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ACQUISITIONS
 9 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
During the nine months ended June 30, 2026, we completed our acquisition of a majority stake in GreensLedge Holdings LLC (“GreensLedge”), a boutique investment bank specializing in structured products advisory and placement services. The acquisition was funded using cash on hand as of the acquisition date. GreensLedge’s results of operations have been included in our Capital Markets segment prospectively beginning March 1, 2026.

The GreensLedge acquisition resulted in the recognition of $131 million of goodwill and $31 million of identifiable intangible assets. Goodwill recognized in the acquisition primarily represents expected synergies from combining GreensLedge with our existing businesses and is deductible for tax purposes over 15 years. The identifiable intangible assets acquired primarily consist of customer relationships and have a weighted-average useful life of seven years.

During the three months ended June 30, 2026, we completed our acquisition of all outstanding shares of Clark Capital Management Group, Inc. (“Clark Capital”), an asset management firm specializing in wealth-focused solutions. The acquisition was funded using cash on hand as of the acquisition date. Clark Capital’s results of operations have been included in our Asset Management segment prospectively beginning May 1, 2026.

The Clark Capital acquisition resulted in the recognition of approximately $305 million of goodwill and approximately $330 million of identifiable intangible assets, based on our preliminary estimates of their acquisition-date fair values. Goodwill recognized in the acquisition primarily represents expected synergies from combining Clark Capital with our existing businesses and is not deductible for tax purposes. The identifiable intangible assets acquired primarily consist of customer relationships, including non-amortizing intangibles with a preliminary acquisition-date fair value of approximately $32 million. The amortizing identifiable intangible assets have a weighted-average useful life of 16 years. We consider the estimated fair values of the identifiable intangible assets and associated deferred tax liabilities, as well as goodwill to be provisional as of June 30, 2026, as we continue to refine the estimates and related assumptions used to measure such amounts. We expect to finalize the purchase accounting during our fourth fiscal quarter of 2026.

A portion of the purchase price for the Clark Capital and GreensLedge acquisitions is contingent upon the achievement of specified revenue-based performance targets and is payable over a period ranging from five to seven years. The aggregate maximum potential contingent consideration payable for such acquisitions is $275 million. The acquisition-date fair value of the contingent consideration for each acquisition was included in the respective purchase consideration for the acquisitions and recorded as a liability in “Other payables” on the Condensed Consolidated Statements of Financial Condition. The contingent consideration liabilities are subsequently remeasured to fair value at each reporting date, with changes in fair value recognized in “Other” expenses in the Condensed Consolidated Statements of Income and Comprehensive Income. As of June 30, 2026, the contingent consideration liabilities for the Clark Capital and GreensLedge acquisitions had an aggregate fair value of $180 million. See Note 4 for additional information regarding the fair value of our acquisition-related contingent consideration liabilities.

See Notes 2 and 10 of our 2025 Form 10-K and Note 11 of this Form 10-Q for additional information about our goodwill and identifiable intangible assets, including the related accounting policies.