Core Insights - LPL Financial has launched an alternative investments education platform called Alts Learning Hub to assist advisors in integrating alternative investments into their practices [1][3] - The alternative assets market is projected to grow significantly, with advisor-intermediated illiquid alternative assets expected to increase from $1.4 trillion to $2.4 trillion in the next five years [2] - The platform aims to enhance advisor confidence and competence in alternative investments, which are becoming increasingly popular among high-net-worth and ultra-high-net-worth investors [2][3] Company Overview - LPL Financial Holdings Inc. is one of the fastest-growing wealth management firms in the U.S., supporting over 29,000 financial advisors and approximately 1,200 financial institutions [4] - The firm manages around $1.8 trillion in brokerage and advisory assets for approximately 7 million Americans, offering a variety of advisor affiliation models and investment solutions [4] Platform Features - The Alts Learning Hub provides a centralized source for alternative investments education, featuring curated content and resources from LPL, fund sponsors, and industry experts [6] - It offers a structured and user-friendly learning experience, simplifying the education process for financial professionals [6] - The platform includes a partnership with the Chartered Alternative Investment Analyst (CAIA) Association, providing on-demand learning with 15 CE credits for CIMA and CFP professionals [6]

Financial Data and Key Metrics Changes - First quarter reported adjusted net earnings were $91 million or $0.72 per share, compared to $108 million or $0.86 per share in the first quarter of 2024, reflecting a decrease of $17 million primarily driven by margin compression and higher interest expense [27][28] - First quarter adjusted return on assets (ROA) was 68 basis points, pressured from near-term headwinds, with a last twelve-month adjusted ROA of 100 basis points, down six basis points from the previous quarter [29] - Reported adjusted return on equity (ROE), excluding AOCI, was 9.7%, up 2.3% over the first quarter of 2024 [29] Business Line Data and Key Metrics Changes - F&G reported record assets under management (AUM) before flow reinsurance of $67.4 billion as of March 31, reflecting a 169% increase compared to the first quarter of 2024 [21] - Gross sales were $2.9 billion, a 17% decrease from the first quarter of 2024, primarily due to lower MYGA sales, while indexed annuity sales remained strong at $1.5 billion [21][22] - Pension risk transfer (PRT) sales were $311 million, down from $584 million in the first quarter of 2024, with funding agreements at $525 million compared to $105 million in the prior year [23] Market Data and Key Metrics Changes - The investment portfolio is well matched to the liability profile, with 96% of fixed maturities being investment grade, and credit-related impairments averaging six basis points over the last five years [12][29] - The fixed income yield was 4.53% in the first quarter, a decrease of three basis points from the first quarter of 2024, reflecting the runoff of higher-yielding in-force assets [13] Company Strategy and Development Direction - The company continues to diversify earnings between spread-based and fee-based sources, with a focus on optimizing return on capital and maintaining pricing discipline [19][20] - F&G is committed to achieving its 2023 Investor Day targets while navigating near-term headwinds and macro uncertainty [31] Management's Comments on Operating Environment and Future Outlook - Management believes that the near-term headwinds are temporary and expects improvement in sales and profitability throughout 2025 [7][9] - The company remains confident in its business model's resilience and its ability to generate long-term shareholder value despite current market volatility [84] Other Important Information - The company has successfully completed recent capital markets activities, including issuing $375 million of junior subordinated notes and a public offering of 8 million shares of common stock [30][31] - The owned distribution portfolio is performing well, with double-digit annual growth of EBITDA expected over the medium term [19] Q&A Session Summary Question: Growth opportunity for the Ryla product - Management expressed excitement about the Ryla product, noting that it has taken time to get onto platforms but is now adding broker dealers consistently, with medium-term potential in the billions [35][38] Question: Impact of lower industry volume on own distribution - Management indicated that the slowdown in owned distribution was balanced between industry volume and investments supported by the company, with a rebound observed in April [39][40] Question: Thoughts on capital deployment after raising common equity - Management stated that the capital raised would be deployed thoughtfully into new business, maintaining a disciplined approach to pricing and capital allocation [43][44] Question: Cost of funds increase and market competition - Management acknowledged the increase in cost of funds and attributed it to lower surrender income and market volatility, but remains disciplined in pricing [47][48] Question: Performance of the alternatives portfolio - Management noted that the direct lending portfolio performed well, while the limited partnerships came in lower than expectations, impacting overall yield [75][76] Question: Surrender activity expectations - Management projected that surrender activity would remain similar in Q2 compared to Q1, with ongoing uncertainty regarding future surrenders [78][80]

GCM Grosvenor (GCMG) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Good day, and welcome to the GCM Grosvenor First Quarter twenty twenty five Results Webcast. Later, we will conduct a question and answer session. If you're interested in asking a question, please ensure you dial in using the numbers you've been provided for this call and press star one on your keypad to join the queue. As a reminder, this call will be recorded. I would now like to hand the call over to Stacy Selinger, Head of Inve ...

Core Insights - Brookfield Asset Management is positioned to double its assets under management (AUM) to $2 trillion over the next five years, driven by the growth in alternative investments [3][10] - The global alternative investment market has expanded significantly, from approximately $2 trillion in 2002 to an estimated $25 trillion today, with projections of reaching $60 trillion by 2032 [2] Group 1: Growth Projections - Brookfield expects its fee-bearing capital to increase from $539 billion to over $1.1 trillion by 2029, enhancing its fee-related earnings [3] - The company anticipates a 17% compound annual growth rate in fee-related earnings per share during the same period [4] Group 2: Capital Sources and Partnerships - Brookfield has established new strategic partnerships, including a majority stake in Angel Oak and a 51% interest in Castlelake, to enhance its capital sources [5][7] - The company is increasingly managing capital for insurance companies, which allows them to earn excess returns on unpaid premiums [7] Group 3: Market Trends and Investor Behavior - Investors are shifting towards alternative investments for their potential for excess returns, diversification, and less volatility compared to public markets [6] - High-net-worth individuals are seeking greater access to alternative investments to improve returns and reduce volatility [7] Group 4: New Initiatives - Brookfield has launched investment products targeting the private wealth market, raising nearly $700 million for its private wealth infrastructure fund and deploying over $900 million from its credit private wealth fund [8][9] - These initiatives are expected to drive additional AUM and earnings growth, further diversifying Brookfield's business [9]

Core Viewpoint - Brookfield Asset Management has established a new Investment Solutions Group (ISG) led by Alper Daglioglu, aimed at providing tailored multi-asset portfolio solutions to institutional and private wealth clients globally [1][2]. Group 1: Leadership and Structure - Alper Daglioglu, with over two decades of experience at Morgan Stanley, has been appointed as the Managing Partner and Head of ISG at Brookfield [3][4]. - Howard Marks, Co-Chairman of Oaktree Capital Management, will serve as Chair of ISG, emphasizing the importance of multi-strategy portfolio solutions [1][4]. Group 2: Strategic Focus - ISG will focus on delivering innovative solutions that leverage Brookfield's investment capabilities across various sectors, including renewable power, infrastructure, private equity, real estate, and credit [2][5]. - The group will also utilize strategies from partner firms such as Oaktree, Castlelake, Primary Wave, and Pinegrove Capital Partners [2]. Group 3: Market Trends and Client Needs - There is a growing trend among clients to engage with fewer managers, seeking deeper partnerships and better insights to create greater value [4]. - The establishment of ISG is a response to this trend, aiming to meet clients' unique investing objectives through a strategic approach [4].