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: Alex Blostein - Goldman Sachs & Company, Inc. - Analyst
: Hey, good morning, Larry. Hello, everybody. So lots of optimism on the firm's trajectory for organic growth, and I heard you guys obviously echoing
maybe some of the comments from last quarter around strong pipeline and Martin's comments around premium organic growth. So maybe help
contextualize this a little bit more. What does the pipelines look like today? What kind of the timing of some of these conversions that you anticipate,
what asset classes and ultimately, what that means for the firm's organic base fee growth for the back half of '24? Thanks.
Question: Craig Siegenthaler - BofA Gobal Research (US) - Analyst
: Hey, good morning, Larry. So our question is on the outlook for technology services revenue growth. With tech ACV growth at 10%, which is the
low end of your long-term target range, we want to see if you have visibility into the future trajectory, given the timing of larger contract wins
within your existing pipeline in conversations with clients? And now that you have Preqin, then how will that also impact the 10% to 15% target
2025 after the deal closes?
Question: Michael Cyprys - Morgan Stanley & Co. LLC - Analyst
: Hey, good morning, Larry. Hey, just a question on the alts business and GIP. With the deal expected to close in the third quarter, can you just talk
about your expectations for flows there in the infrastructure space? What strategies are you in the market raising or could be in the market raising
over the next 12 months? And maybe talk about some of the steps that you may be able to take to bring some new products to the marketplace,
including extending into the private wealth channel?
Question: Bill Katz - TD Cowen (Research) - Analyst
: Good morning, everybody. Thank you for opening comments. Just coming back to the opportunity for Preqin and you think through the evolution
of the private markets, how do you see the product evolution? And is there a pathway here for ETFs given the underlying illiquid nature of the
investments? Thank you.
Question: Dan Fannon - Jefferies LLC - Analyst
: Thanks. Good morning. Wanted to follow-up, you talked about a lot of momentum across the business. Fixed income has been a topic for some
time, flows have been a bit more mixed here year-to-date. I guess in the conversations you're having, do you still see that as one of the big areas
of incremental growth as the interest rate environment evolves?
Question: Ken Worthington - J.P. Morgan Securities LLC - Analyst
: Hi, good morning. Thanks for taking the question. Cash management had a strong quarter. To what extent are you seeing or still seeing different
and additional institutional clients migrating out of banks to money market funds to get higher yield? And where would you say the global markets
are in terms of this transition to higher-yielding forms of cash management?
And then to the last question, you called out re-risking a couple of times. Are you seeing re-risking coming out of cash, or is re-risking really a
migration within other asset classes either extending duration or going out the risk curve in equities? What are you seeing in terms of that re-risking?
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