CEO Seth Bernstein pointed to resilient economic growth and strong corporate earnings as primary drivers for the firm’s recovery during the quarter. The asset management firm achieved its strongest sales performance in five years, rebounding from four consecutive quarters of net outflows. Growth was particularly pronounced in strategic sectors, with institutional mandates and private markets seeing accelerated deployment. Specifically, the alternatives and multi-asset solutions category recorded its sixth straight quarter of organic growth, attracting over $4 billion in net inflows.

Despite the positive momentum, the firm faced headwinds in its active equity and taxable segments, which saw outflows of roughly $11 billion and $5 billion respectively, largely due to retail redemptions concentrated in the APAC region. Financial results showed an 8% increase in adjusted earnings per unit, reaching $0.82, with an adjusted operating margin of 33.0%. Looking ahead, the firm enters the second half of the year with an institutional pipeline of nearly $26 billion, bolstered by the onboarding of $12 billion in commercial mortgage loans earlier this month.