The decline in assets for the month reflects a challenging environment for the financial advisory giant. Market depreciation accounted for $3.2 billion of the reduction, while foreign exchange depreciation contributed an additional $2.1 billion. Furthermore, net outflows totaled $0.9 billion, signaling a modest retreat in client capital. Despite these monthly pressures, the firm maintained a preliminary average AUM of $286.6 billion for the third quarter.

Across asset classes, equity holdings saw the most significant shift, falling to $215.3 billion from $218.4 billion. Fixed income portfolios also retreated to $33.8 billion, down from $35.6 billion in August. Multi-asset and alternatives segments followed a similar downward trajectory, ending the month at $24.1 billion and $10.9 billion, respectively. These figures remain subject to final adjustment as the firm completes its internal accounting.