Core Points - Ress Life Investments A/S published its Net Asset Value (NAV) per share as of 15 October 2025, which is USD 2597.07 [1] - The performance for the first half of October is reported at 0.16% in USD, while the year-to-date net performance stands at 0.07% in USD [1] - The total Assets Under Management (AUM) are reported to be USD 242.4 million [2] NAV and Performance - The NAV per share in EUR is available on the Nasdaq Copenhagen website under the AIF Companies and Funds section [2] - The daily NAV in EUR is calculated based on the most recently published NAV in USD divided by the European Central Bank's EUR/USD reference rate [2] Contact Information - For inquiries related to the announcement, the contact person is Gustaf Hagerud, reachable via email at gustaf.hagerud@resscapital.com or by phone at +46 73 660 72 42 [3]

Core Insights - State Street's (STT) Q3 2025 earnings per share (EPS) reached $2.78, exceeding the Zacks Consensus Estimate of $2.62, marking a 23% increase from the previous year [1][10] - The company's net income available to common shareholders was $802 million, reflecting a 17.6% year-over-year increase, surpassing projections of $698.1 million [2] - Total revenues amounted to $3.55 billion, an 8.8% year-over-year increase, exceeding the Zacks Consensus Estimate of $3.47 billion [3][10] Revenue and Expenses - Net interest income (NII) was reported at $715 million, down 1.1% year over year, attributed to lower average short-end rates and deposit mix shifts, with estimates at $738.2 million [3] - The net interest margin (NIM) contracted by 11 basis points year over year to 0.96%, below the expected 0.99% [4] - Total fee revenues increased by 8.1% year over year to $2.83 billion, driven by growth in nearly all components except lending-related fees, with estimates at $2.70 billion [4] - Non-interest expenses rose to $2.43 billion, a 5.5% increase from the prior year, aligning with estimates [5] Asset Management - As of September 30, 2025, total assets under custody and administration (AUC/A) reached a record $51.66 trillion, up 10.5% year over year, driven by higher equity market levels and client flows, slightly below the projected $52.04 trillion [7] - Assets under management (AUM) increased to $5.45 trillion, a 15.1% year-over-year rise, supported by higher market levels and net inflows, also below the estimate of $5.55 trillion [7] Shareholder Actions - In the reported quarter, State Street repurchased shares worth $400 million [8] Financial Ratios - The Common Equity Tier 1 ratio stood at 11.3% as of September 30, 2025, down from 11.6% in the same period of 2024 [6] - The return on average common equity improved to 13.4% compared to 12% in the year-ago quarter [6]

Assets Under Management (AUM) - Ending AUM increased to $90.9 billion as of September 30, 2025, compared to $88.9 billion at the end of Q2 2025[2] - Average AUM for Q3 2025 was $89.7 billion, up from $87.2 billion in Q2 2025[2] - Market appreciation contributed $2.4 billion to AUM in Q3 2025, slightly higher than the $2.3 billion in Q2 2025[2] Net Flows - The company experienced net inflows of $233 million in Q3 2025, a turnaround from net outflows of $131 million in Q2 2025[2] - Open-end funds saw net inflows, while advisory and subadvisory segments experienced net outflows[2] Financial Performance (As Adjusted) - Net income reached $41.7 million in Q3 2025, an increase from $37.3 million in Q2 2025[2] - Diluted EPS rose to $0.81 in Q3 2025, compared to $0.73 in Q2 2025[2] - Operating margin improved to 36.1% in Q3 2025, up from 33.6% in Q2 2025[2] Revenue (As Adjusted) - Total revenue was $140.9 million in Q3 2025, compared to $135.3 million in Q2 2025[4] - Open-end fund fees generated $73.5 million in revenue in Q3 2025[8] - Institutional fees contributed $33.3 million to revenue in Q3 2025[8] Expenses (As Adjusted) - Total expenses amounted to $90.1 million in Q3 2025, compared to $89.9 million in Q2 2025[4] - Employee compensation and benefits accounted for $56.1 million of expenses in Q3 2025[11]

Core Insights - BlackRock reported a strong third-quarter performance with an EPS of $11.55, exceeding estimates of $11.25, and revenue of approximately $6.51 billion, surpassing the estimated $6.29 billion [1][6] Financial Performance - The company's revenue and assets under management (AUM) saw significant year-over-year growth, with AUM increasing to $13.46 trillion from $11.48 trillion in Q3 2024 [2] - Adjusted earnings were $1.91 billion, or $11.55 per share, compared to $1.72 billion, or $11.46 per share, from the previous year [3] Growth Drivers - The growth in AUM was driven by strong organic base fee growth in systematic franchise, private markets, digital assets, outsourcing, cash, and iShares ETFs, which experienced record demand [2][6] Market Position - BlackRock's financial metrics indicate a strong market position, with a P/E ratio of approximately 25.64, a price-to-sales ratio of about 8.10, an enterprise value to sales ratio of around 8.41, and an enterprise value to operating cash flow ratio of approximately 45.46 [4] - The company's debt-to-equity ratio is roughly 0.34, indicating a relatively low level of debt compared to equity, suggesting a stable financial structure [5] - BlackRock's current ratio of approximately 4.40 indicates strong liquidity, positioning the company well to meet short-term obligations [5]

Key Takeaways BlackRock is set to report 3Q25 results on Oct. 14, with revenues and earnings expected to rise y/y.AUM growth, driven by ETF strength, new crypto funds, and HPS and ElmTree acquisitions, supports performance.Higher revenues from advisory and tech services expected, though expenses likely rose with expansion efforts.BlackRock (BLK) is slated to report third-quarter 2025 results on Oct. 14, before the opening bell. Its quarterly revenues and earnings are expected to have improved year over year ...

Core Insights - September is typically a weak month for the stock market, but it presents opportunities for investors willing to take on risk, particularly in Acadian Asset Management and AllianceBernstein, which have recently dipped below their 52-week highs [1][2] Financial Performance - Acadian Asset Management reported a record AUM of $151.1 billion, while AllianceBernstein reached an all-time high AUM of $829 billion, driven by strong global equity inflows [5] - Acadian's EPS estimates for fiscal years 2025 and 2026 have increased by 17% and 26%, respectively, with an expected annual earnings surge of 35% this year and a projected 21% increase in FY26 to $4.50 per share [6][7] - AllianceBernstein's FY25 EPS estimates have risen by 4% in the last two months, with FY26 revisions up by 7%, forecasting a 2% expansion in FY25 and an 11% increase next year to $3.69 per share [7] Valuation Metrics - Both Acadian and AllianceBernstein are trading at forward P/E multiples of 11X, significantly lower than the broader Zacks finance sector's 19X and the S&P 500's 24X, indicating attractive valuation [8] Investment Outlook - Acadian Asset Management holds a Zacks Rank 1 (Strong Buy) and is expected to rebound from its 52-week high of $51 per share, while AllianceBernstein has a Zacks Rank 2 (Buy) and is projected to return to its one-year peak of $43 per share, offering a 7.71% annual dividend yield [11]

Core Insights - Victory Capital Holdings, Inc. (VCTR) reported assets under management (AUM) of $299.8 billion for July 2025, reflecting a marginal increase from June 30, 2025 [1][8] - The U.S. mid-cap equity AUM increased by 1% to $31.9 billion, while U.S. small-cap equity AUM declined by 4.4% to $12.6 billion [1][8] - The global/non-U.S. equity AUM rose slightly to $25.8 billion, and U.S. large-cap equity AUM increased marginally to $62.3 billion [1][8] Asset Class Performance - Victory Capital recorded $80.8 billion in Solutions, up 1.1% from June 2025 [2] - Alternative investments asset balance increased slightly to $2.9 billion, while fixed-income AUM totaled $79.7 billion, showing a marginal decrease [2] - Money market/short-term assets rose by 2.3% to $3.7 billion [2] Business Model and Market Position - The strong positioning of VCTR's integrated multi-boutique business model in a fast-expanding market is expected to enhance its performance in the near term [3] Stock Performance - Over the past six months, VCTR shares have gained 3.7%, outperforming the industry's growth of 1.8% [4] Comparison with Other Asset Managers - Franklin Resources, Inc. (BEN) reported preliminary AUM of $1.62 trillion as of July 31, 2025, which increased slightly from the prior month [6] - Invesco (IVZ) reported AUM of $2,024.5 billion as of July 31, 2025, reflecting a 1.2% increase from the previous month [9]

Assets Under Management (AUM) - Ending AUM increased to $88.9 billion as of June 30, 2025, compared to $87.6 billion as of March 31, 2025[2] - Average AUM for Q2 2025 was $87.2 billion, up from $86.8 billion in Q1 2025[2] - Market appreciation contributed $2.3 billion to AUM in Q2 2025, compared to $2.1 billion in Q1 2025[2] Flows - The company experienced net outflows of $131 million in Q2 2025, a shift from net inflows of $222 million in Q1 2025[2] - Open-end funds and closed-end funds saw net inflows, while advisory and subadvisory experienced net outflows[2] - Total firm net flows were -$0.1 billion in Q2 2025, representing an organic decay of -0.6%[18] Financial Performance (As Adjusted) - Net income was $37.3 million in Q2 2025, slightly lower than $38.4 million in Q1 2025[2] - Diluted EPS was $0.73 in Q2 2025, compared to $0.75 in Q1 2025[2] - Operating margin was 33.6% in Q2 2025, a decrease from 34.7% in Q1 2025[2] - Revenue reached $135.3 million in Q2 2025, compared to $133.8 million in Q1 2025[4] - Expenses totaled $89.9 million in Q2 2025, up from $87.3 million in Q1 2025[4] Revenue Breakdown (As Adjusted) - Open-end fund fees generated $69.9 million in revenue in Q2 2025[8] - Institutional fees contributed $32.8 million in revenue in Q2 2025[8] - Closed-end fund fees accounted for $24.9 million in revenue in Q2 2025[8] Expense Breakdown (As Adjusted) - Employee compensation and benefits amounted to $54.8 million in Q2 2025[11] - Distribution and service fees were $15.7 million in Q2 2025[11] - General and administrative expenses totaled $17.0 million in Q2 2025[11] Investment Performance - 94% of total AUM was in outperforming strategies over the 1-year period as of June 30, 2025[32] - 90% of total AUM was in outperforming strategies over the 10-year period as of June 30, 2025[32] - 96% of U S open-end fund AUM was rated 4 or 5 stars by Morningstar[32]

Core Insights - BlackRock (BLK) has become the first asset manager to exceed $12 trillion in assets under management (AUM), reaching $12.53 trillion in Q2 2025, which significantly contributed to adjusted earnings of $12.05 per share, surpassing estimates by 13% and increasing 16% year-over-year [1][9] Financial Performance - Total revenues on a GAAP basis were $5.42 billion, reflecting a 13% year-over-year increase, although slightly below the consensus estimate of $5.43 billion [2][9] - Investment advisory and administration fees rose 15% to $4.28 billion, while technology services and subscription revenues surged 26% to $499 million; however, performance fees dropped 43% to $94 million [8][9] - Total expenses increased by 23% to $3.69 billion, primarily due to a 17% rise in employee compensation and benefits [10] AUM and Market Dynamics - The record AUM was driven by an 18% year-over-year increase, supported by strong U.S. stock market performance and robust net client inflows [3][9] - BlackRock experienced total net inflows of $68 billion in the quarter, with significant contributions from cash and money-market funds ($22 billion), digital asset ETFs ($14 billion), and alternative investments ($9.8 billion) [4] Client Activity - A notable withdrawal of $52 billion by a large Asian institutional client from a low-cost index strategy negatively impacted long-term net inflows, which decreased by 10% year-over-year to $46 billion [2][9]

Core Insights - Silvercrest Asset Management Group Inc. reported strong new client organic flows of $0.4 billion in Q1 2025, following $1.4 billion in Q4 2024, indicating a positive trend in client acquisition and potential revenue growth [2][3] - Total Assets Under Management (AUM) decreased to $35.3 billion, down 3.3% from $36.5 billion at the end of 2024, primarily due to market depreciation [3][16] - The company declared a quarterly dividend of $0.20 per share, reflecting its commitment to returning capital to shareholders [7] Financial Performance - Revenue for Q1 2025 increased by $1.1 million, or 3.7%, to $31.4 million compared to $30.3 million in Q1 2024, driven by market appreciation [17] - Consolidated net income was $3.9 million for Q1 2025, down from $4.9 million in the same period last year, with net income attributable to Silvercrest at $2.5 million [19][20] - Adjusted EBITDA for Q1 2025 was $6.5 million, representing a margin of 20.7%, compared to $7.5 million and a margin of 24.6% in Q1 2024 [20][31] Assets Under Management - Total AUM as of March 31, 2025, was $35.3 billion, a 2.3% increase from $34.5 billion a year earlier, attributed to market appreciation of $0.8 billion [15][44] - Discretionary AUM remained flat at $22.7 billion year-over-year, while non-discretionary AUM increased by 6.8% to $12.6 billion [16][49] - The company experienced net client inflows of $0.2 billion, a significant improvement from a net outflow of $0.3 billion in the previous year [44] Strategic Initiatives - Silvercrest is focused on enhancing its presence in both institutional and wealth markets, investing in talent to drive growth and transition the business [4] - The company completed a $12.0 million stock repurchase program, indicating a strategy to return capital to shareholders while pursuing growth opportunities [6] - The firm plans to adjust its interim compensation ratio to align with business investments, reflecting a commitment to growth and return on invested capital [5]