Assets Under Management (AUM) Growth and Net Inflows
Total AUM reached $1,791.6B at June 30, 2026, up 11% YoY from $1,611.8B. The quarter-over-quarter increase was driven by $98.0B in net market appreciation/distributions and $18.4B in long-term net inflows, partially offset by $7.0B in cash management net outflows.
Operating Revenues and Fee Performance
Operating revenues rose 14% YoY to $2,358.4M, led by a 14% increase in investment management fees to $1,866.2M. The growth was driven by higher average equity, multi-asset, and alternative AUM, the acquisition of Apera, and an increase in performance fees to $78.1M from $60.6M.
Operating Expense Drivers and Regulatory Settlement Charge
Operating expenses increased 12% YoY to $2,142.6M. General, administrative and other expenses jumped 70% to $312.8M, primarily due to a $100.0M regulatory settlement, while amortization of intangible assets declined 55% YoY to $50.7M.