Since I’ll some items to market demonstrated data quarter, turn on you before morning Beginning operating for XXXX, for over is Jason, the important it open we despite the remarks our Q&A. Slide through and positive call known, quarter. headwinds everyone. to already organic for during our growth the X, go outlook Jon good and closing we discuss Thank up the quickly
the negative at current is decline. billion. market AUM quarter Our quarter, however, global recovering billion over the experienced this managers January, fourth in AUM asset over $XX was the the of movement year; of $X much and end we rebound $XX Like with net had market billion, of all inflows
outflows broader and growth Europe, DXJ. Continued risk-off uncertainty concerns political in and economic sentiment further drove HEDJ Japan, a from in and
diversified ETFs momentum securities selloff, saw chart solid middle the commodity fixed our market income franchise for ETF flows the robust our strongest continues of of April and where and rest reflects, as build. global we as the equity demand the We the our of benefits saw were amidst exhibited acquisition in growth. to However, also
for flow can percentage generated continuing fund level, demand with which in initiatives investments Despite see DLN. U.S. quarter breadth the funds strategies USFR, XXXX a strongest just to solid a market domestic XXXX. a growth grown our the rates, and in into the At today, from technology, quarter. on from the recording inflows million our years, into substantial saw on quarter we deeper The of continues domestic equity fund channels historical funds floating emerging on DXJ market selloff, to with more the X, benefits $XXX paying geographical led has large outflows. chart DGRW at straight riskier advisor funds our new increased in off right, strategic in rate $X and and short-term and inflows our the and you Canada inflows the of demand to USFR $X due under inflows assets. their continue segment of flattening generated of million rising of with curve, generating our highlights positive start cap are two Slide solutions, see reflecting equity our and flow client in we HEDJ-driven assets by depth little flow distribution offsetting equity daily As Europe volatility XXth in and of above Digging treasury diversification our the billion yield core around with and equities efforts U.S. to the basis number the on levels creations remains and partnerships. grow, than
years. XXth were quarter, straight for the $X.X the results four at flows our the into pressured positive funds While fourth in due best billion least AUM volatility, was totaling to quarter, market core in
Slide on Now commodities shifted from star The our as by let’s favor take AUM gold products gold flows international complex, compared gold and segment, into XX%. X. international segment share acquired led the generated XX% this we market a our inflows which closer look inflows goes of totaled exhibited million at to quarter representing our $XXX flows ETF funds market share to Securities market Europe-listed Gold of across the leadership. our
We positive also of ETPs fell. flows had oil price oil our into as the
million, had Our UCITS demand $XXX commodity for our by ETFs. inflows of also driven broad-based
bond Our fund quality inflows growth million, driven into launch our core our by of Canadian $XX generated dividend and ETF. products listed the of flows plus
For of generated the ETF over $XXX million we year, Canada-listed flows.
million a pressure X. GAAP on $XX asset to included million, Now for charges. let’s a prices, Revenues global basis, the Slide loss turn on lower results just reflecting managers AUM were as On had $XX asset we experienced. which of the quarter, net under due average non-operating several significant to financial the all
of of First, charge million gold non-cash the the increase led $X.X in commitment price our an after-tax gold to payments. for future
option we In year, rest have option shareholder. as purchase time, this but market we AdvisorEngine the Second, challenging their the the the the at context carrying the of the the of didn’t end at was feel option it exercise let we to to of of wrote backdrop we off we expire. remain largest the value prudent
our growth a them. with and have relationship excited great with prospects We are AdvisorEngine about
our in carrying asset We Thesys value GCC also intangible ownership in the Technologies. wrote down and of
cost other We charges $X.X our and as of severance announced previously part also initiatives. reduction of million incurred
for a Finally, XX%. quarter tax the items, we quarter. acquisition-related we adjusted in $XX the $XXX,XXX incurred The of share million in was rate $X.XX earned or costs. these Adjusting
look expect additional from windfalls fourth quarter. rate forward, still appendix tax on the of see the compensation presentation, information reflected in the roughly on of we we effect blended of of the benefit exercise The lower stock-based low the options. where tax Please the tax a projected XX%. expense rate stock quarter we this of As tax priced our disclose XX in first to
associated acquisition launches, and and margin. year quarter, gross the AUM segment pick to severance-related XX% annual mix guidance ratio primarily after segment Turning ETFs. Adjusted and were for U.S. the rebalances U.S. our by typically XX.X%, XX.X%, negative the slide, the margins in The cost. which adjusting U.S. revenue operating were the lower full average severance million, expenses segment of higher recent reflecting charges Total for X% down on marketing XX.X%, the reflecting in product increased end compensation the to $XX.X lower sequentially to the next seasonal for up XX the fourth sales costs margins expenses was some excluding gross the with shift, sequentially, quarter. U.S.-listed low of range and the
down to segment expenses. decline timing look higher transaction for in the were $XX.X segment. reflecting XX%, growth margins Adjusted expenses acquisition-related reflecting in for due of international of Turning results this at a in X% financial ETF to Gross cost operating and let’s gross sequentially spending. to Slide the accelerated certain take Total our the benefits excluding discretionary a were X, growth XX.X%, as margins margins segment international costs increased region. invest the we Securities [indiscernible] million and modest of sequentially, scale
to our outlook expense XXXX let’s on X. Slide Now turn
to line volatility and are the however, percent revenues we updating compensation. of of disclosing can expense to better if going high metrics, line very run this dollar our Previously the flows as business we this targets. have some difficult forward, meet we this range We model. guidance end a revenue; a item we experienced, allow To model our are you in item of internal first as certain with reflects minimum that to guided lead a being and compensation levels beginning
this for non-U.S. We targets. $XX expect compensation if exceed range expense our million $XX $XX the to range of in internal $XX business. million, between million be to to could and U.S. the upside results million our end our and high There
non-U.S. will we our expect U.S. AUM updated trending towards business are gross these are near-term guidance asset be XX% business. if Both these a numbers, to for of mix, XX% XX%, guidance We we give believe and experience margins if for will we you Based and and change. to between that. on XX% update and current we we our our
heard relationships third preferred us benefits the or platforms. talk into entering about You of exclusive with party have
item be build we X.X% As we revenues relationships, that the approximately of in line to these to U.S. continue expect out
annualized announced account the we holding backdrop, our flat already all Given half take market previously initiatives. to second expenses reduction other which into our cost are of numbers
focus and business the at to make value investments while right cost grow our our to our to to priority base. shareholders managing maximize is the Our same time
will upside our we see operating compensation, margins fund in scales, business across discretionary our and with leverage As items. costs,
before AUM. we can about achieve amongst proven have we We those our and highest It’s margins, again. can scaling achieve all the
over pleasure my the to it’s call to Jon. turn Now
