The headline number improved sharply, but there is no published benchmark in the filing. Total client assets increased $11.4 billion month over month, from $348.8 billion at July 31 to $360.2 billion at August 31. The monthly disclosure was expected; the magnitude is the new information.
| Metric | August 31, 2026 | July 31, 2026 | Change |
|---|---|---|---|
| Total AUM | $356.5B | $345.1B | +$11.4B / +3.3% |
| Other assets | $3.7B | $3.7B | Flat |
| Total client assets | $360.2B | $348.8B | +$11.4B / +3.3% |
| Average total client assets | $356.9B | — | — |
Growth was broad across the asset base. Solutions increased $6.0 billion, fixed income rose $3.3 billion, global/non-U.S. equity added $1.7 billion, and ETFs grew $2.6 billion; the main offsets were declines in U.S. mid-cap and small-cap equity. (Total Client Assets table)
The key limitation is that this is not a clean organic-growth read. The filing reports ending and average assets, but does not disclose net client flows or quantify how much of the increase came from market performance. That makes the $11.4 billion gain clearly better than July's ending level, but insufficient to establish a comparable beat against expectations.
Net, this is a meaningful scale increase rather than a decisive earnings signal. With no guidance change, earnings data, or flow disclosure, the filing supports a mixed read: asset levels moved favorably, but the information needed to judge underlying demand versus market appreciation is absent.
Read the original 8-K on SEC EDGAR ↗