Aggregate revenue rose to $49bn, up 15% from 1Q25, led by transactional and advisory fees, the sub‑$1m client tier, and AMER, with APAC close behind. Pre‑tax margin improved to 27%, from 25% a year earlier. AuM increased 19% y/y to $21tn. Prompted by the war on Iran, managers are sharply de‑risking portfolios, with several lifting cash assets to 15% or more and warning that the economic fallout from the Strait of Hormuz disruption could be far worse than in recent crises. Redemption requests across semi‑liquid private‑credit funds have exceeded quarterly limits, forcing major managers to gate vehicles. This has amplified