BrightSphere Investment Group Inc. (NYSE:BSIG) Q3 2024 Earnings Call October 31, 2024 11:00 AM ET

Company Participants

Melody Huang - Investor Relations
Suren Rana - President and Chief Executive Officer

Conference Call Participants

Kenneth Lee - RBC Capital Markets
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 2024. [Operator Instructions] Please note that this call is being recorded today, Thursday, October 31, 2024 at 11:00 a.m. Eastern Time. I would now like to turn the meeting over to Melody Huang, SVP, 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, 2024. Before we get started, please note that we may make 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 2023 Form 10-K and our Form 10-Q for the first and second quarter of 2024.

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

Thank you, Melody. Good morning, everyone, and thanks for joining us today. I’ll cover the highlights on Slide 5 of the deck in my initial remarks, and then we can move to Q&A. So for the third quarter of 2024, we reported ENI per share of $0.59, and compared to $0.45 in the third quarter of 2023 and also $0.45 in the second quarter of 2024. The ENI in the third quarter of 2024, increased by 15%, $22.2 million compared to $19.3 million a year ago in the third quarter of 2023. The increase was primarily driven by the growth in management fee revenue due to higher AUM from the market appreciation that we’ve seen over the last 12 months. And additionally, we continued our expense discipline during this period.