Janus Henderson Group plc (JHG): Business Model Canvas [Dec-2025 Updated]

You're looking to really understand how a major player like Janus Henderson Group plc (JHG) makes its money, beyond just the stock price, right? As someone who's spent two decades mapping out these giants, I can tell you their model is a classic active asset management play, but with some smart twists, like their focus on illiquid assets. With $484 billion in Assets Under Management as of Q3 2025 and revenue hitting $700.40 million that same quarter, the machine is clearly running, but how they connect their investment teams to global clients is the real story. Dive below to see the full nine-block breakdown of their key partnerships, value props, and revenue streams-it's defintely worth a look.

Janus Henderson Group plc (JHG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Janus Henderson Group plc (JHG) is using to drive growth, especially in the insurance and private credit spaces as of late 2025. These aren't just handshake deals; they involve significant capital commitments and asset mandates.

Guardian Life Insurance Company of America for $45 billion fixed income mandate

Janus Henderson entered a strategic partnership with The Guardian Life Insurance Company of America to manage a substantial portion of its general account assets. This deal involves Janus Henderson managing a $45 billion investment grade public fixed income portfolio, which includes investment grade corporates and securitized credit. This integration was expected to be complete by the end of the second quarter of 2025. The partnership also saw Guardian Life commit up to $400 million in seed capital to accelerate Janus Henderson's innovation in securitized credit and active fixed income products. Upon the transaction's completion, Janus Henderson's global fixed income assets under management were projected to grow to more than $147 billion.

CNO Financial Group to accelerate growth in private credit

Building on the momentum from the Guardian Life deal, Janus Henderson announced a further strategic collaboration involving CNO Financial Group, Inc. CNO Financial Group will acquire a strategic minority interest in Victory Park Capital Advisors (VPC), which is majority-owned by Janus Henderson. As part of this, CNO will provide a minimum of $600 million in capital commitments to new and existing Victory Park Capital investment strategies. This move is designed to further accelerate the growth of VPC, which specializes in private asset-backed credit.

Strategic alliances for illiquid asset expansion (e.g., Victory Park Capital)

The acquisition of a majority stake in Victory Park Capital (VPC) in 2024 was a key step in expanding Janus Henderson's private market offerings, particularly in asset-backed lending. As of June 30, 2025, Janus Henderson's total Assets Under Management (AUM) stood at approximately $457 billion. Prior to the CNO deal, VPC had invested over $11 billion across more than 235 investments since its 2007 inception. The acquisition was projected to be neutral-to-accretive to Janus Henderson's earnings per share by 2025.

Co-development of multi-asset model portfolios with Park Avenue Securities (PAS)

The partnership with Guardian Life Insurance Company extends to product development for Guardian's dually registered broker-dealer and Registered Investment Adviser (RIA), Park Avenue Securities (PAS). Janus Henderson and Guardian will co-develop proprietary, multi-asset solution model portfolios for PAS clients. As of December 31, 2024, Park Avenue Securities handled about $58.5 billion of client AUM, supported by more than 2,400 advisors. Janus Henderson's model portfolio offering is backed by over 340 global investment professionals.

Global financial intermediaries and wealth platforms

The firm's distribution strategy relies heavily on its relationships with global financial intermediaries and wealth platforms to scale its products, a strategy amplified by the institutional reach gained through the Guardian partnership. Janus Henderson's AUM reached a record high of $457.3 billion in Q2 2025, and by the end of Q3 2025, it stood at $484 billion, reflecting six consecutive quarters of positive net inflows.

Here's a quick look at the scale of these key relationships as of the latest reported data:

The firm's focus on private credit, bolstered by VPC, aligns with the broader market trend where private credit reached approximately $1.5 trillion at the start of 2024, estimated to reach $2.6 trillion by 2029.

The strategic focus areas underpinning these partnerships include:

• Fixed Income Expansion: Growing global fixed income AUM to over $147 billion post-Guardian deal.
• Private Credit Growth: Accelerating VPC's scaling capabilities through CNO's capital infusion.
• Insurance Sector Deepening: Leveraging VPC's expertise tailored for insurance companies.
• Wealth Channel Solutions: Co-developing proprietary multi-asset portfolios for distribution.

Finance: draft 13-week cash view by Friday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Key Activities

Active investment management across diverse asset classes is central to Janus Henderson Group plc's operations. As of September 30, 2025, the firm managed US$484 billion in assets under management (AUM). This represented a 27% year-over-year increase in AUM. The firm's strategic vision includes the pillars of Protect & Grow, Amplify, and Diversify, driving success across the organization.

The investment performance underpinning this activity shows strength across longer time horizons as of September 30, 2025:

Global distribution and client servicing is reinforced by a significant operational footprint. As of March 31, 2025, Janus Henderson Group plc had offices in 25 cities worldwide and employed more than 2,000 employees. The distribution network delivered its sixth consecutive quarter of positive net inflows, recording US$7.8 billion in the third quarter of 2025, reflecting inflows in both Intermediary and Institutional channels. The organic growth rate for the third quarter of 2025 was 7%. The firm is also the fourth-largest provider of active Exchange Traded Funds (ETFs) in the U.S., receiving $1 billion per month in inflows there alone.

Proprietary investment research and differentiated insights guide investment decisions. For instance, in fixed income, Alex Veroude, Global Head of Fixed Income, advised diversification into securitised assets to capture alternative return streams. The firm's CEO, Ali Dibadj, emphasized a disciplined, forward-looking approach, moving away from chasing momentum. The firm's latest reported revenue for the second quarter of 2025 was $633.2 million.

Strategic Mergers and Acquisitions (M&A) are used to expand illiquid and alternative capabilities. Janus Henderson expressed a strong desire to grow in the illiquid assets sector. This year, the firm acquired Victory Capital, a private credit firm, and NDK, an infrastructure platform focused on emerging markets. Furthermore, a strategic partnership with The Guardian Life Insurance Company of America, announced in April 2025, contributed $46.5 billion in predominantly investment-grade public fixed income general account assets in the second quarter of 2025. The firm also saw a non-binding acquisition proposal in October 2025 contemplating an acquisition price of $46.00 per share in cash.

Managing regulatory compliance and risk globally is a constant activity. The firm returned US$129 million in capital to shareholders through dividends and share buybacks in the third quarter of 2025, with the Board declaring a quarterly dividend of $0.40 per share. For the third quarter of 2025, Janus Henderson reported a diluted EPS of US$0.92 and an adjusted diluted EPS of US$1.09. The firm monitors shifting geopolitical alliances, including rising tariffs and global trade disruptions, necessitating closer monitoring of political risk.

Janus Henderson Group plc (JHG) - Canvas Business Model: Key Resources

You're looking at the core assets that let Janus Henderson Group plc operate and compete. These aren't just line items; they are the engine room of their active management business right now.

The firm's scale is significant, backed by its global footprint. As of September 30, 2025, Janus Henderson managed US$484 billion in Assets Under Management (AUM). That scale is supported by a team of more than 2,000 global employees and investment professionals.

Here's a quick snapshot of the hard numbers defining their key resources as of late 2025:

A critical intangible asset is their proprietary analytics platform, Janus Henderson Edge™. This award-winning tool provides deep analytics, risk-modelling, and forward-looking insights to help financial professionals build better portfolios. To be fair, this platform has already helped over 7,000 financial professionals optimize their asset allocation decisions.

The firm's track record reinforces its brand strength. Beyond the AUM outperformance figures in the table, the firm reported its sixth consecutive quarter of positive net inflows, totaling US$7.8 billion in the third quarter of 2025. This operational momentum feeds directly into their global brand recognition and distribution network.

Finance: draft Q4 2025 AUM projection by next Tuesday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose Janus Henderson Group plc (JHG) in a competitive asset management landscape. It's about performance, breadth, and a focused push into the future of fund structures.

Active management aiming for superior financial outcomes

Janus Henderson Group plc positions itself as a global active asset manager focused on delivering superior financial outcomes. As of September 30, 2025, the firm managed US$484 billion in assets under management (AUM). The long-term investment performance metrics show a significant portion of this capital is beating its respective benchmarks.

Here's the quick math on long-term outperformance as of September 30, 2025:

The firm saw its sixth consecutive quarter of positive net inflows, recording US$7.8 billion in the third quarter of 2025, reflecting growth in both Intermediary and Institutional segments. This momentum translated to a 7% organic growth rate in Q3 2025.

Broad range of strategies: Equities, Fixed Income, Multi-Asset, Alternatives

The value proposition includes offering a comprehensive suite of investment capabilities to meet diverse client needs. This breadth allows for cross-asset allocation expertise and solutions across the full spectrum of market environments. In the third quarter of 2025, flow activity showed positive contributions from several key areas.

• Fixed Income and Alternatives flows were positive.
• Multi-Asset capability showed improvement.

The firm is headquartered in London, with offices in 25 cities worldwide.

Differentiated insights and world-class client service

Janus Henderson Group plc emphasizes delivering value through differentiated insights and a commitment to world-class client service. This is a core tenet of their offering, helping clients define and achieve their financial goals.

Active ETF leadership, a key growth area in the US and Europe

The firm is actively engaged in the structural shift toward the Exchange Traded Fund (ETF) wrapper, particularly for active strategies. In the US market, active ETF AUM grew 38% year-to-date (YTD) as of September 30, significantly outpacing the 6% growth in passive ETFs, though active AUM was smaller at USD1.35 trillion compared to USD11.4 trillion for passive as of that date.

In Europe, the active ETF market is a major focus, having surpassed US$70 billion in AUM in the summer of 2025, more than doubling since early 2024. Janus Henderson research projects this European active ETF market will reach US$1 trillion by 2030.

Key European Active ETF statistics for 2025:

• Active ETFs made up 2.7% of the European ETF market in summer 2025.
• Half of all global ETF launches in the first half of 2025 were active.
• US$25 billion of flows went into European active ETFs in 2025 year-to-date.
• The overall European ETF market surpassed US$3 trillion in assets in Q3 2025.

Commitment to delivering value, with most UK funds rated 'green'

Janus Henderson Group plc conducts an annual Value Assessment for its UK authorised funds against seven criteria set by the Financial Conduct Authority (FCA). The assessment for 2024, published in 2025, indicated that the majority of their UK authorised funds are delivering value and were rated 'green'.

However, the review highlighted areas for improvement across the 59 funds assessed:

• 27 of 59 funds (or 45%) received an overall amber assessment, meaning they were on watch.
• This represented a 50% rise in funds on watch from 18 in 2024.
• 23 strategies received a red light specifically for performance.

Finance: draft 13-week cash view by Friday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Customer Relationships

You're looking at how Janus Henderson Group plc (JHG) manages its connections with the people and institutions that entrust it with capital as of late 2025. It's a mix of dedicated, high-touch service for big clients and broader digital reach for others.

Dedicated institutional and intermediary sales teams

Janus Henderson Group plc supports its client base with a significant distribution force. As of March 31, 2025, the firm had over 400 distribution professionals working to support its geographically diverse retail and institutional client base. This team is key to driving sales across the Intermediary channel, which, as of the first quarter of 2025, represented 55% of the firm's Assets Under Management (AUM) based on one breakdown, or 58% based on another. The Institutional segment accounted for 24% to 23% of AUM in Q1 2025. The firm saw positive net inflows in both the Intermediary and Institutional segments in Q1 2025, totaling $2.0 billion.

Long-term, firm-to-firm strategic partnerships (e.g., Guardian)

Strategic alliances are a major driver of asset growth. A prime example is the partnership with The Guardian Life Insurance Company of America, announced in April 2025. This deal involves Janus Henderson Group plc managing Guardian's $45 billion investment grade public fixed income asset portfolio and providing up to $400 million in seed capital. This single relationship immediately impacted flows, contributing $46.5 billion in net inflows during the second quarter of 2025. Another strategic move mentioned was a partnership with NBK Wealth, allowing Janus Henderson Group plc to enter the Emerging Market private capital space.

High-touch, consultative service for institutional and HNW clients

For its larger clients, the service model is clearly consultative. The firm's mission centers on helping clients define and achieve superior financial outcomes through differentiated insights and world-class service. As of September 30, 2025, Janus Henderson Group plc managed US$484 billion in AUM, up 27% year-over-year. The focus on deep client relationships is supported by a global presence, with offices in 25 cities worldwide and over 2,000 employees serving millions of people globally.

Here's a look at the AUM distribution by client type as of March 31, 2025, which dictates the service allocation:

What this estimate hides is that the AUM grew to $457 billion by June 30, 2025, and then to $484 billion by September 30, 2025, meaning the percentages are for a smaller base.

Digital engagement and self-directed resources for retail investors

While institutional and intermediary channels drive significant assets, the Self-Directed segment represented about 22% of AUM as of March 31, 2025, in one reported breakdown. The firm's strategy includes broadening its retail client engagement. The firm serves over 60 million people globally, suggesting a need for scalable digital resources to support this broad base.

Client conferences and events to deepen relationships

Janus Henderson Group plc actively hosts events to foster deeper connections. During the second quarter of 2025 earnings call, management noted conducting several client conferences in The U.S., The U.K., Connell Europe, Asia, and Australia. These events brought the whole firm to clients, with several trillion dollars of AUM represented across these gatherings. The firm's public event schedule for 2025 included results briefings and appearances at major industry gatherings like the BofA Securities Financial Services Conference (February 12), the UBS Financial Services Conference (February 11), and the Barclays Global Financial Services Conference (September 08).

The firm's focus on client engagement is reflected in its consistent reporting cadence:

• First Quarter 2025 Results announced May 01, 2025.
• Second Quarter 2025 Results announced July 31, 2025.
• Third Quarter 2025 Results announced October 30, 2025.

Finance: draft 13-week cash view by Friday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Channels

You're looking at how Janus Henderson Group plc gets its investment products in front of clients as of late 2025. It's a multi-pronged approach, relying on established relationships and new strategic wins. As of September 30, 2025, the total Assets Under Management (AUM) stood at a record US$484 billion.

Global Intermediary channel (positive net inflows in Q3 2025)

The Global Intermediary channel is definitely a core engine for Janus Henderson Group plc. This channel moves products like U.S. mutual funds, SMAs (separately managed accounts), ETFs (exchange-traded funds), and UCITS (Undertakings for Collective Investments in Transferable Securities) through financial advisors and wealth managers. You saw this strength reflected in the third quarter of 2025, which marked the sixth consecutive quarter of positive net inflows for the firm overall, with the Intermediary segment contributing positively to the total US$7.8 billion in net inflows for Q3 2025. Honestly, the firm has been putting serious resources here, enhancing technology and hiring relationship managers to grow the financial advisor subchannel.

The Intermediary channel is where a lot of the firm's traditional retail and advisory business sits. For context, at the end of 2024, AUM in this channel was $211.0 billion, representing 56% of the total AUM at that time. It's a big piece of the pie, so continued positive flows here are key to the firm's organic growth rate, which hit 7% in Q3 2025.

Institutional channel for large mandates and insurance general accounts

The Institutional channel targets large mandates, endowments, foundations, and, importantly, insurance general accounts. This channel also delivered positive net inflows in Q3 2025, supporting the firm's overall flow success. A major driver here has been the strategic partnership with Guardian Life Insurance Company of America. This deal involved Janus Henderson Group plc managing $45 billion of Guardian's investment-grade public fixed income portfolio, with full onboarding projected by the end of Q2 2025. This single mandate significantly bolstered the institutional book, positioning Janus Henderson as a top-15 unaffiliated insurance asset manager with pro forma AUM for global insurance companies exceeding $109 billion.

Direct-to-client/Self-Directed platforms

This channel serves individual investors who invest directly or through a mutual fund supermarket. While the firm is heavily focused on intermediary relationships, the Self-Directed segment remains a substantial component of the business. To give you a sense of scale, at the close of 2024, AUM in the Self-Directed channel was $86.5 billion, which accounted for 23% of the total AUM then. The firm is also seeing its ETF flow activity included in this client type starting in Q1 2025, which is a structural change from prior periods.

Third-party distribution platforms and wirehouses

These platforms and wirehouses are functionally part of the broader Intermediary channel, as they are the conduits through which financial intermediaries distribute Janus Henderson Group plc's products. The success of the Intermediary channel, evidenced by the positive Q3 2025 net inflows, directly reflects the effectiveness of these third-party relationships. The firm's strategy involves enhancing its technology platform and relationship management to better serve these critical distribution partners.

Co-developed model portfolios via partner broker-dealers

Janus Henderson Group plc is actively using co-development to embed its strategies within partner ecosystems. A concrete example is the work with Park Avenue Securities, which is Guardian's dually registered broker-dealer and RIA with $59 billion in assets. The partnership includes the co-development of multi-asset solution model portfolios specifically for Park Avenue Securities. This action moves Janus Henderson Group plc beyond just selling funds to integrating its investment expertise directly into the partner's advisory offering.

Here's a snapshot of the channel-related metrics we have as of late 2025, keeping in mind some figures are from the immediately preceding periods:

The firm's organic growth broadened significantly, with 21 different strategies each pulling in net inflows of at least US$100 million during the third quarter of 2025. That's nearly double the number from a year prior, showing the distribution strategy is working across more products.

You should definitely track the full integration of the Guardian general account assets, which is a $45 billion fixed income book, as that will fully reflect in the Institutional channel's AUM figures going into 2026. Finance: draft 13-week cash view by Friday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Customer Segments

You're looking at how Janus Henderson Group plc structures its client base as of late 2025. The firm serves a global mix, but the latest figures from their third quarter 2025 results give us a clear picture of where the assets and new money are coming from.

Global Institutional investors represent a core base, including large pools of capital like pensions and endowments. This segment showed positive momentum, contributing to the firm's sixth consecutive quarter of positive net inflows. As of September 30, 2025, Janus Henderson reported total Assets Under Management (AUM) of US$484 billion. The Institutional segment specifically recorded net inflows during the third quarter of 2025, though the exact dollar amount for that segment alone isn't broken out separately from the Intermediary segment in the headline flow figures.

Retail investors via financial intermediaries and advisors are another major component. This Intermediary channel also saw positive net inflows in the third quarter of 2025, alongside the Institutional segment. The Intermediary channel is where Janus Henderson distributes products like U.S. mutual funds, Separately Managed Accounts (SMAs), UK Open Ended Investment Companies (OEICs), and others through third-party advisors and platforms. The total net inflows across both Intermediary and Institutional segments for Q3 2025 reached US$7.8 billion.

For Insurance companies seeking investment grade public fixed income, the strategic partnership with The Guardian Life Insurance Company of America stands out as a concrete example. This deal, announced in April 2025, involved Janus Henderson managing Guardian's US$45 billion investment grade public fixed income asset portfolio for its general account. Furthermore, this partnership included up to US$400 million in seed capital. The impact of this was visible in the Q2 2025 net inflows, which included US$46.5 billion of predominantly investment grade public fixed income general account assets from Guardian.

The segment for Self-Directed investors utilizing ETFs and mutual funds is tracked closely, especially since the firm changed its reporting convention. Note this: beginning in the first quarter of 2025, ETF flow activity is now included in each client type, whereas prior to Q1 2025, ETF flows were included only in the Intermediary segment. This change provides a more accurate view of where self-directed money, often channeled through ETFs, is allocated across the firm's client classifications.

Here's a quick look at the scale and recent activity across the major client groupings we can quantify:

We don't have a specific AUM breakdown by percentage for Institutional versus Intermediary/Retail as of September 30, 2025, which hides the exact weighting of the US$484 billion. However, the positive net flows in both Institutional and Intermediary channels in Q3 2025 suggest broad-based client engagement across those two primary distribution paths. High Net Worth (HNW) individuals and family offices are typically served either directly or through specialized intermediary relationships, but their specific AUM contribution isn't separately itemized in the top-line flow reports.

You should check the Q4 2025 investor presentation when it releases for the full AUM segmentation. Finance: draft the Q4 2025 AUM segmentation reconciliation by February 15, 2026.

Janus Henderson Group plc (JHG) - Canvas Business Model: Cost Structure

You're looking at the expense side of Janus Henderson Group plc's (JHG) operations as of late 2025. This is where the money goes to keep the global asset management engine running. Honestly, for a firm managing US$484 billion in Assets Under Management (AUM) as of September 30, 2025, the cost structure is heavily weighted toward its people and getting the message out globally.

The single largest component of operating expenses is definitely personnel. Employee compensation and benefits, which includes those crucial profit-based incentives, is a variable cost tied closely to revenue performance. For the third quarter of 2025 alone, this line item was $205.4 million, plus an additional $47.8 million for long-term incentive plans. Management has explicitly guided that the adjusted compensation ratio expected between 43-44% for FY 2025, which means for every dollar of revenue, 43 to 44 cents is allocated to compensation, assuming flat markets from March 31 AUM.

To support its global reach, Janus Henderson Group plc incurs significant distribution and marketing costs. Distribution expenses, paid to financial intermediaries for sourcing AUM, were $145.6 million in Q3 2025. Marketing spend, which helps drive awareness across their offerings in 25 cities worldwide, was $10.7 million for the same quarter. The firm had approximately 2,000 employees as of mid-2025, which underpins these distribution efforts.

Technology and data infrastructure costs, while often bundled, can be partially seen in the Investment administration line. For Q3 2025, Investment administration expenses were $16.8 million. This covers the systems needed to manage and report on that massive AUM base. It's a necessary investment to maintain operational efficiency and regulatory reporting standards.

General and administrative expenses (G&A) cover the overhead of running a public, global financial institution. This includes office costs, regulatory compliance, and other corporate functions. In the third quarter of 2025, the General, administrative and occupancy line was $84.6 million. This figure is key for understanding the fixed-cost base that needs to be covered regardless of market performance.

Here's a quick look at the major operating expense components for the third quarter of 2025, keeping in mind these are quarterly figures, not full-year projections:

The full-year 2025 expectation for the adjusted compensation ratio is a critical lever for profitability. If AUM performance is strong, revenue rises, and the ratio is targeted to stay within 43-44%. What this estimate hides is the impact of any significant one-time costs or large non-cash charges that management adjusts out of the 'adjusted' figures.

You should track the adjusted non-compensation growth guidance, which was set at the higher end of mid- to high-single digits from 2024 levels, as that directly impacts the G&A and technology spend trajectory going into 2026.

• Employee compensation and benefits, including profit-based incentives, is the largest cost driver.
• Adjusted compensation ratio expected between 43-44% for FY 2025 based on revenue.
• Distribution expenses were $145.6 million in Q3 2025.
• Marketing spend was $10.7 million in Q3 2025.
• Technology/Operations costs are reflected in Investment administration at $16.8 million (Q3 2025).
• General, administrative and occupancy costs totaled $84.6 million in Q3 2025.

Finance: draft the projected full-year 2025 operating expense breakdown based on Q3 actuals and management guidance by next Tuesday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Janus Henderson Group plc (JHG) brings in cash, and as of late 2025, it's clear that scale and investment performance are driving the top line. The business model relies heavily on fees generated from the assets they manage.

The primary revenue engine is management fees based on AUM (Assets Under Management). While a specific dollar figure for this component isn't explicitly broken out in the headline results, the underlying metric is strong. As of September 30, 2025, Janus Henderson Group plc managed $484 billion in AUM. The rate on this revenue stream, the net management fee margin, stood at 42.7 basis points for the third quarter of 2025. Here's a quick look at the overall revenue picture for the period:

Performance fees are a significant, albeit variable, contributor. These fees are earned when investment performance exceeds certain benchmarks. For the third quarter of 2025, performance fees contributed $16 million to the results. Honestly, that figure marks the best U.S. mutual fund performance fees Janus Henderson Group plc has seen in over 10 years. This variable income stream directly contributed to the adjusted operating income of $204.5 million for the quarter.

The growth in revenue, which was up 12.1% year-over-year for Q3 2025, was explicitly driven by higher average AUM and those improved performance fees.

Distribution and servicing fees are a distinct category, but you need to understand how Janus Henderson Group plc treats them. For the majority of these fees, which are collected by Janus Henderson Group plc, they are passed through to third-party intermediaries who handle the distribution and servicing work. Management views the deduction of these fees when calculating adjusted revenue as reflecting this pass-through nature. If Janus Henderson Group plc performs the service itself, the revenue is retained and not deducted from GAAP revenue. No specific dollar amount for retained distribution and servicing fees was provided in the summary data.

Newer strategies and product types are clearly gaining traction, showing up in the flow data which underpins future fee revenue. The focus here is on expanding beyond traditional mandates:

• Active fixed-income ETFs delivered over $5 billion in net inflows.
• Five specific ETFs logged net inflows of greater than or equal to $100 million each in Q3 2025.
• The firm noted that 21 different strategies achieved net inflows of at least $100 million each, nearly doubling the count from the prior year.

Specific revenue figures tied directly to illiquid asset strategies are not itemized separately, but the overall positive net inflows of $7.8 billion in Q3 2025, the sixth consecutive quarter of inflows, show the product breadth is working.

Finance: draft the Q4 2025 revenue projection based on current AUM trends by next Tuesday.