Invesco (IVZ) 18 Oct 182018 Q3 Earnings call transcript

Company Profile

Participants

Martin Flanagan	President and Chief Executive Officer
Loren Starr	Chief Financial Officer
William Katz	Citigroup
Glenn Schorr	Evercore ISI
Robert Lee	KBW
Ken Worthington	JPMorgan
Dan Fannon	Jefferies
Brennan Hawken	UBS
Mike Cyprys	Morgan Stanley
Mike Carrier	Bank of America Merrill Lynch
Kenneth Lee	RBC Capital Markets
Chris Shutler	William Blair
Alex Blostein	Goldman Sachs
Jeremy Campbell	Barclays
Brian Bedell	Deutsche Bank
Patrick Davitt	Autonomous Research
Chris Harrison	Wells Fargo
Greggory Warren	Morningstar

Call transcript

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Unidentified Company Representative

This presentation and comments made in the associated conference call today may include forward-looking statements.

Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow and capital expenditures, industry or market conditions, AUM, geopolitical events and their potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products, and other aspects of our business or general economic conditions.

In addition, words such as believes, expects, anticipates, intends, plans, estimates, projects, forecasts and future conditional verbs such as, will, may, could, should, and would as well as any other statement that necessarily depends on future events are intended to identify forward-looking statements.

Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. XX-K to you on risks to our recent not statements forward described investors XX-Q most urge Forms and carefully Form caution rely the any unduly looking in filed We with subsequent SEC. and consider the

these if obtain SEC's the later be out any disclaim forward-looking from We information in inaccurate. website update to obligation statements to reports the www.sec.gov. any expressly may You at any public disclosure turned

Operator

be Conference And conference listen-only in welcome will Invesco's All to session. is Today's a Results until Instructions] Call. question-and-answer Quarter recorded. the mode participants Third [Operator being

you disconnect If objections, any have you at this may time.

Mr. like would you and I speaker of may for call Marty to Now, Officer. over CEO to Starr, your Flanagan, turn the Loren Invesco begin. President Flanagan, and today, Financial Chief

Martin Flanagan

thank everybody appreciate us and and your so you joining you quickly. I schedule for changing you Thank

channel, both financial we of The largest clarify US very look third manager importance asset as compelling. our global manager we're you're follow bit website into for The good Oppenheimer to the results, talk in before scale quarter has get think are Some retail period I if in and relevance market the key extraordinarily and returns the the when news, of the and the really and [indiscernible] thirteenth to largest this in sixth some a about we ourselves third client the points. also Invesco along. want MassMutual very, going the important are very news go important over in presentations on want so a you time, of the and of forward. transaction combination quite results between to world very being inclined but been you will quarter result the if combination about

us. so combined extraordinary. accretion cash post long the partial that additional for year the MassMutual of really dollars MassMutual the expecting every to the year want can we which And make, minutes, discussion buyback going today. of point institution, in is Loren showing billion quite a we're taking full stake flow excited front a having the I and of important in dollar, billion of initiate few of We're important, anticipate $X preferred, commitment that an really excitement $X.X opportunity billion synergies details also the XXXX be selling all the company, shareholder but to the strategic we're what's accretion, XXXX, backing proceeds a for equity in into XX% be time not in today XX% or part the their of an For to stock very other and the but is also we'll the XX.X% combined get

yeah. the talk So financials, you through with Loren, can that

Loren Starr

thank Yeah, Marty. you much very

summary see years. the So five the long-term on strong XX% results the demonstrate in of half to over quarter assets for and a you'll investment three with actively Slide managed the continued XX% peers and third X of top and performance

near-term the prior performance some million impact million and XXX Our a income from continue outflows leading the quarter a was exchange total in foreign net the and resulting operating XX.X% impact from was transaction that change lower other within to fees down challenges Adjusted XXX the negative lower by yield for for of market quarter. billion in mix, revenue quarter, and long-term sales was driven of revenues. year-to-date XX.X that up AUM impact prior are year, to the versus gross net dynamics redemption of

decreased the adjusted are to prior returned paying Guggenheim in leverage to million down levels our progress October margin, previous we've credit Additionally, and during buffer quarter. with by in quarter. quarter. have which operating and ratios also impacted to on XX.X% the our line on in we good our elevated from acquisition the expense we in We balance this saw technology side, dividends early the shareholders expect revolver made and of fourth XX% some the XXX items expenses our marketing quarter These two end

Moving on in one, the eight, investment to more and the slide years. terms we three of over quarter highlight for performance five

performance full current have investment improvement but As teams a of so we've XX% quarters. approaches over number on than noted would market condition, is included of typically our near investment however, we approach of between cycle our favourable equity generating their market in some representing processes more and you performance the market The term past as and fluctuations more of large AUM, seen conversations, recent the value-based are impacting volatility focused expect. a cycle, see relative market

As the top quartile. an UK in also portfolios [ph] quarter-to-date now top on and file is in growth the debt basis, equity international example, diversified a dividend portfolios and our are

flows to turn Let's on slide X.

flows XX% As results. while basis on a X.X and U.S. of Europe ETFs as flows net I nearly year-to-date up and a closed in to Commodity employees pockets the than redemptions sales see line commodity with included for With the did billion. in and winning weaker quarter. industry we for X dynamics ETF been trends, for during a led path strength negative flows billion were third in nearly then noted, quarter in quarter with ETFs ETFs net for gross US of our the ETFs XXXX, these into products market the to modestly more of in negative on bullet the have billion flows weighed share robust within nearly which that X.X new franchise based

the side, some the earlier. face challenges the On retail to were of continue U.K. which as the equity the products, noted U.S., largest in active outflows

institutional wealth on fund billion. the X.X we up a sovereign side, two with nearly saw total close Additionally,

the an to negative contributed client previous strategies We quarter. we and flow mentioned $X also had estate bank real this saw billion outflow, quarter varying loan of was on outflows from in there Asian all a our which call, the which

and is mention is in institutional versus I'm pipeline, pipeline also billion prior it to that JV, continue future that like versus up want that all-time and to one in periods. note, in AUM fact a up flows prior flows not very nearly we for back you with this So turn funded which X elevate market in Martin. help than would while one-time our this are And see that high should expect with despite outflows, on AUM wall but product going year, and see and quarter With XX% an both that, terms outflows of over you in the these trend XX% our in did our we in and institute great I to more the revenues strong chart, QX. inflows to quarter that's there money to

Martin Flanagan

to turn Loren. why the Thanks, transaction. don't And we now

is think I you. we're about we've know with to of again, it, we've of clear, our importantly, you about. really with excited you it's Oppenheimer all that strategy been that As it's page if going because consistent not the the strategy Oppenheimer you to XXX% to and really and Funds very with advance turn talking understood been strategy robustness fact XX, want it's to that about But really how rapidly talking the it's it's consistent

rated going it's group really we're special. organization, really excited incredible dollars forward thing forward helping people with it's billion who Net the growth in talents quite of focus strength On has want of something first XX% robust. and about, the satisfactory replicate assets while The $X.X to clear, with $XXX core looking make do to page success to and The are star believe future. billion, create assets and obviously, organization them all of XX, working I exceptional four on accretive annual our long-term management, forward. be five XX%, to strategy you talent They under is in and unchanged, basis very, active successful must to one assets the is be good performance. you consistent high generating of is not to differentiated of alternative as going look operating are very our in going the both strengthening have for Invesco. business are the of financially funds net these hard investment to we XX strategies. areas and very markets revenue to margin leadership XX% And is executing our is to points we which of continue revenues and yield

do clients' point growth U.S. the the segment is growth global in industry. our we from grow. leadership strongly you of well, the clients combination wealth largest high areas. these management I world that to core point wealth aligned our the our with look very to of benefit as Oppenheimer, of we the with shareholders. into that meaningfully investments high make needs while One would for and the markets going the is both relationship management capabilities the is that future trillion of ability to of The our truly several to U.S. to Invesco context in XX% of feel the these both now, continue execute management view we the XX, in rapidly MassMutual expand our also strengthen in in industry, management assets areas. it's leadership growth unique fully transaction like This of strategy What very industry, under will a and of combination assets set about segment $XX and you is these final If in of is page generate our and on with lead under advances believe a that with

investment I ahead. us be relative in to think fewer will notion think what's necessity. to all in absolute also The the is managers be of grow an all years clear that of important having scale important, hands client but it I to it's and concentrated very

the of of returns and $X.X combination and relevance, comes cultural really for shareholders Oppenheimer for a strong organizations capabilities, investment with financial vision different our a the our business areas, of relationship provides strategic and global trillion a our strategic power Funds and four the MassMutual. a scale fit the to of tenants, and client differentiated asset to turning the compelling combination number So creating represents organization both manager, benefits combined itself, from

manager will look compete skill becoming on and investment the If a of I you take assets. the with in largest in manager scale investment create our the as leader mentioned, shareholders, world US the our sixth at of and XXth combination $XXX a to largest impact the necessary behalf client will the global client importantly invest immediate be clear billion Invesco but providing clients U.S. relevance, retail and with the in

XX of looking in United top organizations with client the wealth management relationships is at point Another the relevance US States.

range incredibly Our these platforms impact the to Oppenheimer's turn be in compelling. investment comprehensive the more our a at will will five see key the outside one and very market, which looking assets broadens and U.S. the as opportunities $XX in important, the are here. combined United than It at too. only and the of is is When the States in relationships with of capabilities complimentary of again United capabilities of not Invesco's retail you meaningfully close benefit we the the channels investment market have billion But firm the will to more combined States we management. another. United with can relationships under institutional and organization in what these outside the both States number on capabilities, sales we're and which strengths retail of

et yield incredibly Importantly, Funds your combined important take also muni's markets, income-focused emerging can compelling. high persistent, so international are XX% transaction loans you demand alternative areas, look Oppenheimer a high and post Alpha classes at rankings bank very in the again, equities, the of global equities, cetera, are asset

is prior business If as at are complementary highly performance they news generally investment the look is our it counter clients, comments, you so firms, would the profiles them you profiles, a are they through and same take market this benefit the it cycles imagine, investment two will my at time. help the from also different great for a cyclical, of also

to be Loren the immediately believe of I'm that So about of turn combination. depth and results incredibly I more financial and him to could benefit it. and the more go both clients, combination believes into the have truly we powerful it organizations shareholders of excited going our this is the organization over will our

Loren Starr

Marty. Thanks,

So, in the addition rationale for that a Marty strategic combination just to outlined. very compelling

shareholders our criteria We our expect previously stated for acquisitions. financial line the returns with transaction to provide strong for in

those now XX. on For Slide along following I'm

EPS full second and in or charges, is three accretion. accretion. the full and incremental of the quarter $X.XX approximately with XX% quarters year financial expect to achieve Excluding cost of accretion, and the the benefit our - EPS one-time of amortization accretion year pro-forma it integration closing in In a is XX% or of this in of intangible synergies we closed to XXXX $X.XX place impact

The an rate operating has XX% of into X.X%. common and EBITDA purchase and we fixed combination rate $X a a a to roughly price - price period of have of that As will of expect excess XX.X well stock than project result the nearly expected billion Today, be non-cumulative margin add a X million, consideration billion. of coupon satisfied billion value approximately $X to the that X.X shares on we annual we and XXXX more where combined with and in inclusive shares billion. XXX a incremental perpetual synergies run today non-co-op and inclusive EBITDA of a by preferred in of XX based translates combination total are in the a of an million

MassMutual to and long-term a shareholder entering Invesco of into a become our up in be In on this a largest intends a lock and common partner addition, shareholder the shares. at regard XX.X%, will two-year they're MassMutual strategic long-term shareholder

has that reorganization for shares MassMutual. the to In their lock-up them they tax and tax after highly for not a do addition, it's transaction sell MassMutual intend free is expires, indicated efficient the common period

shares of shares in incentive again, trigger their them, could taxable a sizable on basis. any sale continue to them for future for event long-term to a So the hold

such the as combination, that cash will additional a operating not program, business, common this be are strength reflecting to we intend and that. well two billion share additional the financial leverage is importantly on through take within the $X.X buyback as funded flow which result combined any the as we do next be as from mentioned, to to satisfy cash Marty completed announcing the So years, will of

to organic breakage years. AUM growth incremental points assumption acquired included purposes in percentage modelling X in Moving add your a terms of modest to we expect and the X synergies nearly in next of after billion in future of we of page, EBITDA we as for noted, XXXX and the about some level

Additionally, we've of million modelled XX approximately modest periods. future fee in reductions

within plan We and a XXX XX% the our combined have million to combined by approximately base. synergies cost expense and XXXX capture organization represents approximately in of that

something through a by preferred as achieve companies mentioned streamlining to benefits going both like primarily XXXX. activities is We turn The the will this and synergies And it back and the confidence degree quarter synergy be clearly vendors we organization. of leveraging Board such technology we of target transaction past back and the of office which come cards to operational combined rate our the in of acquisitions. and scale have that second that focused it is middle savings in can the prior from to such platform demonstrate high across and platforms, with I close, And will the the and the has I'm been expected as Marty. Directors approved in areas

Martin Flanagan

ETFs you in A success the I Thanks, history in back and confidence Loren, number on experienced, to the XX. to leading work and record of have compelling. incredible also in page for overall years four our track Stanley, do I highly two a accounts a number assets proven and in degree organic the and success high acquisitions, organization Kampen Van and happened $X delivering the management come track all clients smart beta on of for is you under if by combinations followed team, have track these quite industry in the And here. position out - billion The in record look what's have to making in success I shareholders. benefits billion and discussed follow want record our under the we've for an today PowerShares position was number shareholders track four record with from and growth we as it's believe and Morgan in originally of really assets of us just of at the laid management $XXX

have with this transaction in every and and at time we look So the between we more incredibly couldn't new compelling bringing excited. With to delivered believe combination context, tremendous we have our colleagues our Oppenheimer two each is relevance, doing special an really And this be in compelling create at put and abilities financial will confidence I we're organization. with to this. important be the really I on we and organizations, client we capabilities, this when going on our It do excellent all a returns a to for investment exceptional is that. look organization with our client results to shareholders. our have scale for colleagues We're forward strategic better shareholders and this to that We're Oppenheimer. It's to time going and done at by to partner going experience going generate our MassMutual. history, it and differentiated

So don't open with we up that why Q&A? it to

Operator

please today Katz your and [Operator Instructions] company name. first Our from Bill is question state

William Katz

thank Group. very Citi from you Okay, much,

So thank question you this very the much for taking morning.

down back just amount you question round that of to get a numbers, are So come here break bit And break for when I'd the mentioned running obvious, its running Can how savings identified. at good, down think detail you Oppenheimer redundancy a by because comp gave here. margin maybe both the then much mid pretty in between standalone you've print? Loren you coming is, highlight from it comment XX%, non-comp XX% - surprised the line a versus I the I'm that can between of little the we couple you're but they're the to foot moment, legacy item ways, to just post at about by sense more savings - just million little coming much like its a from just different of of opportunity XXX you and bit a Invesco your of platform? a more How

Martin Flanagan

Bill. Thanks

be question, the should appreciate surprised. I you So,

going largely industry industry, here is presented something mutual that. capabilities So benefit of fund think their organization, scale. the of Oppenheimer what conversation but been amongst has in to organization right the if the And in the incredible beyond are you

another at at for mutual benefits So when to really and looking the come be different organizations topic. channel two There out and different that's the to you a model is that or the where but from astonishing, that seen or scale, the scale right earlier this This have that's you're in benefits. going right, two get said something will operation operation are two the just systems the in that from looking all that The you've two continents, the it organization. conversion really opportunity, really of institutional non-US, we're is fund if too. we a you it, I combinations is as different of with organization benefits marketplace, compare you that scale benefit place the industries can't huge different get middle segments down it's

of where look comes in this number confidence operating Oppenheimer have now, we from do right the down have know a numbers, So are changes our it heading to of all you degree experience the path and at make platforms. what platforms, already these to high of themselves, combined we we the a it was about across

is the the step next path very execute number plan confident team we'll over feel through and Our up months next and with area just our in area forward. knowing at Oppenheimer and each playbook colleagues we it work of use again of our and to by the

to you're asking plans position - for do in not that with know Oppenheimer we but of a create how level that share we're and this. do detail have know the the to we now, So to

William Katz

you. Thank Okay.

Operator

you. Thank

name. state from and Our Glenn question is please next company your Schorr

Glenn Schorr

rankings overlap the wealth I is scale we get versa. all you and management's distribution, thanks. you and distribution each bring the were of at about they vice the there and talked and first unique scale the channels But much where I Hi, on talk strong important. advantages [indiscernible] weren't Could distribution? the about and specific get

Martin Flanagan

that's creating where and we've XX that managers best list much page and and nature of at the wealth again that set way level. is where better Yeah, so outcomes, the top it's we at a it on is stronger the stronger you'll so we're complementary combination been of note XX, to very look

look is I these platforms. look if really really et impact those of So through the categories you at come you they're very And client management equities investment I for the and wealth really kind markets yourself. going forward capabilities complementary. to you relevance two is between with although asset think where you global high And can we're is that it's these at organizations often and what point international presenting right, if want channel think emerging it you're But cetera that to a mutual important look for in beyond the organizations, very point and synergies want that U.S. I make There the different very retail view of and no channels understand point. do in are capabilities from are Does demand the what all to view existing two business. on fund is seeing I to focused again it's recon revenue a a the you're point? contemplated in at so demand today

Glenn Schorr

definitely have assets in are and those It because strategies you global. parade that just appreciate does. add international next of sub mentioned I you XX% that passive I'm XX%, and passes categories. other get Do on noted high to that. you passive at it assets EM brings trying those those a categories where hit have sure the No that of interesting aren't pretty confidence in point the are up - you

make just I of secular So next decline? not buying the just we're sure into to that piece want

Martin Flanagan

Yeah, all core it so depends on your belief.

common a high-conviction look compelling. be is alternative if you away right I to alpha is records and that if to active is passive the stay. now, in from asset you're not active going correct, but to at you're factor, the across it's capabilities, to go say going track belief categories - a would belief core and just the passive not that generating they're is Our have here notion different a And particular going that you

Glenn Schorr

those of fund of those you through overlap Have those to each not on each mergers, decisions on some categories of One last strategies enough be there Slide of overlap. seem there's and the worked demand quickie XX, within lots within as asset on classes? as high much

Martin Flanagan

forward we of will we No. with create Oppenheimer don't detail have Look, were and again the we into again over share go next work hours that with it of the we'll at colleagues all a two right but and now. you, plan our and month, level

Glenn Schorr

Okay. Thanks Marty.

Operator

Thank you.

Robert company Our and please name. Lee your state from next question is

Robert Lee

guys number Robert I you. back KBW. - breakage Lee, institutional. one able then thank we're it get to of of synergies, you the maybe Kampen of in. you centralize Thanks kind can the can research, for number? good kind my has expect from But to Van when layer to a Maybe follow-up mutual us sense necessarily of taking breakage kind or maybe Right, mainly assumptions, is get question. going get phase or were less I close kind pretty remember to you correctly just breakage, if expense did only the with of much the after synergies of platforms like that how a us funds this you as this, and conservative expecting of day that help a some little give billion and you not understanding given that of mean but you're Oppenheimer how you compliment deal $XX And importance

Loren Starr

somewhere rest between the XX% with think terms the what could assumption most view assumed of being around we So sense terms fully in to of be that we XX% have of XXXX. taken be year of I think in achieved achieved what we synergies or first the the have in we sort of in and modeling have confidence a would close, is

think terms us we very something again like we it to this, should not book good forward. have complicated I be that to hard play feel so have and it's in a for once execute go again

maybe breakage, we here percentage what much the we've that reasonably billion how is quite estimate there's percentage to of actually It in of done a don't accretion we $XX swing of number, had make is terms what difference. few some and offer terms it's are studies the numbers that thought a we in there, again be those things we a points going anything on so based it think around huge think doesn't our work, numbers. of it's good obviously similar Kampen, do think I to the dramatically but Van

Robert Lee

Great quick the mean a that guys it been kind and of come size next over that the can are couple just making if - transaction just a and this start through. you you this about concerned all last that just and of given I thinking of becomes to distraction I the six, to or about and follow-up, benefits going time that months ability platform some start shake pushes investments where Jemstep year actually lot wonder realize as people to they you've other kind about back obviously the certainly of this of the of nine maybe been have out in maybe those it's out? where one in talking years that about point as the have see being in may fruits things and XXXX whether excited we the the some

Martin Flanagan

not. the absolutely question, is Good answer

doing able been through those business management with we've high not and if same it. macro on to wouldn't have team we've advance time So trends of the efforts the that again of that we been be and [indiscernible] be at this competence think the number with we do degree that a we'll growth

Loren Starr

of already seeing Yeah will $XX seeing would sort I ongoing on say through pipeline, actually we're client area the the a year-to-date, in Jemstep pipeline that very through focusing probably come in winning I we've ETF net a mean million think and enormous of actually contracting capabilities we've got more - share close into process, space. our this based short in we the we're large I been this from lot an winning a talk really We're where the support that to example lot very in production in sort about pipeline. growth have that's factors institutional majority order we of and had buildup of about the of flows of we're as part areas

going. I advice the sort banks that feeling good generated of so Jemstep XX kind four is about of major of we're digital and think out we into and have where

the another I'd forward mentioned positive say board, across again example. in growth are you a way if I So and moving very China engines have our

lot continue call, are continue So provide we're trajectory to to we in of going to us of a absolutely a sort to areas it have this XXXX. into growth obviously didn't going to of our the positive but to I terms highlight in that to allow low how of turn number think time visibility

Robert Lee

Great, taking for guys. my thanks questions,

Operator

you. Thank

is and please next name. Worthington your Our question Ken company state from

Ken Worthington

Hi, Ken from Worthington JPMorgan.

Kampen day you're have and in comes closely essentially the pay for deal October the next attention, to to to So you Van going announced to doing I we're after nine one. XX years so the guess what

guess I So congratulations.

cross your of So products start, Maybe from in what incremental selling of new sourced from a with AUM percentage seem investor best and cross dollars are your over expect time? place what is to kind you investment what might MassMutual marketing is MassMutual then or partner products positioned? Oppenheimer's of thoughts actually terms what and

Martin Flanagan

Yeah, so question great Ken.

think be a really historically some out to I'm in a United that's those that's the be things to disclose MassMutual's doing in level And to what focus that's bit another what by very of a they've right to where day insurance this going be There's for get actually a are where for and to let interesting going not find perspective some as So doing, the advisors we two together our do area. what in do something can't very sure knowledge we're we through with our we've their that also investment skills you to things. an respective conversation few. is permit now, area with something States done now is there there Asia, I there's just interesting number forward. to going real name had area into in quite are from us, right of so to and with we risk of the just opportunities along the quite - focus already so it are going go us. it is some opportunity management, as the X,XXX we're areas give powerful they in and obvious very between you but that is think know way and have so in half leadership we complementary organizations two me we're

Ken Worthington

a Maybe AUM have a $XXX particularly one to Market billion. been Do more this as AUM mentioned us was out start figure date have Thanks. from US poor Loren, of billion? for for maybe kind the so quarter. the guys you even conditions accurate little XXX outside you about of far or of

Loren Starr

moved or rounding it's minus, plus probably they've think closely I the to XXX, pretty XXX it to still mean actually million. around held roughly I mean I

two trajectory So franchise, the but have seen number some we is lot positive very turmoil over do for a not it flow on their been last in positive trajectory has into trajectory months. of been the so the and a AUM on outflow,

I numbers right is number for think the terms XXX in still modeling thinking of again you. million So would I be

Ken Worthington

much. Thank you very

Operator

you. Thank

Our and next question is from please company Fannon state your Dan name.

Dan Fannon

a this results we that saw obviously morning Thanks. flow comment just about building talk Dan and Fannon, and basis Jefferies. a standalone where on about more your a trends guess I are just little with detail on outflows recent last outflow. I data more an billion, Oppenheimer in see bit improving been the outflow, to you has can little XX we generally it's been is but mentioned, still close think

flows industry and what you trends? more be a bit think on we're of give given a So seeing basis around today why from positive us kind will XXXX little performance current

Loren Starr

it again quarter-to-quarter, not - I'm initiatives go constructive, very investors long-term be those are - of one for $XX is to it's which right be look successful organizations trillion to of it the industry, of and that us intend again bullish get away. Back the on to who going organizations. that we going it's all are The in very so I'd not probably context very Yeah. put

it when net have years. bring seen we nine now for inflows we here, down So

we're XXXX, and What capabilities organization flows even because solutions and but the to be meaningful see told the you we're asset this that stay opportunities seeing where know it we forward. headwinds is side. multi the go push changing what institutional we're some Some market that of capabilities [indiscernible] environments put continue very and impact about Oppenheimer of factor our the about change to will are in we'll we doing these in capabilities again we extreme talking that where in long through are our we expecting talk as with to are and as back Jemstep that will - you But we is building the more there. market as value capabilities here, for off successful to to cycle

Martin Flanagan

think some areas of terms already that and domestic in trend the are flows the of is has the it's actually They've industry outflows. areas, well Dan, some replicate mentioned when I see that very of been I hard persistent. kind are of biggest that there an really other and any you global done capabilities equity international to

in bring our we bring of we capabilities are franchise think grow. and we we're be So core a we and are the able global to around think Invesco capabilities basis, how a do growth again we've to also own which leverage going whole the flow about on positive demand that as can able to sort talked strategies the

- we definitely we happened XXXX, by up but do modest So that's positive. remain] that's overnight the XXXX, but outflows, think why some certainly we reason nothing got will

Dan Fannon

morning like also it's this then that assumptions that buyback then announce it and the on is that that based you're of on the included just of estimates in accretion or just then does just so what couple and and also questions on accretion. clear of what And that? be to Got kind assumptions in consensus is you a market kind are making -

Martin Flanagan

yeah. So,

versus it effectively is So the that so assumption. right consensus,

million but numbers. incremental that so part accretion is consensus billion of terms not have the modelled transaction we're we with and as XXX million about buyback the there's XXX the result X.X of In pretty much consistent - buyback, the that's in the occurring of of a

XXXX. So accretion sort say in there's and to XXXX incremental buyback due X% XXX of X.X I'd that in another about

Dan Fannon

Thank you.

Operator

you. Thank

next Our your Cyprys, name. feature. question open. and Please your is your line check mute from company is Cyprys please Mike state Mike

Martin Flanagan

we cannot hear you. Mike,

Operator

The state Brennan name. to Hawken getting your the please are next no response. is question. company We from move next question and We'll

Brennan Hawken

for the guys. morning, good taking Hey, Thanks questions. From UBS.

So about million think number - rate merger X your fee I points, just Oppenheimer. or which Can a a that basis for quick to one you Mass, gets on in would about I.A.C. $XX XX% so me cut the suggest fee that own is has or one, headwinds fee right we've Oppenheimer how cuts and year remix two or industry? rate two, the pressure past the experienced from over across seen in either number their much that the through generally

Loren Starr

and they've three can me basis about it's by are generate again their managers. doing I points, effective gone last active the the fee over competitive, Martin very up X hit Let well. their And part pick the quite then think one. Literally been good so years rate up has second fees very

Martin Flanagan

going of don't bring point amount plan that $XX again So build and we there's million which breakage how rates have come together in but funds the has sort in fee at of together. terms are terms of we a really been of definitely estimated, happen to funds this will when win some ones

are terms you their the assumption alpha the are because that per $XX now of creation there. se hope it's little reasonably really points fees we priced, still the of is that number will it mentioned. needs closer no let ones ultimately bit how as There a of core terms it to right conservative that So on the their sort products the And reasonable cut on get we capabilities. real But number be But of in and than and have going updates we the because There's funds give I products some having price; of think basis actually million priced. the actually forward significant of together. further around all as higher active think left does the on is again are from come no more impact case. it in to alternative pressure the out plan reasonably obviously be more capabilities

Brennan Hawken

that agencies about wouldn't see the for have color. a as Okay. you you that first would any why in then extensive finally, with issuing potential the reason did the rating non-callable kind year? is And of rating And spoken preferred viewed fact equity? have? And impact amount of of you expect Thanks be impact they're for then there do that the given if XX agency, downgrade what that a this

Martin Flanagan

again. So,

seem of might to and but feel is have user think ultimately hear as going will their might going our reports said not X.X% Obviously, expensive coupon deal. I on them agencies some and the to answers of that this release is. perpetual this that. so we you. they to doing we go like the think right there expensive, preferred coupon million it committee of time after and mean own ahead a what we sort part over of is be XXX to on we're not will today, I go hope think you I we it the now

find to is to a no You out and that's is qualifying there it's have of option the perpetual, have there's for to MassMutual. necessary really billion part for us reorg commitment requirements free XX repay whole the as tax part X of years equity

in or own terms don't, mean, got you and and So, you of terms this again, from your I like hear ratings your don't as equity of make surely view can sort that. of It of in debt. own our you'll I assessment, again lot characteristics they personally assimilate it be approach can perceive all we how a whatever has non-cumulative and partners

Brennan Hawken

the color. Thanks for

Operator

Thank you.

Our next your Please question name. Cyprys. company Mike is state from

Mike Cyprys

Mike Cyprys thanks, Morgan Great, Stanley. from

has mix more Just M&A a so put M&A, results, question it broadly look been industry on kindly. across the

So do transaction for Invesco? What guess side just across do get wrong what M&A? the this successful what look to on away think I do others get you see execution you What you with right with take have that? to make you highly to a lessons

Martin Flanagan

question. a good Yeah that's

So it's my just opinion.

looks value break of down. the do and very you is things value have might and good with how paper clear a done my do have - with that when track that where of back and do really piece we're and I at I think as trouble working And that our this. but what partners focused but you and is people pretty on in it of really and matters very jointly paper we've lose the on happens so historically through and talent drive let piece that is me the talented how actually come fiduciary organizations you the opinion and to and these maintain execution it sound basic, how and you a look understanding are what you being

talked the know past. about you Mike, that So this we've in

You to I you bought comment had but be done this and know, point well, that been that here track our massive this the And see be is Franklin way not and and I but doing your case on in we I and the notion to industry these one successfully. that I thought consolidation do there the there's both is have XXXX maybe the there a Templeton sides do think do the going misnomer going money do experience there that other, at there and so number be had resolved to a people is are how this or notion that of sweeping consolidation experience with massive job the with things record and that this get a way not managers you there's to this. excess middling to but know that to I that may understand is and and first this I'd was I will going so that of there's think might was that be premises that I when is experience is when look I've if

Mike Cyprys

structures, about you're key investment not? to extent investment what be related I that large talk you are the that? Invesco risk in somewhat integrated incentive you you they around that, going or could can retain How to franchise? the about structures franchises retention place you putting and broader guess Oppenheimer little What the professionals do to to if has? talk fund the manage a maybe And particularly

Martin Flanagan

forward, what great fail? had in what leaders it's done to still opportunity that's make of - the because their going not love reinforce change. will the and culture, investment has going they that's a of some going particular have they're past, want separate, similar to sure we going want program continue alpha going for people we important senior really which that's them with to great the to through and meet so when philosophy, they retention MassMutual stay stay that to important present that's their put to happen that's run And really in that's is Oppenheimer when has what fails and the in at they're they what and we worst to there teams it's to think to I that so money, very they and investment I process wanted MassMutual they come they themselves And they're clients tools and on because more the probably to does we importantly, thing need organizations you, It the yeah, to so they way. question, does, where thinks an process in way at actually organizations it thrive for you actually that managers, going combines distinct, matters and to somebody but that. continue express be institutionalize can this back again We for Yeah, they can our is organization dedicated generate do. a have craft

Mike Cyprys

Thank you.

Operator

you. Thank

question Our Carrier state from please and is next your Michael name. company

Michael Carrier

guys. Lynch. Bank Mike Carrier, Merrill America Thanks of

when strong, the maybe of just we the Martin the mentioned First one, just within think outflows. on core especially heading you is or Loren, saw I elevated some just institutional pipeline business, August

drove color any of not Just the we're in pipeline in on what and kind that quarter? maybe what mainly you redemptions are of of gives that maybe seeing some confidence redemptions level you same the seeing with the those what or

Martin Flanagan

we individual I that see that largest of already. hear think the and accounts one wealth I think is I times, outflow. was sort we that sovereign decided color gave I few the terminate Obviously, Again, some

not if that it's a could localized more you it's just really coin something institutional to our it's and else. across systematic a I client. trend so is a really something topic, not to but than And happen particular not anything related which and not topic business know, - a again, going performance sweeping is single not

some and maybe shifted of the it broad the across a it actually so alternatives, we function found manage good equity, in we we're I to fixed income areas we're go do alternatives in the actually about is of in think factor that going heading example and seen think haven't feel is we for around pipeline are I again balanced because and very new into demand this areas past. basis on things terms have of

also it then pipeline is not expected is all level quarter-over-quarter, we mean us revenue for strong escalating not, losses. look funding also And high. at, extremely out. yield time I That do flat look so the that's we is revenue when the and So of at so is

a it's redemptions should terms the just today. the that's and can certainly we could the So I in are doesn't that Again, that get we just in when it will happen are selling look not anything why surprise feel it persistent other rough at XXXX, in are be see on we products through and products happen, we're going here that high of we and very information they going really done into not bank a but products side feel intuitional either based performance. we well, well. and mean do Again, trend patch performing with we stay have like loans that that

know oriented capabilities the the full equity, we that of under been the side retail other just we one domestic, the is US an outflow value talked then which of been think all about has is story some have So, pressure. I

the term going proof in market to is given particular terms happening. seen to that around the something we turn the is October that is in what I happen for a just of that our think and point said client So of what's that near we've sort

do of that to outperform, again, it to you fact interesting turn said I market redemptions we're of see when this us would go, going to where happen markets the for kind anybody's helpful around we've the be going and because as in are moving become we is Now, really sort see some less if forward. should that momentum the that mean us, direction, of if to actually guess begin our products begin

Michael Carrier

years about years that think your flows. it have out you you can areas. scale. you Invesco, combat past of on the a as higher think the grow lot exceed it [indiscernible] the front well the pressures, growth know that positioned areas of in like offset upscale about just the the some Invesco competitive more create of going the and you've scale you five if the Okay, like M&A even you I three, an just the US side are that little in mutual terms gross done and but you've that's at industry, that you guys helpful you a forward and when can you industry, and to side, three both, on seems flip combination, history get growth can any think transactions guys look done then like also over still Marty. and like one the you from in very over And it that when fund then maybe think in But positioned made bit it if next then and going where basically headwinds the future like you're differentiated is forward you you for on through for seems the

Martin Flanagan

that is so dramatically what's I of also again, but retail capabilities management of points trying to you of home, absolutely, the I there industry, was think mean high one Yeah, up important absolute are the become drive you the addition capabilities, we within I we're and if not if the also expanding number, demand and the largest just US in leaders the there. the look we as active it the and I it's that Oppenheimer sixth bringing that that's at end think think historically

that taken organizations being puts up such that channel. the that ourselves get early We're of into not add being channel, are to retail picked up the the channel factor in for the uniquely competitors capabilities then there trying for are You scale that days with another net way of channel, a on solutions right do there that just built many can capabilities are placed alternatives and that level being as works the there. on but early by that now models us days that

number really of it's you're clear right of be very rapid we've advancement to I of really we're is this of it's think gotten the curve us that forward in executing factor that active, I particular fund then today of going the rapidly. for happen image really really a organization we've [X:XX:XX] our majority And putting the in I this strategy. seeing the past way years future, it information I've the is changing, said other to back investment an expresses is, make last where the wrapper. vast in you're the it ahead capabilities do Oppenheimer's want the done to of They're really combat in against And important. again about thing about and the So actually mutual capabilities is are excess, combination where in changing of and the the put beyond particular good it's greater in both and as last meaningful couple think been you condition beyond non-U.S. it that. high to talking years, get a alternatives efforts it our but And that we with fund we've of over opportunity passive institutional feel opportunity, institutional so the this opportunities everything context are And there to retail, demand capabilities the have is that meaningful.

Michael Carrier

Thanks a lot. Okay.

Operator

Thank you.

Kenneth Lee your company Our question name. is next state from and please

Kenneth Lee

post capital of do taking guys well, that's maybe on know just for X% post-acquisition Kenneth to know a to long-term range, targets Thanks. whether markets. my Thanks XXXX Lee, updated as any thoughts RBC Hi. proved like organic wondering growth you changing? question. sort have want I to X% you

Loren Starr

is in that grow across to help just still going not market to mentioned taking is a X% the way X% to consistent us. as is cycles, significantly acquisition, be big I globally as us this believe also going more in opportunity think think Marty for capabilities we we a for improve but some doable a U.S. ability to the fund of our

I one ultimately the really our to there's achieved we the how still of So are we itself But to growth. keep at a that going sort about that's think something we those will are that we think average of so engine factor very for X% to where physically digit growth things level, really and have do belief are quite we answer I market still opportunities changed, continue talked growth the kind in long with nothing strongly us. we're feel to around achievable China at more to growth the double drive based, can think high higher digital there, X% industry than feels and advice,

Kenneth Lee

Okay, MassMutual. great. partnership question about earlier follow on And an the just strategic up with a

agreement management asset is provide in there retirement sort of going some place forward for clarify, Just is or want Invesco to MassMutual services and to insurance products?

Martin Flanagan

no there's No No. agreement.

had confident very in holding high Loren talked and official to are think expressing There's be of what's relationship. as conversations, organizations, that it has really And dollar that the appropriate so together they the about. and is business, just equity the back both MassMutual again level I that of will degree said, I preferred the it feel management important to work the combine their they're out they're have not very through every ways I we asset a in staying getting understand situation. into the strongly to put emerge will it proceeds and the high of of

Kenneth Lee

Got outflows one, there EU you in were the region and just there. one quarter some the last just within

wondering drove what those some whether key of Just banks? factors flows

Loren Starr

Yes.

outflows sovereign out was mentioned physically it the that our that of around So capabilities wealth equity I of was our managed Asian some [indiscernible].

Operator

you. Thank

from question and Shutler Our please is company Chris next your state name.

Chris Shutler

Hi, AUM to dealer broker relative channel? is much RIA Chris from Within Shutler Oppenheimer's of the the guys, in retail, William good Blair. how morning. channel

Martin Flanagan

which know a market segment some show have highly of have at the - very so the do it success also one is have, is and What the we some is they look results the but numbers and distribution regarded thing. I for They Loren have combinational in capability an industry very probably the of that. looking we [indiscernible] do again, in that better good we not incredible

We will they Oppenheimer that be done. the real have better and half think I with talent

Loren Starr

channels so, the [ph] if mostly XX wealth through numbers, that the assets if really it's again, management it's bumping it billion RIAs, have various around Yes, marching like so to I'm start the not enough I in platforms, looks detail be - yeah. and transparency around total sure of to comment

Chris Shutler

One-five, XX.

Loren Starr

One-five, XX, Chris.

Chris Shutler

mutual correct Oppenheimer's you Okay. give in if about fund Thanks looks then it XX% like And a of think wrong wrapper. me Can AUMs lot. I'm their there, I us some XX%-ish of versus Oppenheimer? of institutional assets whatever much is look kind of of of what breakout sub it in of other flow advisory, trends how kind the piece the like that

Loren Starr

XX So I advisory we've around grow, XX institutional smaller capabilities. think they sub been billion. - about been billion XX an in trying billion, probably there's That's billion that XX to have fee area

which the So those the fund have ETFs, other and billion, you do again that might big it's right. you They about through side I sort business X pieces that are mostly it's mutual in not other smaller the of see see. think channels normal so

Martin Flanagan

Yeah, come to ETFs, but billion - back me let X that. So

to those the the a channels be taken States, followed strong the distribution non-U.S. do bulk of I make the number the the for really capabilities vehicle, probably, very an to a immediate of want funds, is outside So very are most institutional funds have by there capabilities that very, we that going U.S. and and both look be what to United business mutual has a of is clear very, the mutual been to the retail in opportunity with we is

a seems as we So opportunities investment high us really offer look real again, quality the forward.

Chris Shutler

at if but AUM and close. already, is of how How guys, - overlapping real in stated of the quick. so strategies there's where the much this case, I one, pretty Oppenheimer Last an kind have that two may strategy - you Invesco, look much that's apologise the with

Martin Flanagan

very Yeah, which about is actually what the is attractive overlap so little other combination.

look complementary we again forward. at as an combination the teams in So additive the of the as look strategies we

Chris Shutler

you. Thank

Operator

you. Thank

is question state company next Alex from name. Our Please Blostein. your

Alex Blostein

the cost if I if Sachs. to of any cost more if the but one back well like to seen looks XX% just think sorry would Goldman like about I'm other thanks, $XXX synergy Hey, to base million, it the with what Oppenheimer's good go that's I you question it's history. time morning, and transaction recent above I - it, we've and management XX% guys space size in of missed

this that that I maybe help comprises when do break makes and part , sizable that pretty be these And feels of of long level you up rate? guess XXX I you guys maybe guess run integration kind to talk what costs two about synergies will you this of Invesco's different one. get in cost that's what also the us think how guys one to so part of So integration

Martin Flanagan

clarify I so cannot the correct. Yeah, at so basis, it as it's look Oppenheimer's to of that a point, or - not want percentage factual you

their in earlier integrations marketplace. capability both the dominance operations platforms business was material the States. funds fund said combinations And we and in the the is path of again Oppenheimer up, come a what The this of the So that mutual all scale platform and just the - benefits systems that being our the will across it is already very of so becomes speed fund simplification United mutual being that seen real. like, in out mutual was supporting other so down was the that and than in different you've opportunity heading

Loren Starr

of there then so sorts again associated plus forth and with in estimates there. getting terms around solicitation technology is in we XXX, process of platform platform one one cost some all here get getting cost get have to one and so the and Yeah so integration to the platform, transaction and there's and so completing

it's know the going conservative, So one is be number, given mentioned. think all degree it's potentially generous big that a you the as we used but but as and a to you number XXX

smaller and would of of in the line expect so getting in around two sort we occurring up So finished roughly with in then mostly piece. the sort year being rest it of with in the year of the sort think see timing to one step that can you synergies,

Alex Blostein

is the Got and XXX it mostly cash right, I'm cash assuming, expenses?

Loren Starr

one time of sort be expenses. Yeah, expenses cash those would cash

Alex Blostein

earnings. and into report This should one What the rate will shield. sort creates thinking terms tax with of feed methodology rate of adjusted so be in of be you pretty proceed how amortization should does the that assuming transaction accretion sizable I'm kind tax rate, post you we the guys enough? adjusted last a Sorry, the about probably tax your on

Loren Starr

going no no $XX the in no accounting related associated be small, there's million perspective so a so modest, with that, somewhere between tax accretion to amortization there is there's nothing. the but benefits. intangible probably element from for us, tax tax Yeah, around $XX benefit The is benefit to here million a year,

up roughly US whole as a going the of XX.X% to we're degree is rate it and that to because another points add the the firm two rate earnings generating. take our going tax just for So current of step in of to percentage probably be

Alex Blostein

Thanks very much.

Operator

you. Thank

question next Our from is name. company and Campbell Jeremy your state please

Jeremy Campbell

the answered, have with think quick Loren, come hot guys thing. you Are here? how build going XQ? of to or I in heavy on them Barclays, you to looking got up gradually a Hey of planning, do OpEx mentioned XQ out we come really through of question you in the months Campbell been books from clean is can something where from it just kind XX% up one at and most 'XX, going XX%, here few Jeremy pretty that it's of the is obviously shoe

Loren Starr

a thoughtful early at Yeah, the for understand think how is our of quickly, to so. doing to need terms we with timeframe colleagues this. but is way to be again for helpful execute executed long need sort intention go details. reasonably into We really in we of think to to don't is anyone, Oppenheimer work we I our Obviously us little get to this

more around closer bit gets a think kind be will quarter get by little color how to it we provide I of exactly as able to close.

Jeremy Campbell

just sort math of of there's just and - of OpEx other the that that's accretion Alex's quick one that there elements of the here kind follow-up want be the very we it kind Got buyback to clarification might missing to small like on question the extended kind and be no right? there, sure,

Loren Starr

buyback that no, everything from about only of million and straight that, as you I numbers are seeing. that is - else years quantify Nothing mentioned in else extra that's be the so two thing to should as only thing, XXX the the of

Jeremy Campbell

thanks. Great,

Martin Flanagan

you. Thank

Operator

you. Thank

company name. question next from state Bedell Our and is Brian please your

Brian Bedell

very just synergies and questions side much the for mean Two Bank. Deutsche one the the Bedell, Thanks going maybe synergies and revenue on call keeping on for potential the cost Brian starting here. on side. one cost

merged implies estimate and base around is some crack and at took so rationalization trying a saves the is to product this the synergies zooming we fund billion this could You XX% cost that and costs we a be that way the after with naturally XXX the press, with in came high and on both almost of that on organizations took [indiscernible] the total at pretty crack around mutual XXX to AUM it. up was potentially side billion in

about if So deal, the does keeper approvals then gate poses to for - funds fund doing can see of off of fairly example, talk just fund you look just pace board this that as process would do you're that's in and quickly mergers, list. after integrate wanted have you you yet put not if way the or then so and that come to on timing watch

Martin Flanagan

and are combined within closing. and That no for focused XXX% of in operating for right to this that ahead and about, makes from again what be there. fund talked And no within respect the get it. within capabilities to where there's that's that's how benefit States, there not scale it get that fund yeah benefits our the is now operational platform through are that's coming work focus we all coming what emerging between be mergers, capabilities - Yeah. of to Though after fund that a plans - operational do it's what contemplation, will after seeing and sense the organization is now no I've from sort - the would largely it you're turn you mergers won't because until synergies this an mutual happens we'll United and plan the closing

Brian Bedell

with XXX And managers up if the so the that then? be to fund road down come would do you you later upside

Martin Flanagan

Yes.

Brian Bedell

fund been on products think there time, that's has but with of have? XX the structures up Okay, a a funds the is really product quickly structure create and mutual big really or teams gross in the estimate, great. you I the have mutual I new outflow in up side, new of obviously I product of institutional billion then challenge of And mean product a on appreciate your ability How didn't the you can come products assume so a structures long area. flow potential and distribution maybe Oppenheimer the you number you for synergy comment that crank investment some if do to that net offsetting that net franchise the range

Martin Flanagan

on me hit that. let so Yeah,

organization United so spending channel capability quality and marketing out robust forces, teams pretty once some figure so high a sales quickly. time have client so it not market looking we'll what areas. an are up to time they the to the structures that introduce States. against have if teams in capabilities, for So are what But is with equipped what all as you matching demand is really the of with outside again of and We know But demand, two instructional another do strategy the we to again we're for clients this, into after want do clients get the spend the structure, what retail go call get it are teams, clear. robust call very it's very that's institutional just to to this, hours the high we one we we work being ready we well are about

Loren Starr

not it's is XX net number, redemption a so number net a a a flow. outflow it's a it's - the net And just

Brian Bedell

put In DT distributor on don't a mergers, anticipate fund then specific the [indiscernible]? list from watch being without number, so okay other really you and [ph]

Martin Flanagan

No.

Brian Bedell

Okay. Thank you.

Martin Flanagan

Thank you.

Operator

you. Thank

Patrick and from is state name. company question your next Davitt please Our

Patrick Davitt

these Hey, Slide hitting of managers, I risk Appreciate less good with that's limits with imagine XX, want doing a all there to probably morning. with is helpful. any big these exposure It's Research. of business be most Autonomous bigger guys? but

Martin Flanagan

I no. wish that we problem had but

Patrick Davitt

but kind level? getting Okay. And then that's you mentioned great, what from that the of funds that fund non-money great wall runway kind flows, money flows distribution I imagine more from to still that's all not if of

Martin Flanagan

can Yeah, so that let we so a actually. couple points, be excited about - me more

through economy look and financial. you we partnership very transaction retail our is there have if digitally at So world with the it based

natural points only We money and with have by basis points future you here, that's the though, tens and starts a on but anticipate that for good venture don't of happening and us. start billions of western partner are the it we but is dates platform and and so including XX it that that's in I specific follow XX the joint way of in investment it's have in dollars it's first bad, so capabilities basis further there isn't if a funds

Patrick Davitt

Thanks.

Operator

you. Thank

Harrison, please Chris Our company next is name. from question your say

Chris Harrison

Good and perspective bit this Can us a morning, selling? share transaction Wells about MassMutual's about little you on why Fargo. your guys to came how maybe talk

Martin Flanagan

a your Yeah, talked All simply over We of to very MassMutual in world taking real equity you they're long when an that that holding likeminded common XX we where - where they let's conversation selling they today point, very and I making on is have together. preferred came consider about you about million think The are going. it we and clear going. in see. But things transaction are are and do focus from very, thought the we meaningful like we was term. alignment can the want turned is do not were the $X and billion shares clarify that the what the

and committed I to for think they they're a forward. going to degree hear do And they going be view, into As this combined talk people high going what together it's are and they single dollar you every is proceeds having company, important a really of about mutual long-term know back it's to firm understand, in that would combined intuition a confidence extraordinary. have and we're

Chris Harrison

looked guess after what's in the that run have I'm wondering particular so a or larger risk very that good extraordinary mitigate the mitigate a at of They the do performance. I is risks you Okay, there can sector? and for way in a stocks the you of how and acquiring have unrelated tech of question guys large been the do sector Funds understood we Oppenheimer that kind and really some had overweighting

Martin Flanagan

way No Yeah, we what the want the portfolio that it our so performance earlier. that's that comes if The over investment to point full philosophy to the different you're out good team's in very like and really of and cycle within portfolio hitting has strategies do complementary discretion going two, a than consistent different continue and that one, on change time a market the list want to managers sort managed changed you what three gets with it to investment or Invesco do to generate money say that's and trying never having they you that is the mitigated through the call in Invesco. that's up in way. of at question as we're a

stable as different also you - if you And how call the look favor gives more choice of are a that's it for stable the want lineups at when an clients mitigating styles, in so side-by-side good favor to organization. It having styles but - you're it's and business. out

Operator

do we question. time And have final for one

Greggory your name. Our state and last question is Warren please from today company

Greggory Warren

Greg Morningstar. This Warren morning. from is Good

you there. with years guys Just but you're the was I breakage step ago forecast kind that question saw quick you completely understand to Kampen, was Van XX environment. of basing it put that that want and different on all in a a out honesty to back what market

is Oppenheimer follow-on So than only you billion to out guys to going higher see is disruption that slightly something of what a invested much How Funds. XX are see the you that with in would getting of guess up with that the like you gives you're outflows them? Funds assume from I this belief picking MassMutual and how in Oppenheimer much guys actually business I gate, you that the

Loren Starr

I conservative, was back think - to we're but not from this a really the thinking there the we we explicitly of it it as was think Van - together just but not we're we less, result probably outflows foreseeing so that I point that, is uncertainty. happen, come the we when it's we is with we're transaction - really using different way XX because do to Kampen just there's are it don't it's and still used modeling. breakage, no think a just so think it conservatism in big and estimated nothing close needed about teams maybe again process, transaction, trigger it real so that to as sort of with going there we conservative was XX, then of anything XX expect anything the that much when about

based on fact or So of data conservatism. theXX's not more kind that's why there, it's or it's

was think - your question, sorry? second what I I'm Gregg

Greggory Warren

just part because Yeah was have much or actually them, there's I life in Funds surely much of wondering firm, Oppenheimer MassMutual usually those MassMutual a in does management how cross so how - the between actually insurer situations how point? at an owns where insurer invested plenty of business this as have a

Martin Flanagan

United if to Yeah, and number no not have liberty here number I I more not feel though the to a capabilities collectively don't is XX - we again - going available intent that large the I can investment States conversation, one is - it robustly first of not - is the the look advisors. parts large a of am forward want making so that at just trying a in at to X,XXX

Loren Starr

of the those Account is there of doing really management terms relationship in Oppenheimer the General between In count. more is MassMutual no what has

Greggory Warren

an repurchase quick, sort a might may stock I X.X of call, authorized rate Did or the soon share at? know back you now. of indication don't buying a of quarterly just Loren, run or during then billion much you how of And give you're looking Okay. I caught start course got the be if it you've but not how

Loren Starr

So so due we and terms think of two start an about gets its obviously have after of can release beginning process intention in starting you next we this week. days,

more obviously buyback bringing the being that to buyback feel to is interested really lot flow. of But is credibly ultimately going we're backs sensitive deal transaction. the undervalued of we the and particularly light be extra on the deal we're stock yet also we and haven't the so cash the in the this fact the a given And fact of completed

are out will in point at the sort way - we said, almost on this that without but in now serious intent a So quarter so by market immediately. X.X of we the in be was laid starting very time,

Greggory Warren

of that you of could right would finance it gate? out third easily a So the be comfortable, say

Loren Starr

No question.

Greggory Warren

you. Thank Perfect. Okay.

Martin Flanagan

that's it. Operator I everybody. Thanks, think

Operator

turn back to up I would closing it now for speakers remarks. call

Martin Flanagan

here. want Good we're really for about future and changing everybody excited and very the in their appreciate questions thank the opportunity to schedules engagement again just the

very future calls. you and progress to and communicate up on will Loren in I as those out, core also thank combination, we pointed much good to but our things going will continue So business speed many on this on in bring are

So the have a of Thank day. you. good rest

Operator

conference. This you. today's does Thank conclude

this at time. disconnect may You

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