Financial Data and Key Metrics Changes - The company reported record adjusted revenue of $1,569 million, a 7% increase year-over-year, and adjusted diluted earnings per share of $1.57, reflecting a 17.2% increase [5][14] - Adjusted consolidated EBITDA reached $619 million, up 9.3%, with a quarterly adjusted consolidated EBITDA margin of 39.5% [5][14] - Cash from operating activities for the nine months ended September 30, 2025, was $1,101 million, a 22% increase over the prior year [6][16] Business Line Data and Key Metrics Changes - The Global Investor and Distribution Services (GIDS) business experienced a 9% revenue growth, while GlobeOp reported a 9.6% revenue growth [5][14] - Financial services recurring revenue growth was 6.7% in Q3 [6] Market Data and Key Metrics Changes - The company noted strength across all alternative markets and capitalized on international opportunities, particularly in Australia and the U.S. [5][6] Company Strategy and Development Direction - The company is focused on intelligent automation and AI as both a revenue opportunity and a means to enhance operational efficiency [11] - Recent acquisitions, including Kural Fund Services and Callistone, are aimed at expanding the company's market presence and capabilities, particularly in the African market and digital assets [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter, expecting continued growth and improved margins, while also acknowledging the competitive landscape [17][19] - The company anticipates revenue for 2025 to be in the range of $6,210 million to $6,250 million, with an organic revenue growth of 4.6% at the midpoint [17][18] Other Important Information - The company returned $305 million to shareholders in Q3, including share repurchases and dividends, and raised its common stock dividend by 8% to $1.8 [7][14] - The company ended Q3 with $388 million in cash and cash equivalents and $6.6 billion in gross debt, resulting in a net leverage ratio of 2.59 times [16] Q&A Session Summary Question: Contribution of Batea to Q4 organic growth - Management expects Batea to contribute approximately $25 million in Q4, up from $16 million in the previous year [22][23] Question: Mechanics behind GIDS organic growth - The organic growth was significantly driven by a large lift out completed in Sydney, Australia, and other successful lift outs [25][27] Question: Attractiveness of CuraFund services deal - The African market is still developing in fund administration, and the acquisition is expected to enhance relationships with large insurers [30][32] Question: Impact of lost business from State Street - Management indicated a small impact on revenue but emphasized that the WIP business will continue to grow [37] Question: Margin outlook with GIDS and GlobeOp growth - The strength of GlobeOp's margins contributed positively, and overall margin improvement is expected to continue [38] Question: Seasonality of Callistone's revenue - Management stated that there is no significant seasonality in Callistone's revenue that would impact growth rates [46] Question: Pipeline for Intralinks and competitive landscape - Early indicators of pipeline improvement were noted, although growth has not yet translated into improved results [48] Question: Confidence in healthcare business growth - Management expressed confidence in the healthcare business, citing strong client relationships and ongoing development efforts [50]

Financial Data and Key Metrics Changes - The company reported record adjusted revenue of $1.569 billion, an increase of 7% year-over-year, and adjusted diluted earnings per share of $1.57, reflecting a 17.2% increase [4][10] - Adjusted consolidated EBITDA reached $619 million, up 9.3%, resulting in a quarterly adjusted consolidated EBITDA margin of 39.5% [4][11] - Cash from operating activities for the nine months ended September 30, 2025, was $1.101 billion, a 22% increase over the prior year [5][12] - The effective non-GAAP tax rate was 21.1%, with adjusted net income of $396 million, up 16.5% [11][12] Business Line Data and Key Metrics Changes - The GIDS business experienced a 9% revenue growth, driven by successful liftouts, including a significant one in Australia [4][10] - GlobeOp reported a 9.6% revenue growth, benefiting from strength within the hedge fund client base and international wins in private markets [4][8] - Financial services recurring revenue growth was 6.7% in Q3 [4] Market Data and Key Metrics Changes - The company noted strength across all alternative markets and capitalized on international opportunities [4] - The acquisition of Curo Fund Services, a South African fund administration business, was aimed at deepening relationships with significant clients and establishing a local presence in Africa [5][6] Company Strategy and Development Direction - The company is focused on enhancing user interfaces and client experiences as competitive differentiators, particularly in the GlobeOp business [8] - SS&C aims to accelerate the transition from traditional automation to AI-powered automation, leveraging its position as "customer zero" to build comprehensive solution sets [9] - The company continues to prioritize share repurchases and high-quality acquisitions as part of its capital allocation strategy [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter, expecting revenue in the range of $1.59 to $1.63 billion and 4.5% organic revenue growth at the midpoint [13][15] - The company anticipates continued strong performance in its core businesses, despite some competitive pressures [26][40] - Management highlighted the importance of intelligent automation and AI in improving operational efficiency and enhancing employee career paths [8][9] Other Important Information - The company raised its common stock dividend to $1.08, an 8% increase [5] - The acquisition of Calastone is expected to enhance capabilities in money markets, ETFs, and digital assets [6][31] - The company hosted its annual Deliver Conference, showcasing its latest offerings and advancements in AI [16] Q&A Session Summary Question: Contribution of Pathea to Q4 organic growth - Management expects Pathea to contribute approximately $25 million in Q4, up from $16 million in the previous year [19] Question: Details on the liftout contributing to organic growth - A significant liftout in Sydney, Australia, completed on July 1, contributed to organic growth, with additional large liftouts in the pipeline [21] Question: Insights on the Curo Fund Services deal - The African market is behind in fund administration, and the acquisition is expected to generate negligible revenue of around $15 million [22][23] Question: Update on agentic AI implementation - The company is infusing AI agents across its business, enhancing existing technologies with functional expertise [24] Question: Impact of lost business from State Street - Management anticipates a small impact from lost business but believes overall growth will continue [26] Question: Margin outlook with GIDS and GlobeOp growth - The company expects continued margin improvement, with GlobeOp contributing positively to overall margins [27] Question: Seasonality of Calastone's revenue - Management indicated that there is no significant seasonality in Calastone's revenue that would impact growth rates [32] Question: M&A pipeline and Intralinks growth - Early indicators show improvement in the M&A pipeline, although revenue growth for Intralinks may lag behind [38] Question: Confidence in healthcare business growth - The healthcare business has had positive growth, with significant clients and opportunities, though it remains lumpy [40]

Market Analysis & Trends - The market is currently bearish, with lower highs on the one-month view, but the weekly chart shows RSI at oversold levels, similar to October 2024 [1] - Bitcoin's performance is crucial, acting as a primary driver for the broader cryptocurrency market, including HBAR [1] Hedera (HBAR) Specifics - HBAR is currently around $0.165, with potential retesting of the lower trend line around $0.14-$0.145; key support levels to watch are $0.14 and $0.13 [1] - Hedera Foundation sent 250 million HBAR to a staking account (wallet ID 0.0.800) to drive both institutional and retail adoption [9] - New institutional-grade DeFi protocols are expected to launch on Hedera in Q1 2026 [11] Institutional Adoption & Tokenization - Arktix expanded its collaboration with Hedera, working with Federator Hermes to offer UCITS money market funds in tokenized form [1] - Federated Hermes, with $634.4 billion in money market assets under management and $830 billion total assets as of December 31st of last year, is involved in tokenizing money market funds on Hedera [1][3] - USDC on Hedera jumped by 7.8 million, reaching $172.1 million, with over 100% growth in the last month and 93% in the last week [6] DeFi Ecosystem Growth - Staking is highlighted as a significant component of the DeFi space, with liquid staking being a major player in TVL [13][14] - Hashport Network launched a faucet to provide users with a small amount of HBAR to cover initial fees for exploring DeFi on Hedera [20] - SaucerSwap Labs, a leading DEX on Hedera, crossed $4 billion in trading volume, climbing 88% to $974 million, while TVL grew 67% to $99 million in Q3 [20][21]

Core Insights - Hidden Road Partners, founded in 2018, is a global prime brokerage that provides credit, clearing, and access to both traditional and digital assets, catering to hedge funds, high-frequency trading firms, and institutional investors seeking regulated exposure to crypto markets [1][2] Company Overview - The company is led by Michael Higgins, who serves as the International CEO and Global Head of Corporate Development, and has rapidly expanded its presence in New York and London [2] - Backed by U.S. pension funds, Hidden Road is one of the few prime brokers that connects traditional finance with digital assets [2] Market Trends - Institutional interest in cryptocurrency and blockchain infrastructure is growing, with discussions highlighting the need to differentiate between the two sectors [3] - Demand for liquidity, credit access, and balance-sheet solutions from regulated prime brokers like Hidden Road has surged as various trading firms enter the crypto space [4] Strategic Developments - Hidden Road has recently entered into an acquisition agreement with Ripple, a blockchain payments company, which is seen as a strategic move to address supply-demand challenges in the market [5][6] - The partnership aims to create a "full capital market stack," combining Ripple's custody acquisitions and stablecoin offerings with Hidden Road's prime brokerage services [6]

Core Viewpoint - A debate has arisen in the crypto community regarding the legitimacy of tokenized gold, with Binance founder Changpeng Zhao criticizing its true integration on the blockchain, while gold advocate Peter Schiff promotes a new blockchain-based tokenized gold platform [1][4]. Market Activity - Gold's recent rally in traditional markets has increased interest in its tokenized versions within the crypto space [2]. - The combined market capitalization of gold-backed digital assets surpassed $3 billion on October 7 and is currently over $3.75 billion [5]. - Trading volume for tokenized gold assets reached $640 million in 24 hours, driven by investor interest amid U.S. government shutdown and global economic uncertainty [7]. Tokenization Insights - Tokenized commodities, particularly gold, now represent over $3.5 billion of the total real-world asset (RWA) tokenization value, marking a 36% increase in the last month [8]. - Tether Gold (XAUT) and PAX Gold (PAXG) are leading the market, with market capitalizations of approximately $2.1 billion and $1.3 billion, respectively [8][6]. Platform Development - Peter Schiff's upcoming platform, Shift Gold, aims to allow users to buy gold through an app, store it in vaults, and transfer ownership digitally or redeem it for physical gold, promoting it as a stable digital asset [3].

Core Insights - Abaxx Technologies has appointed Leah Wald as a Commercial Advisor to enhance the commercial readiness of its Digital Title platform ahead of a multi-market pilot program [1][2] - The company is focusing on initiatives such as tokenized gold markets and tokenized money market funds to facilitate real-time collateral transfers, aiming for institutional adoption [2][4] - Wald's extensive experience in scaling digital asset businesses and launching innovative financial products is expected to align with Abaxx's goals [3][4] Company Developments - The Digital Title pilot program includes tokenization of in-vault gold to make it a high-quality liquid asset (HQLA) [2] - Abaxx has launched a new podcast series titled "Re-engineering Tokenization" to discuss the barriers to current tokenization approaches and promote its law-anchored digital title technology [5] - The company aims to build market infrastructure and financial technology tools for the next generation of smarter markets [4][6] Market Positioning - Abaxx Technologies is positioned as a leader in developing financial technologies that enhance communication, trade, and transactions [7] - The company operates the Abaxx Exchange and Abaxx Clearing, focusing on facilitating the shift towards a low-carbon economy through various commodity markets [8] - Abaxx Spot is modernizing physical gold trading by enabling secure electronic transactions and supporting physical delivery for gold futures contracts [9]

Strategic Transaction Accelerates FG Nexus ETH Treasury Strategy Positions FG Reinsurance as a Pioneer in Tokenized Reinsurance Charlotte, NC, Oct. 23, 2025 (GLOBE NEWSWIRE) -- FG Nexus Inc. (Nasdaq: FGNX, FGNXP) (the “Company” or “FG Nexus”), today announced an agreement to sell a majority stake in FG Reinsurance Ltd. and FG Re Solutions Limited (the “FG Reinsurance Division”) to Devondale Holdings LLC (“Devondale”) led by industry veteran Tom Heise. Through the transaction, FG Nexus will receive approxima ...

He added that the long-term vision is for Japan to stand as a global leader in blockchain. Just as the country exported manufacturing and culture, Startale aims to export blockchain infrastructure. To achieve this, the firm is building a team that blends engineering expertise with business development and partnerships.“We believe that the next iteration of the internet will be built on blockchains. I want to see Japan take a lead on that. That’s the reason we founded Startale. We aimed to show Japan can dev ...

Financial Data and Key Metrics Changes - SEI reported an EPS of $1.30, marking an all-time high excluding one-time items, with earnings growth of 8% sequentially and 17% year over year [4][13] - Net sales events totaled $31 million, with a record sales quarter in Investment Manager Services, reflecting strong demand for outsourcing and client expansions [5][10] - Year-to-date net sales surpassed $100 million, a record for SEI through the third quarter [10] Business Line Data and Key Metrics Changes - Private banking revenue increased by 4% year over year, driven by growth in the SWP platform [14] - Investment Manager Services experienced double-digit revenue and operating profit growth, with alternatives showing robust growth in both the U.S. and EMEA [14] - Advisors' business posted the highest year-over-year revenue growth among all segments, supported by market appreciation and the integrated cash program [14] Market Data and Key Metrics Changes - Assets under administration grew broadly across CITs, alternatives, and traditional funds, with alternatives driving the majority of growth [18] - Assets under management increased, with modestly positive net flows in advisors, driven by growth in ETFs and SMAs [18] Company Strategy and Development Direction - SEI is focused on disciplined execution, transparent communication, and creating long-term value for clients and shareholders [4] - The company is investing in technology, automation, and talent to drive margin expansion and support future growth [11][20] - SEI is well-positioned in the outsourcing fund administration market, engaging with large alternative asset managers [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sales pipeline and the ability to capitalize on growth opportunities, despite a recent contract loss in private banking being a one-off event [10][27] - The company is optimistic about the impact of AI and tokenization initiatives on efficiency and scalability [11] Other Important Information - SEI ended the quarter with $793 million in cash and no net debt, with share repurchases totaling $142 million in Q3 [19][20] - The company made a $50 million investment in LSV's market-neutral hedge fund, contributing positively to Q3 results [20] Q&A Session Summary Question: Sales events from alternatives - Management noted that two-thirds of sales events were from alternatives, with a mix of large and small clients contributing to this growth [23][25] Question: Details on the known contract loss in private banking - Management clarified that the contract loss was a one-off due to a major operating model change by the client, not indicative of a trend [26][27] Question: Integrated cash program and fixed rates - The company is currently earning about 370 basis points on the integrated cash program and is monitoring investor yields as rates change [32] Question: Expense growth in private banking - Management indicated that the expense growth is related to investments in talent and onboarding new clients, not unusual [34][35] Question: Future margin expectations for Investment Manager Services - Management expects strong margins going forward but acknowledges the need for ongoing investments [40] Question: International market strategy - The company is in the early phases of defining its go-to-market strategy for international markets, focusing on existing jurisdictions [46][47] Question: Buyback pace and Stratos acquisition - Management plans to return 90% to 100% of free cash flow to shareholders through dividends or buybacks, with the pace of buybacks expected to continue [50] Question: Impact of credit fears on private credit servicing - Management reported no significant impact on the private credit servicing pipeline, as their clients are well-positioned to manage credit risk [51][53] Question: High-risk relationships in private banking - Management stated there are currently no known high-risk relationships in the private banking portfolio [57][59]

After joining industry leaders at the @federalreserve, today @SergeyNazarov met back-to-back with key Senate Democrats and Republicans on Capitol Hill to advance U.S. market structure legislation for digital assets.Across the meetings, Sergey’s message was consistent: blockchain technology’s built-in transparency and auditability can make financial systems more secure while strengthening consumer protections.The dialogue centered around building compliance frameworks that leverage onchain data and outlining ...