Financial Data and Key Metrics Changes - The company ended Q2 with record assets under management of $846 billion, an increase driven by gains from equity strategies [3] - Equity assets increased by $8.1 billion or 10% from the prior quarter, with Q2 equity net sales of $1.8 billion representing an organic growth rate of just under 9% [3] - Total revenue for Q2 increased slightly from the prior quarter, primarily due to higher revenue from more days in the quarter and revenue related to the Rivington acquisition [15] - Total Q2 carried interest and performance fees were $1.4 million compared to $5.9 million in the previous quarter [15] - The Q2 effective tax rate was 26.1%, with expectations for the rate to be in the 25% to 28% range for 2025 [16] Business Line Data and Key Metrics Changes - MDT equity strategies had net sales of $3.8 billion in Q2, up from $3.3 billion in Q1 [4] - Fixed income assets decreased by about $800 million or 1% in Q2, mainly due to net redemptions of $2.4 billion [6] - In the alternative private markets category, assets increased by $1.3 billion or 7% in Q2, primarily due to FX rates and net sales of $231 million [7] - Money market fund assets reached a record high of $468 billion, increasing by $3.1 billion in Q2 [12] Market Data and Key Metrics Changes - The company's estimate of money market mutual fund market share was about 7.11% at the end of Q2, up slightly from 7.1% at the end of Q1 [14] - Managed assets as of recent days were approximately $854 billion, including $642 billion in money markets, $91 billion in equities, and $98 billion in fixed income [15] Company Strategy and Development Direction - The company is actively working on product development plans with Rivington Energy Management to enhance its private markets platform [9] - The company is exploring opportunities in the digital asset space, including tokenized money market funds and digital asset infrastructure [12][13] - The company continues to look for acquisitions, particularly in the private markets space, emphasizing that the highest and best use of cash is for acquisitions [50] Management's Comments on Operating Environment and Future Outlook - Management views the tokenization of money market funds as incremental rather than disintermediating traditional money fund business [22] - The company expects ongoing innovation and growth in the digital asset space, with a commitment to exploring opportunities [14] - Management noted that the stablecoin market is currently about $250 billion, with expectations for significant growth, but emphasized that stablecoins cannot pay interest [36][40] Other Important Information - The company completed the acquisition of a majority interest in Rivington Energy Management, enhancing its capabilities in the renewable energy sector [9] - The company purchased approximately 1.5 million shares of its stock for about $64.5 million during the quarter [17] Q&A Session Summary Question: Update on stablecoin tokenization and its impact on traditional money fund business - Management sees it as incremental, with new customers and products, emphasizing the need for daily liquidity at par [22][24] Question: Growth in stablecoins and its impact on money market funds - Management believes the current stablecoin market is concentrated and that the Genius Act will define backing requirements, which could lead to increased supply in the treasury market [36][37] Question: Capacity concerns for MDT mid and small cap products - Management does not expect any capacity issues at this point, as methodologies and buying capabilities are robust [42] Question: Capital return priorities and M&A opportunities - Management emphasizes that the highest use of cash is for acquisitions and is actively exploring opportunities in the private markets [50] Question: Tokenization of money market funds and its potential impact on the industry - Management believes it is too early to estimate the size of growth from tokenization, viewing it as an additional distribution method [56][58]

The nation's oldest bank and a Wall Street firm partner up to offer tokenized money market funds https://t.co/rXEI4e1hsA ...

🚨 NEW: Goldman Sachs and BNY Mellon enable institutional investors to purchase tokenized money market funds, aiming to modernize the $7.1T industry. https://t.co/WN0RoAO0JR ...

Market Trends - Tokenized money market funds are gaining popularity [1] - Yield-bearing stablecoins may present a threat to idle bank deposits [1]

Massive congratulations to the @Spiko_finance team!With over $146M in assets tokenized on Polygon to date, we’re excited to keep scaling tokenized money market funds with Spiko.Spiko (@Spiko_finance):We’re thrilled to announce that Spiko has raised $22M in a round led by @IndexVentures, with continued support from our existing investors and the addition of several incredible angel investors! https://t.co/hWLnij3DXy ...

Funding - Spiko 在 A 轮融资中筹集了 2200 万美元 [1] Business Development - Spiko 旨在扩大代币化货币市场基金的规模 [1]