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: Ben Budish - Barclays - Analyst
: Hi, good morning and thank you for taking the question. Maybe just to start, I think you indicated the fee rate going forward was probably going
to be in between the range. Can you provide any more color on where things are kind of shaking out as we get into April?
And then I was wondering if you could also touch on just some of the fee rate changes, we saw in the quarter. US retail funds a little bit lower. ETFs
seem to be trending higher. I'm sure there's, mix within the mix, but any additional color there would be helpful.
Question: Ben Budish - Barclays - Analyst
: Understood. Maybe a follow up just on the capital allocation side, you bought more shares in the quarter than you had in the past several quarters,
just, I know you're always cognizant of liquidity in your stock but curious what your appetite is, just kind of given the recent share performance
and market backdrop?
Question: Ben Budish - Barclays - Analyst
: Understood. Thanks for taking my questions.
Question: Bill Katz - TD Cowen - Analyst
: Great, thanks very much. So just starting with the SMAs, that has been a nice driver for you over the last number of quarters, and it flipped negative,
and I think you mentioned in this quarter that you mentioned that you had soft closed a vehicle.
Can you just show the size how big that vehicle is, what percentage of the 2024 flows that represents? And then as you look across your broader
SMAs platform, are there any other vehicles that might be facing some kind of capacity constraints?
Question: Bill Katz - TD Cowen - Analyst
: Okay, and then just maybe a big picture question. I know we've chatted about this over the last couple of quarters, and I think usually when you
make any kind of strategic change, it tends to be in the first quarter of the new year. And just what's your latest thinking in terms of trying to better
monetize the deferred tax asset by transitioning that to a potentially lower effective tax rate as it affects adjusted earnings from here?
Question: Bill Katz - TD Cowen - Analyst
: Great, thank you very much.
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