Core Insights - Artisan Partners Asset Management Inc. reported preliminary assets under management (AUM) of $185.3 billion as of January 31, 2026, with Artisan Funds and Artisan Global Funds contributing $90.2 billion and separate accounts and other AUM accounting for $95.1 billion [1] Group 1: AUM Breakdown - The AUM by strategy includes significant contributions from various teams, such as: - Global Opportunities: $16,711 million - Non-U.S. Growth: $16,501 million - International Value: $54,515 million - Global Value: $37,608 million - High Income: $13,382 million [2] Group 2: Separate Accounts and Other AUM - Separate account and other AUM consists of assets managed through vehicles other than Artisan Funds or Artisan Global Funds, including traditional separate accounts and Artisan-branded collective investment trusts [3] - The AUM also includes $126.6 million for which Artisan Partners provides investment models to managed account sponsors, reported on a lag not exceeding one quarter [4] Group 3: Company Overview - Artisan Partners is a global multi-asset investment platform offering a wide range of high value-added investment strategies across growing asset classes to sophisticated clients worldwide [5] - The firm has been committed to attracting experienced investment professionals since its inception in 1994, with autonomous investment teams managing diverse strategies across multiple asset classes [5]

Core Insights - The firm views SaaS businesses as resilient and believes they will benefit from AI advancements, with protective attachment points in SaaS-related credit [1][2] - The firm reported strong investment results for 2025, with a 15% gross return in Absolute Return Strategies and 11% in Infrastructure, alongside a significant increase in assets under management (AUM) [3][6] - Record fundraising of $10.7 billion in 2025, with a strong pipeline entering 2026, indicates robust client demand and diversified inflows across strategies [7][9] Financial Performance - Year-end AUM reached $91 billion, a 14% increase year-over-year, with fee-related earnings, adjusted EBITDA, and adjusted net income rising by 11%, 15%, and 18% respectively [6][10] - The firm reported a FRE margin of 44%, up 200 basis points from the previous year, indicating improved operational efficiency [12][13] Capital Allocation and Share Repurchases - Management increased buyback authorization by $35 million, with a total of $91 million available for share repurchases, and repurchased 2.8 million shares in Q4 at an average price of $11.11 [5][20] - The firm prepaid $65 million of its term loan to reduce leverage and save over $3 million annually in interest expenses [21] Strategic Initiatives - The firm launched Grove Lane Partners, a wealth management distribution joint venture, and an infrastructure interval fund, indicating a focus on expanding its wealth management capabilities [11] - Management emphasized the importance of diversification across portfolios, with SaaS exposure representing only 4% of total AUM, suggesting a cautious approach to market volatility [2][10]

Group 1: Prospera Financial Services - Prospera Financial Services has promoted Paul Keeton to Chief Investment Officer, overseeing $28 billion in client assets [2] - Keeton will lead investment services including alternatives, fixed-income, annuity offerings, and proprietary research [2] - Keeton joined Prospera in 2017, previously working at Dorsey, Wright & Associates for 20 years, where he developed various investment solutions [4] Group 2: KeyBank - KeyBank has added a five-person family office and private capital team to enhance its middle market client offerings [5] - The new division is led by Ward Nixon, who specializes in family office and private equity sponsor finance [5][6] - KeyBank aims to strengthen relationships with family offices and private equity investors, recognizing their influence in capital deployment and strategic decision-making [6][7] Group 3: American Beacon Partners - American Beacon Partners has appointed Tim McGeeney as head of investment product development, managing $83 billion in assets under management [9]

Core Insights - T. Rowe Price has two leading ETFs in early 2026, with the T. Rowe Price Natural Resources ETF (TURF) showing a year-to-date return of 16.1% and the T. Rowe Price QM U.S. Bond ETF (TAGG) attracting $233.08 million in net inflows [1] Group 1: Performance Highlights - TURF leads T. Rowe Price ETFs in performance with a return of 16.1% year-to-date as of February 10 [1] - TAGG has attracted $233.08 million in net inflows, making it the top fund in terms of flows for the firm [1] Group 2: Investment Strategies - TURF focuses on upstream natural resource companies involved in exploring, extracting, and developing commodities across various sectors, aiming to capitalize on commodity cycles [1] - TAGG employs a "core plus" approach to outperform the Bloomberg U.S. Aggregate Bond Index, utilizing quantitative models and fundamental credit research [1] Group 3: Fund Characteristics - TURF, launched in June 2025, has an expense ratio of 0.44% and a fund size of $19.2 million [1] - TAGG, initiated in September 2021, has a fund size of $1.77 billion and a competitive expense ratio of 0.08% [1]

1 Year Later, Thornburg's TPLS & TMB Are Even More RelevantETF Trends is now VettaFi. Read More --Just over a year ago, the [Thornburg Core Plus Bond ETF (TPLS)] and the [Thornburg Multi Sector Bond ETF (TMB)] made their debut. The launches came in a year that saw a record number of active ETFs hit the market (almost 1,000, per [Morningstar]). With more uncertainty to go around in 2026 and a fixed income market that calls for active strategies, these funds are even more relevant now.Though aggressive rate h ...

Victory Capital Conference Call Summary Company Overview - **Company**: Victory Capital (NasdaqGS: VCTR) - **AUM**: Ended 2025 with $317 billion in Assets Under Management (AUM) [2][7] Key Drivers and Strategies 1. **Amundi Pioneer Acquisition Integration**: - 90% of planned $110 million in net expense synergies completed, with $97 million achieved [7][8] - Focus on completing integration and enhancing distribution platform [7][8] 2. **Distribution Platform Development**: - Expansion of international distribution channels, with positive net flows since acquiring Pioneer [8][9] - Launched five UCITS, including three legacy Victory products, and started selling U.S.-listed ETFs [8][33] 3. **M&A Activity**: - Actively pursuing acquisitions, targeting firms with AUM between $50 billion and $200 billion [9][12] - Emphasis on acquiring sizable platforms similar to the Pioneer acquisition [9][12] Market Sentiment and Challenges 1. **Industry Sentiment**: - Smaller asset managers face challenges in maintaining independence due to distribution and operational costs [22][24] - Increasing trend of firms considering acquisitions or being acquired [26] 2. **Client Segmentation**: - Focus on growing in retirement, insurance, and RIA channels [29][30] - International markets, particularly Asia and Europe, seen as significant growth opportunities [56][58] Product Development and Performance Metrics 1. **Investment Performance**: - Monitoring investment performance as a key metric for success post-acquisition [37] - Positive net flows and strong product demand since Pioneer acquisition [38] 2. **Growth Areas**: - Strong growth anticipated in VictoryShares (ETF business) and fixed income products [41][42] - Development of model portfolios and tax-efficient products planned for 2026 [65][70] Financial Performance and Projections 1. **Margins**: - Current margin guidance at 49%, with recent quarters exceeding 52% [73] - Focus on scalable technology to maintain margins [74] 2. **AUM Growth Target**: - Long-term goal of reaching $1 trillion in AUM, primarily through M&A [75][77] - Expectation of low single-digit organic growth alongside larger acquisitions [77] Capital Allocation Strategy 1. **Prioritization of Acquisitions**: - Primary use of capital will be for acquisitions, followed by stock buybacks [89][92] - Commitment to maintaining and increasing dividends [92] Future Outlook 1. **Industry Trends**: - Anticipation of consolidation within the asset management industry, with larger firms likely to succeed [94][95] - Importance of operational efficiency and technological investment highlighted for future competitiveness [96] 2. **Market Positioning**: - Victory Capital aims to be a trillion-dollar manager with a diverse product offering, including public markets, private markets, and international products [80][81]

Northern Trust Conference Call Summary Company Overview - **Company**: Northern Trust (NasdaqGS:NTRS) - **Industry**: Asset Management and Wealth Management - **Key Executives**: David Fox (CFO), Michael Hunstad (President of Northern Trust Asset Management) Key Points Asset Management Business - Northern Trust is a significant player in the asset management industry, with **$1.4 trillion** in total assets under management, and **$18 trillion** in assets under custody, placing it in the "trillion-dollar club" of asset managers [2][3] - The company has a diverse asset management portfolio, with **40%** of assets in active management, including a robust alternatives business under the brand **50 South Capital** [3][4] - Northern Trust is recognized as one of the top three tax-advantaged equity firms globally, with a **35-year track record** [4] - The firm has a strong technology stack, leveraging AI and alternative data in its investment strategies, including a **$50 billion** quantitative strategies business [4][17] Growth Strategies - Northern Trust plans to focus on growth areas such as **ETFs**, alternatives, and custom SMAs, with expectations of **double-digit growth** in these segments [9][10] - The company launched **11 new ETFs** in 2025, including innovative products aimed at providing cash flow streams without locking assets [10] - The firm has seen significant fundraising growth in alternatives, increasing by **2.5 times year-over-year** [10] Innovation and Technology - Northern Trust emphasizes the importance of innovation and speed in product launches, having restructured its ETF platform to enhance responsiveness [13][14] - The company has invested in AI capabilities, rolling out tools like **Copilot** for employees to enhance productivity and efficiency [40][41] - AI is being utilized for various applications, including document digitization and client prospecting, with a backlog of **150 use cases** identified [40][41] Financial Performance and Outlook - Northern Trust has set medium-term targets for profitability, aiming for a **33% pre-tax margin** and focusing on a business mix that favors wealth and asset management [28][29] - The company is positioned to benefit from a higher interest rate environment, with strategies in place to manage deposit pricing and asset repricing effectively [30][32] - The firm is cautious about potential risks to net interest income (NII), primarily focusing on business growth and deposit stability [35] Strategic Priorities - The creation of a COO function has centralized best practices and improved operational efficiency, contributing to growth and productivity [20][21] - Northern Trust is focusing on expanding its family office solutions, targeting high-net-worth individuals and replicating successful models in key markets [51][52] - The company is exploring inorganic growth opportunities, particularly in asset management and wealth, while maintaining a disciplined approach to acquisitions [64][65] Tokenization and Market Trends - Northern Trust has launched its first tokenized share class for a treasury-only fund, responding to client demand for more tradable and collateralizable assets [48][49] - The firm is building infrastructure to accommodate tokenized assets, ensuring it remains competitive in the evolving market landscape [50] International Growth - Northern Trust is expanding its presence in Europe and the Middle East, leveraging its asset servicing capabilities for family office clients [59] - The company has established an office in Singapore to capture opportunities in the Asian market, although family office growth there is still developing [60] Conclusion Northern Trust is strategically positioned for growth in the asset management and wealth management sectors, leveraging its strong technology, innovative product offerings, and a focus on high-growth areas. The company is committed to enhancing its operational efficiency and expanding its market presence both domestically and internationally.

Crypto Winter Calls for Protected Bitcoin ExposureETF Trends is now VettaFi. Read More --It seems safe to say that the crypto winter isn't showing many signs of warming up any time soon.The price of bitcoin dropped to a new 52-week low on February 5, nearly going below the $60,000 threshold. This represented more than a 52% drop from the cryptocurrency's sky-high prices in October 2025.As the chart above illustrates, winter has proven not to be a particularly fortuitous season for the cryptocurrency. Bitcoi ...

By Steven Scheer and Suzanne McGee TEL AVIV/PROVIDENCE, Rhode Island, Feb 10 (Reuters) - Israel fund manager FINQ said on Tuesday it was entering the U.S. Exchange-Traded ​Funds market with two funds that will be solely managed by artificial ‌intelligence, a nascent sub-sector where so far AI has only been used as a supporting tool. Portfolio decisions will ‌be fully selected and managed by FINQ's AI model, with human involvement focused only on oversight and governance, it said. It added that its AIUP ...

Market Overview - Stocks have shown a mixed performance with 61.2% of issues advancing and 35.4% declining as of midday [1] - The Federal Reserve indicated it is prepared to keep interest rates flat, affecting major indexes with the Dow up 0.42% and Russell 2000 up 0.34%, while S&P 500 is up 0.05% and Nasdaq down 0.14% [2] Midday Movers Winners - UniFirst has reentered takeover talks with Cintas, leading to a stock increase of 19.4% [3] - GCM Grosvenor announced a larger buyback and debt prepayment plan, resulting in a 16.7% rise after raising $10.7 billion in the latest quarter [4] - Spotify Technology and DataDog saw increases of 15.7% and 12% respectively following their earnings reports [4] Losers - Becton Dickinson & Co experienced a significant decline of 17.3% due to a weak profit outlook for the upcoming year [6] - Medpace Holdings fell by 14.4% despite a strong quarter, overshadowed by declining growth and missed bookings [6] - Goodyear Tire reported a negative earnings report, leading to a 14% decline [6] - Raymond James and Charles Schwab also faced declines of 7.3% and 6.02% respectively, attributed to competition from a new AI tax planning tool [7]