The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mourad Lahmidi - Exane BNP Paribas, Research Division - Analyst
: Can you hear me now?
Question: Mourad Lahmidi - Exane BNP Paribas, Research Division - Analyst
: Okay. So I have a couple of questions. First on fundraising activity. If I'm not mistaken, you were expecting 2021 to end up slightly above EUR 3
billion. You're already at 2.4 billion. So what should we expect now, a number around EUR 4 billion? First question. And my second question, I think,
when you commented on your FRE margin, you hinted at some margin slowdown -- margin progression or slowdown probably in 2022 as a result
of your investments in the platform. So should we expect some pause in the FRE margin in 2022?
Question: Christoph Greulich - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: You have very impressive numbers this morning. So congratulations to that. Yes, 2 questions from my side, if I may. The first one with regard to
WorldStrides. You've given us a brief update on the operational situation and that you see first signs of a recovery. So I'm just wondering, has there
been any changes to the valuation for the assets since December?
Question: Christoph Greulich - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Yes, that's very clear. The second question with regard to the accelerated divestment program. And yes, I think you have already delivered quite
nicely on this initiative since the launch last November. What I'm wondering is, could you give us an idea of how far along we are in this program?
So if you look at all the exits, which have been announced until today, are we still kind of in the early phase of the program? Are we roughly at the
midpoint? Or how should we look at that?
Question: Christoph Greulich - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I think that's right. I mean, do you think it's reasonable to assume that we are more or less at the midpoint of the program, is a fair assessment?
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