The following is a summary of the BrightSphere Investment Group Inc. (BSIG) Q1 2024 Earnings Call Transcript:
Financial Performance:
BrightSphere reported Q1 2024 ENI per share of $0.44, an increase of 57% compared to Q1 2023, largely driven by increased management fee revenue.
The Assets Under Management (AUM) has grown by 6.5% to $110 billion.
The buyback of approximately 10% of outstanding shares positively impacted EPS.
The company had a cash balance of $102 million at the end of March 2024.
Business Progress:
Acadian continues to show strong investment performance with over 80% of its strategies outperforming their respective benchmarks.
Net client cash flows for Q1 2024 remained positive at $0.4 billion.
Growth initiatives such as the Equity Alternatives Platform and Systematic Credit platform are progressing as planned.
It repurchased 3.5 million shares in Q1 2024, totaling approximately $74 million.
The company plans to utilize free cash for organic growth and further share buybacks.
More details: BrightSphere Investment IR
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