Ken Worthington

Haas engaged the trade-off directly, arguing that sharing economics to embed USDC with large market players is the intended long-term strategy rather than a concession.

Armstrong answered the strategy half directly but gave no reason for any individual departure; Haas added that each was an individual decision with nothing to read into.

Brian compared the potential unlock to the GENIUS Act impact, noting hundreds of companies announced stablecoin integrations after that passed.

Brian said CLARITY wouldn't change Circle economics. If rewards were prohibited, Coinbase would keep the margin, ironically more profitable. But they don't want that outcome for competitive and customer reasons.

Emilie confirmed regulatory clarity enables bigger bets with more predictability. Referenced best tech companies using M&A for acceleration. Brian confirmed pace has picked up, focused on trading and payments.

Brian distinguished between Coinbase (not competing with card networks) and decentralized protocols (which are). Described the Shopify deal where merchants saved 200-300 bps and gave 1% cashback to USDC shoppers.

Emilie outlined three benefits: greater share of institutional volume, capital efficiency, and hedging optionality. Alesia confirmed adjusted EBITDA accretion with a caveat on purchase accounting.

Brian outlined four priorities: market structure/token classification, stablecoin framework, strategic Bitcoin reserve, and fair banking access. Paul Grewal reinforced the SEC crypto task force progress.

Mike attributed weak PE secondaries returns to the large, older Fund 16 vintage weighing on the composite, while newer funds (Fund 17, APMF) keep posting strong returns.

Arougheti noted European deployment was pleasantly strong in Q1, with geopolitical dynamics actually driving more Eurozone investment attention, and highlighted the diversification benefit as U.S. and Europe offset each other.

Mike noted business now roughly 50-50 rated/non-rated. Zero exposure to e-commerce aggregators, de minimis subprime consumer (<1%), de minimis auto (~1% all prime). Pathfinder deployment worth significantly more profit dollars than rated side. Next vintage ABF fund coming to market in 2026.

Mike noted Ares partnership with BlueCove started in 2023 with minority investment. Systematic IG capability complements actively managed loan and bond business. Meaningful value add to Aspida and third-party insurance clients. Full acquisition expected to close in Q1.

Mike noted European investor appetite increasing post-tariff with different rate trajectory and fiscal stance. Credit quality metrics comparable: US LTV 43%, Europe 49%; US coverage 2x, Europe 2.3x. European nonaccruals slightly better than US.

Mike noted European investor appetite marginally increased post-tariff. European direct lending deployment up 5% Q1 vs Q1 and 20% LTM. European market more fragmented, Ares competitive positioning stronger than US.

Mike disclosed full-year gross-to-net at 37% vs 46% in 2023, a four-year low. Q4 improved to 42% from Q1's 22%. Expects 2025 improvement driven by M&A recovery, real estate deployment, and PE exit needs.

Gray said most growth comes from expanding existing strategics and SMAs, citing Nippon Life as a relationship built over five-plus years that keeps broadening.

Gray reported remarkable resilience from Middle Eastern clients continuing commitments. Emphasized geographic diversification with no single non-US country above low single digits of firm AUM. Made 2 new investments in Abu Dhabi and Dubai during the conflict.

Gray said sellers remain reluctant waiting for higher prices. Expects continued AI/data center investment, public RE privatizations, and more transaction activity in H2 as values improve. Transaction activity still very low vs historic.

Gray declined to disclose the RIA/wirehouse split but said they recently hired a senior leader for RIA, launched an interval product (BMACX) specifically for the channel.

Gray described L&G as primarily an IG private credit relationship for their PRT/Annuities business, plus collaboration on U.K. wealth and DC products. Wellington has filed for their first product.

Gray acknowledged absolute returns have come down from mid-teens, but the durable spread premium over liquid fixed income persists, making it a 'golden arrow' rather than a moment.

Chae disclosed $156B from the Big 4. Gray emphasized all four partnerships are accelerating beyond contractual commitments and sees Resolution growing under Nippon ownership.

Sprecher confirmed MarketAxess was part of the Apollo discussions; Edmonds framed it as a distribution and content story on a common set of rails.

Management highlighted HOU physical delivery advantage over Cushing and ICE's dominant position in global crude, gas and refined products benchmarks.

Ben said 90 Encompass deals for full year across all segments: largest HELOC lender, largest correspondent lender, startups. Many already on MSP. Largest players in market more engaged than ever.

Ben described bottom-up AI automation process across workflows with regulatory compliance guardrails. Highlighted best sales quarter of the year as evidence of competitive positioning. AI is enhancing, not replacing, the platform.

Ben said it was a mix: 23 Encompass wins in Q2, large regional bank went live, UWM signed MSP, large depository intending to start using MERS. Neutral positioning driving competitive wins.

Ben positioned ICE as neutral third-party differentiator vs Rocket's in-house approach. Warren quantified: Flagstar ~1% of IMT revenue, Rocket-Cooper <3%, Cooper just signed multiyear MSP contract.

Ben Jackson provided clear timeline: 12-18 month onboarding window means clients signed since Black Knight close are coming online in 2025, building through the year.

Andrew emphasized organic growth priorities and balance sheet improvement, with M&A focus limited to private markets adjacencies. Does not see Trian/Janus dynamic changing Invesco's strategic focus or capital deployment priorities.

Allison explained lower China JV compensation driven by regulatory changes reducing performance fee eligibility (now requiring investor redemption or fund closing), plus discrete items. Margins slightly elevated near-term but expected to normalize.

Andrew confirmed tokenized money market fund and digital payment stream capabilities are on operating agenda, but acknowledged significant work needed before realization.

Andrew emphasized existing $130B private market platform, success with INCREF through wealth management networks, and distribution/education capabilities as key differentiators.

Allison confirmed actions already underway: slowing hiring, reducing travel, delaying capacity reinvestment. Variable expense range 25% (auto) to 30-35% (with intervention).

Outflows concentrated in balanced risk allocation (out of favor) and stable value (rate environment disadvantage vs money markets), both seen as cyclical rather than structural.

Allison noted expanding institutional pipeline spanning all regions and capabilities. Fee rates on pipeline remain at high end (mid-20s to mid-30s bps).

Expects long-short to grow over 5-10 years; calls it ROE-accretive and a win for clients, RIAs, and Schwab.

Wurster confirmed active negotiations with 400+ asset managers, targeting ETF monetization strategy live by year-end, with active ETFs offering more economic opportunity given higher fees.

Rick described strong interest exceeding expectations but declined to share asset numbers given early stage. Positioned alts within broader ultra-high net worth strategy including Forge, fund-based structures, and direct private company investing.

Rick said both, large spreads at digitally native firms leave room for profitable pricing. Already winning with young investors (1/3 new households under 24) independent of crypto.

Rick emphasized differentiated value proposition across platforms, service, branches, and 16,000 advisors. Highlighted 20%+ share of crypto ETP assets and upcoming spot crypto launch.

Rick detailed plans for 16 new branches and 250 new financial/wealth consultants, noting one-to-one relationships drive higher NNA, satisfaction, and solutions engagement.

Rick outlined five or six categories of alternatives including private equity, private credit, hedge funds, long/short, and exchange funds with dedicated specialist team.