Core Insights - Neuberger Berman was established in 1939 with the primary goal of delivering compelling long-term investment results for clients [1] - The firm operates with a culture focused on deep fundamental research, investment insight, and continuous innovation [1] - Neuberger Berman manages a diverse range of investment strategies including equity, fixed income, private equity, and hedge funds [1] Company Overview - The firm has a global presence with offices in 39 cities across 26 countries [1] - Neuberger Berman employs 763 investment professionals and a total of 2,850 employees [1] - The company has achieved high retention rates among senior investment staff and has been recognized in the Pensions & Investments "Best Places to Work in Money Management" survey since 2014 [1] Investment Philosophy - As a private, independent, employee-owned investment manager, Neuberger Berman is aligned with the long-term interests of clients [1] - The firm has no external parent or public shareholders, allowing it to focus solely on its core mission [1] - Employee compensation is directly linked to team and firm strategies, fostering a collaborative investment approach [1] Financial Metrics - As of June 30, 2025, Neuberger Berman manages $538 billion in assets [1]

Core Insights - T. Rowe Price Group reported preliminary assets under management (AUM) of $1.77 trillion as of September-end, an increase from $1.73 trillion at the end of August [3] Summary by Asset Class - Equity AUM stood at $885 billion [3] - Fixed income, including money market, accounted for $208 billion [3] - Multi-asset AUM was reported at $618 billion [3] - Alternatives AUM totaled $56 billion [3]

Core Viewpoint - Invesco Ltd. is set to announce its fiscal third-quarter earnings for 2025, with analysts projecting a profit increase compared to the previous year [1][2]. Financial Performance - Analysts expect Invesco to report earnings per share (EPS) of $0.46, reflecting a 4.6% increase from $0.44 in the same quarter last year [2]. - For the full fiscal year, EPS is anticipated to be $1.82, which is a 6.4% rise from $1.71 in fiscal 2024, and projected to increase by 30.2% to $2.37 in fiscal 2026 [3]. Stock Performance - Invesco's stock has outperformed the S&P 500 Index, gaining 38.3% over the past 52 weeks compared to the index's 17.4% increase [4]. - The stock also surpassed the Financial Select Sector SPDR Fund's 18% gains during the same period [4]. Recent Earnings Report - Following the Q2 earnings report on July 22, Invesco shares rose by 5.2%, with net revenue increasing by 1.7% year-over-year to $1.1 billion, attributed to higher investment management fees [5]. - Assets under management (AUM) reached a record $2 trillion, marking a 16.6% increase from the previous year due to strong net inflows [5]. - However, adjusted EPS fell by 16.3% to $0.36, missing estimates by 12.2% [5]. Analyst Ratings - The consensus opinion on Invesco stock is cautious, with a "Hold" rating from 16 analysts, of which three recommend a "Strong Buy" and 13 suggest a "Hold" [6]. - The average analyst price target for Invesco is $24.34, indicating a potential upside of 1.4% from current levels [6].

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Core Insights - Franklin Resources, Inc. (BEN) is a global investment management firm with a market cap of $12.6 billion, managing over $1.6 trillion in assets across various investment strategies [1][2] Company Overview - BEN operates in over 150 countries and is classified as a large-cap stock due to its market capitalization exceeding $10 billion [2] - The company has a diverse asset management portfolio, including equity, fixed income, and alternative investments, with 30% of its assets managed internationally, providing resilience against regional market fluctuations [2] Stock Performance - BEN's stock has experienced a decline of 7.9% from its 52-week high of $26.08, reached on August 13, while gaining 5% over the past three months, underperforming the Financial Select Sector SPDR Fund (XLF) which gained 5.8% [3] - Year-to-date, BEN shares rose 18.4%, outperforming XLF's 11.2% gains, but over the past 52 weeks, BEN's stock climbed 15.8%, underperforming XLF's 18.3% returns [4] Financial Performance - In Q3, BEN's performance exceeded expectations despite a 2.8% year-over-year decline in operating revenue, primarily due to lower investment management fees; however, revenue surpassed consensus estimates by 3% [5] - The adjusted EPS for the quarter was $0.49, reflecting an 18.3% decline from the previous year, although it beat analyst expectations [5] - A significant decline in operating margin impacted profitability, which may have contributed to a muted investor response [5]

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Core Insights - The total flow of financial resources to the corporate sector increased to ₹35 lakh crore in FY25, reflecting a 3% rise from the previous year, but indicating a shift away from traditional bank credit, which suggests a broader economic slowdown [1][10] Funding Composition - Nearly 49% of the total resources raised, amounting to ₹17.1 lakh crore, came from non-bank channels, including corporate bonds, NBFC loans, equity issuances, and foreign direct investment [2][10] - Demand for bank credit declined by 14% to ₹17.9 lakh crore, highlighting a significant shift in funding sources [10] Equity Market Performance - Non-financial corporates raised ₹3.8 lakh crore through equity in FY25, marking a substantial increase of 188% compared to the previous year, driven by strong equity market performance [2][10] Lending Trends - The slowdown in bank credit may be attributed to cautious lending practices towards NBFCs and unsecured retail segments, as well as a high base effect from FY24 when bank credit surged by 20% [6][10] - NBFCs and financial institutions increased their lending to corporates, disbursing ₹6.1 lakh crore, which is a 20% rise [6][10] - Borrowings through corporate bonds and commercial papers by non-bank entities rose by 15% to ₹2.1 lakh crore [6][10] Internal Funding Sources - The increased use of internal accruals for business expansion has contributed to the decline in bank credit, as profitability among large corporates has improved [8][10] Policy Response - To stimulate credit demand, the Reserve Bank of India (RBI) has reduced policy rates by 100 basis points since February, following a two-year pause, and ensured ample liquidity in the banking system [9][10]

Core Insights - The total flow of financial resources to the corporate sector increased to Rs 35 lakh crore in FY25, reflecting a 3% rise from the previous year, but indicates a shift away from traditional bank credit [1][5] - Nearly 49% of the total funding, amounting to Rs 17.1 lakh crore, was sourced from non-bank channels, including corporate bonds, NBFC loans, equity issuances, and foreign direct investment [1][5] - Demand for bank credit fell by 14% to Rs 17.9 lakh crore, attributed to strong equity market performance encouraging companies to opt for share issuances over debt [2][5] Funding Composition - Non-financial corporates raised Rs 3.8 lakh crore through equity in FY25, marking a significant 188% increase compared to the previous year [3][5] - Lending from NBFCs and financial institutions to corporates rose by 20%, totaling Rs 6.1 lakh crore [3][5] - Borrowings through corporate bonds and commercial papers by non-bank entities increased by 15% to Rs 2.1 lakh crore [3][5] Economic Context - The decline in bank credit is also linked to larger corporates utilizing internal accruals for business expansion, as noted by RBI governor Sanjay Malhotra [5] - The overall flow of financial resources to the commercial sector has increased when considering non-bank sources, despite the slowdown in bank lending [5] - To stimulate credit demand, the RBI has reduced policy rates by 100 basis points since February and ensured ample liquidity in the banking system [5]

Key Information - Danske Bank A/S disclosed a position in Alpha Group International PLC, holding 736,723 shares, representing 1.74% of the relevant securities [1][3]. - The position was held as of May 23, 2025, and the disclosure was made on May 26, 2025 [1][14]. Positions of the Discloser - The disclosed interests include 736,723 shares of equity, amounting to 1.74% of the total relevant securities [3]. Dealings - A sale of 3,555 equity securities was executed at a price of 29.65 GBP per unit [7].

Key Information - Danske Bank A/S disclosed a position in Alpha Group International PLC, holding 732,485 shares, representing 1.73% of the relevant securities [1][3] - The disclosure date for the position held was May 16, 2025 [1] Positions of the Discloser - The disclosed interests include 732,485 shares of equity, which corresponds to 1.73% of the total relevant securities [3] Dealings - A purchase of 390 shares of equity was made at a price of 30.95 GBP per unit [7]