Group 1 - Pictet Group reported assets under management or custody of SFr757bn ($987bn) for the year ending 31 December 2025, an increase of 4.5% from SFr724bn in 2024 [1] - The consolidated profit for 2025 was SFr667m, remaining almost flat compared to the previous year, while operating income rose by 1.5% to SFr3.21bn [1] - Net new money for the year amounted to SFr19bn, contributing to the overall growth in assets [1] Group 2 - As of December 2025, Pictet's liquidity coverage ratio was 191%, exceeding Basel III requirements, and the total capital ratio was reported at 21.6%, well above FINMA's minimum requirement of 12% [2] - Marc Pictet, senior managing partner, highlighted the group's solid results in a dynamic market environment, emphasizing strong investment performance and substantial inflow of net new money [3] - Pictet Group operates as a partnership structure, specializing in wealth management, asset management, and alternative investments, without involvement in investment banking or commercial loans [3] Group 3 - The group has a workforce of approximately 5,500 across 31 offices in major cities including London, New York, Singapore, and Zurich [4] - In 2025, Pictet Bank was fined SFr2m ($2.4m) by Switzerland's Office of the Attorney General for organizational lapses related to money laundering activities [4]

Core Insights - Apollo Global Management, LLC's fourth-quarter 2025 adjusted net income (ANI) per share was $2.47, exceeding the Zacks Consensus Estimate of $2.03 and up from $2.22 in the previous year [1][9] - The company's shares rose nearly 2.6% in early trading following the release of these results [1][9] Financial Performance - The increase in revenues was primarily driven by a rise in assets under management (AUM), with total revenues reaching $1.2 billion, a 30.3% year-over-year increase, surpassing the Zacks Consensus Estimate by 4.4% [4][9] - For the full year 2025, revenues totaled $4.5 billion, up 22.3% year over year, also beating the Zacks Consensus Estimate of $4.4 billion [4] - Total expenses rose 25.3% year over year to $218 million in the reported quarter [4] Assets Under Management - Fee-earnings AUM increased by 24.6% year over year to $709 billion, driven by strong management fee growth and record capital solutions fees [5] - As of December 31, 2025, total AUM was $938 billion, reflecting a 24.9% year-over-year increase, supported by $145 billion in inflows from Asset Management and $83 billion from Retirement Services [6] Capital and Liquidity - As of December 31, 2025, Apollo Global had cash and cash equivalents of $3.3 billion and total debt of $5.5 billion, indicating a relatively weak capital and liquidity position [7] Capital Distribution - The company announced a quarterly cash distribution of 51 cents per share, scheduled for payment on February 27, 2026, to shareholders of record as of February 19 [8] Strategic Developments - The acquisition of Bridge Investment Group Holdings Inc. is expected to enhance Apollo Global's real estate expertise and strengthen its wealth management business, contributing positively to its financials [10]

FOURTH QUARTER EARNINGS PRESENTATION February 6, 2026 George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act ...

Core Insights - Ares Management Corporation's fourth-quarter 2025 after-tax realized income per share was $1.45, missing the Zacks Consensus Estimate of $1.71, but increased from $1.23 per share in the prior-year quarter [1][8] - The company's shares fell nearly 7.3% in early trading following the disappointing results [1] Financial Performance - Net income attributable to Ares Management was $54.2 million, down from $177.3 million in the year-ago quarter [2] - For the full year 2025, after-tax realized income per share was $4.76, missing the Zacks Consensus Estimate of $5.07, but up from $3.97 in the prior year [3] - Total revenue for the fourth quarter declined 5.6% year over year to $1.17 billion, missing the Zacks Consensus Estimate of $1.63 billion [4] - Full-year revenues reached $5.6 billion, a 44.1% increase year over year, surpassing the Zacks Consensus Estimate of $4.8 billion [4] - Total expenses rose 27.3% year over year to $1.25 billion, driven by increases across all components [4] Assets Under Management (AUM) - Fee-paying AUM increased 31.5% year over year to $384.9 billion, while perpetual capital AUM rose 49.7% year over year to $200 billion [5] - Total AUM as of December 31, 2025, was $622.5 billion, up 28.5% from a year ago, supported by commitments to drawdown funds and acquisitions [5][8] Liquidity Position - As of December 31, 2025, Ares Management had $488.9 million in cash and cash equivalents and $2.6 billion in debt [6] Recent Developments - Ares Management completed the acquisition of BlueCove Limited, enhancing its capabilities in systematic fixed-income investing [7][9] - The integrated BlueCove business now operates within the Ares Credit Group, leveraging data-driven investment processes [9] Strategic Outlook - Ares Management is benefiting from strong AUM growth across fee-paying and perpetual capital platforms, supported by capital inflows and strategic acquisitions [10]

Ares Management Corporation Reports Fourth Quarter and Full Year 2025 Results NEW YORK--Ares Management Corporation (NYSE:ARES) today reported its financial results for its fourth quarter and full year ended December 31, 2025. GAAP net income attributable to Ares Management Corporation was $54.2 million for the quarter ended December 31, 2025. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A and non- voting common stock was $0.08 for the quarter ended ...

Fourth Quarter 2025 Review February 5, 2026 Seth P. Bernstein, Chief Executive Officer Tom Simeone, Chief Financial Officer Cautions Regarding Forward-Looking Statements Certain statements provided by management in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed o ...

Artisan Partners Asset Management Business Update and Fourth Quarter 2025 Earnings Presentation Business Philosophy & Approach Artisan has built its business based upon a consistent philosophy and business model High Value-Added Investment Firm Talent-Driven Business Model Thoughtful Growth ARTISAN PARTNERS ASSET MANAGEMENT 2 ▪ Active Strategies ▪ Autonomous Franchises ▪ Process-Driven Results ▪ Designed for Investment Talent to Thrive ▪ Managed by Business Professionals ▪ Structured to Align Interests ▪ Ac ...

Core Viewpoint - T. Rowe Price Group, Inc. (TROW) is expected to report an increase in both earnings and revenues for the fourth quarter of 2025 compared to the previous year, despite facing challenges such as net outflows and rising expenses [1][7]. Financial Performance - In the last reported quarter, TROW's earnings exceeded the Zacks Consensus Estimate, driven by higher assets under management (AUM) and increased investment advisory fees, although higher expenses negatively impacted results [2][6]. - The consensus estimate for fourth-quarter earnings is $2.46 per share, reflecting a year-over-year increase of 16%, while revenues are estimated at $1.92 billion, indicating a 5.1% rise from the prior year [8][9]. Assets Under Management - TROW's preliminary AUM as of December 31, 2025, is $1.78 trillion, showing a slight increase from September 30, 2025, supported by improved performance in fixed income, multi-asset, and alternative products [4][5]. - The Zacks Consensus Estimate for total AUM is also pegged at $1.78 trillion, indicating a marginal sequential increase [5]. Market Conditions - The S&P 500 Index gained approximately 3.1% during the October-December quarter, suggesting moderate market performance, which likely benefited TROW through steady fixed-income inflows and stable equity market returns [3]. Net Outflows and Expenses - TROW experienced net outflows of $11.6 billion for the quarter ended December 31, 2025, amid a challenging operating environment [4]. - The company continues to incur significant expenses to attract new clients and invest in technology and employee compensation, which is expected to have increased overall expenses for the quarter [6].

Core Insights - Franklin Resources Inc. reported first-quarter fiscal 2026 adjusted earnings of 70 cents per share, exceeding the Zacks Consensus Estimate of 55 cents per share and improving from 59 cents in the same quarter last year [1][10] - The company's shares rose by 1.7% in early trading following the release of these results [1] Financial Performance - Total operating revenues increased by 3.3% year over year to $2.33 billion, surpassing the Zacks Consensus Estimate of $2.15 billion [3] - Investment management fees rose by 2.7% year over year to $1.85 billion, while sales and distribution fees increased by 3.5% to $388.7 million [4] - Shareholder-servicing fees saw an 11.6% year-over-year increase to $70.9 million, and other revenues surged by 47.4% to $19.6 million [4] - Total operating expenses increased nearly 1% year over year to $2.05 billion, with the rise attributed to various components except for occupancy costs and amortization of intangible assets [4] - The operating margin improved to 12.1% compared to 9.7% in the year-ago quarter [5] Assets Under Management (AUM) - As of December 31, 2025, total AUM was $1.68 trillion, reflecting a 1.4% sequential increase [6][10] - Long-term net inflows were $28 billion in the reported quarter, a significant improvement from an outflow of $11.9 billion in the prior quarter [6][10] - The average AUM increased by 2.6% on a sequential basis to $1.67 trillion [6] Capital Position and Distribution - As of December 31, 2025, cash and cash equivalents and investments totaled $6.2 billion, while total stockholders' equity was $13.1 billion [7] - In the reported quarter, the company repurchased 1.8 million shares for $41.9 million [8] Strategic Developments - In October 2025, the company completed the acquisition of Apera Asset Management, significantly expanding its alternative credit assets under management by over $90 billion [11][12] - This acquisition enhances Franklin's global alternative credit platform, broadening its geographic reach and private credit expertise [12] Overall Assessment - Franklin's rising AUM, improved revenues, and disciplined expense management indicate steady operational progress [13] - The company's efforts to diversify through acquisitions and strengthen its distribution platform support long-term growth [13]

Core Insights - Lazard Inc. (LAZ) reported better-than-expected quarterly results, with shares gaining 2.2% following the announcement of adjusted earnings per share (EPS) of 80 cents, surpassing the Zacks Consensus Estimate of 68 cents and up from 78 cents in the previous year [1][8] Financial Performance - For Q4 2025, adjusted net revenues were $892.1 million, reflecting a 10% year-over-year increase and exceeding the Zacks Consensus Estimate by 10.1% [4] - For the full year 2025, adjusted EPS was $2.44, beating the Zacks Consensus Estimate of $2.32 and up from $2.34 in the prior year [3] - Net income on a GAAP basis for Q4 was $49.9 million, a decline of 42% from the prior-year quarter, while full-year net income was $2.36 billion, down 15% year over year [2][3] Revenue Segments - Financial Advisory segment reported adjusted operating revenues of $541.6 million, up 7% year-over-year, supported by strong advisory activity [6] - Asset Management segment saw adjusted operating revenues of $338.6 million, an 18% increase year-over-year, driven by higher management and incentive fees [6] - Corporate segment adjusted operating revenues were $11.9 million, down from $17.6 million in the previous year [6] Asset Management - Total assets under management (AUM) as of December 31, 2025, were $254.3 billion, a 12% increase year-over-year [7][9] - Average AUM for the reported quarter was $261.1 billion, also reflecting a 12% year-over-year growth [9] Expense Analysis - Operating expenses increased by 16% year-over-year to $821.8 million, primarily due to higher compensation costs [5] - The ratio of adjusted compensation expenses to operating revenues was 65.5%, slightly lower than 65.6% in the previous year [5] - The ratio of adjusted non-compensation expenses to operating revenues was 17.8%, down from 19% in the prior-year quarter [5] Balance Sheet and Share Repurchase - Cash and cash equivalents totaled $1.47 billion as of December 31, 2025, up from $1.31 billion in the prior quarter, indicating a strong liquidity position [10] - Lazard repurchased $50 million of common stock in Q4 2025, equivalent to 1 million shares, with approximately $109 million remaining for future repurchases [11] Market Position and Outlook - The company continues to benefit from strong momentum in Financial Advisory and Asset Management, supported by higher revenues and improved market conditions [12] - Persistent cost pressures, particularly related to compensation, require close monitoring going forward [12]