Risk Factors Update Summary
- AUM increased from $10 billion to $13 billion, potentially shifting from institutional prime to government money market funds.
- Regulatory requirements can affect hiring and agreements, leading to higher redemption rates and service difficulties.
- Revenue from money market assets decreased from 40% to 47% of total revenue in 2022 to 2023.
- Loss of key personnel can disproportionately impact offerings, customer relationships, and financial condition.
- Fees on ETFs could be impacted by tax law changes, potentially affecting business and offerings.
- Unpredictable events like natural disasters or war could adversely impact business operations and financials.
- Climate change risks, both physical and transitional, may lead to business disruptions and revenue decline.
- Hybrid work arrangements may stress business processes, impacting operations and potentially revenue.
- Business disruptions could affect operations, reputation, and financials, leading to revenue and earnings decline.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1056288&owner=exclude
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