Strong Operating and Financial Performance
The third quarter saw higher sequential sales in all products, positive net flows in retail separate accounts, ETFs, and global funds, and the highest operating margin in 2 years at 34.4%. Earnings per share adjusted increased 6% from the second quarter.
Asset Under Management Growth
Total assets under management increased by 6% to $183.7 billion, driven by market performance and positive net flows in key segments, with a notable contribution from small, SMID, and mid-cap exposures.
Dividend and Share Buyback Improvements
The company raised its quarterly dividend for the seventh consecutive year and increased its share buyback to $15 million.
ETF and Global Funds Growth
ETF AUM grew 88% with 65% organic growth. Global Funds AUM increased 29% over the prior year with 7% organic growth.
Investment in New Products
New product introductions include an actively managed ETF from Kayne Anderson Rudnick and a private credit CLO ETF from Sykes.