joint venture to enhance competitive positioning and facilitate participation in larger transactions, positively impacting loan growth [95][101]

Group 1 - The banking wealth management market is expanding, leading to a significant turnover of executives in wealth management subsidiaries, with 12 executives from 8 companies appointed in the first half of the year [2][3] - Among the new executives, 5 are chairpersons, indicating a leadership change in 4 state-owned banks and 1 joint-stock bank [3] - Most of the new executives come from the parent bank system, possessing rich experience in financial markets or asset management, which is expected to enhance strategic collaboration between wealth management subsidiaries and their parent banks [2][4] Group 2 - The newly appointed executives include notable figures such as Wu Qian (ICBC Wealth Management), Qi Jiankong (CCB Wealth Management), and Huang Danggui (BOC Wealth Management), all of whom have extensive backgrounds in their respective parent banks [3][5] - The educational backgrounds of the new executives are from top domestic universities, indicating a high level of expertise and competence [4] - The turnover of executives is driven by the current opportunities in the wealth management market, with significant increases in deposits and a shift towards multi-asset allocation strategies [9][10] Group 3 - The wealth management market is witnessing a transformation from single asset reliance to multi-asset strategies, driven by low interest rates and the need for diversified investment [10] - The growth in non-bank financial institution deposits has reached a record high, indicating a shift in investor behavior towards funds and wealth management products [9] - The trend towards multi-asset allocation requires executives with comprehensive capabilities to manage diverse asset classes effectively, ensuring risk diversification and maximizing returns [10]

Industry Gender Diversity - The industry needs to attract more women, as current portrayals like "Wolf of Wall Street" are unattractive to women and young people seeking purposeful careers [1] - Investment management and asset management can be framed as making a difference, appealing to those seeking purposeful careers [1] - The industry should attract more women, as it manages retirement money and college savings [2] Guggenheim's Performance & Goals - Guggenheim's team is composed of 30% women, which is above the industry average [2] - Guggenheim aims to increase the percentage of women in its team to reflect the population, targeting a 50/50 gender balance [2]

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