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: Ricardo Buchpiguel - BTG Pactual - Analyst
: I have two here on my side. So you mentioned before and also in this call that you expect an improvement in the FRE margin, which currently are
around 28%, and you expect to reach around 40% within three to four years as Vinci captures more of the synergies related to the M&A. But for
that to happen, you need that your fee-related revenues to outpace your main cost line, which is personnel.
So could you give us some sense of what's a reasonable growth range that we can expect for your FRE-related costs in the next four years, both
from a more bullish or more bearish scenario?
And also very quickly here, you guys mentioned that the impact of the real appreciation on the AUM, but can you also comment what was the
impact from this appreciation on your FRE?
Question: Guilherme Grespan - J.P. Morgan - Analyst
: Two questions on our side. The first one, you touched a little bit on the IP&S moving parts. I just want to make sure I get the drivers behind it. We
were running some math here. As you said, in our math, it was a BRL24 billion decline quarter-over-quarter. Out of this BRL24 billion, BRL10 billion
was upfront TPD. So actually, I think it's less relevant to the business, but there was BRL13 billion, BRL14 billion that was, I think, mostly on liquid
TPD.
And if you can just remind us what exactly is the asset behind the liquid TPD, if there's a concentration on any specific asset geography, to understand
the drivers behind it. As you said, April was a better month, but we just want to be sure that the drivers are there to see this reversal.
And then the second question is related to performance. We noticed that accrued performance had a very meaningful markdown. It was mostly
on private equity from what we saw. Just want to understand why -- I remember you have some good assets on the PE funds, like C Bank, and some
other assets that seem to be doing well. I just want to understand why the markdown in P.
Question: Guilherme Grespan - J.P. Morgan - Analyst
: And you mark those funds also in a year or every quarter? Bruno, should we see this markup next quarter, or it's once in a year?
Question: Guilherme Grespan - J.P. Morgan - Analyst
: Listen, if I may, just a last follow-up. You mentioned also there was some capital return, right, which I think kind of out of control. But just want to
understand the agenda ahead, like when you look at TPD alternatives, is there a heavy agenda of capital return this year? Or no, there's nothing
concerning on this trend that you have a heavy pipeline of outflow to come this year?
Question: Tito Labarta - Goldman Sachs - Analyst
: A couple of questions also. Just first, given, as you mentioned, the potentially increased interest in Latin America, given just all the global uncertainty
with the tariffs and everything else going on geopolitically, from the conversations you're having, Alessandro, curious, I mean, is it just sort of like
high-level interest? Or is anybody already maybe beginning to deploy capital? Just how you think how much this could potentially benefit the
region, and if you're already seeing any benefits of that? And in which segments do you seem to get the most interest?
And then second question, just on a little bit of follow-up, I guess, on the FRE margin, right? It's a little bit below sort of the guidance. And anything
impacted, or how do you think about the margin evolving, sort of, for the rest of the year? Should you get back above the 30%, and how quickly
can you maybe realize some synergies...
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