Record AUM of $137.2 Billion

11% Annualized Organic Growth Rate Across All Products

Diluted Earnings Per Share of $0.13 ($0.23, as Adjusted)

NEW YORK–(BUSINESS WIRE)–WisdomTree, Inc. (NYSE: WT), a global financial innovator, today reported financial results for the third quarter of 2025.

$19.7 million of net income ($34.5⁽¹⁾ million of net income, as adjusted), including a loss on extinguishment of convertible notes of $13.0 million arising from the repurchase of $24.0 million aggregate principal amount of our 5.75% convertible senior notes due 2028 (the “2028 Notes”). See “Non-GAAP Financial Measurements” for additional information.

$137.2 billion of ending AUM, an increase of 8.8% from the prior quarter arising from market appreciation and net inflows.

$2.2 billion of net inflows, primarily driven by inflows into our commodity, cryptocurrency and international developed equity products.

0.35% average advisory fee, unchanged from the prior quarter.

0.38% adjusted revenue yield⁽²⁾, unchanged from the prior quarter.

$125.6 million of operating revenues, an increase of 11.5% from the prior quarter due to higher average AUM and higher other revenues attributable to our European listed exchange-traded products (“ETPs”).

82.2% gross margin⁽¹⁾, a 1.1 point increase from the prior quarter due to higher revenues.

36.3% operating income margin (38.3%⁽¹⁾ as adjusted), a 5.5 point increase (5.8 point increase, as adjusted) from the prior quarter primarily due to higher revenues.

$475.0 million issuance of convertible senior notes due 2030 (the “2030 Notes”), bearing interest at a rate of 4.625% and issued with a conversion price of $19.15 per share. Concurrent with the issuance, we paid $36.7 million to repurchase $24.0 million aggregate principal amount of our 2028 Notes (with a conversion price of $9.54 per share).

$90.0 million of cash consideration paid to repurchase approximately 6.8 million shares of our common stock in connection with the issuance of the 2030 Notes.

$0.03 quarterly dividend declared, payable on November 26, 2025 to stockholders of record as of the close of business on November 12, 2025.

Update from Jarrett Lilien, WisdomTree COO and President

We’re executing with consistency and focus, delivering over $2.2 billion of net inflows in Q3, record firmwide AUM of $137 billion, and strong performance across every business line. Model portfolios remain one of our fastest-growing areas, with AUM reaching nearly $5.9 billion, up more than 50% year-to-date, and continued advisor adoption led by custom model solutions. We’re building meaningful momentum and are well positioned to capture future growth.

Update from Jonathan Steinberg, WisdomTree CEO

WisdomTree’s foundation is the strongest it’s ever been, supported by a diversified, scalable platform that continues to deliver broad-based inflows and consistent execution across our global business. Our expansion into private assets through the acquisition of Ceres Partners, along with continued leadership in tokenization, positions WisdomTree for long-term, technology-driven growth and sustained value creation.

OPERATING AND FINANCIAL HIGHLIGHTS

	Three Months Ended
	Sept. 30, 2025		June 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024
Consolidated Operating Highlights ($ in billions):
AUM—end of period	$	137.2	$	126.1	$	115.8	$	109.8	$	112.6
Net inflows/(outflows)	$	2.2	$	3.5	$	3.1	$	(0.3)	$	(2.4)
Average AUM	$	130.8	$	119.2	$	114.6	$	112.3	$	110.4
Average advisory fee		0.35%		0.35%		0.35%		0.36%		0.37%
Adjusted revenue yield⁽²⁾		0.38%		0.38%		0.38%		0.39%		0.39%

Consolidated Financial Highlights ($ in millions, except per share amounts):
Operating revenues	$	125.6	$	112.6	$	108.1	$	110.7	$	113.2
Net income/(loss)	$	19.7	$	24.8	$	24.6	$	27.3	$	(4.5)
Diluted earnings/(loss) per share	$	0.13	$	0.17	$	0.17	$	0.18	$	(0.13)
Operating income margin		36.3%		30.8%		31.6%		31.7%		36.0%

As Adjusted (Non-GAAP⁽¹⁾):
Operating revenues, as adjusted	$	125.6	$	112.6	$	108.1	$	110.5	$	109.5
Gross margin		82.2%		81.1%		80.8%		79.3%		80.8%
Net income, as adjusted	$	34.5	$	25.9	$	23.0	$	25.3	$	28.8
Diluted earnings per share, as adjusted	$	0.23	$	0.18	$	0.16	$	0.17	$	0.18
Operating income margin, as adjusted		38.3%		32.5%		31.6%		31.7%		37.3%

RECENT BUSINESS DEVELOPMENTS

Company News

In August 2025, we completed a private offering of $475.0 million in aggregate principal amount of our 2030 Notes and concurrently repurchased (1) $24.0 million aggregate principal amount of our 2028 Notes, (2) approximately 6.8 million shares of our common stock in privately negotiated transactions and (3) used $275.0 million of the proceeds to finance the acquisition of Ceres Partners, LLC, a leading U.S.-based alternative asset manager specializing in farmland investments.
In September 2025, WisdomTree’s CEO and Founder, Jonathan Steinberg, was named “CEO of the Year” at the 2025 Wealth Management Industry Awards; and three WisdomTree leaders were recognized in INvolve’s 2025 “Heroes Role Model Lists supported by YouTube,” for advancing inclusion in the workplace.
In October 2025,
- WisdomTree completed the acquisition of Ceres Partners, LLC;
- Beena Joseph was appointed as Global Head of Human Resources;
- The Bank of New York Mellon Corporation, a global financial services company, was appointed to serve as WisdomTree’s core banking-as-a-service (BaaS) infrastructure provider for WisdomTree Prime®, the firm’s retail platform for tokenized assets and cryptocurrency; and
- Our Board of Directors approved an increase of $190 million to our share repurchase program, bringing the total authorization to $250 million, which expires on April 27, 2028.

Product News

In September and October 2025, we launched the following products:
- WisdomTree Global Defense Fund (WDGF) and the WisdomTree Asia Defense Fund (WDAF) on the NASDAQ;
- WisdomTree Quantum Computing Fund (WQTM) on the Chicago Board Options Exchange (CBOE);
- WisdomTree Quantum Computing UCITS ETF (WQTM), in collaboration with subject matter experts, Classiq, and the WisdomTree Global Ex-USA Quality Dividend Growth UCITS ETF (XUSA) on the London Stock Exchange, Börse Xetra and Borsa Italiana;
- WisdomTree Eurozone Efficient Core UCITS ETF (NTSZ) on the London Stock Exchange, Börse Xetra, Euronext Paris and Borsa Italiana;
- WisdomTree Physical Stellar Lumens ETP (XLMW) on Börse Xetra, the Swiss stock exchange SIX and Euronext exchanges in Paris and Amsterdam; and
- S&P 500 Euro-hedged ETN on Borsa Italiana.
In October 2025, the WisdomTree Europe Defence UCITS ETF (WDEF) surpassed $4 billion in AUM following its launch in March 2025; we cross-listed WisdomTree Global Efficient Core UCITS ETF (NTSG); WisdomTree Europe Equity Income UCITS ETF (EIE); WisdomTree Uranium and Nuclear Energy UCITS ETF (NCLR); and WisdomTree Quantum Computing UCITS ETF (WQTM) on Euronext Paris; and WisdomTree Physical Bitcoin ETP (BTCW) and WisdomTree Physical Ethereum ETP (ETHW) were made available to U.K. retail investors following the U.K. regulator lifting its crypto ETP retail ban.

WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited)

	Three Months Ended															Nine Months Ended
	Sept. 30, 2025			June 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sept. 30, 2024			Sept. 30, 2025			Sept. 30, 2024
Operating Revenues:
Advisory fees	$	114,485		$	103,241		$	99,549		$	102,264		$	101,659		$	317,275		$	293,098
Other revenues		11,131			9,380			8,533			8,433			11,509			29,044			23,942
Total revenues		125,616			112,621			108,082			110,697			113,168			346,319			317,040
Operating Expenses:
Compensation and benefits		33,791			32,827			33,788			30,032			29,405			100,406			91,249
Fund management and administration		22,353			21,252			20,714			22,858			21,004			64,319			61,105
Marketing and advertising		4,788			5,330			4,813			6,117			4,897			14,931			14,415
Sales and business development		3,943			4,232			4,137			4,101			3,465			12,312			10,716
Professional fees		3,505			3,177			2,782			4,559			6,315			9,464			16,539
Occupancy, communications and equipment		1,601			1,559			1,482			1,423			1,397			4,642			3,921
Depreciation and amortization		615			580			540			504			447			1,735			1,248
Third-party distribution fees		3,977			4,083			3,112			3,161			2,983			11,172			7,977
Acquisition-related costs		2,409			1,967			—			—			—			4,376			—
Other		2,980			2,982			2,552			2,902			2,463			8,514			7,617
Total operating expenses		79,962			77,989			73,920			75,657			72,376			231,871			214,787
Operating income		45,654			34,632			34,162			35,040			40,792			114,448			102,253
Other Income/(Expenses):
Interest expense		(8,466	)		(5,490	)		(5,441	)		(5,616	)		(5,027	)		(19,397	)		(13,295	)
Interest income		4,015			2,090			1,897			2,147			1,795			8,002			4,631
Loss on extinguishment of convertible notes		(13,011	)		—			—			—			(30,632	)		(13,011	)		(30,632	)
Other gains and losses, net		1,325			638			(250	)		2,627			(3,062	)		1,713			(1,753	)
Income before income taxes		29,517			31,870			30,368			34,198			3,866			91,755			61,204
Income tax expense		9,816			7,093			5,739			6,890			8,351			22,648			21,819
Net income/(loss)		19,701		$	24,777		$	24,629		$	27,308		$	(4,485	)		69,107			39,385
Earnings/(loss) per share—basic	$	0.14		$	0.17		$	0.17		$	0.19		$	(0.13)⁽³	⁾	$	0.48		$	0.16⁽²	⁾
Earnings/(loss) per share—diluted	$	0.13		$	0.17		$	0.17		$	0.18		$	(0.13)⁽³	⁾	$	0.47		$	0.16⁽²	⁾
Weighted average common shares—basic		139,584			143,076			142,580			141,275			143,929			141,736			145,756
Weighted average common shares—diluted		150,675			146,640			146,545			147,612			143,929			146,360			162,691

As Adjusted (Non-GAAP⁽¹⁾)
Total revenues	$	125,616		$	112,621		$	108,082		$	110,505		$	109,507
Total operating expenses	$	77,553		$	76,022		$	73,920		$	75,465		$	68,715
Operating income	$	48,063		$	36,599		$	34,162		$	35,040		$	40,792
Income before income taxes	$	45,318		$	33,798		$	30,947		$	33,033		$	37,187
Income tax expense	$	10,842		$	7,935		$	7,933		$	7,753		$	9,049
Net income	$	34,476		$	25,863		$	23,014		$	25,280		$	28,768
Earnings per share—diluted	$	0.23		$	0.18		$	0.16		$	0.17		$	0.18
Weighted average common shares—diluted		150,675			146,640			146,545			147,612			156,745

QUARTERLY HIGHLIGHTS

Operating Revenues

Operating revenues increased 11.5% from the second quarter of 2025 due to higher average AUM and higher other revenues attributable to our European listed ETPs. Operating revenues increased 11.0% from the third quarter of 2024 due to higher average AUM and higher other revenues attributable to our European listed ETPs, partly offset by a lower average advisory fee. Other income for the third quarter of 2024 also included $3.7 million of other revenue related to legal and other related expenses incurred in connection with a settlement with the U.S. Securities and Exchange Commission (the “SEC”) regarding certain statements about the ESG screening process for three exchange-traded funds (“ETFs”) advised by WisdomTree Asset Management, Inc. (the “SEC ESG Settlement”) that were covered by insurance.
Our average advisory fee was 0.35% during the second and third quarters of 2025 and 0.37% during the third quarter of 2024.

Operating Expenses

Operating expenses increased 2.5% from the second quarter of 2025 primarily due to higher fund management and administration expenses and compensation expense. These increases were partly offset by lower marketing expense.
Operating expenses increased 10.5% from the third quarter of 2024 primarily due to higher compensation expense, acquisition-related costs, fund management and administration expenses and third-party distribution fees. These increases were partly offset by lower professional fees, as the third quarter of 2024 included $3.7 million of legal and other related expenses incurred in connection with the SEC ESG Settlement that were covered by insurance.

Other Income/(Expenses)

Interest expense increased 54.2% and 68.4% from the second quarter of 2025 and third quarter of 2024, respectively, due to a higher level of debt outstanding, partly offset by a lower average interest rate.
Interest income increased 92.1% and 123.7% from the second quarter of 2025 and the third quarter of 2024, respectively, due to an increase in the level of interest-earning assets.
During the third quarter of 2025, we recognized a loss on extinguishment of convertible notes of $13.0 million arising from the repurchase of $24.0 million aggregate principal amount of our 2028 Notes.
Other gains and losses, net, was a gain of $1.3 million for the third quarter of 2025. This included net gains of $1.1 million on our financial instruments owned, and net losses of $1.0 million on our investments. Gains and losses also generally arise from the sale of gold and cryptocurrency earned from management fees paid by our physically-backed gold and crypto ETPs, foreign exchange fluctuations and miscellaneous items.

Income Taxes

Our effective income tax rate for the third quarter of 2025 was 33.3%, resulting in income tax expense of $9.8 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to a non-deductible loss on extinguishment of convertible notes and non-deductible executive compensation. These items were partly offset by a lower tax rate on foreign earnings.
Our adjusted effective income tax rate for the third quarter of 2025 was 23.9%⁽¹⁾.

NINE MONTH HIGHLIGHTS

Operating revenues increased 9.2% as compared to 2024 due to higher average AUM and higher other revenues attributable to our European listed ETPs, partly offset by a lower average advisory fee. Other income for the prior year also included $4.1 million of other revenue related to legal and other related expenses incurred in connection with the SEC ESG Settlement that were covered by insurance.
Operating expenses increased 8.0% as compared to 2024 primarily due to higher compensation expense, acquisition-related costs, fund management and administration expenses, third-party distribution fees and sales and business development expenses. These increases were partly offset by lower professional fees, as the prior year included $5.0 million of expenses incurred in response to an activist campaign and $4.1 million of other revenue related to legal and other related expenses incurred in connection with the SEC ESG Settlement that were covered by insurance.
Significant items reported in other income/(expense) in 2025 include: an increase in interest expense of 45.9% due to a higher level of debt outstanding, partly offset by a lower average interest rate; a loss on extinguishment of convertible notes of $13.0 million arising from the repurchase of $24.0 million aggregate principal amount of our 2028 Notes; an increase in interest income of 72.8% due to an increase in our interest-earning assets; net gains on our financial instruments owned of $1.9 million and $2.4 million of foreign currency remeasurement losses on U.S. dollars held by foreign subsidiaries. Gains and losses also generally arise from the sale of gold earned on management fees paid by our physically-backed gold ETPs, other foreign exchange fluctuations and miscellaneous items.
Our effective income tax rate for 2025 was 24.7%, resulting in an income tax expense of $22.6 million. Our tax rate differs from the federal statutory rate of 21.0% primarily due to a non-deductible loss on extinguishment of convertible notes and non-deductible executive compensation. These items were partly offset by a lower tax rate on foreign earnings.

CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS

WisdomTree will discuss its results and operational highlights during a live webcast on Friday, October 31, 2025 at 11:00 a.m. ET, which, together with all earnings materials, can be accessed via WisdomTree’s investor relations website at https://ir.wisdomtree.com. A replay of the webcast will be available shortly after the call.

Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers.

To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time.

About WisdomTree

WisdomTree is a global financial innovator, offering a diverse suite of exchange-traded products (ETPs), models and solutions, as well as digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access, transparency and provide an enhanced user experience. Building on our heritage of innovation, we offer next-generation digital products and services related to tokenized real world assets and stablecoins, as well as our blockchain-native digital wallet, WisdomTree Prime^®, and institutional platform, WisdomTree Connect™.*

* The WisdomTree Prime digital wallet and digital asset services and WisdomTree Connect institutional platform are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, in select U.S. jurisdictions and may be limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business. Visit https://www.wisdomtreeprime.com, the WisdomTree Prime mobile app or https://wisdomtreeconnect.com for more information.

WisdomTree currently has approximately $138.4 billion in assets under management globally, inclusive of assets under management attributable to our recently completed acquisition of Ceres Partners, LLC.

For more information about WisdomTree, WisdomTree Connect and WisdomTree Prime, visit: https://www.wisdomtree.com.

Please visit us on X at @WisdomTreeNews.

WisdomTree^® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.

PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE PRIME:

The products and services available through the WisdomTree Prime app and WisdomTree Connect are not endorsed, indemnified or guaranteed by any regulatory agency.

____________________
(1)		See “Non-GAAP Financial Measurements.”
(2)		Adjusted revenue yield is computed by dividing our annualized adjusted operating revenues as reported in the GAAP to Non-GAAP Reconciliation herein by our average AUM during the period.
(3)		Earnings per share (“EPS”) is calculated pursuant to the two-class method as it results in a lower EPS amount as compared to the treasury stock method. In addition, the three months ended September 30, 2025 includes $718 of stock repurchase excise taxes. The three months ended September 30, 2024 includes a loss of $11,375 recognized upon the repurchase of our Series A Non-Voting Convertible Preferred Stock convertible into approximately 14.75 million shares of common stock from ETFS Capital Limited and $1,868 of stock repurchase excise taxes. These items are excluded from net income but are required to be added to net income to arrive at income available to common stockholders in the calculation of EPS. These items are excluded from our EPS when computed on a non-GAAP basis.

WISDOMTREE, INC. AND SUBSIDIARIES KEY OPERATING STATISTICS (Unaudited)

	Three Months Ended
	Sept. 30, 2025			June 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sept. 30, 2024
GLOBAL PRODUCTS ($ in millions)

Beginning of period assets	$	126,070		$	115,787		$	109,779		$	112,577		$	109,686
Add: Digital Assets—Jan. 1, 2025		—			—			32			—			—
Inflows/(outflows)		2,237			3,529			3,052			(281	)		(2,395	)
Market appreciation/(depreciation)		8,868			6,754			2,924			(2,517	)		5,286
End of period assets	$	137,175		$	126,070		$	115,787		$	109,779		$	112,577
Average assets during the period	$	130,760		$	119,185		$	114,622		$	112,349		$	110,369
Average advisory fee during the period		0.35	%		0.35	%		0.35	%		0.36	%		0.37	%
Revenue days		92			91			90			92			92
Number of products—end of the period		397			383			375	⁽¹⁾		353			352

U.S. LISTED ETFs ($ in millions)

Beginning of period assets	$	85,179		$	80,531		$	79,095		$	81,267		$	79,722
(Outflows)/inflows		(448	)		1,110			1,847			(40	)		(1,650	)
Market appreciation/(depreciation)		3,562			3,538			(411	)		(2,132	)		3,195
End of period assets	$	88,293		$	85,179		$	80,531		$	79,095		$	81,267
Average assets during the period	$	87,205		$	81,525		$	81,127		$	80,661		$	80,335
Number of ETFs—end of the period		84			81			78			78			78

EUROPEAN LISTED ETPs ($ in millions)

Beginning of period assets	$	40,541		$	35,124		$	30,684		$	31,310		$	29,964
Inflows/(outflows)		2,447			2,201			1,104			(241	)		(745	)
Market appreciation/(depreciation)		5,302			3,216			3,336			(385	)		2,091
End of period assets	$	48,290		$	40,541		$	35,124		$	30,684		$	31,310
Average assets during the period	$	42,853		$	37,439		$	33,415		$	31,688		$	30,034
Number of ETPs—end of the period		295			285			280			275			274

DIGITAL ASSETS ($ in millions)

Beginning of period assets	$	350		$	132		$	—		$	—		$	—
Add: Digital Assets—Jan. 1, 2025		—			—			32			—			—
Inflows		238			218			101			—			—
Market appreciation/(depreciation)		4			—			(1	)		—			—
End of period assets	$	592		$	350		$	132		$	—		$	—
Average assets during the period	$	702		$	221		$	80		$	—		$	—
Number of products—end of the period		18			17			17	⁽¹⁾		—			—

PRODUCT CATEGORIES ($ in millions)

U.S. Equity
Beginning of period assets	$	38,617		$	35,628		$	35,414		$	34,643		$	31,834
Add: Digital Assets—Jan. 1, 2025		—			—			9			—			—
Inflows		41			1,288			962			1,099			328
Market appreciation/(depreciation)		2,319			1,701			(757	)		(328	)		2,481
End of period assets	$	40,977		$	38,617		$	35,628		$	35,414		$	34,643
Average assets during the period	$	40,024		$	36,080		$	36,278		$	35,714		$	33,175

	Three Months Ended
	Sept. 30, 2025			June 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sept. 30, 2024
Commodity & Currency
Beginning of period assets	$	26,696		$	25,487		$	21,906		$	23,034		$	21,987
Add: Digital Assets—Jan. 1, 2025		—			—			1			—			—
Inflows/(outflows)		1,097			(110	)		(159	)		(440	)		(741	)
Market appreciation/(depreciation)		3,912			1,319			3,739			(688	)		1,788
End of period assets	$	31,705		$	26,696		$	25,487		$	21,906		$	23,034
Average assets during the period	$	28,162		$	25,888		$	23,996		$	22,989		$	22,016

International Developed Market Equity
Beginning of period assets	$	21,725		$	18,178		$	17,602		$	18,075		$	19,385
Inflows/(outflows)		476			1,645			474			63			(1,391	)
Market appreciation/(depreciation)		1,692			1,902			102			(536	)		81
End of period assets	$	23,893		$	21,725		$	18,178		$	17,602		$	18,075
Average assets during the period	$	22,481		$	19,577		$	18,275		$	17,716		$	18,636

Fixed Income
Beginning of period assets	$	22,543		$	22,230		$	20,043		$	20,767		$	21,430
Add: Digital Assets—Jan. 1, 2025		—			—			21			—			—
(Outflows)/inflows		(61	)		148			2,093			(387	)		(897	)
Market appreciation/(depreciation)		27			165			73			(337	)		234
End of period assets	$	22,509		$	22,543		$	22,230		$	20,043		$	20,767
Average assets during the period	$	23,128		$	22,526		$	21,464		$	20,398		$	21,135

Emerging Market Equity
Beginning of period assets	$	10,957		$	9,985		$	10,468		$	12,452		$	11,875
(Outflows)/inflows		(250	)		28			(445	)		(908	)		(20	)
Market appreciation/(depreciation)		148			944			(38	)		(1,076	)		597
End of period assets	$	10,855		$	10,957		$	9,985		$	10,468		$	12,452
Average assets during the period	$	10,874		$	10,295		$	10,072		$	11,407		$	12,083

Cryptocurrency
Beginning of period assets	$	2,087		$	1,553		$	1,912		$	1,054		$	838
Add: Digital Assets—Jan. 1, 2025		—			—			1			—			—
Inflows/(outflows)		764			198			(89	)		315			201
Market appreciation/(depreciation)		317			336			(271	)		543			15
End of period assets	$	3,168		$	2,087		$	1,553		$	1,912		$	1,054
Average assets during the period	$	2,412		$	1,800		$	1,900		$	1,599		$	917

Leveraged & Inverse
Beginning of period assets	$	2,631		$	2,133		$	1,924		$	2,082		$	1,922
(Outflows)/inflows		(52	)		141			116			(69	)		71
Market appreciation/(depreciation)		334			357			93			(89	)		89
End of period assets	$	2,913		$	2,631		$	2,133		$	1,924		$	2,082
Average assets during the period	$	2,750		$	2,354		$	2,083		$	2,032		$	1,962

Alternatives
Beginning of period assets	$	814		$	593		$	510		$	470		$	415
Inflows		222			191			100			46			54
Market appreciation/(depreciation)		119			30			(17	)		(6	)		1
End of period assets	$	1,155		$	814		$	593		$	510		$	470
Average assets during the period	$	929		$	665		$	554		$	494		$	445

Headcount		338			321			315			313			314