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Risks

• Our business and operations are subject to adverse effects from the outbreak and spread of contagious diseases such as COVID-19, and we expect such adverse effects to continue.
• Volatility and disruption of our business and the capital and credit markets and adverse changes in the global economy may significantly affect our results of operations and may put pressure on our financial results.
• We may not effectively manage risks associated with the replacement of benchmark indices.
• Harm to our reputation may negatively impact our revenues and income.
• We face risks, and corresponding potential costs and expenses, associated with conducting operations and growing our business in numerous countries.
• Our focus on international markets as a source of investments and sales of our products subjects us to increased exchange rate and market-specific political, economic or other risks that may adversely impact our revenues and income generated overseas.
• We may review and pursue strategic transactions that could pose risks to our business.
• Failure to properly address the increased transformative pressures affecting the asset management industry could negatively impact our business.
• Strong competition from numerous and sometimes larger companies with competing offerings and products could limit or reduce sales of our products, potentially resulting in a decline in our market share, revenues and income.
• Increasing competition and other changes in the third-party distribution and sales channels on which we depend could reduce our income and hinder our growth.
• Any failure of our third-party providers to fulfill their obligations, or our failure to maintain good relationships with our providers, could adversely impact our business.
• Any significant limitation, failure or security breach of our information and cyber security infrastructure, software applications, technology or other systems that are critical to our operations could disrupt our business and harm our operations and reputation.
• We are dependent on the earnings of our subsidiaries.
• Failure to comply with the laws, rules or regulations in any of the jurisdictions in which we operate could result in substantial harm to our reputation and results of operations.
• Changes in tax laws or exposure to additional income tax liabilities could have a material impact on our financial condition, results of operations and liquidity.
• Regulatory and governmental examinations and/or investigations, litigation and the legal risks associated with our business, could adversely impact our AUM, increase costs and negatively impact our profitability and/or our future financial results.
• Our contractual obligations may subject us to indemnification costs and liability to third parties.