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The Charles Schwab Corporation

SCHW

Financial Services

1w

Schwab's Accelerated Growth in Advisor Business Post-Ameritrade Integration

Schwab's advisor business is thriving with accelerated growth, driven by successful integration of Ameritrade capabilities.
Net new assets (NNA) from advisor clients increased substantially compared to last year, indicating strong momentum.
Client satisfaction scores among former Ameritrade clients have improved by 11 points this year, reflecting positive integration outcomes.
Ameritrade clients are increasingly engaging in banking, wealth, and trading activities, showing deepening relationships.
The company expects Ameritrade client growth to reach levels comparable to legacy Schwab clients over time.
The integration has allowed Schwab to enhance its offerings and win more advisory clients, countering industry slowdown trends.

The Charles Schwab Corporation

SCHW

Financial Services

3mo

Core Net New Assets Beat

+39%

$218 billion

Core net new assets reached $218 billion in the half of the year, up 39%.

Apollo Global Management, Inc.

APO

Financial Services

2mo

Record Financial Metrics and Business Growth in Q2 2025

Record FRE of $627 million, up 22% YoY.
Management fee growth of 21% YoY.
Record ACS fees of $216 million.
Total inflows of $61 billion, with record organic inflows of $49 billion.
Record AUM of $840 billion, reflecting robust origination and deployment.

USB

Financial Services

1w

Impact Finance Growth and Tax Benefits Post-Union Bank Acquisition

Impact Finance, bolstered by the Union Bank acquisition, grew at a 17% CAGR from 2021 to 2024 and is a core part of fee income.
The business has expanded its tax credit syndication capabilities, providing a net tax benefit that supports EPS growth.
Management anticipates additional growth from recent executive orders, especially in environmental, affordable housing, and community finance solutions.
Impact Finance's growth is driven by legislative support, market share gains, and strategic focus on renewable energy and low-income housing.
The segment's revenue and strategic importance have increased significantly, making it a key driver of the company's fee income and tax strategy.

LPL Financial Holdings Inc.

LPLA

Financial Services

2mo

Commonwealth Acquisition and Retention Strategy

The company expects to close the Commonwealth deal tomorrow, with a retention target of 90%.
Management emphasizes the cultural fit and the high adviser satisfaction ranking (12th consecutive #1 from J.D. Power).
Efforts to preserve Commonwealth's community, culture, and adviser experience are highlighted.
Advisers are exploring options like setting up their own RIAs, but the company supports maintaining adviser relationships within the existing platform.
The company has engaged advisers to reinforce the value of staying with LPL, citing operational and regulatory complexities of setting up independent RIAs.

Ally Financial Inc.

ALLY

Financial Services

3mo

Strategic Focus and Business Model Transformation

Ally's strategic focus is transforming the company into a more profitable institution through disciplined execution and focus on core franchises.
The company is repositioning its balance sheet by remixing assets towards higher-yielding auto and corporate finance assets funded by stable deposits.
The new business initiatives are expected to generate mid-teens returns over their life cycle.

CADE

Financial Services

3d

Successful Acquisition and Integration of Industry Bank Shares

Cadence Bank completed the acquisition of Industry Bank Shares on July 1, 2025, and finalized operational integration last week, fully merging the two banks under the Cadence brand.
The transaction was described as a 'home run' due to its size and complexity, especially regarding the securities portfolio.
Management highlighted that the securities disposition during Q3 was better than initial estimates, positively impacting tangible book value.
The acquisition added significant market presence in Central Texas and Georgia, with management optimistic about future growth in these regions.
The improved purchase accounting marks, including a $143 million increase in intangible equity, shortened the earn-back period to approximately two and a half years.

Kemper Corporation

KMPR

Financial Services

2mo

Kemper's Specialty Auto Market Normalization and Competitive Positioning

Kemper's view that the auto market is transitioning from a hard to a more normalized environment, with specialty auto not experiencing a traditional soft market due to segment characteristics.
Characteristics of specialty auto that prevent prolonged soft markets: many small competitors, faster loss development, shorter customer policy tenures.
Management's confidence that competitive advantages will sustain long-term profitable growth despite market normalization.

SmartFinancial, Inc.

SMBK

Financial Services

2d

Strong Organic Growth and Market Expansion in Southeast

SmartFinancial has demonstrated consistent organic growth, with a 10% annualized increase in loans and a 15% increase in deposits during Q3 2025.
The company is actively expanding its footprint across Southeast markets, including Alabama, Tennessee, and Florida, with momentum building in key regions like Birmingham and Mobile.
Management highlighted the potential for Alabama to double in size over time, emphasizing the strategic focus on deeper market penetration.
The company’s culture and talent acquisition efforts are fueling growth, with new hires across multiple states and a strong regional banker recruitment process.
Leadership remains bullish on market opportunities, aiming to grow revenue at a high single-digit to low double-digit pace into 2026, supported by a robust pipeline.