Core Viewpoint - Brookfield Asset Management Ltd. will host its second quarter 2025 conference call and webcast on August 6, 2025, at 10:00 a.m. ET, with results released prior to 7:00 a.m. ET on the same day [1]. Group 1 - Brookfield Asset Management is a leading global alternative asset manager headquartered in New York, managing over $1 trillion in assets [3]. - The company focuses on long-term investments in real assets and essential service businesses that are critical to the global economy [3]. - Brookfield offers a variety of alternative investment products to a diverse range of investors, including public and private pension plans, endowments, foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors [3].

John Ciampaglia, Sprott Asset Management CEO, and Jan Van Eck, VanEck and Associates CEO, join Dom Chu on ‘ETF Edge’ on how investors are turning to alternative assets like gold and private credit to get yield and where the sectors are set to go from here. ...

[Music] Stocks, bonds, ETFs, straight out of downtown Chicago. This is Zach's Market Edge. Welcome to Zach's Market Edge, the podcast about investing in your life.I'm your host, Tracy Rinick. And this week, I'm going solo to talk about Bitcoin. Yes, can you believe it.Bitcoin and gold. Should you be buying one or the other or neither right now here in 2025. Both are hitting new highs.And so I thought it'd be an interesting time to compare the two. Also, I went to some graduations and barbecues on Memorial D ...

Financial Data and Key Metrics Changes - The company has $275 billion in assets under management, with 90% deployed in the U.S. [9] - Spreads have widened back up from their lows by approximately 25 to 50 basis points, indicating a stable pricing environment despite market volatility [20][21] - The company reported strong net inflows even during periods of market panic, demonstrating resilience in retail flows [36] Business Line Data and Key Metrics Changes - The company has three established flagship products: Diversified Core Income Product, Technology Income, and O Rent, with a newly launched Alternative Credit Interval Fund [42][44] - O Rent is noted as the fastest-growing product, significantly contributing to net capital raising [49] - The company is focused on expanding its distribution footprint, particularly in underpenetrated markets like Japan [46] Market Data and Key Metrics Changes - The direct lending market is gaining share as the syndicated loan market experiences volatility, with many borrowers preferring the predictability and partnership offered by direct lending [12][19] - The company is seeing a shift in investor behavior, with retail investors viewing alternative products as a safe haven during market volatility [36][38] Company Strategy and Development Direction - The company aims to focus on income-oriented products and has a strategic approach to acquisitions, targeting firms that align with its culture and operational model [91][92] - The company is expanding into digital infrastructure and alternative credit markets, recognizing the growing demand for these sectors [66][80] - The company emphasizes the importance of maintaining a strong partnership with borrowers, offering predictability and privacy in lending [13][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current economic uncertainty and stickier inflation but views it as a favorable environment for their business model focused on downside protection and stability [4][5] - The company does not anticipate material stress in its portfolio, as it primarily lends to large, durable companies in sectors like software and healthcare [10][11] - Management believes that the private equity market is more resilient due to the availability of capital in the private credit market, which supports ongoing M&A activity [30][31] Other Important Information - The company has integrated its capabilities with Coveris Asset Management to enhance its distribution channels and asset management capabilities [83][85] - The company is exploring opportunities in the retirement market, recognizing its potential for growth in the long term [58][60] Q&A Session Summary Question: How is the balance between the syndicated loan market and direct lending tracking? - The company notes that when the syndicated market is active, borrowers may prefer it, but when it closes, they have no choice but to return to private markets, which benefits direct lending [12][19] Question: What is the view on retail flows and redemption trends? - Management reports strong net inflows and a shift in retail investor behavior towards viewing alternative products as a safe haven [36][38] Question: How does the company view the current M&A environment? - While a less active M&A market is a negative, it can also lead to increased market share for direct lending as liquid markets become less favorable [26][29]

BlackRock (BLK) and Blackstone (BX) are leading U.S.-based asset management firms. While BLK focuses on public market investments and exchange-traded funds (ETFs), BX specializes in alternative assets like private equity and real estate. The asset management industry is currently benefiting from investors' shift toward higher-yielding investment vehicles like equity funds, alternative assets and long-term bond funds. Also, deregulation is expected to open up access to cryptocurrencies and the previously unt ...

Financial Data and Key Metrics Changes - Ares Management reported a year-over-year growth in management fees of 18%, with fee-related earnings (FRE) increasing by 22% and after-tax realized income per share of Class A common stock growing by 36% [5][24]. - The company declared a quarterly dividend of $1.12 per share, representing a 20% increase over the same quarter last year [3][4]. - Total assets under management (AUM) reached $546 billion, marking a significant milestone as the company crossed over $5 trillion in total AUM for the first time [6][24]. Business Line Data and Key Metrics Changes - Fundraising activities were robust, with over $20 billion in gross new capital commitments, the highest level for first-quarter fundraising on record [6][14]. - Deployment activities also saw strong performance, with over $31 billion deployed in the quarter and a gross to net deployment ratio of 49% in private credit strategies [6][9]. - The company experienced significant inflows across various strategies, with over 45% of quarterly fundraising coming from outside the credit group, including real estate, infrastructure debt, and private equity [14][15]. Market Data and Key Metrics Changes - The market environment has been characterized by increased volatility and uncertainty, particularly following geopolitical events and tariff announcements [7][20]. - Despite these challenges, Ares has maintained a record amount of dry powder, with $142 billion of available capital, which positions the company well to capitalize on market opportunities [9][36]. - The company noted that over 72% of total AUM is in credit-related products, with more than 92% of these being senior loans, indicating a defensive positioning in the current economic climate [12][20]. Company Strategy and Development Direction - Ares Management aims to leverage its flexible private market strategies to gain market share during periods of volatility, emphasizing its asset-light business model and focus on third-party client interests [10][36]. - The integration with GCP International is progressing well, with expectations of realizing significant synergies and enhancing vertically integrated capabilities in real estate [23][24]. - The company is optimistic about growth opportunities in real estate, particularly in response to anticipated increases in construction costs due to tariffs, which may constrain supply [14][20]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic uncertainty, citing a strong investment pipeline and the ability to invest opportunistically across various strategies [20][36]. - The company remains optimistic about 2025 and beyond, highlighting its resilience during challenging market conditions and the strength of its diversified investment strategies [36][37]. - Management noted that while M&A activity may slow, there are still significant opportunities in direct lending and credit markets, with expectations of continued strong performance in these areas [20][66]. Other Important Information - The company reported a significant increase in fee-related performance revenues, totaling $28 million, up from $4 million in Q1 2024, driven by strong fund performance [26][27]. - Ares Management's corporate loan portfolios are performing well, with strong credit quality and low loan-to-value ratios, indicating a solid foundation for future growth [32][40]. - The company is actively engaged with new partners in the reinsurance sector, expanding its reach in both the U.S. and APAC regions [23][24]. Q&A Session Summary Question: What do you expect for the remainder of 2025 regarding private credit quality? - Management highlighted that 96% of their Global Credit exposure is in senior loans, with low loan-to-value ratios, indicating a strong position against defaults and non-accruals [40][42]. Question: Can you discuss the momentum in wealth management and product growth? - Management noted record capital gathering in wealth management, with a broadening distribution network and new product offerings, maintaining strong inflows despite market turbulence [50][52]. Question: What is the outlook for FRE margin expansion? - Management remains optimistic about achieving zero to 150 basis points of margin expansion, citing ongoing integration efforts and synergies from GCP [56][59]. Question: How does the M&A backdrop affect deployment strategies? - Management indicated that even with subdued M&A activity, they have demonstrated the ability to invest across various strategies, particularly in opportunistic credit and secondaries [62][66]. Question: What is the opportunity set in Europe for private credit? - Management observed increased investor appetite for European products, with a modest acceleration in deployment and a favorable competitive position in the market [78][80].

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a year-over-year growth in management fees of 18%, FRE growth of 22%, and after-tax realized income per share of Class A common stock growth of 36% [6][25][32] - The total AUM reached $546 billion, marking a significant milestone as it crossed over $5 trillion for the first time [7][25] - The company declared a quarterly dividend of $1.12 per share, representing a 20% increase over the same quarter last year [4][5] Business Line Data and Key Metrics Changes - Fundraising activities reached over $20 billion in gross new capital commitments, the highest level for Q1 fundraising on record [7][15] - The private credit strategies saw a gross to net deployment ratio of 49%, with capital deployment in drawdown funds increasing nearly 20% over the previous quarter [7][9] - The company experienced strong performance across various strategies, with significant inflows in real estate, infrastructure debt, secondaries, and private equity [15][17] Market Data and Key Metrics Changes - The company noted a shift in market conditions due to increased volatility and uncertainty, particularly following the announcement of tariffs and geopolitical events [8][22] - Despite market challenges, the company maintained a record amount of dry powder, with $142 billion available for deployment [9][12] - The European direct lending business saw a 20% year-over-year increase in deployment, indicating a modest acceleration in the European market [82] Company Strategy and Development Direction - The company aims to leverage its asset-light business model and flexible private market strategies to capitalize on market dislocations [10][11] - A focus on credit-related products is emphasized, with over 72% of total AUM in credit-related assets, primarily senior loans [12][22] - The integration with GCP International is progressing well, with expectations of realizing significant synergies in the coming months [24][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating current economic uncertainties, citing a strong investment pipeline and the ability to invest opportunistically [22][37] - The company anticipates slower M&A activity until more certainty regarding tariffs and economic conditions is established, but sees potential for enhanced investment opportunities [22][23] - Management highlighted the resilience of the business model during past market dislocations, reinforcing confidence in future performance [10][37] Other Important Information - The company reported a significant increase in fee-related performance revenues, totaling $28 million, a substantial rise from $4 million in Q1 2024 [27] - The effective tax rate on realized income was reported at 8.1%, with expectations of a lower range of 8% to 12% for the remainder of the year [32] Q&A Session Summary Question: What is the outlook for private credit quality given potential negative GDP growth? - Management indicated that 96% of exposure in the Global Credit business is in senior loans, with low loan-to-value ratios, suggesting limited risk of defaults [40][42] Question: Can you discuss the momentum in wealth management and product growth? - Management noted record capital gathering in wealth management, with a broadening distribution network and new product offerings [50][51] Question: What is the outlook for FRE margin expansion? - Management remains optimistic about achieving zero to 150 basis points of margin expansion, despite some drag from GCP integration [58][59] Question: How is the pipeline for M&A and deployment in the current market? - Management highlighted the ability to invest across various strategies even in a subdued M&A environment, with significant dry powder available for opportunistic investments [63][67] Question: What are the opportunities in the European market compared to the U.S.? - Management noted an increase in investor appetite for European products and a modest acceleration in deployment in Europe [80][82]

Franklin Resources (BEN) Q2 2025 Earnings Call May 02, 2025 11:00 AM ET Company Participants Selene Oh - IRJennifer Johnson - President and CEOBenjamin Budish - DirectorMatthew Nicholls - Executive VP, CFO & COOAdam Spector - Executive VP & Head of Global DistributionBrian Bedell - DirectorPatrick Davitt - Partner Conference Call Participants Craig Siegenthaler - AnalystAlexander Blostein - AnalystDan Fannon - Managing Director - Research AnalystMichael Cyprys - AnalystWilliam Katz - Senior Equity AnalystGl ...

Financial Data and Key Metrics Changes - Assets under management (AUM) decreased to $1,540 billion, primarily due to long-term net outflows at Western Asset and negative market impacts [18][19] - Adjusted operating income was $377.2 million, a decrease of 8.6% from the prior quarter, mainly due to compensation expenses and the impact of Western [27][28] Business Line Data and Key Metrics Changes - Long-term inflows increased by 9% quarter over quarter, with gross sales rising across all asset classes [19] - Multi-asset and alternatives generated a combined $9.7 billion in positive net flows, while equity long-term inflows were $38.9 billion, despite net outflows of $5.4 billion in growth strategies [20][21] - Fixed income net outflows were $30.5 billion, but excluding Western, there were net inflows of $2.8 billion [20][21] Market Data and Key Metrics Changes - The institutional unfunded pipeline increased by $2.3 billion to $20.4 billion, the highest level since 2022 [5] - International markets accounted for approximately $470 billion, or about 30% of AUM, with positive net flows in the EMEA and Americas regions [7][26] Company Strategy and Development Direction - The company aims to leverage market volatility to enhance client asset growth through diversified investment solutions [4][17] - Focus on expanding alternative assets and wealth management channels, projecting $800 billion to be allocated to democratize alternatives industry-wide over the next five years [22][64] - Continued integration of Western Asset to create efficiencies while maintaining investment team autonomy [28] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously constructive on global equity markets, citing concerns over US growth and tariff impacts [10][11] - The company anticipates that a recession in the US is not a foregone conclusion, with the economy being better insulated compared to export-dependent countries [11][12] - Positive sentiment around the potential for growth in private markets and alternatives, with a strong focus on educating financial advisers [63][64] Other Important Information - The company launched its first perpetual secondary private equity fund, raising an initial $2 billion [23] - The ETF business saw its fourteenth consecutive quarter of positive net flows, attracting $4.1 billion during the quarter [24][25] Q&A Session Summary Question: Guidance on fiscal year expenses given market movements - Management expects effective fee rates to remain around 38 basis points, with expenses projected to be flat compared to 2024 [36][39] Question: Estimate for base fee organic growth rate including Western - Management noted that long-term net flows excluding Western were about $7.4 billion, with positive flows in fixed income and alternatives [45][46] Question: Update on fixed income strategies and Western's health - Western experienced $10 billion in outflows but also had $5 billion in gross sales, indicating ongoing institutional interest [78][79] Question: Contribution of international business to revenues and flows - The company reported positive momentum in gross sales across all regions, with AUM outside the US at approximately $470 billion [92]