1 unchanged sentence
Market Information for Common Stock
−Removed: Our common stock trades on the New York Stock Exchange under the symbol “BSIG.” As of February 27, 2020 there were 108 stockholders of record, including banks, brokers and other financial institutions holding shares in omnibus accounts for their customers.
−Removed: Unregistered Sales of Equity Securities and Use of Proceeds.
−Removed: The following table sets out information regarding purchases of equity securities by the Company for the three months ended December 31, 2019 :
−Removed: Total number of shares purchased
−Removed: Average price paid per share
−Removed: Total number of shares purchased as part of publicly announced plans or programs
−Removed: Approximate dollar value that may yet be purchased under the plans or programs (1)
+Added: Our common stock trades on the New York Stock Exchange under the symbol “BSIG.” As of February 26, 2021 there were two registered stockholders of record.
+Added: The following table sets out information regarding repurchases of equity securities by the Company for the three months ended December 31, 2020:
+Added: Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value that may yet be purchased under the plans or programs (1)
(in millions)
2 unchanged sentences
December 1-31, 2020 — — — 232.7
+Added: Total 744,701 $ 14.38 744,701
(1) On February 3, 2016, our Board of Directors authorized a $150.0 million open market share repurchase program, which was approved by shareholders on March 15, 2016.
−Removed: On April 18, 2018, our Board of Directors approved an amendment to the existing repurchase contract, to permit us to repurchase shares from time to time, up to an aggregate limit of $600.0 million of shares.
−Removed: This amendment was subsequently approved by our shareholders on June 19, 2018.
−Removed: We repurchased 2,891,107 shares of common stock with an aggregate purchase price of $27.1 million under this program during the three months ended December 31, 2019 .
+Added: On April 18, 2018, our Board of Directors approved an amendment to the existing repurchase contract, to permit us to repurchase shares from time to time, up to an aggregate limit of $600.0 million of shares.We repurchased 744,701 shares of common stock with an aggregate purchase price of $10.7 million under this program during the three months ended December 31, 2020.
As of December 31, 2020, $232.7 million remained available to repurchase shares under the open market share repurchase program.
−Removed: The open market share repurchase program expires on June 19, 2023.
Financial Performance Graph
This performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of BSIG under the Securities Act.
−Removed: The following graph compares the cumulative shareholder return on our common stock from October 8, 2014, the date of our initial public offering, through December 31, 2019 , with the cumulative total return, during the same period, of the Standard & Poor’s 500 Index, the Standard & Poor’s 500 Financial Sector Index and a peer group comprised of Affiliated Managers Group, Inc., AllianceBernstein Holding L.P., Artisan Partners Asset Management, Inc., Cohen & Steers, Inc., Eaton Vance Corp., Federated Investors, Inc., Franklin Resources, Inc., Invesco Ltd., Legg Mason, Inc., T.
+Added: The following graph compares the cumulative shareholder return on our common stock from October 8, 2014, the date of our initial public offering, through December 31, 2020, with the cumulative total return, during the same period, of the Standard & Poor’s 500 Index, the Standard & Poor’s 500 Financial Sector Index and a peer group comprised of Affiliated Managers Group, Inc., AllianceBernstein Holding L.P., Artisan Partners Asset Management, Inc.,Cohen & Steers, Inc., Eaton Vance Corp., Federated Investors, Inc., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, T.
Rowe Price Group, Inc., Victory Capital Management, and Virtus Investment Partners, Inc.
13 unchanged sentences
Management fees (2)
+Added: $ 697.9 $ 807.0 $ 905.0 $ 858.0 $ 659.9
Performance fees 7.8 (0.1) 9.8 26.5 2.6
1 unchanged sentence
Consolidated Funds’ revenue (2)
+Added: 5.5 6.6 3.8 1.7 0.1
Total Revenue (2)
+Added: $ 718.5 $ 819.5 $ 928.2 $ 887.4 $ 663.5
Net income before tax from continuing operations attributable to controlling interests (3)
+Added: $ 398.8 $ 241.9 $ 141.3 $ 137.1 $ 161.0
Net income from continuing operations attributable to controlling interests (2)(3)
+Added: 286.7 223.9 136.3 4.3 120.2
Net income (loss) from continuing operations (2)
+Added: 315.5 240.0 130.2 9.2 120.0
GAAP operating margin (2)(4)
+Added: 25 % 31 % 9 % 8 % 23 %
GAAP basic earnings per share from continuing operations attributable to controlling interests
+Added: $ 3.53 $ 2.45 $ 1.27 $ 0.04 $ 0.98
GAAP diluted earnings per share from continuing operations attributable to controlling interests
+Added: $ 3.49 $ 2.45 $ 1.26 $ 0.04 $ 0.98
Years ended December 31,
7 unchanged sentences
Pre-tax economic net income $ 187.1 $ 210.8 $ 262.5 $ 251.3 $ 190.7
−Removed: Economic net income, excluding non-recurring performance fee (6)
+Added: Economic net income 143.6 160.8 199.8 180.9 145.1
ENI operating margin (6)
−Removed: ENI earnings per share, excluding non-recurring performance fee, diluted (6)
+Added: 35 % 35 % 38 % 38 % 35 %
+Added: ENI earnings per share, diluted 1.75 1.76 1.86 1.62 1.21
Other Operational Information (7) :
Assets under management at period end (in billions)
+Added: $ 156.7 $ 204.4 $ 206.3 $ 243.0 $ 240.4
Net client cash flows (in billions) (8)
+Added: (3.3) (32.7) (4.3) — 7.3
Annualized revenue impact of net flows (in millions) (9)
+Added: (22.0) (69.1) 19.1 54.8 44.2
Years ended December 31,
2 unchanged sentences
Total assets (10)
+Added: $ 1,379.2 $ 1,419.7 $ 1,553.7 $ 1,491.7 $ 1,294.3
Total assets attributable to controlling interests 1,298.9 1,280.8 1,467.6 1,386.7 1,283.0
Total borrowings and debt (10)
+Added: 394.3 568.8 393.3 426.3 392.3
Total borrowings and debt attributable to controlling interests 394.3 568.8 393.3 426.3 392.3
Total liabilities (10)
+Added: 994.8 1,221.3 1,377.6 1,320.4 1,123.8
Total liabilities attributable to controlling interests
+Added: 994.8 1,215.1 1,362.7 1,309.9 1,118.0
Total Equity (10)
+Added: $ 384.4 $ 198.4 $ 176.1 $ 171.3 $ 170.5
Redeemable non-controlling interests in consolidated Funds (2)
+Added: — (83.9) (41.9) (44.0) (5.5)
Non-controlling interests in consolidated
+Added: (80.3) (48.8) (29.3) (50.6) —
Non-controlling interests (1.7) (1.3) (1.6) (1.3) (1.0)
6 unchanged sentences
The net income from continuing operations presented as attributable to controlling interests exclude the income or loss directly attributable to third-party Fund investors, and represent the net amounts attributable to our shareholders.
−Removed: For the years ended December 31, 2016, 2017, 2018 and 2019, as a result of the purchase or deployment of seed capital investments, we consolidated certain Funds.
+Added: For the years ended December 31, 2016 through 2020, as a result of the purchase or deployment of seed capital investments, we consolidated certain Funds.
(3) The following table reconciles our net income attributable to controlling interests to our net income from continuing operations attributable to controlling interests and our pre-tax income from continuing operations attributable to controlling interests:
3 unchanged sentences
Loss (profit) on disposal of discontinued operations attributable to controlling interests
+Added: — — (0.1) 0.1 (6.2)
Net income from continuing operations attributable to controlling interests
+Added: 286.7 223.9 136.3 4.3 120.2
Income tax expense 112.1 18.0 5.0 132.8 40.8
Pre-tax income from continuing operations attributable to controlling interests
+Added: $ 398.8 $ 241.9 $ 141.3 $ 137.1 $ 161.0
GAAP operating margin equals operating income (loss) from continuing operations divided by total revenue.
4 unchanged sentences
These measures are conceptually equivalent to net income before tax from continuing operations attributable to controlling interests and net income from continuing operations attributable to controlling interests, respectively.
−Removed: In the second quarter of 2015, we recorded a non-recurring performance fee of $11.4 million, net of associated expenses and taxes.
−Removed: While all performance fees fall within BSIG’s definition of economic net income, we believe that the unique characteristics of this fee, including its size and the extraordinary investment performance of the underlying product, make it unrepresentative of our recurring economics.
−Removed: We have therefore presented our economic net income with this non-recurring performance fee excluded from revenue and expenses.
−Removed: This presentation provides a more comparative view across reporting periods of the line items which make up ENI revenue and expense.
−Removed: Unless explicitly noted, the revenue, expense and key metrics herein exclude the impact of the non-recurring performance fee.
−Removed: Including the non-recurring performance fee in 2015, economic net income was $161.1 million and diluted economic net income per share was $1.34.
(6) ENI operating margin is a non-GAAP efficiency measure, calculated based on ENI operating earnings divided by ENI revenue.
For a more detailed discussion of the differences between U.S.
−Removed: GAAP net income and economic net income, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Supplemental Performance Measure—Economic Net Income.”
+Added: GAAP net income and economic net income, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Supplemental Performance Measure—Economic Net Income and Segment Analysis.”
(7) On August 2, 2017, we entered into a non-binding term sheet to sell our stake in Heitman to Heitman’s management.
4 unchanged sentences
(8) Net flows and revenue impact of net flows for all periods above have been revised for the inclusion of reinvested income and distributions, and the exclusion of realizations.
−Removed: The impact of reinvested income and distributions was calculated using an average yield estimate for the year ended December 31, 2016 and 2015.
+Added: The impact of reinvested income and distributions was calculated using an average yield estimate for the year ended December 31, 2016.
(9) Annualized revenue impact of net flows excludes market appreciation or depreciation.
−Removed: Annualized revenue impact of net flows represents the difference between annualized management fees expected to be earned on new accounts and net assets contributed to existing accounts, less the annualized management fees lost on terminated accounts or net assets withdrawn from existing accounts, including equity-accounted Affiliates.
+Added: Annualized revenue impact of net flows represents the difference between annualized management fees expected to be earned on new accounts and net assets contributed to existing accounts, less the annualized management fees lost on terminated accounts or net assets withdrawn from existing accounts, including equity-accounted Affiliate.
The annualized management fees are calculated by multiplying the annual gross fee rate for the relevant account by the net assets gained in the account in the event of a positive flow, excluding any current or future market appreciation or depreciation, or the net assets lost in the account in the event of an outflow, excluding any current or future market appreciation or depreciation.
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.