Core Viewpoint - Northern Trust Corporation is a leading global financial institution with a strong performance in asset servicing, investment management, and wealth management, managing over $1 trillion in assets and having a market capitalization of $23.21 billion [1] Financial Performance - Northern Trust reported third-quarter results that exceeded analyst expectations, with assets under management at $1.77 trillion compared to the expected $1.72 trillion [4] - The company's revenue increased by 2.9% year-over-year to $2.03 billion, surpassing the expected $2.02 billion [4] - Earnings per share (EPS) for the quarter was $2.29, up 3.2% year-over-year and higher than the expected $2.24 [4] Stock Performance - Over the past 52 weeks, Northern Trust's stock has gained 14.6%, outperforming the broader S&P 500 Index, which gained 12.3% during the same period [2][3] - The stock reached a 52-week high of $135.48 in September but has since declined by 7.9% from that level [2] Future Outlook - Analysts project EPS growth of 12.6% year-over-year for fiscal year 2025, reaching $8.67 on a diluted basis, with further growth expected to 8% annually, reaching $9.36 in fiscal 2026 [5] - The company has a strong track record of exceeding consensus estimates, having topped them in all four trailing quarters [5] Analyst Ratings - Among 17 Wall Street analysts covering Northern Trust, the consensus rating is a "Hold," with a mix of ratings including two "Strong Buy," one "Moderate Buy," ten "Holds," one "Moderate Sell," and three "Strong Sells" [6] - The ratings configuration has become more bullish over the past two months, with an increase in "Strong Buy" ratings from one to two [6]

Financial Data and Key Metrics Changes - Revenue growth of 7% compared to the previous quarter and 8% year-over-year, driven by strong market conditions and lower fixed expenses, leading to a margin expansion of 450 basis points [11] - Adjusted operating income increased by 22% compared to the prior quarter and 12% year-over-year [12] - Adjusted net income per adjusted share rose by 23% quarter-over-quarter and 11% year-over-year [12] Business Line Data and Key Metrics Changes - Assets under management (AUM) reached an all-time high of $181.3 billion, with net inflows in 14 of 26 investment strategies year-to-date [7][8] - The credit business saw $1.8 billion in year-to-date net inflows, marking the 13th consecutive quarter of positive credit flows [8] - Emerging markets strategies, including Sustainable Emerging Markets and Developing World, experienced positive inflows, indicating growing demand [8][19] Market Data and Key Metrics Changes - Strong performance in equities, with several strategies generating year-to-date returns exceeding 20%, outperforming benchmarks by 425 to 934 basis points net of fees [5][6] - The company noted a resurgence in interest in emerging markets, contrasting with previous trends where allocations were cut [19][20] Company Strategy and Development Direction - The company aims to expand its multi-asset class investment platform by enhancing distribution and aligning compensation to a sales orientation [9][28] - Focus on internal and external talent acquisition to build differentiated investment franchises, particularly in real estate, private credit, and secondaries [9][10][24] - The company is modernizing its vehicle lineup to adapt to evolving client preferences, including models, SMAs, ETFs, and private funds [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment performance, with over 70% of AUM outperforming benchmarks over three years [4] - The outlook for performance fees in the fourth quarter is projected to be similar to the previous year, subject to market conditions [14] - Management acknowledged the impact of client rebalancing activities, particularly in the intermediate wealth space, but noted strong long-term performance [39] Other Important Information - The company declared a quarterly dividend of $0.88 per share, a 21% increase over the prior quarter [14] - The balance sheet remains strong with $300 million in cash and $140 million in firm seed investments [13] Q&A Session Summary Question: Demand for non-U.S. strategies - Management noted growing demand in global mandates and direct international equity exposure, particularly in emerging markets [17][19] Question: M&A opportunities and allocation - Management highlighted active engagement in real estate and emphasized that M&A opportunities will not be transformative but will align with the company's core values [21][24] Question: Improving gross flows and distribution efforts - Management discussed efforts to enhance distribution by aligning compensation with sales and expanding the team targeting the UK and Middle East markets [27][29] Question: Client rebalancing activity - Management provided insights into rebalancing trends, particularly in the intermediate wealth space, and noted that these were not terminations but adjustments in exposure [38][39] Question: Outlook on expenses - Management confirmed that fixed expense growth is tracking in the mid-single digits, with no unusual changes expected moving forward [41][42]

Core Insights - Federated Hermes, Inc. (FHI) reported second-quarter 2025 adjusted earnings per share of $1.16, exceeding the Zacks Consensus Estimate of $1.02, marking a 20.8% increase from the previous year [1][9] - The company's total managed assets reached a record $845.7 billion, reflecting an 8% year-over-year growth [6][9] - Increased net administrative service fees and net investment advisory fees were significant contributors to revenue growth, alongside a decline in operating expenses [1][3][4] Financial Performance - Net income on a GAAP basis rose to $91 million from $21 million in the year-ago quarter [2] - Total revenues increased by 6% year over year to $424.8 million, slightly surpassing the Zacks Consensus Estimate [3][9] - Quarterly net investment advisory fees grew by 6% year over year to $287.4 million, exceeding estimates [3] - Total operating expenses decreased by 15% year over year to $307.8 million, better than the expected $300 million [4][9] Asset Management - As of June 30, 2025, cash and other investments totaled $607.5 million, while total long-term debt was $348.3 million, showing improvement from the previous quarter [5] - Money-market assets increased by 8% year over year to $634.4 billion, while fixed-income assets rose by 4% to $98.7 billion [6] - Equity assets grew by 14% to $89 billion, and alternative/private market assets increased by 3% to $20.7 billion [7] Capital Distribution - The company repurchased 1,547,182 shares of its class B common stock for $64.5 million during the quarter [8] - The board of directors authorized an 18th share repurchase program, allowing for the buyback of up to an additional 5 million shares with no expiration date [10] Market Position - Federated Hermes demonstrates substantial growth potential supported by a diverse asset and product mix and a solid liquidity position [11]

Core Viewpoint - Colliers International Group Inc. will release its second quarter results for the period ending June 30, 2025, on July 31, 2025, at approximately 7:00am ET, followed by a conference call at 11:00am ET to discuss these results [1]. Group 1 - The conference call will be hosted by Jay S. Hennick, Global Chairman & CEO, and Christian Mayer, CFO [1]. - The call can be accessed via local and toll-free telephone numbers, as well as through a webcast available on the company's corporate website [2]. - A replay of the webcast will be available for those unable to attend the live call [2]. Group 2 - Colliers is a global diversified professional services and investment management company, operating through three platforms: Real Estate Service, Engineering, and Investment Management [3]. - The company has delivered approximately 20% compound annual returns for shareholders over the past 30 years, supported by significant inside ownership and substantial recurring earnings [3]. - Colliers has nearly $5.0 billion in annual revenues, a workforce of 23,000 professionals, and manages over $100 billion in assets [3].

Financial Data and Key Metrics Changes - In the fourth quarter, revenues rose by 6% sequentially and increased by 19% compared to the same quarter last year [23][26] - Adjusted operating income was up 12% sequentially and 37% year-over-year, driven by revenue growth outpacing operating expense increases [28][29] - Assets under management (AUM) ended at $161 billion, down 4% from the previous quarter but up 7% year-over-year [24][25] Business Line Data and Key Metrics Changes - The fixed income business achieved its tenth consecutive quarter of positive flows, with net inflows of $3.6 billion in 2024 [25][26] - The Denver-based credit team raised $1.7 billion in net inflows, while the Boston-based Emsights Capital Group raised $1.9 billion, collectively managing nearly $15 billion across six strategies [10][11] - 13 out of 25 investment strategies achieved net inflows in 2024, with 10 strategies exceeding $100 million in inflows [7][8] Market Data and Key Metrics Changes - The average AUM for the fourth quarter was up 2% sequentially and 18% year-over-year, while full-year average AUM improved by 15% [25][28] - Approximately 3% of AUM is subject to performance fees, with a weighted average recurring fee rate of 68 basis points for the quarter [27][29] Company Strategy and Development Direction - The company aims to build durable investment franchises by supporting investment talent and focusing on long-term growth [4][20] - There is a commitment to expanding the investment platform, developing existing franchises, and tapping into demand for high-value-added investments [22][33] - The company is strategically managing capacity in its international value strategy to maintain performance [38] Management's Comments on Operating Environment and Future Outlook - Management anticipates moderate strategic moves in asset allocation due to current macroeconomic uncertainties, with a focus on inflation and global market volatility [49][50] - The company is well-positioned to capture opportunities in active management as volatility in markets can benefit their strategies [51][52] Other Important Information - The company declared a quarterly dividend of $0.84 per share and a year-end special dividend of $0.50, totaling a 25% increase in dividends compared to 2023 [31][32] - The balance sheet remains strong with $155 million in seed capital and an unused $100 million revolving credit facility [29][30] Q&A Session Summary Question: Discussion on organic growth rate and fee rate - Management noted that the organic growth and fee rate changes are influenced by foundational assets in fixed income strategies, which have performance-based fees that can lower the overall fee rate [39][40] Question: Seed capital needs and payout rate for 2025 - The payout ratio is expected to remain in the mid-90s range, with some gains on seed capital realized in 2024 and more anticipated in 2025 [42][43] Question: Response to volatility in global and international emerging markets - Management indicated that there is a hesitance in the market due to macroeconomic factors, expecting only moderate strategic moves in asset allocation [49][50]