Contact: Brett Perryman ir@bsig.com (617) 369-7300 BrightSphere Reports Financial and Operating Results for the Fourth Quarter Ended December 31, 2019 • U.S. GAAP earnings per share of $0.79 for the quarter, compared to $0.84 for Q3'19 • ENI earnings per share of $0.50 for the quarter, compared to $0.42 for Q3'19, driven by year-end performance fees • AUM of $204.4 billion at December 31, 2019, compared to $216.8 billion at September 30, 2019 • Net client cash flows (“NCCF”) for the quarter of $(25.1) billion, with an annualized revenue impact of $(44.7) million; Vanguard related reallocations were approximately $(22.8) billion in Q4'19, with an annualized revenue impact of $(34.6) million • Repurchases of 2.9 million shares ($27.1 million) in Q4'19, 19.5 million shares ($235.4 million) in 2019, represent an 18.5% reduction in our total shares outstanding since the beginning of the year BOSTON - February 6, 2020 - BrightSphere Investment Group Inc. (NYSE: BSIG) reports its results for the fourth quarter ended December 31, 2019. “BrightSphere had a strong end to 2019, delivering a 19.0% sequential increase in ENI per share to $0.50, driven by performance fees in the quant and solutions segment,” said Guang Yang, BrightSphere’s President and Chief Executive Officer. “Our business enters 2020 well positioned for strong results through the disciplined execution of our growth strategy: leveraging our high growth business mix; extending our investment capabilities; penetrating global markets; and driving shareholder value creation.” “Net client cash flows for the quarter were $(25.1) billion, including $(22.8) billion of redemptions related to the previously disclosed reallocation of several Vanguard subadvisory strategies. Excluding the reallocations, net client cash flows moderated to $(2.3) billion from $(6.2) billion in the third quarter. Importantly, the overall impact to our revenue and earnings was moderated by meaningfully lower fee rates. As we indicated at the time of reallocation, these accounts contributed approximately 6% of BrightSphere’s ENI for the nine months ended September 30, 2019.” “Looking ahead, our Affiliates continue to build on their long-term track records of outperformance across each of our key segments, and client demand trends remain favorable across a range of higher-fee strategies, including quantitative and differentiated fundamental strategies. In addition, our next- vintage fundraising in the alternatives segment is progressing well and we anticipate it will build over the course of the year. We are also pleased with early client engagement on the global solutions offering we have developed with Mercer. Interest is high, and we continue to engage in discussions with a range of institutional investors around the world.” Mr. Yang continued, “Finally, we continue to focus on maximizing shareholder value through an efficient, return-focused capital allocation strategy. Our strong, recurring free cash flow from diversified revenue streams supports our growth initiatives and provides ample capacity for opportunistic share repurchases, investments and repayment of indebtedness, as appropriate, as we continue to grow our business.” 1
Dividend Declaration The Company’s Board of Directors approved a quarterly interim dividend of $0.10 per share payable on March 27, 2020 to shareholders of record as of the close of business on March 13, 2020. Conference Call Dial-in The Company will hold a conference call and simultaneous webcast to discuss the results at 11:00 a.m. Eastern Time on February 6, 2020. To listen to the call or view the webcast, participants should: Dial-in : Toll Free Dial-in Number: (844) 445-4807 International Dial-in Number: (647) 253-8636 Conference ID: 1955364 Link to Webcast : https://event.on24.com/wcc/r/2153690/D72D3019745136729B5157B8E7C4DD5D Dial-in Replay : A replay of the call will be available beginning approximately one hour after its conclusion either on BrightSphere’s website, at https://ir.bsig.com or at: Toll Free Dial-in Number: (800) 585-8367 International Dial-in Number: (416) 621-4642 Conference ID: 1955364 About BrightSphere BrightSphere is a diversified, global asset management company with approximately $204 billion of assets under management as of December 31, 2019 . BrightSphere offers sophisticated investors access to a wide array of leading quantitative and solutions-based, private and public market alternative, and liquid alpha strategies designed to meet a range of risk and return objectives. The Company’s growth strategy is to enhance and extend its time-tested investment expertise to meet evolving client needs through product innovation and the acquisition of additional investment capabilities in high demand segments of the industry. Its broad distribution platform leverages scale, scope, and global reach to expand its clientele in growing markets. For more information, please visit BrightSphere’s website at www.bsig.com. 2
Forward Looking Statements This communication includes forward-looking statements which may include, from time to time, information relating to anticipated revenues, margins or earnings, anticipated performance of the Company’s business, expected future net cash flows, anticipated expense levels and/or expectations regarding market conditions. The words or phrases ‘‘will likely result,’’ ‘‘are expected to,’’ ‘‘will continue,’’ ‘‘is anticipated,’’ ‘‘can be,’’ ‘‘may be,’’ ‘‘aim to,’’ ‘‘may affect,’’ ‘‘may depend,’’ ‘‘intends,’’ ‘‘expects,’’ ‘‘believes,’’ ‘‘estimate,’’ ‘‘project,’’ and other similar expressions are intended to identify such forward-looking statements. Such statements are subject to various known and unknown risks and uncertainties and readers should be cautioned that any forward-looking information provided by or on behalf of the Company is not a guarantee of future performance. Actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, various risks related to the Company's dependence on its Affiliates, reliance on key personnel, the potential for reputational harm, actual or potential conflicts of interest, potential losses on seed and co-investment capital, foreign currency exchange risk, litigation risk, competition, risks associated with governmental regulation, and other risks described more fully in the Company’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 28, 2019. Additional information and risks will also be set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Due to such risks and uncertainties and other factors, the Company cautions each person receiving such forward-looking information not to place undue reliance on such statements. Further, such forward-looking statements speak only as of the date of this communication and the Company undertakes no obligations to update any forward looking statement to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events. This communication does not constitute an offer for any fund managed by the Company or any Affiliate of the Company. Non-GAAP Financial Measures This communication contains non-GAAP financial measures. Reconciliations of GAAP to non-GAAP financial measures are included in the Reconciliations and Disclosures section of this communication. Additional reconciliations with respect to certain segment measures are included in the Supplemental Information section of this communication. 3
Exhibit 99.2 Q4 2019 EARNINGS PRESENTATION February 6 , 2020
Q4'19 Results Diversified Asset and Client Base BrightSphere Highlights • • U.S. GAAP EPS of $0.79 for Q4'19 compared to $0.84 (1) Quarterly ENI Mgmt. Fee Revenue by Segment for Q3'19 • ENI EPS of $0.50 for Q4'19, compared to $0.42 for Q3'19 Alternatives | Quant & Solutions 20.5% | 47.7% • ENI and ENI EPS growth from Q3'19 is primarily driven by strong performance fees in the Quant & Liquid Alpha | Solutions segment, as well as additional share 31.8 % repurchases in Q4'19 Total: $197.2 million • AUM of $204.4 billion at December 31, 2019 AUM by Affiliate compared to $216.8 billion at September 30, 2019 ICM | $2.4 Copper Rock | $3.9 • NCCF (2) of $(25.1) billion produced annualized Landmark Campbell Global | TSW | Partners | $4.8 $21.1 $18 .3 revenue impact of $(44.7) million for Q4'19. Vanguard related redemptions were $(22.8) billion in Barrow Q4'19, which produced annualized revenue impact Hanley, Mewhinney of $(34.6) million. Excluding Vanguard-related & Strauss | $51.7 Acadian | $102.2 reallocations, net flows improved sequentially to $(2.3) billion in Q4'19 from $(6.2) billion in Q3'19. Total: $204.4 billion __________________________________________________________ (1) Represents quarterly ENI management fee revenue by segment for the three months ended December 31, 2019. (2) NCCF and Revenue Impact of NCCF for all periods have been revised for the inclusion of Reinvested Income and Distributions, and the exclusion of Realizations (please see Definitions and Additional Notes). 5
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