Core Insights - The traditional retirement age of 65 is being questioned as outdated, with CEO Larry Fink suggesting it originates from a time when life expectancy was much lower [1][2] - There is a significant gap between life expectancy and the current retirement support system, with many Americans unprepared for retirement [2][4] - A generational failure is highlighted, where younger Americans feel that the Baby Boomer generation has prioritized their own financial well-being over future generations [5] Group 1: Retirement Age and Life Expectancy - The concept of retiring at 65 is seen as a relic from the past, with Fink emphasizing that it does not reflect current life expectancy trends [1] - Fink notes that for married couples over 65, there is a 50% chance that at least one will receive Social Security benefits until age 90 [2] Group 2: Financial Preparedness - Census Bureau data indicates that half of Americans aged 55 to 65 have no personal retirement savings [2] - Vanguard's report shows only about 40% of baby boomers are on track to meet retirement spending needs, with a median projected annual shortfall of $9,000 [3] Group 3: Social Security and Safety Nets - Social Security is projected to be unable to pay full benefits by 2034, indicating a weakening safety net for retirees [4] - Fink argues that the message from the government and companies to workers is essentially that they are on their own regarding retirement planning [4] Group 4: Generational Responsibility - Fink calls for the Baby Boomer generation to take responsibility for the financial future of younger Americans, acknowledging their concerns about retirement [5] - He emphasizes the need for change before the Baby Boomers exit leadership positions in corporate and political spheres [5] Group 5: Alternative Models - Fink suggests looking at retirement models from other countries as potential solutions, rather than pushing Americans to work into their 70s [6]

Group 1 - The Vanguard Short-Term Inflation-Protected Securities Index Fund ETF (VTIP) has grown to $64.6 billion, making it one of the largest TIPS funds, providing a 5.4% return over the past year amid persistent inflation concerns and a shift towards Fed accommodation [1] - VTIP's value is closely tied to inflation expectations, with the CPI showing a year-over-year increase of 1.96% as of December 2025, aligning with the Fed's 2% target, creating a stable environment for TIPS [2][3] - The recent easing cycle by the Fed has reduced the federal funds rate to 3.75%, compressing nominal Treasury yields and enhancing TIPS valuations by making their inflation protection feature more attractive [3] Group 2 - The key factor to monitor is whether inflation reaccelerates or continues to moderate, as higher CPI trends would increase the value of VTIP's principal adjustments [4] - VTIP's focus on TIPS maturing within five years limits interest rate risk, making it less sensitive to rate swings compared to longer-dated TIPS funds, with a competitive 1.45% dividend yield [5] - The tradeoff for VTIP's short duration is lower potential for capital appreciation during inflation surges, but it also mitigates losses if rates rise unexpectedly [6] Group 3 - The most significant macro factor affecting VTIP is inflation trends relative to the Fed's 2% target, while the short duration of VTIP limits both risk and reward in a stabilizing rate environment [7]

Quick Read Vanguard Short-Term TIPS (VTIP) manages $64.6B in assets and delivered 5.4% returns over the past year. VTIP’s focus on maturities under five years limits both interest rate risk and upside potential from inflation surges. Inflation at 1.96% year-over-year creates stable environment where VTIP’s protection remains relevant without dramatic principal growth. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. R ...

Key Takeaways Affiliated Managers reports Q4 on Feb. 12, with quarterly consensus EPS pegged at $8.75 and sales at $551.5M.Affiliated Managers Q4 adjusted EBITDA is guided at $325-$370M, with net performance fees at $75-$120M.In Q4, AMG sold Comvest private credit stake for $285M and bought a minority stake in Montefiore.Affiliated Managers Group Inc. (AMG) is slated to announce fourth-quarter and full-year 2025 results on Feb. 12, before the opening bell. Its quarterly earnings and revenues are expected to ...

Financial Data and Key Metrics Changes - The company generated record combined fee-related earnings (FRE) and spread-related earnings (SRE) of $5.9 billion, driving adjusted net income of $5.2 billion, which is up 14% year-over-year, equating to $8.38 per share [4][6] - FRE for the year was $2.5 billion, reflecting a 23% increase year-over-year, while SRE was $3.4 billion, normalized to a 9% increase year-over-year [6][34] - The company achieved record inflows of $228 billion, marking the third consecutive record year for both Athene and Asset Management [6][7] Business Line Data and Key Metrics Changes - The origination volume crossed the $300 billion mark, with a robust consistent spread of 350 basis points over treasuries [6][7] - In the individual market, inflows exceeded $18 billion, with nine strategies raising over $500 million annually [9] - Athene's net invested assets grew by 18% year-over-year to $292 billion, with record inflows of $83 billion driven by retail and funding agreements [31][36] Market Data and Key Metrics Changes - The company reported that all buckets of credit increased by 8%-12%, with hybrid value up 16% for the year [8] - The global wealth business raised $18 billion, up nearly 50% year-over-year, indicating strong demand across multiple client types and geographies [30] - The institutional business had a record year, with $15 billion in new mandates from third-party insurance [28] Company Strategy and Development Direction - The company is transitioning from serving one market to six markets, including individuals, insurance, and traditional asset managers, requiring different products and investments in technology [8][9] - The focus is on a total portfolio approach, which opens up debt and equity buckets to private assets, enhancing competition with public assets [10][11] - The company aims for 20%+ FRE growth in 2026, with a strong emphasis on maintaining quality alongside scale [11][40] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for retirement income and the global retirement crisis, expecting approximately $85 billion of inflows in 2026 [11][12] - The outlook for SRE growth remains durable, with a reaffirmed expectation of 10% growth on average through 2029 [12][41] - Management emphasized the importance of a principal mindset in investing, focusing on long-term ownership rather than short-term market trends [13][14] Other Important Information - The company plans to increase the annual per-share dividend by 10% from $2.04 to $2.25 starting in Q1 2026, reflecting a commitment to returning capital to shareholders [40] - The company has returned approximately $1.5 billion to shareholders through dividends and repurchases during the year [39] Q&A Session Summary Question: Implications of the ARI transaction on SRE - Management indicated that the ARI transaction helps de-risk the year and supports the goal of 10% SRE growth, but it should not be assumed to be additive [46][50] Question: Dynamics in the non-traded BDC space and ADS - Management noted that the philosophy of portfolio construction in ADS has resonated well, with net new assets increasing over $5 billion last year despite market turbulence [52][53] Question: Interaction with LPs regarding private allocations - Management expects increased dispersion among managers and a shift in institutional allocations towards private assets, driven by public market volatility [57][60] Question: Origination opportunities and margin profile - Management highlighted the globalization of origination strategies and the focus on quality and scale, with expectations for continued growth in FRE margins [73][75]

Financial Data and Key Metrics Changes - The company generated record combined fee-related earnings (FRE) and spread-related earnings (SRE) of $5.9 billion, driving adjusted net income of $5.2 billion, up 14% year-over-year, or $8.38 per share [4] - FRE for the year was $2.5 billion, up 23% year-over-year, while SRE was $3.4 billion, normalized plus 9% year-over-year [6] - The company achieved record inflows of $228 billion, marking the third consecutive record year for both Athene and Asset Management [7] Business Line Data and Key Metrics Changes - The company originated over $305 billion of assets, up nearly 40% from the prior year, with $282 billion being debt [24] - Fee-related performance fees grew by 28% year-over-year, reflecting scaling of diversified wealth products and perpetual capital vehicles [35] - Athene's net invested assets grew by 18% year-over-year to $292 billion, with record inflows of $83 billion driven by retail and funding agreements [31] Market Data and Key Metrics Changes - The individual market saw more than $18 billion of inflows, with nine strategies exceeding $500 million in annual fundraising [9] - The global wealth business raised $18 billion, up nearly 50% year-over-year, indicating strong demand across multiple client types and geographies [30] - The company observed stable spreads quarter-over-quarter, generating excess spread of 290 basis points over treasuries for investment-grade origination [27] Company Strategy and Development Direction - The company is transitioning from serving one market to six markets, including individuals, insurance, and traditional asset managers, requiring different products and investments in technology [8] - The focus is on a total portfolio approach, allowing institutions to access private assets, which historically held 100% market share for public assets [10] - The company aims for 20%+ FRE growth in 2026, with a strong emphasis on maintaining quality while scaling operations [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for retirement income and expects approximately $85 billion of inflows in 2026 [12] - The company anticipates 10% SRE growth in 2026, reaffirming a 10% average growth through 2029 [12] - Management emphasized the importance of a principal's mindset in navigating market complexities and generating excess returns [14] Other Important Information - The company plans to increase the annual per-share dividend by 10% from $2.04 to $2.25, reflecting a commitment to returning capital to shareholders [40] - The company has returned approximately $1.5 billion to shareholders via dividends and repurchases during the year [39] Q&A Session Summary Question: Implications of the ARI transaction on SRE - Management indicated that the ARI transaction helps de-risk the year and supports the goal of 10% SRE growth, but it should not be assumed to be additive [50] Question: Dynamics in the non-traded BDC space and ADS - Management noted that the philosophy of portfolio construction in ADS has resonated well, with net new assets increasing over $5 billion last year despite market turbulence [53] Question: Interaction with LPs regarding private allocations - Management expects increased dispersion among managers and a shift in dialogue towards better risk-adjusted returns, with volatility potentially accelerating changes in allocation strategies [60][70]

Apollo Global Management (NYSE:APO) Q4 2025 Earnings call February 09, 2026 08:30 AM ET Speaker4Good morning and welcome to Apollo Global Management's fourth quarter 2025 earnings conference call. During today's discussion, all callers will be placed in listen-only mode, and following management's prepared remarks, the conference call will be opened for questions. Please limit yourself to one question, then rejoin the queue. This conference call is being recorded. This call may include forward-looking state ...

BlackRock Announces Completion of Certain Municipal CEF Reorganizations and Adoption of Discount Management ProgramFeb 9, 2026 8:34 AM Eastern Standard Time# BlackRock Announces Completion of Certain Municipal CEF Reorganizations and Adoption of Discount Management ProgramShare---NEW YORK- -([BUSINESS WIRE])--BlackRock Advisors, LLC announced today each of the closed-end funds named below (each, a "Fund†and collectively, the "Funds†) have completed their reorganizations or mergers, as applicable (each, a ...

Shares of Apollo Global Management rose Monday after the asset manager reported stronger-than-expected quarterly earnings. ...

Core Viewpoint - Apollo Global Management reported a decline in fourth-quarter profit due to increased tax provisions and losses from investment activities, despite strong revenue growth and higher quarterly inflows [1] Financial Performance - The company's profit fell in the fourth quarter, primarily driven by a higher tax provision and losses from investment activities [1] - Revenue gains were strong, indicating positive operational performance, but were overshadowed by the aforementioned factors [1] - Quarterly inflows increased, suggesting a robust interest in the company's investment offerings [1]