Just walk us through what this kind of compensation actually is. Thanks, Lizzy. Yes, carried interest is a form of compensation which allows the employee to sort of get compensated for the returns on their investments.So typically, you would see it in private equity companies, largely based in London or New York. But it's been quite difficult to implement it in sovereign wealth funds because they don't typically raise third party capital. But we are starting to see it creep in to some of the the newer sort ...

All eight Ivy League colleges lagged behind the S&P 500 index by at least ten percentage points in their most recently reported fiscal year” https://t.co/xDH96qpW8o ...

Core Insights - GAM Holding AG is now fully focused on growth with new investment partnerships and leadership in place, marking a significant transformation in its business strategy [1][6][20] Financial Performance - The underlying pre-tax loss for H1 2025 was CHF 34.1 million, slightly higher than the CHF 33.2 million loss in H1 2024, primarily due to lower net fee and commission income [4] - GAM reported an IFRS net loss after tax of CHF 40.7 million, which includes CHF 6.3 million of reorganisation and other charges [7] - Assets under Management (AuM) stood at CHF 12.7 billion as of 30 June 2025, down from CHF 16.3 billion at the end of 2024, with outflows driven by changes in the European Equity investment team [16][17] Strategic Initiatives - GAM has completed its transformation and is entering a new phase focused on sustainable growth, innovation, and client-centric excellence [6] - The company has enhanced its investment platform with the establishment of a new European Equity team and partnerships with Swiss Re and Gramercy for Cat Bond strategies and Emerging Market Debt strategies, respectively [12][16] - GAM's distribution leadership has been strengthened with new senior hires and the return of Tim Rainsford as Group Chief Distribution Officer [12] Investment Performance - GAM continues to deliver strong investment performance, with 73% of Investment Management AuM outperforming their three-year benchmark and 74% outperforming their five-year benchmark as of 30 June 2025 [10][14] - GAM has also outperformed its peer group, with 55% of Investment Management AuM outperforming their three-year Morningstar peer group and 76% outperforming their five-year peer group [14][15] Awards and Recognition - GAM has received multiple awards, including LSEG Lipper's 2025 Best Overall Investment Group across Europe over three years and the PAM Award 2025 for Investment Performance – Growth Portfolios [12]

Financial Data and Key Metrics Changes - AFG reported core net operating earnings of $2.14 per share, a decrease from $2.56 per share in the prior year period [8] - The annualized core operating return on equity was reported despite tempered overall results from alternative investments [6] - Net investment income, excluding alternatives, increased by 10% year over year due to higher interest rates [6][10] Business Line Data and Key Metrics Changes - Specialty Property and Casualty Insurance businesses generated a combined ratio of 93.1%, up from 90.5% in the prior year [15] - Gross and net written premiums in the Specialty Property and Casualty businesses were up 107% year over year, with a 65% increase when excluding the crop business [16] - The Specialty Casualty Group achieved a combined ratio of 93.9%, 4.8 points higher than the previous year, with gross and net written premiums increasing by 42% [20] Market Data and Key Metrics Changes - Multifamily construction starts are down approximately 20% year over year, indicating a tightening supply which is expected to drive higher rental and occupancy rates [12] - The overall renewal rate increases for the Property and Casualty Group were approximately 6%, with a 7% increase excluding workers' compensation [17] Company Strategy and Development Direction - AFG continues to focus on disciplined operating philosophy and capital management to create long-term value for shareholders [13] - The company is optimistic about the prospects of attractive returns from its alternative investment portfolio, expecting annual returns averaging 10% or better [12] - AFG is evaluating opportunities for acquisitions, special dividends, or share repurchases due to expected significant excess capital generation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of reserves and the favorable pricing environment in the Specialty Property and Casualty businesses [15] - The company anticipates premium growth for the full year in 2025, driven by increased exposures and new business opportunities [15] - Management noted that the current economic environment presents opportunities for growth, particularly in the lender-placed property business [28] Other Important Information - AFG returned over $100 million to shareholders during the quarter, including $39 million in share repurchases and a $0.80 per share dividend [12] - The company reported a 5% decrease in overall P&C net investment income compared to the previous year due to lower returns on alternative investments [11] Q&A Session Summary Question: Insights on lender-placed business growth - Management indicated that the lender-placed property business is significant and tends to grow in weak economic conditions, with a gross written premium of about $700 million [28] Question: Nonrenewals in social inflationary lines - Management confirmed that they are completing nonrenewals in housing accounts and expect to finish nonrenewals in daycare accounts by year-end [34] Question: Growth opportunities in inland marine and trade credit - Management expressed confidence in growth opportunities in ocean marine and trade credit, despite potential impacts from tariffs [45][49] Question: Crop profitability outlook - Management stated it is too early to determine if 2025 will be above average for crop profitability, but conditions appear favorable [58] Question: Workers' compensation pricing environment - Management noted a moderating price trend in workers' compensation, with California seeing its first price increase in a decade [66] Question: Pricing and rate adequacy in professional lines - Management reported flat pricing in public D&O business but noted signs of stabilization [72]

Core Viewpoint - Octopus AIM VCT 2 plc reported a decline in net asset value (NAV) and profit for the half-year ending 31 May 2025, amidst a challenging economic environment, but showed signs of cautious optimism for the AIM market and UK economy [4][5][18]. Financial Summary - Net assets decreased to £80.772 million from £83.409 million in the previous year [2]. - The company reported a loss after tax of £1.371 million compared to a profit of £5.464 million in the same period last year [2]. - NAV per share fell to 37.9p from 45.5p year-on-year [2]. - Total return per share was -2.0%, contrasting with a 6.3% return in the previous year [2]. - Dividends per share paid in the period were 1.8p, down from 5.4p in the previous year [2]. Market and Economic Context - The AIM market has shown resilience despite a complex economic landscape, with improving investor sentiment driven by expectations of interest rate cuts and stable inflation [4][6][15]. - Growth stocks remain out of favor, contributing to the company's NAV decline, which underperformed the AIM index that rose by 2.8% during the same period [5][18]. Investment Strategy and Portfolio - As of 31 May 2025, 13% of the company's net assets were invested in unquoted companies, up from 9.4% the previous year, indicating a strategic shift towards these investments [7]. - The company made four qualifying investments totaling £2.8 million, an increase from £2.5 million in the same period last year [21]. - Notable investments included Aurrigo International plc and RC Fornax plc, focusing on innovative sectors such as autonomous vehicles and defense [22][23]. Shareholder Returns and Dividends - The company declared an interim dividend of 1.8p per share, consistent with the previous year, to be paid on 27 November 2025 [11][49]. - A revised dividend policy will be introduced from the 2026 financial year, aiming for an annual dividend of 6% of the opening NAV per share [13][14]. Government Support and Regulatory Environment - The UK government reaffirmed its support for Venture Capital Trusts (VCTs) in recent statements, which is expected to enhance investment in innovative businesses [6][17]. - Proposed reforms to the VCT market include increasing investment limits and extending eligibility for companies, aimed at maintaining VCTs as vital funding sources [17].

Ali Dibadj Chief Executive Officer Roger Thompson Chief Financial Officer Q2 2025 RESULTS Key metrics – Q2 2025 vs Q1 2025 | | Q2 2025 | Q1 2025 | | --- | --- | --- | | Investment outperformance3 3-/5-/10-year | 76/67/72% | 77/65/73% | | Total AUM1 | $457.3bn | $373.2bn | | Net flows2 | $46.7bn | $2.0bn | | U.S. GAAP diluted EPS | $0.95 | $0.77 | | Adjusted diluted EPS4 | $0.90 | $0.79 | | Dividend per share | $0.40 | $0.40 | Q2 2025 RESULTS Thursday, July 31, 2025 1 AUM and net flows include assets for whi ...

Financial Data and Key Metrics Changes - The company reported record assets under management (AUM) of $829 billion, marking a post-financial crisis high [5][6] - Adjusted earnings for the second quarter were $0.76 per unit, a 7% increase year-over-year [38] - Net revenues reached $844 million, a 2% increase compared to the prior year, while base fees increased by 4% [39] - Total performance fees decreased by $12 million to $30 million, primarily due to lower public market performance fees [39] - The adjusted operating margin for the quarter was 32.3%, up 150 basis points year-over-year [48] Business Line Data and Key Metrics Changes - Private wealth represented 17% of AUM and 35% of base management fees [6] - Active strategies experienced net outflows of $4.8 billion, with active equity shedding $6 billion [7] - The private markets platform grew to $77 billion in fee-paying and net fee-eligible AUM, a 20% year-over-year increase [9] - Alternatives multi-asset inflows totaled $1.6 billion, driven by strong deployments into private placements and real estate debt [8] Market Data and Key Metrics Changes - The firm observed a negative trend in retail flows, with active equity experiencing significant outflows [27] - The taxable fixed income segment generated $2.4 billion in outflows, while tax-exempt fixed income saw $1.2 billion in inflows [8][29] - The company reported strong organic growth in its retail municipal platform, growing at an annualized rate of 14% [8] Company Strategy and Development Direction - The company aims to grow private markets AUM to $90 billion to $100 billion by 2027, leveraging partnerships with Equitable [12][13] - The focus remains on delivering consistent and profitable growth supported by scale gains and improved operational leverage [9] - The company is expanding its distribution coverage by forming new partnerships and extending its addressable market [10] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical tensions and policy uncertainty impacted investor sentiment, but conditions improved as trade tensions eased [5] - The company expects to maintain a 33% operating margin in 2025, assuming flat markets [9][48] - Management expressed optimism about the potential for margin expansion over time as the business scales [10] Other Important Information - The company has invested significantly in operational resources to enhance client service and unlock incremental revenue opportunities [10] - The firm is focused on maintaining expense discipline while investing in growth to generate long-term value for unitholders [49] Q&A Session Summary Question: How is the company thinking about scaling its retirement income business with Pacific Life joining? - Management highlighted the importance of the insurance segment and the ongoing expansion of engagement in lifetime income solutions, noting an uptick in interest due to demographic trends [51][52] Question: Can you clarify the likelihood of further exchanges into AllianceBernstein holding units? - Management explained that the conversion from private to public units is driven by tax treatment and does not affect daily trading volume [55][56] Question: What is the company's stance on potential M&A opportunities? - Management indicated that they are exploring various opportunities, particularly in insurance sidecars and partnerships, while maintaining a cautious approach to capital intensity [59][61] Question: How should the market think about the incremental margin and trajectory into 2026? - Management confirmed expectations of maintaining a 33% margin for both halves of the year, with future guidance for 2026 to be provided later [71][72] Question: What are the drivers of demand for American Income and the outlook for improvement? - Management noted that demand for American Income is cyclical and has seen signs of stabilization, with positive flow activity in fixed income and retail [84][87]

Financial Data and Key Metrics Changes - Fee related earnings per share increased to $0.92, up 22% year over year [4] - Total operating earnings rose to $1.24 per share, up 16% year over year [4] - Adjusted net income reached $1.15 per share, up 19% compared to the previous year [4] - Management fees for Q1 were $917 million, up 13% year over year, driven by fundraising and deployment activities [5] - Total fee related revenues amounted to $1.2 billion, reflecting a 22% increase year over year [6] Business Line Data and Key Metrics Changes - Insurance segment operating earnings were $259 million, in line with expectations [26] - Strategic holdings operating earnings were $31 million, slightly ahead of guidance [7] - Realized performance income was $348 million, and realized investment income was $218 million, totaling $566 million in monetization activity, up nearly 40% year over year [10] - The private equity portfolio increased by 4% in the quarter and 11% over the last twelve months [10] Market Data and Key Metrics Changes - The company raised $31 billion in new capital during the quarter, with significant contributions from North America private equity strategy [21] - The K Series suite of vehicles saw AUM grow to $22 billion, compared to $9 billion a year ago [23] - The private credit component of AUM grew to $117 billion, with asset-based finance growing between 35% and 40% year over year [71] Company Strategy and Development Direction - The company aims to leverage its diversified business model to source attractive investment opportunities globally [13] - Focus on capital raising efforts remains strong, with no changes to targets despite market volatility [21] - The strategic holdings segment is viewed as a differentiator, with ongoing acquisitions to enhance the portfolio [8] - The company is committed to evolving its insurance strategy to include longer-duration assets, aiming for a pretax ROE of over 20% [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market volatility, emphasizing the importance of a global and diversified approach [34] - The company anticipates continued investment opportunities despite potential delays in some sale processes [36] - There is optimism regarding monetization activity, with a record gross unrealized performance income of $8.7 billion, up over 25% year on year [19] Other Important Information - The company increased its dividend to $0.74 per share on an annualized basis, marking the sixth consecutive year of dividend increases [12] - The firm has $116 billion of committed but uncalled capital, providing stability and visibility for future management fees [30] Q&A Session Summary Question: Impact of the emerging trade war on Asia business - Management indicated no change to strategy, emphasizing lessons learned from past experiences with tariffs and supply chain issues [45] Question: Resilience of private wealth flows - Management noted that strong relative performance and low adoption rates could drive future growth in private wealth [49] Question: Why not increase share buybacks given stock performance? - Management reiterated a consistent capital allocation strategy focused on maximizing long-term earnings per share and quality of earnings [61] Question: Update on asset-backed finance platform - Management highlighted significant growth in asset-based finance, with a healthy deployment of over $4 billion in Q1 [74] Question: Expectations for flagship fundraising in 2025 - Management expects a barbell approach to fundraising, with significant capital coming in at initial and final closes [107]

Financial Performance - The company's Total AUM decreased by 1% to $373.2 billion in Q1 2025 compared to $378.7 billion in Q4 2024 [3] [4] - Net inflows were $2.0 billion in Q1 2025, down from $3.3 billion in Q4 2024 [3] - U.S GAAP diluted EPS remained flat at $0.77, while adjusted diluted EPS decreased from $1.07 to $0.79 [3] - A dividend of $0.40 per share was declared, a 3% increase, and $27 million of shares were repurchased [4] Investment Performance - Long-term investment performance remains solid, with 77% of AUM outperforming the relevant benchmark for the 3-year period, 65% for the 5-year period, and 73% for the 10-year period [3] - 71% of mutual fund AUM was in the top 2 Morningstar quartiles [6] Flows and Capabilities - The company experienced its fourth consecutive quarter of net inflows, supported by a 44% year-over-year increase in gross sales [8] - Fixed Income and Alternatives flows were positive, while Multi-Asset and Equities flows were impacted by industry headwinds [14] - In Q1 2025, Equities had net sales/(redemptions) of -$4.2 billion, Fixed Income had $5.6 billion, Multi-Asset had -$0.6 billion, and Alternatives had $1.2 billion [15] Strategic Initiatives - The company is executing its strategic vision, focusing on protecting and growing core businesses, amplifying strengths, and diversifying where it has the right to win [25] [26] - The Guardian partnership amplifies strengths in Fixed Income, Multi-Asset, and Model Portfolios, expanding presence in institutional markets and the insurance space [30] - The company repurchased approximately 0.6 million shares in Q1 2025 for $27 million, and the board approved a new buyback authorization of up to $200 million through April 2026 [24]