Core Insights - Asset managers targeting retail clients are emerging as a significant market for private investments, according to Apollo Global Management's CEO Marc Rowan [1][2] - These firms are expected to become one of the largest groups investing in private assets, alongside institutions and individuals, with increasing exposure through mutual funds and ETFs [2][3] Group 1: Market Expansion - Apollo aims to leverage partnerships with existing asset managers to reach individual investors who seek exposure to private assets indirectly [3][4] - The company is expanding its reach beyond traditional backers of alternative assets, such as pensions and insurance companies [4] Group 2: New Opportunities - Defined-contribution retirement plans, like 401(k)s, represent a new market for private investments, especially following a recent executive order aimed at increasing their presence in these plans [5] - Apollo has formed partnerships with traditional asset managers, such as State Street Corp. and Lord Abbett, to facilitate access to private assets for individual investors [6] Group 3: Fundraising and Demand - In the third quarter, Apollo attracted approximately $5 billion from wealth channels, bringing the total for the year to about $14 billion, driven by demand for semi-liquid funds [7] - Institutional clients, including pension funds, are increasingly reallocating investments from public debt and equity to private-market assets, which is expected to grow significantly [8]

Core Viewpoint - Franklin Resources Inc. (BEN) is expected to report a decline in both earnings and revenues for the fourth quarter of fiscal 2025, with earnings anticipated at 57 cents, reflecting a 3.4% decrease year-over-year, and revenues estimated at $2.12 billion, indicating a 3.9% decline from the previous year [1][3]. Group 1: Earnings and Revenue Estimates - The Zacks Consensus Estimate for BEN's earnings is 57 cents, unchanged over the past week, representing a 3.4% decline from the same quarter last year [3]. - The consensus estimate for sales is $2.12 billion, suggesting a year-over-year decline of 3.9% [3]. - Franklin's earnings have beaten the consensus estimate in two of the last four quarters, with an average earnings surprise of 2.93% [2]. Group 2: Assets Under Management (AUM) - As of September 30, 2025, Franklin's preliminary total AUM was $1.66 trillion, up from $1.64 trillion at the end of August 2025, reflecting positive market impacts but offset by long-term net outflows of $11 billion [5]. - The Zacks Consensus Estimate for AUM in the fiscal fourth quarter is $1.67 trillion, indicating a 3.6% rise from the previous quarter's actual [5]. - The company's own estimate for AUM is pegged at $1.69 trillion [5]. Group 3: Fee Estimates - The Zacks Consensus Estimate for investment management fees is $1.69 billion, indicating a sequential rise of 2.9% [6]. - The consensus estimate for sales and distribution fees is $359.3 million, suggesting a 2.1% rise from the prior quarter [6]. - The estimate for shareholder servicing fees is $64.4 million, indicating a 7.5% rise from the previous quarter [6]. Group 4: Market Performance Context - The S&P 500 Index advanced nearly 8% during the July-September quarter, reflecting strong equity market performance, which likely benefited Franklin's performance [4]. - Despite the positive market trends, BEN is expected to have continued recording net outflows in the fiscal fourth quarter [5].

Core Points - Sprott Inc. announced a third quarter 2025 dividend of US$0.40 per common share, marking a 33% increase from the previous quarter's dividend [1] - The dividend will be payable on December 2, 2025, to shareholders of record as of November 17, 2025 [1] Dividend Payment Details - Registered shareholders in Canada will receive dividends in Canadian dollars, while those outside Canada, including the U.S., will receive them in U.S. dollars [2] - Beneficial holders in Canada can elect to receive dividends in U.S. dollars by contacting their broker [2] - The dividend is designated as an eligible dividend for Canadian income tax purposes [3] Company Overview - Sprott is a global asset manager specializing in precious metals and critical materials investments [4] - The company employs various investment strategies, including Exchange Listed Products, Managed Equities, and Private Strategies [4] - Sprott has offices in Toronto, New York, Connecticut, and California, and its shares are listed on both the NYSE and TSX under the symbol SII [4]

Core Insights - Apollo Global Management, LLC's third-quarter 2025 adjusted net income per share was $2.17, exceeding the Zacks Consensus Estimate of $1.77 and up from $1.85 year-over-year [1][10] Financial Performance - The company reported total revenues of $1.1 billion, reflecting a 23.9% year-over-year increase and surpassing the Zacks Consensus Estimate by 4.6% [4] - Total expenses rose 22.3% year-over-year to $192 million [4] - Net income attributable to Apollo Global on a GAAP basis was $1.71 billion, significantly up from $787 million in the prior-year quarter [3] Assets Under Management (AUM) - Fee-earnings AUM increased 24.3% year-over-year to $685 billion, driven by strong management fee growth and record capital solutions fees [5] - As of September 30, 2025, total AUM reached $908 billion, up 23.9% year-over-year, benefiting from $136 billion in inflows from Asset Management and $84 billion from Retirement Services [6] Strategic Developments - The acquisition of Bridge Investment Holdings enhanced Apollo Global's scale in real estate equity and improved its origination capabilities [2][9] - The company announced a quarterly cash distribution of 51 cents per share, payable on November 28, 2025 [8] Market Position - Apollo Global's organic growth and increasing AUM balance indicate positive momentum across its platform, with robust origination volume across various investing activities [9]

Asset managers that reach retail clients have become a new market for private investments, Apollo Global Management CEO Marc Rowan said https://t.co/nu9jxJGMhO ...

Market Performance - The S&P 500 ended October with a 1.9% increase, marking its sixth consecutive monthly gain, the longest stretch in four years [1][2] - The index continued its upward momentum into November, adding approximately 0.18% on the first Monday of the month [1] Economic Outlook - Progress in the U.S.-China trade agreement, the Federal Reserve's interest rate cut in October, and rising AI demand contribute to a positive outlook for the U.S. economy [2] - Despite the optimistic economic picture, underlying volatility risks remain, suggesting a cautious approach may be prudent [2][5] Volatility Concerns - Ongoing government shutdown, diminishing expectations for a December rate cut, and worries about a potential AI bubble may increase market volatility [3][4] - The sustainability of the U.S.-China trade truce is questioned, adding to investor anxiety [3] Market Predictions - Goldman Sachs and Morgan Stanley predict a potential 10-20% market pullback within the next 12 to 24 months, which is typical in long-term bull markets [6][7] - Both firms emphasize that periodic pullbacks should be viewed as healthy market corrections rather than crises [8] Investment Strategies - Investors are advised to adopt a defensive and conservative investment theme to navigate potential market turbulence [9] - Increasing allocations toward defensive funds while maintaining exposure to growth-oriented investments may be a sound strategy [10] ETF Recommendations - Value ETFs, characterized by solid fundamentals and trading below intrinsic value, have shown positive performance, with the S&P 500 Value Index gaining 7.52% year to date [12] - Consumer staple ETFs provide stability, with the S&P 500 Consumer Staples Index up 3.20% year to date, making them a good option for risk-averse investors [13] - Quality ETFs are recommended as a strategic response to market uncertainty, offering a buffer against potential headwinds [14] Investment Strategies for Stability - Passive, long-term strategies such as buy-and-hold or dollar-cost averaging are suggested to help investors navigate potential pullbacks while positioning for sustainable returns [15][16]

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $67 million and after-tax attributable earnings of $214 million or $0.53 per share of Class A common stock [4] - The company declared a dividend of $0.45 per share of Class A common stock, payable on December 1, 2025 [4] - Total assets under management (AUM) grew 20% year over year to $286 billion, driven by $44 billion of capital raised and $24 billion of value creation [26] - Fee-earning AUM increased 15% year over year to $163 billion [26] - Management fees grew to $461 million in the third quarter, with quarterly fee-related earnings of $225 million [28] Business Line Data and Key Metrics Changes - Total AUM grew 20% year over year, with quarterly fee-related earnings increasing 18% [5] - In private equity, TPG raised $12.3 billion across strategies, primarily driven by $10.1 billion raised in the first close for flagship buyout funds [7] - Credit AUM not earning fees stood at nearly $11 billion, representing over $100 million of annual revenue opportunity expected to flow into management fees over time [9] - In real estate, TPG held the final close for its inaugural real estate credit strategy, exceeding its initial target by more than 35% [10] Market Data and Key Metrics Changes - TPG raised a near-record $18 billion of capital in the third quarter, up 60% from the second quarter and 75% year over year [6] - Year to date, TPG has raised over $35 billion of capital, exceeding the full year 2024 fundraising [7] - Credit AUM has grown 23% year over year, making it one of the fastest-growing areas within the firm [23] Company Strategy and Development Direction - TPG is focused on expanding its credit platform and launching new products, with a robust fundraising outlook for 2026 [42] - The company aims to capitalize on market dislocation to acquire high-quality assets and is well-positioned to play offense in real estate [23] - TPG is increasing its penetration in private wealth and insurance distribution channels, with significant growth in capital from insurance clients [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundraising momentum and the ability to outperform in private equity fundraising relative to the broader market [8] - The company is optimistic about the liquidity environment and has a number of assets being explored for liquidity [54] - Management noted that the underlying health of credit portfolios remains strong despite recent market concerns [33] Other Important Information - TPG's dry powder has grown to a record $73 billion, representing a strategic asset for sourcing investment opportunities [27] - The company has maintained a disciplined approach to credit underwriting, resulting in low annualized loss ratios across its credit platforms [16] Q&A Session Summary Question: How does the realization pipeline look given the age and timing of funds? - Management clarified that the vintage refers to the fund itself, not the underlying portfolio companies, and expressed confidence in the liquidity prospects [48][50] Question: What is the potential for realizations in the current IPO and M&A environment? - Management indicated that they do not forecast realizations but are focused on selling companies at the right time, with a strong portfolio performance as a leading indicator [57][61] Question: Are there risks in the investment portfolio due to AI disruptions? - Management stated that they have been early investors in AI and view it as an opportunity rather than a threat, with a focus on vertical market software and cybersecurity [64][70] Question: How is the credit business evolving and what are the growth drivers? - Management highlighted the multi-strategy approach of the credit platform and the increasing engagement with insurance clients as key growth drivers [75][78]

Core Viewpoint - The article highlights the expertise of an Asian equity market specialist who focuses on identifying investment opportunities in the Hong Kong market, particularly in deep value balance sheet bargains and wide moat stocks [1]. Group 1 - The specialist has over a decade of experience on both the buy and sell sides of the market [1]. - The investing group, Asia Value & Moat Stocks, provides ideas for value investors seeking opportunities in Asia [1]. - Monthly updates and a range of watch lists are offered to keep investors informed about potential investments [1].

Neuberger Berman was founded in 1939 to do one thing: deliver compelling investment results for our clients over the long term. This remains our singular purpose today, driven by a culture rooted in deep fundamental research, the pursuit of investment insight and continuous innovation on behalf of clients, and facilitated by the free exchange of ideas across the organization. From offices in 39 cities across 26 countries, Neuberger Berman manages a range of equity, fixed income, private equity and hedge fun ...

Core Insights - Hamilton Lane has achieved a significant milestone by surpassing a total asset footprint of $1 trillion, marking a 6% year-over-year increase, with AUM reaching $145 billion, up $14 billion or 11% from the previous year [1][5][6] - The company has formed a strategic partnership with Guardian Life Insurance Company, which includes managing Guardian's existing private equity portfolio of nearly $5 billion and a commitment to invest approximately $500 million annually for the next ten years [9][10][40] - The firm reported strong financial performance, with fee-related revenue increasing by 23% year-over-year, driven by growth in management and advisory fees [5][36] Financial Performance - Total asset footprint reached just over $1 trillion, with AUM at $145 billion, reflecting an 11% increase year-over-year [1] - AUA stood at $860 billion, growing by $44 billion or 5% compared to the prior year, primarily due to market value growth [5] - Fee-related earnings were $160.7 million year-to-date, representing a 34% growth year-over-year [6] - GAAP EPS for the fiscal year-to-date was $2.98, with non-GAAP EPS at $2.86 [6] Strategic Developments - The partnership with Guardian Life will involve managing their private equity portfolio and includes financial incentives such as HLNE equity warrants [10][40] - Hamilton Lane's Evergreen platform has seen substantial growth, with total Evergreen AUM reaching $14.3 billion, nearly doubling since 2024 [24][25] - The company has expanded its product offerings, launching additional evergreen products and enhancing its technology solutions [8][27] Market Position and Outlook - The firm maintains a strong position in the private equity market, with a focus on customized solutions for institutional clients [10][11] - The company has observed a low default rate of around 1%, indicating strong credit fundamentals within the private credit sector [14] - Hamilton Lane's strategic focus on expanding its insurance solutions platform is expected to drive future growth [11][12]