来源：陕西法制网 多元牌照构建全球化业务护城河 公开信息显示，远景未来的合规框架始于其持有的多区域金融业务许可。核心之一是香港证监会 （SFC）颁发的第1、2、4、6、9类牌照，覆盖证券交易、期货合约咨询、资产管理等核心业务，使其 在香港这一国际金融中心具备了开展多元化金融服务的合法身份。此外，为服务全球客户与跨境业务， 公司还宣称持有美国MSB（货币服务业务）牌照等国际资质。这些牌照共同构成了一个横跨主要金融 市场的"资质矩阵"，旨在满足不同司法管辖区的监管要求。 在创始人王贵运看来，获取这些资质不仅仅是准入的"门票"，更是对专业能力和运营标准的一种承诺。 他曾指出，企业是社会进步的重要推动者，其前提正是合法合规。这种将合规内嵌于企业使命的表述， 试图传递一种超越短期利益的长期发展理念。 信用背书与透明化运营的双重加持 除了监管牌照，远景未来还注重通过市场化的信用体系建设来强化其合规形象。根据公开报道，公司及 其关联企业获得了国家标准化管理委员会和中国人民银行备案的AAA企业信用评级。业内人士分析， 此类最高信用等级的评价，涉及对企业治理结构、财务稳健性、合同履约及合规经营能力的综合考察。 这为公司在寻求合 ...

Financial Data and Key Metrics Changes - Vinci Compass generated BRL 77.1 million in earnings for Q3 2025, translating to BRL 1.22 per share, with a FRE margin of 32.3% and adjusted distributable earnings of BRL 73.1 million, or BRL 1.16 per share, marking a 28% increase year-over-year on a nominal basis [3][25] - Total assets under management (AUM) reached BRL 316 billion, a 4% increase quarter-over-quarter, with capital formation and appreciation totaling BRL 19 billion [22][13] Business Line Data and Key Metrics Changes - The credit segment raised over BRL 1 billion in the quarter, with 30% coming from international investors, indicating strong global interest [11] - The global IP&S segment saw AUM exceed BRL 241 billion, supported by approximately BRL 8 billion of inflows, with TPD alternative funds being a key growth driver [17][12] Market Data and Key Metrics Changes - Brazil is expected to benefit from a potential political shift reinforcing fiscal responsibility and a likely Selic-cutting cycle, creating a favorable environment for asset re-rating [10] - The trend of global investors seeking exposure beyond the U.S. is expected to support fundraising efforts, offering attractive risk-adjusted opportunities [11] Company Strategy and Development Direction - The acquisition of Verde is a significant milestone in strategic expansion, enhancing Vinci Compass's position as a leading alternative investment platform in Latin America [5][6] - The company aims to achieve a 38% FRE margin target by 2028, supported by cost reduction initiatives and substantial fundraising across all segments [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment, citing broad-based asset appreciation and easing rate bias across emerging economies as constructive for the platform [10] - The company is well-positioned to capture generational shifts in the global economy and markets, compounding value for clients and shareholders [13][22] Other Important Information - The company is adopting AI across its operations, with approximately 80% of the team using AI to enhance productivity and risk management [21] - The first Brazilian pension plan commitment to the SPS4 fund is expected to unlock further commitments from similar institutional investors [26][27] Q&A Session Summary Question: Regarding the first Brazilian pension plan commitment to SPS4, how fast do you think this new demand could come? - Management expects further commitments for this strategy but cannot predict the exact size of it, noting the low penetration of this type of investment among local and international institutions [26][27] Question: Should the improved FRE margin be considered the new base for the next quarter? - Management indicated that while there is some seasonality in expenses, they expect margins to remain above 30% going forward, with the Verde acquisition expected to positively impact margins in 2026 [29][30] Question: How much of the strong global IP&S inflows this quarter was related to TPD alternatives? - TPD alternatives had a significant positive impact, with a $2 billion contribution from a regional player into a US-based closed-end fund, and management remains optimistic about future inflows [31][32]

Group 1 - The author has been involved in the markets since elementary school and has a strong educational background in Finance and Accounting, with a focus on Investments and Financial Analysis [1] - The author has experience managing investment portfolios, including a long/short equity portfolio and two long-only portfolios as part of a student investment group [1] - The author has completed internships at a large bank and in managing a university endowment, indicating practical experience in investment management [1] Group 2 - The article emphasizes the importance of conducting due diligence before making any investment decisions [3] - It highlights that past performance is not indicative of future results, suggesting a cautious approach to investment [4] - The article clarifies that the views expressed may not reflect those of the platform as a whole, indicating a diversity of opinions among contributors [4]

Group 1 - Palm Harbour Capital LLP is a London-based investment manager founded by Peter Smith with support from Santa Comba Gestión SL, the holding company of Spanish investor Francisco García Paramés [1] - Palm Harbour Capital manages the Cobas Lux SICAV Palm Harbour Global Value Fund, focusing on a value investment philosophy [1] - The investment strategy emphasizes investing in competitively advantaged businesses when they are trading at a significant discount to their intrinsic value [1]