Research library · Asset Managers & Investment Banks
Asset Managers & Investment Banks: the moats, the numbers, the verdicts.
22 companies covered. Every report re-run after the latest earnings.
Ameriprise Financial, Inc. AMP
Ameriprise earned $11.98 a share last quarter against $5.83 five quarters earlier.
Apollo Global Management, Inc. APO
Apollo lost $1.91B in the March quarter and earned $1.36B in the June one, and neither number describes the business.
Ares Management Corporation ARES
Ares raised a record $36.4B in a single quarter, sits on a record $170B of dry powder, and the share count that funds all this growth has risen 18% in two years.
Brookfield Asset Management Ltd. BAM
Brookfield Asset Management raised a record $77B in one quarter, a single $40B insurance mandate inside it, and the stock costs 28 times this year's consensus, the richest multiple
Blackstone runs $1.35 trillion and just grew distributable profit 26% in a quarter, yet its base management fees, the annuity everything else stands on, grew 4.5%.
Evercore's first half ran 56% ahead of last year, a pace no advisory firm sustains, and the stock has already given back a quarter from its high while the records were still printi
Ignore both numbers. The company that matters now is a West Texas data center landlord that borrowed $3.5B at 9.875% in July, and the crypto desk is what it used to be.
The Goldman Sachs Group, Inc. GS
Goldman Sachs earned a 23.5% return on equity last quarter, against 12.8% a year earlier, and its banking and markets division nearly doubled its pretax income.
Robinhood's prediction market went from $10M of quarterly revenue to $156M in a year, while its crypto business fell from $160M to $100M.
Invesco sits at $29.24 near a 52-week high after doubling off the $14.46 low, with a 2.9% dividend and a clean balance sheet, but the reported GAAP loss masks a business throwing o
Jefferies Financial Group Inc. JEF
Japan's SMBC bought over 12 million Jefferies shares in the open market this spring and summer, roughly $650M at $48 to $55, while the stock sat 25% below its high.
In February, KKR's two co-chief executives each spent roughly $17M of their own cash buying stock in the open market near $100, and six months later the firm printed record fee ear
Lazard's asset-management arm just had its best half of inflows in roughly twenty years while its advisory arm shrank 9%, and the chief executive sold 125,000 shares two days ago.
Three years ago Moelis lost money for a full year; last quarter it set a Q2 revenue record, and that round trip is the entire risk profile of the stock in one sentence.
MarketAxess Holdings Inc. MKTX
MarketAxess lost share in United States high-grade corporate bonds in every one of the last four years, from 21.3% to 18.4%, and in high-yield from 17.1% to 12.5%.
Morgan Stanley's balance sheet grew $310B in three quarters, from $1.36T to $1.68T, against $6B of additional common equity.
Oppenheimer earns $13 a share, carries $94 of book value, and the family that controls it through 99,665 unlisted voting shares just watched the stock nearly double in a year to $1
Blue Owl's fee growth has been cut in half in eighteen months, from 24% to 8%, and the market has answered by cutting the stock 39% and leaving a 7.8% dividend yield on the table.
Raymond James Financial, Inc. RJF
Raymond James is the one bank in this week's advisory sweep that is not really a bank on a deal cycle: 72% of its revenue is fees on $1.92 trillion of client assets that mostly sit
You're paying about 15 times forward earnings for a diversified financial-technology firm that runs the back office for other people's funds and also manages money, a high-return c
StoneX just grew quarterly earnings 102% after swallowing R.J. O'Brien, the largest non-bank futures broker, and five of its senior officers spent July and August exercising decade
In June 2026 Tradeweb passed MarketAxess in electronic corporate bond share for the first time since 2012.