As the Q2 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the custody bank industry, including Hamilton Lane (NASDAQ: HLNE) and its peers.
Custody banks safeguard financial assets and provide services like settlement, accounting, and regulatory compliance for institutional investors. Growth opportunities stem from increasing global assets under custody, demand for data analytics, and blockchain technology adoption for settlement efficiency. Challenges include fee pressure from large clients, substantial technology investment requirements, and competition from both traditional players and fintech firms entering the space.
The 16 custody bank stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 3.2%.
In light of this news, share prices of the companies have held steady as they are up 4% on average since the latest earnings results.
Best Q2: Hamilton Lane (NASDAQ: HLNE)
With over $100 billion in assets under management and supervision, Hamilton Lane (NASDAQ: HLNE) is an investment management firm that specializes in private markets, offering advisory services and fund solutions to institutional and private wealth investors.
Hamilton Lane reported revenues of $275.3 million, up 56.5% year on year. This print exceeded analysts’ expectations by 21%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS and AUM estimates.
Hamilton Lane scored the biggest analyst estimate beat in the group. Unsurprisingly, the stock is up 6.2% since reporting and currently trades at $100.84.
WisdomTree (NYSE: WT)
Originally founded as a financial media company before pivoting to ETF management in 2006, WisdomTree (NYSE: WT) is a financial services company that creates and manages exchange-traded funds (ETFs) and other investment products for individual and institutional investors.
WisdomTree reported revenues of $177.2 million, up 57.3% year on year, outperforming analysts’ expectations by 3.4%. The business had an exceptional quarter with an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.
WisdomTree achieved the fastest revenue growth of the whole group. The market seems happy with the results as the stock is up 23% since reporting. It currently trades at $23.13.
Is now the time to buy WisdomTree? Access our full analysis of the earnings results here, it’s free.
Weakest Q2: StepStone Group (NASDAQ: STEP)
Operating as both an advisor and asset manager with over $100 billion in assets under management, StepStone Group (NASDAQ: STEP) is an investment firm that provides clients with access to private market investments across private equity, real estate, private debt, and infrastructure.
StepStone Group reported revenues of $300.6 million, up 26.6% year on year, falling short of analysts’ expectations by 3.9%. It was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ AUM estimates.
StepStone Group delivered the weakest performance against analyst estimates among its peers. As expected, the stock is down 4.1% since the results and currently trades at $48.28.
Read our full analysis of StepStone Group’s results here.
Ridgepost Capital (NYSE: RPC)
Operating as a bridge between institutional investors and hard-to-access private market opportunities, Ridgepost Capital (NYSE: RPC) is an alternative asset management firm that provides access to private equity, venture capital, impact investing, and private credit opportunities in the middle and lower middle markets.
Ridgepost Capital reported revenues of $81.28 million, up 11.5% year on year. This print topped analysts’ expectations by 3.6%. It was a strong quarter as it also put up a beat of analysts’ EPS estimates.
The stock is down 5.5% since reporting and currently trades at $8.55.
Read our full, actionable report on Ridgepost Capital here, it’s free.
Voya Financial (NYSE: VOYA)
Originally spun off from Dutch financial giant ING in 2013 and rebranded with a name suggesting "voyage," Voya Financial (NYSE: VOYA) provides workplace benefits and savings solutions to U.S. employers, helping their employees achieve better financial outcomes through retirement plans and insurance products.
Voya Financial reported revenues of $1.88 billion, flat year on year. This number met analysts’ expectations. More broadly, it was a softer quarter as it logged a significant miss of analysts’ EPS estimates.
Voya Financial had the slowest revenue growth in the group. The stock is flat since reporting and currently trades at $100.17.
Read our full, actionable report on Voya Financial here, it’s free.
Market Update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
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