Financial Data and Key Metrics Changes - The company ended Q3 2025 with record assets under management of $871 billion, an increase driven by gains from money market and equity strategies [4] - Total revenue for Q3 increased by $44.6 million or 10% compared to the prior quarter, with contributions from higher money market assets and equity assets [15] - Operating expenses rose by $32.2 million or 10% from the prior quarter, primarily due to higher distribution expenses [15] Business Line Data and Key Metrics Changes - Equity assets increased by $5.7 billion, or 6%, from the prior quarter, despite slightly negative net sales of $130 million [4] - Fixed income assets reached a record high of $101.8 billion, with total net sales improving by $4.1 billion in Q3 [7] - Alternative private markets saw a decrease of about $1.7 billion in assets, mainly due to real estate fund transactions [8] Market Data and Key Metrics Changes - Money market assets increased by $18 billion to reach $653 billion, with money market fund assets rising by 5% to $492.7 billion [12] - The company's estimate of money market mutual fund market share remained at about 7.11% at the end of Q3 [15] Company Strategy and Development Direction - The company is actively developing MDT distribution opportunities outside of the U.S., with strong interest from institutions and intermediaries [5] - The acquisition of FCP, a U.S.-based real estate investment manager, is expected to facilitate entry into the U.S. real estate market [10] - The company is committed to digital asset initiatives, including tokenized money market funds and participation in blockchain technology projects [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the MDT franchise, highlighting a strong pipeline of new RFPs and growing momentum [19] - The institutional pipeline is described as very strong, with over $2 billion expected to fund in the near term [22] - Management anticipates that expenses will rise in line with revenue growth, particularly due to the FCP acquisition and ongoing investments in digital assets [21] Other Important Information - The company paused its open market share repurchase during negotiations with FCP but plans to resume in Q4 [17] - Cash and investments at the end of Q3 were $647 million, with expectations to use a portion for the FCP acquisition [16] Q&A Session Summary Question: MDT franchise growth potential - Management indicated enthusiasm and optimism regarding the MDT franchise, with net sales of about $660 million through October 24 and a strong global pipeline [18][19] Question: Expense trajectory over the next year - Management expects expenses to rise due to the FCP acquisition and ongoing initiatives, but anticipates that these will be accompanied by revenue growth [20][21] Question: Institutional investor allocations and opportunities - The institutional pipeline is strong, with various mandates won across different countries, and about two-thirds expected to fund in Q4 [22][23]