BrightSphere Investment Group Inc. (NYSE:BSIG) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET

Company Participants

Melody Huang - SVP, Director of Finance and IR

Suren Rana - President and CEO

Conference Call Participants

Kenneth Lee - RBC Capital Markets

Michael Cyprys - Morgan Stanley

John Dunn - Evercore ISI

Michael Cyprys - Morgan Stanley

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the BrightSphere Investment Group Earnings Conference Call and Webcast for the Third Quarter 2023. [Operator Instructions] Please note that this call is being recorded today, Thursday, November 2, 2023 at 11:00 a.m. Eastern Time.

I would now like to turn the meeting over to Melody Huang, Senior Vice President, Director of Finance and Investor Relations. Please go ahead, Melody.

Melody Huang

Good morning, and welcome to BrightSphere's conference call to discuss our results for the third quarter ended September 30, 2023. Before we get started, please note that we may take forward-looking statements about our business and financial performance. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected. Additional information regarding these risks and uncertainties appears in our SEC filings, including the Form 8-K filed today containing the earnings release, our 2022 Form 10-K and our Form 10-Q for the first quarter and second quarter of 2023.

Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update them as a result of new information or future events. We may also reference certain non-GAAP financial measures. Information about any non-GAAP measures referenced, including a reconciliation of those measures to GAAP measures can be found on our website, along with the slides that we will use as part of today's discussion. Finally, nothing herein shall be deemed to be an offer or solicitation to buy any investment products. Suren Rana, our President and Chief Executive Officer, will lead the call.

And now I'm pleased to turn the call over to Suren.

Suren Rana

Thanks, Melody. Good morning, everyone, and thank you for joining us today.

As usual, I'll start off with some main highlights on Slide 5 of the deck, and then I can answer questions. So for the third quarter of 2023, we reported ENI per share of $0.45 compared to $0.30 in the third quarter of 2022 and $0.28 in the second quarter of 2023. This 50% increase in ENI per share compared to the year ago quarter was primarily driven by a 24% increase in revenue due to higher AUM from market appreciation and higher performance fees. Acadian's investment performance remained strong and got even stronger in the third quarter.