Core Viewpoint - AGF Investments Inc. announced cash distributions for its funds, including AGF Enhanced U.S. Equity Income Fund, AGF Total Return Bond Fund, and AGF Systematic Global Infrastructure ETF, with specific amounts per unit detailed for each fund [1]. Fund Distribution Details - AGF Enhanced U.S. Equity Income Fund (Ticker: AENU) will distribute $0.129939 per unit [1] - AGF Total Return Bond Fund (Ticker: ATRB) will distribute $0.092000 per unit [1] - AGF Systematic Global Infrastructure ETF (Ticker: QIF) will distribute $0.142740 per unit [1] Company Overview - AGF Management Limited, founded in 1957, is an independent asset management firm with a focus on public and private markets [4]. - The firm manages over $51 billion in total assets and serves more than 815,000 investors [6]. - AGF operates through three business lines: AGF Investments, AGF Capital Partners, and AGF Private Wealth [4][5].

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $18.5 million or $0.24 per share for the fourth quarter [5] - Fee related earnings reached $94.1 million, an increase of 85% from the prior year quarter, with an FRE margin of 44% [5][31] - Adjusted net income for the quarter was $80.6 million or $0.68 per share, up from $37.7 million or $0.33 per share in the same quarter last year [6][31] - The total dividend payout for the fiscal year was $1.36, up from $0.99 the previous year [6][29] Business Line Data and Key Metrics Changes - The company raised over $31 billion in assets under management (AUM) for the fiscal year, with a growth of $27.5 billion in fee earning AUM, marking a 29% growth rate [8][18] - Managed account re-up rates remained above 90%, with average growth of approximately 30% [9] - The private wealth platform saw significant growth, increasing from $3.4 billion to over $8 billion in assets [11] Market Data and Key Metrics Changes - Total gross inflows for the quarter were $9.9 billion, the second highest on record [12] - Fee earning assets under management grew to over $121 billion, up $7.2 billion from the previous quarter [13] - The undeployed fee earning capital (UFEC) increased from approximately $22 billion to $25 billion [22] Company Strategy and Development Direction - The company aims to continue expanding its private wealth offerings and has introduced new products to enhance distribution [11][27] - The strategy includes focusing on scenario planning to assess impacts by asset class, strategy, region, and sector amid a volatile market environment [14] - The company is actively pursuing opportunities in private markets, leveraging its scale and expertise to navigate through cycles [17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the operating environment, noting recent progress in trade policy but acknowledging ongoing uncertainty [14] - The company believes that private markets will continue to outperform public markets, emphasizing the importance of a long-term investment approach [15][16] - Management highlighted the importance of maintaining a disciplined investment strategy to capitalize on market dislocations [17] Other Important Information - The company plans to conduct a buy-in of non-controlling interests using $10 million in cash and $161 million in equity [28] - The board declared a supplemental dividend of $0.40 per share, in addition to a base quarterly dividend of $0.24 [29] Q&A Session Summary Question: What were the one-time fees mentioned in the quarter? - The one-time fees were approximately $4 million in advisory fees, which were larger than usual for the quarter [39] Question: How does the pipeline of new business look? - Management expressed a positive outlook on the pipeline, noting strong opportunities in new capital allocations to private markets [44] Question: How do you see the fundraising environment evolving? - Management noted a barbell fundraising trend with strong first and final closes, indicating a healthy fundraising environment [50] Question: What is the outlook for the secondaries marketplace? - Management expects increased selling in the secondaries market due to liquidity constraints among investors, positioning the company as an active buyer [59] Question: How is the private wealth product platform evolving? - The company sees significant growth potential in the private wealth space, particularly in expanding its offerings and distribution in Europe [63]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $18.5 million or $0.24 per share for the fourth quarter [4] - Fee related earnings (FRE) reached $94.1 million, an increase of 85% from the prior year quarter, with an FRE margin of 44% [4][12] - Adjusted net income for the quarter was $80.6 million or $0.68 per share, up from $37.7 million or $0.33 per share in the same quarter last year [5][12] - The total dividend payout for the fiscal year was $1.36, up from $0.99 the previous year [5][28] Business Line Data and Key Metrics Changes - The company raised over $31 billion in assets under management (AUM) for the fiscal year, with a growth of $27.5 billion in fee earning AUM, marking a 29% increase [6][12] - Managed account re-up rates remained above 90%, with an average growth of approximately 30% [6] - The private wealth platform saw AUM increase from $3.4 billion to over $8 billion [10] - Total gross inflows for the quarter were $9.9 billion, with $1.2 billion of evergreen subscriptions, marking the best private wealth quarter ever [11][20] Market Data and Key Metrics Changes - The company experienced strong fundraising and deployment of undeployed fee earning capital, driving fee earning AUM to over $121 billion, an increase of $7.2 billion from the previous quarter [12][22] - The undeployed fee earning capital (UFEC) grew from approximately $22 billion to $25 billion [22] - The blended management fee rate increased to 65 basis points from 59 basis points in the prior fiscal year [22] Company Strategy and Development Direction - The company aims to double its fee related earnings over five years and expand its FRE margin to the mid-30s, achieving a doubling of fee related earnings in just two years [23][24] - The company is focused on scenario planning to assess impacts by asset class, strategy, region, and sector due to market uncertainties [13] - The company is expanding its private wealth offerings and distribution partners, increasing from 300 to nearly 500 unique platforms [10][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the evolving global trade policy and its impact on market volatility [13] - The company believes that private markets will continue to outperform public markets, emphasizing the importance of a long-term disciplined investment approach [14][15] - Management highlighted the importance of leveraging data and technology to enhance client acquisition and retention [26] Other Important Information - The company plans to conduct a buy-in of non-controlling interests using $10 million in cash and $161 million in equity [27] - The company declared a supplemental dividend of $0.40 per share, in addition to a base quarterly dividend of $0.24 [28] Q&A Session Summary Question: What were the one-time fees in the quarter? - The one-time fees were approximately $4 million in advisory fees, which impacted the FRE margin [38] Question: How does the pipeline of new business look? - The company is optimistic about the pipeline of new opportunities, with a healthy mix of re-ups and new business expected [44] Question: How do you see the secondaries marketplace evolving? - The company anticipates increased selling in the secondaries market and is positioned as an active buyer across various private markets [60] Question: What is the outlook for the private wealth product platform? - The company sees significant growth potential in both the US and European markets, with plans to expand its product offerings [64]

Core Viewpoint - StepStone Group Inc. reported its financial results for the fourth quarter and fiscal year ended March 31, 2025, highlighting significant growth in revenues and net income, alongside the declaration of dividends for shareholders [1][4]. Financial Highlights - Total revenues for the fourth quarter reached $377.7 million, a 6% increase compared to the previous quarter, and a 65% increase year-over-year [8]. - Management and advisory fees for the fourth quarter were $213.4 million, up 39% from the same quarter last year [8]. - Performance fees totaled $164.3 million for the fourth quarter, reflecting a 19% decrease from the previous quarter but a 222% increase year-over-year [8]. - Net income for the fourth quarter was $13.2 million, a significant recovery from a net loss of $287.2 million in the previous quarter [8]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.24 per share and a supplemental cash dividend of $0.40 per share, both payable on June 30, 2025 [1][10]. Assets and Management - As of March 31, 2025, StepStone managed approximately $709 billion in total capital, including $189 billion in assets under management (AUM) [4]. - The company reported a 21% increase in AUM compared to the previous year [8]. Non-GAAP Financial Measures - Fee revenues for the fourth quarter were reported at $214.7 million, a 40% increase year-over-year [8]. - Adjusted revenues for the fiscal year were $969.7 million, reflecting a 46% increase compared to the previous year [8]. - Fee-related earnings (FRE) for the fourth quarter were $94.1 million, with a FRE margin of 44% [8]. Key Business Metrics - The weighted-average shares of Class A common stock increased by 12% year-over-year, reaching 71.1 million [9]. - The company reported a significant increase in cash and cash equivalents, totaling $244.8 million as of March 31, 2025, compared to $143.4 million the previous year [14].

Core Insights - Newmark Group, Inc. has arranged a $7.1 billion construction loan for Blue Owl Capital, Inc., Crusoe, and Primary Digital Infrastructure to fund the second phase of a $15 billion joint venture for a 1.2-gigawatt AI data center in Abilene, Texas [1][3] Group 1: Transaction Details - The loan is provided by a consortium led by J.P. Morgan and will support the construction of six new buildings, expanding the data center to a total of eight buildings upon completion [1][3] - The first phase of construction, which includes two buildings and over 200 megawatts, began in June 2024 and is expected to be energized in the first half of 2025 [3] - The second phase, consisting of six additional buildings and a total of 1.2 gigawatts, commenced in March 2025 and is anticipated to be energized by mid-2026 [3] Group 2: Company Roles and Statements - Newmark's Co-President of Global Debt & Structured Finance, Jordan Roeschlaub, emphasized the significance of this transaction in advancing sustainable digital infrastructure [3] - Brent Mayo, Head of Data Center Capital Markets at Newmark, stated that this funding solution is crucial for delivering next-generation digital infrastructure to meet AI innovation demands [3] - Newmark also acted as a strategic advisor for the first phase, securing both equity and debt financing [4] Group 3: Company Profiles - Crusoe focuses on aligning computing with climate goals, providing scalable and environmentally friendly AI infrastructure solutions [5] - Blue Owl, with $273 billion in assets under management, offers private capital solutions across various investment platforms [7] - Primary Digital Infrastructure accelerates the growth of hyperscale and AI-driven data centers, providing flexible capital solutions to data center operators [9]

智通财经记者 | 杜萌 经过近一年的时间，中东土豪卡塔尔控股公司入股华夏基金终于尘埃落定。 今日傍晚，证监会发布《关于核准华夏基金管理有限公司变更持股5%以上股东的批复》。批复称，核准卡塔尔控股有限责任公司（Qatar Holding LLC）成 为华夏基金持股5%以上股东；对卡塔尔控股有限责任公司依法受让华夏基金2380万元人民币出资（占注册资本比例10%）无异议。 证监会数据显示，2024年5月23日，华夏基金向证监会提交《变更5%以上股权及实际控制人》的申请表。 图：卡塔尔控股公司购买华夏基金10%股份被证监会核准 来源：证监会网站 华夏基金成立于1998年4月，是国内较早成立的公募"老十家"之一，注册资本为2.38亿元。截至今年一季度末，华夏基金所管理的公募资产总规模为1.91万亿 元，仅次于易方达基金。其中，货币基金为6992亿元，股票型基金为6712亿元，均超过易方达基金。 从股权结构来看，华夏基金目前共有3名股东，其中，中信证券出资1.48亿元，持有华夏基金62.2%的股权，是华夏基金控股股东；迈凯希金融公司 （MACKENZIE FINANCIAL CORPORATION）出资6616.4万元 ...

Company Overview - Silvercrest Asset Management Group has appointed Van Martin as Head of U.S. Consultant Relations, aiming to enhance partnerships with institutional investors and expand its institutional business in the U.S. [1] - As of March 31, 2025, Silvercrest reported assets under management totaling $34.3 billion [5]. Leadership and Experience - Van Martin has been with Silvercrest since 2014 and has played a key role in expanding the firm's intermediary and institutional client base [2]. - Martin has over a decade of experience and a strong understanding of Silvercrest's U.S.-based investment capabilities [2]. - Allen Gray, Global Head of Silvercrest's Institutional Business, expressed pride in Martin's contributions and his collaboration with U.S.-focused equity investment teams over the past 11 years [3]. Strategic Goals - Martin aims to strengthen relationships with clients and partners while building on Silvercrest's legacy of delivering exceptional client experiences through high-quality expertise [4]. - The team will leverage their combined experience and market knowledge to optimize consultant and client activities for the best outcomes for institutional clients [3].

Core Viewpoint - The Financial Regulatory Administration is building a technology finance system that aligns with technological innovation, summarized as the "345" technology finance service system, aimed at facilitating the flow of financial resources into technological innovation at lower costs and faster speeds [1][2]. Group 1: Policy and Product Supply System - The "3" in the "345" system refers to the policy system, product supply system, and professional organization system. The product supply system includes targeted services such as "loan + external direct investment," intellectual property pledge financing, and patent insurance tailored for technology enterprises [1]. - As of the end of Q1, the loan balance for high-tech enterprises in the banking sector reached 17.7 trillion yuan, reflecting a year-on-year growth of 20%, significantly outpacing the average growth rate of all loans [1]. Group 2: Pilot Projects - The "4" represents four pilot projects designed to provide technology enterprises with more long-term and patient capital support. The first pilot is the equity investment pilot for financial asset investment companies, which has expanded from Shanghai to 18 cities and provinces, with signed intention amounts exceeding 380 billion yuan [2]. - The second pilot involves the long-term investment reform of insurance funds, with a total of 2.22 billion yuan allocated across three batches [2]. - The third pilot allows banks in 18 cities to extend the term of merger loans from 7 years to 10 years and increase the loan-to-merger fund ratio from 60% to 80%, with all pilot banks fully operational [2]. - The fourth pilot focuses on the comprehensive trial of intellectual property finance, addressing challenges in registration, evaluation, and disposal of intellectual property [2]. Group 3: Financial Institutions Collaboration - The "5" signifies the collaboration of five types of financial institutions to leverage their respective service advantages. The system promotes a complementary relationship between direct and indirect financing, as well as between policy-based and commercial finance [2]. - Policy banks are enhancing service quality to provide medium to long-term, low-interest financing support for technological innovation, while commercial banks have consistently increased both loan balances and the number of clients in this sector [2]. - Insurance institutions are improving their product systems to cover the entire lifecycle of technology enterprises, while asset management institutions and financial asset investment companies are increasing equity investments, focusing on early, small, long-term, and hard technology investments [2].

I forlængelse af tidligere meddelelse d. 22. maj 2025 skal det herved oplyses, at det nu igen er muligt at stille indre værdier i nedenstående afdelinger, hvorfor Nykredit Portefølje Administration A/S har anmodet Nasdaq Copenhagen A/S om, at suspension ophæves. Ophævelsen gælder nedenstående afdelinger: Fund NameISINOrder Book CodeDefensiv KLDK0016188733NBIDEKLModerat KLDK0016188816NBIMOKLOffensiv KLDK0060441749NBIOFKL Eventuelle spørgsmål vedrørende denne meddelelse kan rettes til npa.pm@nykredit.dk ell ...

Company Overview - Trinity Asset Management was founded by Brian Gilmartin in May 1995, focusing on providing attention and service to individual investors and institutions that were underserved by larger firms [1] - Brian Gilmartin has a background as a fixed-income/credit analyst and has experience working with a Chicago broker-dealer and Stein Roe & Farnham before establishing his own firm [1] Educational Background - Brian Gilmartin holds a BSBA in Finance from Xavier University, Cincinnati, Ohio, obtained in 1982, and an MBA in Finance from Loyola University, Chicago, completed in January 1985 [1] - He earned the CFA designation in 1994 [1] Professional Experience - Brian Gilmartin has contributed to financial writing for various platforms, including TheStreet.com from 2000 to 2012 and WallStreet AllStars from August 2011 to Spring 2012 [1] - He has also written for Minyanville.com and has been quoted in numerous publications, including the Wall Street Journal [1]