Craig Siegenthaler

we saw some mixing in the underlying balances, especially with off balance sheet. What's going on with that mix

what about a second factor from elevated financial adviser movement in the quarter due to integration at a peer should we also be adjusting for this going forward

But can you update us on your bank and credit union pipeline?

How do you see recruiting adviser headcount retention tracking Q2 2025?

Do you have any data you can share for January 2025 behind recruiting financial adviser headcount

What type of share do you think the alts will eventually take on both the traditional and the 40(k) markets?

Can you provide some perspective on the evolving demand dynamics between the institutional channel, the insurance channel, and also the retail channel

how do you see your overall deployment effort impacting from a lack of potential business from the software industry in the future

how do you think investors will react to lower yields if the Fed continues to cut

what do you expect for the remainder of 2025, just given we might have a few quarters of negative GDP growth?

what are the two or three biggest strategic initiatives that you plan to focus on now?

G&A expenses rose by more than 20% in 2024, and I know there's some noise in there

I wanted to see if you had an update on potential contingent consideration liabilities

Do you think flows here could get even better given rising adoption and allocations among high net worth investors?

do you have an estimate for the base fee organic growth rate including Western?

Given your size with your target date franchise, what are your initial thoughts on the proposal?

can you flush out what you're all seeing and thinking on the net flow pipeline?

I was curious on what the contribution looked like on a revenue-adjusted basis, really because it looked like alts, digital assets, and systematic all look pretty sizable

what are you willing to see from the Department of Labor, the SEC or Congress before you launch your own target date fund

are you really just waiting on guidance or actual rule making from the Department of Labor before you move forward?

we wanted to get your updated prospects on Alts finally breaking into the U.S. retirement channel

You're sticking with your expectation for a record year of IPO activity despite the conflict in Iran

So what sectors and industries will you be leaning into? Will some of that spill over into real estate, or is it too early? And as you hand limited partners cash back at a blended MOIC of two times...

This is the first quarter following President Trump's executive order for privates and 401(k)s. And just last week, I saw that you launched your defined contribution business

I want to see if you could update us on the investment return and fundraising outlook for secondaries

what is your outlook for fundraising this channel, just given continued realization headwinds? And if you can differentiate between private equity and then other segments

when do you expect to inflect and be a net seller of assets in corporate private equity? And then on Michael's prepared comments again, how far behind is the real estate cycle relative to private e...

just given FanDuel's announcement earlier this month that they will launch a new FCM

Any update on the DCM side and volumes where there's multiple entities hooked up to, including DraftKings

curious what drove the change, and does this mean that increases will be smaller in the future?

where do you think the mix ends up between BrokerTec Chicago and BrokerTec Secaucus

Can you provide any context behind the good quarterly result? And also, can you talk about opportunities to raise pricing in data next year?

how these businesses compete with the non-U.S. futures exchanges, especially given the emerging trade conflict

how will Echo help expand your network by making it more easy for crypto companies to raise and invest via private sales or public sales with Sonar.

where are you in the process of rolling out AI-powered financial advisers? I believe you're working on it

how do you think about the advantages with your SPV contract model and your end goal running on Bitstamp rails

Are you going to charge for this product or is it offered -- or will be offered for free to your Gold subscribers?

Thomas, any specifics on how long you can keep this up? Because your comments at that May conference, as long as I am alive.

How should we think about the appetite for adoption across your base? And I am especially interested in the individual investors in the direct and the iBroker channel

when will clients be able to transfer tokens in and out of their IBKR accounts? And how will the rollout work by geography?

So at a May conference, Thomas talked about a potential deceleration in account growth, and my question is, where is it? Because account growth is again showing no signs of slowing down through Sep...

could this cause you to rethink your current digital asset model, which relies on a Paxos partnership

regarding decelerating account growth. However, account growth in the quarter was still really strong, 32% clip

How do you think this could impact IBQR's global model with most of your accounts coming from outside the US

if you saw any deviations to your one trajectory for account growth, customer credit balances, and margin loans

we keep watching equity build. It's almost at $17 billion now. I just wanted your thoughts on how fast

execution, clearing and distribution fees, as you pointed out in your prepared remarks, they did grow a lot slower

can you update us on the health of the mortgage industry? And how the recent rebound in refi activity is influencing demand trends?

we're curious on how you're looking to upgrade your products, especially with new technologies like AI and blockchain that could improve your efficiency

we saw transaction based revenues were up 5% year-over-year despite a drop in origination. So can you help us reconcile those results?

are there any limitations to them increasing their 18% common equity stake or voting interest in Invesco Ltd. in the future?

could this potentially be a first step in an Invesco Ltd.-Barings merger, especially given that your capabilities are complementary?

update us on competition, underlying ROE potential and how we should think about the growth trajectory

Was this strong 2025 result a level that you expect to build off of just given your linear approach to deployments?

is that a solid baseline to grow off of into 2026, if we see M&A activity continue to be elevated?

I was hoping you could update us on the fundraising front progress on platform additions and how this product is differentiating itself

Do you see the strong relative performance to date or the very low adoptions as the key drivers?

we're curious in your perspective on what the emerging trade war means for your strategy, your ability to fundraise and also investing effort across the region

sitting here today in January, what is the investment outlook for 2025 relative to last year and what has been the sensitivity to some of the macro trends

if there is a reversal in bank regulations, how should this impact client demand for Axiom's offering and your RegTech growth trajectory

Could we see the PCG comp ratio creep up in 2026? Or does the 5- to 10-year smoothing really protect the operating margins

I was wondering if you can comment on the sustainability of the 8%? And in your view as maybe the midpoint, something like 5% to 6% a better go-forward run rate to model

is there any accretion numbers behind that we should think about as the deal closes

how has the pipeline been impacted, not just from bank M&A where you highlighted an outflow but also from IBD mergers

we should be getting the DOL update shortly, maybe not this month as planned due to the government shutdown

when will you start marketing these strategies to DC plan sponsors both via your DCIO relationships

what are your updated thoughts on forming a private market partnership? Do you need to?

is T. Rowe planning to make 100% of future private equity or private credit allocations to retirement products from internal capabilities