AUM Reaches $1.89 Trillion Driven by Market Appreciation
Ending Assets Under Management (AUM) reached $1,893.4B at June 30, 2026, an increase of $183.7B from March 31, 2026. The gain was driven by $190.2B in net market appreciation and income, partially offset by $6.5B in net cash outflows.
Revenue Growth Led by Investment Advisory Fees
Net revenues rose 10.7% YoY to $1,907.4M in Q2 FY2026, primarily driven by an 11.3% increase in investment advisory fees to $1,744.8M as average AUM grew 15.7% YoY to $1,837.7B.
Effective Fee Rate Mix Shift Compression
The annualized effective fee rate (EFR) excluding performance fees declined from 39.6 bps in Q2 FY2025 to 38.1 bps in Q2 FY2026 due to client asset flows shifting toward lower-fee strategies and asset classes.