Risk Factors Update Summary
- Addition of risks related to interest rates and inflation, with interest rates raised during 2022 and early 2023, impacting AUM, revenues, and net income.
- Distributors may demand higher revenue sharing levels, impacting profitability and product distribution.
- Increase in seed capital and co-investments from approximately $909 million to $956 million, potentially affecting financial results.
- Failure to comply with client contractual requirements may lead to fines and penalties.
- Introduction of risks associated with investments in private credit, real estate, and equity investments, exposing to risks and liabilities.
- Increased complexity of new quantitative models poses risks to business performance and reputation.
- Changes in regulations regarding ESG topics may impact product offerings and compliance costs.
- Potential changes in tax laws could increase tax liabilities, affecting net income and liquidity.
- Enhanced regulations on data security and cross-border data transfers may increase compliance burdens.
- Changes in regulations governing investment products could impact investor demand and profitability.
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=914208&owner=exclude
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