Oct 30, 2026 earnings call — Progress on global expansion and AUM reporting change
Discretionary AUM decreased $939.2 million to $23.8 billion; of that, $753 million had a revenue effect.
Revenue $0.0B (est $0.0B) · EPS $0.16 (est $0.11)
Key quotes
"We announced during the third quarter that we received our full MiFID license through the Central Bank of Ireland."
"We will adjust how the firm reports non discretionary at the end of the first quarter of 2027, likely eliminating the non-discretionary AUM category altogether."
"We intend to imminently make equity grants to the professionals who are building our business and executing our strategy"
Analyst Q&A 1
Staffing in Europe and Asia; value performance
Q (Sandy · Evaluate): The analyst asked whether the staff setup in Asia and Europe is already in place and what the status is. He also asked why the firm's value strategies have had challenging performance.
A: In Europe the Dublin office has largely completed hiring and the staff setup; they may be hiring 1 more individual for the investment team and the office opened in the third quarter and is now off and running. For Asia they will announce a head of office in the first quarter, licensing is in place, initial hiring is in early stages, and distribution work in Australia and other markets will be rolled out more slowly. On value strategies they said challenging performance is largely due to index construction that heavily weights lower quality companies; the firm favors high quality, concentrated portfolios and will look to improve but stick to its fundamental research approach.
"So in Europe, where we have opened the Dublin office, we have largely completed our hiring and the staff set up there." — Richard R. Hough (CEO·CHAIR)