AllianceBernstein Holding LP (AB) 2023 Q3 法說會逐字稿

Thank you for standing by, and welcome to the AllianceBernstein Third Quarter 2023 Earnings Review. (Operator Instructions) As a reminder, this conference is being recorded and will be available for replay on our website shortly after the conclusion of this call.

感謝您的耐心等待，歡迎閱讀聯博 2023 年第三季財報回顧。 （操作員說明）謹此提醒，本次會議正在錄製中，並將在本次電話會議結束後不久在我們的網站上重播。

I would now like to turn the conference over to the host for this call, Head of Investor Relations for AB, Mr. Mark Griffin. Please go ahead.

現在我想將會議交給本次電話會議的主持人，AB 投資者關係主管 Mark Griffin 先生。請繼續。

Thank you, operator. Good morning, everyone, and welcome to our third quarter 2023 earnings review. This conference call is being webcast and accompanied by a slide presentation that's posted in the Investor Relations section of our website, www.alliancebernstein.com.

謝謝你，接線生。大家早安，歡迎來到我們的 2023 年第三季財報回顧。本次電話會議正在進行網路直播，並附有幻燈片演示文稿，該幻燈片簡報發佈在我們網站 www.alliancebernstein.com 的投資者關係部分。

With us today to discuss the company's results for the quarter are Seth Bernstein, our President and CEO; and Bill Siemers, Interim CFO; Karl Sprules, Chief Operating Officer; and Onur Erzan, Head of Global Client Group and Private Wealth, will join us for questions after our prepared remarks.

今天與我們一起討論公司本季業績的是我們的總裁兼執行長 Seth Bernstein；臨時財務長比爾‧西默斯 (Bill Siemers)；卡爾‧斯普魯斯 (Karl Sprules)，營運長；全球客戶集團和私人財富主管 Onur Erzan 將在我們準備好的演講後與我們一起回答問題。

Some of the information we'll present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure. So I'd like to point out the safe harbor language on Slide 2 of our presentation. You can also find our safe harbor language in the MD&A of our 10-Q, which we filed yesterday. Under Regulation FD, management may only address questions of material nature from the investment community in a public forum. So please ask all such questions during this call.

我們今天將提供的一些資訊具有前瞻性，並遵守美國證券交易委員會有關披露的某些規則和規定。因此，我想指出我們簡報第二張投影片中的安全港語言。您也可以在我們昨天提交的 10-Q 的 MD&A 中找到我們的安全港語言。根據 FD 法規，管理階層只能在公共論壇上解決投資界提出的實質問題。因此，請在這次通話中詢問所有此類問題。

Now I'll turn it over to Seth.

現在我會把它交給賽斯。

Good morning, and thank you for joining us today. In the third quarter, equity and fixed income markets pulled back from gains earlier in the year as yields remain volatile, moving higher throughout the quarter and reaching levels last seen pre-global financial crisis.

早安，感謝您今天加入我們。第三季度，由於殖利率持續波動，股票和固定收益市場從今年稍早的漲幅中回落，整個季度走高，達到全球金融危機前的水平。

While retail investors continue to sit on the sidelines favoring cash assets offering more than 5%, we believe that flows will eventually migrate back to bonds to supplement equity allocations as investors take advantage of higher yields and precision portfolios to beat inflation.

儘管散戶繼續觀望，青睞收益率超過5% 的現金資產，但我們相信，隨著投資者利用更高的收益率和精準的投資組合來戰勝通膨，資金流最終將回流至債券，以補充股票配置。

Despite these industry-wide headwinds, AB posted organic growth in several key services as we executed on our strategic initiatives. We continued to gain market share in retail, driven by organic growth in both taxable and muni bonds. Our municipal SMA platform reached $20 billion in AUM growing organically in 12 of the last 13 quarters and having more than doubled over the last 5 years. Active equity grew 7% annualized in institutional. Our active ETF platform celebrated its 1-year anniversary now at just under $1 billion in assets under management, and we saw net inflows into private markets led by AB CarVal's clean energy platform.

儘管存在這些全行業的不利因素，但隨著我們執行策略性舉措，AB 在幾項關鍵服務上實現了有機成長。在應稅債券和市政債券有機成長的推動下，我們繼續獲得零售市場份額。我們的市政 SMA 平台的資產管理規模在過去 13 個季度中有 12 個季度實現有機成長，達到 200 億美元，並且在過去 5 年中增長了一倍多。機構主動股權年化成長 7%。我們的主動 ETF 平台慶祝成立一周年，目前管理的資產已接近 10 億美元，並且我們看到以 AB CarVal 的清潔能源平台為主導的私募市場淨流入。

Let's get into the specifics, starting with a firm-wide overview on Slide 4. Gross sales were $25.2 billion, up $5.4 billion or 27% from the year-ago period and up $2.8 billion or 13% sequentially. Firmwide active net flows were almost flat, down $100 million.

讓我們從幻燈片 4 上的全公司概覽開始了解具體細節。總銷售額為 252 億美元，比去年同期增長 54 億美元，即 27%，比上一季增長 28 億美元，即 13%。全公司的活躍淨流量幾乎持平，減少了 1 億美元。

Quarter-end assets under management of $669 billion increased by 9% year-over-year, but were down 3% sequentially. While average assets under management of $690 billion was up 5% year-over-year and up 2% sequentially.

季末管理資產為 6,690 億美元，年增 9%，但季減 3%。平均管理資產達 6,900 億美元，年增 5%，季增 2%。

Slide 5 shows our quarterly flow trend by channel. Firmwide's third quarter net outflows were $1.9 billion. Retail gross sales of $16.9 billion increased 22% year-over-year and 3% sequentially. Net inflows were $1.6 billion, reflecting continued strong demand for taxable and municipal fixed income, up 7% and 14% annualized organically, respectively.

投影片 5 按通路顯示了我們的季度流量趨勢。 Firmwide第三季淨流出為19億美元。零售總額達 169 億美元，年增 22%，季增 3%。淨流入為 16 億美元，反映了對應稅和市政固定收益的持續強勁需求，年化有機成長分別為 7% 和 14%。

Our institutional channel had gross sales of $4.3 billion, improved from both prior quarters. Net outflows were $3.5 billion as taxable fixed income and passive equity outflows more than offset $1 billion of net inflows from active equity.

我們的機構通路總銷售額為 43 億美元，較前兩季有所改善。由於應稅固定收益和被動股權流出超過了主動股權淨流入的 10 億美元，淨流出為 35 億美元。

In private wealth, gross sales were healthy at $4 billion, driven by money market funds. Net flows were flat as redemptions normalized as compared with lighter redemptions in the third quarter of last year. On a year-to-date basis, 2 of our 3 channels are flowing positive, with retail and private wealth generating net inflows of $2.5 billion and $1.7 billion, respectively.

在貨幣市場基金的推動下，私人財富領域的總銷售額維持在 40 億美元的健康水準。與去年第三季的贖回量相比，由於贖回正常化，淨流量持平。今年迄今，我們的 3 個通路中有 2 個通路正向流動，零售和私人財富分別產生 25 億美元和 17 億美元的淨流入。

Investment performance is shown on Slide 6, starting with fixed income. During the quarter, developed market government bond yields rose in overall returns tell in all major markets. Longer maturity government bond yields spiked in late September after the Fed released its updated quarterly dot plot that showed U.S. interest rates will likely be higher for longer than anticipated. A yield bonds had positive returns of 85 basis-points, materially outperforming government bonds in the Eurozone and the U.S.

投影片 6 顯示了投資業績，從固定收益開始。本季度，已開發市場政府公債殖利率在所有主要市場的整體報酬率中均有所上升。在聯準會發布更新後的季度點陣圖後，較長期限的政府公債殖利率在 9 月下旬飆升，該圖顯示美國利率可能會持續比預期更高的時間。 A收益債券的正回報率為85個基點，大幅優於歐元區和美國的政府公債。

In the face of this rate volatility, AB's fixed income performance remained strong, with 73% of our assets outperforming over the 1-year period, 74% over the 3 year and 62% over the 5 year.

面對這種利率波動，AB 的固定收益表現依然強勁，我們 73% 的資產在 1 年期間表現出色，74% 在 3 年期間表現出色，62% 在 5 年期間表現出色。

Despite investors remaining cautious in adding duration, we experienced $900 million of net inflows into our American Income Fund, now totaling $4 billion year-to-date. We celebrated our 30th anniversary of American Income in July with campaigns around the world.

儘管投資者在增加久期方面仍持謹慎態度，但我們的美國收入基金仍有 9 億美元的淨流入，今年迄今總計 40 億美元。 7 月，我們在世界各地開展活動慶祝《美國收入》成立 30 週年。

Turning to equities. As bond yields rose, global equity sold off following a rally in the first half of 2023. The S&P 500 declined 3.3%, bringing year-to-date returns to 13.1% in U.S. dollar terms. Growth stocks sold off most as the focus turned back to macroeconomic uncertainties from the excitement over the potential for artificial intelligence early in the year with value and minimum volatility stocks falling less. Our equity performance continued to lag mega-cap tilted benchmarks with 32% of equity assets outperforming over the 1-year period. Our 3-year and 5-year performance remained stable at 49% and 50% of assets outperforming, respectively. Importantly, we continue to outperform the Morningstar peer group with 64% and 69% of our equity assets outperforming over the 3- and 5-year periods, respectively.

轉向股票。隨著債券殖利率上升，全球股市在 2023 年上半年上漲後遭到拋售。標普 500 指數下跌 3.3%，以美元計算，今年迄今的報酬率達 13.1%。由於年初人們對人工智慧潛力的興奮，焦點又回到了宏觀經濟的不確定性，而價值型股票和最低波動性股票跌幅較小，成長型股票遭到拋售最多。我們的股票表現持續落後於大型股傾斜基準，其中 32% 的股票資產在一年內表現優於其他基準。我們的 3 年和 5 年業績分別穩定在 49% 和 50% 的資產表現之上。重要的是，我們的股票資產在 3 年和 5 年期間分別有 64% 和 69% 的表現優於晨星同業。

Now I'll review our client channels, beginning with retail on Slide 7. Growth sales increased versus both prior periods while the redemption rate improved at 23% versus 27% last quarter and 30% a year ago, contributing to net inflows of $1.6 billion. For the 12th time in the last 14 quarters, we saw strong organic growth rates in U.S. retail, up 12% annualized for both the third quarter and year-to-date. In taxable, we saw strong growth in money funds and continued inflows in American Income.

現在我將回顧我們的客戶管道，從幻燈片7 上的零售開始。與前兩個時期相比，成長銷售額有所增加，而贖回率則提高了23%，而上季度為27%，一年前為30%，貢獻了16 億美元的淨流入。在過去 14 個季度中，我們第 12 次看到美國零售業強勁的有機成長率，第三季和年初至今的年化成長率均達到 12%。在應稅方面，我們看到貨幣基金的強勁成長和美國收入的持續流入。

Muni sales inflows also continued to be robust with net inflows once again of $1 billion or 14% annualized organic growth. The breadth of our muni SMA platform is more expansive than ever and reflects the success of multiple customized strategy wins at major broker firms as well as turnkey asset management programs, onboarding more AB SMA products.

市政銷售流入也持續強勁，淨流入再次達到 10 億美元，年化有機成長 14%。我們的 muni SMA 平台的廣度比以往任何時候都更加廣泛，反映了在主要經紀公司贏得多項客製化策略以及交鑰匙資產管理計劃的成功，從而引入了更多 AB SMA 產品。

We expect to roll out additional duration customizations on a major brokerage platform before year-end. Our active positioning enhanced customization features, lower fees and technology edge, which contributes to generating alpha, are the main selling points of our muni SMA strategies today.

我們預計在年底前在主要經紀平台上推出額外的期限客製化。我們的積極定位、增強的客製化功能、較低的費用和技術優勢，有助於產生阿爾法，是我們當今市政 SMA 策略的主要賣點。

Our new muni SMA service centers is designed to enhance our overall SMA service model in U.S. retail by providing our sales staff and financial adviser partners with easy access to important client deliverables. As shown on the bottom right, we posted top flow rankings across asset classes, ranking the top 5% of U.S. retail flows in equities and munis and top 3% for cross-border flows for fixed income.

我們新的市政 SMA 服務中心旨在透過為我們的銷售人員和財務顧問合作夥伴提供輕鬆獲取重要客戶交付成果的方式，增強我們在美國零售業的整體 SMA 服務模式。如右下圖所示，我們發布了各資產類別的頂級流量排名，其中股票和市政債券的美國零售流量排名前 5%，固定收益跨境流量排名前 3%。

Finally, 1 year into our active ETF program, we're pleased to be just $20 million shy of $1 billion, a level only 1 in 5 active ETF sponsors attained in their first year. We have additional fixed income launches scheduled later this year following equity launches earlier in 2023.

最後，在我們的主動 ETF 計劃實施一年後，我們很高興僅比 10 億美元少了 2,000 萬美元，只有五分之一的主動 ETF 發起人在第一年達到了這一水平。繼 2023 年初推出股票後，我們計劃在今年稍後推出更多固定收益產品。

Turning to institutional on Slide 8. Third quarter gross sales were $4.3 billion, up $2.4 billion from last year and up $2.8 billion sequentially. Net outflows were $3.5 billion, concentrated in fixed income and passive equities. Higher interest rates drove repositioning by several clients, exemplified by a large insurance client for whom rising interest rates created hedge volatility requiring them to post collateral and reduce their gross positioning.

轉向幻燈片 8 上的機構。第三季總銷售額為 43 億美元，比去年增加 24 億美元，比上一季增加 28 億美元。淨流出為 35 億美元，集中在固定收益和被動股票。較高的利率推動了一些客戶的重新定位，以一家大型保險客戶為例，利率上升造成了對沖波動，要求他們提供抵押品並減少總頭寸。

Our pipeline was $12.5 billion at quarter end, down $1.9 billion sequentially. We experienced fundings of $2.5 billion, including $1.3 billion U.S. large cap growth mandate and over $200 million in AB CarVal's clean energy fund. We added $300 million mandates for both tax-aware fixed income and low volatility high yield, complemented by active equity wins and sustainable global thematic and China A-Shares value.

截至季末，我們的通路規模為 125 億美元，比上一季減少 19 億美元。我們獲得了 25 億美元的融資，其中包括 13 億美元的美國大盤成長授權和 AB CarVal 清潔能源基金的 2 億多美元。我們為稅務敏感的固定收益和低波動性高收益增加了 3 億美元的授權，並輔以積極的股權勝利和可持續的全球主題和中國 A 股價值。

Equitable's initial $10 billion private markets program announced in mid-2021 is now 80% deployed, and we are progressing on discussions for future opportunities, including, for example, NAV lending. Reflecting the success of our growing insurance focus, I'm pleased to share that we recently won 2 2023 Insurance Asset Risk Americas Award, Alternative Manager of the Year and Asset Manager Investment Team of The Year. While conditions for private alternatives fundraising remain more challenging, we're executing on 3 focus areas. The first close for European CRED secured income funds secured income fund plus to our gaining overall fundraise of $500 million focused especially on investors in Europe and select Asian markets.

Equitable 於 2021 年中期宣布的初始 100 億美元私募市場計劃現已部署 80%，我們正在就未來機會進行討論，包括資產淨值貸款等。我很高興地與大家分享，我們最近贏得了 2023 年保險資產風險美洲獎、年度另類投資經理獎和年度資產經理投資團隊獎，這反映出我們日益關注的保險業務所取得的成功。雖然私人另類融資的條件仍然更具挑戰性，但我們正在 3 個重點領域執行。歐洲 CRED 擔保收益基金首次收盤後，我們獲得了 5 億美元的整體籌款，特別關注歐洲和部分亞洲市場的投資者。

AB CarVal's Credit Value Fund VI fundraise in all global regions targeted at $2.5 billion and continuing to raise capital in our direct lending evergreen funds with particular focus on our AB Private Credit Investors Business.

AB CarVal 的 Credit Value Fund VI 在全球所有地區籌集的資金目標為 25 億美元，並繼續透過我們的直接貸款常青基金籌集資金，特別關注我們的 AB 私人信貸投資者業務。

Moving to Private Wealth on Slide 9. Third quarter gross sales remained healthy at $4 billion, down 2% year-over-year and down 9% sequentially. We continue to experience strong sales and money market funds, municipals and proprietary passive equity tax harvesting strategy, which grew to $3.1 billion, posting strong annualized organic growth of 31%. Third quarter net flows were flat, that were up on a year-to-date basis, 2.2% annualized organically and on track for a third straight year of organic growth.

轉到投影片 9 的私人財富。第三季總銷售額維持在 40 億美元的健康水平，年減 2%，季減 9%。我們繼續經歷強勁的銷售和貨幣市場基金、市政和自營被動股權稅收收穫策略，該策略成長至 31 億美元，年化有機成長率高達 31%。第三季淨流量持平，較年初至今有所成長，年化成長率為 2.2%，預計連續第三年實現有機成長。

Over the last 12 months, AUM growth from business sales has outpaced the industry as measured by M&A volumes and pre-transaction planning pipeline remains solid. Year-to-date alternative capital raises were $1.6 billion, with third quarter sales focused on private credit and secondaries.

在過去 12 個月中，從併購數量來看，業務銷售帶來的資產管理規模 (AUM) 成長已超過產業，且交易前規劃管道依然穩固。年初至今另類融資額為 16 億美元，第三季銷售主要集中在私人信貸和二級市場。

I'll finish our business overview with the sell side on Slide 10. Third quarter Bernstein Research revenues of $94 million increased 3% year-over-year and 2% sequentially. We experienced modest growth in research payments versus the prior period. Industry-wide, global institutional equity trading volumes remain constrained with the exception of improvement in Japan equities.

我將在投影片 10 上與賣方一起完成我們的業務概述。第三季 Bernstein Research 收入為 9,400 萬美元，年增 3%，環比成長 2%。與上一期相比，我們的研究費用略有增加。除日本股市有所改善外，整個產業的全球機構股票交易量仍受到限制。

We launched coverage of 2 new sectors this past quarter and our 20th Annual Pan-European Strategic Decisions Conference was a resounding success with over 400 clients attending. Our joint venture with Societe Generale remains on track to close in the first half of 2024. We anticipate disclosing further financial details closer to that time.

上個季度我們推出了 2 個新領域的覆蓋範圍，第 20 屆年度泛歐戰略決策會議取得了巨大成功，有 400 多名客戶參加。我們與法國興業銀行的合資企業仍有望在 2024 年上半年關閉。我們預計屆時將揭露進一步的財務細節。

I'll conclude by reviewing the status of our strategic initiatives on Slide 11. Performance in fixed income remained strong while equities continued to lag versus concentrated capitalization-weighted benchmarks. Active net inflows in the third quarter were nearly flat despite a challenging backdrop. Third quarter results were led by retail, which posted 10% annualized organic growth in fixed income with growth in both taxable and municipals.

最後，我將回顧投影片 11 上我們的策略舉措的狀況。固定收益的表現仍然強勁，而股票則繼續落後於集中資本加權基準。儘管背景充滿挑戰，但第三季的活躍淨流入幾乎持平。第三季業績以零售業為主導，固定收益年化有機成長 10%，應稅收益和市政收益均成長。

Institutional active equity annualized growth of 7% more than offset by fixed income net outflows reflecting a higher yield environment. Year-to-date, 2 of our 3 channels, retail and private wealth have posted organic growth. Our muni SMA platform reached $20 billion in assets under management, having more than doubled over the last 5 years and a 9% annualized organically in the quarter.

機構主動股本年化成長 7%，但被反映較高收益率環境的固定收益淨流出所抵銷。今年迄今為止，我們的 3 個管道中的 2 個（零售和私人財富）實現了有機成長。我們的市政 SMA 平台管理的資產達到 200 億美元，在過去 5 年內翻了一番多，本季的年化成長率為 9%。

Adjusted financial comparisons improved over the prior year period, with operating income up 13%, operating margin of 28%, up 220 basis points and earnings in unitholder distributions of $0.65 per unit, up 2%. Lastly, we've made progress in our CFO search, which is in its final phase and should be concluded in the near term.

調整後的財務比較較去年同期有所改善，營業收入增長 13%，營業利潤率增長 28%，提高 220 個基點，單位持有人分配收益為每單位 0.65 美元，增長 2%。最後，我們在財務長搜尋方面取得了進展，目前已進入最後階段，應該會在短期內結束。

Now I'll turn the call over to Bill Siemers to discuss financials. Bill?

現在我將把電話轉給比爾·西默斯討論財務問題。帳單？

Thanks, Seth. Let's start with the GAAP income statement on Slide 13. Third quarter GAAP net revenues of $1 billion increased 5% from the prior year period. Operating income of $175 million increased 3% and the operating margin of 17.2% decreased by 110 basis points. Included in GAAP operating expenses was a $13 million adjustment, reflecting a change in estimate of a contingent payment arrangement as compared with the prior year period. GAAP EPU of $0.50 in the quarter decreased by 11% year-over-year.

謝謝，塞思。讓我們從投影片 13 的 GAAP 損益表開始。第三季 GAAP 淨收入為 10 億美元，比去年同期成長 5%。營業收入 1.75 億美元，成長 3%，營業利益率 17.2%，下降 110 個基點。 GAAP 營運費用包括 1300 萬美元的調整，反映了或有付款安排的估計與去年同期相比的變化。本季 GAAP EPU 為 0.50 美元，年減 11%。

I'll focus my remarks from here on our adjusted results, which remove the effect of certain items that are not considered part of our core operating business. We base our distribution to unitholders on our adjusted results, which we provide in addition to and not as a substitute for our GAAP results. Our standard GAAP reporting and a reconciliation of GAAP to adjusted results are in our presentation appendix, Press Release and 10-Q. Our adjusted financial highlights are shown on Slide 14, which I'll touch on as we talk through the P&L shown on Slide 15.

我將在這裡重點討論我們的調整後結果，這些結果消除了不被視為我們核心營運業務一部分的某些項目的影響。我們根據調整後的結果向單位持有人進行分配，我們提供的調整結果是對我們的公認會計準則結果的補充，而不是取代我們的公認會計準則結果。我們的標準 GAAP 報告以及 GAAP 與調整後結果的調整表位於我們的簡報附錄、新聞稿和 10-Q 中。我們調整後的財務亮點顯示在投影片 14 中，我將在討論投影片 15 中顯示的損益表時談到這一點。

On Slide 15, beginning with revenues. Net revenues of $846 million increased 4% versus the prior year period and were up 3% sequentially. Base fees increased by 1% versus the prior year period as 5% higher average AUM was offset by a lower fee rate.

在投影片 15 上，從收入開始。淨收入為 8.46 億美元，較上年同期成長 4%，較上季成長 3%。基本費用較上年同期增加 1%，平均資產管理規模增加 5% 被較低的費率所抵銷。

The third quarter fee rate of 39.9 basis points decreased 4% year-over-year, driven primarily by mix, reflecting organic growth into lower fee rate fixed income products, including money markets. Third quarter performance fees of $28 million increased by $18 million from the prior year periods, mainly due to higher fees on private credit services. Given current market conditions, we now see full year 2023 performance fees in line to slightly above the prior year level.

第三季費率為 39.9 個基點，年減 4%，這主要是由混合因素推動的，反映出包括貨幣市場在內的費率較低的固定收益產品的有機成長。第三季績效費用為 2,800 萬美元，較去年同期增加 1,800 萬美元，主要是因為私人信貸服務費用上漲。鑑於目前的市場狀況，我們現在預計 2023 年全年績效費將略高於上年水準。

Third quarter revenues for Bernstein Research Services of $94 million increased by 3% from the prior year period, driven by a modest increase in research check payments. Dividend and interest revenue of $46 million, the vast majority of which is derived from our broker-dealer increased by $19 million year-over-year, reflecting the higher interest rate environment, partially offset by lower average balances.

伯恩斯坦研究服務公司第三季營收為 9,400 萬美元，較上年同期成長 3%，這得益於研究支票付款的小幅成長。股息和利息收入為 4,600 萬美元，其中絕大多數來自我們的經紀交易商，年增 1,900 萬美元，反映了較高的利率環境，但部分被較低的平均餘額所抵消。

Netting against this is broker-dealer related interest expense associated with our private wealth brokerage clients. Interest expense of $28 million increased by $7 million year-over-year due to higher interest rates and was up $2 million sequentially.

針對這一點的淨額是與我們的私人財富經紀客戶相關的經紀自營商相關利息費用。由於利率上升，利息支出為 2,800 萬美元，年增 700 萬美元，季增 200 萬美元。

Moving to adjusted expenses. All in, our total third quarter operating expenses of $609 million were up 1% both year-over-year and sequentially. Total compensation and benefit expense was essentially flat with prior year period as a 4% increase in revenues was offset by a lower compensation ratio of 49.5% of adjusted net revenues as compared to 51% in the prior year period.

轉向調整後的費用。總而言之，我們第三季的營運支出總額為 6.09 億美元，較去年同期成長 1%。薪資與福利支出總額與去年同期大致持平，營收成長 4%，但補償比例較低（佔調整後淨收入的 49.5%），而去年同期為 51%。

As you know, we have accrued for compensation at 49.5% of net revenues through the first 3 quarters of the year. Given current market conditions, we believe that our fourth quarter 2023 compensation to revenue ratio will remain at 49.5%, subject to crystallization of full year revenues.

如您所知，今年前 3 季我們已以淨收入的 49.5% 提列了補償。鑑於目前的市場狀況，我們認為 2023 年第四季薪酬與收入之比將保持在 49.5%，具體取決於全年收入的具體情況。

Promotion and servicing cost increased by 6% from the prior year period, driven by higher T&E expenses. Promotion and servicing costs decreased 5% sequentially due to seasonally lower firm meetings and T&E. G&A expenses were essentially flat in the third quarter versus the prior year period and declined 1% sequentially due to lower portfolio services fees. For the full year, we continue to target promotion and servicing in G&A growth below inflation levels, up low single digits.

由於差旅及娛樂費用增加，促銷和服務成本較上年同期成長 6%。由於公司會議和差旅費季節性下降，促銷和服務成本較上季下降了 5%。第三季的一般管理費用與去年同期基本持平，由於投資組合服務費用下降，季減 1%。全年，我們繼續將促銷和服務的一般行政費用增長目標定為低於通膨水平，增幅較低個位數。

Third quarter adjusted operating income of $237 million increased by 13% versus the prior year period and was up 7% sequentially. Third quarter adjusted operating margin of 28% increased 220 basis points year-on-year. As a reminder, last quarter, we moved interest expense below the adjusted operating income line in order to facilitate comparability with peers.

第三季調整後營業收入為 2.37 億美元，比去年同期成長 13%，比上一季成長 7%。第三季調整後營業利益率為28%，年增220個基點。提醒一下，上個季度，我們將利息支出移至調整後的營業收入線以下，以便於與同業進行比較。

As shown in footnote 2 on this slide, interest expense increased by $8 million from the prior year period, reflecting higher interest rates and higher borrowings and decreased $1 million sequentially, reflecting lower average borrowings.

如本投註 2 所示，利息支出較上年同期增加 800 萬美元，反映出利率上升和借款增加，環比減少 100 萬美元，反映平均借款下降。

As outlined in the appendix of our presentation, third quarter earnings exclude certain items, which are not part of our core business operations. In the third quarter, adjusted operating earnings were $62 million above GAAP operating earnings due to acquisition-related expenses and interest expense.

如我們簡報附錄所述，第三季收益不包括某些項目，這些項目不屬於我們的核心業務營運。第三季度，由於收購相關費用和利息支出，調整後營業利潤比 GAAP 營業利潤高出 6,200 萬美元。

Non-GAAP EPU was $0.15 above GAAP EPU, primarily reflecting acquisition-related expenses. The third quarter effective tax rate for ABLP was 5.7%. Our guidance for effective tax rate in 2023 remains approximately 5.5% to 6%.

非 GAAP EPU 比 GAAP EPU 高出 0.15 美元，主要反映了收購相關費用。 ABLP 第三季有效稅率為 5.7%。我們對 2023 年有效稅率的指導仍約為 5.5% 至 6%。

Each year, we typically repurchase AB Holding units in the open market to help offset units issued through our annual incentive compensation process. During the third quarter, we repurchased 1.8 million units for $56.9 million. We completed the program in the first week of October.

每年，我們通常會在公開市場上回購 AB Holding 單位，以幫助抵消透過我們的年度激勵薪酬流程發行的單位。第三季度，我們以 5,690 萬美元的價格回購了 180 萬個單位。我們在十月的第一周完成了該計劃。

We continue to expect the Nashville relocation will be accretive for the full year 2023, with compensation-related savings more than offsetting increased occupancy costs, and we will provide you with an annual update at year-end.

我們仍然預計納許維爾的搬遷將在 2023 年全年實現增值，與補償相關的節省將足以抵消增加的入住成本，我們將在年底為您提供年度更新。

With that, we are pleased to answer your questions. Operator?

至此，我們很高興回答您的問題。操作員？

(Operator Instructions) Your first question will come from the line of Craig Siegenthaler with Bank of America.

（操作員說明）您的第一個問題將來自美國銀行的 Craig Siegenthaler。

So your munis business continues to demonstrate organic growth strength in the quarter. And I think the SMA wrap is really probably one of the bigger factors there. But do you expect muni bond flows to reaccelerate further once the markets get confidence that interest rates have peaked? Because while your flows are really good, industry flows haven't really gotten good yet.

因此，您的市政業務在本季繼續展現出有機成長實力。我認為 SMA 包裹確實可能是更重要的因素之一。但一旦市場確信利率已見頂，您是否預期市政債券流動會進一步加速？因為雖然你們的流量確實很好，但產業流量還沒有真正變得好。

Thanks, Craig, and good morning. Look, I think that the Street generally was too quick to call the turn in rates. So we've seen fixed income continue to trail year-to-date as rates have continued to back up. And so it's certainly understandable to me why we haven't seen industry flows in munis or taxable, frankly, more broadly, grow much larger because for the first time since the financial crisis holders actually have yield to supplement the diversification.

謝謝，克雷格，早安。看，我認為華爾街普遍太快宣布利率上交。因此，隨著利率持續回升，我們看到固定收益今年迄今持續落後。因此，我當然可以理解為什麼我們沒有看到市政或應稅行業的流動，坦白說，更廣泛地說，增長得更大，因為自金融危機以來，持有者第一次實際上有了收益來補充多元化。

My own way of thinking, Craig, to hit your point square on is I actually think we should see broader industry positive flows in munis as rates stay elevated and inflation gets more under control. Because, frankly, demographically, we have incredible demand from clients for income in their portfolios. They take great comfort. And frankly, muni credit quality is so high and muni credit decay is so slow, I think it's going to be a winning area.

克雷格，我自己的想法是，我實際上認為，隨著利率保持高位且通膨得到更好的控制，我們應該看到市政債券更廣泛的行業積極流動。因為，坦白說，從人口統計角度來看，我們的客戶對其投資組合中的收入有著令人難以置信的需求。他們感到非常安慰。坦白說，市政信貸品質如此之高，而市政信貸衰減如此之慢，我認為這將是一個獲勝領域。

When that exactly happens, when the Fed is actually on pause. We'll see. We think there could be a couple of quarters here or more where the Fed is on hold after their next meeting next month. So I think we're near it, but we're not there yet. I hope that answers your question.

當這種情況發生時，聯準會實際上會暫停。我們拭目以待。我們認為，聯準會在下個月的下一次會議後可能會在幾個季度或更長時間內按兵不動。所以我認為我們已經接近它了，但我們還沒有到達那裡。我希望這能回答你的問題。

And just for my follow-up, one of your peers this morning disclosed that they're going to have large sub-advisory redemptions in November, December, in addition to it sounds like some negative seasonality. At this point, when you look at your pipeline and think about your conversations, are you seeing any pickup on the redemption side across the business towards year-end?

就我的後續行動而言，今天早上你們的一位同行透露，他們將在 11 月、12 月進行大規模的次級諮詢贖回，而且這聽起來像是一些負面的季節性因素。此時，當您查看您的管道並思考您的對話時，您是否看到整個業務的贖回方面在年底前有所回升？

Let me -- actually, why don't I just turn that over to Onur to answer.

讓我——實際上，為什麼我不把這個問題交給奧努爾來回答呢？

Sure. Thanks, Seth. The short answer is no. We don't expect any major sub-advisory terminations, at least we are not aware of any major ones. Obviously, hard to predict, but that's where we stand right now. I mean if you look at the redemptions to-date, we typically avoided massive, large mandate terminations in the institutional more broadly, particularly in the higher fee categories.

當然。謝謝，塞思。最簡潔的答案是不。我們預計不會有任何重大的子諮詢終止，至少我們不知道有任何重大的終止。顯然，很難預測，但這就是我們現在的處境。我的意思是，如果你看看迄今為止的贖回情況，我們通常會避免在更廣泛的機構中進行大規模的委託終止，特別是在費用較高的類別中。

Your next question will come from the line of Alex Blostein with Goldman Sachs.

您的下一個問題將來自高盛的 Alex Blostein。

Seth, I was wondering if we could start maybe with your outlook on the alternatives business. You guys have been putting up nice flows there for a number of different reasons. But as you look forward, maybe help us frame what the dry powder in the businesses that will turn on fees upon deployment. And just zooming out a little bit, what is the trajectory for some of the new initiatives that you guys are unfolding over the next 12 months?

塞斯，我想知道我們是否可以從您對另類投資業務的展望開始。你們出於多種不同的原因在那裡建立了良好的流程。但正如您所期望的那樣，也許可以幫助我們確定部署後將收取費用的業務中的乾粉。稍微縮小一下範圍，你們在未來 12 個月內展開的一些新舉措的軌跡是什麼？

Alex, I will start, but I'm going to ask Onur to jump in and just add to it. But we continue to see improving opportunities to deploy just given deteriorating credit market conditions. We see that in our commercial real estate debt business where we continue to have significant dry powder.

亞歷克斯，我會開始，但我會請奧努爾加入並添加內容。但鑑於信貸市場狀況不斷惡化，我們繼續看到部署機會的增加。我們看到，在我們的商業房地產債務業務中，我們仍然擁有大量的乾粉。

We see that in PCI, our middle market lending business, where we're seeing new and different opportunities arising and in CarVal -- as I think you may know, we're beginning to start the process for CVI CarVal Value 6, which is their flagship fund. We're targeting $2.5 billion. That's the same as what we did last time. We're trying to be cautious just given the headwinds in the fundraising market. But we have considerable dry powder through our 3 major private credit businesses. But Onur, why don't -- I let you provide a bit more color.

我們看到，在我們的中間市場貸款業務 PCI 中，我們看到了新的不同機會的出現，而在 CarVal 中，我想您可能知道，我們正在開始啟動 CVI CarVal Value 6 的流程，即他們的旗艦基金。我們的目標是 25 億美元。這和我們上次做的一樣。考慮到籌款市場的不利因素，我們試圖保持謹慎。但我們透過三大私人信貸業務擁有相當多的乾粉。但是奧努爾，為什麼不呢——我讓你提供更多的色彩。

That's a great summary. If I were to add a few minor things, we are -- number 1, we are on track to launch our first interval funds out of CarVal the opportunistic credit interval fund. We expect that to help us both in our own Private Wealth channel as well as in third-party channels. So that's going to be a nice addition to our lineup. As you know, we have done non-traded BDC and REIT kind of structures in our Private Wealth before, but this is the first time we are launching an interval fund, both for our internal and external clients. So excited about that.

這是一個很棒的總結。如果我要添加一些小事情，我們是——第一，我們預計將從 CarVal 中推出我們的第一個區間基金，即機會主義信用區間基金。我們希望這對我們自己的私人財富管道以及第三方管道都有幫助。所以這將是我們陣容中的一個很好的補充。如您所知，我們之前在我們的私人財富中做過非交易的 BDC 和 REIT 類型的結構，但這是我們第一次為我們的內部和外部客戶推出區間基金。對此感到非常興奮。

And then as Seth mentioned, our Private Alts AUM continue to grow, and we have a significant amount of dry powder. And in this environment, as the M&A activity accelerates as the price discovery in real estate comes to an end. I think we will have plenty of good opportunities in attractive vintages that should help. Our deployment returns as well as in certain cases where we have performance fees and carry also those aspects of our revenue structure.

然後，正如 Seth 所提到的，我們的 Private Alts AUM 繼續增長，並且我們擁有大量的乾粉。在這種環境下，隨著房地產價格發現的結束，併購活動加速。我認為我們將在有吸引力的年份中擁有很多好的機會，這應該會有所幫助。我們的部署回報以及在某些情況下我們收取績效費並承擔我們收入結構的這些方面。

I'm sorry. And what was that dry powder number again that will turn on upon deployment?

對不起。部署後開啟的乾粉數量又是多少？

Yes, sure. Our dry powder, if I include all the channels would be around $14 billion.

是的，當然。如果包括所有管道，我們的乾粉價值約為 140 億美元。

For my follow-up, I wanted to dig into your active ETF offering. I know it's small approaching about $1 billion in the context of the firm, it's not huge, but it's been an important driver near term of flows for you guys. So as you sort of think about the forward strategy, Seth, I think you mentioned in a couple of new launches as you look out into 2024. What's the vision for the active ETF business? And where are you finding the most success? Is that largely distributed through the Private Wealth business within AllianceBernstein, or you're seeing success with third-party channels as well?

在我的後續行動中，我想深入了解你們的主動 ETF 產品。我知道，就公司而言，它的規模很小，接近 10 億美元，也不是很大，但它是你們近期資金流動的重要驅動力。因此，當您考慮遠期策略時，Seth，我認為您在展望 2024 年時提到了幾項新產品的推出。主動型 ETF 業務的願景是什麼？您在哪裡找到最成功的地方？這主要是透過聯博內部的私人財富業務進行分配，還是您也看到了第三方管道的成功？

Actually, I'm going to pass it to Karl. I'm sorry, I'm going to cast it to Onur, because I think he's closer, but I'm more interested in what you have to say, Onur.

事實上，我要把它交給卡爾。抱歉，我要把它交給奧努爾，因為我認為他更接近，但我對你要說的更感興趣，奧努爾。

Yes, sure. Thanks again, Seth. Yes, we're excited about the progress to date of our active ETF business we had our first anniversary in September, and we hit almost $1 billion of AUM, which is a very good launch, which puts us, I think, 1 out of 5 in terms of successful launches in this space. We have multiple paths to success. In our view, it's not only our proprietary channel, Private Wealth. We have actually got a lot of good wins in third-party channels.

是的，當然。再次感謝，賽斯。是的，我們對主動ETF 業務迄今為止所取得的進展感到興奮，我們在9 月份度過了一周年紀念日，我們的資產管理規模達到了近10 億美元，這是一個非常好的啟動，我認為這使我們成為全球第1 名5 就該領域的成功發布而言。我們有多種成功之路。在我們看來，這不僅僅是我們的專有頻道 Private Wealth。事實上，我們在第三方管道上取得了許多不錯的成果。

In terms of the vision, I think the vision is 3 parts. One complement our vehicle agnostic strategy with active ETFs, where that vehicle agnostic strategy helps clients. So we touched on muni area in the previous question, for instance, so we are complementing our Muni SMAs with ETFs. So that definitely is an additive strategy helps with our momentum. So definitely, that vehicle extension is one part of the strategy.

就願景而言，我認為願景分為三個部分。其中之一是透過主動 ETF 來補充我們的車輛不可知策略，該車輛不可知策略可以為客戶提供幫助。例如，我們在上一個問題中談到了市政領域，因此我們正在用 ETF 來補充我們的市政 SMA。因此，這絕對是一種附加策略，有助於增強我們的動力。毫無疑問，車輛擴展是該策略的一部分。

Second part of the strategy is opening new doors. Obviously, [RA] space is a heavy user of ETFs. Historically, they were passive ETF users, but we are seeing more and more interest in the active ETF wrapper from those channels. So that helps us open new doors.

該戰略的第二部分是打開新的大門。顯然，[RA] 太空是 ETF 的大量用戶。從歷史上看，他們是被動的 ETF 用戶，但我們看到這些管道對主動 ETF 包裝越來越感興趣。這有助於我們打開新的大門。

And then finally, there's still a broader set of opportunities in institutional, including insurance clients when you achieve certain thresholds in terms of AUM, et cetera, given the liquidity of fixed income ETFs, for instance, we are quite optimistic about the long-term prospects as well. So that's our go-forward strategy, and you will see us add products across equities, fixed income and multi-asset such as buffer.

最後，機構方面仍然存在更廣泛的機會，包括保險客戶，當您在資產管理規模等方面達到一定門檻時，例如，考慮到固定收益 ETF 的流動性，我們對長期前景非常樂觀前景也是如此。這就是我們的前進策略，您將看到我們增加股票、固定收益和緩衝等多元資產的產品。

And I would just add, Alex, that while Private Wealth will increasingly be an important user, I think, given their needs. The real driver is in Private Wealth at the moment. It really is third party who are looking at it as building blocks for portfolios they're managing.

亞歷克斯，我想補充一點，鑑於私人財富的需求，我認為他們將越來越成為重要的使用者。目前真正的驅動力是私人財富。確實是第三方將其視為他們管理的投資組合的建構模組。

Your next question comes from the line of Dan Fannon with Jefferies.

你的下一個問題來自 Dan Fannon 和 Jefferies 的對話。

I was hoping to get a bit of a progress report on CarVal, 16 months or so post deal, you mentioned your fundraising environment being a bit difficult. But just in terms of how you had modeled and thought about this business to-date, where it's been versus kind of those expectations and maybe a little bit more of a look-forward over the next kind of 12 months and what we should be anticipating?

我希望得到一份關於 CarVal 的進度報告，交易後 16 個月左右，你提到你的籌款環境有點困難。但就您迄今為止如何建模和思考這項業務而言，它與這些期望的情況相比，也許更多的是對未來 12 個月的展望以及我們應該預期的內容？

Thanks, Dan. Let me start, and Karl may -- Onur may jump in as well. I keep saying Karl, just to keep them awake. But look, I think as we have mentioned, while the market -- the fundraising market is more challenging as rates have risen, it's certainly also the case that the opportunity set, at least from our vantage point, has improved and improved meaningfully. And so we are seeing areas to deploy and sort of beyond -- I'll focus on CarVal, but there are also topics that I would like to focus on beyond that.

謝謝，丹。讓我開始吧，卡爾可能——奧努爾也可能會加入進來。我一直說卡爾，只是為了讓他們保持清醒。但是，我認為，正如我們所提到的，雖然隨著利率的上升，市場——籌款市場更具挑戰性，但至少從我們的角度來看，機會集肯定已經得到了改善和有意義的改善。因此，我們看到了需要部署的領域以及其他領域——我將重點放在 CarVal，但除此之外我還想關註一些主題。

In addition to CarVal's CVF 6 CarVal Value Fund VI, which as I mentioned, we target for $2.5 million. We completed the Clean Energy II fund. That was triple the size of the first fund. They were already on the road with it when we closed the acquisition in July of last year. But we're very pleased despite the markets to have gotten to $1.5 billion, and we're in process of deploying there as well.

正如我所提到的，除了 CarVal 的 CVF 6 CarVal Value Fund VI 之外，我們的目標是 250 萬美元。我們完成了清潔能源二期基金。這是第一支基金規模的三倍。當我們去年 7 月完成收購時，他們已經上路了。儘管市場規模已經達到 15 億美元，但我們還是非常高興，而且我們也正在那裡部署。

We also are working with CarVal as Onur alluded to on an interval fund that we think has real application both within our Private Wealth channel, but also beyond that, which is a more opportunistic kind of strategy. And CarVal is well along in its mandate with Equitable on a resi mortgage mandate, which is, I think it was $750 million in total size.

我們也與 CarVal 合作，正如 Onur 所提到的，我們認為該基金不僅在我們的私人財富管道內具有實際應用，而且在其他管道也有實際應用，這是一種更具機會主義的策略。 CarVal 在 Resi 抵押貸款授權方面與 Equitable 的合作進展順利，我認為總規模為 7.5 億美元。

So on balance, I think from a new business perspective, it's moving as well as we could expect. But we are mindful of the challenges in the fundraising markets. Hence, our desire to be conservative in our estimates on CVF6 as we go out of the blocks there.

因此，總的來說，我認為從新的業務角度來看，它的進展符合我們的預期。但我們注意到募款市場面臨的挑戰。因此，當我們走出 CVF6 的區塊時，我們希望對 CVF6 的估計保持保守。

But we're also seeing opportunities in our Euro CRED Secured Income Secured Income Fund Plus target, which is a $500 million fund raise really targeted at European and Asian investors. We're also seeing a focus on our private credit investors business and our direct lending evergreen funds, where we're seeing appetite.

但我們也在 Euro CRED Secured Income Secured Income Fund Plus 目標中看到了機會，該目標是真正針對歐洲和亞洲投資者的 5 億美元融資。我們也看到我們的私人信貸投資者業務和我們的直接貸款常青基金受到關注，我們在這方面看到了興趣。

Culturally, moving over to the other side, Dan, because you asked about how the acquisition is going. I don't know that I could be more satisfied by the cultural alignment we've seen, not just with the leadership of CarVal, but also, I think more importantly, in the different functions, whether it's in our distribution, their capital raising group, in our technology operations across the investment teams.

從文化上講，丹，請轉到另一邊，因為您詢問了收購的進展。我不知道我是否會對我們所看到的文化一致性更加滿意，不僅僅是CarVal 的領導，而且，我認為更重要的是，在不同的職能中，無論是在我們的分銷方面，還是在他們的融資方面集團，在我們整個投資團隊的技術運作中。

They've been greeted and welcomed as partners and colleagues, and I think they've taken a remarkably open stance and looking upon the firm as a resource to help them enhance their potential as well as to help us see what we can do better. There are best practices there that we need to adopt more broadly and conversely elsewhere from the firm to CarVal.

他們作為合作夥伴和同事受到了歡迎和歡迎，我認為他們採取了非常開放的立場，並將公司視為幫助他們增強潛力並幫助我們了解可以做得更好的資源。我們需要在從公司到 CarVal 的其他地方更廣泛地採用這些最佳實踐。

So we want to be slow and methodical. This was not intended to be in an expense saving exercise the acquisition of CarVal, but we're obviously mindful of that in tougher markets. We are -- we're pretty pleased so far. The turnover has been below where we had forecasted to-date. And on balance, we're pretty pleased, Dan, with the progress.

所以我們希望緩慢而有條理。收購 CarVal 的目的並不是為了節省開支，但我們顯然在更嚴峻的市場中註意到了這一點。到目前為止，我們非常滿意。到目前為止，營業額低於我們的預測。總的來說，丹，我們對進展感到非常滿意。

I don't know, Onur, if you have anything you want to add there.

我不知道，奧努爾，你是否有什麼想要補充的。

I mean, on the commercial side, the pipeline remains diversified. We have a significant pipeline. And again, the extension is very important here. Obviously, the flagship funds are always important for the economics of the platform, but we are seeing a lot of nice extensions. So for instance, insurance, we started with Equitable, but we are getting a lot of interest from other insurance clients as well. So those kind of extensions are quite additive to our strategy.

我的意思是，在商業方面，通路仍然多元化。我們有一個重要的管道。再說一次，擴展在這裡非常重要。顯然，旗艦基金對於平台的經濟效益始終很重要，但我們看到了很多不錯的擴展。以保險為例，我們從 Equitable 開始，但其他保險客戶也對我們很感興趣。因此，這些擴展對我們的策略來說是相當重要的。

And then furthermore, obviously, you could argue some of the dislocations in the market with the banking crisis earlier in the year, which happened after we closed the transaction, creates a lot of interesting opportunities for deployments as the banks are looking for partners to create more capital efficiency and deal with some of the upcoming new capital requirements from Basel and other regulatory bodies. So we see that being another momentum to hopefully will accelerate our deployment in the coming quarters.

此外，顯然，您可以認為今年早些時候的銀行危機導致了市場的一些混亂，這種危機發生在我們完成交易之後，創造了許多有趣的部署機會，因為銀行正在尋找合作夥伴來創建提高資本效率並應對巴塞爾和其他監管機構即將出台的一些新資本要求。因此，我們認為這是另一個動力，預計在未來幾季加速我們的部署。

Just to finish it up because the pipeline is $3.7 billion for CarVal, just to put that in context, Dan. So hopefully, that answers your question.

只是為了完成它，因為 CarVal 的管道價值為 37 億美元，只是為了將其放在上下文中，丹。希望這能回答你的問題。

That's very helpful. And I guess also just thinking about the fee rate at a consolidated level, mix and beta and some of the things that have put a little bit more pressure on it to date. The backlog seems like that's additive. So I guess just thinking about the fee rate and what your outlook is over the kind of next 12 months and how you think that can trend based upon business trends, demand trends and asset flows?

這非常有幫助。我想也只是考慮了綜合水平的費率、組合和測試版以及迄今為止給它帶來更大壓力的一些事情。積壓的訂單似乎是累積的。因此，我想只需考慮一下費率以及您對未來 12 個月的展望，以及您認為基於業務趨勢、需求趨勢和資產流動的趨勢如何？

Dan, it's Bill. I mean we continue to expect the fee rate to be mix dependent. I mean we've had experienced organic growth in lower fee products, such as money markets, munis, private placements, while seeing outflows in the higher fee active equities. I mean, so we're definitely going to be dependent on markets, interest rates, investor risk and return appetite.

丹，是比爾。我的意思是，我們仍然預計費率將取決於混合情況。我的意思是，我們在貨幣市場、市政債券、私募等較低費用產品方面經歷了有機成長，同時看到較高費用活躍股票的資金外流。我的意思是，所以我們肯定會依賴市場、利率、投資者風險和回報偏好。

I mean -- but we do have, as we've mentioned a few times, the institutional channel is supported by higher private oil exposure with the pipeline fee rate 3x the channel average. I mean so that's encouraging there. But no specific guidance.

我的意思是，但正如我們多次提到的，機構管道得到了更高的私人石油敞口的支持，管道費率是渠道平均水平的 3 倍。我的意思是，這令人鼓舞。但沒有具體指導。

Your next question will come from the line of John Dunn with Evercore ISI.

您的下一個問題將來自 Evercore ISI 的 John Dunn。

You guys talked about potentially a third positive year for Private Wealth Management. Maybe just looking at maybe the next year, can you frame what strategies you think are going to be in demand that could potentially set up a fourth positive year?

你們談到了私人財富管理可能迎來第三個積極的一年。也許只是看看明年，您能否制定您認為需要哪些策略來創造第四個積極的一年？

Sure. Yes. As you pointed out, John, year-to-date, we had healthy organic growth. As the general risk of environment has played out, obviously, some of the flows have concentrated in shorter duration or lower risk strategies and market funds, direct indexing and the like. And it's hard to predict quarter-by-quarter. But if you think about the longer term, we continue to be quite optimistic about our ability to deploy private credit in the channel.

當然。是的。約翰，正如您所指出的，今年迄今為止，我們實現了健康的有機成長。隨著環境整體風險的顯現，很明顯，部分資金流向較短期限或風險較低的策略和市場基金、直接指數化等。而且很難逐季度預測。但如果你考慮更長期的情況，我們仍然對我們在該管道中部署私人信貸的能力非常樂觀。

As you know, we have around $10 billion of alternatives in our Private Wealth platform. We have done it for many years. And as we launch new products, as I mentioned earlier, with CarVal with others, it will help with the growth -- and then from a broader perspective, despite all the kind of uncertainties with the economy and everything else, we stayed the course in terms of adding financial advisers to our platform. So year-to-date, our financial adviser headcount is up by 4%. So we are taking a through-the-cycle mindset in terms of investing in client-facing resources in our Private Wealth business. So that should hopefully help us as a catalyst as well.

如您所知，我們的私人財富平台擁有約 100 億美元的替代品。我們已經這樣做很多年了。正如我之前提到的，當我們與CarVal 和其他公司一起推出新產品時，這將有助於成長——然後從更廣泛的角度來看，儘管經濟和其他方面存在各種不確定性，但我們仍堅持到底在我們的平台上添加財務顧問的條款。今年迄今為止，我們的財務顧問人數增加了 4%。因此，我們在投資私人財富業務中面向客戶的資源時採取了貫穿整個週期的思維方式。因此，這也有望成為我們的催化劑。

Got you. And then we don't always have to talk about passive, but can you remind us like what the dynamics of that side are? Is it more tactical for investors? And is there a potential for that money to come back relatively quickly?

明白你了。然後我們並不總是需要談論被動，但是你能提醒我們那一方的動態是什麼嗎？對於投資者來說，這是否更具策略性？這筆錢是否有可能相對快速地收回？

So particularly in the core client segments, lower complexity, the lower-value clients. We have some model portfolios that takes advantage of active passive model portfolios, which is quite common in the industry. I mean, I would say that is much more structural than cyclical. So that I would highlight as nothing new in that regard. I think the real, I think, fee acceleration to expect would be money market funds, cash and some of the direct indexing type money going into higher risk, high return strategies with higher fees. I think that's how I would characterize the major migration that will be expected when rates stabilize and when the risk appetite is further back.

因此，特別是在核心客戶群、複雜性較低、價值較低的客戶。我們有一些模型組合利用了主動被動模型組合的優勢，這在業界很常見。我的意思是，我想說這更多是結構性的而不是週期性的。因此，我要強調的是，在這方面並不是什麼新鮮事。我認為，真正預期的費用加速將是貨幣市場基金、現金和一些直接指數型資金進入高風險、高回報的策略，並收取更高的費用。我認為這就是我對利率穩定和風險偏好進一步回落時預期出現的重大遷移的描述。

But just to give a bit more color, we do have institutional clients who turn to us, whether it's an accommodation or as part of a broader set of actions we're taking on their behalf to provide passive. And it's episodic. So I wouldn't suggest there's something imminent there. It's just that it does come and go.

但為了增加一點色彩，我們確實有機構客戶向我們求助，無論是為了提供便利，還是作為我們代表他們採取的一系列更廣泛行動的一部分，以提供被動服務。而且它是間歇性的。所以我不建議有什麼迫在眉睫的事情。只是它確實來了又走。

And there are no further questions at this time. Mr. Griffin, I'll turn the call back over to you.

目前沒有其他問題。格里芬先生，我會將電話轉回給您。

Terrific. Thanks, everyone, for joining our call. We appreciate your time today. If you have any additional questions, please feel free to reach out to Investor Relations. Have a great day.

了不起。謝謝大家加入我們的電話會議。我們非常感謝您今天抽出時間。如果您還有任何其他問題，請隨時聯絡投資者關係部。祝你有美好的一天。