- A $50 million new private placement debt was closed in August 2025 to retire $60 million of senior notes maturing the same month.
- Adjusted net income per adjusted share was flat compared to last quarter and up slightly compared to the second quarter of 2024.
- Adjusted operating expenses increased 3% from the first quarter and 5% from the same quarter last year, mainly due to higher incentive compensation and a $1.2 million charge related to the closure of the China Post-Venture strategy.
- Adjusted operating income increased slightly compared to the prior quarter and 3% compared to the same quarter last year.
- Average AUM for the quarter was flat sequentially and up 5% compared to the June 2024 quarter; year-to-date average AUM improved 7% over the prior year 6-month period.
- Balance sheet remains strong with approximately $140 million of seed capital invested in seeded products and an unused $100 million revolving credit facility.
- Net client cash outflows during the June quarter were $1.9 billion, driven by lower gross equity inflows and outflows, partially offset by positive fixed income flows.
- Revenues for the quarter were up 2% compared to the March quarter and up 4% compared to the prior year second quarter.
- Second quarter results reflect strong equity market returns across global markets, driving ending AUM to $176 billion, up 8% compared to the March quarter.
- The Board declared a quarterly dividend of $0.73 per share for the June 2025 quarter, a 7% increase over the prior quarter.
- The second quarter marks the 12th consecutive quarter of positive flows for the fixed income business.
- Weighted average recurring fee rate for the quarter was 68 basis points, slightly up from the prior quarter.
- Year-to-date 2025 revenues were up 5% compared to the first half of 2024; adjusted operating expenses increased 4% primarily from higher incentive compensation and long-term incentive award grants.
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