The company said its assets under management ended 2023 at $1,444.5 billion, an increase of $169.8 billion from the end of 2022. Net market appreciation and income, net of distributions not reinvested, of $251.6 billion offset net cash outflows of $81.8 billion.

1. 01

   The company said its assets under management ended 2023 at $1,444.5 billion, an increase of $169.8 billion from the end of 2022. Net market appreciation and income, net of distributions not reinvested, of $251.6 billion offset net cash outflows of $81.8 billion.

2. 02

   The company said net cash outflows in 2023 were concentrated in growth-oriented equity strategies sourced from Americas financial intermediaries and institutional clients. Net cash inflows into multi-asset strategies, predominantly target date retirement products, and alternative strategies partially offset these outflows, and net inflows into target date products were $13.1 billion.

3. 03

   Investment advisory revenues in 2023 fell 3.7% from 2022, as average assets under management decreased $36.1 billion (2.6%) to $1,362.3 billion, the company said. The average annualized effective fee rate was 42.2 basis points, lower than the 42.7 basis points in 2022.

4. 04

   The company said operating expenses rose 8.7% to $4,474.3 million in 2023, and its operating margin was 30.7%, down from 36.6% in 2022. The company also said it estimates that non-GAAP operating expenses for 2024, excluding non-GAAP accrued carried interest compensation, will grow 3%–-5% from the 2023 amount of $4,190.7 million.

Key figures

Fiscal year ended December 31, 2023

Revenue

$6.5B

Operating income

$2.0B

Net income

$1.8B

EPS

$7.76

Operating cash flow

$1.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.