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Cohen & Steers(CNS) - 2025 Q2 - Earnings Call Transcript
2025-07-18 15:00
Financial Data and Key Metrics Changes - Earnings per share for Q2 was reported at $0.73, a decrease from $0.75 sequentially [5] - Revenue for Q2 increased by 1.1% from the prior quarter to $135 million [5] - Ending assets under management (AUM) rose to $88.9 billion from $87.6 billion in the previous quarter [6] - The effective fee rate remained stable at 59 basis points, while the operating margin decreased to 33.6% from 34.7% [6] Business Line Data and Key Metrics Changes - Net inflows into open-end funds were positive for the last four consecutive quarters, although institutional net outflows offset these gains [7] - Total expenses increased by 2.9% compared to the prior quarter, driven by higher compensation and benefits [8] - Compensation ratio remained at 40.5%, consistent with previous guidance [10] Market Data and Key Metrics Changes - The second quarter saw 89% of AUM outperforming benchmarks, with 94% outperforming on a one-year basis [14] - Global equities and listed infrastructure outperformed U.S. equities, with global strategies showing stronger performance [30][31] Company Strategy and Development Direction - The company is focused on launching active ETFs and expanding its wealth management channel, particularly in the independent RIA segment [49][50] - A new tactical listed and private real estate strategy was launched, aimed at integrating listed and private real estate allocations [24][42] - The company plans to continue investing in talent acquisition and data analysis to support growth initiatives [44] Management's Comments on Operating Environment and Future Outlook - Management noted that the market environment has been resilient, with strong private sector balance sheets and liquidity [31] - The outlook for real estate is favorable, with valuations seen as attractive for new investors [19][22] - The company expects G&A expenses to increase by 7% to 8% for the full year 2025 compared to 2024 [11] Other Important Information - The company moved into a new Hong Kong office, completing its planned foreign office upgrades [12] - Liquidity at the end of Q2 was reported at $323 million, an increase from $295 million in the prior quarter [11] Q&A Session Summary Question: What is the temperature of the wealth management channel? - The wealth channel is important, with progress in gaining allocations from sophisticated RIAs, although gross sales were about 10% lower than recent trends [48][49] Question: How are active ETFs performing? - Early results show good flows, with RIAs who only allocate to ETFs making allocations, indicating a positive start for the active ETFs [51][52] Question: What drove the outflows in global listed infrastructure? - Outflows were driven by institutional investors rebalancing their portfolios, although the strategy remains popular [55] Question: What is the demand for global real estate? - There has been stronger demand for global real estate, with more global allocators in the pipeline, although U.S. real estate remains the largest market [58][59] Question: Any geographical differences in advisory demand? - The U.S. remains the largest market, with growing activity in Asia, while Europe is slower and the Middle East has seen reduced activity [63]
卖方光环不在?16年卖方大佬“奔私”,曾梦想打造中国版“桥水”
Hua Xia Shi Bao· 2025-07-18 14:49
文中,他谈到了自己求学时期刚接触证券行业的经历。丁鲁明在文中写道,自己在2006年首次接触证券 行业及A股,首次实习在太平洋证券上海某营业部,随后根据表现调入投行部、资管部,获得了时任资 管部负责人的较好评价,这也让他立志做国内最优秀的基金经理。毕业后,2008年至2014年,丁鲁明在 海通证券研究所任金融工程高级分析师。 本报(chinatimes.net.cn)记者耿倩 上海报道 7月16日,中信建投前金工首席丁鲁明发文"奔私",宣布创立上海睿成私募基金管理有限公司(下称"睿 成私募"),并表示将"投入自身全部精力去打造一家独属于我们中国人自己的'桥水基金'"。 中国证券投资基金业协会公开信息显示,睿成私募于今年4月21日成立,并于7月14日正式登记。从出资 人来看,丁鲁明是睿成私募的实控人,间接持有公司90.2%的股权。从业务类型来看,这可能是一 家"引入量化行业轮动、量化选股指增等其他优秀成熟的量化策略进行产品管理"的量化公司。 从卖方到买方,是丁鲁明走过35年职业生涯一半时所做的重大人生决定。然而,立志成为国内"Top1基 金经理"的愿望固然美丽,但创设私募机构并非易事,资金募集、渠道维护、研发投入 ...
Cohen & Steers(CNS) - 2025 Q2 - Earnings Call Presentation
2025-07-18 14:00
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]
X @Bloomberg
Bloomberg· 2025-07-18 03:48
Apollo Global Management won the mandate to manage Singapore’s $1 billion private credit fund targeting local high growth enterprises https://t.co/zQbJONSAG3 ...
P10 Schedules Second Quarter 2025 Earnings Release for Thursday, August 7, 2025
Globenewswire· 2025-07-17 20:30
Group 1 - P10, Inc. will release its second quarter 2025 results on August 7, 2025, before U.S. markets open [1] - A conference call and live webcast will be held at 8:30 a.m. Eastern Time on the same day [1] - A replay of the call will be available on P10's investor relations page for those unable to participate live [2] Group 2 - P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry [3] - As of March 31, 2025, P10 has a global investor base of over 3,800 investors across 50 states and 60 countries [3] - The investor base includes some of the world's largest pension funds, endowments, foundations, corporate pensions, and financial institutions [3]
X @Bloomberg
Bloomberg· 2025-07-17 18:16
T. Rowe Price Group Inc. is making a business-wide round of job cuts as the Baltimore-based asset manager grapples with outflows and other pressures https://t.co/BDXDY7w2qY ...
Wormhole Powers Multichain Interoperability of Tokenized Access Fund for Hamilton Lane's SCOPE Fund with Securitize
Prnewswire· 2025-07-17 15:20
Wormhole selected as official multichain partner for accessing $958B1 private markets investment manager's senior credit fund through the Senior Credit Opportunities Securitize Fund (SCOPE Access Fund), now live on Ethereum and Optimism via Securitize.GRAND CAYMAN, Cayman Islands, July 17, 2025 /PRNewswire/ -- Wormhole, a leading interoperability platform connecting traditional finance and the internet economy, has been selected as the official interoperability partner for SCOPE Access Fund, a tokenized fee ...
阶段震荡无碍机构看多债市 建议借由组合策略提升投资韧性
Xin Hua Cai Jing· 2025-07-17 13:46
尽管受权益市场走强、买断式逆回购到期、政府债净缴款增加、税期走款、同业存单到期量增多等扰动 因素的影响,近期债市利率震荡上探,总体表现偏弱,但记者在采访中发现,大部分业内专家对后市演 绎并不悲观,毕竟就经济基本面和资金面来看,债市仍处"顺风"环境中。 新华财经上海7月17日电(记者杨溢仁)7月以来,债市不改震荡盘整行情,收益率整体上探。而关 于"债牛"能否延续的探讨,已成为业界关注的焦点话题之一。 不少持乐观态度的机构认为,债市收益率中枢的下行趋势暂难扭转,市场估值虽高,可只要政策基调不 变,那么大方向依旧会利多债市表现。 债市表现依旧可期 中央国债登记结算有限责任公司提供的数据显示,截至7月16日收盘,银行间利率债市场收益率不改小 幅波动走势。其中,10年期国债收益率上行1BP至1.66%附近。 由此,聚焦债市布局,"在当前的市场环境下,单一策略带来的超额回报越来越有限。因此,我们更强 调'多策略'的组合方式。"贝莱德基金首席固定收益投资官刘鑫表示,"实际上,传统的久期策略在利率 环境变化不大的阶段很难获得超额收益。因此,我们会结合交易策略、结构性策略,一、二级市场套 利,甚至利用衍生品进行套息,以构建多层 ...
如果能一键回到2700以下,你最想对那时的自己说(做)什么?
天天基金网· 2025-07-17 12:32
巴蜀养基场 . 以下文章来源于巴蜀养基场 ,作者九思万幸 做好的理财经理教育,成为公募基金财富管理领域赋能的领先品牌,目前已服务280+金融机构和100,000+理财经理。提供降费降佣背景下的行业各项解决 方案(咨询、辅导、培训、基金产品测评、营销策划等服务)基哥 18608036474(V信同号) 其实2700点以下并不是多么遥远的过去,最近的一次是去年924行情启动前的9.19,市场在2697点,再之前就是去年2月3日的2635点。 (2023年—至今 上证综指走势图 来源:东方财富) 所以,这次我们是因为经历了市场这一轮的上涨之后,我问大家,如果市场回到2700点及以下的话,你会做什么。我猜可能会有很多朋友选择把仓 位加得高一些吧?! 只是确实非常可惜,我们每一个人都没有这种未卜先知的能力。所谓有钱难买早知道。但是,说句不好听或许也是大家不爱听的,如果市场在未来 的某一时间真的又回到了2700点的话,你会怎么办呢? 滚粗,不会有这么一天的。每一轮牛熊交替的最低点都会上一个平台的,比如2007、2008年的那波市场最高点是到达了6124点,而最低点是1664 点,而2015年的那波市场最高点是5178点, ...
X @Bloomberg
Bloomberg· 2025-07-17 11:56
Fidelity Investments raised a second opportunistic credit fund as the world’s third-largest asset manager expands its push into alternatives https://t.co/1MRuP6HG0J ...