News from October 22, 2025

The International Asteroid Warning Network Initiated a Campaign to Monitor 3I/ATLAS - Avi Loeb – Medium

All of BC Wildfire Service joins BCGEU strike

The B.C. General Employees Union has once again escalated job action. The union says that all remaining members from the BC Wildfire Service and the B.C. Ministry of Forests have joined the two-month-old strike. More than 25,000 people across B.C. are now on the picket lines. Non-binding mediation began on Saturday between the B.C. government and the union with mediators Vince Ready and Amanda Rogers. The union says that essential services were proactively negotiated and remain in place to ensure public safety. The union has more than 95,000 members in 550 bargaining units with people working in areas including health care, community social services, education, highways maintenance, casinos, credit unions, municipalities and regional districts.

"1983 Dodge van" 4 speed

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Citi boss Jane Fraser handed chair title — and $25M — joining rival banks that have CEOs in both roles

Citigroup CEO Jane Fraser was elected as chair of the board of directors, the bank said in a filing on Wednesday. Fraser replaces John Dugan, who has been chair since 2019 and will now become lead independent director. The board also granted a one-time equity award of $25 million that will vest fully within five years, to ensure “leadership continuity,” according to the filing. The board says Citi’s recent performance improvement “is directly tied to Fraser’s track record as CEO” and cites as accomplishments the international business divestitures, hiring new executives, simplifying the bank’s structure and making progress on regulatory issues. Fraser’s new dual role as CEO and board chair is similar to the ones held by Jamie Dimon at JPMorgan Chase and Ted Pick at Morgan Stanley. She became Citi’s CEO in 2021. In a statement, Dugan said “Citi is in a fundamentally different place than it was when these roles were separated.” Fraser said in a statement the bank has shown it can grow returns to shareholders.

6 most important things we’ve learned from Adam Silver as NBA season tips off

Adam Silver isn’t easing into the new NBA season. He’s walking straight into the fire with a calm face and a full agenda. The commissioner’s 12th year on the job begins with everything from broadcast shakeups to betting controversies and expansion debates. But if there’s one constant, it’s that Silver never avoids tough conversations. As he told Sports Illustrated and TODAY, the league’s challenges, from streaming confusion to team investigations, are all part of the job. “We will get to the bottom of it,” he said about the Clippers’ salary cap probe, SI reports. That line sums up his approach perfectly: deliberate, transparent, and built on trust. 1. Silver Still Believes in Transparency When the Clippers and owner Steve Ballmer were linked to an alleged cap circumvention scheme, Silver didn’t flinch. He immediately handed the case to one of the league’s most trusted law firms, showing that even the wealthiest owners are not beyond scrutiny. He compared the process to a court of law, with evidence coming before judgment. In Silver’s NBA, credibility is the real currency. He knows the stakes are high. A scandal tied to one of the league’s marquee owners could shake public trust, but Silver’s focus remains on patience over panic. Protecting the league’s integrity is not about appearances, it’s about doing the work quietly and letting the truth surface. 2. The Broadcast Revolution Will Be Bumpy but Worth It The new $77 billion national TV deal may have fans scrambling for remotes, but Silver sees a bigger picture. The NBA’s move to NBC, Prime Video, and ESPN’s app means short-term disruption and long-term flexibility. “Technology is clearly our friend here,” Silver said, showing his belief that digital access will eventually win out. Charles Barkley and other critics may see the new deal as anti-fan, but Silver is betting on the next generation of viewers who watch basketball through apps, phones, and social platforms. It’s the commissioner’s boldest media move yet, redefining what accessibility means in a streaming-first era. 3. The Regional Sports Network Crisis Is Silver’s Next Big Test The collapse of regional networks has threatened one of the NBA’s most reliable revenue sources. Silver’s calm, analytical response reveals how he views change as an opportunity, not a disaster. He noted that local games have “twice the engagement” of national ones, a crucial statistic that proves fans crave connection to their home markets. For Silver, the answer lies in streaming’s inevitable rise. As traditional television declines, he expects major platforms to compete for those valuable local audiences. It’s a bet on the future that blends technology, adaptability, and business sense. 4. Sports Betting Still Walks a Tightrope Gambling is now a part of modern sports, but Silver remains cautious about how deep that integration should go. Prop bets, especially on fringe players, create uncomfortable gray areas. Silver admits he can’t control every state or operator, yet he’s pushing for “reasonable modifications” to protect player integrity and the league’s reputation. He understands that betting keeps fans engaged, but it’s a delicate balance between innovation and restraint. The NBA under Silver is still a business, but one that operates with a clear moral compass. 5. Expansion Isn’t Gone, It’s Just Getting Smarter Fans have been asking for expansion in cities like Seattle, Las Vegas, and Mexico City. Silver refuses to rush it. His reasoning is mathematical, not emotional. The league is still modeling the financial impact to ensure expansion strengthens the NBA instead of diluting its value. At the same time, Silver is exploring an NBA-style league in Europe with help from JPMorgan and the Raine Group. It’s the global version of his long game. He plants seeds early and moves only when the conditions are right. His restraint shows why he’s often compared to a strategic CEO rather than a reactive commissioner. 6. Silver’s Influence Extends Beyond the NBA Silver’s vision for basketball reaches far beyond the men’s game. On The TODAY Show, he confirmed that WNBA players will receive a “big increase” in salaries under their new collective bargaining agreement, per BET. He emphasized “absolute numbers” rather than percentages, signaling that sustainable growth matters more than optics. It’s more than good publicity. The NBA owns 42 percent of the WNBA, meaning Silver’s leadership directly impacts the women’s game. As women’s basketball continues its surge in popularity, his direction ensures it is seen as part of the same basketball family, not as an afterthought. Silver’s confidence is quiet but unmistakable. He speaks like someone who understands that the league is evolving faster than ever and that fans, players, and owners need to keep up. Whether it’s navigating streaming wars, guarding the game’s integrity, or building basketball’s global future, Adam Silver continues to prove that leadership in the NBA is about both vision and vigilance. The ball is up, and the commissioner is already a step ahead.

Knicks-Cavaliers NBA season opener: Join The Post’s live watch party

There’s plenty to talk about when it comes to this Knicks squad. There are the high expectations — NBA Finals or bust, anyone? — a new coach in Mike Brown, who has revamped the offense and rotation, the injury statuses of Mitchell Robinson, Josh Hart and now Karl-Anthony Towns, and plenty more. And that’s before the opener even tips off. No doubt, beginning against longtime nemesis Donovan Mitchell and the Cavaliers, last year’s top-seeded Eastern Conference team, will heap even more early season discussion points. Join Dexter Henry, Bryan Fonseca and DJ Ria for The Post’s live Knicks party, including special pregame coverage featuring Knicks beat writer Stefan Bondy.

Arne Slot left to ‘hope for the best’ after injured Isak forced off against Frankfurt

Arne Slot admitted Liverpool did not get the balance right with Alexander Isak’s fitness after he went off injured against Eintracht Frankfurt

US sanctions major Russian oil companies and calls for Moscow to accept immediate Ukraine ceasefire – as it happened

Trump says he canceled meeting with Putin because ‘we have good conversations but then they don’t go anywhere’

Women's World Cup, Annabel Sutherland hammers 98* versus England: Stats

Annabel Sutherland floored England in Match 23 of the ICC Women's World Cup 2025 on Wednesday. The match in Indore saw Sutherland and Ashleigh Gardner added an unbeaten 180-run stand for the 5th wicket in a chase of 245. Sutherland remained unscathed on 98* whereas Gardner got to a terrific 104 not out. Earlier, Sutherland picked a three-fer to restrict England to 244/9. This was one of the finest partnerships in Women's World Cup history. Sutherland saw Gardner join her and the two just bossed the show. Sutherland looked set for her 100 till a late charge from Gardner saw her overtake the former. England were stunned and had no answers to a superb 180*-run stand which came off just 148 balls. This was a special partnership. Sutherland's knock of 98* had 9 fours and a six. She faced 112 balls. With this knock, Sutherland has raced to 968 runs in WODIs. She averages 42.08 from 47 matches (31 innings). This was her 4th WODI fifty (100s: 3). As per ESPNcricinfo, against England, Sutherland owns 199 runs from 10 matches at 33.16 (50s: 2). Sutherland registered her maiden World Cup fifty. Speaking after the match, Sutherland said it was fun batting with Gardner. Pretty fun. Always good batting with Ash. She keeps the game moving. Had a pretty good seat at the other end. Oh, to be honest, just trying to have some time in the middle. I feel like once you got in, it was actually really nice wicket to bat on.

Putin oversees ‘planned’ readiness test of Russia’s nuclear forces

Russian dictator Vladimir Putin supervised what he said was a planned test of Russia’s nuclear forces on land, sea and in the air to assess his nation’s readiness on Wednesday. “Today, we are conducting a planned — I want to emphasize, planned — nuclear forces command and control exercise,” Putin said in a video conference with the Kremlin’s top military brass, CNN reported. As part of the test, a land-based “Yars” intercontinental ballistic missile was launched from a cosmodrome while a “Sineva” ballistic missile was launched from a nuclear submarine in the Barents Sea. Russia also deployed nuclear-capable cruise missiles from strategic bombers. Moscow typically carries out nuclear drills to rehearse its command structure and flex the world’s largest nuclear arsenal to its adversaries — and Wednesday’s came one day after President Trump revealed he nixed a second in-person summit with Putin over his war in Ukraine. “The exercise tested the level of preparedness of the military command and the practical skills of the operational personnel in organizing the control of subordinate forces,” the Kremlin said in a statement. “All exercise tasks were completed”. The readiness test comes on the heels of NATO conducting nuclear exercises earlier this month, dispatching F-35 fighter jets and B-52 bombers in a horde of more than 70 aircraft from 14 allied nations for its Steadfast Noon exercise in Belgium and the Netherlands. “We need to do this because it helps us to make sure that our nuclear deterrent remains as credible, and as safe, and as secure, and as effective as possible,” NATO Secretary-General Mark Rutte previously said in a video statement. The drill comes as Putin claimed last month that he is amenable to a one-year extension of the arms control treaty with the US that limits the number of nuclear weapons the two countries have in their arsenals. He said he would back an extension of the New Strategic Arms Reduction Treaty, or New START, if President Trump agrees to it as well. The overture comes as New START, which limits the nukes each side can deploy, is set to expire on Feb. 5, 2026. The New START was signed by former President Barack Obama and his then-Russian counterpart Dmitri Medvedev, limiting the two countries to 1,550 deployed warheads as well as 800 launchers and bombers. With Post wires

Red-hot gov race exposes NJ voters’ fury — here’s what has them riled up

In this year’s neck-and-neck race for governor, New Jerseyans are demanding change. They deserve it. Democrats have been the majority party in both chambers of the Legislature for about a quarter of a century and have held the executive branch for eight years. Judges are appointed by the governor and confirmed by the state Senate, so the Democratic Party has effectively controlled the judiciary, too. Under their dominance, taxes have soared out of control, urban schools are failing and electricity costs are sky-high. Plus, many of the state’s policies clash with the cultural values of large swaths of Jersey citizens. Jerseyans are suffering, big-time. Of the two candidates in this year’s governor’s race, Republican former Assemblyman Jack Ciattarelli is promising change; his progressive rival, Democratic Rep. Mikie Sherrill, is attached at the hip to the status quo. And four issues — taxes, schools, energy costs and cultural values — are at the heart of the contest. Start with energy: Under Democratic Gov. Phil Murphy, six of New Jersey’s large electric generation facilities, some nuclear and some natural gas, have been decommissioned or gone offline. New Jersey, which once sold excess power to the regional grid, now must buy it at spot-market prices from nearby states. Murphy bet big on solar and wind power to appease radical greens — but failed to gin up nearly enough energy to satisfy statewide demand. That left Garden Staters short, and sent electric bills soaring. Ciattarelli aims to back out of the Regional Greenhouse Gas Initiative so the state can build more natural-gas plants, boosting electricity supply and bringing down costs. He and his fellow Republicans also plan to reform the state’s permitting process so power lines and natural-gas or nuclear plants can be built faster. That would be a godsend. In contrast, Sherrill backs pricey, environmentally unfriendly wind turbines, which have failed to materialize and can’t generate enough of the power we need. Don Quixote’s got nothing on her and her fellow Dems. New Jersey also has the highest property taxes in the nation, per the Tax Foundation, and the highest corporate income tax. Ciattarelli has pledged to chop the corporate rate by one percentage point a year for six years; Sherrill vows to close loopholes, making businesses pay even more. She’s clearly out of touch: Other states’ corporate tax rates, like North Carolina’s, are as low as 2¼%. You can bet jobs (and the tax base) will continue to flee New Jersey if she takes the reins. Sherrill would also continue the Affordable New Jersey Communities for Renters and Homeowners program, which issues state rebates to those who pay property tax or rent. That might sound good on the surface, but the rebates themselves are small — and more important, they simply shift governmental costs around, solving nothing. In contrast, Ciatarrelli wants to impose a statewide cap on property taxes, forcing municipalities, counties and school boards to make difficult but necessary fiscal decisions — and saving homeowners thousands every year. New Jersey spends more per student than nearly any other state in the union, yet the quality of schools in our 600-plus districts varies greatly. Ciattarelli would place renewed focus on phonics to improve reading, and would boost choices for parents by expanding charter schools, especially in areas where districts are underperforming. He’d reform the school-funding system, so that state money follows the students. Sherrill would limit parent’s choices and put the interests of the powerful teachers’ union ahead of both children andteachers. On cultural issues, Ciattarelli argues strongly that biological males should not be allowed to compete in women’s sports, which is both unfair and dangerous to women. That view, an American Principles Project poll found, matches those of 68% of Garden Staters — just 22% of whom back transgender kids in girls’ sports, which Sherrill supports. Caittarelli would also respect federal law and the US Constitution by cooperating with immigration authorities’ enforcement efforts. He plans to end sanctuary status for the state, along with its counties, cities and towns. Sherrill supports sanctuary status and would flout her constitutional duty to work with the feds. Indeed, as a dyed-in-the-wool progressive, a Gov. Sherrill would impose more of the same punishment Murphy has inflicted on New Jersey residents for the past eight miserable years. Ciattarelli would bring the kind of change Garden Staters crave: affordable electric bills, relief from crushing taxes, more options for education and an end to crazy, harmful far-left cultural policies. Voters who see the clear differences should have an easy choice. Adam Kraemer, a Republican, is running for the District 27 seat in New Jersey’s General Assembly.

Sonic The Hedgehog IDW Collection Is 60% Off With Limited-Time Amazon Promotion

Sonic the Hedgehog has had a great run of video games and live-action movies recently, but some of the Blue Blur's best adventures can be found in IDW Publishing's long-running comic book series. Sonic, Tails, Knuckles, and many other characters from Sega's iconic franchise have starred in over 100 issues since 2018, and you can get dozens of them for cheap right now. The premium Sonic the Hedgehog IDW Collection hardcovers are steeply discounted, and Volumes 1-4 are eligible for Amazon's Buy Two Get One 50% Off Book Sale. Each Sonic the Hedgehog: The IDW Collection hardcover retails for $60, but if you buy two, you'll wind up paying approximately $25 per book. This is quite the bargain, as each collection includes around 300 pages of full-color comics. Sonic the Hedgehog trade paperbacksSonic the Hedgehog by IDW PublishingOnly the first three trade paperback volumes have been collected in a box set, but IDW has published 19 volumes since 2018. Volume 20 speeds into bookstores December 2. Sonic the Hedgehog Vol. 1 -- $13 ($16)Sonic the Hedgehog Vol. 2 -- $14 ($16)Sonic the Hedgehog Vol. 3 -- $13 ($16)Sonic the Hedgehog Vol. 4 -- $14.87 ($16)Sonic the Hedgehog Vol. 5 -- $14.84 ($16)Sonic the Hedgehog Vol. 6 -- $12.60 ($16)Sonic the Hedgehog Vol. 7 -- $14.87 ($16)Sonic the Hedgehog Vol. 8 -- $14.87 ($16)Sonic the Hedgehog Vol. 9 -- $12.60 ($16)Sonic the Hedgehog Vol. 10 -- $11 ($16)Sonic the Hedgehog Vol. 11 -- $10.62 ($16)Sonic the Hedgehog Vol. 12 -- $14.67 ($16)Sonic the Hedgehog Vol. 13 -- $13 ($17)Sonic the Hedgehog Vol. 14 -- $13.50 ($17)Sonic the Hedgehog Vol. 15 -- $15.80 ($17)Sonic the Hedgehog Vol. 16 -- $15.80 ($17)Sonic the Hedgehog Vol. 17 -- $12.88 ($17)Sonic the Hedgehog Vol. 18 -- $14 ($17)Sonic the Hedgehog Vol. 19 -- $15 ($17)Sonic the Hedgehog Vol. 20 -- $15.80 ($17) | Releases December 2 See Volumes 1-20 at Amazon The numbered volumes are printed in chronological order, but IDW also has an assortment of standalone miniseries, greatest hits, and collections themed around specific characters. All of the books in the list below are paperback editions, too. Sonic the Hedgehog: Scrapnik Island -- $14.87 ($16)Sonic the Hedgehog: Imposter Syndrome -- $10.40 ($16)Sonic the Hedgehog: Knuckles' Greatest Hits -- $7.50 ($10)Sonic the Hedgehog: Seasons of Chaos -- $10 ($16)Sonic the Hedgehog: Sonic and Tails - Best Buds Forever -- $8Sonic the Hedgehog: Tangle and Whisper -- $16 ($20) More Sonic the Hedgehog BooksSonic the Hedgehog Encyclo-speed-ia and IDW Comic Art Collection Sonic fans should also check out the official Encyclo-speed-ia, a massive collection of artwork and commentary celebrating three decades of Sonic video games. A Deluxe Edition is available as well. Sonic the Hedgehog Encyclo-speed-ia offers a fascinating look behind the scenes of the development of the games, from their humble Genesis days through to new platforms over the decades. Sonic the Hedgehog 30th Anniversary Celebration: Deluxe Edition -- $14.40 ($20)Sonic the Hedgehog Encyclo-speed-ia -- $26.64 ($50)Sonic the Hedgehog Encyclo-speed-ia Deluxe Edition -- $45.86 ($80)Sonic the Hedgehog: The IDW Comic Art Collection -- $12.69 ($20)Sonic the Hedgehog: The IDW Covers -- $50 See more Sonic books

The Motley Fool Interviews DocuSign CEO Allan Thygesen

In this podcast, Motley Fool co-founder and CEO Tom Gardner, Motley Fool Chief Investment Officer Andy Cross, and contributor Toby Bordelon talk with DocuSign CEO Allan Thygesen about opportunity, innovation, and the business of DocuSign. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy. A full transcript is below. This podcast was recorded on Oct. 12, 2025. Alan Thygesen: I've worked for 40 years. The pace of change right now in every aspect in our product innovation in our go-to-market, in our packaging and pricing, we just discussed in how we market, how people discover us. I mean, all of that is just changing at a rate that is exhausting and exhilarating at the same time. Mac Greer: That was DocuSign CEO Alan Thygesen. I'm Motley Fool producer Mac Greer. Now, DocuSign provides e-signature solutions and other contract management tools. We recently had a chance to talk with Alan Thygesen about opportunity, innovation, and the business of DocuSign. Tom Gardner: Hello, fools. Tom Gardner here with our Chief Investment Officer, Andy Cross and Toby Bordeloon, and we're so excited to be able to spend this time with the CEO of DocuSign, a Molly Fool recommendation, ticker symbol DOCU, and the CEO is Alan Thygesen and Alan, thank you so much for being here with us today. Alan Thygesen: It's a pleasure to be with you, Tom. Thanks. Tom Gardner: Of course, this is a standard opening question for you that everybody thinks historically of DocuSign as a signature company. Let's talk about all that it does now with AI workflows and just get right into it in terms of the end-to-end workflow opportunities of the company. Alan Thygesen: Fantastic. Yes. Well, I'm sure many of the listeners have signed with DocuSign over the years, either in a personal or professional context. Look, that's an amazing starting point. We are involved in the perhaps, most important moment of the journey that an agreement goes through. That was part of what attracted me to the company three years ago was that position and affinity. But as you said, there's a lot more to agreements than the execution moment. DocuSign had that general idea for a while that we could go upstream from people executing documents to mass customizing documents, maybe to identifying the parties, and so on. But we've never really put it together end-to-end in an agreement management suite. That's what we've done. We launched that in June of last year. Literally every stage of the agreement journey from creating the agreement, negotiating it, managing all the internal approvals, pre-filling the agreements, executing them, and then managing them once they're executed and figuring out what you might want to renegotiate or figuring out how you're doing in your contracts or where you have exposure. All of that is available. Much of it AI-enabled, which I'm sure we'll get into. We call it intelligent agreement management, and it's been fun. It's been a revitalization of the company. I think we've rediscovered our innovation Mojo and benefiting from, as I said, at the beginning, from already being a trusted partner with the signing product. That's a nice starting point. Tom Gardner: Two follow-ups for me and then I'll let the real great interviewers get in the mix. When you reenergize a company in terms of awakening its desire to innovate, what are the top two or three things that you think are essential to that transformation, the process of getting those muscles working again? Alan Thygesen: The first thing is, look, you have to have the right leaders and so I attracted some great folks that combined with some of the amazing talent we had here could be leading that effort. I think we had to articulate a compelling vision, a mission that felt worthwhile and that honored what we had done before, but represented the opportunity, and sometimes it's better to be lucky than good. I joined in October '22, and GPT 3.5 launched a month later and I had some idea what was going to happen with AI, but obviously that's worked out incredibly well for us. Then lastly, I think you got to set some immediate goals that allows people to feel like they can be successful. We set this goal of launching the first part of the suite and in particular launching our intelligent repository. Basically, a place to store all your agreements that uses AI to extract all the essential data out of them. We agreed on that in August of '22, and we launched a Beta by the end of January the following year. I don't think anybody in product engineering thought that that was possible or good idea. I think once we did it, it was such a can-do moment for the company and it was so exciting. It became the heart of our launch, and then we relaunched the company in a big way and gradually got all the teams involved through the sales and support teams. I think the whole company has rallied around that mission and a sense that the transformation is now possible. The other chic had a bold vision, but you also got to show them how they can get there and having those early proof points was super important. Tom Gardner: I'm going from the forest level right down to the pine cone with this follow-up in a very unprofessional interview format. But how is the suite priced now? What has changed in pricing with the addition of all these features? Alan Thygesen: You'll not be surprised to hear that it's gotten more complicated. I mean, historically, the way DocuSign has been priced is we sell our electronic signature product in a batches of envelopes basis. The envelope is basically a collection of documents that are sent for signing. That was a good proxy for value. Didn't capture how important the document was, but it was a nice simple model that everybody could understand and that allowed us to scale up. Well, that obviously doesn't work anymore, given that we're now doing this much broader range of workflows that's not necessarily related to agreement volume and the value depends on which parts of the suite that you use and maybe how large your library is. We've evolved because you got to keep it simple enough that we sell to companies of all sizes. We're not just enterprise company. We sell to 100-person companies, even to two-person real estate offices and everywhere in between, so it needed to be simple to start, so we used a seat-bat model with some thresholds for the size of your library. Now we're rolling out more complicated or complex model that is a platform plus various features that can turn on and where we attempt to capture some sense of the value that we're delivering and that the customer would feel good about paying for. But to be honest with you, it's evolving as we speak, because all these AI features, what you really want is to align your pricing with the value that you deliver. It's just so hard to find those proxymetric that are objective and that you and the customer can agree on and then it has to be simple enough that they can understand it going in and that we can explain it to them in a relatively short conversation. I don't think we've nailed that yet, but we're getting there. But we started with something relatively simple with c+ and then we're evolving toward more platform pricing with tokens for different types of value. Tom Gardner: It's never really felt great as an analogy going to you, Andy, but we're building the plane as we fly it. We've all heard it before. Maybe we don't want to actually visualize that. That probably doesn't feel great. But with the tooling, all the new tooling, all the upgrades, you have to be able to keep transforming yourself, and that means the value you're creating is going to shift, and it's going to be a fluid environment. Alan Thygesen: I've worked for 40 years. The pace of change right now in every aspect in our product innovation, in our go-to-market, in our packaging and pricing, we just discussed and how we market and how people discover us. I mean, all of that is just changing at a rate that is exhausting and exhilarating at the same time. Andy Cross: I want to have a follow-up on that because you talked about some of the sales restructuring and reorganization. We've been hearing this from a lot of different software companies. I think this is part of this conversation about things moving so fast and being able to articulate your value prop. Talk a little bit about what encouraged you to change or what forced you maybe to rethink the sales organization and what change did you actually implement throughout the year? Alan Thygesen: I think to start, DocuSign was historically a direct sales company, and to a fairly extreme extent. I mentioned earlier how we have customers of all sizes. Unless you were buying the absolute most simple bundle we offered, you were basically told to talk to a seller. We had sellers that had hundreds of accounts, sellers that had a smaller number of larger accounts. But basically, everybody was assigned to a salesperson. Eighty five percent of the company's revenue was managed by the direct sales team. When I came in, my first observation was, wait a minute. We're a digital contracting product. You should be able to digitally transact with us in a more robust way. We worked on that and made a lot of progress on that. Now you can order all the products and upgrade as you see fit. But the second part is, as our product roadmap changed from this point solution that everybody understood well and that many people were able to implement by themselves without any external help to this broader agreement management solution, what we needed both on the sales front and on the post sale side changed, because we're now selling a solution, a platform that others can even add on top of, that's just very different kettle of fish. We've been doing a lot of enablement, which is a fancy word for training your sales team, as well as upgrading and select places to get people who are more familiar with that motion. We're leaning much more heavily on partners now. Historically, there wasn't a need for a partner to be involved in selling signing, but with this new platform, we need the delots to the world and their counterparts regionally and in specific industries to do more work with us. They're very interested, but we have to learn to dance with them and do a better job of that. Those are some of the changes on the sales side. Then the support side, of course, again, sign was a simple, singular product, and it was a fairly transactional support model. People would call or email it's a problem and we could usually solve it over the phone. That way. Now it's a much richer processes. You got to consult with people on how to use the AI, how to get their data in the right place, and how they might want to change their workflows. Those are all more robust things. Some of those are things that a classic enterprise software brand that would have done before and some of it is specific to AI. This notion of building models with customers that didn't really happen before. That's new. Tom Gardner: Let's randomly leap forward 12 years and ask ourselves, has DocuSign replaced law firms? Have we moved beyond just the management of the actual workflow to a lot of the negotiation? The whole process of coming to agreement can be automated. Alan Thygesen: No, I don't think so. Let me say a couple of things. First of all, I think you will absolutely see automation of some lower-level legal work activity today. Things like you could imagine an automated negotiation of an NDA. I don't think that's super futuristic. I think that's mostly possible with tech today and since there's not that much risk in most cases, I think we'll see some of that. You can imagine agent-type onboarding of new vendors and new clients. But I think that's not really, I think, why people retain law firms. Yes, they do do some of that work today, and so some of that work will go away. But the reality is that legal is one of the most under-resourced functions in any company. It's one of the reasons why everybody always complains that legal is a bottleneck. There's so much headroom, I think, to take those repetitive but manual tasks and automate them. I think on the more complex judgment where there's meaningful amount of risk involved. Sure, the AI will do a lot of pre-processing and will serve it up to humans, but you'll still have human review for an extended period of time, no opinion. Now, I think it's very scary to try to forecast what's happening in 12 years. That was your time frame? Tom Gardner: You meant 12 months. If we had said 12 years, how long time is that 1995? Obviously, we know the pace has picked up so much. It's really interesting to think how planning happens. Your answer to that suggests that my second question, which is more of an idea, I wanted to play out and have you shoot it down. You've already shot it down. But would we ever think about renaming our company from DocuSign to Docu Flow? Alan Thygesen: We had that discussion because we went through a significant rebranding exercise holistically, not just about the name, but about our look and feel and what we were trying to communicate about the brand when we were getting ready to launch Intelligen review and management. I said to the team, look, I was willing to consider anything but change in the name. Look, if you've got a name like ours that's instantly recognizable and has very positive generally affinity, I think the bar is incredibly high to mess with that. We have over 1.5 billion individual profiles that have executed the document, the DocuSign. We have over 1.7 million monthly paying customers that pay us for our services. I mean, those are very large numbers. I can't even imagine the media plan and the effort that it would take to meaningfully substitute that if you tried to change the name. Yes, I did have people who suggested that, and of course, it does tie us back to sign, but-. Tom Gardner: They and I were dismissed from your company. Alan Thygesen: I'm sorry, but I don't think that would be a good idea. Andy Cross: You've been focused on bottoms-up, innovating. You've been talking about this, you've done that. Talk to us a little bit about the product development, the innovation, engine if you maybe peel back the curtain a little bit for us at DocuSign without getting too much into the weeds. But just curious how you think about motivation, your team, and just the release schedule, how quickly you trying to innovate these days. Alan Thygesen: DocuSign was COVID darling, where we were growing very nicely before COVID and then we have all this demand pull forward from COVID. Then when that receded, it was a hard reset. Some use cases fell away and customers had pre-bought and bought more than they needed. It was pretty tough reset, and that affected all parts of the company. Think one of the things that's a hidden cost of that automatic demand is that it's not just your salespeople who fall asleep and forget how to sell your product engineering organization. Well, as long as I keep the lights on, I can do what I want. I think we lost some DNA. It wasn't as much of a focus on shipping and moving the needle from innovation perspective. As we discussed earlier, I think we setting the bar, articulating a new vision, explain to people that they were empowered to go and innovate and suggest ideas, raising expectations on release velocity. We were doing a couple of releases a year, and now we're shipping much more frequently. All those things are little things that you do. You give people better tools to get their work done faster. All those things have helped speed up productivity. We're in a much better place. I still would like to move faster. I'm impatient by nature, and I think particularly in today's environment, you need to be impatient. You can't be looking at yourself or how you are doing compared to how you were doing 2-3 years ago. You got to be looking at how fast are the cutting-edge companies going, and they are going very fast. Tom Gardner: Do you see any threats on the AI front in terms of being a threat to your business, allowing competitors perhaps to come in and more easily compete with what you're doing? Alan Thygesen: Let me put it this way. I think what it unlocks for us and for the category is such a massive leap forward. For historic documents, agreements have been done flat files. They might as well have been in a physical filing cabinet. Everybody had this PDF stored somewhere, if they could even find it, and I didn't know what was in it and they had no tools for managing that. AI really transforms that. That's an unlock not just for us but for everybody, but then the fact that we start in this position of having all this understanding of agreement structure and being involved in so many steps of agreement workflow and having the distribution to all these companies. Look, you got to worry, as we talked about earlier, about some smart start of coming up with some killer functionality that you hadn't thought of or can't replicate, but I feel it's been a blessing and just a giant opportunity for us and I'm just very fortunate to be leading DocuSign this time. Tom Gardner: Alan Thygesen, CEO of DocuSign, thank you for spending time with us. We enjoyed every minute of it. Obviously, we've been following DocuSign since its IPO, all the way through and so excited about what you're creating there with your team and all DocuSigners. Are we DocuSigners when we come to work? Toby Bordeloon: We are. Tom Gardner: We're DocuSigners. In the way that Jensen Wong is working to bring us new technologies, you're working to bring us investment returns, and we thank you just as much as we thank Jensen. Thank you for the time and best of luck. Toby Bordeloon: Thank you. It was really great to chat with you guys. We should have. Mac Greer: As always, people on the program may have interest in the stocks they talk about and the Motley Fool may have formal recommendations for or against, don't buy or sell stocks based solely on what you hear. All personal finance content follows Motley Fool editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our show notes. For the Motley Fool Money team, I'm Mac Greer. Thanks for listening, and we will see you tomorrow.

Magic community gears up for Halloween fun at Tramp’s.

Prince Albert’s tabletop community is trading capes and cards this month as Tramp’s Music & Books prepares for two Halloween-themed events that blend Magic: The Gathering play with family-friendly fun. On Oct. 25, the store will hold a special Halloween-themed Magic: The Gathering draft. Players will build decks from cards they draft on the spot, competing for booster packs and promo cards. Assistant manager Alice Read said the evening will feel more relaxed than a standard tournament but just as exciting. Costumes are encouraged, and she expects to see a mix of veterans and newcomers taking part. “It’s just about having fun,” Read said. “We’ll have people come dressed up, and some will bring friends who haven’t played before. It’s a really good way to keep the community engaged and keep things lighthearted.” The Halloween draft is open to players aged 12 and up, though younger players who know the basics are welcome to join. Read said events like these often draw players who might otherwise feel intimidated by the competitive side of the game. A few days later, on Oct 31, Tramp’s will welcome trick-or-treaters with free comics and Pokemon cards as part of its annual “Trick or Read” giveaway. The store will hand out Halloween-themed comic books such as Godzilla and the Fantastic Four, along with small “Trick or Trade” Pokemon booster packs while supplies last. “It started last year, and it’s growing,” Read said. “Families come by in costume, and it’s just a nice way to give something back and get kids reading, or collecting something fun.” The store will also host its regular Friday Night Magic on Halloween night, with costumes encouraged and small prizes for those who show up in theme. The atmosphere, Read added, is meant to be playful and welcoming rather than competitive. Since the Spider-Man prerelease in September, the store has seen an increase in young adults and families interested in Magic and comics. Read said the draw isn’t just the game itself but the sense of belonging that comes with it. “Whatever the theme is, it’s about hanging out with a good crowd,” she said. “It gives people somewhere positive to go, a healthy community to be part of.” Tramp’s Music & Books is located at 29 12th Street West. The Halloween draft begins at 1 p.m. on Oct. 25, and the “Trick or Read” giveaway runs on Oct. 31 during store hours and throughout the evening.

Jamie Lynn Spears unfollows Kevin Federline after he published her shady anti-Britney texts in tell-all book

Jamie Lynn Spears has reportedly unfollowed Kevin Federline on Instagram after he published her alleged texts slamming her sister, Britney Spears, in his new memoir. The “Zoey 101” alum unfollowed the former backup dancer as well as his wife, Victoria Prince, Us Weekly reported. Both Jamie Lynn’s rep and Federline’s rep didn’t immediately respond to Page Six’s request for comment. In Federline’s memoir, “You Thought You Knew,” he published texts he claimed Jamie Lynn sent to Prince calling Britney an absentee parent to her and Federline’s sons: Sean Preston, 20, and Jayden James, 19. “I always wanted her to get better, especially for the boys,” Jamie Lynn allegedly wrote about her older sister, according to Federline. “I’m still trying to come to terms with how she could be so unaware of anything outside of herself,” she continued, per the memoir. The former Nickelodeon star, 34, also allegedly said Britney was“incapable” of taking “accountability” and praised Federline and Prince for raising Preston and Jayden. “I’m sure my sister has never thanked y’all for raising her children and still being beyond gracious to allow her so many chances to take part in their lives, even when y’all had more than enough reasons to validate cutting that off,” she wrote, according to the memoir. “So I wanted y’all to know how much you are appreciated and supported by those of us who love those boys.” Federline accused Britney of mistreating their sons on multiple occasions in his memoir, including alleging that she once punched Preston in the face and told him that she wished him and Jayden were dead. Britney has blasted her ex-husband for “making profit [off] her pain,” which her spokesperson also previously told Page Six. “He and others are profiting off her,” the spokesperson told us regarding Federline’s book. “Sadly, it comes after child support has ended with Kevin. All she cares about are her kids … and their well-being during this sensationalism.” Federline, 47, told “Extra” that Preston and Jayden supported him writing the bombshell memoir ripping the iconic pop star, 43. “My kids are old enough to understand and approve what I’m doing,” he said, defending his book. “I don’t want my kids living their lives and having to explain who I am,” he continued. “I say that in the book — I don’t want them talking about things that they didn’t live through or can’t remember.”

Emil Heineman would be the Canadiens’ third top scorer

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Big beef: GOP pushback grows over Trump’s call to buy beef from Argentina - CNN

Todd Armstrong, the owner of a 200-year-old family cattle and crops farm in Indiana, voted for President Donald Trump in 2024 but feels abandoned by the president now for suggesting a deal for the US to buy beef from Argentina.

Fide to investigate Kramnik over attacks on Naroditsky as chess reels from player’s death

Fide faces calls to discipline Vladimir Kramnik after his public attacks on Daniel Naroditsky, whose death has shaken the online chess community

SEI Investments (SEIC) Q3 2025 Earnings Transcript

Wednesday, Oct. 22, 2025, at 5 p.m. ET Call participants Chief Executive Officer — Ryan HickeChief Financial Officer — Sean DenhamHead of Investment Managers Services — Phil McCabeHead of Private Banking — Sanjay SharmaHead of Asset Management Distribution — Paul Klauder Need a quote from a Motley Fool analyst? Email [email protected] Private Banking Contract Loss — CFO Denham said, "Our strong wins this quarter were offset by a contract loss in private banking, which drove lower net sales for the segment," and noted the fee loss will phase in over several years.Institutional Margins — Denham stated, "Institutional margins declined sequentially mainly due to a handful of choppier items in both the current and prior periods," with none individually material but collectively impactful because of the segment’s lower revenue base. EPS -- $1.30, excluding one-time items, an all-time record for SEI, up 8% sequentially and 17% year over year.Net Sales Events -- $31 million, led by investment managers, with approximately two-thirds driven by client expansion and two-thirds from alternative managers.Investment Managers Segment -- Posted revenue growth exceeding 25% annualized from Q2 to Q3, with double-digit increases in both revenue and operating profit.Private Banking -- Achieved a $13 million client win with a major super-regional U.S. bank, offset by a single contract loss that, if excluded, would have brought net sales close to $47 million for the segment.Advisors Segment -- Delivered the highest year-over-year revenue growth among segments, supported by market appreciation, the integrated cash program, and a $2 million gain from an earn-out true-up.Institutional Segment -- Secured its largest mandate to date with a multibillion-dollar fixed income assignment for a state government client, while revenue and profits were flat for the institutional segment due to less market appreciation benefit than other segments.Year-to-Date Net Sales -- Surpassed $100 million in net sales events year to date, a company record through the third quarter.Margins -- Meaningful year-over-year and sequential improvement at the company level, with investment managers and advisors driving particular strength; private banking margins declined due to prior-year one-time items, and would have risen by 60 basis points otherwise.Assets Under Administration (AUA) -- Achieved broad-based growth across CITs, alternatives, and traditional funds, with alternatives driving the majority of AUA increases.LSV Assets Under Management -- Rose more than 4% from Q2 to Q3, driven by strong market performance and relative outperformance, despite $3 billion of net outflows.Buybacks -- Repurchased $142 million in shares and $775 million over the trailing twelve months, reducing share count by more than 7% in that period.Cash and Debt -- Ended the period with $793 million of cash and no net debt, maintaining liquidity in anticipation of the Stratos acquisition closing.Stratos Partnership -- SEI continues to expect the initial closing by late 2025 or early 2026 and is already seeing increased advisor engagement and incremental business opportunities from the announcement.Capital Deployment -- Made a $50 million anchor investment in LSV’s market neutral hedge fund, contributing $1.5 million in pre-tax income.AI and Tokenization -- CEO Hicke stated, "We're in the early innings of AI and tokenization at SEI," noting encouraging internal adoption and ongoing pilot initiatives with external partners. SEI Investments (SEIC 1.21%) delivered all-time record earnings per share of $1.30, excluding one-time items, fueled by substantial margin expansion and robust revenue gains across core business units. Significant sales momentum was evident, with year-to-date net sales events setting a company record through the third quarter. Business mix diversification was apparent, as approximately two-thirds of IM segment sales related to client expansion and alternatives. Noteworthy strategic wins included the largest-ever institutional fixed income mandate and a $13 million private banking win with a leading U.S. regional bank. Share repurchases continued at an aggressive pace, with $142 million in buybacks and no net debt reported, while capital deployment supported both acquisition and alternative investment initiatives. CFO Denham said, We recognized a benefit of approximately $0.03 from insurance proceeds related to a 2023 claim, and an additional $0.02 from an earn-out true-up in our advisors business. These gains were offset by $0.02 of M&A expense tied to our planned acquisition of Stratos and $0.02 of severance expense related to cost optimization initiatives.CEO Hicke stated, "Our integrated approach is breaking down silos, enabling us to scale across segments, capture wallet share, and deliver consistent, repeatable growth."Management reiterated confidence in pipeline strength and margin discipline, signaling continued investments in technology and talent to support scalable growth.The company emphasized a disciplined approach to buybacks, with a target of returning 90%-100% of free cash flow via dividends or repurchases on a forward-looking twelve-month run rate, and is maintaining excess liquidity for the Stratos transaction.Private credit servicing risk was directly addressed, with McCabe emphasizing SDIC's focus on higher-end clients and low exposure to riskier segments: "we really get paid for the most part with private credit based on invested capital. So we're not subject to mark to market or NAV. So we don't really see any real risk for the business." Industry glossary IMS (Investment Managers Services): SEI's service platform providing investment processing, fund administration, and client expansion solutions—especially to alternative asset managers.OCIO (Outsourced Chief Investment Officer): Investment management model in which institutional clients delegate discretionary asset allocation and portfolio management to a third party.CITs (Collective Investment Trusts): Pooled, tax-exempt investment vehicles used by institutional investors, often within retirement plans.LSV: SEI’s quantitative equity investment affiliate, specializing in value-oriented equity strategies.SMAs (Separately Managed Accounts): Individual investment accounts managed by a professional asset manager, tailored to the investor's objectives. Full Conference Call Transcript Ryan Hicke: Thank you, Brad, and good afternoon, everyone. We appreciate your time today, especially since we recently spent nearly three hours together during our Investor Day just five weeks ago. First, let me express our gratitude for the overwhelmingly positive feedback we've received since Investor Day. Many of you highlighted the energy, enthusiasm, and clarity of our long-term vision as standout themes. That affirmation reinforces our strategic confidence. We are committed to disciplined execution, transparent communication, and creating long-term value for our clients and shareholders. Turning to the quarter's results, we delivered outstanding performance with EPS reaching $1.30. Excluding one-time items, that's an all-time high for SEI. Earnings growth was robust both sequentially and year over year, driven by strong revenue growth and margin expansion. This is the kind of consistent performance we have been messaging over the past few years. Net sales events totaled $31 million with our investment managers business leading the way. IMS posted a record sales quarter reflecting surging demand for outsourcing and client expansions. This is a testament to the strength of our sector, our competitive position in that sector, and our continued investment in future capabilities. As we said at Investor Day, we believe the growth runway here is exceptional. Congratulations to Phil and his team. IMS sales activity was notable for its broad-based nature, with no single client driving the performance. Approximately two-thirds of our sales events were tied to client expansion, increasing our wallet share. Additionally, two-thirds of the events came from alternative managers. This level of diversification and momentum across client types, both new and existing, reinforces our conviction in the durability of our growth strategy. We also continue to engage with large well-known alternative asset managers who are new to exploring outsourcing fund administration. We believe we are well-positioned in these processes given our best-in-class capabilities, track record of execution, and client reference ability. Due to the size and complexity of these opportunities, the contracting process tends to be longer. And we expect to be able to provide more clarity on the nature of these opportunities in our pipeline in early 2026. Switching units, sales activity in our asset management business was highlighted by the single largest mandate win in our institutional segment to date. A multibillion-dollar fixed income assignment for a state government client. We believe this win reflects the early impact of Michael Lane and the entire team's evolved approach, introduced to this audience last month. We are delivering targeted solutions in areas where SEI has deep expertise while complementing our established OCIO offering. The win also reinforces our ability to compete successfully for specialized mandates and demonstrates our capacity to meet the growing demand for tailored investment strategies from large clients. Private banking secured a $13 million win this quarter, partnering with a leading super-regional U.S. bank on a comprehensive transformation initiative across all business lines. This engagement is strategically significant, encompassing technology, outsourced operations, and a substantial professional services component. Our multiyear engagement with this firm to help them define their targeted operating model and build a business case was instrumental in winning the business. This win is an enormous affirmation of the pivot we made a few years ago to be the market leader in the regional bank segment. We anticipate the project will involve extensive work to retire the client's legacy systems, execute complex data conversions, and integrate new platforms. Importantly, SEI is uniquely positioned to support our clients throughout this transition with our professional services offering, representing an incremental opportunity that is not reflected in Q3 sales results. Our strong wins this quarter were offset by a contract loss in private banking, which drove lower net sales for the segment. We've noticed since 2022 that this client was at risk due to a strategic shift away from their bank trust model, and we received formal notice at the very end of September. This is our only notable loss year to date in private banking. The financial impact should be modest as fee conversions typically occur over multiple years. Importantly, we're confident that recent and future wins will more than offset this loss, supported by a healthy diversified pipeline of opportunities nearing the finish line. Net sales would have approached $47 million for the quarter excluding this single client loss. Even with the loss, posting $31 million in net sales events is a strong result, especially as our new wins are well aligned with SEI's long-term strategic direction. Stepping back, SEI's net sales events have surpassed $100 million year to date, a record for SEI through the third quarter. And as we sit here today, we have more confidence in our sales pipelines when compared to Q3 last year. Building on this momentum, our confidence in the Stratos partnership has only grown since the July announcement. Although we have not yet closed, we are already seeing tangible benefits. Awareness of SEI is increasing across both broker-dealer and RIA channels, and we are receiving renewed inbound interest in our capabilities as a result of the announcement. That enthusiasm was on display at the Stratos National Meeting in mid-September, where advisers consistently asked how they could do more with SEI. And earlier this month, Stratos' leadership, including CEO Jeff Concepcion, joined us at our annual SEI Advisor Summit on Marco Island, which saw record client attendance. Our SEI advisers responded very positively to the partnership and the expanded opportunities it creates. We are on track towards the initial closing, which is expected in late 2025 or early 2026. As we said in New York, we are allocating capital to the highest return opportunities and driving margin expansion through cost optimization and targeted investments in technology, automation, and talent. We're in the early innings of AI and tokenization at SEI. Internally, adoption is encouraging, and we're applying AI to real workflows. Externally, we're advancing tokenization pilots with partners. We expect these initiatives to support efficiency and scalability over time. But near term, our focus is on use case validation and a disciplined rollout. In summary, our year-to-date sales events, record EPS, and expanding pipeline reflect SEI's continued momentum, underpinned by disciplined execution and a clear enterprise strategy. Our integrated approach is breaking down silos, enabling us to scale across segments, capture wallet share, and deliver consistent, repeatable growth. We are laser-focused on value creation, measured by operating margin, EPS growth, and total shareholder return. Significant opportunity is ahead, and our confidence in SEI's ability to execute and outperform is stronger than ever. And with that, I'll turn it over to Sean. Sean Denham: Thank you, Ryan. Turning to slide four, SEI delivered an excellent quarter. Let me start by calling out the unusual items that impacted our Q3 earnings. We recognize the benefit of approximately $0.03 from insurance proceeds related to a 2023 claim into other income. An additional $0.02 from an earn-out true-up in our advisors business. These gains were offset by $0.02 of M&A expense tied to our planned acquisition of Stratos and $0.02 of severance expense related to cost optimization initiatives. For context, unusual items benefited EPS by $0.58 last quarter and $0.08 in Q3 of last year. Excluding these items, EPS grew meaningfully, up 8% sequentially and 17% year over year. It's worth repeating, Q3 represents an all-time record level of EPS for a quarter excluding unusual items like the significant gain on sale realized last quarter. Let's take a closer look at how each of the business units performed on Slide five. Private banking saw a 4% increase in revenue year over year, thanks in large part to healthy growth on our SWP platform. Our investment manager segment delivered another standout performance, posting double-digit revenue and operating profit growth. We continue to see robust growth in alternatives across both the U.S. and EMEA. Traditional revenue in IMS also grew at a healthy pace, benefiting in part from favorable market appreciation. Turning to advisers, this business posted the highest year-over-year revenue growth among all of our segments. We're seeing growth driven by market appreciation, contribution from our integrated cash program, and improving momentum in the underlying business. Institutional revenue and operating profit were essentially flat for the quarter, reflecting lower equity exposure and less benefit from market appreciation compared to our advisors business. On a sequential basis, both revenue and operating profit increased across all business units, with especially strong margin expansion in investment managers and advisers. As you'll see on Slide six, margins were solid in Q3 with meaningful improvement both year over year and sequentially. The year-over-year decline in private banking margin was due to one-time items that benefited last year's results. If we exclude those, private banking margins would have increased by approximately 60 basis points. Institutional margins declined sequentially mainly due to a handful of choppier items in both the current and prior periods. None of these were individually material, but the impact is more pronounced given the lower revenue base in this segment. For investment managers, margins came in ahead of what we communicated last quarter, supported by revenue growth that exceeded 25% annualized from Q2 to Q3. This growth was fueled by factors that are inherently difficult to forecast, such as market appreciation in the traditional business and the timing of capital deployment in the alternatives business. Advisors margin growth reflected strong revenue growth in a $2 million earn-out true-up contributing about 120 basis points to Q3 margin. Margin improvement also benefited from our integrated cash program, which added $10 million to operating profit versus the prior year. Finally, we incurred severance costs of nearly $4 million this quarter, reflecting our commitment to supporting employees through transitions as we continue to evolve our business. The impact was spread across all business units, and most notably corporate overhead. Excluding severance and approximately $3 million of M&A costs related to Stratos, corporate overhead came in at $38.5 million for the quarter. Turning to sales events on Slide seven, Ryan discussed the most notable items in the quarter, including strong wins in investment managers, our large regional bank win in private banking, and a significant institutional win with a new government client. In Asset Management, this quarter's wins offset client departures, most notably in our institutional segment. While losses were previously the only story in this segment, we are now seeing growth elsewhere that offsets these headwinds. A promising sign for the trajectory of our asset management business. Turning to Slide eight, SEI delivered strong asset growth both sequentially and year over year. Growth in assets under administration was broad-based across CITs, alternatives, and traditional funds. While CITs and traditional funds receive some benefit from market appreciation, the majority of the AUA growth was driven by alternatives. Assets under management also increased, with modestly positive net flows in advisers driven by accelerating growth in ETFs and SMAs, which offset continued pressure on traditional mutual funds. Institutional flows were essentially flat, reflecting offsetting sales events. While overall net flows were modest, this trend marks a clear improvement over prior years and supports our evolving asset management strategy. LSV assets under management each increased over 4% from Q2 driven by strong market performance and outstanding performance relative to benchmarks. Market appreciation was only partially offset by nearly $3 billion of net outflows, similar to the pace realized in the first half of this year. LSV performance against relative benchmarks is supporting continued strength in performance fees, which totaled $8 million or $3 million at SEI's share in Q3. Turning to capital allocation on Slide nine, we ended the quarter with $793 million of cash and no net debt. We are maintaining an excess cash balance in anticipation of funding the first Stratos close with the balance sheet cash. Share repurchases represented a primary use of capital, totaling $142 million in Q3 and $775 million for the trailing twelve months. That represents SEI repurchasing more than 7% of shares outstanding just over the last year. At the same time, we're deploying incremental capital to strategic investments that support long-term growth. This quarter, we made a $50 million anchor investment in LSV's market neutral hedge fund. Our early commitment adds credibility to the new strategy and is expected to support future fundraising from institutional investors. Our investment had a strong start, contributing $1.5 million to Q3 results before tax, which has captured a net gain on variable interest income. In summary, SEI's third quarter results reflect continued progress across our core businesses. We are focused on driving growth, optimizing margins, and deploying capital to maximize shareholder value. With that, operator, please open the call for questions. Operator: Thank you. Please press 11 on your telephone and wait for your name to be announced. To withdraw your question, press 11 again. And our first question will come from the line of Crispin Love with Piper Sandler. Your line is open. Crispin Love: Thank you. Good afternoon. Hope you're all well. Ryan, you mentioned that two-thirds of your sales events were from alternatives. I don't recall you ever making a comment quite like that as it pertains to sales events. First, are those two-thirds similar to recent quarters, give or take? And then second, when you look at those sales events, the recent ones, are the vast majority from the largest alternative players out there, such as the ones that you called out on a slide at Investor Day being clients, or are there smaller nonpublic alts as well that make up a good portion of those wins? Ryan Hicke: Hey, Crispin. Great to hear from you. It's a great question. I'll go kinda high level and then kick to Phil. So, again, I think it's just an opportunity for us to offer continued transparency into sort of where we're seeing growth. And as we touched on in the investor day, when you look at alternatives in that overall space and the surging demand for outsourcing that I mentioned, we're just kinda calling that out and trying to give a little bit more transparency and granularity. But when you go to Phil, if you wanna chime in here, I think the Crispin's question is, is it a lot of the same names that we highlighted that day or new names or a little bit of both? Phil McCabe: Thanks, Crispin. And this is Phil. Actually, it's a mixture of everything, large clients, small clients, but no single event was greater than 10% of the overall number. So it really is a mixture of things anywhere from private credit to insourcers moving to outsourcing, retail, all to, you know, pretty much across the board. We're seeing a lot of alternatives in CITs. It really was a mix. We expect some other announcements, probably early next year to talk a little bit more about some of the larger managers that are moving from insourcing to outsourcing. Crispin Love: Great. Thank you. Appreciate that and definitely good news there. Second question, can you just give any color on the known contract loss in private banking with a long-time client? Any details on the losses of merger, competitive takeaways? Just any color would be great. Sanjay Sharma: Yep. I can answer that question. First of all, this is I to highlight this is one of loss in last three plus years since I took over the responsibility. And this is something, as Ryan mentioned, we knew about it since 2022. This was a major operating model change for this client. And so we should not read this like a trend. This is a one-off scenario. We have worked with the client. And as you could see, these kinds of deconversions, they take a long time. The onboarding takes time. The deconversion also takes longer time. But as Ryan has mentioned and Sean has called out that to be on the safer side, we took the hit and announced it in one go. Ryan Hicke: I do. And I think, Crispin, it's really important to note, and we try to call this out specifically in the script. We got the notice literally at the very end of September. And it's a firm that we have known a long time. We have been actively engaged in trying to help them think through their future operating model. But as Sanjay just highlighted there, we got the notice. We took the entire loss. I don't think we have full insight into the entire deconversion schedule and exactly what will go when. So we're definitely erring on the side of conservative here. And I think it's really important to emphasize Sanjay's point that this is a one-off event. This is absolutely not a trend. And it can't be ignored, the win that we also have in this quarter as well. But you know, certainly not one. We don't like losses. We worked really hard with this firm. We will support the firm actively as a great partner through their transition to a new operating model. As you know, I always live in a world of optimism. I think there's always gonna be more opportunity for us when we treat the client right on the way out. They will probably find a way back to SEI in other ways. Crispin Love: Perfect. Thank you. I appreciate taking my questions. Operator: Thank you. One moment for our next question. And that will come from the line of Jeff Schmidt with William Blair. Your line is open. Jeff Schmidt: Hi, thank you. For the integrated cash program, you're earning close to the Fed funds rate on that cash with a little spread. Is Internet getting a fixed rate? Or are you considering allocating some of that to fixed rates now that the Fed is easing again? Or how should we think about that? Paul Klauder: This is Paul, Jeff. So on that, we're earning about 370 basis points presently and we're giving the investor about 55 basis points yield, which is pretty attractive versus our competitors. So we'll continue to look at that investor yield as rates come down. Typically, when a rate comes down 25 basis points, we usually impact the investor by 15 and then we would impact ourselves at 10. At some point, we'll get to a floor, but that's kind of the current program and the current state of affairs on the integrated cash. I think one thing to note when it comes to the integrated cash is to also note that we have 20 times the amount integrated cash and fixed income portfolios. And so when you see a decline in rates, you typically are going to see over time an increase in price. And so some of that you look at it in isolation, it'll have an impact. But overall, it'll be muted by the amount of fixed income we have in our portfolio. Jeff Schmidt: Okay. And then in private banks, just looking at the expense growth there, it's running a little bit higher over last quarter '2 than we had seen in the previous really a year or two. Is that mainly investments in talent that you've been calling out recently? Or what's driving that? And then how should we think about the offshoring with the new service center? Would that bring growth down over time? Ryan Hicke: Jeff, I don't think there's anything unusual to call out here with banking if Sanjay wants to provide color. Some of it's just, as Sean mentioned, investments we make to kind of onboard the backlog. Make sure that we're kind of set up to, you know, really successfully create the experience that we want with these clients. But I don't think there's anything you should read into that, Sanjay. Sanjay Sharma: No. And I would act with the same. I think for us, the number one most important thing is backlog delivery. Signing a new client is a great thing. Yes. We all celebrate. Successfully delivering and onboarding those clients is equally important. And that's why we would see sometimes that, yes, and that could be for professional services delivery, or it could be converting new clients. Jeff Schmidt: Great. Thank you. Operator: Thank you. One moment for our next question. And that will come from the line of Alex Bond with KBW. Your line is open. Alex Bond: Just wanted to start with the IMS business. Obviously, a strong quarter there. And I know you mentioned the growth there was in part driven by market appreciation and the deployment timing. But just trying to size up the 3Q margin level is the right way to think about, the margin for this business on a forward basis considering, the Alt's deployment. And then also, just how the margin here might be impacted sequentially by the ongoing investments you're making and, you know, just trying to see if there will be any impact there you know, from a timing perspective just in terms of a higher expected investment level, in one quarter or the other? Sean Denham: Sure. So, so this is Sean. So as I indicated last quarter, we were actually kinda given some light guidance to the street that the margin improvement we were we're anticipating good margins going forward, but we do know we need to make certain whether it's anticipation of new clients coming on board and us hiring ahead of those clients, Again, as I mentioned in my remarks, the Q3 improvement in margins did take us a little bit by surprise. Some of that, as Phil mentioned, was due to market appreciation. I mentioned that in my comments. That margin or market appreciation obviously is not tied to cost. So when with the market appreciation, you're going to have higher margins than expected. On your the second part of your question on what we expect in the future, we're still expecting strong margins. When I give guide or light guidance, I would I would call it, light guidance on what we may expect or what you can expect from margins going forward, I'm really giving more guidance over a period of time as opposed to quarter over quarter. So we do have, you know, for Q4 going to Q1 into next year, we will continue to be making investments into platform. There's certain things that in Phil's business we need to invest in front of. Whether that's hiring talent in order to support future growth, whether that is certain parts of our technology base, So in a broad brush, we would expect margins you know, to be relatively flat, if not a downtick especially as we move into 2026. Ryan Hicke: Got it. Understood. That's thing I think it's important to add I think it's important to add to that, though, that I think we try to continue to emphasize this message. When we think about how we run the company, we're not trying to run the company on a unit by unit basis. And get too focused on the individual margins in the unit. So if we saw and I'm not forecasting or foreshadowing anything. I'm just saying, what we see as Phil talked about in New York, what we see with that pipeline and what we see with that client base right now we are going to maximize that opportunity. And if that required us to take the margins down a little bit in IMS, we would be more focused on SEI's margins and what we would do in other units to make sure SEI's margins continue to grow and expand, as Sean talked about, in New York. But, I mean, Phil, I think, is really consistent as he was in New York and here. We are really, really enthusiastic about what we see right now with our existing client base and pipeline in IMS. And where we're positioned competitively, we will not let that window pass us by. Alex Bond: Got it. Understood. No. That's helpful. And then maybe just one more. Just wondering if you could speak to the sales mix between, US and international this quarter and also maybe how that's tracking year to date relative to last year. I know it's still early days on the on the revamp for that area of the business, but maybe additionally, if you could just walk us through maybe what we should be looking for over the coming months and quarters as it relates to just tracking the progress you're making on the on the international front. Thank you. Sanjay Sharma: Yeah. This is Sanjay here. So on the international front, as I said on the Investor Day, we are in the early phases. Defining our go to market strategy. And as I as I said at that time, we're going to focus on maximizing our presence in the jurisdictions we already have presence. So, for example, UK or Dublin or Luxembourg, those jurisdictions have been we continue to expand our presence there. And we are in the process of defining our strategy. And the other part, we're looking at, okay, how we maximize our opportunities to existing clients. The clients, they we already had the assistance in US market. And they have presence in those jurisdictions. So that's what our focus would be. Ryan, Sean, you want to add anything? Sean Denham: Yeah. I will just this is Sean. I'll just echo what Sanji said. Coming off the heels of Investor Day just a few weeks ago, kind of letting everyone there know that, you know, we are looking at the difference between domestic and international. Would echo what Sanjay said. Little bit early days. So I don't think as we sit here today, we're ready to start giving color around revenue mix between international That'll come more as we realign our segments, as we start disclosing our segments and with anticipation that at that time we'll give more breakdown between international growth versus domestic growth. Alex Bond: Got it. Thank you. Operator: Thank you. One moment for our next question. And that will come from the line of Ryan Kenny with Morgan Stanley. Your line is open. Ryan Kenny: Can you unpack a little bit more how you're thinking about the pace of buybacks you did 1.6 million shares in the quarter. Is that the right pace going forward? Or should we expect to slow down as the Stratos acquisition moves forward? Sean Denham: Yeah. So you know, the way I would answer that is, very similar to the way I answered at investor day. So we are expecting that free cash flow on a you know, forward looking twelve month run rate would be we would be returning that 90 to 100% through dividends or buyback. So that's the way I'm looking at it. So the cash build, as I is anticipation of drawing that cash down through the Stratos consummation of the Stratos deal And then going forward, I think you can expect whatever our free cash flow that we generate, we're gonna be returning that 90 to 100% back to the shareholders either through dividends but primarily through buybacks. Ryan Kenny: Thanks. That's helpful. And then separately, we've seen some modest credit fears in the market with a few bankruptcies, and you're a big private credit servicer. So are you seeing any impact at all in your private credit servicing pipeline? It sounds like no, all good, but be helpful to clarify. Phil McCabe: Sure, Ryan. This is Phil McCabe. I would start by saying that IMS has been IMS has business is really, really diversified by product, by jurisdiction, by type of client. So, but we have spoken to a lot of our private credit managers. They literally are the best of the best in the industry. And they really know how to manage credit risk. They tell us that they're not concerned at all. They're still launching products aggressively. And, you know, collectively, they do, say that there could be a new manager that entered the space on the smaller side. And there could be some struggles in the future. But that's in a part of the market that we really don't play in. We're on the higher end of the market. They're doing really well. The one inch fact on top of all that, is that we really get paid for the most part with private credit based on invested capital. So we're not subject to mark to market or NAV. So we don't really you know, as of right now, we see any real risk for the business. Ryan Kenny: Thank you. Operator: Thank you. And our next question will come from the line of Patrick O'Shaughnessy with Raymond James. Your line is open. Patrick O'Shaughnessy: Hey. Good afternoon. So I understand I heard you when you said that we should not read today's chunky client loss that you spoke about in private banks. As a trend going forward, but to what extent are there other high-risk relationships in your existing private bank's client portfolio that you're keeping an eye on at this point? Sanjay Sharma: Patrick, that's a great question. As of today, we are not aware of any such large client or any such large risk. I also want to share one example. Early this month, we hosted all of our clients here in Oaks Campus. The engagement was the best engagement over the last three years. So I don't see that as a trend or a big risk. Ryan, Sean? Ryan Hicke: No. I completely agree with you. I mean, if there's you know, we are always gotta be you know, vigilant in front of our clients, engaged with our clients. But relative to where we were a few years ago, we feel extremely confident that we are in the right place with our clients in the banking business. Patrick O'Shaughnessy: Got it. Appreciate that. Same time. I will say that was that answer. Sanjay Sharma: I think I was I appreciate that answer. Sorry. He said he appreciates the answer. Oh, okay. Patrick O'Shaughnessy: Sorry to interrupt. So and then for my follow-up question, with the divestiture of the Archway family offices business from the investment in new businesses segment, can you just remind us what's left in that investment in new businesses segment and the strategic importance of that for SEI? Sean Denham: So included in ventures, there's really two main revenue streams, although albeit they're not large. One is our Sphere business, and the other piece is our private wealth management business. And those, as I mentioned on Investor Day, if and when we resegment the organization, that segment from a revenue standpoint or even from a segment standpoint will cease to exist. That revenue will then follow the client and the related other segment that it pertains to. Patrick O'Shaughnessy: Got it. Thank you. Operator: Thank you. And we do have a follow-up question. I believe that will come from the line of Ryan Kenny with Morgan Stanley. Ryan Kenny: Hi. Thanks for taking my follow-up. Can you quantify how much margin suppression there's been from accelerated investment? Any numbers or quantification we can think about? Sean Denham: Yeah. Ryan, this is Sean. I don't think I could quantify that. That's actually not really the way we think about the business. It's a great question, but I could not sit here and quantify that for you. Ryan Kenny: Alright. Thanks. Operator: Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Ryan Hicke for any closing remarks. Ryan Hicke: Thank you all for your questions and for joining us today. As we close the quarter, I want to emphasize that SEI is on a strategy that positions us for long-term success. But I think it's important as we close the call, we reflect a little bit on the results this quarter. We delivered record earnings per share. The IMS unit had a record sales quarter. We had an important strategic win in the banking business and I know we didn't touch on this so much in the Q&A, but there are some really good leading indicators and lagging indicators when we start to unpack what's going on in the asset management businesses at SEI. And for those reasons, we're confident in our ability to capitalize on opportunities ahead, deliver for our clients, and create value for our shareholders. But thanks again everybody for your time and interest in SEI, and we look forward to updating you next quarter. Operator: This concludes today's program. Thank you all for participating. You may now disconnect.

Alberta NDP urges public to step up as striking teachers may face back-to-work bill

Alberta’s Opposition NDP says it will fight the government’s looming plan to introduce a bill to force striking teachers back to work. NDP Leader Naheed Nenshi says they can try procedural tactics to try to delay the bill’s passage, but says there is little they can do to stop it, given Premier Danielle Smith’s United Conservatives hold the house majority. Nenshi is urging the public to keep pressuring the government to get a deal in place. The spotlight on the teachers strike shifts to the legislature as the fall sitting begins Thursday with the speech from the throne. Teachers have been off the job for more than two weeks, and Smith says it is becoming an intolerable hardship for students and families and, absent a deal, may require her government to pass back-to-work legislation as early as next week. The strike, centred around a dispute over wages and working conditions, has affected 750,000 students across 2,500 public, separate and francophone schools.