- Assets under management grew 2% in the quarter, reaching $171 billion at June 30, up $4 billion sequentially due to market performance.
- Cash and equivalents were $172.2 million; net debt was $62.5 million or 0.2x EBITDA; gross debt-to-EBITDA remained at 0.7x.
- Earnings per share as adjusted increased to $6.25 from $5.73 in the first quarter but decreased 4% year-over-year on lower average assets.
- Employment expenses as adjusted decreased 11% sequentially to $97.2 million, reflecting seasonal expenses and lower variable incentive compensation.
- ETFs had positive net flows and reached $3.7 billion in AUM with a 74% organic growth rate over the trailing 12 months.
- Net income per share on a GAAP basis was $6.12, up from $4.05 in the first quarter due to seasonal items and fair value adjustments.
- Operating margin improved to 31.3% from 27.6% sequentially, reflecting seasonal expense impacts.
- Other operating expenses as adjusted were $32 million, a 2% sequential increase due to annual equity grants to the Board of Directors.
- Total net outflows for the quarter were $3.9 billion, largely in equity strategies; fixed income, alternatives, and multi-assets had modest net outflows.
- Total sales were $5.6 billion compared with $6.2 billion in the first quarter, with modest declines across products reflecting market disruption early in the quarter.
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- Assets Under Management (AUM) remained flat at $2.1 trillion, reflecting higher market values offset by net outflows.
- Earnings per share increased 25% year over year to $1.88, or $1.91 excluding notable items.
- Expenses increased 4% year over year, reflecting higher investments, merit increases, and revenue-related expenses, partially offset by efficiency savings.
- Firm-wide Assets Under Custody and Administration (AUCA) grew 11% year over year to $57.8 trillion.
- Net interest income rose 18% year over year to $1.2 billion, driven by reinvestment at higher yields and balance sheet growth.
- Pretax margin improved to 36%, with return on tangible common equity at 26%.
- Reported record revenue of $5.1 billion, up 9% year over year.
- Security Services and Markets and Wealth Services segments showed double-digit revenue growth, while Investment and Wealth Management revenue declined 3%.
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