Dan Fannon

how much of that is actually in fee-paying AUM? And then also kind of like what’s the average fee rate

Could you clarify the moving parts? And in the quarter, there was an announcement of some voluntary retirements

are you can you give us a sense of how you're thinking about that?

I believe there is a fund that's going to start kicking in from Lexington for fees starting, I believe, October 1

did you give a number for fiscal '26 expenses?

Could you expand upon some of the strategies that are seeing that success?

the 200 to 250 of additional savings, that is going to be beyond the flat, including Putnam for fiscal 2025

is there any other affiliate like Western that is not on a profit share as you go through this integration?

could you talk about core expense growth and either contextualize with or without Western in terms of what legal or unknowns might come through

Could you expand upon some of the trends at HPS and private credit broadly

I was hoping you could first disclose what the HPS flows were in the quarter

give the contribution of all the of what HPS can in terms of flows did in the quarter

I was hoping you could put some numbers around recent flow trends there

I was hoping you could discuss the outlook for your fee rate based on client demand trends and some of the growth

how should we think about margins in that context? Particularly as we think about next year?

you talked about strong management fee growth for 2026. Based on the previous comments, it sounds like credit slowing a bit here

Michael, maybe just to follow-up on that in the context of all that growth, how you are thinking about FRE margin and the potential for expansion in 2026?

Can you just discuss in more detail any changes in credit quality across your portfolio? And then potentially also just in terms of what you maybe have done differently here

I was hoping you could expand on some of the fundamentals you're seeing in the real estate market that gives you the confidence on the recovery

I wanted to just ask about Data Vantage growth, which obviously continues to be quite strong.

The $100 million-$120 million is the total expense saves, I guess, across everything that you've announced

what gives you confidence around that not cannibalizing potentially your index business and ultimately, you know, expanding the pie

where are you and just kind of the evaluation of the businesses in your footprint? And how should we think about greater optimization or more changes like you've already done

Can you talk about the level of investment that you're putting into that region, where you sit in terms of salespeople, and platforms

for the new segment Data Vantage, just to clarify, you're saying the old way that you used to -- you guided to or talked about 2024 is still consistent and in that range

what you're hearing from customers, if anything, around the potential innovation that might be coming from perpetuals

So just wanted to talk about why now and what you see is the opportunity going forward with that

hoping just to get a little bit more context around how you think the customer base is performing through these kind of elevated periods of volatility

do you think you can scale this offering organically to where you want it to be? Or is this an area where we could see potential M&A?

curious what drove the expense guide takedown? So in terms of priorities, Lynne, is this just timing in terms of spend?

what happens historically when you guys have raised margin requirements and then ultimately volumes thereafter?

the set up as we sit here in kind of mid-February of 2025 after several record years of growth for you, what are the kind of building blocks

on an inorganic or M&A perspective, can you remind us around the framework of how you're thinking about that?

how does that compare to, say, at the beginning of the year? And then also the 3 to 6 months of ramping that you highlighted for your larger customers

I wanted to discuss the outlook for the non-HELOC loan growth.

Can you talk specifically about what strategies in credit got you the $10 billion

curious about the outlook there? And what is a reasonable goal as you think about penetration of lending within your wealth business

I was hoping to get an updated outlook as you think about 2026 and a backdrop where rates are coming down

how does the growth for noncomp look versus maybe 2025 in the budgeting process?

Can you talk about the funds that are coming in either bigger, or are more funds coming to market?

can trading stay as robust as it has been, or do you anticipate some kind of moderation or slowdown

How are you positioned to capitalize on this opportunity?

should this mix shift to be higher? Or do you think those will offset each other?

Could you maybe talk to the asset classes or the funds that you think will drive that growth going forward

do you expect to see a divergence in either of those segments or do you think that consistently, they will both grow

wanted to talk on prediction markets and how you’re thinking about sustainability as we exit the World cup

health of your customer base given -- and the resiliency given all the market volatility we've seen at the start of the year

the regions maybe that are generating the bulk of the growth, if Korea was maybe an outsized contributor

As you think about all the initiatives you have entering this year, do you think the level of spend is growing? Is it consistent with the last couple of years?

Just trying to get a sense of what is different, in terms of where you are seeing more success or more markets are more mature versus less?

as you think about 2026 and expenses and investments you're making, any preliminary thoughts on expense growth and where those areas of investment might be directed

Curious about the mix, any changes from either the profile of that customer and or geographies where you're sourcing those accounts from?

sec lending clearly improved this quarter. You talked about an increase in some hard-to-borrow securities

the size of the partners that are coming on and also the backlog you mentioned also I think was reasonably good

Could you maybe just remind us what your excess capital was as of March thirty-first? That's the capital available for M&A

in terms of M&A, has there been any progress on sourcing a new deal, any new prospective talks here

areas of investment in product development as you think about 2025

you've talked at previous periods about M&A and inorganic growth. Can you give us an update on your thoughts today

I was hoping you could talk about your appetite for M&A currently and how that weighs against the share repurchases

Wanted to just, you know, talk about the difference as you think about next year or, sorry, this year versus last year

Could you elaborate a bit more on the shorter-term dynamics and also PennyMac, which announced in the quarter that they would also be leaving your platform over time

I was hoping you could expand upon Warren's comments and just talk about your appetite for large-scale M&A given where your business sits today

You guys highlighted a couple of index wins. Could you put some numbers or context around the size of those?

Can you talk to kind of the inputs there, whether it's pricing, new customer growth, new products? We can see the ASV, some good dynamics

Are there other regions or other things you are looking to do from either a marketing perspective or product launch

Was hoping you could update us on some of the ranges for comp ratio that you have given historically

can you talk about the economic impact you see as you think about this year and next in terms of operating on some of these third-party distribution platforms

I was hoping to get a little bit further in terms of detail as we think about this year and as it progresses

could you remind us, is this more about cost avoidance or we should actually see savings as we get into 2027?

I was hoping you could discuss the outlook as we think about 2026, and maybe the diversity of some of the products that are driving that growth

Can you talk to next year in terms of the pace versus what we've seen this year? Ultimately, I think it's about reducing future cost growth

you mentioned there a one-time benefit of $7 million in G&A

If you could talk more broadly, I think you mentioned China was positive

The $20 million to $25 million increase of the alpha versus ‘24 can you just remind us what ‘24 it was?

how your M&A and/or inorganic thought processes evolve given the stable and/or improving equity income fund?

How do you see that impacting the lineup for the rest of your retail or private wealth products or even the road map with your partnership

was hoping you could just talk about your conversations you're having with LPs?

Can you talk to the monetization environment and how you're thinking about that as we start 2025

expand around your comments on organic growth within the wealth channel. You highlighted workplace

how you think about your ability to earn NII on client cash as there are more tools available to move cash around more efficiently

the drivers of the margin from here? Is it just scaling and growth of the business, or are the things underneath from a cost or efficiency that we should think about or mix of business that can dri...

Can talk about the sustainability of these trends, maybe the of the backlog in investment banking, the diversity and you know, how that compares to maybe prior periods

I was hoping you could expand upon your comments around just the NNA growth within the wealth channel. You talked about workplace and the IPO market being a contributor

financial or strategic factors that would take you to over the threshold to get to completing a transaction, that would be helpful

can you expand upon your comments around M&A? You highlighted new adviser strength, but maybe talk about flows more broadly

Can you talk about your own proprietary alternative products that you might be able to sell within this channel?

what does that mean for recruitment and retention trends? And also, does that change the appetite for fee-based flows

Can you talk about advisor retention, kind of recruitment, and backlogs here?

as you think about the longer -- or the medium-term target of mid-20s growth

I was hoping you could just expand a bit upon that and how you see that progressing as we think about the year

Wanted to understand a bit better momentum into next year and tracking more towards the medium-term guide of mid-twenties growth

just curious a little bit more detail around the momentum in that business as we think about the fourth quarter as well as into next year

how would you characterize that environment today? I think you highlighted a Boardvantage win

curious just what drove the change. I think you mentioned FX, but just other things that might have driven the the low end to move up

Wanted to get a comment around professional service fees, what they were as a total within the financial -- within Fintech

what do you think it takes to get you to that more normalized level you've been aspiring to?

expand upon your comments around the robust recruiting backlog. Obviously, a lot of momentum in that business

I was just hoping to get some context around the industry and how you're thinking about adviser movement here in 2026

areas where you're spending a little bit more or less are the priorities and how they may be different

can you talk about the fixed income outlook? And what type of environment is best for that business to really accelerate

I wanted to confirm just any change in attrition in the period to make the numbers lower? Or was it just timing of the onboarding

Just want to make sure I heard you correctly. The $1.5 billion from billing and another $1.5 billion, I think is what you said for tax payments

As we think about non-comp on a multi-year basis, is 10% a reasonable run rate?

do you anticipate are there other kind of known platforms or things that might be leaving

I was hoping to get a little more context maybe around numbers for retention in the period

Could talk about the areas of investment and maybe quantify growth in that non-comp, as you think about the next 12 months?

I was hoping you could discuss the sustainability of these trends as well as provide some context

obviously, a very active quarter, but the [ RPT ] came in a lot and understanding mix always plays a role here

what do you see as a reasonable level of penetration of your existing clients in the next couple of years for these offerings?

I was hoping you could put some numbers around that and or think about the journey and where you think -- how long it will take

I was hoping you could just talk about the sustainability of these trends as we think about the rest of this year

I wanted to talk about NNA. Obviously, it accelerated throughout the quarter

how are you thinking about client cash levels? And do you think the cash holding is still a theme here

Can you talk about your go-to-market or how you expect or plan to kind of scale the SMA business

specifically on the deployment opportunity you're seeing today with spreads being a bit wider, maybe some less competition

You showed some outflows in the fourth quarter, something we haven't seen in a few years

areas where you think there could be emerging strength. And then obviously, the U.S. equity headwinds, do you see that persisting

can you talk about just the kind of impact of the fee rate over time based on where the business sits today and where it's going

discussions and backlog and kind of sales momentum as you think about this year, any color either from a product asset class or channel would be helpful

Could you give a little more context around maybe the backlog and particularly maybe in this target date side of the business