Sector intelligence — Asset managers

Can you dig further into the 4 verticals of opportunity for growth? And can you expand on your comment that April is off to a good start?

What portion of existing clients care about and will utilize digital money market funds versus traditional cash products today, and over a decade what portion of the entire cash market might prefer tokenized money market funds?

What is the timing of the $3 billion global equity withdrawal, and how do the fees on that mandate compare to new MDT equity wins?

How is appetite for Pantheon's retail secondaries and co-invest products holding up given credit market turbulence? And what is the product launch road map for the next 12 to 18 months?

Given dislocations in private credit and equity markets, is the environment creating more opportunity for new investments, and has the pipeline backdrop changed?

Can you remind us of the timeline for SCP's next fund launch and the current LP demand for real assets?

Can you frame the contribution of tax-aware strategies to flows and EBITDA in Q1, update on AQR as a percent of EBITDA, and discuss the pipeline for adding the product to more platforms given recent constraints at Fidelity and Schwab?

Is demand for Federated Hermes ETFs coming from new customers or existing customers who prefer the ETF wrapper?

With the Fed potentially on hold all year, how has your outlook for money fund organic growth changed, and is there potential for more rotation into the asset class from retail or institutional investors?

Did the strong money fund inflows on the last day of the month get captured in the AUM figure provided?

Can you expand on the deployment opportunity with wider spreads and less competition? Also, what is OHA's exposure to software and AI disruption risk?

What would a return to normal credit spreads over a year do to returns, and how prepared are institutional and wealth investors for that? How are OHA products positioned relative to peers in a normal spread environment?

How much ETF growth comes from new client acquisition versus migration from existing mutual fund assets? Can you update on your ETF strategy and key initiatives over the next 12-24 months, including Europe?

Markets are at all-time highs and April has been strong. What are you seeing in April so far, and what does the institutional pipeline look like? Should we expect large reallocations?

How is OHA thinking about the path forward in retail offerings despite elevated redemption requests? Are there additional products in the pipeline, and where can OHA stand out in the retail space?

Can you give color on the expense outlook for the year? Expenses came in below expectations in Q1. What does the market recovery mean for comp in Q2 and beyond?

Can you disclose OHA's specific software exposure percentage? More importantly, how do you integrate AI disruption risk into the underwriting process, given that AI risk extends well beyond software?

Competitors have grown alternatives inorganically. What is your appetite to use your strong balance sheet for M&A to accelerate the alternatives shift?

Where do we stand in the equity reallocation process? Within the $184 billion AUM cited last week, what are you seeing in equity attrition? And how has the institutional pipeline been reshaped between EM and credit versus equities?

How does the pipeline for team lift-outs and acquisitions look today compared to a year ago or last quarter, and where are you leaning in terms of incremental opportunity?

Are there institutional client segments you historically had not targeted that you are now pursuing given your newer strategy areas?

Is there any line of sight to larger mandates exiting, and how is institutional demand looking across different regions?

Given that you've managed the Qs in the new structure for a while, what is a reasonable expectation for securities lending income that could be generated from that product?

Regarding the Equitable Corebridge merger and the $100 billion incremental AUM expectation, what percent of total general account assets does AB expect to manage, and can you clarify the current GA levels at Equitable including the private markets initiative?