The firm’s total quarterly net outflows reached $28.3 billion, a figure that includes $1.2 billion tied to manager-driven distributions. Asset levels across major categories saw broad contraction compared to August. Equity holdings slipped to $896 billion from $910 billion, while multi-asset portfolios dropped from $699 billion to $681 billion. Fixed income and alternative investments remained relatively flat, holding at $222 billion and $64 billion respectively.

Target date retirement portfolios, a core pillar of the company’s business, faced the brunt of the September pressure, falling to $614 billion from $631 billion the previous month. Investors will look for further clarity on these performance drivers when the company releases its full third-quarter earnings on October 29, 2026. Management has scheduled a webcast call at 8:00 AM ET that morning to discuss the results.