Fourth Quarter 2025 Forward Looking Statements & Legal Disclosures Some of the statements in this presentation constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation may include statements as to: our future operating results and distribution projections; the ability of Oaktree Fund Advisors, LLC (together with its affiliates, "Oaktree") to implement Oaktree's future plans with ...

Core Insights - Lazard, Inc. reported preliminary assets under management (AUM) of approximately $267.8 billion as of October 31, 2025, reflecting a combination of market appreciation, net outflows, and foreign exchange depreciation [1] AUM Breakdown - The AUM included market appreciation of $6.9 billion, net outflows of $1.4 billion, and foreign exchange depreciation of $2.2 billion [1] - As of October 31, 2025, the equity AUM was $212,643 million, an increase from $208,510 million as of September 30, 2025 [1] - Fixed income AUM decreased to $46,145 million from $47,186 million during the same period [1] - Other AUM was reported at $8 million, although no comparative figure was provided [1]

Core Insights - The Bank of New York Mellon Corporation (BK) reported third-quarter 2025 adjusted earnings of $1.91 per share, exceeding the Zacks Consensus Estimate of $1.76, and reflecting a 25.7% increase from the prior-year quarter [1][10]. Financial Performance - The results were driven by increased fee revenues and net interest income (NII), alongside a provision benefit, while higher expenses and lower assets under management (AUM) posed challenges [2]. - Total revenues rose 9.3% year over year to $5.08 billion, surpassing the Zacks Consensus Estimate of $4.96 billion [4]. - NII reached $1.24 billion, up 17.9% year over year, attributed to reinvestment of maturing investment securities at higher yields [4]. - Net interest margin (NIM) expanded by 15 basis points to 1.31%, exceeding the estimate of 1.24% [5]. - Total fees and other revenues increased 6.8% year over year to $3.85 billion, driven by growth in investment services fees and financing-related fees [5]. Asset Management - As of September 30, 2025, AUM was $2.14 trillion, showing a slight decline year over year due to net outflows, while assets under custody and/or administration (AUC/A) increased 10.9% to $57.8 trillion [7][10]. - The allowance for loan losses decreased to 0.36% of total loans, with non-performing assets dropping to $160 million from $211 million in the prior year [8]. Capital Position - The common equity Tier 1 ratio was 11.7%, down from 11.9% a year earlier, while the Tier 1 leverage ratio improved to 6.1% [11]. Shareholder Returns - In the reported quarter, the company repurchased shares worth $849 million [12]. Strategic Outlook - The company is expected to benefit from relatively higher interest rates, global expansion efforts, and a strong balance sheet, although there are concerns regarding concentration risk due to reliance on fee-based revenues and elevated expenses [13].

Core Insights - Lazard, Inc. reported preliminary assets under management (AUM) of approximately $264.5 billion as of September 30, 2025 [1] - The AUM for the month included market appreciation of $5.4 billion, foreign exchange (FX) appreciation of $0.5 billion, and net inflows of $0.3 billion [1] - The preliminary average AUM for the quarter ended September 30, 2025, was $257.4 billion [1] AUM Breakdown - Total AUM as of September 30, 2025: $264.5 billion [1] - Market appreciation contributed $5.4 billion to AUM [1] - FX appreciation added $0.5 billion to AUM [1] - Net inflows accounted for $0.3 billion [1] - Average AUM for the quarter: $257.4 billion [1]

Core Insights - Franklin Resources, Inc. (BEN) reported preliminary assets under management (AUM) of $1.66 trillion as of September 30, 2025, reflecting an increase of nearly 1% from the previous month, driven by positive market impacts despite long-term net outflows of $11 billion [1][7] AUM Breakdown - Equity assets reached $685.9 billion, up 1.9% from the previous month [2] - Alternative AUM slightly increased to $262.6 billion [2] - Fixed income AUM decreased by 1.3% to $437.1 billion [2] - Multi-asset AUM grew to $194.1 billion, up 1.9% from August 2025 [2] - Cash management balance rose to $78.3 billion, an increase of 2.2% from the previous month [2] Company Performance and Outlook - The growth in total AUM in September indicates continued improvement for BEN, supported by positive market movements despite ongoing outflows [3] - The gains across various asset classes suggest steady progress, and the company's inorganic expansion, including the Apera acquisition, is expected to enhance long-term growth prospects [3] - Over the past year, BEN shares have increased by 21.5%, outperforming the industry's growth of 3.8% [4] Current Ranking - Franklin currently holds a Zacks Rank 3 (Hold) [5]

Core Insights - Franklin Resources, Inc. reported preliminary month-end assets under management (AUM) of $1.66 trillion as of September 30, 2025, an increase from $1.64 trillion at August 31, 2025 [1] - The increase in AUM was attributed to positive market conditions, although this was partially offset by long-term net outflows of $11 billion, which included $13 billion in net outflows from Western Asset Management [1] Financial Performance - Preliminary AUM for September 30, 2025: $1.66 trillion [1] - AUM for August 31, 2025: $1.64 trillion [1] - Long-term net outflows: $11 billion [1] - Long-term net outflows from Western Asset Management: $13 billion [1]

Core Insights - AllianceBernstein Holding L.P. (AB) reported assets under management (AUM) of $829 billion for July 2025, unchanged from June 2025, due to market gains being offset by net outflows, primarily from institutions [1][9] - The company experienced approximately $4 billion in institutional outflows linked to the completion of the EQH-RGA reinsurance transaction [1][9] AUM Performance Breakdown - Equity AUM increased nearly 1% to $347 billion, while Alternatives/Multi-Asset Solutions AUM rose 1.1% to $183 billion [2] - Fixed Income AUM decreased by 1.6% to $299 billion [2] - Institutional AUM fell nearly 1% to $337 billion, whereas Private Wealth AUM increased 1.4% to $146 billion, and Retail AUM saw a slight increase to $346 billion [3] Market Position and Growth Potential - AllianceBernstein's global reach and solid AUM balance are expected to support top-line growth despite rising operating costs and a challenging operating environment [3] - In the past six months, AB's shares gained 10.6%, outperforming the industry's growth of 1.7% [5] - AB currently holds a Zacks Rank 1 (Strong Buy), indicating strong market confidence [6] Peer Comparison - Franklin Resources, Inc. reported AUM of $1.62 trillion, slightly up from the previous month, while Invesco's AUM increased by 1.2% to $2,024.5 billion [10] - Invesco's AUM was positively impacted by favorable market returns, resulting in a $22 billion increase, although FX effects decreased AUM by $8.5 billion [11]

Core Insights - Franklin Resources, Inc. (BEN) reported preliminary assets under management (AUM) of $1.61 trillion as of June 30, 2025, reflecting a 2.1% increase from the previous month driven by favorable market conditions despite long-term net outflows of $1 billion [1][8] AUM Breakdown - Equity assets reached $656.1 billion, marking a 4% increase from the prior month [2] - Fixed income AUM stood at $441.3 billion, showing a marginal increase from the previous month [2] - Alternative AUM slightly decreased to $254 billion [2] - Multi-asset AUM was reported at $183 billion, up 2.6% from May 2025 [2] - Cash management balance increased to $71.9 billion, reflecting a 1.3% rise from the previous month [2] Market Performance and Outlook - The overall AUM growth in June was attributed to positive market performance, although the decline in alternative AUM raises concerns [3] - Franklin's inorganic expansion efforts are noted to continue supporting its financials [3] - Over the past six months, BEN shares have appreciated by 24.4%, contrasting with a 3.3% decline in the industry [4]

Core Insights - Franklin Resources, Inc. (BEN) reported preliminary assets under management (AUM) of $1.57 trillion as of May 31, 2025, reflecting a 2.6% increase from the previous month driven by positive market conditions and net inflows of $1 billion, despite $3 billion in long-term outflows at Western Asset Management [1][7]. AUM Breakdown by Asset Class - Equity assets reached $630.7 billion, marking a 5.7% increase from the prior month [2]. - Fixed income AUM slightly declined to $438.7 billion [2]. - Alternative AUM decreased to $253.5 billion [2]. - Multi-asset AUM grew to $178.5 billion, up 2.8% from April 2025 [2]. - Cash management balance increased to $71.5 billion, nearly 1% higher than the previous month [2]. Market Performance and Outlook - The overall AUM growth in May was attributed to favorable market conditions and net inflows, although the decline in fixed income and alternative AUM raised concerns [3]. - Franklin's inorganic expansion efforts are expected to continue supporting its financial performance [3]. - Over the past six months, BEN shares have gained 1%, contrasting with a 14.7% decline in the industry [4].