Financial Data and Key Metrics Changes - The company reported adjusted net income of $1,400,000,000 or $2.17 per share, up 17% year over year [4] - Fee-related earnings (FRE) increased by 23% year over year, with management fee growth of 22% year over year [6] - The company expects full-year SRE growth of approximately 8% year over year, exceeding the mid-single-digit target previously provided [6][56] Business Line Data and Key Metrics Changes - Asset management generated record AUM of $908,000,000,000, up 24% year over year [51] - The company achieved $75,000,000,000 in origination for the quarter, marking a 40% increase year over year [38] - Retirement services saw gross inflows of $23,000,000,000, contributing to a year-to-date total of $69,000,000,000 [30][53] Market Data and Key Metrics Changes - The average spread on origination was stable at 350 basis points over treasuries, with an average rating of BBB [7] - The company reported robust inflows of $82,000,000,000 for the quarter, with $59,000,000,000 from asset management and $23,000,000,000 from retirement services [8] Company Strategy and Development Direction - The company is focused on three strong fundamentals: financing the global industrial renaissance, addressing the retirement crisis, and providing alternatives to public markets [10][11][12] - The company anticipates significant growth in private assets, driven by increasing demand from various investor classes [15][16] - The outlook for asset management is bright, with expectations of over 20% FRE growth in 2026 [28][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current credit environment, emphasizing disciplined underwriting and risk management [35] - The company expects SRE growth of 10% in 2026, supported by strong organic growth and origination capabilities [58] - Management highlighted the importance of innovation in asset management and retirement services as a key driver for future growth [27][59] Other Important Information - The company closed the acquisition of Bridge, which is expected to contribute approximately $300,000,000 of annual fee-related revenues [52] - The company executed over $350,000,000 in share repurchases during the quarter, reflecting opportunistic capital management [61] Q&A Session Summary Question: Discussion around origination targets - Management acknowledged the strong origination performance but stated it would be premature to change the five-year estimates at this time [63][64] Question: Wealth market trajectory - Management indicated that the wealth market is on pace with previous estimates and highlighted the importance of expanding product offerings and partnerships [68][70] Question: Concerns about private letter ratings - Management defended Athene's credit quality, stating that less than 8% of assets are rated by private letter ratings and emphasized the importance of strong underwriting practices [78][80] Question: Demand for yield as rates decline - Management addressed concerns about rotation risk, emphasizing that private lending remains a strong business despite changing market conditions [90][92]

Financial Data and Key Metrics Changes - MSCI reported organic revenue growth of 9%, adjusted EBITDA growth of 10%, and adjusted earnings per share growth of over 15% in Q3 2025 [6] - The company repurchased $1.25 billion worth of shares in Q3, bringing year-to-date repurchases to over $1.5 billion, with an additional $3 billion authorized for future repurchases [6] Business Line Data and Key Metrics Changes - The Index franchise achieved recurrent net new subscription sales growth of 27%, with 43% growth in the Americas [7] - Total AUM in investment products linked to MSCI indices reached $6.4 trillion, including $2.2 trillion in ETFs and $4.2 trillion in non-ETFs [7] - Analytics saw recurrent net new sales growth of 16%, driven by strong adoption of risk tools and equity models by hedge funds [8] - Subscription run rate growth was 9% for asset owners, 11% for wealth managers, and 9% for banks and broker dealers [10][12][14] Market Data and Key Metrics Changes - MSCI's ETF run rate hit a record high of nearly $800 million, driven by record AUM levels in both ETF and non-ETF products linked to MSCI indices [6][7] - Equity ETFs linked to MSCI indexes captured $46 billion of inflows during Q3 [17] Company Strategy and Development Direction - MSCI is focusing on expanding its presence in newer client segments while deepening penetration in established segments [9] - The company is leveraging AI to enhance existing products and develop new capabilities, aiming to unlock significant value for clients and shareholders [9][41] - MSCI is committed to becoming a leading provider of transparency tools in the private credit space, with a focus on innovation and product development [25][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunities and growth potential from recent innovations and investments [16] - The company is optimistic about the recovery of the active asset management industry and aims to help clients develop new products [31][60] - Management acknowledged challenges in the sustainability and climate segment but emphasized ongoing efforts to monetize climate-related indices [53][55] Other Important Information - MSCI launched a Private Credit Factor Model and a new global taxonomy for private assets, enhancing transparency and standardization in private markets [8][9] - The retention rate for sustainability and climate solutions was nearly 94%, reflecting the essential nature of MSCI's tools [20] Q&A Session Summary Question: Strategy around private credit - Management is bullish on private credit, emphasizing the need for transparency tools and credit assessments to attract institutional capital [24][25][28] Question: New products and marketing efforts - The strategy includes helping the active asset management industry create new products, particularly in the active ETF space [31][60] Question: AI opportunities and cost savings - AI is expected to dramatically increase margins by enabling faster product development and reducing operational costs [63][64] Question: Pipeline and sales cycle for Q4 - The overall environment is stable, with a healthy product pipeline supporting strong client engagement [46][48] Question: Non-ETF and fixed income business performance - Non-ETF revenue growth can be affected by lumpiness, while fixed income AUM is around $90 billion, with ongoing focus on innovation [52][55] Question: Active ETFs economics and competitive advantages - Active ETFs are seen as a new revenue opportunity, with significant growth potential without cannibalizing existing business [58][60] Question: Competitive moat against new entrants - MSCI's proprietary data and trusted reputation create significant barriers to entry for potential competitors [72][75] Question: Performance of net new sales in EMEA - There was a decline in net new sales in EMEA, with ongoing product innovation aimed at addressing client needs [78]