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Material September outflows and a multi-quarter net outflow trend pressure fee-based revenue; elevated retirement-asset concentration amplifies sensitivity to market cycles. Historical asset managers often see pro-cyclicality in flows and earnings revisions around quarterly results, making near-term price action more negative unless flows stabilize.
What happened, with direct paths to the underlying reporting
September month-end AUM stood at $1.86 trillion, while net outflows reached $12.2 billion, contributing to $28.3 billion in quarterly net outflows. Retirement assets dominate, with target-date portfolios totaling about $614 billion. The upcoming Q3 2026 earnings on Oct 29 will reveal whether flows stabilize and how earnings respond to ongoing balance sheet pressure.
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