Jefferies Financial Group Inc. (NYSE: JEF) reported first-quarter results that fell short of earnings expectations, even as the firm delivered strong revenue growth across several business segments. The investment bank posted adjusted earnings per share of $0.70, below the consensus estimate of $0.95. Revenue totaled $2.02 billion, matching analyst expectations and rising 27% year over year from $1.59 billion in the same quarter last year. Investment Banking net revenue reached a record $1.02 billion, incre ...

NEW ORLEANS, March 25, 2026 /PRNewswire/ -- First Horizon Bank (NYSE: FHN) is pleased to announce that Meghan Donelon has rejoined its New Orleans Commercial Banking team as a Commercial Banking Group Manager, bringing extensive leadership experience and strong community connections to the organization. Continue Reading Meghan Donelon, First Horizon Bank, Commercial Banking Group Manager Donelon began her career with IBERIABANK in 2008 as an intern and joined the bank's Management Training Program in 2009. ...

Valued at a market cap of $12.4 billion, Franklin Resources, Inc. (BEN) is an investment management organization based in San Mateo, California. It provides a broad range of financial services to individuals and institutions. Companies worth $10 billion or more are typically classified as “large-cap stocks,” and BEN fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the asset management industry. The company specializes in managin ...

Summary of Federated Hermes Conference Call Company Overview - **Company**: Federated Hermes - **Assets Under Management**: Over $900 billion, with $698 billion in money market funds, $103 billion in equities, $102 billion in fixed income, and $22 billion in alternatives and multi-asset categories [2][3] - **Recent Growth**: Money market funds increased by $16 billion in the quarter, equities by $6 billion, and positive flows year-to-date are approximately $2.1 billion [2][3] Core Business Insights - **Diversification**: Federated is described as a "franchise for all seasons," indicating a diverse range of assets, clients, and products that provide stability [2] - **Product Offerings**: The company is expanding its product wrappers, including separately managed accounts (SMAs) at over $40 billion, ETFs at $2 billion, and collective investment trusts (CITs) at $4 billion [4] - **International Expansion**: Plans to open a Hong Kong office and expand in Europe, including a UCITS fund for sale in Europe [5][6] Money Market Funds - **Market Dynamics**: Institutional investors are attracted to money market funds due to higher yields compared to bank deposit rates, while retail investors are influenced by bank rates [17][18] - **Growth Potential**: Anticipated single-digit AUM growth in money market funds driven by cash flow dynamics in both up and down markets [16][19] Digital Assets and Tokenization - **Current Status**: Federated is exploring tokenization of money funds but acknowledges that client demand is not yet robust [6][20] - **Future Outlook**: The company believes that blockchain technology could enhance operations, but client readiness is crucial for adoption [23] Alternatives and Private Markets - **FCP Acquisition**: Federated is acquiring FCP, a U.S. real estate investment manager, to address the housing shortage in the U.S. and strengthen relationships with wealth clients [25][26] - **Private Credit Fund**: Recently closed a private credit fund with $780 million, focusing on strong relationships with European banks and maintaining a low default rate [27][28] Capital Allocation and Acquisitions - **Acquisition Strategy**: Federated is looking for roll-up opportunities in the market, focusing on funds that are underperforming and can be integrated into their operations [29][30] - **Share Repurchases**: The company has been active in share repurchases, buying approximately 1.5 million shares last quarter and over 700,000 shares year-to-date [35][36] Operating Expenses and Growth Investments - **Expense Outlook**: Anticipated increases in operating expenses due to transaction costs from the FCP acquisition and ongoing investments in technology and distribution [38][41] - **Growth Focus**: Federated is committed to investing in growth areas, including digital assets and new product rollouts, while being margin aware [41] Conclusion - **Overall Strategy**: Federated Hermes is focused on diversifying its product offerings, expanding internationally, and strategically acquiring assets to enhance its market position while maintaining a disciplined approach to capital allocation and expense management [2][25][29]

Core Insights - Fiera Capital reported total assets under management (AUM) of CAD 164.1 billion at year-end, with a 5.7% increase excluding sub-advised strategies, driven by net inflows of approximately CAD 1 billion and strong equity market performance in 2025 [4][5][18] Private Wealth - AUM in private wealth totaled $14 billion at the end of Q4, reflecting a 2% sequential decline and a 6% decrease year-over-year, primarily due to negative net contributions from Treasuries and sub-advised strategies [1] Private Markets - Private markets AUM reached CAD 22 billion, marking an 11.4% year-over-year increase, supported by net inflows of roughly CAD 900 million and a significant acquisition in real estate [2][5] - Private markets generated 37% of total revenues despite representing only 13% of total AUM, indicating a strong revenue contribution [5][18] Public Markets - Public markets AUM ended the year at CAD 142.1 billion, with a 0.5% increase in Q4 and a 4.7% increase for the year, excluding sub-advised strategies [3] - Total AUM in public markets declined by 1.7% in Q4 and 1.8% for the year, largely due to net outflows from sub-advisory strategies [3][5] Financial Performance - Adjusted net earnings for Q4 were CAD 30 million, with an adjusted EBITDA margin of 30.4%, while full-year adjusted net earnings rose to CAD 108 million, a 5% increase from the previous year [14][15] - Total revenue for Q4 was CAD 180 million, an 8% sequential increase but a 2% decline year-over-year, attributed to lower public market management fees [17] Capital Allocation and Debt Management - Net debt at the end of the quarter was CAD 664 million, with a net debt ratio of 3.4x, down from 3.5x [21] - The company aims to achieve a net debt ratio of 2.5x by the end of 2028 as part of its strategic initiatives [22] Strategic Initiatives - Management outlined a three-year plan starting in 2026 focused on strengthening distribution, enhancing investment performance, positioning private markets for growth, optimizing operations, and increasing financial capacity for reinvestment [22]

Group 1 - The Conservative Income Portfolio focuses on value stocks with high margins of safety and aims to reduce volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio targets a yield of 7-9% while minimizing volatility [1] - Trapping Value, with over 40 years of combined experience, emphasizes capital preservation and options income generation [1] Group 2 - The investing group includes two income-generating portfolios and a bond ladder, with a focus on lower volatility income investing [1] - The Covered Calls Portfolio is designed for capital preservation while generating income [1] - The fixed income portfolio aims to acquire securities with high income potential and significant undervaluation compared to peers [1]

Core Insights - The Conservative Income Portfolio focuses on value stocks with high margins of safety and aims to reduce volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio targets a yield of 7-9% while minimizing volatility [1] - The performance of these portfolios is benchmarked against a 60:40 allocation [1] Group 1 - Trapping Value is a team of analysts with over 40 years of combined experience in generating options income and capital preservation [1] - The Conservative Income Portfolio is managed in partnership with Preferred Stock Trader, featuring two income-generating portfolios and a bond ladder [1] - The Covered Calls Portfolio aims for lower volatility income investing with a focus on capital preservation [1] Group 2 - The fixed income portfolio is designed to purchase securities with high income potential and significant undervaluation compared to peers [1]

Core Viewpoint - Neuberger Berman focuses on delivering compelling long-term investment results for clients, driven by a culture of fundamental research and innovation [1] Company Overview - Founded in 1939, Neuberger Berman operates in 39 cities across 26 countries, managing a diverse range of investment strategies including equity, fixed income, private equity, and hedge funds [1] - The firm has a total of 2,850 employees, including 763 investment professionals, emphasizing a commitment to client outcomes and investment excellence [1] Employee and Culture - Neuberger Berman 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 as either first or second since 2014 [1] - As a private, independent, employee-owned investment manager, the firm aligns its structure with the long-term interests of clients, with no external parent or public shareholders [1] Financials - As of June 30, 2025, Neuberger Berman manages $538 billion in assets [1]

Group 1 - The Conservative Income Portfolio focuses on value stocks with high margins of safety and uses well-priced options to reduce volatility [1] - The Enhanced Equity Income Solutions Portfolio aims to generate yields of 7-9% while minimizing volatility [1] - Microsoft Corporation (MSFT) is highlighted as a key stock attracting value investors in the current bull market, indicating its strong performance [2] Group 2 - Trapping Value is a team of analysts with over 40 years of combined experience, focusing on options income and capital preservation [2] - The Conservative Income Portfolio includes two income-generating portfolios and a bond ladder, emphasizing lower volatility and high income potential [2]

Leadership Transition - T. Rowe Price announced a leadership transition within its T. Rowe Price Investment Management division (TRPIM), with Steph Jackson retiring at the end of 2026 after impactful leadership [1][3] - Steven Krichbaum will assume the role of associate head of TRPIM effective January 22, 2026, and will succeed Jackson as head of TRPIM on January 1, 2027 [4][5] Background of Steph Jackson - Jackson has been with T. Rowe Price since 2007, holding various influential roles, including portfolio specialist and director of research for the Equity Associate Analyst Program [2] - He played a pivotal role in establishing TRPIM in 2022, enhancing the firm's ability to serve clients [2] Contributions and Legacy - Jackson has championed multiple business resource groups and promoted inclusivity within the firm [3] - He has deepened community ties in Baltimore through initiatives like the T. Rowe Price Foundation's Moonshot initiative [3] Background of Steven Krichbaum - Krichbaum joined T. Rowe Price in 2006 and has nearly two decades of investment and leadership experience, including roles as analyst and head of strategic initiatives [5] - He has served as TRPIM director of equity and fixed income research prior to his new role [5] Company Overview - T. Rowe Price Investment Management (TRPIM) was established in 2022 to enhance the firm's ability to deliver specialized investment solutions globally [6] - As of December 31, 2025, T. Rowe Price manages $1.78 trillion in client assets, with about two-thirds being retirement-related [7]