Average AUM increased by 9.2% to $1,620.3 billion, while ending AUM decreased by $40.3 billion to $1,566.3 billion. The decrease in ending AUM was driven by market depreciation of $31.7 billion and net cash outflows of $8.6 billion.

The company is investing in key capabilities, including investment professionals, distribution professionals, technologies, and new product offerings. Capital expenditures for the full year 2025 are expected to be about $282 million, with 85% planned for technology initiatives.

The average annualized effective fee rate declined as client flows and transfers led to a mix shift in assets under management toward lower fee asset classes and products. EFR without performance-based fees decreased by 3.8% to 40.0 bps.

While operating expenses increased slightly, management is actively managing costs. The company is focused on strategic priorities and is making investments in key capabilities, including technology and distribution.

The company expended $217.5 million to repurchase 2.1 million shares of its outstanding common stock. Since the end of 2022, the company has returned nearly $3.4 billion to stockholders through stock repurchases and regular quarterly dividends.

Management emphasizes that strong investment performance is a key driver to attracting and retaining assets. The report includes detailed performance disclosures for various asset classes and time periods.

The report highlights that future revenues and results of operations will fluctuate primarily due to changes in the total value and composition of assets under management, which are subject to market volatility and economic uncertainty.

The company faces competitive conditions in the mutual fund, asset management, and broader financial services sectors. The ability to attract and retain investors' assets is dependent on investor sentiment and confidence.

The company's business is subject to substantial governmental regulation, and changes in legal, regulatory, accounting, and tax requirements may have a substantial effect on operations and results.

The report provides detailed investment performance data, showing a mixed performance relative to Morningstar medians, passive peer medians, and benchmarks across different asset classes and time periods.

The company is actively working to expand its investment advisory business to investors outside the U.S. and to further penetrate its distribution channels within the U.S.

The average annualized effective fee rate declined, indicating a potential shift in asset mix towards lower-fee products, which could impact future revenue growth.

While total operating expenses increased, management is actively managing costs and implementing strategies to improve efficiency.

The firm employed 8,084 associates at March 31, 2025, a decrease of 0.9% from the end of 2024, potentially indicating efforts to streamline operations.

The company is investing heavily in technology initiatives, which are expected to improve operational efficiency and enhance administrative and operating services infrastructure.

The company plans to spend approximately $282 million in capital expenditures for the full year 2025, with 85% allocated to technology initiatives, demonstrating a commitment to innovation.

The company is investing in its technology capabilities, primarily hosted solutions and depreciation, to maintain and enhance its administrative and operating services infrastructure.

The company is increasing its investments in hosted solutions and technology assets, indicating a strategic focus on digital transformation and technological capabilities.

The company increased its quarterly dividend by 2.4% and expended $217.5 million on share repurchases, demonstrating a commitment to returning capital to shareholders.

The majority of planned capital expenditures are allocated to technology initiatives, reflecting a strategic focus on enhancing technological capabilities.

The company maintains a significant amount of capital invested in seed capital investments, which are expected to be held for several years to build an investment performance history.

The filing does not explicitly mention any specific environmental, social, or governance (ESG) initiatives or commitments.

The company emphasizes its commitment to ethical conduct and compliance with regulations, which are important aspects of governance.

The company mentions the importance of attracting and retaining key personnel, which implicitly includes a focus on diversity and inclusion within the workforce.

The decrease in assets under management was driven by market depreciation, highlighting the company's sensitivity to market conditions and economic uncertainty.

The report discusses global bond and equity market trends, indicating the company's awareness of and response to macroeconomic factors.

The report mentions concerns about President Trump's tariffs on imports and the Federal Reserve's monetary policy, suggesting potential challenges from U.S. trade policies and interest rates.