Question-and-Answer SessionSo -- but maybe we can start out big picture, talk about 3 strategic or 4 strategic priorities that you and the management team are spending more time on and talk a bit about why.Timothy DeaconExecutive VP & CFO Yes, happy to. So first off, great to be here. And it sort of feels like this time of the year, it's a reflective period, right, to reflect on all that was accomplished in the year and what's ahead. So thinking about priorities, there's no shortage of them for us. The fir ...

GCM Grosvenor Inc. (GCMG) reported $134.97 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 9.8%. EPS of $0.19 for the same period compares to $0.16 a year ago.The reported revenue represents a surprise of +2.38% over the Zacks Consensus Estimate of $131.84 million. With the consensus EPS estimate being $0.17, the EPS surprise was +11.76%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

Financial Data and Key Metrics Changes - The company reported record profitability in the first nine months of 2025, with revenues of €24.4 billion, aligning with the full-year goal of around €32 billion before FX effects [4][10] - Adjusted costs were €15.2 billion, consistent with guidance, and the post-tax return on tangible equity was 10.9%, meeting the full-year target of above 10% [4][10] - The cost-to-income ratio stood at 63%, in line with the target of below 65%, and the CET1 ratio rose to 14.5% due to organic capital generation [4][10] Business Line Data and Key Metrics Changes - The Corporate Bank achieved a post-tax return on tangible equity of 16.2% and a cost-to-income ratio of 63%, with revenues remaining flat year-on-year [19] - The Investment Bank saw revenues increase by 18% year-on-year, driven by strong performance in FIC and O&A, with FIC revenues up 19% [21] - The Private Bank's profits before tax doubled, with a 13% operating leverage and a return on tangible equity of 12.6% [23] - Asset Management reported a 42% increase in profit before tax, with revenues up 11% and assets under management growing to €1.05 trillion [25][26] Market Data and Key Metrics Changes - The company noted a strong liquidity coverage ratio of 140% and a net stable funding ratio of 119% [12] - The tax rate for the third quarter was 26%, benefiting from a reduction in deferred tax liabilities due to changes in the German corporate tax rate [13] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategic goals, with a compound annual revenue growth of 6% since 2021 [7][10] - The company launched a second share buyback program of €250 million, bringing total buybacks in 2025 to €1 billion, with a commitment to exceed €8 billion in distributions from 2022 to 2026 [8][28] - The company is optimistic about benefiting from German fiscal stimulus and structural reforms, expecting Germany to grow by 1.5% in 2026 [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 targets, citing strong performance in the first nine months and a positive outlook for Q4 [33][34] - The company anticipates lower provisioning levels in the second half of the year compared to the first half, with a resilient credit portfolio [16][28] - Management highlighted the importance of operational efficiencies and a well-diversified earnings mix in navigating the current geopolitical uncertainties [7][10] Other Important Information - The company completed its share buyback program and reported total capital distributions in 2025 reaching €2.3 billion, up around 50% over 2024 [8][10] - The company is actively monitoring risks from private credit, which accounts for about 5% of the loan book, and maintains conservative underwriting standards [16][47] Q&A Session Summary Question: Thoughts on achieving 2025 targets and Q4 expectations - Management expressed high confidence in achieving 2025 targets, with a strong start in October and solid visibility for Q4 [33][34] Question: Benefits from German fiscal stimulus - Management reiterated optimism about the German government's growth agenda and ongoing discussions about deploying fiscal stimulus effectively [39][40] Question: Outlook on private credit and risks - Management acknowledged spread compression in private credit but sees opportunities for innovation and growth, maintaining a disciplined approach [47][48] Question: Capital distribution plans for next year - Management confirmed expectations for two buybacks next year, with a focus on distributing excess capital sustainably [55][56] Question: Operational risk update and corporate bank revenue expectations - Management clarified that operational risk updates are now a permanent feature, and they expect a rebound in corporate bank revenues in Q4 [65][66]

Financial Data and Key Metrics Changes - The company reported a net profit of $2.5 billion, up 74% year-over-year, with earnings per share of $0.76 [12] - Underlying pre-tax profit was $3.6 billion, a 50% increase, driven by 5% revenue growth [12] - Return on CET1 capital was 16.3%, with a 12.7% return excluding litigation reserve releases [12][18] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) delivered a pre-tax profit of $1.8 billion, up 21% year-over-year, with significant growth in APAC [19][20] - Personal and Corporate Banking (PNC) reported a pre-tax profit of CHF 668 million, up 1%, despite a challenging Swiss macro environment [26] - Asset Management achieved a pre-tax profit of $282 million, up 19% year-over-year, with invested assets surpassing $2 trillion for the first time [29] Market Data and Key Metrics Changes - Invested assets reached nearly $7 trillion across the group, with Global Wealth Management and Asset Management contributing significantly [4] - In APAC, invested assets exceeded $1 trillion, reinforcing the company's position as the largest global wealth manager in the region [4] - GWM's invested assets increased by 4% sequentially to $4.7 trillion, with net new assets of $38 billion [22] Company Strategy and Development Direction - The company is focused on completing the integration of Credit Suisse and enhancing its platform for sustainable growth [8][11] - A national bank charter application was filed in the U.S. to broaden banking capabilities and improve client offerings [9] - The company is advancing its AI capabilities with 340 live use cases to enhance client experience and operational efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance despite macroeconomic uncertainties and regulatory challenges [10] - The outlook for the fourth quarter indicates healthy deal pipelines, although macro uncertainties and a strong Swiss franc may impact capital market activities [10] - Management remains committed to executing strategic priorities while maintaining a focus on client relationships and integration efforts [11] Other Important Information - The company achieved $900 million in incremental gross run-rate cost savings in Q3, reaching a cumulative total of $10 billion [14] - The integration of Asset Management is substantially complete, allowing for a focus on driving efficient growth [6] - The company resolved significant legacy litigation matters, enhancing capital strength and confidence in capital return plans [8] Q&A Session Summary Question: Why wait for Q4 before upgrading guidance? - Management indicated that ongoing year-end planning will inform guidance updates for 2026 [39] Question: Comments on the $500 million hit on asset management client assets? - Management clarified that UBS has no balance sheet exposure to First Brands and is taking steps to protect clients' interests [40] Question: Benefits of the national charter and net new asset outlook? - The national charter will broaden banking capabilities and enhance service offerings, with expectations of tapering advisor turnover [44][46] Question: Clarification on AT1 write-down and acquisition of Credit Suisse? - Management confirmed that the AT1 write-down was integral to the rescue transaction and that Credit Suisse had no outstanding AT1 instruments at the time of acquisition [47][73] Question: Integration of Swiss operations and system failures? - Management stated that the integration is progressing well, with most clients satisfied, and any issues are typical during such a large migration [79]

Group 1 - Total assets under management reached €2.317 trillion as of September 30, indicating a 2.2% increase compared to three months earlier [1]

Core Insights - Lazard Inc. reported third-quarter 2025 adjusted earnings per share of 56 cents, exceeding the Zacks Consensus Estimate of 41 cents and improving from 38 cents in the same quarter last year [1][9] - The company's revenues increased by 12.4% year over year to $724.6 million, surpassing the Zacks Consensus Estimate by 3.9% [3][9] - Total assets under management (AUM) rose by 16.9% year over year to $264.5 billion, driven by record inflows and market appreciation [7][9] Revenue Performance - Adjusted operating revenues from the Financial Advisory segment were $422.3 million, up 14% from the prior year, exceeding estimates [5] - Asset Management segment adjusted operating revenues increased by 8% to $294.2 million, also surpassing estimates [5] - Corporate segment adjusted operating revenues rose significantly by 46% to $8.1 million, although it fell short of estimates [6] Expense Analysis - Operating expenses increased by 12.2% year over year to $702.9 million, reflecting growth in both Financial Advisory and Asset Management [4] - The adjusted compensation expenses to operating revenues ratio improved to 65.5% from 66% in the previous year [4] - The adjusted non-compensation expenses to operating revenues ratio also improved to 20.5% from 21.4% year over year [4] Balance Sheet and Liquidity - Cash and cash equivalents totaled $1.2 billion as of September 30, 2025, marking a 19.8% increase from the prior quarter [10] - Stockholders' equity rose to $878.6 million, up 11.7% sequentially [10] Share Repurchase Activity - In the third quarter of 2025, Lazard repurchased $1 million of common stock, with approximately $159 million remaining available for repurchase [11] Strategic Outlook - The company is focused on organic growth, as indicated by revenue increases in key segments, and a strong liquidity position alongside higher AUM is expected to support financial performance in the near term [12]

Core Insights - SEI Investments Co. reported third-quarter 2025 earnings per share (EPS) of $1.30, exceeding the Zacks Consensus Estimate of $1.25, and reflecting a year-over-year increase of 9.2% [1][9] - The company's net income attributable to SEI Investments was $164.2 million, a 6% increase from the previous year, surpassing the estimate of $148.2 million [2] - Total revenues reached $578.5 million, up 7.7% year over year, driven by higher asset management and administration fees, although it fell short of the Zacks Consensus Estimate of $579.5 million [3][9] - Total expenses increased to $418.6 million, a rise of 6.3% year over year, influenced by nearly all cost components except for facilities and depreciation [4] - As of September 30, 2025, assets under management (AUM) were $541.5 billion, reflecting a 9.8% increase from the prior year, while client assets under administration (AUA) reached $1.21 trillion, up 16% year over year [5] - SEI Investments repurchased 1.6 million shares for $141.6 million at an average price of $90.02 per share during the reported quarter [6] - The company's global presence, diverse product offerings, and strong AUM are expected to support revenue growth, despite concerns over elevated operating expenses [7] Comparative Performance - BlackRock reported third-quarter 2025 adjusted earnings of $11.55 per share, surpassing estimates and reflecting a slight year-over-year increase, with AUM reaching a record high of $13.46 trillion [8]

Core Insights - Blackstone's third-quarter 2025 distributable earnings reached $1.52 per share, exceeding the Zacks Consensus Estimate of $1.22, and reflecting a 50% increase from the previous year [1][8] - The company's total segment revenues for the quarter were $3.3 billion, a 36% year-over-year increase, surpassing the Zacks Consensus Estimate of $3.11 billion [2][8] - Blackstone's total assets under management (AUM) grew to $1.24 trillion, up 12% year-over-year, driven by $54.2 billion in inflows during the quarter [4][8] Financial Performance - Net income attributable to Blackstone was $624.7 million, a decrease of 20% from the same quarter last year [1] - On a GAAP basis, total revenues were reported at $3.09 billion, down 16% year-over-year, while total expenses decreased by 8% to $1.75 billion [2] Assets and Investments - As of September 30, 2025, Blackstone had $11.1 billion in total cash and cash equivalents, with $20.9 billion in cash and net investments [3] - The company had an undrawn credit revolver of $3.8 billion and $188.1 billion in undrawn capital available for investment [3][4] Shareholder Actions - During the reported quarter, Blackstone repurchased 0.2 million shares, with $1.7 billion remaining in buyback authorization as of September 30, 2025 [5] Market Position and Outlook - Blackstone is positioned for continued top-line growth, supported by rising AUM and strong fundraising capabilities, although high expenses and a challenging operating environment may impact profitability in the near term [6]

Core Insights - Jefferies Financial Group Inc. is a diversified financial services company engaged in investment banking, capital markets, and asset management, competing with major firms like Goldman Sachs and Morgan Stanley [1] - An analyst from Capital One Financial has set a price target of $55 for Jefferies, indicating a potential increase of 12.7% from its current price of $48.80 [1][5] - Jefferies clarified its involvement in the collapse of auto parts manufacturer First Brands, stating that the fund linked to this event is separate from its investment banking operations, aiming to reassure investors [2][5] Stock Performance - The current stock price of Jefferies is $48.80, reflecting a decrease of $5.80 or approximately -10.62% [3] - The stock has fluctuated between a low of $48.51 and a high of $54.53 during the trading day [3] - Over the past year, Jefferies' stock has seen a high of $82.68 and a low of $39.28 [3] Market Position - Jefferies has a market capitalization of approximately $10.07 billion and a trading volume of 7,213,701 shares on the NYSE [4][5] - Despite recent challenges, the analyst's price target reflects a positive outlook on Jefferies' potential for growth [4][5]

Financial Highlights - Net income reached $8.5 billion, a 23% increase year-over-year[2] - Earnings per share (EPS) increased by 31% year-over-year to $1.06[2] - Revenue, net of interest expense, grew by 11% year-over-year to $28.1 billion[2,6] - Net interest income (NII) increased by 9% year-over-year to $15.2 billion[2,6] Balance Sheet Strength - Deposits totaled $2.0 trillion, a 4% increase year-over-year[2] - Loans reached $1.2 trillion, an 8% increase year-over-year[2] - The CET1 ratio was 11.6%, exceeding regulatory minimums[2] - Average Global Liquidity Sources (GLS) amounted to $961 billion[2] Business Segment Performance - Consumer investment assets grew 17% year-over-year to $580 billion[10] - Global Banking average deposits increased 15% year-over-year to $632 billion[11] - Total Corporation investment banking fees (excl self-led) increased 43% year-over-year to $2.013 billion[2,72] - Global Markets sales and trading revenue increased 9% year-over-year to $5.4 billion[2,79]