WisdomTree, Inc. (NYSE:WT) Q4 2023 Earnings Conference Call February 2, 2024 11:00 AM ET
Company Participants
Jessica Zaloom - Head of Corporate Communications
Bryan Edmiston - Chief Financial Officer
Jarrett Lilien - President and Chief Operating Officer
Jonathan Steinberg - Founder and Chief Executive Officer
Jeremy Campbell - Head of Investor Relations
Will Peck - Head of Digital Assets
Jeremy Schwartz - Global Chief Investment Officer
Conference Call Participants
Adam Beatty - UBS
Michael Brown - Keefe, Bruyette & Woods, Inc.
Keith Housum - Northcoast Research
Michael Cyprys - Morgan Stanley
Operator
Hello, and welcome to the WisdomTree Q4 2023 Earnings Conference Call and Webcast. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to turn the call over to Jessica Zaloom, Head of Corporate Communications. Please go ahead, Jessica.
Jessica Zaloom
Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation and in the Risk Factors section of WisdomTree's annual report on Form 10-K for the year ended December 31, 2022. WisdomTree assumes no duty and does not undertake to update any forward-looking statements.
Now, it is my pleasure to turn the call over to WisdomTree CFO, Bryan Edmiston.
Bryan Edmiston
Thank you, Jessica, and good morning, everyone. I'll begin my remarks with the recap of 2023 and our fourth quarter results, followed by our 2024 expense guidance before turning it over to Jarrett and Jono for additional updates on our business.
2023 has been a year of transformation and table setting for the future. We generated $10.4 billion of inflows during the year, which translated into a 13% organic flow growth rate. And flow diversification is driving our average fee capture on our flows upward, which was about 2x greater than our fee capture in the prior year. And while we experienced modest outflows in the fourth quarter, revenue grew organically as we captured positive run rate revenues on our flows as we outflowed from lower fee products while inflowing into products with a higher fee capture.