Financial Data and Key Metrics Changes - Total client assets at the end of March were $171 billion, slightly down from the start of the year, with average AUM approximately 1% lower compared to the fourth quarter [6] - Revenue for the first quarter was $219.6 million, down about 5% from the fourth quarter due to lower average AUM and fewer days in the quarter, but year-over-year revenue was higher [21][22] - Adjusted earnings per diluted share with tax benefit was $1.36, marking the second highest quarterly EPS in company history and a record for any first quarter [9][30] - Adjusted EBITDA was $116 million with a margin of 53%, reflecting a 90 basis point expansion from the first quarter of the previous year [30] Business Line Data and Key Metrics Changes - Gross sales increased by 41% from the last quarter, reaching $9.3 billion, the highest level of quarterly gross sales in three years [6] - The ETF AUM increased to over $13 billion, a 28% increase during the quarter and up 67% year-over-year [8] - The Amundi acquisition resulted in a doubling of fixed income AUM as a percentage of total assets from 14% to 28% [11] Market Data and Key Metrics Changes - The company ended the quarter with $44 billion of AUM sourced from clients outside the U.S., representing 15% of total AUM, compared to less than 5% previously [12][24] - Pioneer Investments generated positive net long-term flows of $1.7 billion in the first quarter, which is not included in the company's numbers due to the transaction closing on April 1 [13][27] Company Strategy and Development Direction - The company is strategically investing in distribution channels, data, technology, marketing, and intermediary partnerships to enhance organic growth [10][19] - Plans for several ETF launches in 2025 are underway, with a focus on expanding the product lineup [9][19] - The company aims to maintain a long-term margin target of 49%, despite short-term integration costs from the Amundi acquisition [45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the underlying activity around flows, viewing the two large redemptions as one-time events that should not distort organic growth progress [7] - The company is well-positioned for organic growth with a larger sales force and enhanced resources dedicated to distribution efforts [19][66] - Management anticipates a potential acquisition announcement in 2025, leveraging the improved balance sheet and cash position [58] Other Important Information - The company returned $39 million to shareholders during the first quarter and increased the quarterly dividend to $0.49 per share [22] - The net leverage ratio remained steady at 1.7 times, with cash on hand increasing to $176 million [22][31] Q&A Session Summary Question: Can you elaborate on the rollout of new products outside the U.S.? - Management indicated that they are working with Amundi to identify successful products for international markets, with launches expected in the latter half of 2025 [35][38] Question: How will margins evolve in the near term? - Management confirmed that while margins are currently at 53%, they expect a slight decline during integration efforts, but remain bullish on achieving long-term targets of 49% [42][45] Question: What is the state of the acquisition pipeline? - Management stated that the company is in a strong position to execute sizable transactions and is leaning towards larger scaled opportunities [56][58] Question: How are fixed income and solutions performing in volatile markets? - Management noted that the fixed income platform has expanded and performed well, with positive net flows observed in the first quarter [64][66] Question: Have there been any dissynergies from the Amundi acquisition? - Management reported no dissynergies from the Amundi acquisition, highlighting positive net flows from Pioneer Investments [72][74] Question: What investments are being made to enhance organic growth? - Management detailed significant investments in sales, marketing, and data technology to support organic growth, with success measured by growth in business [84][87] Question: How important are alternative investment products for future acquisitions? - Management acknowledged the importance of alternative investments and is evaluating various strategies to incorporate them into the platform [90][92] Question: What is the rationale behind the change in dividend policy? - Management explained that the change allows for more opportunistic increases while prioritizing capital for acquisitions and growth [96][98]

Financial Data and Key Metrics Changes - Total client assets at the end of March were $171 billion, slightly down from the start of the year, with average AUM approximately 1% lower compared to the fourth quarter [4] - Revenue for the first quarter was $219.6 million, down about 5% from the fourth quarter due to lower average AUM and fewer days in the quarter [18] - Adjusted earnings per diluted share with tax benefit was $1.36, marking the second highest quarterly EPS in company history [6][18] - Adjusted EBITDA was $116 million with an EBITDA margin of 53%, reflecting a 90 basis point expansion from the first quarter of the previous year [28] Business Line Data and Key Metrics Changes - Gross sales increased by 41% from the last quarter, reaching $9.3 billion, the highest level of quarterly gross sales in three years [4] - The ETF AUM increased to over $13 billion, a 28% increase during the quarter and up 67% year-over-year [5] - The Amundi U.S. business generated positive net long-term flows of $1.7 billion in the first quarter, which is not included in the current numbers due to the transaction closing on April 1 [11] Market Data and Key Metrics Changes - The proportion of retail assets under management rose, with $44 billion sourced from clients outside the U.S., representing 15% of total AUM compared to less than 5% previously [10] - The investment performance remained strong, with 67% of mutual fund and ETF assets earning four or five-star ratings from Morningstar [17] Company Strategy and Development Direction - The company is strategically investing in distribution channels, data, technology, marketing, and intermediary partnerships to enhance organic growth [7][8] - Plans for several ETF launches in 2025 are underway, with a focus on expanding the product lineup [6][10] - The company aims to maintain a long-term margin target of 49%, despite short-term fluctuations due to integration efforts [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the underlying activity around flows, viewing the recent large redemptions as one-time events that should not distort ongoing growth [5] - The company is encouraged by discussions regarding ongoing diligence activities and sees potential for additional strategic growth opportunities [8][56] Other Important Information - The company increased its quarterly dividend to $0.49 per share, payable on June 25, and anticipates moving back to an annual increase cycle [19][95] - The leverage ratio improved significantly following the Amundi transaction, enhancing financial flexibility [8][29] Q&A Session Summary Question: Can you elaborate on the rollout of new products outside the U.S.? - The company is working with Amundi to identify products for international markets, with launches expected in the latter half of 2025 [35][39] Question: How will margins evolve in the near term? - Margins may see a slight decline during integration efforts, but the long-term target remains at 49% [44][45] Question: What is the current state of the acquisition pipeline? - The company is in a strong position to execute sizable transactions and is leaning towards larger scaled opportunities [56][57] Question: Have there been any dissynergies from the Amundi acquisition? - No dissynergies have been observed; the combined business has resonated well in the market [72] Question: What investments are being made to enhance organic growth? - Significant investments in sales, marketing, and data technology are being made to support organic growth [84][85] Question: How important are alternative investment products for future acquisitions? - Alternatives are important, and the company is evaluating various ways to incorporate them into its offerings [88][89]

5月9日晚，深交所基金管理人高管变更公告显示，前国信证券副总裁、国信资管董事长成飞自5月9日起 正式担任东方红资管总经理，董事长杨斌不再代行总经理职责。成飞有近20年固收资管从业经历， 加 盟国信证券前，在原国泰君安证券（现已更名为国泰海通证券）工作时间亦长达15年。另据东方证券 2024年报显示，截至2024年12月末，东方红资管受托资产管理规模合计2165.68亿元；其中，公募基金 管理规模1661.69亿元。 ...

DALLAS, May 09, 2025 (GLOBE NEWSWIRE) -- Westwood Holdings Group (NYSE: WHG) (“Westwood”), a publicly traded investment management boutique, trust and wealth services firm, is pleased to announce that Randy A. Bowman has been elected as the new Chairman of its Board of Directors. Randy succeeds Dick Frank who served as a Westwood board member for 19 years, was Westwood’s Board Chair for the last 10 years of his service and will be stepping down as a member following his many years of dedicated service to We ...

Core Viewpoint - The appointment of Cheng Fei as the new general manager of Dongfang Hong Asset Management is seen as a crucial step in strengthening the company's core competitiveness and accelerating its strategic transformation [5][11]. Group 1: Management Changes - Cheng Fei has been appointed as the new general manager of Dongfang Hong Asset Management, effective May 9, 2025 [2][5]. - Cheng Fei has extensive experience in asset management, having previously held senior positions at Guotai Junan Securities and Guoxin Securities [2][9]. - The former general manager, Zhang Feng, left the position for personal reasons, and the chairman Yang Bin temporarily took over the role [7][11]. Group 2: Strategic Direction - The company aims to enhance its asset management business by focusing on five key areas: improving the integrated research and investment platform, refining a customer-centric product management system, increasing the stability and diversity of funding sources, enhancing compliance and risk management, and developing data-driven service capabilities [7][8][15]. - Cheng Fei's appointment is expected to inject strong momentum into the company's transformation blueprint, which aligns with the broader strategy of integrating into the parent company's "big wealth" business system [5][11]. Group 3: Industry Context - The asset management industry is facing intense competition from various institutions, including public funds and bank wealth management subsidiaries, necessitating a differentiated approach for securities asset management [10]. - Cheng Fei emphasizes the importance of strong research capabilities, a steadfast strategy, and a culture of "no unnecessary changes" for long-term development in the asset management sector [10][11]. Group 4: Historical Performance - Dongfang Hong Asset Management has a rich history, having been established in 1998 and becoming the first securities asset management company in China to obtain public fund management qualifications [14][15]. - The company experienced significant growth from 2016 to 2021, with assets under management increasing from 24.94 billion RMB to 269.7 billion RMB, marking a more than tenfold increase [14][15]. - However, the company has faced challenges in recent years, including missed structural opportunities and a decline in asset management scale, which is now being addressed through a strategic focus on platformization, diversification, and market orientation [15].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a comprehensive action plan aimed at promoting the high-quality development of public funds, which includes 25 reform measures focusing on optimizing fund operation models, enhancing performance evaluation systems, and strengthening regulatory enforcement to ensure investor interests are prioritized [1][2]. Group 1: Reform Measures - The action plan emphasizes the importance of binding investor returns to fund performance, introducing measures such as strengthening the constraints of performance benchmarks and establishing a floating management fee mechanism linked to fund performance [2][3]. - A significant highlight is the introduction of a regulatory guideline for performance benchmarks, which will clarify the setting, modification, disclosure, and evaluation of these benchmarks, thereby stabilizing market expectations and improving investor confidence [2][3]. - The plan aims to optimize the fee structure for funds, including reducing subscription fees and management fees, to lower investor costs and enhance industry competitiveness [3][4]. Group 2: Performance Evaluation and Incentives - The action plan seeks to reform the performance evaluation system of fund companies, shifting the focus from scale and short-term performance to long-term investment returns and investor profitability [5][7]. - Fund managers will be evaluated based on a long-term performance mechanism, with a minimum of 80% weight on three-year performance metrics, ensuring that their compensation is directly linked to investor returns [7][8]. - The plan encourages fund companies to increase the issuance and management of equity funds, which are crucial for providing long-term capital support to the real economy [7][9]. Group 3: Focus on Equity Funds - The action plan addresses the declining scale of actively managed equity funds, which have decreased by approximately 36.59% over the past three years, and aims to enhance the proportion of equity investments in public funds [10][13]. - It proposes various measures, including optimizing the registration process for equity funds and enhancing the evaluation criteria for fund sales institutions to promote equity fund growth [14][15]. - The emphasis on equity funds is intended to improve market stability and effectiveness, as well as to align with international financial market standards [15].

Core Insights - Victory Capital Holdings (VCTR) reported revenue of $219.6 million for Q1 2025, a year-over-year increase of 1.7%, but fell short of the Zacks Consensus Estimate by 2.87% [1] - The company's EPS for the same period was $1.36, compared to $1.25 a year ago, with an EPS surprise of -1.45% against the consensus estimate of $1.38 [1] Financial Performance - The total assets under management (AUM) were reported at $167.47 billion, significantly below the average estimate of $197.22 billion from four analysts [4] - The breakdown of AUM includes: - Global/Non-U.S. Equity: $18.33 billion, matching the average estimate [4] - Solutions: $63.38 billion, matching the average estimate [4] - U.S. Large Cap Equity: $13.10 billion, matching the average estimate [4] - U.S. Mid Cap Equity: $28.96 billion, matching the average estimate [4] - U.S. Small Cap Equity: $13.18 billion, matching the average estimate [4] - Alternative Investments: $2.95 billion, matching the average estimate [4] - Money Market/Short-term: $3.40 billion, matching the average estimate [4] - Total net client cash flows were reported at -$1.25 billion, worse than the average estimate of -$552.44 million [4] - Revenue from investment management fees was $173.30 million, below the average estimate of $178.26 million, but showed a year-over-year increase of 2.1% [4] - Revenue from fund administration and distribution fees was $46.30 million, also below the average estimate of $48.19 million, with a year-over-year increase of 0.5% [4] Market Performance - Victory Capital's shares returned +1.2% over the past month, compared to the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Consolidated operating income decreased to $1,400,000 in Q1 2025 from $2,600,000 in Q1 2024 [8] - Adjusted EBITDA was $1,800,000 compared to $2,900,000 in the prior year period [12] - Net income was $1,100,000 or $0.03 per diluted share, down from $1,800,000 or $0.05 per diluted share in Q1 2024 [12] - Stockholders' equity increased to $65,400,000 as of March 31, 2025, from $65,200,000 at December 31, 2024 [12] - Cash balance was $18,800,000 as of March 31, 2025, with a net available cash balance of $10,200,000 after removing amounts due to clients [12] Business Line Data and Key Metrics Changes - Industrial Assets Division reported operating income of $1,000,000 in Q1 2025, up from $800,000 in the prior year [8] - Financial Assets Division reported operating income of $1,700,000 in Q1 2025, down from $2,900,000 in Q1 2024 [8] - Auction business in the Industrial Assets Division saw increased activity, while the appraisal business generated $300,000 to $400,000 less than anticipated [9] - The Brokerage segment in the Financial Assets Division reached $1,600,000 in operating income, with a shift towards normalized pricing levels for non-performing loans [11] Market Data and Key Metrics Changes - The market sentiment shifted from a "wait and see" approach to a more active selling environment around mid-February 2025 [5][19] - Increased corporate bankruptcy filings have led to a greater demand for auctioneer services [6] - Financial asset sellers are moving quickly to recapture values on non-performing loans, with consumer debt remaining at record levels [6] Company Strategy and Development Direction - The company is focusing on both organic growth and M&A initiatives to fuel growth [5][13] - There is an emphasis on maintaining a strong cash position and being opportunistic in capital deployment [30][32] - The company aims to raise the bar from steady profits to growing profits, indicating a focus on long-term growth [15] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for revenue generation and contract conversion, expecting trends to continue throughout 2025 and into 2026 [6][15] - The geopolitical landscape is influencing asset-based lenders to ensure strong cash positions [6] - Management believes that the supply of assets is growing, with increasing demand for quality used and refurbished industrial assets [15] Other Important Information - The company repurchased approximately 500,000 shares in the open market during Q1 2025 [12] - The company is evaluating strategic opportunities for M&A as part of its growth strategy [13] Q&A Session Summary Question: Can you talk about the type of assets you're seeing in the market? - Management noted that the market sentiment shifted to a more active selling environment around mid-February, leading to a strong second half of the quarter [19] Question: Do you anticipate growth in the financial assets business? - Management indicated that they are in a growth trajectory, with record highs in consumer debt suggesting an increase in asset flow [22] Question: Where does the loan book currently stand? - The gross loans outstanding are around $29,000,000, with cash inflows being observed due to reduced funding [23] Question: What motivated the prepayment with C3? - The company aims to avoid paying interest on unnecessary funds while maintaining available credit for opportunistic transactions [30] Question: How sustainable is the performance of NLEX? - Management believes that while prices have normalized, there is still significant volume to process, indicating a stable performance [34] Question: What growth opportunities do you see? - Management sees opportunities across both financial and industrial sectors, including expanding into new types of loans and international markets [36]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 more than doubled year over year to $44.1 million from $21.5 million [7][13] - Adjusted net income increased to $17.3 million, representing a 158% increase from $6.7 million in the prior year [15] - Adjusted EBITDA also more than doubled to $24.5 million, with an adjusted EBITDA margin of 55.6% compared to 53.9% in the prior year [15] - GAAP net income attributable to stockholders was $4.6 million, compared to a GAAP net loss of $1.3 million in the prior year [15][16] Business Line Data and Key Metrics Changes - Life Solutions revenue was a key driver, with capital deployed increasing 128% to $124.9 million in Q1 2025 compared to $54.6 million in the prior year [13][14] - Asset management revenue for Q1 2025 was $7.8 million, marking the first full quarter of fees from acquisitions made in late 2024 [14] - New AUM inflows for asset management offerings were $151 million, with $123 million coming from newly launched private funds [9][10] Market Data and Key Metrics Changes - As of March 31, 2025, the company held cash and cash equivalents of $43.8 million and balance sheet policy assets valued at $448.1 million [9][16] - The company reported annualized adjusted return on equity of 16% and adjusted return on invested capital of 16.7% [16] Company Strategy and Development Direction - The company aims to solidify its position as a leader in alternative asset management and wealth management, focusing on uncorrelated assets [12] - The rebranding to Abacus Global Management reflects its evolution and expanded global market presence [10] - The company is committed to executing its growth strategy and expanding its brand recognition through new advertising campaigns [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market volatility and achieving full-year 2025 adjusted net income guidance of $70 million to $78 million, implying growth of 51% to 68% [7][16] - The macro environment remains uncertain, but the company believes it is well-positioned to capitalize on opportunities arising from market dislocations [9][12] Other Important Information - The company has purchased over $10 billion in face value of life insurance policies since February 2004 [10] - The technology solutions segment has seen significant growth, with nearly one million lives currently tracked and an additional 700,000 in trial [42] Q&A Session Summary Question: Has there been an uptick in inquiries from policyholders since Liberation Day? - Management noted a noticeable uptick in interest from policyholders seeking liquidity and from investors looking for uncorrelated assets [21][23] Question: How does the company view the new repurchase authorization? - Management discussed the strategic decision to repurchase stock based on valuation and potential returns compared to acquiring new policies [24][25] Question: Is the company fully deployed today? - Management confirmed that the capital deployment in Q1 was higher than historical levels and expressed confidence in continuing to recycle capital effectively [28][30] Question: What are the latest thoughts on the carrier buyback program? - Management indicated ongoing activity in the buyback program and noted increasing competition for assets from investors [32][33] Question: Can you provide an update on the technology solutions segment? - Management reported significant growth in the number of lives tracked and highlighted the potential for cross-selling asset management services [42][44] Question: What is the mix of policy acquisitions? - Management stated that approximately 40% of policy flow was direct to consumer, 40% from financial advisors, and 20% from brokers, maintaining a consistent split [66]

Financial Highlights - Total client assets reached $1714 billion[7] - Long-term gross flows amounted to $93 billion with net flows of -$12 billion[7] - ETF gross flows were $31 billion and net flows were $28 billion[7] - Adjusted EBITDA stood at $1164 million with a margin of 530%[7] - Cash and cash equivalents totaled $176 million[7] - The quarterly cash dividend increased by 4% to $049 per share[7] Strategic Partnership with Amundi - Total assets under the partnership are projected to be $286 billion[9] - Projected net expense synergies are estimated at $110 million[9] Investment Performance - 67% of total mutual funds and ETFs AUM have 4- or 5-Star overall ratings[14] - 79% of strategies outperformed benchmarks over the 10-year period[15] Q1 2025 Financial Results - Revenue was $2196 million[18] - GAAP Operating Income was $929 million with a margin of 423%[18] - Adjusted Net Income with tax benefit was $881 million or $136 per diluted share[18]