Financial Data and Key Metrics Changes - The company ended Q1 2025 with record assets under management (AUM) of $840 billion, driven by record money market assets of $637 billion [6][20] - Total revenue for Q1 decreased slightly from the prior quarter, with higher revenue from money market assets offset by lower revenue from equity assets [25] - Q1 operating expenses decreased by $22.5 million from the prior quarter, mainly due to lower FX-related expenses [26] Business Line Data and Key Metrics Changes - Equity assets increased by $1.5 billion from year-end, primarily due to net sales of $1.4 billion [6] - Fixed income assets increased by about $1.4 billion in Q1, mainly due to higher market valuations, partially offset by net redemptions [11] - Alternative private markets saw an increase of $562 million in Q1, driven by FX rates and net sales of about $61 million [12] Market Data and Key Metrics Changes - The company’s money market mutual fund market share was approximately 7.10% at the end of Q1, down slightly from 7.22% at the end of 2024 [23] - Managed assets were approximately $828 billion, including $629 billion in money markets, $78.5 billion in equities, and $98 billion in fixed income [24] Company Strategy and Development Direction - The company is focused on developing its private markets business for growth, including the acquisition of a majority interest in a U.K. renewable energy company [17] - The company plans to continue adding active ETFs, with a goal of launching a handful each year [91] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter is typically the worst quarter of the year for the industry, but this year saw positive flows [37] - There are expectations for higher interest rates for a longer period, which is anticipated to continue driving positive flows into money market products [52] Other Important Information - The company declared a $0.34 per share dividend, an increase of nearly 10% from the prior quarter [29] - The company purchased over 3 million shares for about $120 million during Q1 [30] Q&A Session Summary Question: Comments on money market market-share - Management clarified that the company had $3 billion of increased money market fund AUM, indicating positive inflows despite competitive pressures [32][36] Question: Update on fixed-income outflows - Management attributed elevated fixed-income outflows primarily to the Total Return Bond Fund and High Yield, with performance improving [42][44] Question: Flows since tax date - Management reported an increase of about $5 billion in assets since the tax date, indicating positive flows from both retail and institutional sides [55] Question: Capacity issues with MDT - Management confirmed there are no capacity issues with MDT despite significant organic growth [96]

Financial Data and Key Metrics Changes - The company ended Q1 2025 with record assets under management (AUM) of $840 billion, driven by record money market assets of $637 billion [6][20] - Total revenue for Q1 decreased slightly from the prior quarter, with higher revenue from money market assets offset by lower revenue from equity assets [25] - Q1 operating expenses decreased by $22.5 million from the prior quarter, mainly due to lower FX-related expenses [26] Business Line Data and Key Metrics Changes - Equity assets increased by $1.5 billion from year-end, primarily due to net sales of $1.4 billion [6] - Fixed income assets increased by about $1.4 billion in Q1, mainly due to higher market valuations, partially offset by net redemptions [11] - Alternative private markets saw an increase of $562 million in Q1, driven by FX rates and net sales of about $61 million [12] Market Data and Key Metrics Changes - The company’s money market mutual fund market share was approximately 7.10% at the end of Q1, down slightly from 7.22% at the end of 2024 [23] - Managed assets were approximately $828 billion, including $629 billion in money markets, $78.5 billion in equities, and $98 billion in fixed income [24] Company Strategy and Development Direction - The company is focused on developing its private markets business for growth, including the acquisition of a majority interest in a U.K. renewable energy company [17] - The company plans to continue adding active ETFs, with a goal of launching a handful each year [91] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter is typically the worst quarter of the year for the industry, but this year saw positive flows [37] - There are expectations for higher interest rates for a longer period, which is anticipated to continue driving positive flows into money market products [52] Other Important Information - The company declared a $0.34 per share dividend, an increase of nearly 10% from the prior quarter [29] - The company purchased over 3 million shares for about $120 million during Q1 [30] Q&A Session Summary Question: Comments on money market market-share - Management clarified that the company had $3 billion of increased money market fund AUM, indicating positive inflows despite competitive pressures [32][36] Question: Update on fixed-income outflows - Management indicated that fixed-income outflows were primarily from the Total Return Bond Fund and High Yield, with performance improving [42][44] Question: Flows since tax date - Management reported an increase of about $5 billion in assets since the tax date, indicating positive flows from both retail and institutional sides [55] Question: Capacity issues with MDT - Management confirmed there are no capacity issues with MDT, expressing enthusiasm for continued growth [96]

Core Viewpoint - Federated Hermes, Inc. (FHI) reported strong financial performance in Q1 2025, with adjusted earnings per share of $1.10, exceeding the Zacks Consensus Estimate of 91 cents, and reflecting a 23.6% increase year-over-year [1] Group 1: Financial Performance - Total revenues increased by 7% year-over-year to $423.5 million, surpassing the Zacks Consensus Estimate by 0.9% [2] - Quarterly net investment advisory fees rose by 9% year-over-year to $287.5 million, exceeding the estimate of $282.9 million [2] - Net income on a GAAP basis was $101.1 million, representing a 35% increase from the prior-year quarter [1] Group 2: Operating Expenses - Total operating expenses declined by 2% year-over-year to $291.8 million, significantly lower than the estimate of $324 million [3] - Net other service fees fell by 6% year-over-year to $34.9 million, while net administrative service fees rose by 7% to $101.1 million [3] Group 3: Asset Management - Total managed assets reached a record level of $839.8 billion, up 7.8% year-over-year, exceeding the estimate of $823 billion [5] - Money-market assets increased by 10.1% year-over-year to $637.1 billion, while fixed-income assets rose by 3.3% to $99.5 billion [5] - Average managed assets totaled $843.2 billion, reflecting an 8.6% year-over-year increase, surpassing the estimate of $813.2 billion [6] Group 4: Capital Distribution - The company declared a quarterly cash dividend of 34 cents per share, marking a 9.7% increase from the previous payout, to be paid on May 15, 2025 [7] - FHI repurchased 3,057,542 shares of its class B common stock for $120.1 million during the reported quarter [7] Group 5: Market Position - Federated Hermes demonstrates substantial growth potential, supported by a diverse asset and product mix and a solid liquidity position, despite facing uncertain market conditions [9]

Financial Data and Key Metrics Changes - Earnings available for distribution (EAD) was $0.52 per diluted share, representing an 8% year-over-year growth, marking the 22nd consecutive quarter where EAD exceeded common dividends paid [17] - GAAP net income was $36.5 million or $0.07 per diluted share, with a 2% return on equity [17] - Book value at the end of the quarter was $12.39, with the company trading at $10.40, indicating that equity is perceived as severely undervalued [19][30] Business Line Data and Key Metrics Changes - Genesis Capital produced nearly $1 billion in production, a 7% increase year-over-year, with 33 new sponsors added in the quarter [20][34] - Sculptor's asset management business reported $35 billion of assets under management (AUM) with $1.4 billion of gross inflows across the platform [21][37] - Newrez, as the third-largest servicer and fifth-largest originator, generated $270 million of pre-tax income with a funded volume of nearly $12 billion [23][43] Market Data and Key Metrics Changes - The company has over $80 billion of assets under management, with significant growth in the mortgage servicing and asset management sectors [15][16] - The servicing portfolio for Newrez is approximately $850 billion, which includes $509 billion of owned mortgage servicing rights (MSRs) [47] Company Strategy and Development Direction - The company aims to grow off-balance sheet capital and expand investment verticals, including energy transition and infrastructure funds [26][27] - There is a focus on building partnerships with limited partners (LPs) to enhance capital raising efforts and improve overall business performance [28][72] - The company is exploring various capital actions to unlock shareholder value, including potential public listings and restructuring [59][113] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility, emphasizing the importance of performance and risk management [6][7] - The outlook for the asset management business remains positive, with expectations for continued fundraising momentum despite market conditions [72][104] - Management is optimistic about the potential for acquisitions in both the mortgage and asset management sectors, particularly in light of lower valuations [68][70] Other Important Information - The company is rolling out MSR funds, which are expected to attract significant demand in the marketplace [12][85] - The SPAC initiative aims to generate asset management fees and create off-balance sheet investment opportunities [40][108] Q&A Session Summary Question: Update on the Cooper Rocket transaction and its impact on Newrez - Management indicated that it would be business as usual for Newrez, with potential opportunities for subservicing arising from the transaction [56] Question: Thoughts on potential acquisition opportunities - Management confirmed an active M&A pipeline, particularly in the mortgage and asset management spaces, with a focus on scaling the credit business [68][70] Question: Fundraising activity and LP appetite amid volatility - Management reported strong brand recognition and active fundraising efforts, emphasizing the importance of partnerships with LPs [72][74] Question: Performance and returns at Sculptor - Management highlighted strong performance across the credit and real estate businesses, with significant commitments in the real estate fund [80][82] Question: Insights on MSR funds and expected returns - Management noted that the MSR funds are still in development, with anticipated demand and returns to be determined [85] Question: Credit performance within the Genesis portfolio - Management reported steady performance with low delinquency rates, emphasizing disciplined underwriting practices [92] Question: Market conditions for securitization - Management indicated that the market remains open for deals, with opportunities arising from wider spreads [96][97] Question: Update on Sculptor's fundraising targets - Management stated that multiple funds are in the market, focusing on credit, real estate, and energy infrastructure [106] Question: Motivation behind the SPAC vehicle - Management explained that the SPAC provides a low-cost option for generating asset management fees and deploying capital [108] Question: Triggers for potential listing of Newrez - Management expressed hope for capital actions in 2025, driven by performance improvements and market conditions [114]

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on BlackRock (BLK), and highlights the potential misalignment of interests between brokerage firms and retail investors [1][10]. Group 1: Brokerage Recommendations for BlackRock - BlackRock has an average brokerage recommendation (ABR) of 1.31, indicating a consensus between Strong Buy and Buy, based on recommendations from 18 brokerage firms [2]. - Out of the 18 recommendations, 14 are classified as Strong Buy and 2 as Buy, which accounts for 77.8% and 11.1% of all recommendations respectively [2]. Group 2: Limitations of Brokerage Recommendations - The article suggests that relying solely on brokerage recommendations may not be wise, as studies indicate limited success in guiding investors towards stocks with the best price increase potential [5]. - Brokerage firms often exhibit a strong positive bias in their ratings due to vested interests, leading to a disproportionate number of Strong Buy recommendations compared to Strong Sell [6][10]. Group 3: Zacks Rank as an Alternative - Zacks Rank is presented as a more effective tool for predicting stock price performance, categorizing stocks into five groups based on earnings estimate revisions [8][11]. - The Zacks Rank is timely and reflects changes in earnings estimates quickly, unlike the ABR, which may not be up-to-date [12]. Group 4: Current Earnings Estimates for BlackRock - The Zacks Consensus Estimate for BlackRock has declined by 4.6% over the past month to $45.21, indicating growing pessimism among analysts regarding the company's earnings prospects [13]. - This decline in earnings estimates has resulted in a Zacks Rank of 4 (Sell) for BlackRock, suggesting caution despite the positive ABR [14].

Core Viewpoint - BlackRock is acquiring "undervalued" UK assets [1] Group 1 - The acquisition is part of BlackRock's strategy to capitalize on perceived market inefficiencies in the UK [1] - The focus is on assets that are considered undervalued due to current market conditions [1] - This move reflects BlackRock's confidence in the long-term potential of the UK market despite short-term challenges [1]

Core Viewpoint - Ameriprise Financial (AMP) reported strong first-quarter 2025 adjusted operating earnings of $9.50 per share, exceeding the Zacks Consensus Estimate of $9.12, reflecting a 13% increase year over year [1] Financial Performance - Adjusted operating total net revenues for the quarter were $4.31 billion, a 5% increase year over year, although it fell short of the Zacks Consensus Estimate of $4.38 billion [3] - Total GAAP net revenues were $4.35 billion, also up 5% year over year [3] - Adjusted operating expenses rose to $3.16 billion, an increase of 5% [3] - Net income on a GAAP basis was $583 million or $5.83 per share, down from $990 million or $9.46 per share in the prior-year quarter [2] Assets Under Management - As of March 31, 2025, total assets under management (AUM) and assets under administration (AUA) reached $1.49 trillion, a 3% increase year over year, driven by decent client net inflows [4] Capital Distribution Actions - Ameriprise repurchased 1.2 million shares for $617 million during the quarter and announced a new share repurchase authorization of $4.5 billion through June 30, 2027 [5] - A quarterly cash dividend of $1.60 per share was declared, marking an 8% increase from the previous payout, to be paid on May 19 to shareholders as of May 5 [6] Future Outlook - Elevated expenses, primarily due to technology upgrades, are expected to continue impacting AMP's bottom line, but the company is well-positioned for top-line growth due to its robust AUM balance and business-restructuring initiatives [7]

华夏时报记者张玫帅可聪北京报道 《华夏时报》记者近日联系了券商、基金、期货、资管等多个行业的几十位从业者了解情况。记者发 现，上述现象背后，折射出的是金融行业薪酬预期下调、职业稳定性减弱、基层岗位内卷加剧等多重困 境。 "我身边有工作5年以内的同事考上了金融监管系统的公务员岗位，但更多人考了三年还没'上岸'。"某 券商投行部从业者透露。这场由"90后""95后"基层从业者主导的职业迁徙潮，正在撕开金融业"金领"光 环的裂缝。 正在准备考公的公募基金人士小李对《华夏时报》记者袒露心声："金融行业薪酬在下降，随着年龄的 增长，未来会面对残酷的优胜劣汰，所以想寻找更稳定的岗位和薪酬。" 大多从业不到五年 "一二线城市金融行业基层员工的综合收入哪会比公务员好？"一位私募人士向《华夏时报》记者道出其 中关键。 "我身边还真的有同事考公上岸了，不过是年轻的同事，工作大概5年以内吧，也是考去了金融系统的公 务员岗位。"一位券商人士对《华夏时报》记者表示。 近期，金融行业从业者"转行"考公务员的消息火爆。根据上海市2025年度考试录用公务员第一批拟录用 名单，有二十余位"金融圈人士"获得录取，其中包括十余位券商人士、多位银行 ...

Core Insights - SEI Investments (SEIC) reported revenue of $551.34 million for the quarter ended March 2025, marking a year-over-year increase of 7.8% and an EPS of $1.17 compared to $0.99 a year ago, with a revenue surprise of +0.86% over the Zacks Consensus Estimate [1] - The consensus EPS estimate was $1.12, resulting in an EPS surprise of +4.46% [1] Financial Performance Metrics - SEI's assets under management (AUM) for Private Banks reached $29.26 billion, exceeding the average estimate of $28.26 billion [4] - AUM for Investment Advisors was $78.84 billion, slightly above the estimated $78.75 billion [4] - AUM for Institutional Investors stood at $78.07 billion, surpassing the average estimate of $75.06 billion [4] - AUM for Investments in New Business was $2.95 billion, close to the $2.99 billion estimate [4] - AUM for LSV - Equity and Fixed Income programs was $87.11 billion, exceeding the estimate of $85.52 billion [4] Revenue Breakdown - Revenue from Investment Advisors was $136.58 million, above the average estimate of $133.40 million, reflecting a year-over-year change of +11.3% [4] - Revenue from Investment Managers was $192.05 million, exceeding the estimate of $188.36 million, with a year-over-year change of +11.2% [4] - Revenue from Private Banks was $137.71 million, slightly below the average estimate of $140.19 million, showing a year-over-year change of +5.8% [4] - Revenue from Investments in New Business was $16.50 million, surpassing the estimate of $15.70 million, with a year-over-year increase of +15.4% [4] - Revenue from Institutional Investors was $68.51 million, slightly above the estimate of $67.54 million, reflecting a year-over-year change of -4.6% [4] - Revenue from Information processing and software servicing fees was $119.20 million, exceeding the estimate of $116.64 million, with a year-over-year change of +11.2% [4] - Revenue from asset management, administration, and distribution fees was $432.14 million, slightly above the average estimate of $429.49 million, reflecting a year-over-year change of +6.9% [4]

近日，2025年基金一季报渐次披露，券商资管的最新公募管理规模及基金经理观点出炉。 从机构管理规模来看，截至2025年一季度末，共4家券商资管的公募基金管理规模超千亿元，东方红资产管理 （东证资管）、华泰证券资管、中银证券位居前三。 整体来看，多位券商资管的权益类基金经理在一季度产品净值取得正增长，不少基金经理在一季度提高了股票 仓位。展望后市，基金经理普遍保持乐观，有基金经理直言："以AI为代表的科技创新方兴未艾，今年很可能 是AI应用兴起的元年，人们总是担心宏观问题，而忽略了科技进步。也总是高估未来两年即将发生的事情， 而往往低估了十年后会发生什么"。 4家券商资管公募管理规模超千亿元 Wind数据显示，截至2025年一季度末，共有4家券商资管机构的公募基金资产管理总规模超千亿元。东方红 资产管理以1585.59亿元排名第一，华泰证券资管以1352.14亿元排名第二，中银证券、财通证券资管分别以 1313.9亿元、1056.83亿元排名第三、第四。随后是国泰君安资管（786.45亿元）、招商证券资管（582.27亿 元）、中泰证券资管（431.25亿元），分列第五至第七，浙商证券资管、银河金汇、广发证券资 ...