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: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst
: So my first question, I wanted to focus on the comment around that large partnership win that was highlighted upfront, Phil, as well as the expansion
and wins at wealth clients. So I was wondering if you could provide further color on those -- both of those, just the pipeline for further partnership
as well as pipeline for wealth management.
Question: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst
: That's great color. And Linda, thanks for providing the detailed color around incentive comp and details around real estate savings. But I just wanted
to drill down further on the guidance piece. If I look at the implied fourth quarter guidance, that implies a significant moderation of margins in the
fourth quarter. And so I was wondering, is there any particular puts and takes that we need to be cognizant of for the fourth quarter. Or is that, as
you mentioned earlier, just conservatism baked into given the economic environment?
Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst
: The first question I wanted to ask was just kind of on upside to your own internal expectations. Obviously, you've raised guidance already this year.
Now you're looking to the top end. It looks like there could be some conservatism in that number. I'm just curious what has surprised you positively?
What has more momentum than you had expected? And any other color on exactly what is driving that?
Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst
: Great. That's all helpful. And then maybe for my follow-up, maybe just a bigger picture question. A lot of talk now about kind of a downturn
playbook, how the business would perform. How would you expect the competitive marketplace to change, any more challenging time for the
end market? Do you think that the share gains that you've seen over the past several years are easier to continue getting or is it more difficult? Or
just kind of any thoughts on how a more challenging backdrop economically for asset managers and your clients might impact your ability to win
business relative to others in this space.
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