Redeye provides an initial comment on the Q3 2025 report from Catella. The report was slightly weaker than we had expected, with Corporate Finance being the main detractor at the EBIT level. Investment Management delivered another quarter of solid AUM development and cost control, although revenue generation was somewhat lower than we had hoped. We will look for further information on the integration of Principal Investments into Investment Management on the conference call. We expect to make slight negative changes to our estimates and valuation following the report.
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