Q: Hi Team,
What do you make of the AUM release yesterday? Seems like quite a drop - however - can you explain what exactly the "opportunistic" section entails? Is this meaning people withdrawling from their holdings?
What do you make of the AUM release yesterday? Seems like quite a drop - however - can you explain what exactly the "opportunistic" section entails? Is this meaning people withdrawling from their holdings?
5i Research Answer:
In late 2023, GLXY made a deal to sell, stake, and hedge some of FTX's crypto tokens in the open market to pay back creditors. This 'opportunistic' section includes its AUM for acquiring the assets of other bankrupt companies. GLXY earns fees from the execution of sales on these acquired assets, and so we feel it is important to view GAM's asset management business through the lens of just its 'Funds' line item.