Financial Data and Key Metrics Changes - Ending AUM reached $176 billion, an increase of 8% compared to March [23] - Average AUM for the quarter was flat sequentially but up 5% year-over-year [23] - Year-to-date average AUM improved by 7% over the prior year's six-month period [23] - Revenues for the quarter increased by 2% compared to March and 4% compared to the same quarter last year [25] - Adjusted operating income increased slightly compared to the prior quarter and 3% year-over-year [26] - Adjusted net income per adjusted share was flat compared to last quarter and up slightly compared to the second quarter of 2024 [26] Business Line Data and Key Metrics Changes - The credit team manages over $13 billion across its franchise, with continued positive flows in fixed income [11] - The high income strategy has outperformed its benchmark by 170 basis points annually after fees [10] - The Developing World Strategy has compounded capital at an average annual rate of 11.59% since inception [14] - Artisan's five emerging market strategies have positive year-to-date net flows, raising a net $700 million across the group [15] Market Data and Key Metrics Changes - Net client cash outflows during June were $1.9 billion, driven by lower gross equity inflows and outflows compared to the prior quarter [24] - The second quarter marked the twelfth consecutive quarter of positive flows for the fixed income business [24] - Institutional clients are showing increased interest in emerging markets and fixed income strategies [44] Company Strategy and Development Direction - The company is focused on evolving its investment platform to include multi-asset and alternative investments [21] - There is a strong emphasis on talent-driven opportunities for M&A, particularly in alternatives and private equity [33][36] - The company aims to expand its distribution to align with clients valuing long-term asset allocation for high-value added investing [20] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious risk-aware environment affecting gross flows, with a focus on credit as a growth area [46] - The company is optimistic about allocations in emerging markets and fixed income strategies, especially with the ten-year anniversary of the Developing World strategy [44][52] - Management expressed confidence in the firm's ability to execute well for investment talent, clients, and shareholders under new leadership [21] Other Important Information - The company declared a quarterly dividend of $0.73 per share, a 7% increase over the prior quarter [30] - The balance sheet remains strong with approximately $140 million of seed capital invested in seeded products [28] Q&A Session Summary Question: What areas or asset classes is the company most open to pursue for M&A? - The company is focused on talent-driven opportunities, particularly in alternatives and private equity, with interest in real estate and secondaries business [33][36] Question: How should the company think about capacity constraints and timing for reopening? - The company is managing capacity judiciously, particularly in growth strategies, and is working with intermediated wealth clients to maintain consistency [38][39] Question: Can you elaborate on the two institutional mandates mentioned? - The company is seeing interest in emerging markets and fixed income strategies, with positive movement around rebalancing in global equity [42][44] Question: What is the outlook for seed capital needs this year? - The company is well positioned regarding seed capital and expects opportunities to redeploy capital for additional seed or acquisitions in the next 12 to 18 months [64][66]

Financial Data and Key Metrics Changes - The company reported a 3% increase in property valuation to GBP 5,200,000,000, driven by a 2.9% increase in estimated rental value (ERV) with stable valuation yields [5][6][12] - Net tangible assets (NTA) increased by 3.3%, resulting in a total accounting return of 4.2% for the period, aligning with medium-term targets [6][12] - Rental income rose by 8%, with underlying earnings up 16% for the half year [6][10] Business Line Data and Key Metrics Changes - Gross rents increased to GBP 98,700,000, reflecting an 8.2% like-for-like growth due to successful leasing and asset management [10] - The company achieved commercial lettings and renewals 10% ahead of ERV and 24% ahead of previous passing rents [10] - The portfolio vacancy rate is low at 2.5%, indicating strong demand across all sectors [18] Market Data and Key Metrics Changes - The West End remains a premier destination, attracting approximately 200,000,000 visitors annually, contributing to high occupancy and reliable cash flows [5][24] - Customer sales are estimated to be 30% higher in nominal terms compared to 2019 levels, significantly outpacing ERVs [13][49] - Retail ERV across the portfolio improved by 4%, with strong demand noted in premium lifestyle and accessories categories [20] Company Strategy and Development Direction - The company aims for 5% to 7% rental growth in the medium term, supported by a strong balance sheet and enhanced liquidity for investment opportunities [25] - Focus areas include rental growth, capital deployment, and maintaining balance sheet strength [15][56] - The partnership with the Norwegian Sovereign Wealth Fund (NBIM) is expected to enhance investment and expansion opportunities in Covent Garden [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the West End's performance despite macroeconomic challenges, highlighting strong leasing activity and a robust pipeline [24][25] - The company anticipates continued ERV growth and the ability to capture reversionary potential as leases come due [47][49] - Management noted that the retail market is currently very strong, with high demand for premium locations [33][52] Other Important Information - The company completed GBP 55,000,000 in acquisitions during the period and disposed of approximately GBP 12,000,000 worth of assets [23] - The market value of the portfolio under management increased by 3.1% like-for-like, with net debt reduced from GBP 1,400,000,000 to GBP 800,000,000 [12][14] Q&A Session Summary Question: Importance of Charlotte Tilbury's addition to Carnaby - Management highlighted the positive response from tenants and the potential for Charlotte Tilbury to enhance the re-tenanting momentum in Carnaby, contributing to future rental growth [27][30] Question: Like-for-like rental growth and retail market performance - Management clarified that the retail market remains strong, and the slight negative in like-for-like rental growth is a technicality rather than a reflection of overall market conditions [31][33] Question: Plans for refinancing and interest rates - Management indicated plans to repay the exchangeable bond next year and noted that the cash balance generates interest income marginally below the base rate [32][36] Question: Reversionary potential and tenant profitability - Management explained that the embedded reversion is the difference between passing rent and ERV, with expectations for ERV to continue growing, supported by active management of the tenant mix [40][46] Question: Balance sheet leverage and reinvestment opportunities - Management stated that they aim to maintain net debt to EBITDA well below 10%, currently at 6%, with a focus on maintaining flexibility for future investments [42][55]

Core Insights - Amundi reported record net inflows of €52 billion in the first half of 2025, matching the total inflows for the entire year of 2024 [3][10] - Assets under management reached an all-time high of €2.27 trillion, reflecting a year-on-year increase of 5% despite negative foreign exchange effects [1][8] - Profit before tax for the first half of 2025 was €895 million, up 4% compared to the same period in 2024, driven by revenue growth and cost control [4][16] Financial Performance - Net inflows for medium-to-long-term assets were €48 billion in H1 2025, significantly higher than €34 billion for the whole of 2024 [10] - Adjusted net revenues for H1 2025 totaled €1.703 billion, a 4.9% increase from H1 2024 [16] - The cost-income ratio remained stable at 52.5%, in line with the Ambitions 2025 target [20] Strategic Developments - Amundi finalized a partnership with Victory Capital on April 1, 2025, consolidating a 26% stake in the company [7][30] - The Institutional division saw net inflows of €31 billion, driven by significant mandates including a €22 billion Defined Contribution mandate in the UK [6][13] - The company continued to focus on responsible investment and technology services, with Amundi Technology revenues increasing by 48% year-on-year [6][19] Regional Insights - In Asia, assets under management grew by 2% year-on-year, reaching €460 billion, with net inflows of €22 billion in H1 2025 [6][12] - The Third-Party Distribution segment experienced strong growth, with net inflows of €13 billion in H1 2025, accounting for 40% of total net inflows [6][10] Market Position - Amundi is the only European asset manager among the top 10 global asset managers, managing approximately €1.7 trillion for European clients [5][6] - The company capitalized on renewed interest in European markets, particularly through ETFs, which attracted €19 billion in net inflows [6][10] Future Outlook - A new three-year strategic plan will be presented in Q4 2025, following the success of the Ambitions 2025 plan [6][30] - The company aims to continue leveraging its position in the market to enhance growth and diversification of its offerings [5][6]

Core Insights - Ameriprise Financial reported adjusted operating earnings per share of $9.11 for Q2 2025, surpassing analyst expectations of $9.00, while revenue was $4.30 billion, slightly below consensus estimates, indicating strong profitability despite mixed growth momentum [1][2] Financial Performance - Adjusted operating earnings per share (Non-GAAP) increased by 6.8% year-over-year from $8.53 to $9.11 [2] - Revenue (Non-GAAP) rose by 4.0% year-over-year from $4.17 billion to $4.34 billion [2] - Net income (GAAP) increased by 27.9% year-over-year from $829 million to $1,060 million [2] - Total assets under management reached $1.58 trillion, an 8.6% increase from the previous year [2] Business Segments Overview - Wealth management remains the primary growth driver, with total client assets reaching a record $1.08 trillion, up 11% year-over-year [5] - The asset management segment, represented by Columbia Threadneedle Investments, reported $690 billion in assets under management, a 2% increase year-over-year, despite net outflows of $8.7 billion [7] - The retirement and protection solutions segment saw a 9% rise in pretax adjusted operating earnings to $214 million, with adjusted operating net revenues increasing by 1% to $936 million [8] Strategic Developments - The company launched the Signature Wealth Program, a new unified managed account platform, aimed at simplifying investment solutions for clients and advisors [6][12] - Advisor productivity increased by 11%, reaching $1.07 million in trailing twelve-month adjusted operating net revenue per advisor [5] - The company emphasized ongoing investments in compliance, digital client service, and operational transformation to support long-term growth [10] Capital Management - Ameriprise distributed $158 million in dividends and repurchased $573 million in shares, totaling $731 million, which is about 81% of adjusted operating earnings [9] - The return on equity, excluding accumulated other comprehensive income, was 45.8% for the trailing twelve months ended Q2 2025 [9] - The balance sheet showed $7.96 billion in cash and a debt-to-capital ratio of 33.6%, down from 40.5% a year earlier [9] Future Outlook - Management did not provide explicit full-year earnings or revenue guidance but indicated that general and administrative expenses in wealth management are expected to increase by low to mid-single digits for the full year [14] - Investors are advised to monitor net client flow trends in wealth management, as this metric has slowed, and asset management's net outflows, which, while improved, remain a concern [15]

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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 ...