Man Group Plc New

Good morning, everyone, and thank you for joining us today. I'm Robyn Grew, the CEO of Man Group, and I'm joined by our CFO and COO, Antoine Forterre. I'll begin with a high-level overview of our investment performance and client engagement in the first half of this year. Antoine will then walk you through the financial results, after which I'll update you on some of our strategic highlights during the period. As usual, we'll finish with questions. The first half of 2026 was another period of turbulence in markets, one in which they proved resilient once again. The principal challenge came from geopolitics, but as tensions eased, risk appetite recovered quickly. We navigated a market where returns were unusually concentrated, driven by the continued strength of the artificial intelligence narrative and robust corporate earnings. In fixed income, The possibility that interest rates may stay higher for longer kept bond yields high and elevated through much of the period. It was against this backdrop that the structural strength of our diversified platform was clear. We delivered a strong first half which demonstrates the continued evolution of Man Group. The broad-based investment performance, exceptional net inflows, Record AUM and growth in earnings we are reporting today are the direct result of deliberate multi-year initiatives to diversify our business. On the topic of diversification, I'm pleased to report that we generated overall investment performance of $19.8 billion in the first half. Both our alternative and long-only strategies contributed positively, reflecting the skill of our investment teams, our disciplined approach to risk management, and the benefits of our advanced technology capabilities. Our asset-weighted investment performance was 0.4% ahead of similar strategies offered by peers. In liquid alternatives, we saw strengths across the platform. Our multistrat 1783 led the way once again Finishing the half up 7.9%, now top quartile in its peer group across multiple timeframes and genuinely uncorrelated to equities. 1783 continues to demonstrate the power of allocating dynamically across the breadth of Alpha at the Firm. Also, in liquid alts, Mann Alternative Risk Premier delivered another strong half for clients, returning 4.6% and exceeding $15 billion in AUM. AHL Alpha, our traditional trend following program, returned 7.1%, extending the recovery that started in the second half of last year. By contrast, AHL Evolution returned minus 3.7%, broadly in line with other alternative trend followers that trade less liquid and harder to access markets. Finally, in private markets, conscientious underwriting kept our credit portfolios robust, and it was great to see Barden Hill making a significant contribution to performance fees during the period. Our long early range once again outperformed strongly, providing a clear demonstration of the value of active management through a period of unusually concentrated markets. In equities, Numerica Merging Markets Core was a standout performer, ahead of its benchmark by 4.8% per year over the last three years. while Man Japan Core Alpha was more challenged due to a difficult period for value investing in the region. In liquid credit, our strategies navigated rising dispersion across the market with rigor, once again exceeding their respective benchmarks. On the client side, growth during the first six months of 2026 was exceptional. We delivered total net inflows of $7.1 billion In a competitive environment for fundraising, we saw positive net flows across all four of our product categories, a powerful endorsement of the trust our clients place in us. You've heard me say this before. In today's markets, clients are consolidating their relationships with a smaller number of highly capable strategic partners who can help them manage complex risks and growing macroeconomic uncertainty. The quality of our people and our technology means we are well placed to capture that shift. We now serve 792 institutional clients and our customized solutions remain a clear competitive advantage. The strength of this client demand was evident across our channels, generating $37 billion in total gross flows during the first half. Institutional clients contributed $21 billion, while wealth channels added $16 billion. Momentum was particularly notable across our long-running range, while demand for our customized solutions continued within liquid alternatives. We also made good progress extending our reach into the channels where we see the greatest opportunity. In wealth, our active ETF platform saw early traction, while our Asteria joint venture built further on its success. We continued to grow our presence in North America, more on that later, and we also launched a systematic credit solution with a new institution in the insurance space. As our clients' needs evolve, so will we, creating an even stronger business that is positioned for long-term success. I'll now hand over to Antoine, who will take you through the numbers.

Thank you, Robyn, and good morning, everyone. As usual... I'll begin with some financial highlights before covering our AUM, P&L and balance sheet. As Robyn mentioned, we ended the period with record AUM of $253.6 billion, up $26 billion or 11% since the end of December. This was driven by positive investment performance of $19.8 billion and net inflows of $7.1 billion. On a relative basis, our net flows remained ahead of the industry, reflecting the strength of demand we saw for a range of strategies. This growth in AUM was also reflected in our revenue. Core net revenue increased to $853 million, comprising $627 million of net management fees, 21% higher than the same period last year, and $207 million of core performance fees, more than three times H125, with contributions from a wide range of strategies. We also generated $18 million of investment gains from our seed books. Fixed compensation and other cash costs of $222 million were broadly flat, compared with H125, while variable compensation increased, reflecting higher revenue during the period. Core profit before tax increased to $297 million, resulting in a core PVT margin of 35%. Core management fee profit before tax was $186 million, equivalent to 12.4 cents per share of core management fee EBS. Lastly, the Board has declared an interim dividend of 5.7 cents per share, one-third of 25's full-year dividend, in line with our guidance. We continue to maintain a strong and liquid balance sheet, with net tangible assets of $758 million at the end of June, supporting our disciplined approach to capital allocation. Turning to AUM and our new reporting categories. As a reminder, in February, we announced our intention to change our subcategories to better reflect the growth and evolution of our business, provide greater transparency on our strategic priorities, and align more closely with market practice. While we still provide the old disclosures in our data pack, these will no longer be available after Q3. Alternative AUMs stood at $110.5 billion at the end of the period. Liquid alts grew to $92.9 billion, driven predominantly by $4.2 billion of positive investment performance. Net flows were modestly positive over half, though that masked a clear divergence between the quarters. Having seen net outflows in the first quarter, we returned to net inflows in the second, as we experienced solid client demands for uncorrelated liquid strategies and solutions. With $0.7 billion increase, reflecting continued selective deployments, indirect lending and opportunistic credit. On the long-only side, organic growth remained very strong, with $6.3 billion in net inflows, highlighting the continued demand for systematic and discretionary capabilities across equity and credit. Combined with $15 billion of investment performance and positive beta, long-only AUM increased to $143.1 billion, Other movements were negative $0.9 billion, comprising $1.9 billion of FX headwinds owing to a stronger US dollar, partially offset by $1 billion of positive other movements. Finally, in addition to our fee pay in the UN, we ended the period with $4.9 billion of uncalled committed capital, in line with December, as additional commitments, including from the first close of our new opportunistic credit fund, were largely offset by deployments during the period. Core net management fees for the period were $627 million, a $110 million increase compared with H125. Our run rate net management fees, which represent a point-in-time snapshot of the firm's management fee earning potential, also increased by 10%, to over $1.3 billion at the end of June. The run rate net management fee margin remained broadly flat compared with December, as long-runly growth came from relatively higher margin strategies within the category during the period. As I've said before, we do not target a particular net margin-free margin, but instead prioritise having profitable growth across all our product categories. Core performance fees for the period were $207 million, $140 million higher than in H125, comprising $188 million from alternative strategies and $19 million from long-run needs. As I said earlier, performance fee generation was broad-based, and included $84 million from 1783, as well as a contribution from opportunistic credit strategies managed by the Barton Hill team. Performance fee eligible AUM increased to $69.2 billion at the end of June, reflecting the strong growth we have seen in the first half. Of that, $53.3 billion was at high watermark at the end of June, up from $36.6 billion at the start of the year, A growing proportion of our asset base is in our position to generate performance fees if we continue to deliver. As of 24th July, we had accrued roughly $290 million of performance fees due to Crystallize in the second half of the year. As always, Spiga is not a full-time company.

The amount that Crystallize is worth flip-drights pays

The underlying level, savings from the cost actions we have employed last year, and ending our stint as further infrastructure priorities, while maintaining overall costs. As I have said before, we are highly intentional about where we are at the end of this process. We will continue to take this approach, ensuring that our investments are directly aligned with our strategic priorities, to expand our competitive edge, and ultimately deliver long term value. As a result, core productivity margin increased to 35% and 24% in H1N1, the middle of our initiative 30-40% range. Core management fee profit before tax grew from 43% to $186 million, while core performance fee profit before tax grew to $111.6 million. These figures include the impact of an increased provision of materials, regarding commercial matter and providers during the ongoing. Turning to EPS. Core management for EPS reported 6% to 12.4% per share, the highest half-year level for EPS, by the increase in core management for EPS, together with the benefits of a reduced share price.

Over the past five years, core management for EPS has grown at a campaign annual rate of 11%, reflecting the increasing scale of our management fee base. Core performance for EPS increased to 7.5 cents from 1.2 cents in H125, reflecting more than doubled, up 105 cents in H125. In summary, our strong first half performance demonstrated our strategy is working and driving tangible growth in our earnings. At the end of June, we have net tangible assets of $758 million on our balance sheet, including $152 million of available cash and cash equivalents. Gross seed investments were $557 million, including $137 million of exposure via total return swaps, with $420 million held on balance sheets. We continue to manage this portfolio actively, aligning it with our strategic priorities as the business evolves. As you can see, it remains well diversified, with 67% in alternative strategies and 33% in long-only, while 79% is invested in liquid markets and 21% in private markets. We continue to maintain a strong and liquid balance sheet, which gives us optionality and flexibility to reinvest in the business, pursue our long-term growth ambitions and return capital to shareholders. Our business remains highly cash generative, and this continues to support a disciplined approach to capital allocation. Including the interim dividend declared today and the ongoing $50 million in share buyback re-announced in May, we returned $114 million to shareholders in the first half. Over the past five years, we have returned $1.9 billion to shareholders through a combination of dividends and buybacks, representing 42% of our market cap as at the end of June. The reduction in shares outstanding over that period These shareholders now receive an additional 25% of every dollar of earnings compared with five years ago. And on that note, I'll hand over to Robyn to take you through the next section of the presentation.

Thanks, Antoine. As you just heard, this is a very good set of numbers. What strikes me most is the fact that the whole business is pulling in the same direction. Across investment performance, net flows and earnings, we're delivering. And crucially, this isn't a one-off. It is our second consecutive period of strong results, which proves the resilience we've built and will continue to build into the firm. In short, the strategy we set out over two years ago is working and we're seeing the benefits compound into broad-based growth. I want to be clear that this remains a multi-year journey. Not every initiative moves at the same pace, but we are making excellent progress and my conviction in what we are trying to achieve has only deepened. We have significant momentum and the right to win. Let me take you through some of those highlights from the first half. Turning to credit. Over the past few years, we have deliberately built this into a core capability at Man Group. Today, I'm delighted to say that our credit platform now manages over $60 billion in AUM across liquid and private markets. The current market backdrop plays directly to our strength. Thank you so much for joining us. We've recently developed and launched new strategies directly alongside clients. In addition to this, our model of incubating top-tier talent within our multi-strategy portfolios and then spinning them out into standalone businesses is working, and we've seen with the growth of our emerging markets credit strategies. Crucially, this approach also contributes to the growth of our performance fee-eligible AUMs. We've now built out over $2 billion in credit-focused liquid alternatives that generate performance fees, adding further to the diversification of that earning stream. Turning to private credit, I'm particularly pleased with the investment performance we're reporting against a more complex market backdrop. It's a genuine testament to the skill and underwriting discipline of our teams. The numbers are worth dwelling on. In Mandirect Lending, our covenant default rate over the last 12 months is just 1.4% compared to an industry rate of 5.4%. Our pick rate is approximately 4%, which is roughly half the BDC peer average. As a reminder, our offering is entirely institutional and we don't have any structures with a liquidity mismatch. Alongside that, our opportunistic credit strategy delivered an annualized return of 35.7% in the first half. In a period where credit stress was highly visible in parts of the broader market, these numbers reflect the fundamental quality of the portfolios we are managing and our limited exposure to the more speculative parts of the market. This track record is translating directly into client confidence. In fact, you may have seen that we recently completed the first close of our new opportunistic credit fund, at a size larger than the final close of either of its two predecessors. Beyond this commercial momentum, we continue to invest in the platform itself. For example, we'll soon bring all of our US private credit teams together in New York to drive collaboration across direct lending, opportunistic credit, US ready debt and CLOs. Growth matters to us, but never at the expense of the discipline that has defined this business from the start. That is why, as we scale, we have been thoughtful about how we grow this, actively investing in new risk management and trading capabilities to support the platform. We have real momentum across credit, and there is plenty more to play for in this space. Moving to our geographical expansion, North America remains one of our most compelling opportunities, and I'm genuinely pleased with the progress we've made. We continue to believe we're underweight relative to the sheer size of the market. To put our recent momentum into context, growth flows from clients in the region during the first half were $12.9 billion. To give you a sense of scale, that's almost as much as we raised across the entirety of 2024, which is a remarkable rate of progress. It reflects the sustained investments we have made in our people and our presence over several years and it proves that our focus on providing highly customized solutions and product innovation is resonating strongly with both institutional allocators and the wealth channel in the region. As a result, AUM from North American clients has grown at over 18% per year since the end of 2021. That growth is highly attractive It means the region is now contributing a meaningfully larger share of the firm's overall management fee revenue. We're still in the early stages of this journey. The runway is long, but the trajectory is right and the foundations are solid and we intend to go much further. Let me turn to technology and specifically to AI. This is a topic that comes up in almost every conversation I have with clients and peers and I'm yet to meet someone who doesn't view this as a once in a generation opportunity. The reality is simple. The firms that get this right will define the future of asset management and we intend to lead the charge. We've always been at the forefront of technology in this industry because it's fundamentally in our DNA and has been for decades. We already invest over $135 billion annually in our platform, employing hundreds of grunts and technologists. That means we are not approaching this from a standing start, but rather from a position few others can match. We've been building cutting edge AI infrastructure. We know the true power of the latest frontier and open weight models is only really unlocked when they are securely connected to our proprietary systems and underpinned Thank you for joining us. And that really is how we're thinking about this right now. How do we reshape the entire firm? We're looking across the business for workflows where AI can act as a multiplier, whether that means empowering our quants to research and test hypotheses much faster, or enabling our operations teams to onboard a new client in a fraction of the time. I want to be clear on one point. We're ambitious, we're a growing business, and for us, AI is not a cost efficiency play. We're not looking to replace our exceptional people. We're looking to make them exponentially more powerful. We're incredibly excited about the road ahead because this is going to be truly transformational for the firm, for our clients, and for our shareholders. Bringing this all together, in our industry, it's very easy to get caught up in looking at performance in halves and quarters. But to really understand the continued evolution of Man Group, you have to take a step back and look at what we've delivered over the last three years. The numbers on this slide show exactly what we mean when we talk about the compounding benefits of our strategy. Since June 2023, our five-year trailing net flows have grown at 32% per annum, reaching over $50 billion and increasing total AUM to a record $253.6 billion. That scale has fundamentally strengthened our management fee base, driving core management fee EPS growth of 13% per annum, while simultaneously broadening our revenue optionality, with performance fee eligible AUM growing to over $69 billion. But what gives me most confidence as we look to the future is the breadth of these numbers. This is not growth concentrated in a single flagship strategy. or reliant on a single distribution channel. The areas we deliberately targeted for expansion, credit or equity in solutions, have grown 31% per annum to reach $185 billion. We're seeing positive net flows across all four product categories as a result of a bigger footprint in North America in wealth and in insurance. That is true, firm, wide growth. and it is precisely what our strategy was designed for. As we look ahead, the firm we have built is genuinely more resilient than the sum of its parts. With embedded operating leverage and rigorous capital discipline, this platform has scale, the capabilities and the momentum to deliver for our clients and our shareholders. To close, we enter the second half of 2026 with real momentum. The business we have built is highly diversified and structurally positioned for long-term success. As we look at the market environment today, we're seeing rising dispersion and growing macroeconomic uncertainty. These are precisely the conditions where active management and the ability to draw on a genuinely diversified range of uncorrelated strategies becomes most valuable. That is exactly what we offer. At the same time, we know that clients are consolidating their relationships They're looking for a smaller number of highly capable strategic partners who can help them manage this increasing complexity. That trend plays directly to our strengths. The depth of our investment capabilities, our advanced technology and AI initiatives, and our ability to build customized solutions at scale mean we are perfectly placed to capture that opportunity. As our clients' needs evolve, so will we. I have every conviction in our ability to continue executing on this strategy. That confidence is grounded in the exceptional talent we have across the firm and I'm incredibly proud of what this team has delivered in the first half. With that, we're happy to take your questions. As a reminder to ask a question, press the raise hand button on your screen and unmute yourself when we call your name. Thanks very much.

Thank you, Robyn. I'll go straight to questions. Hubert, you were the keenest. I will request that you unmute yourself.

Hubert, can you hear us?

Hi. Yes, I can hear you. Hi. Good morning. Thanks for taking my questions. I've got three of them. Firstly, on the alternative flows, I think you mentioned solutions being a key contributor to that. Can you talk about what other drivers were within that number? Also, are you seeing inflows into HL? Second question is on capital and M&A. Can you talk about what the M&A backdrop is like? Are you seeing opportunities out there? and if not, would you consider doing a buyback, a further buyback later in the year once the current one is completed? And last question is on the core PPT margin. It was 35% in the first half. Probably would have expected a little bit more operating leverage just given the strong performance and performance fees in the half. Just wondering why that wouldn't be better than what it was. Thank you.

Thank you, Yvonne. Do you want me to say a little? Okay. So on the flow side, pleased to see alternative, equal alternative returning to net flows. Areas we saw demand beyond solutions are in risk premier categories, as well as some of the equity and credit long-term hedge funds, which does mean that, although we don't really talk about HL in the same way today, we are seeing flows again in the systematic macro categories. On capital M&A, I'll start with the end of your question. The policy has not changed, and you'll remember the waterfall. First, progressive dividend, then organic and inorganic ways to deploy capital, and over the medium term, we aim to return surplus capital, most likely by way of buyback. We're still buying back shares. We have a $50 million program ongoing, which $21 million remain outstanding as of the end of last week. That should get us towards the end of Q3 and the board will, in due course, assess how best to deploy remaining surplus capital. The M&A environment remains one that we follow closely. We see M&A, as you recall, as a catalyst to our strategy. This is not our strategy, it's a catalyst to our strategy, either as a way to add capabilities, as we've demonstrated with the Barden Hill and then three years ago the Varian Acquisition, or also as a way to sort of bolster possibly post-service solutions. The team continues to look at hundreds of opportunities a year. Our bars have not or bar hasn't been reduced. The bar to bring M&A remains very high. So we continue to look, nothing that we call out here, but it remains a key part for us to accelerate our strategy. And then core PVT margin. The new guidance is one where we would typically aim to be between 30% and 40% of core PVT margin over the annual basis. As we used to say, and we'll continue to say, the mix of performance fee is a key driver of where we stand within that range. So first is the quantum of performance fees, which you mentioned, and the second is a mix of performance fees. We have a broad-based set of performance fees coming through here from multi-strats, from some of the single strategy hedge funds from Barden Hill and discretionary teams, discretionary strategies tend to have a slightly higher compression, slightly lower profit margin. So the mix ends up driving where we stand in the range. Nothing has changed, 30-40% is typically where we'll aim to be. Thank you Hubert. Arnaud, I'll go to you.

You should have the ability to unmute yourself. He says, hopefully, yeah, I'll know. Can you hear us? You're on mute. Hi. Yes.

Just about.

You come and go.

It's very hard to hear you Arnaud, so if that's okay, I'll go to someone else and I'll try and come back to you at the end. But it's very hard to hear you. Olly, over to you.

Hi there, just one question for me. I think the slide 17 you show on the North America expansion is really interesting. You know you're clearly now approaching a hundred billion dollar mark. In terms of AUM, I was kind of over there. Could you just maybe double click a little bit on the breadth of strategies and the types of institutions that you're hitting there? You know, really, you know, What has been resonating the most in the last couple of years in particular where we've seen those growth flows accelerate? And then as you think about the long runway, I think as you put it, Robyn, where do you think the white space, both from a client type and from a strategy penetration, is the greatest for US clients? Thank you.

Thanks for the question. I'll take this. The client types is across the entirety of the space, so be it endowments, annuities, pension funds, insurance companies, state plans. It's really across the entire suite of institutional clients. And then, as we've talked about with our launch of active ETFs, we're seeing expansion and engagement also in the wealth channels. When it comes to product type, Thank you very much. People are building and these large institutions and wealth clients are building portfolios and structuring their portfolios in a way that can navigate that volatility. And so what they're looking for is uncorrelated content, content that can sit in their portfolios and act within this volatility space and take advantage of the alpha opportunities that volatility and dispersion provides. So the reason we talk about greater runway is because One, the content that we have is resonating, and it's resonating in a way that provides that level of capability to manage the uncertainty, but also the solutions capability that we talk about, the ability to actually develop with clients and alongside them content that fits their needs in their portfolios is incredibly resonant, particularly in North America. So there is a deep capital market there. There is high need. and we provide a capability across multiple asset classes now which is resonating with them.

I'll go to Michael Sanderson. You should have the ability to unmute now.

Morning Antoine. Morning Robyn. Hopefully you can hear me fine. A couple of questions, please, if that's okay. First of all, obviously, cost control is clearly a message you talk to, but on the flip side, obviously, pushing very hard in the world of AI, how do you think about the cost implications of that in the medium term? Where are the costs going in that? How does that develop in your structure? I know we've got the 30-40% guidance, but just interested to know Thank you very much. And then I guess if we'll just squeeze one more, the private credit side of things, interesting about the obviously deployed capital during the period, sort of the backdrop at the moment, are you seeing sort of significant incremental opportunities for deployment given to the fears that are being seen in that market as we stand?

The guidance we give of profit margin includes our investments in AI and so there is no kind of additional assumption you have to make or changes to the guidance as a result. 30 to 40 percent profit margin typically Robin alluded to the way we deploy AI. It's really to augment, elevate the capability for the team. We are growing business, as you've seen in the numbers, top line, bottom line growth. With growth from new demands to a team and we use AI as one of the tools of resources at our disposal to make sure that we maintain operating leverage in the structure. So this is not a way to kind of replace people. This is a way to make sure that we can continue to absorb the growth that we have in the most efficient way across the organization. But the key point really for modeling purposes is the guidance still holds. Private credits jump around a bit. You're correct, we're seeing deployments resume, take hold in direct lending and opportunistic credits, which leads to an increase in AUM to $17.6 billion. I think the environment is still conducive to deployments, not as buoyant as it has been in the past but the teams maintain the ability to deploy capital and what you're seeing as well is the sort of evolution, the slow evolution of a business that was anchored by two or three large SMA insurance clients towards more of a fund business going forward and then on the opportunistic credit side which is a more recent addition the environment is very strong the first So overall positive with some nuances depending on the team. As you recall, it's a joint venture, we're in 51%, Fulham is 49%. We focus on the manufacturing, we focus on the distribution program within the network. And that's been a key driver of growth for our liquid credit strategies in particular, and ways that are relatively novel. So we have sort of target dates or maturity products that have been raised quite successfully over the last couple of years there, for instance. Also some interest for liquid alternatives in places, including some of the more hedge funds, that kind of multi-struct content that we have. So, historically focused probably more on credit, but expanding broadly and a key driver of a wealth flow backwards, but also looking forward. Thank you. I'll go to Nicolas Herman. You should be able to unmute.

Yes, good morning. Can you hear me?

Yeah.

Great. Three from me, please. So, firstly, on Absolute Return, big uptick in these solutions. Just curious if there's any skew on clients these commitments are coming from, and I guess more broadly, are these coming from existing clients or new clients embracing these solutions? If you could just give us a bit more detail on the momentum on those solutions there. Secondly, just Coming back to the AI, you talked about targeting workflows, delivering performance and productivity gains. Can you give us some examples of what you have achieved in the first half of the year? And I guess also what you kind of are looking to also work on and achieve in the next six to 12 months? And then the final one, I assume you won't comment on the PIFSS case, but could you give us an indication on when you expect to receive the final judgment of that case, please? Thank you.

Well, I'll take the last one. You're right, we can't comment. The court finished at the end of Q1, and we expect a judgment towards the end of the year, likely Q4.

I'll take two, then you can go to one. Or go to reverse. So AI and what are we targeting in some specific examples. You might expect me to lean into the research and quantum examples, but actually I'm going to do something slightly different. Let me talk about a discretionary PM who came to talk to me the other day. And what he effectively said was this. Listen, I'm now in a position where I'm using... The proprietary AI toolkit that we have built to synthesize public data, both structured and unstructured. His proprietary investment notes and theses over the last decade and he's able to effectively drive a single output from that. He is then able to cover, he is literally covering double the universe he was able to and he is Thank you very much. more institutions more efficiently allowing him to focus more effectively on alpha capture and so what we're seeing in a nutshell is a really good example effectively of saying how do I take this toolkit and and multiply the cognitive capability at man group and that's how we're thinking about it this is a A multiplier, a turbocharging of capability. It isn't a cognitive surrender, far from it. It's about really excelling in this space. And so I can give you another example as we think about it in operations or the client workflows. You're trying to client on board. How do we take that from a process of a week or two weeks or three weeks and make it a fraction of the time? Difficult for me to give you a sense of what this looks like in a year because I'm telling you that there are things that we can do today that we were unable to do six to eight weeks ago. So right now, the year outlook seems quite hard for me. But the 96% adoption at man is a rate that demonstrates just how everybody is using this within their workflow, their research, their alpha. Their full capability. So when we say we're excited about this, we really are. But this is not a cost play. I can't emphasize this enough. This is about giving the very smartest people an extraordinary capability which makes them better. It does not replace the very essence of nuance, of synthesis, of judgment, of alpha. And that's what's really exciting about this.

And then your question has sort of returned, and the solutions category in particular. You're right, continue to see good growth. It's predominantly an institutional product or product category. There are a few wealth distributors that might have white-labeled solutions, but it's predominantly institutional. For the moment, as Robyn said, North America and Asia. And in terms of existing versus new, it's quite balanced. There's a good track record now at taking a distinct single strategy, single strategy. Thank you very much. And we have one last question from the phone number. As a reminder, to ask a question, you must be an analyst, which I hope is the case here.

Hi, if you could please state your name as you unmute yourself. Hello? Still muted. Hello? Can't hear anything.

Okay.

I think that concludes the Q&A. Thank you all very much. Arno hasn't reappeared, I'm afraid.

Okay.

Thank you very much. Sorry, apologies. Here we go. I'll know back. I'll know I'm going to

You should be able to unmute if you can hear us. Can you hear us Arnaud? I'm terribly sorry we really can't hear you. Thank you all very much for your time.