AllianceBernstein Holding (AB) 27 Apr 232023 Q1 Earnings call transcript

Thank you for standing by and welcome to the AllianceBernstein First Quarter 2023 Earnings Review. At this time, all participants are in a listen-only mode. After the remarks, there will be question-and-answer session. And I will give instructions on how to ask questions at that time.

As a reminder, this conference is being recorded, and will be available for replay on our website shortly after the conclusion of this call.

to call conference Mr. Head like host to now this of of would turn over the the I Investor Relations, Griffin. Mark Please go ahead.

first Investor and accompanied Thank welcome a slide This morning Good posted by of call quarter in our that's our www.alliancebernstein.com. the conference webcast you review. section XXXX being everyone is presentation earnings Relations operator. to and website

and Bernstein, Burke, the Head today results in for Distenfeld; CFO; Seth to COO prepared us are join Kate CEO; discuss Gershon company's Wealth questions Co-Head Private Income, our us of Fixed and remarks. after With quarter President and Group of Scott our our and the for will Global DiMaggio Client Erzan, Onur

to rules Some regarding disclosure. certain regulations of information and SEC present the and we'll today is subject forward-looking

the to safe language like our on of I'd point Slide presentation. harbor X So out

safe community the only management also language investment the of can of You questions forum. FD address harbor our Regulation XX-Q. may our in public find a from Under nature in MD&A material

please this all So questions call. such during ask

turn I'll it Seth. over Now to

thank and today. joining us morning you for Good

positive quarter narrow bond returns and were in both fixed income equities saw markets was though yields first The markets volatile. relatively and equity leadership in

as retail became Our global generated and income high take fixed yields. positive net comfortable advantage net worth to platform investors taking keen and flows more we're risk on of higher

our X% SMA by for focused market addition interval the filing customized of by rate and carve-out of we driven equity fee launching investments platform. to growth several fund year-over-year three executed AB muni grow And realized on improved new penetration Our our continuing ETFs carve-out. active

X% Firm-wide from were Gross net $X.X sequentially. year three or annualized inflows last sequentially. $X.X billion, billion, overview up down An into large management year-over-year period was X% date the get declined billion of billion, $XXX end the were channels. versus prior two specifics, Let's ago assets year down X% firm-wide sale. with AUM Quarter and or billion X% target a custom under $XX.X in the of year's XX% positive excluding active up were on $XXX of X. Slide sales starting and average XX%

shows gross municipal $XXX $XX.X trend down sequentially XX% flow of fixed Firmwide billion imposts up Retail year-over-year demand quarterly of and million. on annualized an X respectively. strong by driving first quarter income, sales were though $X.X were net inflows Slide our for billion amid net XX% and taxable basis improved channel.

billion. sales. $X which declining Our were outflows institutional but $X.X sales of Net quarters, prior channel had from custom large billion, gross target-based of included

clients $X.X quarters. XX eight at gross In were strong now into volatility. Net inclined market Private Wealth billion billion this inflows $X.X money of the sales positive were funds with to market invest given last

performance is shown X. Starting Investment with income. on fixed Slide

all volatile fell bond developed treasury the in hedge market quarter yields as During and Treasury developed returns government factored markets. as first basis. X.X% remain in by on a Global investors Index the assumptions. shifting market measured rose Bloomberg Global inflation Yields major growth

top XX% the over to outperforming periods. assets AB's fixed five-year period. high-yield fixed the our by income Notably driven improved percentage period income which the of are flagship improved Totally income three-year quartile XX% assets performance all outperforming our in performance. over of posted global

in underperformance some challenging global a which reflect comparisons. outperformed Our broader peer continues our one-year in the has positioning to U.S. credit period during

sector Russell recovering the was reversal performance Index, of last a stocks Index After X.X% flat. had in during Index XXXX XX% value with Turning in to jilted year's terms. the March. toward turmoil MSCI patterns, local equities. stocks gross Global up outperformed Growth quarter, the the Russell equities In currency banking XXXX while Value advanced quarter World end, the markets as by in were volatile

outperformed. as back Three-year XX% Our in one small-cap strategies to quarter. year after with XX% global and strong, performance performance was to reverted improving generally the several equities rebounding core prior

XXXX beat which to large but our portfolio, cap our the mega-cap AUM one, period. peer XX% Russell the the and the lagged US our group peer XX% concentration five-year Versus growth XX% outperformed remains periods, to benchmark, assets over our technology, group, heavily outperformed over morning of equity presenting growth XX%, morning three mix. of Our weighted respectively. in and the five-year

lowest X. were billion declined with I'll last retail rate client review were by sequentially. the retail last fixed or $X.X strong and annualized in X.X% channel to in $X.X our The sales growth, and billion of inflows Now taxable billion improved channels, quarters. redemption Gross our up the beginning $X.X on billion XX $XX.X organic reflecting Net demand. overall rate XX%, income from Slide year municipal

doubled and year-over-year, fixed acceleration with This Fixed growth organic by growth. than robust, also billion and our Fund. American XX% the XX% sales inflows annualized more in to quarter in sequentially the sales meaningful up periods organic taxable translated of net XX% or income. annualized sales led muni were last was flows rose This Taxable income Unit inflows. prior in and $X.X of XX over XXth strong net Income

by in AB in left, the share annualized flows cross-border top in quarter. in regions. organically. rates, net outpaced grew the had X% the ranked XX.X% handily lower market income. Sales shown fixed all we sequentially and inflows for gaining As growth Notably, the retail for US we industry grew

Opportunistic for existing since plan offered filed we AB the to this Fund, Over XXXX. we broad credit distribution partners third-party Credit through fund our of private, first multi-strategy quarter, CarVal strategy offer to interval time, continuation fund, retail. a hedge US the the During

Institutional to Turning on Slide X.

down period, asset both multi-asset date annual having class sales. prior custom large billion, posted target billion, the $X for comparable demand three saw one-third gross which $X.X Net well grew last XXth years. consecutive outflows strategies. AUM, Alternatives and over were of asset XX% This growth value represents quarter. our concentrated rate compound in organic a channel substantially the non-US quarter across First sales so diversified classes the from were now

billion was included Equitable for essentially from Our the quarter. Equitable's billion our pipeline was quarter DISH's real commercial billion with a US into along active over equity and at debt approximately resulting rate service, channel alternatives $XX end, $XX.X placements of quarter prior alternatives pipeline estate the at end. Private private private $X.X to of in X deployed base, times XX% fee commitment, mandates. a flat average. split number annualized with the fee represent pipeline's continue XX%

the data an expect April, our to in $XX.X stands During said, a from global That now the for incur large of platform, billion quarter, assets which few a part sustainable under global we at month we for basis received blended thematic purpose upgrade of for our portfolio custom our management. the in about consultancy fixed large this large $X slip six Included about date between remain which key count in a AB. rebalancing, points. low AUM vast These majority rate redemptions of custom totaling at at target and the a will businesses. billion, of target income

our $XX reminder, billion term. and fundings in custom see over new to the expect of target a in longer we business As had XXXX date continued growth

of impact which over billion Offsetting fee months. higher the awarded we low strategy, were April, US fund next in in cap expect vast these majority redemptions few growth from revenue large our we $X equity will the a the mandate fee

Wealth to nine. Private Moving on slide

last sequentially we billion, $X.X improved $X.X positive down quarters. First sales now inflows of Productivity net gross of XX drove XX% were X% for billion, and and quarter the sequentially. up year-over-year eight

elevated dislocation. market We money inflows funds during were experienced the March banking which strong in

events from our generate growth planning We sales continue pipeline to solid. remains which liquidity pre-transaction from of

quarter. Our to had year single-digit prior mix commitments, client versus a high and million towards our net a fastest-growing XX% ultra-high the We continues at clients, $XX this rate segment, shift grew quarter the worth alternative strong for period. over which up

raises growth Energy our This of to XX%. strong AB's Fund. included quarter indexing II organic CarVal grew in Clean strategy proprietary annualized posting billion $X.X And direct

our sell with XX. side overview finish business the I'll slide on

Bernstein the and essentially quarter by of million $XXX First decreased XX% revenues prior with quarter. research flat were year-over-year

they sequentially, While institutional trading industry-wide. soft generally volumes were still picked up

research leading holding and which quarter. our quarter sectors past innovate were companies up on as four and events, participating. seasonally, and and We year-over-year continue and grew telecom global in form down expected this our one-on-one prior the XX first-ever media checks, technology in coverage launched consumer clients to from XX with We share

plan. last proceeding Societe with Our on joint Generale, venture announced November, is

the regulatory countries and the that consultation anticipate details approval several disclosing before closer We financial transaction XXXX, in of we to subject close and expect to continue to time. to end

fixed I'll and in conclude solid and XX. assets by reviewing are period. years the remained Equities income. slide income status of Performance improved our outperforming five initiatives and in strategic XX% fixed than on of both equities over every more

to led continues was equity, We and close $XXX low private private retail, equity of strong the double-digit US growth by CarVal each three million. billion Energy AB second First fixed AB alternatives pace $X income. Fund Clean in organic In growth which volatility and raised ETFs; disruptors. a most US in active Fundraising and annualized wealth dividend with CLO-X launched high recent raised quarter for expected final quarter. over CarVal experienced

Lower markets prior comparison. impacted versus financial years our

First XX% quarter by per were down unit, XX% XX%, year. in adjusted adjusted operating income the was adjusted versus $X.XX and margin declined operating unitholder distributions earnings prior

view tune you I May partnership present I'd be Equitable. XX, held of Wednesday Holdings Finally, inaugural and to in where on to a like our longer-term with invite upcoming Equitable Investor will to to the our horizon Day

here. both Now, Fixed Distenfeld, Scott will I'm our and Scott introduce Income platform. to co-heads from of you DiMaggio Gershon pleased take

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performance we On to and funds over high-yields allocations our of XX, three-year performance with global retail, diversified versus providing including showed time. show investment strong In peers Slide a global our securitized relative securities approach key outperformance. grade strategies

been and and Core we number emerging in we high-yield has clients, consistently performance Our and strong. available markets debt. very of broad and sovereign while duration In institutional, corporate competitive Core Muni market short dollar-denominated particularly to seen performance strategies Global have a have Plus, in both

to our growth turn to I'll it discuss over Now, Gershon strategy.

with Scott. everyone It's be Thanks, a pleasure this morning. to

the maintaining of fixed strategy on unwavering Looking and forward, while commitment an pillars: insurance three fixed platform. primarily same our munis, our income growth income resides the across time at breadth income

strong by munis, our over organic with start Let's product innovation the performance, where last we and driven five have scalable years market-leading generated growth a technology.

XX are business of on recent led our including solutions-oriented over years over confident income muni accelerating and to SMA focused tax extend. which organic muni. Muni and our under of next-generation consecutive we aware are high-quality, through We municipals, tax becoming have a growth, of custom management strong years $XX With top performance, we grown five has assets platform, muni expanding billion market of that can by growth all attributes to current investment led provider the and share in optimization investment our best-in-class build-out customization

We a in three SMAs. provider that also we top become can believe

very national broker-dealers as new as muni Finally, are multiple RIAs. well and custom about our independent with we partnerships excited

continue income to plan turn on We track record income existing recognition our strategies. capitalize franchise. Let's second and to our brand pillar, managing our to XX-year

As income investment record we come into to to superior our results expect continue delivering flows investors. to back be track of income, three-decade for investors attracted fixed

alluded year high product Scott numbers key quartile. in to, as strong performance-wise, relative yield with a are year challenging a global top was XXXX While our the three like

focused distribution product presence diversifying APAC US share our channels. success European offering and our on We in are and in key market matching retail

rates to of on strategies focus and with providing offerings or income term services specific existing intermediate short global options. both ability Our investors product capabilities the the regional interest duration across structure give

a symbol to this believe newly Tax over us Our this in AUM year, build ECF continue the grow also first our to potentially AB launched Aware in time. of will category. course share can substantially franchise we series help in the We market

insurance. pillar, third our finally And

$X fixed a insurance investment highly have becoming solution unique under for And opened through substantial following: across with years. GA all the We expertise. for our coupled rates, top Equitable are to provider addressing XX partner we allocation in focused opportunity expertise nearly a for addressable for insurance insurance-sensitive with income our XX solutions favorable assets on been about trillion leveraging insurance whom sector our the

solution will led increasing infrastructure, growth advisory and and offerings. Organic existing be expanding investment satellite capabilities by enhancing non-core

Our recently growth continually inorganic be supplemented enhanced acquisition CarVal realizing important private growth This partnerships and ambitions. we our as partnership strategic evaluate alternative the be capabilities insurance may through will focused an acquisitions. through opportunistic in

an back believe providing In yields are higher point. summary, we bonds entry that attractive with

market-leading a that extending. We sectors culture with on with innovation focused in of have a combined offering key are positions we differentiated

Our and And positions growth finally right positions edge us performance income income garner is our as strategy all based well flows have to fixed municipals, areas proven market-leading investment insurance, to third-party we a demand in win. building on returns. a and

Now to review I the turn Kate? Kate, over the will financials. who call will

Thanks, Gershon.

start Slide Let's income XX. GAAP statement on the with

revenues X% quarter XX% quarter, XX% decreased of Operating $XXX year net margin by basis from First $X $X.XX income decreased the of prior GAAP GAAP decreased year-over-year. billion, XXX points. the XX.X%, of decreased and by operating EPU to in of million, period.

to adjusted GAAP core remarks results, considered of my items on our focus part of adjusted substitute not in results. the base results, addition a which that to I'll operating as not provide which our are unitholders We effect business. certain we on remove our here distribution and our from our for

adjusted are XX-Q. appendix, reporting GAAP GAAP our and in presentation standard to Our and results of reconciliation release press

lower revenues, with net $XXX highlights touch Slide shown which we XX, On versus declines. market decreased X% I'll P&L the versus the by period AUM through was the XX, on X% year Our revenues driven XX% Slide are fees were year on shown Base million, up on beginning talk and period prior as adjusted decreased average as Slide prior financial X% sequentially. XX. of

XX.X first rate a addition higher fee X% low-fee rate sequentially, primarily CarVal points in basis the shift fee late equities. funding quarter the fourth quarter mix based driven was of primarily X% income year-over-year, the and fixed billion by The $X.X and CRS down reflecting of up to fees from

We expect the low based recovery in the the target second on and fee redemptions. in fee timing modest mix of rate a quarter rate expected

private by million partially fees the period equity from year quarter lower declined fees First higher of on prior by $XX offset estate services. $XX due to performance real million fees, credit

Given to line fees prior in with the year full conditions, roughly see continue level. year current XXXX performance tracking market we

First decreased quarter the driven revenues activity for the and by Bernstein Research year period, in from Europe macroeconomic Services trading due environment. the XX% lower prior to US, prevailing customer Asia,

comprised reflecting $XX The is other interest million the year-over-year environment. million of by this revenues shown against rate which dividend on of $XX line revenue, and Netting at million interest $XX primarily $XX increased higher line higher million adjusted expense associated expense Interest was brokers the year-over-year revenues rates private is $X million down due increased and wealth our and of expense sequentially. interest with clients. to interest

our shifts of period paid high market mix our rate rates to year this with formula to we rates. a gradually towards net payment remain offer clients. align we rising interest during more closely cash modified declines on our very competitive interest As ultra the worth, We

year X% up in, sequentially. decreased of in expense ratio the and first prior adjusted to of higher revenues our expenses. X% $XXX compared adjusted and were lower quarter operating benefits year with performance compensation by the declined Moving period. expenses compensation XX% by fees revenues All of prior total offset net Total period year-over-year from X% XX.X% by, and AUM-driven reflecting million as

an India quarter outsourced increase the offset lower by to approximately driven compensation first incentive previously efficiencies. by onboarded in gain reflected staff base AUM, compensation In we Lower headcount. average higher partially XXX

reduction the the X% February CarVal Acquisition reflecting declined year-over-year and of in previously XXXX. announced this headcount Excluding

quarter XXXX historical believe the at the continue we throughout towards that our compensation compensation XX.X% higher to XX% change. range. adjust We end the year to year conditions, revenue market XX% trend and Given may improve full in ratio ratio will to as conditions the to plan second a of

and X% meetings the costs higher lower T&E T&E and from sequentially. declined. Promotion and and and transfer and by prior firm were Sequentially, period, plans by, decreased offset expenses the year fees. prior marketing year Versus servicing execution trade period

We full continue spend to to in expect servicing low-single digits. promotion and year increase the

portfolio quarter lower The were and favorable was the versus year declined prior and expenses down higher professional services driven expenses, year portfolio the technology-related expenses spend in and and offset G&A technology foreign decline period X%, prior lower period, the expenses fees. X% sequentially. and by services exchange fees. sequential Versus related first related translation professional

target million low-single to rates $X continue sequentially inflation by we G&A expense reflecting period year and increased prior $XX Interest from interest digits. full borrowings million year levels, higher the on the and below growth For higher balances. up

prior operating sequentially. by quarter decreased year XX% versus First income and was down the period X% million $XXX of

First down year-on-year. quarter operating basis margin of XXX XX% was points

exclude quarter million $X.XX items the part our operating quarter earnings core in operations. the expenses per primarily of first In due were outlined business are As or operating to first acquisition-related appendix earnings of not including adjusted $XX presentation, earnings our certain GAAP CarVal which intangible amortization. above unit

The effective rate X.X%. L.P. tax AllianceBernstein first quarter was for

effective tax the in XXXX X%. Our remains X.X% approximately to guidance for rate

expect to XXXX more the for relocation the year increased will costs. offsetting continue be compensation-related accretive occupancy with We full than savings natural

close proud key concurrently watch engagement I'm a of while as set back on focused keeping organization, of our execute expenses. growth our our we continue to initiatives, across a Stepping the

business macroeconomic markets clouded remains manage as to uncertainty. continue the We for conservatively by the financial outlook continued

look providing you we XX. at mentioned, the Investor Seth our Day coming into Equitable with trajectory to meaningful years on May a over As insight upcoming forward the

questions, answer your to pleased Operator? are we Now

first Instructions] Siegenthaler line America. [Operator And of our Bank from of the with comes question Craig

Your line is open.

leading you everyone. from for disclosures, And expect the to the wealth the when flows institutional and up? with And is that? and fixed not income Why Scott additional We business Gershon. details back XX, institutional thank you private on you into helpful. on and found that channel. the retail are those income But Hey. the Slide fixed that sticking migration pick morning highlight Good do

the Thanks for question.

right. absolutely You're

our well business. taxable U.S. private growth wealth fixed net been Asia channels Ex-Japan higher as the franchise retail as of terms income with have In and our

kind we played up-tick in On demand and for seen of and sales the the an that the high-yields the side, U.S. pipeline. into institutional have

credit see high-yields. strong continue in and We U.S. to demand

hard it's coming very global around terminations, quarters. Obviously, to as high hard credits as be yields in with pleased are the the to we dialogue the predict on flows. US net well the the momentum precise so client But in all

it's can I can If I add if Onur, that. Scott, just to --

I think that the other was the trend retail be retail. money in that from or did we see XXXX more retail whether left of offshore US

fixed think started or So six I was months. think cohort see the I to that that's under income. And weight or under-risked back of last first we've five flow that the in

the have from to steady benefit the process side, the On see -- But who seen XXXX. de-risk are of plans, institutional just in many we cohort in de-risking. continue inflows in defined that or not process we are

going come much So result of us that. back don't I that's there's as money to just think as to a

And little on Income. honing American then just a bit

XXXX. had move geographies really some that You've success there in fund. I can early know different

that ramp wondering what it net inflows? are ex-Japan? driving is And So Asia of in geographies, kind I'm

is It -- sorry. ahead. Onur, I'm go

chime and again in. right. Gershon Absolutely Thanks. you're Onur please

Our benefited main maturities side, broader side. engine we in well Europe Hong fixed done the multiple as cycles. taxable behind very and have are definitely back coming Kong in AIP QX And some has getting Asia over fixed from ex-Japan. demand that on we the we income have on strong as been

things Gershon, few the are Those sign. encouraging another please would highlight. add. But that's I So

saw been when decades. of we've would three this running we've encouraging this type for I been two debt where and really the can't crisis what's Yes. the that volatility taper of COVID. was there fund it this add time in were to -- is, been first it managing things we the just that I've first financial the certainly in remember to decades the this tantrum, for another is stable I us time significant didn't is crisis, XXXX telecom positive. outflows. And crisis and see We even where European global somewhat before time the

people we that attribute to are we that. the allocating gotten earlier likely towards point in the some spoke a a levels all returns but the the are I realization years bonds to of And theme it's view few trading idea, total short-term are have Bonds are think produce to longer-term where yields next back about is can back. and superior not to taking that over

So there's short-term volatility, thinking of type reducing investors any exposure. the not our it's place first if that their are of

Thank you, guys.

And comes Alex with from Okay. our Blostein Goldman Sachs. question next

Your line is open.

on for Hi. was taking the clearly Good banking private you markets morning. significant to the There's the second. Well, land. a been question. dislocation I for touch Thank hoping in

You guys have CRE a sizable platform. lending fairly

So, maybe private credit whole talk a you the into the lean the perhaps Gershon how call, little see as better bit and to and that out maybe between opportunities corporate and fixed extent incorporated allocations still Scott incremental to guys with curious could shifting an of understand that liquid of on clearly And about institutions CRE a is as in income? into fixed private benefit to create to kind what are market in platform income.

Seth. it, Alex it's

as certainly I little we're is more perspective private estate that touch is of on part but a would as it separately. have I headwinds, commercial alts. It real What you firms a of Let conferences. true investor from I'll me and say their you noted sense seeing other in fundraising following give the to think

What real are commercial estate while do market others, is and originations a better in slower see we that lending structure pricing competition our whole business, we're see middle and better lot we seeing opportunities. less

terms seeing. be in an could this of of origination that strong perspective assets the from year we're quality a So very the

add well. also interest rates have as repayments lower higher slowed would those activity Alex same actually I M&A factors that,

new maybe redemptions. so are new So origination sorry, flows I'm while slower issue, flows

really I net So impacted on it AUM a which think hasn't basis, attribute. us is important an

a senior know roughly $XX a structured. billion real US business. a-third We're do we With as lender. have we regard less have estate than business estate you commercial debt it's the -- commercial pretty it of to currently as Commercial real is

needs And portfolio. certainly we've suspect, I We with seen more that respect to equity of have see continues we'll of CRE that some cushions and representing it in a pretty under some experience, refinancings. strong to as

of we've challenges quality at that happy we Gershon. delusional. that there we strategy the our be we're in for are But we we with when more quality given the it have in levered we're time and pretty to not that us. assets And date. over most where the sector turn pretty we're what will We to restructure do of remained has But know the underwritten me look let forward. not have that to going So strong is --

seen private something Thanks me deal private -- Alex, markets Seth. I quote would and the than the like of XXXX one past between but on there or three to was prior public we've over that And years. just market. these And last greater convergence two in companies much greater Don't they add numbers $X fact the exact a two XX%. just choice the markets overlapping year, the really it private a like ever billion had. And than go public that public was more the investors, something lot or are that's of either the to now illustrative the and credit have

a together. at we closer result, are our As working new teams are that looking opportunities

innovative hope public closely our closely but to clients the together more together to information private a and for working perspective Our teams on wall bring markets. are invest that solutions nonpublic working obviously conversations we it's for than just right companies engagement public around we're with that, holistic insurance and of the been how our is best I'd across private more whole also in more say swap to and general we're detailed having market. with

Got you. just Kate for the fee rate. follow-up My Great. around Thanks, quick guys.

outflow given in sounds mandate. we low-fee $X in that as a fee the the down quarter first the like you came highlighted it it's April rate billion You mentioned saw

the we second here? six something basis you like from think that. quarter markets rate So the points about I think or the keeping should How maybe like into fee flat said

in quarter. expect rate for the second in recovery the Thanks Yes. a would question. fee the modest I

a fee second mix the increasing have markets we the primarily first redemptions benefit we'll there. there then of that versus timing the both income in space private likely fixed due see in continued You'll higher get the quarter with highlighted first asset we equity to as the CRS the growth believe And you as and well quarter. positive quarter mix alternative

and higher grind the will will these over year based for predict large there positive kind to time coming to be year would I full full them that still we think mix in mandates we're reflect continue recognizing saying on So out. of of a some volatility the

very much. Very it. Got helpful. Thanks

And Katz Suisse. your Bill line comes from next Credit of question the with

open. is line Your

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you. Thank

from with Instructions] Evercore. [Operator line Dunn question the our John next of And comes

Your line is open.

Thank you. One on equities. active

You the consultants quarter gets equities? Any for to and this you highlight kind the that of you particular think to of rare had back What funds temperature a active maybe do want inflows? outflow quarter.

than Yes our was much in more with sort rather aversion the strategies it John that outlier do had client to an of overall with for sets Thanks underlying question. we're Yes. although issues risk offering. I think it

growth in the to I encouraging value fact both and But know. outperforming a you products which has well growth retail side other think that and generally, on year-to-date, which institutional which as as cap reversal to is generally, see the been growth also appetite large we're value continue We is suite a increased the for seeing reflects interest degree on side. the strong

thematic was sustainable consultant $XXX we over And an first upgrade. look pipeline we at, got it see we sales strategies quarter. value. global $XXX gross And where was So our we basically for see in what We've million in strategic XX had did strategy had growth, activity. the we whether had value small-cap small-cap had sustainable continue when to thematic ultimately support you that million

April, in encouraging And So which pretty from it seeing we're broad-based. an billion new did mandate a $X we get growth institutional us. for particularly large-cap client space, was in our for

So a gives you hopefully it. that sense of

don't I if you add. know anything Onur, you to have want

to our The value led a led team more pieces market PM outflows, emerging in outflows. event outflows so that's given the the a change some idiosyncratic small that to two on Yeah. we that had institutional

to diversity that win by to very large growth On to channel in US the the the yet. our positive, cap numbers April make encouraged addition be didn't in we continue

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have hires experienced We pipeline. several the in

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Thanks very much.

this to at no Griffin turn over And there are Mr. further questions call I'll time. the you. back

follow-up and in you, Please out Investor today. day. Thank great our any for Thanks Kayla. a everyone reach have Relations to with call participating questions feel free to