Core Viewpoint - SBI's subsidiary, SBI Funds Management, has filed a draft red herring prospectus (DRHP) with Sebi for an IPO of up to 20.37 crore equity shares, which will be an offer for sale, meaning proceeds will go directly to shareholders and not to the company [1][6]. Group 1: IPO Details - The IPO will consist of 20.37 crore equity shares, with SBI selling 12.83 crore shares (6% stake) and Amundi India Holding selling 7.53 crore shares [1][6]. - The total issue size in rupee terms and the price band have not yet been disclosed [6]. Group 2: Company Overview - SBI Funds Management is the largest asset management company (AMC) in India, holding a 15.4% market share by QAAUM and managing average assets under management (AUM) of Rs 6.06 lakh crore [2][6]. - As of December 2025, SBI Funds Management served over 1.6 crore unique investors [2][6]. - SBI holds a 61.86% stake in SBI Funds Management, while Amundi Asset Management holds a 36.33% stake through a wholly owned subsidiary [2][6]. Group 3: Market Performance - SBI shares have gained 2% in the past five days but have fallen more than 11% in the past month, with a 26% increase over the past six months [5][6]. - For the October-December quarter of the financial year 2026, SBI reported a standalone net profit increase of 24% YoY to Rs 21,028 crore and a net interest income (NII) increase of 9% YoY to Rs 45,190 crore [5][6].

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenue of $170 million, a 19.6% increase year-over-year, exceeding the projected $157 million [9][33] - Full year revenue for 2025 was $839 million, reflecting a 14.6% growth compared to the previous year [10][35] - The net income for Q4 was $199 million, marking a 48% increase year-over-year, while the adjusted net income for the full year was $217 million, with a margin of 25.9% [12][39] Business Line Data and Key Metrics Changes - All four business segments, including Private Client Services, commercial, alternative investment funds, and Valuation, experienced double-digit growth [9] - Private Client Services accounted for 51.5% of total revenue for the year, with no significant change in revenue mix [36] Market Data and Key Metrics Changes - The number of client groups generating over $250,000 in revenue increased to 687 in 2025 from 629 in 2024, indicating healthy client growth [36] - The average rate per hour increased by approximately 11% year-over-year, demonstrating the firm's ability to raise prices [37] Company Strategy and Development Direction - The company aims to focus on productivity improvements, profitability management, and integration of acquired firms as part of its 2026 strategy [13][16] - The acquisition strategy involves selectively rolling up existing networks into the business, with a focus on groups that have established relationships with the company [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business's performance, noting that recurring revenue growth in late 2025 was strong, with expectations for continued momentum into 2026 [52] - The company anticipates revenue for 2026 to be in the range of $955 million to $970 million, reflecting a growth rate of 14%-15% [43] Other Important Information - The company incurred a net loss of $195.9 million in Q4 due to one-off equity restructuring costs and IPO-related expenses [34] - Cash and equivalents on the balance sheet as of December 31, 2025, were $258.5 million, with no third-party debt, indicating strong liquidity [41] Q&A Session Summary Question: What is the outlook for revenue growth momentum into 2026? - Management indicated that the guidance provided is conservative, with expectations to elevate revenue objectives based on strong recurring revenue growth observed in late 2025 [52][53] Question: How is the company addressing pricing increases and client pushback? - Management acknowledged some pushback on pricing in competitive service areas but emphasized a focus on value-added services rather than commodity pricing [61] Question: What is the contribution of acquisitions to the revenue guidance? - Management stated that approximately $21 million of the projected $33 million in inorganic revenue is from recently signed deals, with expectations to outperform this number [75]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenue of $170 million, a 19.6% increase year-over-year, exceeding the projected $157 million [9][32] - Full-year revenue for 2025 was $839 million, reflecting a 14.6% growth compared to the previous year [10][34] - The net income for Q4 2025 was $199 million, marking a 48% increase from the previous year, while the adjusted net income for the full year was $217 million, with a margin of 25.9% [12][38] Business Line Data and Key Metrics Changes - All four business segments, including Private Client Services, commercial, alternative investment funds, and valuation, experienced double-digit growth [9] - Private Client Services accounted for 51.5% of total revenue for the year, with a healthy increase in the number of client groups generating over $250,000 in revenue [35] Market Data and Key Metrics Changes - The company expanded its client relationships, increasing the number of active client groups by 5.6% and client engagements by 10.6% year-over-year [36] - The average rate per hour increased by approximately 11% year-over-year, indicating the firm's ability to raise prices [36] Company Strategy and Development Direction - The company aims to focus on productivity, profitability, integration, and acquisitions as part of its 2026 strategy [13][16] - There is a strong emphasis on technology as a competitive advantage, with plans to implement AI and other technological solutions thoughtfully [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business's performance, noting that recurring revenue growth in late 2025 was strong, with expectations to elevate revenue objectives in future calls [52][57] - The company anticipates a net loss in 2026 primarily due to non-cash equity-based compensation expenses, but expects continued revenue growth in core practices [42][43] Other Important Information - The company has a strong balance sheet with $258.5 million in cash and no third-party debt, providing flexibility for growth [40] - The company is actively pursuing acquisitions, with $33 million of projected inorganic revenue for 2026, and has already signed several deals [17][74] Q&A Session Summary Question: What is the outlook for revenue growth momentum? - Management indicated that the company operates conservatively and expects to elevate revenue numbers based on strong recurring revenue growth observed in late 2025 [52] Question: Is there any pushback on pricing due to AI? - Management acknowledged some pushback in competitive service areas but emphasized a focus on value-added services rather than commodity pricing [60] Question: What is the pricing contribution for 2026? - The company forecasts high single-digit pricing growth for 2026, with expectations to sustain this level [70] Question: How much of the projected inorganic revenue is from already acquired groups? - Approximately $15 million of the $33 million projected inorganic revenue is already secured from recent acquisitions [74]

Fourth Quarter and Full Year 2025 Ma r c h 1 7 , 2 0 2 6 Disclaimer and Safe Harbor Statement This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding ...

Core Viewpoint - State Bank of India (SBI) anticipates its wealth management assets under management (AUM) to increase nearly fivefold to ₹15 lakh crore by 2030 from ₹2.83 lakh crore as of March 2025, driven by the growing financialisation of savings [1]. Group 1: Current AUM and Components - SBI's wealth management service currently has an AUM of approximately ₹4 lakh crore, which consists of a deposit component (fixed deposits and CASA) and an investment component [2]. - The investment component of SBI's overall AUM is currently low and primarily deposit-driven [2]. Group 2: Future Projections and Breakdown - Of the projected ₹15 lakh crore AUM, around ₹4 lakh crore is expected to come from the investment side [3]. - SBI provides wealth management services to affluent customers through various products, including mutual funds, insurance, portfolio management services, bonds, and Alternative Investment Funds, tailored to individual risk profiles [3]. Group 3: Support Structure - The wealth management business is supported by 1,068 Relationship Managers and a tiered Relationship Manager structure, as per the bank's latest annual report [4].

As filed with the Securities and Exchange Commission on December 8, 2025. Registration Statement No. 333-290415 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Andersen Group Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification Number) Delaware ...

Table of Contents As filed with the Securities and Exchange Commission on November 19, 2025. Registration Statement No. 333-290415 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Andersen Group Inc. Mark L. Vorsatz Chairman and Chief Executive Officer Andersen Group Inc. 333 Bush Street Suite 1700 San Francisco, California 94104 (415) 764-2700 (Name, address, including zip code, and telephone number, ...

Core Insights - Deutsche Bank's investment arm, DWS Group, is entering a strategic collaboration with Nippon Life India Asset Management to enhance capabilities in alternatives, passive investment solutions, and global distribution, while expanding its presence in India's asset management market [1][4]. Group 1: Partnership Details - DWS will acquire a 40% stake in Nippon Life India AIF Management, focusing on Alternative Investment Funds, with NAMI retaining the remaining shares [2]. - The investment will support NIAIF's expansion in private credit, listed equities, real estate, and venture capital, having raised nearly $1 billion in capital commitments over the past decade [3]. - DWS and NAMI plan to co-develop passive products for both Indian and UCITS markets and explore global distribution for India-focused active strategies [4]. Group 2: Strategic Significance - The partnership reflects Deutsche Bank's confidence in India's structural growth in the alternatives market and aims to scale its alternatives business, diversify revenue, and strengthen its global position [5]. - Through NIAIF, Deutsche Bank can offer a range of alternative investments to both domestic and international investors, supporting growth in its Asset Management segment [5]. - The collaboration signals DWS's increasing focus on India as a key long-term growth market and aligns with its strategy of deepening partnerships across Asia [6]. Group 3: Leadership Perspective - DWS CEO Stefan Hoops emphasized India's importance as a core growth market for global asset managers and expressed excitement about partnering with NAMI to meet the growing demand for long-term investments in the Indian economy [7]. - The partnership aims to drive growth in Alternatives and Passive investments, leverage strong partnerships in Asia, and pursue ambitions to rank among the top asset managers [7]. Group 4: Market Performance - Over the past six months, Deutsche Bank shares have increased by 29.3%, outperforming the industry's growth of 18.9% [8].

Registration Statement No. 333- Table of Contents As filed with the Securities and Exchange Commission on September 19, 2025. FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Andersen Group Inc. (Exact name of Registrant as specified in its charter) Delaware 7389 33-4630773 (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification Number) Andersen Group Inc. 333 Bush Street Suite 1700 San Francisco, ...