In his comments in June, COO Waldron said the company continued to be "very purposeful" about reducing its balance sheet, reducing its capital intensity and shifting to a more funds-driven approach.
"You're seeing us push very far in taking assets off the balance sheet and substituting those assets either into other parts of the firm or that balance-sheet capacity in other parts of the firm or into third-party funds, where we can invest alongside in a more capital-efficient manner," Waldron said. "So we feel great about the progress. We're getting very good receptivity in the third-party capital-raising market. And I think it's going to be a business. It's going to add a tremendous amount of value to the firm over time."
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(END) Dow Jones Newswires
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