Assets Under Management (AUM) - AUM decreased to $1675 billion from $1750 billion due to negative market performance and net outflows[12,14] - Average AUM decreased by 5% to $1736 billion[12] - Market performance led to a decrease of $41 billion in AUM[17] - Net outflows contributed to a decrease of $30 billion in AUM[17] Sales and Net Flows - Sales amounted to $62 billion, compared to $64 billion in the prior period[12] - Net flows were ($30) billion, attributed to U S retail funds, institutional accounts, and retail separate accounts[12,19] - Institutional sales were $15 billion, compared to $16 billion in the prior period[21] - Institutional net flows were ($12) billion, compared to ($38) billion in the prior period[21] Financial Performance - Operating income, as adjusted, was $546 million, including $100 million of seasonal expenses[12] - Operating margin, as adjusted, was 276%, or 327% excluding seasonal expenses[12] - Earnings per diluted share, as adjusted, were $573, including seasonal expenses of $101 per share, and increased 6% over the prior-year period[12] - Investment management fees, as adjusted, decreased by 7% due to lower average AUM and lower performance fees[25] Capital Activities - The company repurchased 111200 shares for $200 million and net settled 35178 shares for $61 million[12] - Net debt was $1000 million, or 03x EBITDA[12]

Core Viewpoint - Ameriprise Financial (AMP) reported strong first-quarter 2025 adjusted operating earnings of $9.50 per share, exceeding the Zacks Consensus Estimate of $9.12, reflecting a 13% increase year over year [1] Financial Performance - Adjusted operating total net revenues for the quarter were $4.31 billion, a 5% increase year over year, although it fell short of the Zacks Consensus Estimate of $4.38 billion [3] - Total GAAP net revenues were $4.35 billion, also up 5% year over year [3] - Adjusted operating expenses rose to $3.16 billion, an increase of 5% [3] - Net income on a GAAP basis was $583 million or $5.83 per share, down from $990 million or $9.46 per share in the prior-year quarter [2] Assets Under Management - As of March 31, 2025, total assets under management (AUM) and assets under administration (AUA) reached $1.49 trillion, a 3% increase year over year, driven by decent client net inflows [4] Capital Distribution Actions - Ameriprise repurchased 1.2 million shares for $617 million during the quarter and announced a new share repurchase authorization of $4.5 billion through June 30, 2027 [5] - A quarterly cash dividend of $1.60 per share was declared, marking an 8% increase from the previous payout, to be paid on May 19 to shareholders as of May 5 [6] Future Outlook - Elevated expenses, primarily due to technology upgrades, are expected to continue impacting AMP's bottom line, but the company is well-positioned for top-line growth due to its robust AUM balance and business-restructuring initiatives [7]

Core Viewpoint - Blackstone's first-quarter 2024 distributable earnings exceeded expectations, driven by increased segment revenues and a rise in assets under management, despite facing higher GAAP expenses [1][2]. Financial Performance - Distributable earnings were $1.09 per share, surpassing the Zacks Consensus Estimate of $1.04, reflecting an 11% increase from the prior year [1]. - Total segment revenues reached $2.76 billion, an 8% year-over-year growth, beating the Zacks Consensus Estimate of $2.64 billion [2]. - On a GAAP basis, revenues were $3.29 billion, down 11% from the previous year [2]. - Net income attributable to Blackstone was $614.9 million, a decrease of 27.1% from the year-ago quarter [1]. Assets Under Management (AUM) - Fee-earning AUM grew 10% year over year to $860.1 billion as of March 31, 2025 [4]. - Total AUM amounted to $1.17 trillion, also up 10%, primarily driven by $61.6 billion in inflows during the reported quarter [4]. - The undrawn capital available for investment was $177.2 billion as of March 31, 2025 [4]. Cash and Investments - As of March 31, 2025, Blackstone had $9.8 billion in total cash, cash equivalents, and corporate treasury investments, along with $19.4 billion in cash and net investments [3]. - The company has a $3.4 billion undrawn credit revolver [3]. Share Repurchase - During the reported quarter, Blackstone repurchased 0.2 million shares, with $1.6 billion worth of buyback authorization remaining available as of March 31, 2025 [5]. Market Position and Outlook - Blackstone is positioned for top-line growth due to the continuous rise in AUM and strong fundraising capabilities, although high expenses and a challenging operating environment may impact the bottom line in the near term [6].

Core Viewpoint - BlackRock is expected to report improved quarterly revenues and earnings for Q1 2025, with a significant year-over-year growth in assets under management (AUM) and revenues, despite facing higher expenses and lower non-operating income [1][2]. Group 1: Performance Expectations - BlackRock's fourth-quarter 2024 earnings exceeded the Zacks Consensus Estimate, driven by increased revenues and AUM growth, although higher expenses and lower non-operating income were challenges [2]. - The Zacks Consensus Estimate for total AUM is $11.79 trillion, reflecting a 12.6% year-over-year increase, while the company's own estimate is $11.78 trillion [7]. - Revenue from investment advisory, administration fees, and securities-lending is projected to grow to $4.38 billion, indicating a 15.9% year-over-year rise, with the company's estimate at $4.31 billion [8]. Group 2: Revenue Components - Investment advisory performance fees are estimated at $224.1 million, showing a 9.8% growth, while distribution fees are expected to be $318.1 million, a 2.7% increase [9]. - Technology services revenues are projected at $446.9 million, suggesting an 18.5% year-over-year rise, with the company's estimate at $429.5 million [9]. - Advisory and other revenues are expected to reach $64.4 million, indicating a 9.2% year-over-year increase, with the company's estimate at $60.2 million [10]. Group 3: Expense Outlook - Total expenses for BlackRock are anticipated to rise to $3.53 billion, reflecting a 16.2% year-over-year increase, driven by restructuring initiatives and inorganic expansion efforts [11]. Group 4: Major Developments - BlackRock completed the acquisition of Preqin in March, enhancing its private market capabilities to meet client demand [12][13]. - The company launched a bitcoin exchange-traded product, iShares Bitcoin, in Europe, following the success of its U.S. fund tracking the cryptocurrency [14]. Group 5: Earnings Predictions - The chances of BlackRock beating the Zacks Consensus Estimate for earnings are considered low, with an Earnings ESP of -2.06% and a Zacks Rank of 4 (Sell) [15][16]. - The consensus estimate for first-quarter earnings is $10.69, revised downward by 1.4%, indicating a 9% increase from the previous year [16].