Asset Management & Custody Banks
Case studies in asset management & custody banks.
Ameriprise Financial: When to Turn Authorization into Repurchases?
On September 29, Ameriprise Financial announced that its board had authorized an additional $5.5 billion in share repurchases through September 30, 2028. The announcement did not require the company to buy any minimum number of shares. Management could begin or suspend repurchases at any time, depending on market conditions and other factors. Read case
Ares Management: Scaling Private Credit in the Wealth Channel
In May 2024, Ares Management described a fast-growing wealth business and ambitious goals for its semi-liquid product platform. One of those products, Ares Strategic Income Fund (ASIF), offered individual investors access to private credit through a continuously offered, non-traded business development company. Read case
BNY Mellon: Scaling an AI-enabled platform
By the end of July 2026, BNY Mellon had made a substantial shift toward a platform operating model and had begun deploying artificial-intelligence tools across the firm. Its leaders described AI as a strategic opportunity for client service and efficiency. The same disclosures emphasized implementation, model, cyber, third-party and governance risks. Read case
BlackRock: connecting scale to private-markets capability
BlackRock manages assets across index, active and private markets and operates technology platforms used by investors and financial institutions. Its acquisition of HPS Investment Partners brought a large private-credit business into the company. Read case
Blackstone: How Far Should Private Wealth Grow?
Blackstone had spent years widening access to alternative investments for high-net-worth and mass-affluent individuals. Its FY2023 annual report said private-wealth capital had become an increasing part of the firm's assets under management and that Blackstone expected the trend to continue. Read case
Franklin Crypto: How Much to Integrate?
A little over three months after closing its acquisition of 250 Digital, Franklin Templeton is deciding how to organize the new Franklin Crypto division over its first full year. Read case
Invesco — Building an Active ETF Business
In May 2026, Invesco CEO Andrew Schlossberg described a launch-led approach to active ETFs: build through new products, “not through conversions, probably not through share class extensions.” The statement set a direction, but did not name candidate products, a launch pipeline, funding levels, or review gates. Read case
KKR: When scale becomes the story
On August 5, KKR & Co. filed its second-quarter Form 10-Q. The results gave investors two stories to reconcile. The firm reported nearly $800 billion in assets under management (AUM), record fee-related earnings (FRE), and strong growth across several company-defined earnings measures. Read case
Northern Trust: Choosing Where to Build Capacity
In July 2026, Northern Trust Corporation was pursuing growth across two distinct client-facing businesses. Asset Servicing served institutional investors and asset owners through custody, fund administration and related capabilities. Wealth Management served individuals, families and institutions with advice, investment and trust services. Read case
State Street Alpha: Where Should Integration Begin?
State Street had spent five years building State Street Alpha, a platform intended to connect investment software, data, and servicing across the front, middle, and back offices. Its latest quarterly release showed both activity and uncertainty: Alpha had 23 live mandates, while two different measures of the software business were moving in opposite directions. Read case
T. Rowe Price and F/m: How Much to Integrate?
T. Rowe Price Group (TROW) has announced an agreement to acquire F/m Investments, a specialist in fixed-income exchange-traded funds (ETFs) and separately managed accounts. The transaction is expected to close in early 2027, subject to customary filings and closing conditions. The price and other financial terms have not been disclosed. Read case