Core Insights - Federated Hermes, Inc. (FHI) shares reached an all-time high of $56.68, closing at $54.88, reflecting strong investor confidence due to growth in assets under management (AUM) and robust strategic positioning [1][8] Performance Overview - Over the last six months, FHI stock increased by 5.7%, while the industry declined by 12.9%, outperforming peers like Ares Management Corporation (ARES) and T. Rowe Price Group (TROW) [2] Growth Drivers - **Strategic Business Expansion**: FHI is accelerating growth through strategic acquisitions, including an 80% stake in FCP Fund Manager, L.P. to enhance its private markets capabilities [6] - **Acquisition History**: The company has made several acquisitions, such as C.W. Henderson & Associates, Inc. in 2022, to diversify revenue streams and strengthen its global footprint [7] - **AUM Growth**: FHI's AUM grew at a compound annual growth rate (CAGR) of 7.8% over five years, reaching $902.6 billion by December 2025, driven by record money market assets and increased equity holdings [10] - **Money Market Strength**: Money market assets grew at a five-year CAGR of 10.2%, providing a broader range of fund options and favorable market conditions for money market strategies [11] Financial Stability - **Robust Balance Sheet**: As of December 31, 2025, FHI had long-term debt of $348.4 million and cash and investments totaling $724.3 million, indicating strong liquidity and manageable debt levels [12] - **Capital Distribution**: The company has a history of rewarding shareholders through share buybacks and dividends, with a recent 9.7% increase in its quarterly dividend to 34 cents per share [14] Challenges - **Rising Operating Expenses**: Operating expenses have a five-year CAGR of 4.5%, primarily due to intangible asset-related costs, which could increase further with new hires [15] - **Revenue Concentration Risk**: Investment advisory fees account for 65% of total revenues, making the company vulnerable to fluctuations in market conditions [18] Earnings and Valuation - **Earnings Estimates**: The Zacks Consensus Estimate indicates a 1.8% rise in 2026 earnings and a 10.9% rise in 2027 earnings, with upward revisions over the past month [19] - **Valuation Metrics**: FHI is trading at a trailing P/E ratio of 10.66X, lower than the industry average of 13.96X, indicating it may be undervalued compared to peers [21][23] Investment Consideration - The strong rally in FHI shares reflects confidence in its strategic growth initiatives and financial position, with ongoing expansion and a solid balance sheet enhancing shareholder value [25]

Core Insights - T. Rowe Price Group, Inc. (TROW) reported preliminary assets under management (AUM) of $1.80 trillion as of January 31, 2026, marking a 1.2% increase from the previous month despite net outflows of $5.2 billion, which were partially mitigated by favorable market performance [1][11] AUM Breakdown - As of the end of January, T. Rowe Price's equity products remained at $879 billion, unchanged from December 2025. Fixed income products increased slightly to $213 billion, while multi-asset products rose nearly 3% to $646 billion, indicating strong client demand. Alternative products also saw a 1.7% increase to $59 billion [2][11] - The company's target-date retirement portfolios reached $580 billion, reflecting a 3.4% increase from the prior month, showcasing the strength of its retirement-focused offerings [3] Growth Trends - Over the five-year period from 2020 to 2025, T. Rowe Price's AUM experienced a compound annual growth rate (CAGR) of 3.8%, driven by market appreciation and sustained demand for multi-asset and fixed-income solutions [4] - In terms of long-term performance, 46% of T. Rowe Price's U.S. mutual funds' AUM outperformed the Morningstar median, while 43% exceeded the passive peer median over the five years ending December 31, 2025. Additionally, investment advisory clients outside the United States accounted for 8.8% of total AUM, highlighting geographic diversification [5] Competitive Position - T. Rowe Price benefits from a well-diversified AUM mix across various asset classes, client segments, and geographies, which provides stability to its asset base. The company is well-positioned to sustain AUM growth in the future, supported by a strong brand and consistent investment track record [6] - Peers such as Franklin Resources, Inc. (BEN) and Invesco Ltd. (IVZ) have also shown steady AUM growth, with Franklin reporting a preliminary AUM of $1.71 trillion as of January 31, 2026, up 1.3% sequentially, and Invesco achieving a five-year CAGR of 10% [7][8][9]

Core Insights - Affiliated Managers Group Inc. (AMG) reported fourth-quarter 2025 economic earnings of $9.48 per share, exceeding the Zacks Consensus Estimate of $8.75 and reflecting a 45.2% increase year over year [1][7] - Economic net income for the quarter was $271.7 million, a 32% year-over-year increase, surpassing the estimate of $235.3 million [2] - Total revenues for the fourth quarter rose 6.2% year over year to $556.6 million, beating the Zacks Consensus Estimate of $551.5 million [3] Financial Performance - For 2025, economic earnings per share were $26.05, exceeding the consensus estimate of $25.45 and growing 22% year over year [2] - Total revenues for 2025 reached $2.07 billion, a 1.6% increase, slightly below the Zacks Consensus Estimate of $2.08 billion [3] - Adjusted EBITDA for the fourth quarter was $378.1 million, up 34.2%, surpassing the projected $326.3 million [3] Assets Under Management (AUM) - As of December 31, 2025, total AUM was $813.3 billion, a 14.9% increase, although below the estimate of $854.1 billion [4] - Average AUM for the quarter was $821.3 billion, reflecting a 14.5% year-over-year growth [4] - Net client cash inflows during the reported quarter amounted to $12.1 billion [4] Capital and Liquidity - As of December 31, 2025, AMG had $586 million in cash and cash equivalents, down from $950 million a year earlier [5] - The company's debt increased to $2.69 billion from $2.62 billion as of December 31, 2024 [5] - Stockholders' equity decreased to $3.24 billion from $3.35 billion year over year [5] Share Repurchase and Acquisitions - During the fourth quarter, AMG repurchased shares worth $350 million and announced an additional buyback authorization of approximately 6 million shares [6] - AMG also announced the acquisition of a minority equity stake in HighBrook Investors, a real estate investment manager, to diversify its business [8] Market Position and Outlook - AMG is positioned for growth due to successful partnerships, a focus on alternative strategies, and a diverse product mix [9] - However, concerns remain regarding substantial intangible assets and elevated expense levels [9]

Group 1 - Pictet Group reported assets under management or custody of SFr757bn ($987bn) for the year ending 31 December 2025, an increase of 4.5% from SFr724bn in 2024 [1] - The consolidated profit for 2025 was SFr667m, remaining almost flat compared to the previous year, while operating income rose by 1.5% to SFr3.21bn [1] - Net new money for the year amounted to SFr19bn, contributing to the overall growth in assets [1] Group 2 - As of December 2025, Pictet's liquidity coverage ratio was 191%, exceeding Basel III requirements, and the total capital ratio was reported at 21.6%, well above FINMA's minimum requirement of 12% [2] - Marc Pictet, senior managing partner, highlighted the group's solid results in a dynamic market environment, emphasizing strong investment performance and substantial inflow of net new money [3] - Pictet Group operates as a partnership structure, specializing in wealth management, asset management, and alternative investments, without involvement in investment banking or commercial loans [3] Group 3 - The group has a workforce of approximately 5,500 across 31 offices in major cities including London, New York, Singapore, and Zurich [4] - In 2025, Pictet Bank was fined SFr2m ($2.4m) by Switzerland's Office of the Attorney General for organizational lapses related to money laundering activities [4]

Core Insights - Apollo Global Management, LLC's fourth-quarter 2025 adjusted net income (ANI) per share was $2.47, exceeding the Zacks Consensus Estimate of $2.03 and up from $2.22 in the previous year [1][9] - The company's shares rose nearly 2.6% in early trading following the release of these results [1][9] Financial Performance - The increase in revenues was primarily driven by a rise in assets under management (AUM), with total revenues reaching $1.2 billion, a 30.3% year-over-year increase, surpassing the Zacks Consensus Estimate by 4.4% [4][9] - For the full year 2025, revenues totaled $4.5 billion, up 22.3% year over year, also beating the Zacks Consensus Estimate of $4.4 billion [4] - Total expenses rose 25.3% year over year to $218 million in the reported quarter [4] Assets Under Management - Fee-earnings AUM increased by 24.6% year over year to $709 billion, driven by strong management fee growth and record capital solutions fees [5] - As of December 31, 2025, total AUM was $938 billion, reflecting a 24.9% year-over-year increase, supported by $145 billion in inflows from Asset Management and $83 billion from Retirement Services [6] Capital and Liquidity - As of December 31, 2025, Apollo Global had cash and cash equivalents of $3.3 billion and total debt of $5.5 billion, indicating a relatively weak capital and liquidity position [7] Capital Distribution - The company announced a quarterly cash distribution of 51 cents per share, scheduled for payment on February 27, 2026, to shareholders of record as of February 19 [8] Strategic Developments - The acquisition of Bridge Investment Group Holdings Inc. is expected to enhance Apollo Global's real estate expertise and strengthen its wealth management business, contributing positively to its financials [10]

FOURTH QUARTER EARNINGS PRESENTATION February 6, 2026 George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act ...

Core Insights - Ares Management Corporation's fourth-quarter 2025 after-tax realized income per share was $1.45, missing the Zacks Consensus Estimate of $1.71, but increased from $1.23 per share in the prior-year quarter [1][8] - The company's shares fell nearly 7.3% in early trading following the disappointing results [1] Financial Performance - Net income attributable to Ares Management was $54.2 million, down from $177.3 million in the year-ago quarter [2] - For the full year 2025, after-tax realized income per share was $4.76, missing the Zacks Consensus Estimate of $5.07, but up from $3.97 in the prior year [3] - Total revenue for the fourth quarter declined 5.6% year over year to $1.17 billion, missing the Zacks Consensus Estimate of $1.63 billion [4] - Full-year revenues reached $5.6 billion, a 44.1% increase year over year, surpassing the Zacks Consensus Estimate of $4.8 billion [4] - Total expenses rose 27.3% year over year to $1.25 billion, driven by increases across all components [4] Assets Under Management (AUM) - Fee-paying AUM increased 31.5% year over year to $384.9 billion, while perpetual capital AUM rose 49.7% year over year to $200 billion [5] - Total AUM as of December 31, 2025, was $622.5 billion, up 28.5% from a year ago, supported by commitments to drawdown funds and acquisitions [5][8] Liquidity Position - As of December 31, 2025, Ares Management had $488.9 million in cash and cash equivalents and $2.6 billion in debt [6] Recent Developments - Ares Management completed the acquisition of BlueCove Limited, enhancing its capabilities in systematic fixed-income investing [7][9] - The integrated BlueCove business now operates within the Ares Credit Group, leveraging data-driven investment processes [9] Strategic Outlook - Ares Management is benefiting from strong AUM growth across fee-paying and perpetual capital platforms, supported by capital inflows and strategic acquisitions [10]

Ares Management Corporation Reports Fourth Quarter and Full Year 2025 Results NEW YORK--Ares Management Corporation (NYSE:ARES) today reported its financial results for its fourth quarter and full year ended December 31, 2025. GAAP net income attributable to Ares Management Corporation was $54.2 million for the quarter ended December 31, 2025. On a basic and diluted basis, net income attributable to Ares Management Corporation per share of Class A and non- voting common stock was $0.08 for the quarter ended ...

Fourth Quarter 2025 Review February 5, 2026 Seth P. Bernstein, Chief Executive Officer Tom Simeone, Chief Financial Officer Cautions Regarding Forward-Looking Statements Certain statements provided by management in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed o ...

Artisan Partners Asset Management Business Update and Fourth Quarter 2025 Earnings Presentation Business Philosophy & Approach Artisan has built its business based upon a consistent philosophy and business model High Value-Added Investment Firm Talent-Driven Business Model Thoughtful Growth ARTISAN PARTNERS ASSET MANAGEMENT 2 ▪ Active Strategies ▪ Autonomous Franchises ▪ Process-Driven Results ▪ Designed for Investment Talent to Thrive ▪ Managed by Business Professionals ▪ Structured to Align Interests ▪ Ac ...