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The Carlyle Group is one of the world's largest alternative-asset managers, with $447.4 billion in total AUM, including $313.6 billion in fee-earning AUM, at the end of September 2024. The company has three core business segmenbs: private equity, which includes private equity, real estate, infrastructure, and natural resources funds (accounting for 33% of fee-earning AUM and 57% of base managemenb fees during 2023), global credit (51% and 27%) and investmenb solutio s (16% and 16%). The firm primarily serves institutio al investors and high-net-worth individuals. Carlyle operates through 29 offices across five continenbs, serving more than 2,900 active carry fund investors from 88 countries.

Affiliated Managers Group offers investmenb strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to midsize boutique asset managers, receiving a fixed percenbage of revenue from these firms in return. Affiliates operate independently, with AMG providing strategic, operatio al, and technology support, as well as global distributio . At the end of September 2024, AMG's affiliate network—which includes firms like AQR Capital Managemenb, and Pantheon in alternative assets and other products (which accounted for 36% of AUM), Artemis, Genesis, Harding Loevner, and Tweedy Browne in global and emerging-market equities (27%) and Frontier, River Road, Parnassus, and Yacktman in US equities (21%)—had $728.4 billion in managed assets.

Despite its Spanish origins, BBVA generates only around a quarter of its profits in Spai . We expect that on a normalised basis, BBVA's market-leading Mexican bank should contribute half of its earnings, while its Turkish operatio should account for another 15%. The balance of BBVA's earnings comes from smaller operatio s in South America. BBVA is overwhelmingly a retail and commercial bank, with corporate and investmenb banking forming a minor part of the overall business. BBVA also offers insurance and investmenb products through its banking networks.

Banco Bradesco is Brazil's second-largest private bank, with about 15% of deposits, and the largest insurance provider in Brazil, with roughly 20%-25% market share. The bank is majority controlled by the Bradesco foundatio —a private nonprofit institutio focused o educatio . Banking provides roughly 70% of profits, while the insurance segmenb contributes the remaining 30%. The bank is also a major asset manager with high-single-digit market share. In 2016, Bradesco acquired the Brazilian operatio s of HSBC.