21世纪资管研究院 "2025资产管理年会"即将举办！ "资产管理年会"由南方财经全媒体集团指导、21世纪报系主办，始于2007年，今年即将迎来其第十九届 年会。年会聚焦大资管行业发展趋势，持续邀请来自国家金融监管部门、专业学术部门、重要金融机构 等的资管领军者和精英人士，探讨行业最前沿的话题，共建大资管发展之道。 本届年会将于8月盛夏在上海隆重召开，将围绕大类资产配置、AI大模型、绿色转型、养老金融、ETF 被动投资等当下重要议题展开。在此之前，我们还将发起2025年资管30人和大财富系列专访对话，在广 泛调研和研究的基础上编撰《2025中国资产管理趋势报告》并发布。 与此同时，为了探索资管行业内在发展及创新逻辑，发掘中国资产管理行业的成长法则与未来趋势，并 给投资者清晰展示财富管理市场格局，寻找优秀投资机构与产品，往年的「金贝」资产管理竞争力案例 研究中，我们基于评价模型，综合"定量+定性"的评价方式，组建权威专家评审，对市场主要金融机构 及各类产品进行分析和评价，并在不同维度项下筛选出表现优异者，予以展示、传播。 2025年「金贝」资产管理竞争力案例研究在往年基础上进一步升级，机构类案例中新增"五篇大文 ...

Core Insights - AGF Management Limited reported total assets under management (AUM) and fee-earning assets of $51.3 billion as of April 30, 2025 [1][6]. AUM Summary - Total AUM decreased by 1.6% from $50.0 billion in March 2025 to $49.2 billion in April 2025, but increased by 7.7% compared to $45.7 billion in April 2024 [2]. - Total fee-earning assets remained stable at $2.1 billion, resulting in total AUM and fee-earning assets of $51.3 billion, down 1.5% from $52.1 billion in March 2025 and up 7.3% from $47.8 billion in April 2024 [2]. Mutual Fund AUM by Category - Domestic Equity Funds AUM was $4.3 billion in April 2025, slightly down from $4.4 billion in March 2025 and up from $4.1 billion in April 2024 [3]. - U.S. and International Equity Funds AUM was $18.0 billion, down from $18.1 billion in March 2025 and up from $15.4 billion in April 2024 [3]. - Domestic Fixed Income Funds AUM remained stable at $2.0 billion, up from $1.6 billion in April 2024 [3]. Company Overview - AGF Management Limited, founded in 1957, is an independent and globally diverse asset management firm with operations in North America and Europe [4][6]. - The firm focuses on responsible and sustainable corporate practices, serving a wide range of clients including financial advisors, high-net-worth individuals, and institutional investors [5][6].

Financial Data and Key Metrics Changes - Ares Management reported a year-over-year growth in management fees of 18%, with fee-related earnings (FRE) increasing by 22% and after-tax realized income per share of Class A common stock growing by 36% [5][24]. - The company declared a quarterly dividend of $1.12 per share, representing a 20% increase over the same quarter last year [3][4]. - Total assets under management (AUM) reached $546 billion, marking a significant milestone as the company crossed over $5 trillion in total AUM for the first time [6][24]. Business Line Data and Key Metrics Changes - Fundraising activities were robust, with over $20 billion in gross new capital commitments, the highest level for first-quarter fundraising on record [6][14]. - Deployment activities also saw strong performance, with over $31 billion deployed in the quarter and a gross to net deployment ratio of 49% in private credit strategies [6][9]. - The company experienced significant inflows across various strategies, with over 45% of quarterly fundraising coming from outside the credit group, including real estate, infrastructure debt, and private equity [14][15]. Market Data and Key Metrics Changes - The market environment has been characterized by increased volatility and uncertainty, particularly following geopolitical events and tariff announcements [7][20]. - Despite these challenges, Ares has maintained a record amount of dry powder, with $142 billion of available capital, which positions the company well to capitalize on market opportunities [9][36]. - The company noted that over 72% of total AUM is in credit-related products, with more than 92% of these being senior loans, indicating a defensive positioning in the current economic climate [12][20]. Company Strategy and Development Direction - Ares Management aims to leverage its flexible private market strategies to gain market share during periods of volatility, emphasizing its asset-light business model and focus on third-party client interests [10][36]. - The integration with GCP International is progressing well, with expectations of realizing significant synergies and enhancing vertically integrated capabilities in real estate [23][24]. - The company is optimistic about growth opportunities in real estate, particularly in response to anticipated increases in construction costs due to tariffs, which may constrain supply [14][20]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic uncertainty, citing a strong investment pipeline and the ability to invest opportunistically across various strategies [20][36]. - The company remains optimistic about 2025 and beyond, highlighting its resilience during challenging market conditions and the strength of its diversified investment strategies [36][37]. - Management noted that while M&A activity may slow, there are still significant opportunities in direct lending and credit markets, with expectations of continued strong performance in these areas [20][66]. Other Important Information - The company reported a significant increase in fee-related performance revenues, totaling $28 million, up from $4 million in Q1 2024, driven by strong fund performance [26][27]. - Ares Management's corporate loan portfolios are performing well, with strong credit quality and low loan-to-value ratios, indicating a solid foundation for future growth [32][40]. - The company is actively engaged with new partners in the reinsurance sector, expanding its reach in both the U.S. and APAC regions [23][24]. Q&A Session Summary Question: What do you expect for the remainder of 2025 regarding private credit quality? - Management highlighted that 96% of their Global Credit exposure is in senior loans, with low loan-to-value ratios, indicating a strong position against defaults and non-accruals [40][42]. Question: Can you discuss the momentum in wealth management and product growth? - Management noted record capital gathering in wealth management, with a broadening distribution network and new product offerings, maintaining strong inflows despite market turbulence [50][52]. Question: What is the outlook for FRE margin expansion? - Management remains optimistic about achieving zero to 150 basis points of margin expansion, citing ongoing integration efforts and synergies from GCP [56][59]. Question: How does the M&A backdrop affect deployment strategies? - Management indicated that even with subdued M&A activity, they have demonstrated the ability to invest across various strategies, particularly in opportunistic credit and secondaries [62][66]. Question: What is the opportunity set in Europe for private credit? - Management observed increased investor appetite for European products, with a modest acceleration in deployment and a favorable competitive position in the market [78][80].

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a year-over-year growth in management fees of 18%, FRE growth of 22%, and after-tax realized income per share of Class A common stock growth of 36% [6][25][32] - The total AUM reached $546 billion, marking a significant milestone as it crossed over $5 trillion for the first time [7][25] - The company declared a quarterly dividend of $1.12 per share, representing a 20% increase over the same quarter last year [4][5] Business Line Data and Key Metrics Changes - Fundraising activities reached over $20 billion in gross new capital commitments, the highest level for Q1 fundraising on record [7][15] - The private credit strategies saw a gross to net deployment ratio of 49%, with capital deployment in drawdown funds increasing nearly 20% over the previous quarter [7][9] - The company experienced strong performance across various strategies, with significant inflows in real estate, infrastructure debt, secondaries, and private equity [15][17] Market Data and Key Metrics Changes - The company noted a shift in market conditions due to increased volatility and uncertainty, particularly following the announcement of tariffs and geopolitical events [8][22] - Despite market challenges, the company maintained a record amount of dry powder, with $142 billion available for deployment [9][12] - The European direct lending business saw a 20% year-over-year increase in deployment, indicating a modest acceleration in the European market [82] Company Strategy and Development Direction - The company aims to leverage its asset-light business model and flexible private market strategies to capitalize on market dislocations [10][11] - A focus on credit-related products is emphasized, with over 72% of total AUM in credit-related assets, primarily senior loans [12][22] - The integration with GCP International is progressing well, with expectations of realizing significant synergies in the coming months [24][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating current economic uncertainties, citing a strong investment pipeline and the ability to invest opportunistically [22][37] - The company anticipates slower M&A activity until more certainty regarding tariffs and economic conditions is established, but sees potential for enhanced investment opportunities [22][23] - Management highlighted the resilience of the business model during past market dislocations, reinforcing confidence in future performance [10][37] Other Important Information - The company reported a significant increase in fee-related performance revenues, totaling $28 million, a substantial rise from $4 million in Q1 2024 [27] - The effective tax rate on realized income was reported at 8.1%, with expectations of a lower range of 8% to 12% for the remainder of the year [32] Q&A Session Summary Question: What is the outlook for private credit quality given potential negative GDP growth? - Management indicated that 96% of exposure in the Global Credit business is in senior loans, with low loan-to-value ratios, suggesting limited risk of defaults [40][42] Question: Can you discuss the momentum in wealth management and product growth? - Management noted record capital gathering in wealth management, with a broadening distribution network and new product offerings [50][51] Question: What is the outlook for FRE margin expansion? - Management remains optimistic about achieving zero to 150 basis points of margin expansion, despite some drag from GCP integration [58][59] Question: How is the pipeline for M&A and deployment in the current market? - Management highlighted the ability to invest across various strategies even in a subdued M&A environment, with significant dry powder available for opportunistic investments [63][67] Question: What are the opportunities in the European market compared to the U.S.? - Management noted an increase in investor appetite for European products and a modest acceleration in deployment in Europe [80][82]

Core Insights - The performance of the securities asset management industry in 2024 shows a significant polarization, with five firms achieving revenues exceeding 1 billion yuan, while some firms reported substantial losses, indicating intense competition and transformation within the industry [1][2][3] Revenue Performance - By the end of 2024, the number of securities asset management firms with revenues exceeding 1 billion yuan increased to five, with total private asset management product scale reaching 5.47 trillion yuan, a 3% increase from the previous year [1] - Huatai Asset Management led the revenue rankings with 1.746 billion yuan, followed by Guotai Junan Asset Management at 1.7 billion yuan, and Caitong Asset Management at 1.653 billion yuan [2] - Dongzheng Asset Management saw a revenue decline of over 30%, dropping to 1.435 billion yuan, while CITIC Securities Asset Management reported 1.288 billion yuan [2] Profitability Trends - Only Huatai Asset Management and Caitong Asset Management reported net profits exceeding 500 million yuan, with figures of 882 million yuan and 520 million yuan respectively [5] - Eight firms experienced a decline in net profits, with Zheshang Asset Management's net profit dropping over 77% to less than 30 million yuan [5] - Guangfa Asset Management reported a significant loss of approximately 530 million yuan, worsening from a loss of less than 200 million yuan in 2023, marking a decline of over 200% [5] Market Dynamics - The asset management industry is undergoing a rapid restructuring, with a pronounced "Matthew Effect" in the public fund sector and increasing competition among peers [6] - The trend towards public, active, and standardized development in the asset management industry necessitates differentiated development paths for securities asset management firms [7]

Core Viewpoint - eQ Plc has appointed Jouko Pölönen as the new CEO, effective no later than November 5, 2025, succeeding interim CEO Janne Larma [1][3][4] Group 1: Leadership Appointment - Jouko Pölönen, with extensive experience in the financial sector, previously served as CEO of Ilmarinen Mutual Pension Insurance Company for seven years [3] - Pölönen has held significant roles in various financial institutions, including OP Financial Group and Pohjola Insurance Ltd [3] - The Board of Directors expressed confidence in Pölönen's ability to lead eQ and implement growth strategies [5][6] Group 2: Strategic Vision - Pölönen aims to drive profitable growth and enhance value for clients and shareholders, emphasizing the importance of professional asset management [4][6] - He recognizes significant opportunities in the asset management market, particularly in catering to individual investors [6] Group 3: Shareholder Commitment - The three largest shareholders of eQ will sell 1,000,000 shares to Pölönen, representing approximately 2.4% of the total share capital, positioning him among the top ten shareholders [7] - Pölönen will also receive 100,000 stock options as part of the 2025 option program to incentivize his commitment to the company's growth [7] Group 4: Company Overview - eQ is a leading asset manager in Finland, specializing in private equity and real estate asset management, with total assets managed amounting to approximately EUR 13.6 billion [10]

财通证券资管持续构建"一主两翼"业务版图。一方面，打造多元化的投资管理能力，提供专业化资产配置解决方案和有温度的服务；另一方面，立足集团及 自身特色资源禀赋，通过ABS、REITs、资本市场创新类业务等定制产品工具，实现投融联动，助力实体经济。 由于部分券商资管在2023年度才正式展业，可对比完整年度的券商资管为18家，其中10家在2024年营业收入上涨，8家营业收入同比下跌。 每经记者 李娜 每经编辑 彭水萍 随着2024年券商年报披露收官，券商资管行业的"成绩单"出炉。营收10亿元阵营的券商资管数量增至5家，少数头部券商资管业绩下滑，有券商资管竟巨亏 近6亿垫底。赚钱能力两极分化加剧，折射出当前行业的激烈竞争与深度变革。 2024年上半年债市走强，三季度债市由强转弱；前三季度权益市场持续低迷，随后市场开启"924行情"，权益市场及转债市场流动性及活跃度显著上升，投 资者风险偏好快速修复。 据中国证券投资基金业协会统计，截至2024年末，证券公司及其资管子公司私募资管产品规模5.47万亿元，较上年末增长3%。 纳入统计的24家券商资管中，华泰资管、国君资管、财通资管、东证资管和中信证券资管5家2024年度营 ...

Core Viewpoint - Mount Logan Capital Inc. is set to release its financial results for Q1 2025 on May 15, 2025, followed by a conference call on May 16, 2025, to discuss these results [1]. Company Overview - Mount Logan Capital Inc. is an alternative asset management and insurance solutions company focused on public and private debt securities in North America and reinsurance of annuity products through its subsidiaries [2]. - The company actively sources, evaluates, underwrites, manages, and invests in loans, debt securities, and other credit-oriented instruments that offer attractive risk-adjusted returns with low risk of principal impairment [2]. Subsidiaries and Operations - ML Management, established in 2020, provides investment management services to various investment funds and acts as a collateral manager for collateralized loan obligations [3]. - Ability Insurance Company, acquired in Q4 2021, is a reinsurer of long-term care policies and annuity products but is no longer insuring new long-term care risks [4].

Core Points - Silvercrest Asset Management Group Inc. will host a teleconference on May 9, 2025, to discuss its financial results for Q1 2025 [1] - The teleconference will feature remarks from Chairman and CEO Richard R. Hough III and CFO Scott A. Gerard, followed by a Q&A session [2] - The company reported assets under management of $36.5 billion as of December 31, 2024 [4] Company Overview - Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser [4] - The firm provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors [4] - Silvercrest has offices in New York, Boston, Virginia, New Jersey, California, and Wisconsin [4]

Core Viewpoint - Franklin Resources Inc. reported second-quarter fiscal 2025 adjusted earnings of 47 cents per share, matching the Zacks Consensus Estimate but down from 56 cents in the prior year [1][2] Financial Performance - Net income on a GAAP basis was $151.4 million, reflecting a year-over-year increase of 21.9% [2] - Total operating revenues decreased by 1.9% year over year to $2.11 billion, surpassing the Zacks Consensus Estimate of $1.98 billion [3] - Investment management fees fell by 2.4% year over year to $1.67 billion, while sales and distribution fees increased by 1.8% to $364.9 million [4] - Total operating expenses declined by 2.9% year over year to $1.97 billion, with an operating margin of 6.9%, up from 6% in the previous year [5] Assets Under Management (AUM) - As of March 31, 2025, total AUM was $1.54 trillion, down 2.2% sequentially, with long-term net outflows of $26.2 billion during the quarter [6] - The average AUM decreased by 3.9% sequentially to $1.57 trillion [6] Capital Position - As of March 31, 2025, cash and cash equivalents and investments totaled $6.1 billion, while total stockholders' equity was $13.2 billion [7] Capital Distribution - In the reported quarter, the company repurchased 0.5 million shares for $10 million [8] Strategic Outlook - The company is focusing on diversifying its business through acquisitions and enhancing its distribution platform, which may support revenue growth despite rising expenses from technological upgrades [9]