Acadian Asset Management Inc (AAMI) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Brightsphere Investment Group Earnings conference call and webcast for the third quarter 2024. (Operator Instructions) Please note that this call is being recorded today Thursday, October 31, 2024 at 11:00 AM Eastern time.

女士們先生們，謝謝你們的支持。歡迎參加 Brightsphere Investment Group 2024 年第三季財報電話會議及網路廣播。（操作員說明）請注意，此電話錄音將於東部時間今天 2024 年 10 月 31 日星期四上午 11:00 進行。

I would now like to turn the meeting over to Melody Huang, SVP, Director of Finance and Investor Relations. Please go ahead, Melody.

我現在將會議交給高級副總裁兼財務和投資者關係總監 Melody Huang。請繼續，梅洛迪。

Good morning and welcome to Brightsphere conference call to discuss our results for the third quarter ended September 30, 2024. Before we get started please note that we may make forward-looking statements about our business and financial performance.

早安，歡迎參加 Brightsphere 電話會議，討論我們截至 2024 年 9 月 30 日的第三季業績。在我們開始之前，請注意，我們可能會對我們的業務和財務表現做出前瞻性陳述。

Each forward-looking statement is subject to risk and uncertainties that could cause actual results to differ materially from those projected. Additional information regarding these risk and uncertainties appears in our SEC filings including the Form 8-K filed today containing the earnings release, our 2023 Form 10-K and our Form 10-Q for the first and second quarter of 2024.

每項前瞻性陳述都面臨風險與不確定性，可能導致實際結果與預測有重大差異。有關這些風險和不確定性的更多資訊出現在我們向SEC 提交的文件中，包括今天提交的包含收益發布的8-K 表格、2023 年10-K 表格以及2024 年第一和第二季度的10-Q 表格。

Any forward-looking statements that we make on this call are based on assumptions as of to date and we undertake no obligation to update them as a result of new information or future events.

我們在本次電話會議中所做的任何前瞻性陳述均基於迄今為止的假設，我們不承擔因新資訊或未來事件而更新這些假設的義務。

We may also reference certain non-GAAP financial measures, information about any non-GAAP measures referenced, including a reconciliation of those measures to GAAP measures can be found on our website. Along with the slide that we will use as part of today's discussion. Finally, nothing herein shall be deemed to be an offer or solicitation to buy any investment products.

我們也可能會參考某些非公認會計原則財務指標，有關引用的任何非公認會計原則指標的信息，包括這些指標與公認會計原則指標的調節表，可以在我們的網站上找到。以及我們將在今天的討論中使用的幻燈片。最後，本文的任何內容均不應被視為購買任何投資產品的要約或招攬。

Suren Renna, our President and Chief Executive Officer will lead the call. And now I'm pleased to turn the call over to, Suren.

我們的總裁兼執行長蘇倫·雷納 (Suren Renna) 將主持此次電話會議。現在我很高興將電話轉給蘇倫。

Thank you Melody, good morning everyone and thanks for joining us today. I'll cover the highlights on slide 5 of the deck in my initial remarks and then we can move to Q&A. So for the third quarter of 2024, we reported ENI per share of $0.59 compared to $0.45 in the third quarter of 2023 and also $0.45 in the second quarter of 2024.

謝謝 Melody，大家早安，謝謝您今天加入我們。我將在最初的演講中介紹投影片 5 中的重點內容，然後我們可以進入問答環節。因此，對於 2024 年第三季度，我們報告的 ENI 為每股 0.59 美元，而 2023 年第三季為 0.45 美元，2024 年第二季為 0.45 美元。

The ENI in the third quarter of 2024 increased by 15%, [$22.2 million] compared to $19.3 million a year ago in the third quarter of 2023. The increase was primarily driven by the growth in management fee revenue due to higher a from the market appreciation that we've seen over the last 12 months. And additionally, we continued our expense discipline during this period.

2024 年第三季的 ENI 成長了 15%，達到 2,220 萬美元，而去年同期的 2023 年第三季為 1,930 萬美元。這一成長主要是由於過去 12 個月市場升值導致管理費收入成長所致。此外，我們在此期間繼續遵守支出紀律。

The ENI per share increased by 31% in the third quarter of 2024 compared to the year ago quarter, which is higher than the 15% increase in ENI over the same period.

2024年第三季每股ENI較去年同期成長31%，高於同期ENI 15%的成長。

And that's because the ENI per share was additionally driven by the $100 million of share repurchases that we started in December '23 and continued in the first half of 2024. Acadian's investment performance remained very strong in the quarter.

這是因為每股 ENI 也受到我們於 2023 年 12 月開始並在 2024 年上半年持續進行的 1 億美元股票回購的推動。Acadian 本季的投資表現仍然非常強勁。

As of September 30, 2024 85%, 93% and 94% of Acadian strategies by revenue outperformed their respective benchmarks across 3, 5 and 10 year periods.

截至 2024 年 9 月 30 日，85%、93% 和 94% 的 Acadian 策略（按收入計算）在 3 年、5 年和 10 年期間的表現優於各自的基準。

Turning to flows. We reported positive net client cash flows of $0.5 billion this quarter compared to the break-even NCCF we had in the second quarter of 2024. And negative $0.5 billion of NCCF that we had in the third quarter of 2023.

轉向流量。與 2024 年第二季的損益兩平 NCCF 相比，本季我們報告的淨客戶現金流量為 5 億美元。2023 年第三季我們的 NCCF 為負 5 億美元。

Our organic growth initiative continue to progress well and in line with our expectations. On our systematic credit initiative, all three credit strategies stated so far are building nice track records. As a reminder, these three strategies comprise US high yield strategy which we seeded in November 2023 global high yield strategy seeded in April 2024 and US investment grade strategy seeded in Q3 of 2024.

我們的有機成長計劃持續進展順利，符合我們的預期。在我們的系統信貸計劃中，迄今為止所述的所有三種信貸策略都建立了良好的記錄。提醒一下，這三個策略包括我們在 2023 年 11 月播種的美國高收益策略、2024 年 4 月播種的全球高收益策略以及 2024 年第三季播種的美國投資級策略。

On our equity alternative initiative, our multi strategy fund seeded about two years ago in Q4 of '22. Continues to build a strong track record of our performance. And in September '24 we also seeded a new global equity extension strategy, which is a variant of our global equity strategy with some ability to go short.

在我們的股票另類計畫中，我們的多策略基金大約在兩年前的 22 年第四季啟動。繼續建立良好的業績記錄。24 年 9 月，我們還推出了一項新的全球股票擴展策略，這是我們全球股票策略的變體，具有一定的做空能力。

Turning to capital management. At the end of the third quarter, we had a cash balance of approximately $53.6 million and Acadian had fully paid down its revolving facility compared to the outstanding balance of $36 million at the end of the second quarter.

轉向資本管理。第三季末，我們的現金餘額約為 5,360 萬美元，Acadian 已全額償還其循環貸款，而第二季末的未償餘額為 3,600 萬美元。

As discussed previously, this revolving facility supports Acadian's first quarter, seasonal needs and is generally paid down fully by year end from the cash generated from Acadian's operations.

如前所述，該循環設施支援 Acadian 第一季的季節性需求，並且通常在年底前從 Acadian 營運產生的現金中全額支付。

Now, as we announced earlier this month, this will be my last earnings call as Brightsphere CEO. Effective 1Q '25 we will rebrand Brightsphere as Acadian asset management. Since Acadian is our only remaining business. Our current ticker BSIG will change to a AAMI and Kelly Young who is currently the CEO of Acadian our sole operating business will assume the role of the public company CEO too.

現在，正如我們本月早些時候宣布的那樣，這將是我作為 Brightsphere 首席執行官的最後一次財報電話會議。自 2025 年第一季起，我們將 Brightsphere 更名為 Acadian 資產管理公司。因為阿卡迪亞是我們唯一剩下的生意。我們目前的股票代碼 BSIG 將更改為 AAMI，目前擔任我們唯一營運業務的 Acadian 執行長的 Kelly Young 也將擔任上市公司執行長的角色。

These steps basically complete our transition from a multi boutique conglomerate to a streamlined and singularly focused asset manager. Recall that we successfully sold six of the company's seven affiliates, the strategic acquirer and retain Acadian our largest and the most differentiated business.

這些步驟基本上完成了我們從一家多精品企業集團轉向精簡且專注的資產管理公司的轉變。回想一下，我們成功出售了該公司七家附屬公司中的六家（策略性收購者），並保留了阿卡迪安我們最大且最具差異化的業務。

Thanks to the divestitures, we returned $1.3 billion of capital to the shareholders via share buyback and we also paid down $125 million of debt. We expanded Acadian's business into new areas including credit and equity alternatives that I touched on earlier.

透過資產剝離，我們透過股票回購向股東返還了 13 億美元的資本，並償還了 1.25 億美元的債務。我們將 Acadian 的業務擴展到新領域，包括我之前提到的信貸和股票替代品。

And we expect these new asset classes to generate sustained organic growth for the company over time. And we also reduced our corporate overhead by approximately 70% over the last few years. Collectively, these efforts have produced very strong returns for our shareholders.

我們預計這些新資產類別將隨著時間的推移為公司帶來持續的有機成長。在過去幾年中，我們也減少了約 70% 的公司管理費用。總的來說，這些努力為我們的股東帶來了非常豐厚的回報。

Now, Acadian is one of the top performing systematic investment managers in the world. And the completion of the transition to a singularly focused asset management company presents an exciting opportunity to focus exclusively on this exceptional business.

現在，Acadian 是世界上表現最好的系統投資管理公司之一。完成向專注於資產管理公司的轉型，為專注於這項卓越業務提供了令人興奮的機會。

I'd like to close my initial remarks by reiterating as I've done for about '24 quarters now, but the company will remain focused on maximizing shareholder value and will continue using a free cash flow to support organic growth and to buy back its shares.

在結束我的最初發言時，我想重申我在大約24 個季度中所做的事情，但公司將繼續專注於股東價值最大化，並將繼續利用自由現金流來支持有機增長併回購其股票。

I'll now turn the call back to the operator and I'm happy to answer questions at this point.

我現在將把電話轉回給接線員，我很樂意在此時回答問題。

(Operator Instructions)

（操作員說明）

Kenneth Lee, RBC Capital Markets.

肯尼斯李，加拿大皇家銀行資本市場。

Hey, good morning and thanks for taking my question. And Suren it's been great working with you for the past several years. In terms of the transition and I think you also mentioned the streamlining of the company structure.

嘿，早上好，感謝您提出我的問題。蘇倫，過去幾年與您的合作非常愉快。在過渡方面，我想你也提到了公司架構的精簡。

And once again, I appreciate that the price had already gone some -- had undergone some major cost reductions in the past. Do you think there's any potential opportunities for any further expense reductions going forward as the structure gets streamlined? Thanks.

我再次感謝價格已經上漲了一些——過去已經經歷了一些重大的成本削減。您認為隨著結構的精簡，未來是否有進一步削減開支的潛在機會？謝謝。

Hi, Ken. Yeah, as we've always said, we maintain expense discipline and we continue to find opportunities and we continue to be really laser focused on being as efficient as we can be. So going forward, we'll continue the same approach.

嗨，肯。是的，正如我們一直說的那樣，我們保持開支紀律，我們繼續尋找機會，我們繼續真正專注於盡可能提高效率。因此，展望未來，我們將繼續採用相同的方法。

But it's hard to say at this point whether there are any obvious opportunities, as we've talked about the last two years, we've actually been investing in the infrastructure, we've upgraded our investor reporting capabilities, we've invested in our trading capabilities. And so what that will do is that it makes our platform much more scalable and we also face the inflation pressures that we've touched on.

但目前很難說是否有任何明顯的機會，正如我們在過去兩年中談到的那樣，我們實際上一直在投資基礎設施，我們升級了投資者報告能力，我們投資了我們的交易能力。因此，這將使我們的平台更具可擴展性，而且我們也面臨著我們所提到的通膨壓力。

So what I would say is that at this point, we've built up a lot over the last couple of years. So we may not see expense growth necessarily as our revenue grows. So we would see the benefit of operating leverage going forward. But it's hard to say whether that would be reduction sort of in absolute dollar terms of the expense levels.

所以我想說的是，在這一點上，我們在過去幾年裡已經累積了很多。因此，隨著收入的成長，我們不一定會看到費用的成長。因此，我們將看到未來營運槓桿的好處。但很難說這是否會降低費用水準的絕對美元價值。

Got you. Very helpful there. And just one follow up if I may. Just wanted to see if you could just give us an updated outlook in terms of potential cash usage for the remainder of this year. And as well related to that, what's sort of like the outlook for share repurchases over the near term there? Thanks.

明白你了。那裡非常有幫助。如果可以的話，請跟進一次。只是想看看您是否能為我們提供今年剩餘時間的潛在現金使用情況的最新展望。與此相關的是，短期內股票回購的前景如何？謝謝。

Yeah, thank you. But what high level, as I just said earlier, the two primary uses for our cash haven't changed. And as I understand, even at the after the end of my tenure, they won't change. So they remain investment in our organic growth, seeding new strategies and then share repurchases.

是的，謝謝。但正如我剛才所說，我們現金的兩個主要用途並沒有改變。據我了解，即使在我的任期結束後，它們也不會改變。因此，他們仍然對我們的有機成長進行投資，制定新策略，然後進行股票回購。

Between the two it was sort of really would have to be opportunistic and see what opportunities present themselves whether in terms of opportunity to see something if the clients are looking for a new product from us. And also being vigilant about market conditions and with regard to share repurchases.

在兩者之間，如果客戶正在向我們尋找新產品，那麼確實必須投機取巧，看看會出現什麼機會，是否有機會看到一些東西。並對市場狀況和股票回購保持警惕。

So it's hard to put sort of a relative prioritization of the two, but those two remain the primary and I would say almost exclusive use for the cash.

因此，很難對兩者進行相對優先排序，但這兩者仍然是主要的，我想說幾乎專門用於現金。

Got you. Very helpful there. Thanks, again.

明白你了。那裡非常有幫助。再次感謝。

John Dunn, Evercore ISI.

約翰‧鄧恩，Evercore ISI。

Hi. Could you maybe give us a little update on the institutional pipeline like composition magnitude, time to funding maybe geography.

你好。您能否給我們一些有關機構管道的最新信息，例如組成規模、融資時間（也許是地理位置）。

Hi, John. Yeah, I guess we are pleased with the pipeline. Of course, as we saw in the numbers in the third quarter, the pipeline has been good and then we're working through it and as it sort of progresses, some of it has been converting into sales.

嗨，約翰。是的，我想我們對管道感到滿意。當然，正如我們在第三季的數據中看到的那樣，通路一直很好，然後我們正在努力解決它，隨著它的進展，其中一些已經轉化為銷售。

So -- and it's pretty healthy, it's pretty robust and it goes across just that John, it goes across geography, that goes across strategy. So it's not concentrated in any particular areas. And we're also seeing a good response from some of the newer areas like we have an enhanced strategy that has a low -- essential that offers a low tracking to indices, but also with low risk.

所以——它非常健康，非常強大，它跨越了約翰，它跨越了地理，跨越了戰略。所以它並不集中在任何特定領域。我們也看到一些較新領域的良好反應，例如我們有一個增強的策略，該策略具有較低的基本要素，可以對指數進行低跟踪，但風險也較低。

So I think we're happy with that with how things are going in the pipeline. Also we saw some out to manage volatility in this quarter as well. So we have pockets of risk as well. So I would say, on balance we're satisfied with where things are that we expect to essentially ideally be positive flow or maybe break even as we look forward to the next few quarters.

所以我認為我們對事情的進展感到滿意。我們也看到一些人在本季管理波動。所以我們也有一些風險。所以我想說，總的來說，我們對目前的情況感到滿意，我們期望基本上理想地實現正流量，或者在我們期待未來幾季時可能實現收支平衡。

Got it. And then, you've done some new product launches, but maybe thinking about the next phase, is there kind of like an another crop of areas where you would consider maybe, going into as like the next phase of growth?

知道了。然後，您已經發布了一些新產品，但也許會考慮下一階段，是否有可能考慮進入下一階段的成長？

Yeah, we'll always remain opportunistic. And see if there are opportunities to seed any new asset classes, but I would say we do have our hands full at the moment. We're definitely the areas that we're looking to expand into credit and equity alternative.

是的，我們將永遠保持機會主義。看看是否有機會培育任何新的資產類別，但我想說，我們目前確實忙得不可開交。我們絕對是我們希望擴展到信貸和股權替代品的領域。

And we've got some other product variants in the mix. These are large markets and we are really keeping our eye on the ball and actually cutting quarter to quarter in terms of building out the necessary capabilities and starting to talk to clients.

我們還有一些其他產品變體。這些都是巨大的市場，我們確實在密切關注，並實際上在建立必要的能力並開始與客戶交談方面逐季削減。

So I would say, we will definitely focus on what we have already in the hopper opportunistically something great comes along. We'll look at it but we want to stay disciplined on execution too.

所以我想說，我們肯定會專注於我們已經在料斗中的東西，機會主義地出現一些偉大的東西。我們會考慮這一點，但我們也希望在執行上保持紀律。

Makes sense. Thank you and all the best, Suren.

有道理。謝謝你，祝你一切順利，蘇倫。

Thank you, John.

謝謝你，約翰。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hi, good morning, Suren. And congratulations on your tenure with Brightsphere and the strong execution on locking value for shareholders over the past number of years it's been great working with you. Wish you all the best in your new endeavors. Just a couple of questions here, just curious in your dialogue with the board among others, maybe you could elaborate bit on the new strategy what prompted it?

嗨，早上好，蘇倫。恭喜您在 Brightsphere 任職，並祝賀您在過去幾年中為股東鎖定價值的強大執行力，與您合作非常愉快。祝您在新的努力中一切順利。這裡只有幾個問題，只是對您與董事會等人的對話感到好奇，也許您可以詳細說明新策略的推動因素是什麼？

And what is the scope for strategic alternatives from here in the past? You guys have looked to pursue maybe potential buyers. Just curious what the reception feedback has been seems like the change in strategy is moving off from the strategic alternative chapter to the organic growth chapter next.

過去的戰略選擇範圍有多大？你們一直在尋找潛在的買家。只是好奇收到的回饋是什麼，似乎策略的變化正在從策略替代章節轉向有機成長章節。

Yeah, thank you for the kind word, Mike. Appreciate it. And I would say there's really nothing new, I would say there isn't necessarily a change of strategy so that as we've said for a while, right, that we remain focused on maximizing shareholder value and looking at all possible ways that we can do that now. So that strategy remains the same way the company remains open to strategic alternatives.

是的，謝謝你的客氣話，麥克。欣賞它。我想說，確實沒有什麼新鮮事，我想說，策略不一定會發生變化，所以正如我們已經說過一段時間的那樣，我們仍然專注於股東價值最大化，並考慮我們採取的所有可能的方式。因此，該策略與公司對其他策略選擇持開放態度一樣。

So I wouldn't say that's no longer an option or that's off the table. What we've done over the last few years has really sort of move from the conglomerate approach to really a singular integrated asset management approach, right? And then this is the sort of the most unique and well positioned business to do that with.

所以我不會說這不再是一種選擇或不可行。過去幾年我們所做的事情確實從集團方法轉變為真正單一的綜合資產管理方法，對嗎？這是最獨特且定位最有利的業務。

So we -- and we accomplished this almost a 1.5 year ago. And then we've remained open strategic alternative. But of course, the partner has to be right. And at the same time, we've continued to optimize our position as an independent public company.

所以我們——我們在大約 1.5 年前就實現了這一目標。然後我們仍然保持開放的戰略選擇。但當然，合作夥伴必須是正確的。同時，我們繼續優化我們作為獨立上市公司的地位。

And continue to be disciplined on expense. And we've had leadership succession at Acadian in the interim, as we updated and so we've been, really continuing be optimized on all fronts as an independent public company as well as we remain open to strategic alternatives.

並繼續遵守費用紀律。在此期間，我們在 Acadian 進行了領導層的繼任，隨著我們的更新，我們作為一家獨立的上市公司，在各個方面真正持續優化，並且我們對戰略替代方案保持開放的態度。

So I would say nothing has changed, but this is just a continued execution of the strategy we've had for a while. And this is sort of in a way, a combination of that effort going forward, the company is very well positioned as an independent company, but also open to if something synergistic came along that creates shareholder value, the company remains open to that.

所以我想說沒有任何改變，但這只是我們一段時間以來策略的繼續執行。在某種程度上，這是未來努力的結合，該公司作為獨立公司的定位非常好，但如果出現協同效應，創造股東價值，公司也對此持開放態度。

And then could you just elaborate a bit on the traction that you're seeing with some of the new strategies that you've been seeing over the past couple of years, just where you are in terms of third party client assets traction trust from clients. And how you're thinking about the scope for maybe bringing some newer strategies to the marketplace over the next year or so.

然後，您能否詳細說明您在過去幾年中看到的一些新策略所帶來的吸引力，以及您在第三方客戶資產吸引客戶信任方面的情況。以及您如何考慮在未來一年左右向市場推出一些更新策略的範圍。

Yeah, certainly. I would say the new strategies have been moving along completely unexpected line now. And I appreciate that looking from outside and it's sort of really hard to tell what's been going on because with anything new and then you can't see necessarily a lot of flows, it's hard to tell.

是的，當然。我想說，新戰略現在正沿著完全意想不到的方向發展。我很欣賞從外部看，很難說到底發生了什麼，因為有了任何新的東西，你就看不到一定有很多流量，很難說。

But with new strategies in the -- in our institutional along on the asset management business, it is the length of the track record is quite important before we start to see meaningful sales numbers. But the execution has been going along well and kind of on more or less on the lines we expected that we built the team, we built the models, we built the necessary technological changes we have to do.

但是，隨著我們機構在資產管理業務上採取新策略，在我們開始看到有意義的銷售數字之前，追蹤記錄的長度非常重要。但執行進展順利，或多或少符合我們期望的路線，我們建立了團隊，我們建立了模型，我們建立了我們必須做的必要的技術變革。

And we've been having great conversations with clients who have taken a lot of interest. But just for a variety of reasons, their internal threshold that they're people have requirements to see a certain duration, a certain length of track record.

我們一直在與對此非常感興趣的客戶進行良好的對話。但只是出於各種原因，他們的內部門門檻要求他們必須看到一定持續時間、一定長度的業績記錄。

So I would say that these are -- there is no -- there's nothing to -- there's nothing that we're concerned about on the new strategies. It's just, moving along, things take awfully long, in terms of coming up with new strategies that over time build scales. So that's what I would say that we continue to stay focused on all these new strategies and we're happy with how the execution is going.

所以我想說，這些都是──沒有──沒有什麼──我們對新戰略沒有任何擔憂。只是，隨著時間的推移，隨著時間的推移，隨著時間的推移，制定新的策略並擴大規模，需要很長時間。所以我想說的是，我們將繼續關注所有這些新策略，並且我們對執行情況感到滿意。

So it's not that we would want to then start new strategies because we're unhappy with what we're doing, right now. But we remain opportunistic as I said, that if something compelling were to come from either from client feedback or market opportunities present themselves, the company remains open to seeing the new strategies as well. But we do have enough in the pipeline, right now.

因此，我們並不是因為對現在所做的事情不滿意而想要開始新的策略。但正如我所說，我們仍然保持機會主義，如果客戶回饋或市場機會本身出現令人信服的東西，公司仍然願意看到新策略。但我們現在確實有足夠的準備。

Great. And just one final question. Just on capital allocation, I know you mentioned that you look to be opportunistic on the budget. Also looking to see as we think about into '25 just curious how we should think about the usage of cash it across the business and you look for (technical difficulty) versus, how much might we see of cash flow deployed into buybacks versus seeding new strategies or otherwise just cash building or other uses maybe could help flush that out.

偉大的。最後還有一個問題。就資本配置而言，我知道您提到您在預算上似乎是投機取巧的。另外，當我們考慮進入 25 世紀時，我們只是好奇我們應該如何考慮整個業務中現金的使用，以及您尋找的（技術難度）與我們可能會看到多少現金流用於回購與播種新資金戰略或其他只是現金建設或其他用途可能有助於解決這個問題。

Yeah, I mean, those two are the users and it's really -- yeah, we it's -- we haven't made any sort of predetermined allocation between the two. We do remain opportunistic. And it will be a function of the market conditions with regard to the buyback opportunity.

是的，我的意思是，這兩個是用戶，而且確實 - 是的，我們 - 我們沒有在兩者之間進行任何預定的分配。我們確實仍然保持機會主義。這將取決於回購機會的市場狀況。

And just sort of -- and how we see the client feedback with regard to any new strategies and how big those markets are. We have -- as I said, we have enough to digest on the organic side, right now.

以及我們如何看待客戶對任何新策略的反饋以及這些市場有多大。正如我所說，我們現在在有機方面有足夠的東西可以消化。

There may be some one or two things that may come up, but it may not be very sizable, but nothing that we know that would be very large. And so I would say that you may probably see both of them with regard to the relative allocation between the two that it's hard to tell.

可能會出現一兩件事，但規模可能不是很大，但據我們所知，不會有太大影響。所以我想說，你可能會看到它們兩者之間的相對分配，很難說。

Great. Thanks so much. Great working with you. Wish you all the best.

偉大的。非常感謝。和你一起工作真好。祝你一切順利。

Thank you, Mike.

謝謝你，麥克。

Kenneth Lee, RBC Capital Markets.

肯尼斯李，加拿大皇家銀行資本市場。

Hey, thanks for taking my follow up. Just want to get a better sense of what specific strategies drove net flows in the quarter there. Thanks.

嘿，謝謝您接受我的跟進。只是想更了解哪些具體策略推動了該季度的淨流量。謝謝。

Yeah, they really came from I mean, it's like it's a good cross section of strategies that did that. But one of them for them just to touch on is, as I mentioned, we have some new variants as well. So one of them is enhanced whereby we offer low tracking error with low risk and that's resonated with clients that were otherwise going passive. So that was one area, for example.

是的，它們確實來自我的意思是，這就像是做到這一點的一個很好的策略橫截面。但正如我所提到的，他們要提到的其中一個問題是，我們也有一些新的變體。因此，其中之一得到了增強，我們提供低追蹤誤差和低風險，這引起了原本被動的客戶的共鳴。例如，這就是一個領域。

We've seen good interest in small cap equity, non-US as well as US and those are high fee as well. So that's a nice side benefit. And we also saw interest in emerging markets, small cap opportunities. So it's been in the across a variety of strategies.

我們看到人們對非美國和美國的小型股表現出濃厚的興趣，而且這些股票的費用也很高。所以這是一個很好的附帶好處。我們也看到了對新興市場和小型股機會的興趣。因此，它已經出現在各種策略中。

Got you. Thanks again for taking my follow up.

明白你了。再次感謝您接受我的跟進。

Hey, thank you, Ken.

嘿，謝謝你，肯。

This concludes our question-and-answer session. I'd like to turn the conference call back over to Suren Rana.

我們的問答環節到此結束。我想將電話會議轉回給蘇倫·拉納 (Suren Rana)。

Thank you, operator and thanks everyone for joining us. And thank you also for the kind words. It's a better moment for me, as I mentioned, on the one hand, it's really been a combination of the strategy that we have been executing for the last few years.

謝謝運營商，也謝謝大家加入我們。也感謝您的客氣話。正如我所提到的，這對我來說是一個更好的時刻，一方面，這確實是我們過去幾年一直在執行的策略的結合。

But also at the same time, it is an exciting new phase as a as a more streamlined independent public company. And I leave, with the knowledge that the company is very well positioned without me. Thank you everyone for joining us.

但同時，作為一家更精簡的獨立上市公司，這是一個令人興奮的新階段。當我離開時，我知道公司在沒有我的情況下也能處於有利地位。感謝大家加入我們。