GCMG - Earnings call 1 2021 | Grosvenor Capital Management, L.P.

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Operator

Good day, and thank you for standing by. Welcome to the GCM Grosvenor first quarter earnings webcast. [Operator Instructions] Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today, Stacie Selinger, Head of Investor Relations. Please go ahead.

Stacie Selinger

you. Thank welcome First and Call. XXXX GCM to morning, Quarter Grosvenor's Earnings Good Officer, I'm Chairman Jon Sacks; Financial Grosvenor's by Levin; Bentley. Chief Chief Today, GCM Michael and joined Executive Officer, and Pam President,

are filed quarter's cause Before and our call business May XX, the our fact and promises current statements different discussed and to this not neither materially should results. could SEC our results, may be we XXXX, considered Factors from do These the results with our forward-looking discuss actual a that other Commission results, differ financial call. XX-K/A statements. statements actual indicated made risks, that of in all matters unknown Exchange to the They the achievements materially other regarding section forward-looking Securities guarantees. those expectations with and involve to factors reminder any on performance. the this relate cause be Factors that important and for on statements future or historical statements on nor from includes this Risk This filings performance known our by uncertainties of

which on available also Public the again of available website. Shareholders our are which measures the view the A that to important supplement, August in metric as our can reference may both XXXX assessing GAAP nearest website. We'll our refer of of non-GAAP also our in presentation performance earnings We and merger earnings non-GAAP business. our on to is of we reconciliation section metrics be presentation, found

our brief Some call. begin we housekeeping before

treatment we certain XXXX, guidance XXXX staff XXK/A. filed warrants, regarding SEC on on the on issued based XX, know, April you Form our May XX, of accounting As

us week a also gives post-effective our next the go S-X to effectiveness expect file ahead. shelf will SEC seek as registration staff as the statement amendment and soon Form We to

the issued SEC this restatements. with companies staff Grosvenor. and to warrants was The no characteristics impacted containing similar by unique in GCM As many you way certain numerous restatement know, guidance in resulted

treatment in will GAAP earnings, warrants the income as result more detail revenue, adjusted and will metrics discuss net be while and Pam the EBITDA such in impacted. liability fee-related will on adjusted Importantly, not of fee-related our flow later non-GAAP the earnings, this key cash in some volatility call.

continually Michael. spirit, regard. is us. to this we that we your goal And to Our and endeavor call our I'll In to the for again we'll improve shareholders. you look joining to turn with forward with over how improve feedback, continually communicate in Thank that,

Michael Sacks

Stacie, you, call. are you of all thank who to Thank and you listening this to

investment The the first quarter year XX% strategies presentation, for to earnings us earnings revenue strong growth in achieve XXXX of $X.X the XXXX, XXXX XX% environment am track last quarter for across on we as of remained total momentum highlighted you of call. On that first pleased earnings to raised growth XX% continued a alternative the we report our billion a was on X Slide business over I of can fee-related fee-related leaving quarter, of and quarter the the XX% to enjoyed full our XXXX. see the we robust. to XXXX first

high, levels be and pipeline continues encouraging. our remain activity forward, to Looking

XX, increase to to assets March at under an March of December XXXX, compared of of increase compared billion, XXXX. XX, XX% XXXX, fee-paying X% XX, As our management stood an $XX and

time stood an of ago to X $X.X the XXXX, yet at billion XXXX. of X% December XX, same as and Our March increase contracted fee-paying not as XX, XX% year of an AUM increase compared compared as to

the and prior an fees the increase million $XX from end the XXXX quarter represents million, now incremental management X% of not embedded first at quarter. of increase the of contracted Our AUM XX% yet from of fee-paying annual $XX a

the X. to strategies return of environment experienced vertical, improvement first the a marking we in that In inflows continuation flows Moving $XXX the in of Slide absolute our fund net quarter, for million strategy.

pleased case flows flat continue for with year absolute return full XXXX. strategies this maintain to of the for While our result, base we

worth firm our that fee to It were or flows rates vertical direct in noting of changes and were in is stable, whether activities. verticals of related of fee fundraising each the investment co-investment by secondary primary, across and level a result largely any funds mix our the

support and direct for forward. fundraising our opportunity for Solid levels funds and provide for fee current investment specialized co-invest going secondary activities and

with as quarter, XX% a we of first to COVID This the from more from clients, new expected move clients. XX% onset from a was of normal to During XX% new approximately split away funds came the further XX% pandemic. of clients return the coming existing inside typical from fundraising our existing our

a grew first fees year period last quarter. quarter, increase and revenue X% and bit, markets the private fee-related our compared over saw year same For and X% X% by as by down to the we respectively. increase compared management to our fourth the the last XX% Drilling quarter, by

presentation. of this can our Page You on see earnings XX

already clients, have It growth Based least regarding private raise that the of fees year on of remaining, our year not today, XXXX. before in market funds. revenue X% goes we under fee-paying fee-related turn assets our continue saying X/X yet from than fundraising have any and and at markets distributions additional for we timing on to won the XXXX the of we contracts that of believe management we contracted more to and without assumptions base that full the we'll private have case

over X% fees X%, For were and modestly the respectively. and prior with quarter the year of gains quarter, return our absolute management strategies up

of earnings see can our presentation. XX Page on this You

the believe market strategies perception valuation to its the conservative. and continue attendant absolute vertical that return We of market are

earnings same by period If that you see a look the you at Slide X, our fee-related year over XX% ago. increased

expenses It we margin noting increased timing our XX% Pam mentioned down rest quarter incentive quarter compared worth to of year until fee-related quarters the fees certain over that fee-related of were performance the our XXXX. we we December elaborate the XX, XXXX. In of significantly enjoyed and annual from crystallize as fees comparisons last earnings of to are between on. expected to call, As improvement relevant. fees of our due that first quarter, our in that majority first on earnings of the XX% not through not first fourth do fourth Because the over last will XXXX the incentive and the is expect increase margin move and an the continued

to We are realized eligible that in embedded XXXX. of be than XX, fees as in March realized fees, $XX were annual performance to to that there million the of more are addition incentive first quarter pleased report unrealized

asset asset on that value We before our of noncontrolling accretive of our interest. acquire the of growth earnings the quarter contains interest exercise we and of be these the investments information share deducting For and saw Mosaic firm's the of totality carry from that $XX is the at firm's XX% calendar option firm. this to prior option quarter, The the noncontrolling the to Mosaic-related net year. numbers It the of intention the call million at bringing numbers call to firm's to in will $XXX unrealized Page believe of net the unrealized interest XX. Mosaic-related in carried and represent presentation on investments exercise million, These XX%, value prior and the respectively. share end

and the in our about opportunity remain We clients' ability activities investment in our about terms portfolios to recent value continue of feel investment We to to set. across verticals. good add performance our confident

will that that year worth We it we continue Russell late mentioning public meet also help be us our good to of believe is all we XXXX last about feel to the and constituents. continue to to June. added believe having criteria deliver to this gone the index It

in team to also, make our in will public which return and we we expect in and our business team, will as a development intend discuss, investments to continue on have Finally, particular, investment. company And related have to produce our continue invested good Jon made to status. invest

President, And the to turn Grosvenor over Levin. with Jon? that, Jon I'll GCM call

Jonathan Levin

touched breadth environment you, combination momentum ability platform's generally, continued on function investment Michael the grow our our in of proposition solutions a across and investors. That alternative our with clients new existing and the of of client spectrum. the to with with enhances power The to of evolve growth value Thank depth in is relationships entirety the the business. Michael. ability offer and earnings begin the unique our

X. Slide to Turning

from to benefit particular. across We strong fundraising a private in continue markets, backdrop

for in the XXXX, the markets Of customized benefit first also that tailored given strategies returns. raised already function for of We more from billion risk-adjusted Michael capital approximately our in was strategies. the were XX% positive is separate market's XX customized sentiment for net strategy accounts heavily which flows contributed quarter of continued quarter, in the investor clients. XX% capital More given absolute accounts than of of which toward was separate and recent and private return strong X/X clients the mentioned the the of than more first $X.X the positive a capital, strength new interest programs.

funds, specialized managers; through GSF will advance X alongside of fund be III; advance In diversified raising the those III; only or year, year. which and XXXX. its in women-owned funds. of investing XXXX, third, market of we second, and fund be raising end across the or specialized we fund secondaries Regarding end of the have will are this funds, class these focused MAC funds investment our III. at And our fund currently is or X first, multi-asset direct on and final X are minority capital infrastructure our finally, X or CIS anticipate capital All with in our will fund funds: raising which the the close

funds We the expect throughout closings multiple have X also to all year.

in catch-up this of total persist particular. into believe in management fees increase the year, fees the XXXX. back a result, management half will We should dynamic As

our Oftentimes, structured with significant We XX existing with more raised across More and currently XX% proposition of more XX% continue evolve and value verticals, capital our model multiple existing strategies. relationships. grow added work relationships capital into endorsement of have move just of up fundraising. X top in months source clients. our intentionally significant was a from past than In business clients a We've from clients of than ago. than our top new this to clients to X Our the the years, our be XX% of of XX% strength quarter, our clients.

investment opportunity new team channels incremental our and growth certain opportunity Toronto to power new are in architecture across business. we we believe are and a regards that are investments, our $X.X that a very in capital billion announced there's significant this every connectivity excited to competitive of our and which for every with have invested We and to highly believe activity, area the Therefore, see there. With by XXX will fashion, space quarter, business. To also active our compelling our underrepresented edge. we will than area of white see to in very business from establish first hires. making drive more capital the office X of opportunities active and significant recently new across you invest channels. investment in we clients historically period. new new efforts continue to approximately the draws alternative's this this sourcing in from universe a certain us in The regions Canada point, of attract contributes year, client We engine, open development In we

a private increased managed the unrealized competitive highlight return The leverages as products March a of significant the during saw our of IRR In performance the private Within generating which in XX.X% of March to XX% of funds, business XX. investments from to absolute our our appreciation that the full net XX% we particular strategies, the in within is trailing make team year-end sourcing by performance was was Investments XX% to funds, market multi-asset platform are and the closed-end, first which period. One co-investments. which our to speaks class that XX, are from verticals. across Group, the of quarter. we carry Importantly, Strategic direct XX-month in increase our combined each strategies, performance market-style

year-to-date of last a XX through XX%, XX%. special return over more the which open-end months and a is the return Our March liquid has is opportunities fund's fund, XX vehicle,

Michael for earlier, investment the remain As generally noted clients. and opportunity performance set our we ability generate attractive about our excited to

detail. Now to our turn to more the call financial in over I'll Pam performance address

Pamela Bentley

Thanks, Jon.

amended quarter, accounting to results impacts our XX-K warrant on Before fourth we briefly the the I earlier into this week. SEC on address was want GAAP filed statement and this our quarter its performance that in get

change each in quarter. tender value as position, reporting December, time a statement, $XX through and declined more Based the our These period. the end in they on from non-GAAP a of the of nonoperating that be did the quarter recorded cash our we the mark-to-market of the than As the result forward. on in $XX our impacted offering The resulting fourth we in SEC determined nonoperating million income. based the million should features not subsequently expense a the and of they impact value, liabilities be warrant of warrants, classified of financial not fair or warrant public will changes going fair first measures offsetting of

Turning to quarter. on our performance I'll in X. the Slide begin

As positive made to and and basis, under come performance. we On illustrating a net in see our are our to to fee-related business. Michael of the noted, continued benefit adjusted financial year-over-year we've very earnings, all fruition income the pleased momentum continue EBITDA recent adjusted management increased, years our assets investments and

XX% the grew year portends the second growth which over prior solid quarter, under management X% Fee-paying fourth the and quarter. from grew for assets

deeper, private fee-paying management management and both return absolute markets assets for level fees one strategies. and under grew Going

We fee this across also the saw business and fee stable to expect quarter continue. rates stability average this

to $X.X which million, quarter, fundraising higher is This million approximately catch-up included related than our management quarter. our fund revenue last in fee-related specialized our were $X fees

raise As the expect specialized into we in fourth year. we our funds, ongoing to higher and next catch-up be continue and fees and will quarters see to continue third management them

of Regarding $X in March that received incentive Michael in the specific year. its to related crystallizes fees, quarter, primarily noted, a as annual million fees fees XX program on performance each we

expect annual quarter, majority the a other performance the of be we to fourth than saw case. crystallized fees the in our vast accounts, And last continue quarter. that you to few As

Turning to expenses. our operating

on nature. call that increased of fourth As mentioned line previously our have we in discussed, in they seasonal our with some compensation-related quarter costs I our expectations. are

of impact in the contributions payments, expenses of fourth first XXX(k) first over our drove quarter. higher taxes stable was and During quarter, bonus million the of the combined quarter. timing Headcount the payroll $X.X relatively

and headcount business strategic in development certain compensation invest the We year make and public to expect to we in continue throughout company-related personnel as professionals. increase investments

the in the remaining stock in also mentioned transaction-related This X.X million shares expense in the first X.X stock As million years. $XX X we public saw to on million shares over GAAP scheduled to units of to resulted vest March, left quarter's March, X grant offering. million granted units compensation next restricted relating in quarter. related with our last the call, This restricted

first expenses our general quarter, earnings $X by our expectations increased consistent Our in line in the administrative and million with fee-related with goals.

our and of As revenue XX% Michael mentioned, we growth to are our remainder on track year. for XX% earnings growth the fee-related through the accelerating XX% XX% of target with growth fee-related for to of XXXX,

across funds. specialized to raise We capital additional firm, continue capital and the deploy in our including

last The for largely years now on X above continues million and growth. potential rate value illustrated within Slide $XX the fees vertical, embedded has earnings As annual significant run a incentive is over nearly from basis. ARS our fees, our revenue from to XX, annual increase doubled on opportunity revenue provide performance and future and

of position reflected We XXXX. carry work, over to are the million earnings unrealized a dollars end, first and interest, increase interest had carried provide time. not unrealized which future. will $XXX we quarter in carry which the at enjoy is grow in also power XX% At fee quarter and continued incentive considerable over yet Our carried for diversify has

diversification. As its a unique reminder, level in our carried very interest pool high is of

spread investments. carry of dozens is unrealized Our amongst programs and contributing XXX

most an to rights Today, employees a been completed in interest third sheet early of which of last and transferred awarded a to were opportunistic year, or exchange investments transaction aggregate party carried for Mosaic, our our unrealized balance the cash. transferred majority has contractually where of as carry part was to

and in our anticipate will Michael the exercise As We its repurchase value option rights intend to Mosaic to future given discussed, significant carry we the year-end. accretive. be investments, to repurchase by

Turning to XX. Slide

and rate. in and end cash additional revolving at credit down debt amendment public our quarter million pay term loan an reduced Our in of facility used the of million. to balance $XX interest $XXX and was proceeds process, from the we our Alongside February, going extension

to the quarterly $X.X result, first quarter interest As starting is this in expense second closer compared our quarter. year $X to a of to the expected in be million million

over the cash in million the performance of first warrants generated our platform million quarter. In strong the also $XX We X.X well preview culmination summary, our of future from exercise as efforts exciting in demonstrates an expansion of our as growth.

are our a assets, combined excited we Given robust industry tailwinds, grow scalable our business. the to momentum about multiple future of platform, and pipeline the avenues with fundraising

We're any to take now happy questions.

Operator

with first Worthington question Ken Instructions] from Our [Operator JPMorgan. comes

Samantha Trent

This behalf Ken. is Samantha on Trent of

business. just on absolute question the is returns The first

return funds and kind bit Grosvenor this fund a have been little looked quarters So quarter a hedge recent of below. in beating the indices touch

of at how how and impact quarter impact what is of And So meme and picture, wondering events extent stocks stock the investments the January absolute the Archegos meme the Grosvenor phenomenon? the returns impacted the the just did business? by were even first like to looking bigger then

Michael Sacks

Sacks. Thank you It's for Michael that.

believe extreme a that, that in do. lot of market manager determine that's we And our whenever in way to what unduly It able of benefits comprehensive, a we influence the of you strategy or that you a business. one shows holistic the market your portfolio results. have value running So with no diversified have volatility, benefits the or dispersion proposition

frankly, January, meme certainly the for performance. which stocks, neither to impactful terribly So or little a Archegos bit our were exciting in anyway, there were in

change third year. mentioned are demand last those of value and the sentiment in Our and activities. is from entire return -- the levels the as pipeline of actually And significant that seen absolute interest and space we quarter high, comments, in a the quite and I approach reinforced think pretty from has our

Samantha Trent

expenses. then And to to just move

a good for numbers rest the this, grow G&A, through this I And to this then the and of at into but talked of And expenses then year? are coming about expecting for in to quarter? costs, you where look base clean next year core compensation pretty quarters? is think already terms In these we this

Michael Sacks

please, our like expenses and want So in, regard the I tightly our were with expectations. conservatively, headcount And our the They are don't to take were and goal made and budget last anything earnings consistent the our to regard if by. expenses manage which FRE we you or with to expenses with XX% there's XX% think we -- to carefully. our to I'd not. that Pam, we with a achieving with add this certain comments year, I'll I shot, us to then we line our but budget that in think are on of consistent seasonality comp. call and Pam, standing and add know we if

Pamela Bentley

second to appropriate is travel if an expenses level. expect your this Yes, on level. we of Samantha, that see think wouldn't to but we of pre-COVID-related We resume, question yes, just could tick the start appropriate in part up full. an this is modestly the some this

is So XX% as in FRE embedded again, Michael to growth. said, this our XX%

Michael Sacks

the talked margin some of that mentioned, continued I quarter the the nicely, for thing QX FRE just XXXX past -- we this the XXXX, grew think operating the as guess just and reporting quarter, I'd is to last in would we're we've year, last mention I we expansion our and from margin think and remainder now, And on looking QX leverage have about we Pam business. do we're the in through

relevant well. think as I so And all that's

Samantha Trent

And then more. one just

bit million to Moving elevated relative prior quarters a to years. were distributions The around and $XXX private of assets. market

here going terms the that Just any given color end color you on any analysis, of year? walking have of you through pace conditions, if in the distributions the of forward, your the the and can to market share

Michael Sacks

that call. that activity be and transactions pause we including it COVID. on in more a therefore robust that we tick more think we year deal I activity, And on touched fourth earnings had is anticipated last what to quarter our We happened. distributions. due and would We actually -- more would and see and up

of of and can we've our to in high of levels is robust, levels see -- think kind And the And the modeled. sort revenue believe throughout that activity carry activity remain as the extent that year. I of you be what there is will some of we remainder well. continued in all

Jonathan Levin

over And Samantha, a just robust elevated or correlation there's between being add strong in distributions raising by that capital this would is return capital and of general, to Jon. activity driven cycles, I clients. the

being it related. because X when very much So the embedded, Michael talks it's about are

receiving larger commitments. make larger exit are sooner healthy and of up commitments clients back because So potentially would typically and environment speed a by cycle that the they capital would which new

And important those so relationship the X business. healthy there's metrics a between for

Operator

comes Klauber Blair. with next Our from William question Adam

Adam Klauber

obviously, funds. of with this You're round having lot of current a success, new

we likely know, secondary be you When the 'XX, longer specialized, more we'll think at particularly 'XX, Those As successful. about it seem more is term. business look see we funds? to

next about or what that next look Just potentially some tranche like? general thoughts round would

Michael Sacks

you the Thank question. now, will at have for are funds year this of as that Thank end the you, Of fund year. advanced the market only the Adam. Jon close the in mentioned, final a

And funds and in those from secondaries market, next continue of that we'll other will we then on and next for market stay X into come the their perspective a of into raising. fund. -- funds So the cycles will come specialized in including have year

through that. in of present firm we and and see continued in on also part end 'XX. the So fees for see year, firmament that will that next of be continue of on management of kind the fact into I the We think catch-up the the Pam it's that continuing specialized 'XX touched we and fundraising year, see

Adam Klauber

Okay.

Michael Sacks

beyond. And

Adam Klauber

Okay.

of -- as quarter? lot talking quarter. was this very, And a hits or clearly, really about? the $X.X any quarter, Was it that of in a I made efforts mean, been that you've Okay. there raised it just I that strong unusual, as of far the quarter, Or amalgamation billion strong very guess,

Michael Sacks

The and -- across see between demand we pipeline accounts see verticals. So talked breakout we specialized flows the about and the saw of Jon and custom all we separate funds. the

and net firm good. interest the the levels entire every about inflows. levels interesting had grew And was was activity what and are nice had quarter and across So the vertical

Adam Klauber

Okay.

diverse, big relatively onetime it not sounds hits. So some

Michael Sacks

most wouldn't these it's hits. capital Infrastructure the I don't -- but took hits. onetime onetime I in, big know like are say that

we -- there's for of see think for demand in persisting and growth infrastructure I there infrastructure, a are while. levels high

it of all we speaks to does think activity demand it I to infrastructure being and the onetime the any think verticals of levels that more we don't continue largest. thing it was to So with And levels than achieve.

Jonathan Levin

is this source diverse, said, would was I was as Adam, Jon. Michael investment by only but the the say not diverse. vertical, also of it capital

We types So saw we regards. well all so across investors, saw it of it by kind geographies. was it different of in different investor types, pretty and rounded

Adam Klauber

I question, helpful. you, That's that heard existing clients, of Okay. next think. you newer some was just came Or for XX% And who I Could the newer my from the maybe clients of correctly, from categories? guess, clients? of some give actually Are some I said funds are you're mix flavor those us interacting with? those If newer the clients. XX% idea new of

Michael Sacks

Yes.

think... I

Jonathan Levin

say that... I would

Michael Sacks

Go ahead, Jon.

Jonathan Levin

those would it be existing similar mix going but just clients channels. say the to in clients, just to a new was I

particular around or it's drive wouldn't geography new. a that's of client I a So conclusion certain certain type

have today. personally types I styles I provide different pull, relationships. of particular we comment, just solutions has around ability the think you in the different new enables to client diversified clients. wouldn't different of it's a client base And in Michael general, to verticals say the that more broad-based implementation maybe that would generate the alts across theme a I

Michael Sacks

Yes.

to that would in a to, any change obviously, the return go the the would for in the be you that absolute change market the or environment -- strategies. looking you're with If thing regard

is market or is change want and the evolution is is you obviously So said broad, the X return, you'd both from existing absolute geography, if what much strategy as flows -- something and to that significantly say around and you Jon there and improved. got said, channel new. activity biggest levels private you ago, very which -- the months And interest

Adam Klauber

Okay.

Okay. more the on And private market.

guess, your you're of be we not selling down? type go what's markets? -- in, the the to up, sorry, expectation level, more fee in selling, I the rate funds expect should bringing you're Given private

Michael Sacks

been levels in is as primary, fee our stable as or the is So in and it and have for not I flow driver is fee and Where much levels secondary, it seen -- it of fee have And were direct. been towards I the my generally secondary stable the higher co really -- higher higher. seen has co, secondary, rates seen, and flows mentioned change you think which has -- across it's rate are as the of we direct, comments, co solutions fees And are been for it is have industry firm. fee providers.

And so time. for average over constructive rates fee that's

Adam Klauber

margin? that aspect, really for so come great then up down are again, could far to see about or in things should And particular that a seasonal as second that great. we the a EBITDA margin, as From there talking through. in look Okay, for And in the or move the quarter, third you've a while, been nice pop adjusted the margin. little it's

Michael Sacks

are -- And talked to there it's the is specialized and people in we or -- the say multiple tilt probably year, that, biggest sure slopes is have for you're a slope raising and The focused when there towards the the seasonally funds a recognition on fact fees up the are you that I closings that. that probably management catch-up half of should sure revenue back biggest think, make of that thing of know if don't want people in year. the to and aware it's that's biggest that that be that's thing, aware to to a aware Pam for And proper are but I -- her remarks. seasonality, noted of. think everybody we've don't about before and make

Operator

Morgan Instructions] with Peter [Operator question next Stanley. Our comes Kaloostian from

Peter Kaloostian

on elaborate you'll exercise the through can that you impact then the potential hoping Just walking the purchase how mechanics the to Mosaic and of P&L? just and

Michael Sacks

Thank Peter. you,

by acquire something the exercise that in said been Mosaic on that while. call do right to talking That is -- we the time for remarks end of our saying you do the year. So a have about our intend to to we comfortable option we're and

some there's information with We regard essentially Mosaic, purchase presentation. $XX of have earnings It's numerous on the to net million price. XX Page options it's -- an --

that exercise the -- for for cost by to -- the be the numerous we investment It It commitment and accretive. different based to through very the it's we'll year, of option we the size -- minimize option. firm. -- of it, have us our options the We call both will we exercise the commit do investment. call be nature will when we to the our of the capital that accretive of as of the funding comfortable But and towards on with now the year-end, at end look accretive the and will and for the move

Peter Kaloostian

just follow-up. And a

spoke increased new office. and with development investment and You on Toronto specifically business the

opportunities hoping what do Just Canada. in you see

Michael Sacks

-- have We ahead. go

Jonathan Levin

I would it's set world. we opportunity the to the see around geographies similar that say in just

be like, we're with underrepresented. similarly globally, given service the should in in some we've Switzerland, particularly areas that parts the regions clients about feel capabilities of So very the areas depth channels to States the investors capabilities strong those endorsement talked very or where strong presence other have United we in then we our of and able and the breadth and Asia, we and institutional in Europe, where past presence, and U.K. where of

of in relationships different the And some that parts necessarily from individuals establishing there to to but just region. office it's investors so help an presence deep other a with the capabilities with the not clients develop offer I in X we it's world, with stronger would say really

Operator

today. questions management the like turn showing have for all to any back remarks. I'm call for the closing to I'd And that's that, we

Michael Sacks

again very very all for you for forward the we with look to much Thank you much. you soon. speaking and listening, joining Thank call,

Operator

This for concludes Thank today's you conference call. participating.

disconnect. day. a Everyone, great have now may You

Grosvenor Capital Management (GCMG) 13 May 212021 Q1 Earnings call transcript