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: Bill Katz - TD Securities (USA) LLC - Analyst
: Okay. Thank you very much for taking the question this morning. I appreciate that you can't speak particularly to WAMCO. I certainly
understand that. I guess I'm intrigued by your commentary of potentially revamping some of the economic relationships with the
franchise. I was wondering if you could potentially flesh that out a little bit.
And then separately, I'm wondering whether or not the WAMCO overhang is affecting gross sales in any of the segments. It's not
clear from what you're sharing, but I'm sort of wondering at the margin, what you're hearing on the institutional side, in particular,
given the ongoing investigation? Thank you.
Question: Benjamin Budish - Barclays Capital Inc. - Analyst
: Hi. Good morning. And thank you for taking the question. Wanted to ask about one of your five-year targets, the $100 billion of
fundraising across private markets. Could you unpack that a little bit? Just how much do you expect to come from, say, cross selling
across the investment managers you've acquired in the last several years? How much is predicated on future M&A? How much do
you think will come from the retail versus wealth channel? Any more details around that target would be appreciated. Thank you.
Question: Dan Fannon - Jefferies LLC - Analyst
: Thanks. Good morning. Matt, wanted to follow up just on the context of this year -- of fiscal 2025 and just the outlook for expenses.
I know there's a lot of moving parts with the Western dynamics. But could you talk about core expense growth and either contextualize
with or without Western in terms of what legal or unknowns might come through to think about the growth in the expense base
for the core business?
Question: Dan Fannon - Jefferies LLC - Analyst
: Great. That's helpful. But just to clarify what would be one quarter of Putnam, just to think, so we can kind of normalize for the 9 to
12 months to kind of get to what is dollar amount.
Question: Michael Cyprus - Morgan Stanley & Co. LLC - Analyst
: Oh, hey. Good morning. Thanks for taking the question and thanks for the PowerPoint deck presentation disclosure there across.
Appreciate that.
Just if we think about your targets and objectives over the next five years, just curious what that would translate into, in terms of
revenue, operating income, and EPS in five years' time. And what sort of growth might that be when you sort of pull it all together?
And then if maybe you could just remind us how much Western contributes to AUM revenues and operating income today. Thank
you.
Question: John Dunn - Evercore Group L.L.C. - Analyst
: Hi. Thanks. Maybe just a quick one on wanting to double in the private wealth management. Has there been a change or could you
describe the appetite for firms to join your platform and how aggressive do you think you'll be over the next several years?
Question: John Dunn - Evercore Group L.L.C. - Analyst
: Got it. Thanks very much.
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