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Net outflows were primarily driven by a persistent style headwind for quality-oriented equity strategies, which remain out of favor in the current market cycle.

Management attributed the 8% increase in total sales to successful diversification into style-agnostic, high-conviction growth, and multi-sector fixed income strategies.

The acquisition of Keystone National Group adds a differentiated, asset-centric private credit capability designed to provide stability and defensive characteristics for income-seeking investors.

A significant portion of retail separate account outflows was tied to a previously disclosed rebalancing of a lower-fee model-only mandate to a passive strategy.

Operational results were impacted by seasonal employment expenses, including incremental payroll taxes and benefits related to the timing of annual incentives.

Management noted that over 80% of quarterly net outflows occurred in January and February, with a significant improvement in trend observed during March.

Management expects the average fee rate to increase to a range of 43 to 45 basis points in the second quarter, reflecting a full quarter of Keystone's contribution.

The SMidCap Core strategy, which had been soft closed since 2024, was reopened on April 1 to capture renewed demand and bolster retail separate account flows.

Employment expenses as adjusted are projected to be in the 51% to 53% range of revenues for the second quarter, trending toward the high end due to lower equity AUM.

The company plans to continue expanding its actively managed ETF lineup, following recent launches in emerging markets, real estate, and growth equity.

Institutional flow outlook remains cautiously optimistic as known wins modestly exceeded known redemptions heading into the second quarter, despite inherent lumpiness.

The Keystone investment involved a $200 million initial payment with up to $170 million in additional contingent consideration based on revenue targets over two years.

A new non-GAAP tax presentation was introduced to reflect the economic benefit of a significant intangible tax asset, which contributed $2.64 per share in 2025.

The company utilized $23 million to settle the majority of its remaining revenue participation obligation during the quarter.

A $50 million draw on the revolving credit facility was used to manage seasonal cash obligations and the Keystone closing, with repayment prioritized in the short term.

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Growth was driven by smaller, style-agnostic, and high-conviction strategies that do not share the firm's primary quality-oriented bias.

Management has intentionally increased focus on these strategies through new wrappers, including SMAs and ETFs, to capture demand while quality remains out of favor.

Improvement is expected through a combination of the eventual market cycle turn favoring quality equity and the immediate scaling of the Keystone private credit offering.

Management highlighted that April flows have remained consistent with the improved levels seen in March, suggesting a stabilization from the heavy outflows earlier in the year.

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