Talent Acquisition - A firm is planning to hire dozens of new graduates to address the limited pool of seasoned private bankers in India [1] Wealth Management in India - India's wealth is booming, creating a demand for private bankers [1]

The real wealth test:Can you hold through the moments you most want to sell? ...

Core Viewpoint - OCBC reported stable financial results for 3Q and 9M FY2025, with notable performance in net fee and commission income, despite a decline in net interest income due to a softening interest rate environment [4][14]. Financial Performance Summary 3Q FY2024 vs. 3Q FY2025 - Net Interest Income decreased by 8.5% to S$2,226 million, attributed to a 34 basis point contraction in net interest margin from 2.18% to 1.84% [5]. - Net Fee & Commission Income increased by 34.4% to S$683 million, driven by a record wealth management income, which rose by 38.0% to S$376 million [6]. - Total Income remained stable at S$3,796 million, a slight decrease of 0.2% year-on-year [4]. - Total Expenses rose by 3.8% to S$1,519 million [4]. - Net Profit Attributable to Shareholders was S$1,978 million, reflecting a marginal increase of 0.2% [4]. 9M FY2024 vs. 9M FY2025 - Net Interest Income fell by 6.1% to S$6,854 million, with a 29 basis point decline in net interest margin from 2.22% to 1.93% [8]. - Net Fee & Commission Income surged by 24.5% to S$1,809 million, with wealth management fees reaching a new high of S$923 million [9]. - Total Income decreased by 0.5% to S$10,998 million [8]. - Total Expenses increased by 3.4% to S$4,322 million, primarily due to higher staff costs and IT-related expenses [10]. - Net Profit Attributable to Shareholders decreased by 3.8% to S$5,677 million [8]. Key Financial Ratios - Net Interest Margin decreased from 1.92% in 2Q FY2025 to 1.84% in 3Q FY2025 [11]. - Return on Equity improved from 12.3% to 13.4% [11]. - Non-Performing Loans Ratio remained stable at 0.9% [11][12]. Management Commentary and Outlook - The CEO highlighted the resilience of OCBC's diversified banking, wealth management, and insurance franchise, noting strong customer activity and growth in assets under management [13]. - The company anticipates challenges from a complex external environment but is confident in its strong balance sheet and capital position to manage risks and support future growth [14].

Core Insights - The "Beyond Wealth" study by First Citizens Wealth reveals that business owners and wealthy Americans are adapting their financial strategies to navigate economic challenges while maintaining optimism about their ventures [1][4] Group 1: Business Owners' Financial Strategies - A significant majority of business owners (66%) fund their operations through personal savings, with 40% relying on traditional bank loans [2] - Experienced entrepreneurs are more likely to utilize private equity or venture capital, with 38% of seasoned owners doing so compared to 18% of first-time owners [2] - Experienced owners are also reinvesting in their businesses at higher rates, focusing on long-term growth despite economic pressures [3] - Business owners are adjusting pricing strategies (34%), increasing marketing efforts (23%), and changing vendor relationships (22%) in response to economic challenges [3] Group 2: Business Exit Plans and Financial Confidence - Most business owners plan to exit through a sale, with family, business partners, or management as common successors, yet only 40% intend to retire post-exit [4] - There is a strong sense of control and optimism among business owners, with 54% expressing confidence in their financial situation, compared to 35% of wealthy non-owners [7] Group 3: Wealthy Americans' Financial Behavior - Wealthy Americans have diversified their sources of wealth, with "stock/options in company employed with" seeing the largest year-over-year increase [5] - Despite strong financial positions, over half of wealthy Americans feel stressed about finances, primarily due to inflation (62%) and stock market volatility (44%) [6] - Wealthy Americans are cutting back on discretionary spending, particularly on luxuries, in response to financial stressors [6] Group 4: Investment Trends Among Wealthy Americans - Most wealthy Americans focus on traditional assets like stocks and mutual funds, but there is a growing trend towards diversification, with 45% owning private equity and 35% owning cryptocurrencies [8] - Generational differences in investment preferences are evident, with Millennials favoring private equity and cryptocurrencies, while Boomers prefer more traditional savings methods [8]

So, we got some new data on how the wealthy are managing and maybe even spending some of their money. The one guy who knows more about money and how they spend it is here at the table. He's going to spend it for us, Robert Frank.He's got the details. >> Good to see you, Andrew. Welcome to back.Uh, only a third of millionaires in fact surveyed use a wealth adviser. And among those who do, many are planning a change. A survey by long angle, that's the network of high netw worth founders and executives, found ...

Product Overview - Silvia aims to democratize access to financial intelligence and insights, typically available to wealthy individuals with dedicated financial teams [1] - Silvia is a free personal finance tool designed to provide complex calculations, portfolio impact predictions, financial simulations, and tax return analysis [1][2] Key Features - Performs complex financial calculations rapidly [2] - Predicts the impact of current events on a user's portfolio in seconds [2] - Simulates a user's financial life over the next decade [2] - Analyzes tax returns in minutes [2] Target Audience - Aims to serve the average person who cannot afford a personal financial team [1]

Core Insights - Robinhood exceeded Wall Street expectations for Q3, marking a significant performance in the tech sector this year [1] - Revenue doubled year-over-year to $1.27 billion, with net income rising to $556 million, or 61 cents per share, compared to $150 million, or 17 cents per share in the same quarter last year [1][4] Financial Performance - Transaction-based revenue was reported at $730 million, slightly below the estimate of $739 million [2] - Earnings per share were 61 cents, surpassing the expected 53 cents [4] - Total revenue of $1.27 billion exceeded the expected $1.19 billion [4] Business Diversification - The company is diversifying its business by adding new lines such as Prediction Markets and Bitstamp, which are generating approximately $100 million or more in annualized revenues [2] - Robinhood is expanding beyond retail trading into full-scale wealth management, closing the gap with competitors like Coinbase [3] Competitive Strategy - The company is actively offering deposit matches to attract clients from established firms like Fidelity and Schwab [3] - Assets under management have increased following the acquisition of TradePMR [3]

Financial Data and Key Metrics Changes - The company reported adjusted operating EPS of $2.45, reflecting a nearly 30% year-over-year increase, driven by earnings growth across all business segments [11] - Generated over $200 million in excess capital during the quarter, with year-to-date capital generation reaching approximately $600 million, positioning the company to exceed its $700 million full-year target [17][18] - Return on equity improved to 18%, with approximately $150 million of capital returned in the third quarter through share repurchases and dividends [17] Business Line Data and Key Metrics Changes - In the retirement segment, adjusted operating earnings reached $261 million, a 24% increase year-over-year, supported by strong organic defined contribution net inflows of approximately $30 billion year-to-date [11][12] - Investment management generated $62 million in adjusted operating earnings, a 13% year-over-year increase, with nearly $4 billion in net flows for the quarter, bringing year-to-date net flows to over $13 billion [13][14] - Employee benefits reported $47 million in adjusted operating earnings, primarily driven by favorable group life claims and prudent management of expenses [15] Market Data and Key Metrics Changes - The wealth management business experienced 20% year-over-year sales growth, with total client assets reaching approximately $35 billion [9] - The company serves nearly 20 million workplace customers, indicating a strong market presence and growth potential in the retirement and employee benefits sectors [10] Company Strategy and Development Direction - The company is focused on profitable growth across its diverse business lines, with strategic investments in wealth management and a disciplined approach to capital deployment [5][18] - Plans to continue investing in technology and advisor recruitment to enhance the wealth management segment, aiming for accelerated growth [9][32] - The company is committed to returning excess capital to shareholders while pursuing strategic M&A opportunities, particularly in retirement roll-ups [18][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on full-year targets and advancing long-term strategy, citing strong execution and financial strength [20] - The company anticipates a return to target margins in the retirement segment as strategic investments in wealth management are made [12][15] - Management highlighted the importance of leveraging claims experience to inform underwriting and reserve levels for the stop-loss business [28] Other Important Information - The company resumed share repurchases during the quarter, with plans to repurchase an additional $100 million in the fourth quarter [17] - The launch of an integrated claims system for leave management is set for January 1, 2026, enhancing the employee benefits offering [15][61] Q&A Session Summary Question: Size of wealth management investment for 2026 - The company expects to use up to $75 million of excess capital on wealth management investments, primarily in technology and advisor recruitment [24][26] Question: Expectations for stop-loss margins in 2026 - Management indicated that reserve levels are firming up for the 2024 cohorts, with claims experience being leveraged for underwriting in 2026 [28] Question: Corporate expenses in Q3 and Q4 - Higher corporate expenses are attributed to strong performance-related compensation accruals, with expectations to return to a normal run rate next year [36] Question: Edward Jones partnership success - The partnership with Edward Jones is on track, with distribution agreements executed and technology connections being finalized for integration [80][82] Question: Blue Owl partnership plans - The Blue Owl partnership aims to access private investments and innovative solutions for retirement outcomes, with a rollout planned by the end of the year [84]

Core Insights - China International Capital Corp (CICC) is strategically focusing on international growth, particularly in Southeast Asia and the Middle East, due to significant shifts in the global political and economic landscape [1] - The bank sees opportunities in Asia's wealth-management sector and the disruptive potential of artificial intelligence, which are expected to drive future business growth [1][3] Wealth Management Focus - CICC identifies wealth management in Asia as a key growth area, driven by the rapid increase in Asia's high-net-worth population [3] - The demand for family offices, cross-border tax planning, and wealth inheritance services is surging, prompting CICC to advance its 'Hong Kong+Singapore' dual-core strategy [4] - A global family-office team has been established in Hong Kong to provide comprehensive wealth solutions for entrepreneurs and ultra-high-net-worth clients [4] Expansion Plans - In Singapore, CICC's wealth-management office plans to expand into derivative trading and virtual assets, targeting high-net-worth clients across Southeast Asia [5] - The bank is deepening its wealth-management presence in the Greater Bay Area through the cross-boundary Wealth Management Connect 2.0 mechanism, promoting cross-border asset allocation [5] Market Trends - Wealthy families globally are using Hong Kong and Singapore as twin hubs for expansion in Asia, favoring real estate and private direct investments for long-term growth [6]

Financial Data and Key Metrics Changes - Ares Management reported a 28% year-over-year increase in management fees, totaling $971 million, and a 39% increase in fee-related earnings (FRE) [6][22] - Realized income increased by 34% year-over-year, reaching $456 million, with after-tax realized income per share of Class A stock growing by 25% [22][29] - Assets under management (AUM) rose to over $595 billion, with fee-paying AUM increasing to $368 billion, both up 28% year-over-year [8][22] Business Line Data and Key Metrics Changes - The firm raised over $30 billion in new capital during the quarter, the highest on record, contributing to a year-to-date total of over $77 billion [7][8] - Gross deployment reached over $41 billion, a 55% increase from the previous quarter and 30% above the previous high [8] - The infrastructure secondaries fund closed at $3.3 billion, exceeding its hard cap due to strong investor demand, making it one of the largest in the market [10] Market Data and Key Metrics Changes - The firm experienced strong demand for private credit strategies, with $19.3 billion raised in credit strategies during the quarter [11][12] - The wealth management segment saw a record $5.4 billion in equity inflows, with significant contributions from international markets, particularly Japan [16][18] - The diversified non-traded REIT achieved the highest quarterly common stock raise in over two years, maintaining a 20% market share in the 1031 exchange space [17] Company Strategy and Development Direction - Ares Management aims to continue increasing its quarterly dividend, with a 20% increase announced for the current quarter [4][5] - The company is focused on expanding its investment strategies, including launching new funds in various sectors such as digital infrastructure and special situations [15][40] - Ares is positioning itself to benefit from potential credit cycle changes, emphasizing its asset-light model and strong fundraising capabilities [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current credit market conditions, indicating that recent bankruptcies are isolated incidents and not indicative of a broader credit cycle downturn [32][33] - The firm anticipates strong M&A activity and deployment opportunities in the upcoming quarters, supported by improving financing conditions [19][20] - Management highlighted the ongoing demand for durable income and differentiated private market solutions, which positions Ares favorably for future growth [8][19] Other Important Information - Ares has committed to donating a portion of fund performance fees to charitable organizations through the Promote Giving initiative, reflecting the firm's core values [20][21] - The company is actively investing in expanding its investment teams and capabilities across various products and geographies [40] Q&A Session Summary Question: Real estate market outlook and Ares' position - Management highlighted Ares' strong position as the third-largest institutional real estate manager, benefiting from scale and a vertically integrated platform [43][44] Question: Fundraising outlook for next year - Management expressed confidence in surpassing the previous record of $93 billion in fundraising, driven by strong performance and diverse strategies [47][48] Question: Impact of lower yields in private credit - Management indicated that investor appetite for private credit remains strong, as it offers relative returns compared to traded alternatives, and lower rates could lead to increased transaction activity [53][54] Question: Update on GCP transaction integration - Management reported positive integration progress with GCP, enhancing Ares' real estate platform and expanding opportunities in data centers [61][63] Question: Wealth fundraising acceleration - Management noted strong momentum in wealth fundraising, particularly from new product launches and international markets, with expectations for continued growth [70][71] Question: Acquisition of BlueCove and Liquid Credit - Management discussed the strategic fit of BlueCove within Ares' insurance capabilities, anticipating significant growth and synergies from the acquisition [73][74] Question: Asset-based finance market strategy - Management outlined a balanced approach to sourcing opportunities in both rated and non-rated markets, with significant deployment growth expected [78][80]