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BrightSphere Investment Group Inc. (BSIG) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in management fees to $112.1 million from $95.3 million in the same quarter the previous year, primarily due to higher levels of average assets under management.
Performance fees decreased to $10.1 million from $11.2 million in the same quarter the previous year, attributed to a change in performance relative to benchmarks in certain strategies.
Total operating expenses increased to $96.1 million from $77.1 million, driven by higher compensation and benefits expenses, which rose to $69.6 million from $53.0 million.
The company reported an operating income of $27.0 million for the quarter, compared to $30.2 million in the previous year.
Net income attributable to controlling interests was $16.9 million, down from $19.6 million in the previous year.
Cash provided by operating activities was $59.1 million, while cash used in investing and financing activities was $48.3 million and $104.1 million, respectively.
BrightSphere had a working capital of $555.2 million as of September 30, 2024.
The filing also details various financial agreements, including a new revolving credit facility agreement replacing the previous one, with a maturity date of August 29, 2027.
The company does not anticipate cash dividend payments to common stockholders in the near future.
The filing includes information on the company's exposure to market risks, including equity market risk, interest rate risk, and foreign currency risk.
BrightSphere's assets under management increased to $120.3 billion, reflecting net market appreciation and net inflows.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BrightSphere Investment Group Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.