StepStone Group Inc. (NASDAQ:STEP) Q3 2023 Earnings Call Transcript

John Dunn: Got it. And then just a quick one on the expansion of the retail platform you talked about Asia and Australia. Any difference in expectations there and any differences in how those work has operated versus your experience in the U.S.?

Scott Hart: John, can you just repeat the question? You tailed off there a little bit at the end for me.

John Dunn: Yes, sure. Expanding the retail platform in Europe and Australia, what are your expectations there? And do you expect any differences in the way those markets work versus what you have seen in the U.S.?

Scott Hart: Thank you. So, the markets are structured slightly differently, right, market-to-market in terms of who the major players are and how they function. Europe doesn’t really have the IBD kind of platforms. It tends to be private bank driven, although there are a couple of bold bracket versions of that, that look a bit more like the wires as well. Asia, larger institutions, not a lot of the independent RIA type market and then Australia, a little bit of a mix. In terms of how we prosecute that from a go-to-market perspective, we can probably get by with a little bit less density on the private wealth team to cover those markets just due to a smaller number of players that are active in the private markets or expect to be active in the private markets. That would probably be the biggest difference, I would say.

John Dunn: Makes sense. Thanks very much.

Operator: There are no further questions at this time. I would now like to turn the floor back over to Scott Hart for closing comments.

Scott Hart: I just want to thank everyone for taking the time to join our call today. We appreciate the continued interest and look forward to speaking with you again next quarter. Thank you.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.