AllianceBernstein Holding LP (AB) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the AllianceBernstein third quarter, 2024 earnings review. (Operator Instructions)

女士們、先生們，感謝你們的支持並歡迎來到聯博 2024 年第三季收益回顧。（操作員說明）

As a reminder, this conference is being recorded and will be available for replay on our website shortly after the conclusion of this call.

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, Vice President of Investor Relations for AB Mr. Ioanis Jorgali. Please go ahead.

現在我想將會議交給本次電話會議的主持人，AB 投資者關係副總裁 Ioanis Jorgali 先生。請繼續。

Good morning, everyone and welcome to our third quarter, 2024 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. With us today to discuss, the company's results are Seth Bernstein, President and CEO; and Jackie Marks, CFO; Onur Erzan, Head of Global Client Group and Private Wealth; and Matt Bass, Head of Private Alternatives will join us for questions after our prepared remarks.

大家早安，歡迎來到我們的 2024 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。今天和我們一起討論的，是公司總裁兼執行長 Seth Bernstein 的業績；和財務長 Jackie Marks； Onur Erzan，全球客戶集團與私人財富主管；在我們準備好的演講後，私人另類投資主管 Matt Bass 將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 would 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 this morning.

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。您也可以在我們今天早上提交的 10-Q 的 MD&A 中找到我們的安全港語言。

We base our distribution to unit holders 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 our 10-Q. 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.

我們對單位持有人的分配是基於我們調整後的結果，我們提供的調整結果是對我們的公認會計原則結果的補充，而不是替代。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。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. Over the last several years, AllianceBernstein has been on a journey to redefine itself and emerge as a leader in asset and wealth management. And I'm pleased with the progress we're making.

早安，感謝您今天加入我們。在過去的幾年裡，聯博一直在重新定義自己，並成為資產和財富管理的領導者。我對我們所取得的進展感到滿意。

We've delivered positive net flows each quarter this year and surpassed $800 billion in assets under management as of quarter end. I want to take this opportunity to express my gratitude to our colleagues, clients and unit holders who have supported us throughout this journey.

今年每季我們都實現了正淨流量，截至季末管理的資產超過 8,000 億美元。我想藉此機會向在整個旅程中支持我們的同事、客戶和單位持有人表示感謝。

Today, AB is a stronger company with a distinctive value proposition which is highlighted on slide 3. We have a differentiated distribution platform which includes our proprietary private wealth business. This gives us an edge in growing markets like Asia, US high net worth and global insurance. We can also deliver our clients diversified investment capabilities across traditional and alternative asset classes. This includes our growing private markets platform which is supported by our strategic relationship with equitable.

如今，AB 是一家更強大的公司，具有獨特的價值主張，這一點在幻燈片 3 中得到了強調。我們擁有差異化的分銷平台，其中包括我們專有的私人財富業務。這使我們在亞洲、美國高淨值人士和全球保險等不斷成長的市場中具有優勢。我們還可以為客戶提供跨傳統和另類資產類別的多元化投資能力。這包括我們不斷發展的私人市場平台，該平台得到了我們與 fairness 的策略關係的支持。

In addition, as Jackie will discuss in detail later, we have a clear path for margin improvement, which will reflect on our results as we move into 2025 assuming no market deterioration.

此外，正如 Jackie 稍後將詳細討論的那樣，我們有一條明確的利潤率改善路徑，假設市場沒有惡化，這將反映在我們進入 2025 年時的業績中。

Finally, AB has a tax efficient partnership structure that prioritize gets capital returns to shareholders and ensures a disciplined approach to growth investments.

最後，AB 擁有節稅的合作夥伴結構，優先考慮為股東提供資本回報，並確保採用嚴格的成長投資方法。

Moving to slide 4, I'll review our third quarter business highlights. First, we delivered our third consecutive quarter of organic growth. Active fixed income inflows totaled $6 billion led by retail where taxable and tax exempt each grew 17% and 27% organically on an annualized rate.

轉到幻燈片 4，我將回顧我們第三季的業務亮點。首先，我們實現了連續第三個季度的有機成長。主動固定收益流入總額為 60 億美元，其中應稅和免稅收入按年化增長率分別有機增長 17% 和 27%，其中零售業帶動了增長。

We've been among the first asset managers to benefit from reallocation since a fixed income, having registered nearly $20 billion in active fixed income inflows year-to-date, more than 50% higher than 2023's full year flows.

我們是第一批從固定收益領域重新配置中受益的資產管理公司之一，今年迄今為止，我們的主動固定收益流入量已接近 200 億美元，比 2023 年全年流量高出 50% 以上。

American income continues to headline taxable demand with over $2 billion of net inflows during the third quarter. Our tax exempt franchise is also gaining market share and had over $3 billion in net inflows led by retail Muni SMAs and demand from Bernstein Private Wealth.

美國收入繼續主導應稅需求，第三季淨流入超過 20 億美元。我們的免稅特許經營權也在擴大市場份額，在零售 Muni SMA 和 Bernstein Private Wealth 的需求的帶動下，淨流入超過 30 億美元。

We're also seeing preliminary signs of a turnaround in us retail demand for taxable with over $0.5 billion in inflows year-to-date into our ETF and mutual funds suite. Active equity outflows of $4.5 billion remain elevated in the third quarter. Concentrated institutional redemption outweigh pockets of strength and retail active equities where we observed continued inflows into US large cap growth and renewed interest for our value strategies.

我們也看到美國零售應稅需求出現改善的初步跡象，今年迄今已有超過 5 億美元流入我們的 ETF 和共同基金組合。第三季活躍股票流出量仍高達 45 億美元。集中的機構贖回超過了實力強勁的散戶活躍股票，我們觀察到資金持續流入美國大盤股成長，並對我們的價值策略重新產生了興趣。

Second, we continue to expand our private markets platform through deepening existing partnerships and forging new ones in the growing retail channel. Our private markets AUM reached $68 billion in the third quarter up 11% year-over-year driven by strong net fundings into our alternative strategies.

其次，我們透過深化現有合作夥伴關係並在不斷增長的零售通路中建立新的合作夥伴關係，繼續擴大我們的私人市場平台。在我們另類策略的強勁淨資金推動下，第三季我們的私募市場資產管理規模達到 680 億美元，年增 11%。

At the institutional level, we deployed over $1 billion across CLOs, real estate, mortgages and renewable energy strategies. Last month, we announced the launch of the AB CarVal Credit Opportunities Fund, which is the unlisted closed and interval fund that brings CarVal expertise and specialty finance, aircraft leasing and energy transition to the broader retail audience.

在機構層面，我們在 CLO、房地產、抵押貸款和再生能源戰略方面部署了超過 10 億美元。上個月，我們宣布推出 AB CarVal 信貸機會基金，這是一種非上市式封閉式間歇基金，旨在為更廣泛的零售受眾帶來 CarVal 的專業知識和專業金融、飛機租賃和能源轉型。

Our sales teams are engaged across key channels, leveraging our established footprint in the large US retail market. The integral fund is already live with one third party platform and on track for others.

我們的銷售團隊利用我們在美國大型零售市場的既定足跡，跨關鍵管道進行參與。該積分基金已經在一個第三方平台上上線，並且正在為其他平台上線。

As a reminder, Bernstein Wealth Management has been a pioneer in bringing alternative assets to US high net worth segment and we're able to leverage this distribution expertise as we forge our third party retail market strategy. A third highlight for the quarter is that our fee rate is stabilized. So we saw base management fees grow in line with AUM.

提醒一下，伯恩斯坦財富管理公司一直是將另類資產引入美國高淨值人群的先驅，我們能夠在製定第三方零售市場策略時利用這種分銷專業知識。本季的第三個亮點是我們的費率穩定。因此，我們看到基本管理費隨著資產管理規模的成長而成長。

Finally, we're making steady progress on our margin accretion initiatives, including the completion of our New York City office relocation in September. Our adjusted operating margin in the quarter of 31.3% is up 330 basis points year-over-year and we have a clear line of sight to further improvement in 2025, provided there is no market deterioration.

最後，我們在利潤成長計畫方面取得了穩步進展，包括 9 月完成了紐約市辦事處的搬遷。我們本季調整後的營業利潤率為 31.3%，年增 330 個基點，如果市場不惡化，我們有明確的目標是在 2025 年進一步改善。

Slide 5 reflects a summary page of our key financial metrics. Jackie will follow up with more commentary on the fee rate, performance fees and margin.

投影片 5 反映了我們關鍵財務指標的摘要頁。Jackie 隨後將就費率、績效費和利潤率發表更多評論。

Turning the slide 6 , I'll review our investment reporting starting with fixed income. September kick started the Fed's monetary easing cycle in the US, following in the footsteps of other major central banks. Rates move down in the yield curve steepen pushing bond prices higher.

翻到投影片 6，我將從固定收益開始回顧我們的投資報告。聯準會追隨其他主要央行的腳步，於 9 月啟動了美國的貨幣寬鬆週期。殖利率曲線下降，利率下降，推動債券價格走高。

The Bloomberg US aggregate index returned 5% in the third quarter with both duration and credit performing well in an environment of moderating growth and inflation. Our near term performance has benefited from both active duration management and credit positioning as we've successfully navigated a shift in the rate regime and continued tight spreads.

彭博美國綜合指數第三季報酬率為 5%，在成長和通膨放緩的環境下，久期和信貸均表現良好。我們的近期業績受益於積極的久期管理和信貸定位，因為我們成功地應對了利率制度的轉變和持續的窄利差。

92% of our assets under management are outperforming in the past year while 65% and 59% of our AUM outperformed over the three and five year periods. Despite elevated volatility, active management of duration and credit exposure has yielded strong returns for our clients over the past year. Our more key income strategies, American income and global high yield return more than 13% and 15% respectively over the one year period.

我們管理的資產中有 92% 在過去一年中表現出色，而我們管理的資產規模中有 65% 和 59% 在三年和五年期間表現出色。儘管波動性加大，但對久期和信用風險的積極管理在過去一年為我們的客戶帶來了豐厚的回報。我們比較關鍵的收益策略，美國收益和全球高收益一年期間回報率分別超過13%和15%。

Relative performance of these strategies was also strong in the near term with American income outperforming both its benchmark and its morning story category average. While global high yield outperformed this morning, star category average over the one year period.

這些策略的相對錶現在短期內也很強勁，美國的收入表現優於其基準和早晨故事類別的平均值。雖然今天早上全球高收益債券的表現優於一年期的明星類別平均。

Our outlook remains constructive. Importantly, we observe the normalization in asset class return correlations as bonds regain their diversification value, credit fundamentals remain healthy and monetary policy becomes more certain. We expect investors to accelerate their reallocation into fixed income by tapping on the large money market holdings.

我們的前景仍然是建設性的。重要的是，隨著債券重新獲得多元化價值、信貸基本面保持健康以及貨幣政策變得更加確定，我們觀察到資產類別回報相關性的正常化。我們預計投資者將透過持有大量貨幣市場資產來加速向固定收益資產的重新配置。

While the timing of the pace of the rebalancing is debatable. The case for fixed income self-evident and the capital can move swiftly as we observed with cash sorting in 2023.

雖然再平衡步伐的時機仍有爭議。固定收益的理由不言而喻，正如我們在 2023 年現金分類中觀察到的那樣，資本可以迅速流動。

Turning the equities. In the US, the equal weighted S&P 500 returned 10%, outperforming the market weighted S&P by 400 basis points as large cap value outperformed large cap growth. Small caps also had solid quarter with the Russell 2000 returning 9%. Among non US equities, emerging markets delivered strong gains in the third quarter led by China which posted double digit returns following monetary and fiscal stimulus measures announced in September.

轉股。在美國，等權重標普 500 指數報酬率為 10%，跑贏市場權重標普 400 個基點，因為大盤價值跑贏大盤成長。小型股也有穩健的季度表現，羅素 2000 指數報酬率為 9%。在非美國股市中，新興市場第三季表現強勁，其中中國在 9 月宣布貨幣和財政刺激措施後取得了兩位數的回報。

Performance for equity of equitable strategies remains mixed with 55% of our AUM outperforming over the one year while 47% performed over the three year and 67% over the five year period.

公平策略的股票表現仍然參差不齊，我們的資產管理規模中有 55% 在一年內表現出色，47% 在三年內表現出色，67% 在五年內表現出色。

US large cap growth performance has lagged in recent quarters, however, year-to-date absolute returns remain strong and the strategy continues to outperform over the long term beating the Morningstar peer group average over 3, 5 and 10 year periods.

美國大盤股的成長表現在最近幾季有所滯後，但今年迄今的絕對回報仍然強勁，且該策略的長期表現繼續優於晨星同業在 3 年、5 年和 10 年期間的平均水平。

We've more than 20 strategies or funds across values midcap, China, emerging markets and international health care that outperformed their respective benchmarks or composites over the one, three and five year periods.

我們在價值中型股、中國、新興市場和國際醫療保健領域擁有超過 20 個策略或基金，這些策略或基金在一年、三年和五年期間的表現均優於各自的基準或綜合指數。

Our US value services across the cap spectrum are performing well. Active management in US large cap value is working and investors who are under exposed or passive in large cap US value are missing out on the experience. Over the last quarter, we had nearly $400 million in inflows into us value services and we are ramping up efforts to increase client awareness of our differentiated capabilities. In addition, we're seeing increased client RFP activity for our new European growth service.

我們在整個上限範圍內的美國價值服務表現良好。美國大盤股的主動管理正在發揮作用，而在美國大盤股中暴露不足或被動的投資者正在錯過這種經驗。上個季度，我們的價值服務流入了近 4 億美元，我們正在加強提高客戶對我們差異化能力的認識。此外，我們還發現客戶對我們新的歐洲成長服務的 RFP 活動有所增加。

Now turning the slide 7. Retail posted its fifth straight quarter of positive net inflows and had its highest quarterly inflows since 2021 with a 7% organic growth rate. Our advantageous competitive position in APAC and our growing presence in the US, EMEA and Latin America helped us deliver positive net flows across all regions. All active asset classes were inflowing in the third quarter.

現在將幻燈片轉7。零售業連續第五個季度實現正淨流入，並創下 2021 年以來最高季度流入，有機成長率為 7%。我們在亞太地區的優勢競爭地位以及我們在美國、歐洲、中東和非洲和拉丁美洲不斷增長的業務幫助我們在所有地區實現了正的淨流量。所有活躍資產類別均在第三季流入。

In total inflows of $5.4 billion led by robust gains and active fixed income and modest inflows into active equities. Taxable fixed income grew at 17% annual rate or 14% excluding money market flows. Offshore retail continues to drive taxable gains reflecting inflows into American income and global high yield. Retail muni SMAs continued to gain market share growing at a 27% annualized rate. Finally, active equity also grew organically supported by continuing inflows into US large chip growth, US select and value services.

總流入額為 54 億美元，其中主要是強勁的收益和主動型固定收益以及少量流入主動型股票。應稅固定收益年增率為 17%，不包括貨幣市場流量則為 14%。離岸零售業持續推動應稅收益，反映出美國收入和全球高收益債券的流入。零售市政 SMA 繼續獲得市場份額，年增長率為 27%。最後，主動股權也得到了有機成長，這得益於美國大型晶片成長、美國精選和價值服務的持續流入。

Base management fees grew 19% year-over-year and 8% sequentially, reflective of market growth in addition to organic flows and fee based growth. Organic base fee growth was 3% over the last 12 months and 8% as of the third quarter of 2024.

基本管理費較去年同期成長 19%，較上季成長 8%，反映了有機流量和費用成長以外的市場成長。過去 12 個月有機基本費用成長 3%，截至 2024 年第三季成長 8%。

Moving to slide 8. Institutions continue to shed assets in the third quarter with outflows totaling $4.4 billion at a 5% annualized loss rate. Active equity strategies continue to drive redemptions weighing on channel flows and offsetting demand for fixed income and ALTs. Excluding money market outflows, taxable, fixed income grew at a 3% annualized organic rate primarily driven by corporate investment grade.

轉到投影片 8。第三季機構持續拋售資產，資金流出總額達 44 億美元，年化損失率為 5%。主動股票策略繼續推動贖回，對通路流量造成壓力，抵消了對固定收益和替代性證券的需求。不包括貨幣市場流出，應稅固定收益以 3% 的年化有機成長率成長，這主要是由企業投資評級推動的。

We had a $1.9 billion in pipeline fundings during the third quarter with the pipeline now standing at $10.1 billion as of the end of the quarter. Note that institutional fundings accelerated in the third quarter with $2.3 billion in pass through mandates that were not captured on our pipeline.

第三季我們的籌措資金為 19 億美元，截至本季末籌措資金目前為 101 億美元。請注意，機構資金在第三季加速成長，透過我們的管道中未包含的授權獲得了 23 億美元。

The pipeline fee rate declined as we continue to fund higher fee alternative mandates. Lower fee mandates such as the $500 million systematic fixed income went in the third quarter also drove down the pipeline fee rate.

隨著我們繼續資助更高費用的替代任務，管道費率有所下降。較低的費用要求，例如第三季 5 億美元的系統固定收益，也壓低了管道費用率。

We continue to make inroads marketing the systematic product to institutional client channel where we're looking to gain market share. RFP activity and proposals are picking up the pace with a notable uptick and request for fixed income, value and emerging market equities. This is a good leading indicator for future pipeline additions.

我們持續向機構客戶通路行銷系統產品，希望獲得市場佔有率。RFP 活動和提案正在加快步伐，對固定收益、價值和新興市場股票的需求顯著上升。這是未來管道增加的一個很好的領先指標。

However, these mandates tend to be lower feed and will impact our pipeline fee rate. As we add equitable second $10 billion commitment to the pipeline, we expect these additions to partially offset some of these pressures. While deployments in higher fees detract from the pipeline fee rate that benefit the channels fee rate which is up 2% sequentially.

然而，這些指令往往會降低飼料費用，並將影響我們的管道費率。當我們公平地在管道中添加第二個 100 億美元的承諾時，我們預計這些增加將部分抵消其中的一些壓力。雖然較高費用的部署會降低管道費率，但管道費率有利於通路費率，該費率連續上漲 2%。

Turning now to slide 9, private wealth posted modest and flows in the third quarter as increased sales momentum versus the prior year was offset by increased redemptions.

現在轉向幻燈片 9，第三季度私人財富適度流動，因為與前一年相比銷售勢頭的增長被贖回增加所抵消。

The demand dynamics within the channel favored tax exempt posting a 10% annualized organic growth rate, in addition to alternatives growing at a similar pace. More than $500 million of inflows within alternatives were driven by us real estate equity, real estate debt and secondaries. Fundraising and alternatives remained a key driver for channel activity with $700 million raised in the third quarter including our newly established CarVal interval fund, within taxable outflows were concentrated within money markets.

除了以類似速度成長的替代品外，該通路內的需求動態也有利於免稅，實現 10% 的年化有機成長率。另類投資中超過 5 億美元的資金流入是由美國房地產股本、房地產債務和二級市場推動的。籌款和另類投資仍然是通路活動的關鍵驅動力，第三季籌集了 7 億美元，其中包括我們新成立的 CarVal 區間基金，應稅資金流出主要集中在貨幣市場。

As we approach here and we remain constructive on the channel outlook given strong momentum in fundraising for alternatives and risk appetite reviving. Adviser productivity and sales momentum is tracking at record levels in 2024. Base management fees grew 13% year-over-year and 4% quarter-over-quarter. Private wealth is also a significant driver of performance fees reflective of the channels, private market exposure and net interest margin. This is defined as dividends and interest income minus the interest expense on private wealth cash.

當我們接近這裡時，鑑於替代品融資的強勁勢頭和風險偏好的復甦，我們對通路前景保持建設性的態度。顧問的生產力和銷售動能將在 2024 年創下歷史新高。基本管理費年增 13%，季增 4%。私人財富也是績效費的重要驅動因素，反映了通路、私人市場曝險和淨利差。這被定義為股息和利息收入減去私人財富現金的利息支出。

Now, I'll pass it to Jackie to cover our financial results.

現在，我將把它交給傑基來報道我們的財務表現。

Thank you, Seth and Good morning everyone. We continued to deliver strong financial results in the third quarter, reflecting solid growth and management fees and focused expense discipline.

謝謝你，賽斯，大家早安。我們在第三季度持續取得強勁的財務業績，反映出穩健的成長和管理費用以及集中的支出紀律。

Third quarter adjusted earnings per unit of $0.77 were up 19% versus the prior year, benefiting from strong markets, sustained organic growth, a durable fee rate and margin expansion. As a reminder, we distribute 100% of our adjusted earnings to unit holders.

第三季調整後每單位收益為 0.77 美元，較上年同期增長 19%，這得益於強勁的市場、持續的有機增長、持久的費率和利潤率擴張。謹此提醒，我們將 100% 的調整後收益分配給單位持有人。

Turning to slide 10, we show our adjusted results which remove the effect of certain items not considered part of our core operating business. For reconciliation of GAAP and adjusted financials, please refer to our presentation appendix or our 10-Q. Net revenues of $845 million were flat versus the prior year and up 12% on a like for like basis excluding Bernstein research.

轉向投影片 10，我們展示了調整後的結果，這些結果消除了某些不被視為我們核心營運業務一部分的項目的影響。有關 GAAP 和調整後財務數據的調節，請參閱我們的演示附錄或 10-Q。淨收入為 8.45 億美元，與上年持平，但不包括伯恩斯坦研究的情況下，年增 12%。

Third quarter, base fees increased 14% versus prior year in line with the growth in our firm wide average AUM. Third quarter performance fees of $26 million declined by $2 million from the prior year period. For full year, 2024 we now expect performance fees of $145 million to $155 million. And I'll cover our outlook in more detail shortly.

第三季度，基本費用較去年同期成長 14%，與我們公司平均資產管理規模的成長一致。第三季績效費用為 2,600 萬美元，比去年同期減少 200 萬美元。對於 2024 年全年，我們目前預計績效費為 1.45 億美元至 1.55 億美元。我很快就會更詳細地介紹我們的前景。

Dividend and interest revenue along with the broker dealer related interest expense declined which reflects lower cash and margin balances within private wealth.

股利和利息收入以及經紀交易商相關利息支出下降，反映出私人財富中的現金和保證金餘額減少。

Moving to our expenses. Our total third quarter adjusted operating expenses of $581 million declined by 5% year-over-year, reflecting the deconsolidation of Bernstein research and a lower compensation ratio. Third quarter, total compensation and benefits expense was $414 million down 3% versus the prior year. We had a compensation ratio of 48% of adjusted net revenues in the quarter below the 49.5% ratio in the prior year period.

轉向我們的開支。第三季調整後營運支出總額為 5.81 億美元，年減 5%，反映出伯恩斯坦研究的拆分和較低的薪酬比率。第三季度，薪資和福利支出總額為 4.14 億美元，比上年下降 3%。本季調整後淨收入的薪酬率為 48%，低於去年同期的 49.5%。

We expect our fourth quarter, 2024 compensation to revenue ratio will remain at 48% assuming fourth quarter revenues come in as expected. Promotion and servicing costs decreased by 32% from the prior year period, reflecting the significant reduction of trade execution and clearance expenses from Bernstein research.

假設第四季營收按預期成長，我們預期 2024 年第四季的薪酬與營收比例將維持在 48%。促銷和服務成本較上年同期下降 32%，反映伯恩斯坦研究的交易執行和清算費用大幅減少。

We now expect the reduction in full year promotion and servicing expenses to be at the higher end of our previously communicated guide of down 18% to 20%. G&A expenses declined by 1% in the third quarter versus the prior year period in line with our guidance. Recall that this quarter's G&A included approximately $12 million in accelerated lease expense which was embedded in our prior guidance. We continue to expect full year 2024 G&A expenses to decline in the mid to high single digit range on a year over year basis.

我們現在預計全年促銷和服務費用的減少量將達到我們先前公佈的指導值的上限，即下降 18% 至 20%。第三季的一般管理費用與去年同期相比下降了 1%，符合我們的指引。回想一下，本季的一般管理費用包括約 1,200 萬美元的加速租賃費用，該費用已包含在我們先前的指導中。我們繼續預期 2024 年全年一般管理費用將年減中高個位數範圍。

Third quarter interest on borrowings decreased by approximately $5 million from the prior year period, reflecting seasonally lower debt balances in addition to previously communicated debt repayments. The third quarter, effective tax rate for ABLP was approximately 4% which was lower than expected primarily due to the favorable tax impact of the reduction in the CarVal contingent consideration liability.

第三季借款利息較上年同期減少約 500 萬美元，反映出除先前通報的債務償還外，債務餘額季節性下降。第三季度，ABLP 的有效稅率約為 4%，低於預期，主要是由於 CarVal 或對價負債減少的有利稅收影響。

Our guidance for ABLPs effective tax rate in 2024 is now a range of 5% to 6% down from the prior range of 6% to 7%.

我們對 2024 年 ABLP 有效稅率的指導現在為 5% 至 6%，較之前的 6% 至 7% 有所下降。

Now moving on to slide 11. I want to focus on the trajectory of our firm wide base fee rate. As of 3Q '24 the firm wide fee rate stood at 39.9 basis points rebounding from its 2024 lows on supportive asset class and channel mix shifts.

現在轉到投影片 11。我想重點關注我們公司廣泛基本費率的軌跡。截至 2024 年第三季度，由於資產類別和通路組合的變化提供了支持，整體費用率從 2024 年的低點反彈至 39.9 個基點。

There are many factors that can impact the fee rate and we will not cover them all but some of the key trends in the third quarter include. Offshore retail inflows and capital appreciation in our flagship income strategies such as American income and global high yield enhance their fee rate contribution.

影響費率的因素有很多，我們不會涵蓋所有因素，但第三季的一些主要趨勢包括在內。我們的旗艦收入策略（例如美國收入和全球高收益）中的離岸零售流入和資本增值增強了其費率貢獻。

Equity markets were also supportive, particularly given our retail exposure and active equities. Active equity outflows were primarily concentrated at the institutional level, while we grew organically in higher fee retail services.

股票市場也提供了支持，特別是考慮到我們的零售業務和活躍的股票。活躍的股權流出主要集中在機構層面，而我們在收費較高的零售服務領域實現了有機成長。

We also saw accelerating funding activity within alternatives which had a positive impact on the institutional channel fee rate. Growing our private markets offering is a strategic priority for us supported by our partnership with equitable.

我們也看到替代方案中的融資活動不斷加速，這對機構通路費率產生了正面影響。擴大我們的私募市場產品是我們的策略重點，並得到我們與Equity的合作關係的支持。

While we expect our fee rate to remain mixed dependent in the near term, we have maintained a fee conscious strategy over the last few years, evolving our product capabilities and regional sales mix to mitigate some of the fee erosion witnessed across our industry.

雖然我們預計我們的費率在短期內仍將保持混合依賴，但我們在過去幾年中一直保持費用意識策略，不斷發展我們的產品能力和區域銷售組合，以減輕整個行業出現的一些費用侵蝕。

Slide 12 reflects a breakdown of our performance fees by private versus public strategies. Our total performance fees more than doubled in 2023 versus the prior year and they are on track to grow at high 10s rates in 2024 assuming the midpoint of our updated guidance of $145 million to $155 million.

投影片 12 反映了我們以私人策略與公共策略劃分的績效費用明細。2023 年，我們的總績效費用比上一年增加了一倍多，並且假設我們更新指導的中點為1.45 億美元至1.55 億美元，那麼到2024 年，它們有望以10 倍的高增長率增長。

Private alternative strategies have been the primary drivers of our performance fees over the past few years. These strategies include commercial real estate debt, CarVal and middle market lending, also known as AB private credit investors or ABPCI.

過去幾年，私人另類策略一直是我們績效費的主要驅動因素。這些策略包括商業房地產債務、CarVal 和中間市場貸款，也稱為 AB 私人信貸投資者或 ABPCI。

ABPCI is the largest contributor to the performance fee bucket. While some strategies are more volatile than other and we expect lower interest rates to dampen the trajectory of future growth we already have line of sight to $70 million to $75 million of recurring hurdle based performance fees for 2025.

ABPCI 是績效費的最大貢獻者。雖然某些策略比其他策略波動性更大，而且我們預計較低的利率會抑制未來的成長軌跡，但我們已經預計 2025 年的經常性績效費用將達到 7,000 萬至 7,500 萬美元。

Please note that our estimate assumes a lower interest rate environment. Performance related fees for private alternative strategies are more highly valued by the market over performance fees from traditional public market services. And we believe this incremental disclosure should clarify for investors the characteristics of AB Phoenix.

請注意，我們的估計假設利率環境較低。與傳統公開市場服務的績效費用相比，私人另類策略的績效相關費用更受市場重視。我們認為，這種增量揭露應該能夠讓投資者清楚地了解 AB Phoenix 的特徵。

Specifically ABPCI performance fees are largely driven by its predictable income from contractual interest payments. No sale or repayment of the underlying loans are required to generate these fees. Hopefully, this additional disclosure will lead to greater appreciation of the consistent fees we generate from our growing private markets business.

具體而言，ABPCI 績效費主要由合約利息支付的可預測收入驅動。無需出售或償還基礎貸款即可產生這些費用。希望這項額外的揭露將使我們從不斷成長的私募市場業務中產生的持續費用得到更大的增值。

Turning to slide 13, this quarter marked another milestone on our path towards sustainably higher margins. As of the third quarter, our adjusted operating margins stood at 31.3% up 310 basis points year-to-date, reflecting the benefit from improved markets and the deconsolidation of Bernstein research.

轉向投影片 13，本季標誌著我們邁向可持續更高利潤率道路上的另一個里程碑。截至第三季度，我們調整後的營業利潤率為 31.3%，較年初成長 310 個基點，反映出市場改善和伯恩斯坦研究分拆帶來的好處。

As we noted on our last call our early exit from our previous New York office resulted in $12 million of incremental lease expense this quarter, excluding the duplicate lease expense, three key margins would have been nearly 33%.

正如我們在上次電話會議中指出的那樣，我們提前退出之前的紐約辦事處導致本季度增加了 1200 萬美元的租賃費用，不包括重複的租賃費用，三個關鍵利潤率將接近 33%。

We completed our New York City office move in September the last major step in our North American relocation strategy. As a result, we expect an incremental 100 basis points to 150 basis points of margin expansion going forward. Based on current market levels, we forecast a baseline adjusted operating margin of 33% for 2025 with upside potential from favorable markets. We also see additional margin expansion over time as we continue to scale the business.

我們於 9 月完成了紐約市辦事處的搬遷，這是我們北美搬遷策略的最後一個重要步驟。因此，我們預計未來利潤率將增加 100 個基點至 150 個基點。根據目前的市場水平，我們預測 2025 年調整後的基準營業利潤率為 33%，有利的市場具有上升潛力。隨著我們不斷擴大業務規模，我們也看到利潤率會隨著時間的推移而進一步擴大。

Before opening the line for questions. I want to thank my colleagues in their considerable efforts and acknowledge the significant progress we have made as an organization, we remain committed to allocating capital, efficiently creating value for our clients, our investors, our employees and all our stakeholders while we can currently diversify and grow our business.

在打開提問熱線之前。我要感謝我的同事們付出的巨大努力，並承認我們作為一個組織所取得的重大進展，我們仍然致力於配置資本，有效地為我們的客戶、投資者、員工和所有利益相關者創造價值，同時我們目前可以實現多元化並發展我們的業務。

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)

（操作員說明）

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking my questions. I appreciate the updated disclosure on the performance fees. I was wondering if you could talk a little bit more about ABPCI. It looks like, I would presume from in 2023, you had a big pickup in performance fees as rates rose generally. It looks like it's intended to be maybe flattish to up slightly in 2024.

你好，早安，感謝您回答我的問題。我對業績費的最新披露表示讚賞。我想知道您是否可以多談談 ABPCI。我認為從 2023 年開始，隨著費率普遍上漲，績效費將大幅上升。看起來到 2024 年可能會持平或略有上升。

So can you talk a little bit more about that strategy, what the kind of growth drivers are, what does that look like and how should we think about, what that may look like in a in a declining rate environment should we see some compression of the fees as rates come down or what are the other factors to consider there?

那麼，您能否多談談該策略，增長動力是什麼，它是什麼樣的，我們應該如何思考，在利率下降的環境中，如果我們看到一些壓縮，那會是什麼樣子？率下降，費用或還有哪些因素需要考慮？

Sure, Ben. Hey, this is Matt Bass. Happy to take the question. First, I would kind of anchor back to what we did late last year in terms of the enhanced disclosure on ABPCI. I think it's a good kind of background to understand the growth and the drivers of the business. But as it relates to the performance fees, look, they are the most predictable out of the private markets platform. They represent the majority.

當然，本。嘿，這是馬特巴斯。很高興接受這個問題。首先，我想回顧一下我們去年年底在 ABPCI 上加強披露方面所做的事情。我認為這是了解業務成長和驅動因素的良好背景。但由於它與績效費相關，因此它們是私募市場平台中最可預測的。他們代表了大多數。

I'd say there are a lot of drivers that you have to appreciate behind those performance fees. Obviously, it's volume in AUM that's going to have an impact. Base rates have an impact, so that has been a tailwind for us. That will be more of a headwind going forward. Spread has an impact. We've seen some spread compression this year as overall kind of public markets and private markets tightened. That's had an impact as well. There's mark-to-market of course and credit as well. So those are all the factors.

我想說的是，在這些績效費用的背後，有許多驅動因素值得你欣賞。顯然，AUM 的數量會產生影響。基本利率有影響，所以這對我們來說是一個順風車。這將是未來更大的阻力。傳播有影響。隨著公開市場和私人市場整體收緊，今年我們看到利差壓縮。這也產生了影響。當然還有按市值計價和信用。這些就是所有因素。

All that said, we do see that as a consistent growth if you kind of strip out mark-to-market. We've seen a nice trend in line with revenue growth. I'd say going forward, obviously not all of our mandates in PCI have incentive fees. So that's going to vary based on channel and obviously where we're growing is going to impact the amount of AUM with performance fees going forward with that business.

話雖如此，如果你剔除按市值計價的話，我們確實認為這是一個持續的成長。我們看到了與收入成長一致的良好趨勢。我想說，展望未來，顯然並非我們所有的 PCI 強制規定都有獎勵費用。因此，這會根據管道的不同而有所不同，顯然我們的成長領域將影響該業務的資產管理規模和績效費用。

Got it very helpful. And then maybe kind of following up on the same subject, what do you see as the largest --potential future drivers, especially private markets performance? Because I know you, in September announced the launch of a new kind of democratized credit vehicle. What else as we think farther out -- what else should we see as potential adders to that line?

得到它非常有幫助。然後也許是對同一主題的跟進，您認為最大的潛在未來驅動因素是什麼，尤其是私募市場的表現？因為我認識你，九月宣布推出一種新型民主化信貸工具。當我們進一步思考時，我們還應該看到什麼是這條線的潛在補充者？

Yeah. I've kind of anchored back to our growth strategy more broadly for privates, which we've articulated. So we're scaling existing funds, existing evergreen funds. In the case of AB Private Credit Investors, we've got a stable of evergreen funds. Many of those generate performance fees. We're going to be launching -- we have launched products in existing and new channels.

是的。我已經回到了我們已經闡明的更廣泛的私營部門成長策略。因此，我們正在擴大現有基金、現有常青基金的規模。就 AB Private Credit Investors 而言，我們擁有穩定的常青基金。其中許多都會產生績效費。我們將要推出－我們已經在現有和新通路中推出了產品。

As we've mentioned our focus certainly on the retail side leveraging our experience and track record in Bernstein Private Wealth. There's a big focus on the insurance side. Obviously, there's going to be a mix across those two channels where you're able to generate performance fees less so in insurance given more of an investment grade nature, lower spread kind of target those strategies.

正如我們所提到的，利用我們在 Bernstein Private Wealth 的經驗和業績記錄，我們的重點當然是零售方面。保險方面備受關注。顯然，這兩個管道將會混合在一起，您可以減少績效費用，因此在保險領域，考慮到更多的投資等級性質，較低的利差類型針對這些策略。

And third, we're going to continue to kind of thoughtfully look to extend our teams. With 80 private credit investors, we talked about the addition of the NAV lending strategy last year. So a combination of those gives us comfort in the organic growth trajectory, and it's going to be a mix on performance fees. I think generally the more we grow in the insurance side, more investment grade private credit, your net debt. It's not going to have less of a performance fee profile. So it's going to be a mix and channel dependent.

第三，我們將繼續深思熟慮地擴大我們的團隊。去年我們與 80 位私人信貸投資者討論了增加資產淨值貸款策略。因此，這些因素的結合讓我們對有機成長軌跡感到放心，而且這將是績效費用的混合。我認為一般來說，我們在保險方面的成長越多，投資等級私人信貸、你的淨債務就越高。它的績效費用不會減少。所以這將取決於組合和頻道。

All right, appreciate that. Thanks so much.

好吧，很感激。非常感謝。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Hi, good morning. This is Robin Holdy on from Bill Katz and thank you for taking the question. I was wondering if we could just touch on the broader private market strategy. If you could provide an update on the timeline to $100 billion in private markets AUM? How you get there from the current $68 billion? Any update on where you think the best opportunities are? And I know you just touched on the contribution from equitable. Maybe if you could quantify that at all and then maybe some of the organic growth there as well?

嗨，早安。我是比爾卡茨 (Bill Katz) 的羅賓霍爾迪 (Robin Holdy)，感謝您提出問題。我想知道我們是否可以談談更廣泛的私募市場策略。您能否提供私募市場資產管理規模達到 1,000 億美元的最新時間表？您如何利用目前的 680 億美元來實現這一目標？您認為最佳機會在哪裡有最新消息嗎？我知道您剛剛談到公平的貢獻。也許如果你能量化這一點，那麼也許還有一些有機成長？

Sure. Look, we've shared our longer term target as part of equitable’ s investor day last year. We remain confident in the target. I'd say it won't necessarily be linear, but we've got good support if it's the Equitable strategic partnership, if it's our business in private wealth.

當然。看，我們在去年的公平投資者日分享了我們的長期目標。我們對目標仍然充滿信心。我想說，這不一定是線性的，但如果是公平的策略夥伴關係，如果是我們的私人財富業務，我們會得到很好的支持。

In terms of how we get there organically kind of we've laid out the three pillars that we continue to execute on in terms of scaling existing capabilities across those channels, launching new products to new and existing channels, right, as well as team extensions which we'll continue to evaluate. We'll look at M&A, but opportunistically we think the platform is largely complete.

就我們如何有機地實現這一目標而言，我們已經制定了我們繼續執行的三大支柱，即跨這些渠道擴展現有能力、向新渠道和現有渠道推出新產品以及團隊擴展我們將繼續評估。我們將關注併購，但機會主義地我們認為該平台已基本完成。

In terms of the best opportunities, look, we think that the private credit market has a lot of room to continue to grow. It's matured significantly over the past 15 years from what was an opportunistic credit market to a more diversified direct lending market. We see corporate direct lending continue to grow and mature for sure.

就最佳機會而言，我們認為私人信貸市場有很大的持續成長空間。在過去 15 年裡，它已經從機會主義信貸市場發展成為更多元化的直接貸款市場。我們肯定會看到企業直接貸款繼續成長和成熟。

And at the same time, the growth in other forms of private credit, asset asset-backed finance, commercial real estate, infrastructure, the latter being very diversifying to traditional corporate credit. So we see that as a very attractive longer-term growth opportunity. It's also one of the reasons behind the acquisition of CarVal two years ago and how complementary that business is in terms of end-market focus in those non-corporate credit asset classes.

同時，其他形式的私人信貸、資產支持金融、商業房地產、基礎設施的成長，後者相對於傳統企業信貸來說非常多樣化。因此，我們認為這是一個非常有吸引力的長期成長機會。這也是兩年前收購 CarVal 的原因之一，也是該業務在非企業信貸資產類別的終端市場重點方面具有互補性的原因之一。

Yeah, Onur here, let me add that three data points to support what Matt was highlighting. Number one on equitable, as you know, we had a $20 billion commitment. We are only $11 million out of the $20 million right now. So that will definitely help in terms of achieving the $100 million .

是的，奧努爾在這裡，讓我添加三個數據點來支持馬特強調的內容。如你所知，在公平方面，我們的第一個承諾是 200 億美元。目前，我們只完成了 2000 萬美元中的 1100 萬美元。所以這肯定對實現 1 億美元目標有所幫助。

Number two, in private wealth, we raised $2.3 billion of alts in the first three quarters, a record levels in ‘24. So that gives us confidence in terms of our organic growth profile for alt in private wealth.

第二，在私人財富方面，我們在前三個季度籌集了 23 億美元的另類資金，創 24 年創紀錄水準。因此，這讓我們對私人財富替代品的有機成長狀況充滿信心。

And number three, in terms of new channels that Matt touched on, we are definitely seeing more traction on the insurance channel given we made all the investments to create more investment grade fixed income substitute products out of private credit. And then our new retail vehicles, like you highlighted, like the interval fund we launched and our interval fund is already in the market. We already onboarded to a third-party platform and we already have a couple of $100 million in that product already.

第三，就馬特談到的新管道而言，鑑於我們進行了所有投資，以透過私人信貸創造更多投資等級固定收益替代產品，我們肯定會看到保險管道更具吸引力。然後，就像您強調的那樣，我們的新零售工具，例如我們推出的區間基金，我們的區間基金已經投放市場。我們已經加入了第三方平台，而產品的價值已經達到了 1 億美元。

So as a result, the new channels will definitely be part of the growth story and we see the pre pipeline activity with clients and some of the platforms and money coming in on the retail side.

因此，新通路肯定會成為成長故事的一部分，我們看到與客戶以及一些平台和零售方面的資金進入預管道活動。

Thank you. That's really helpful. And then maybe if I could just have a quick follow up on the margin guidance for FY25 assuming flat markets, could you remind us of the incremental margin that we might be able to expect on market action and NAV

謝謝。這真的很有幫助。然後，也許如果我可以快速跟進假設市場平穩的 25 財年利潤率指導，您能否提醒我們，我們可以預期市場行為和資產淨值的增量利潤率

Just on the margin in general, yes. As I said, we delivered 31.3% in the quarter. We've guided to 33% in 2025 assuming flat market. As you know, we do not model markets. And we also continue to grow and scale our business for the future. In terms of the specific NAV question, I think we'll have to follow-up afterwards. I have an estimate, but I don't want to over commit. So we'll take that one in the call afterwards if that's okay.

總體而言，只是處於邊緣，是的。正如我所說，本季我們的交付率為 31.3%。假設市場持平，我們預期 2025 年這一比例將達到 33%。如您所知，我們不對市場進行建模。我們也將繼續為未來發展和擴大我們的業務。至於具體的淨值問題，我想我們之後還要跟進。我有一個估計，但我不想過度承諾。如果可以的話，我們稍後會在電話中接聽。

Okay. Thank you very much. Appreciate it.

好的。非常感謝。欣賞它。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, Seth, Jackie, hope everyone's doing well. After a long wait, the reallocations are finally here. So, and then actually you guys are seeing in both fixed income and the ALTs, but, sadly not as much in active equity. But my question here is after we get through the election and some additional fed cuts, do you think we could get another step up in reallocations and duration extension activity, especially if the yield curve steepens, -- It appears that you guys are still very well positioned for this, just given your business mix and performance.

早安，塞斯，傑基，希望大家都一切順利。經過漫長的等待，重新分配終於來了。所以，實際上你們在固定收益和替代性股票中都看到了，但遺憾的是，在主動權益方面卻沒有那麼多。但我的問題是，在我們經歷了選舉和美聯儲的一些額外降息之後，您認為我們是否可以在重新分配和延長期限活動方面進一步加強，特別是如果收益率曲線變得陡峭，--看起來你們仍然非常只要考慮到您的業務組合和績效，您就已經做好了充分的準備。

Yeah. Hi, Craig. This is Onur. Let me take a first pass at it. I mean, number one, definitely we have seen great strength in fixed income and alternatives. Yes, you're right. We are one of the early beneficiaries of the rotation to fixed income with $20 billion of net active inflows. But also in equities, I wouldn't write them off. As you know, we had active net flows in our retail franchise in equities, and this was the second quarter. So we're definitely seeing some channel strength at least in retail, hence our platform continues to be quite diversified.

是的。嗨，克雷格。這是奧努爾。讓我先看一下。我的意思是，第一，我們肯定看到了固定收益和另類投資的巨大優勢。是的，你說得對。我們是固定收益輪動的早期受益者之一，擁有 200 億美元的淨活躍流入。但在股票方面，我也不會註銷它們。如您所知，我們的股票零售特許經營權有活躍的淨流量，這是第二季。因此，我們肯定至少在零售領域看到了一些通路優勢，因此我們的平台仍然相當多元化。

Going back to your question on the steepening of the curve, absolutely, we definitely are seeing institutional interest in terms of further allocations to fixed income and that will definitely help in terms of new mandates, and not to mention our, again, insurance franchise, and we started to see new client activity there as well. So all in all, stepping up the curve will definitely help us in terms of carrying out the momentum on fixed income and the broadening into other asset classes, starting with private credit, but also other adjacencies.

回到你關於曲線陡峭的問題，絕對，我們確實看到了機構對進一步分配固定收益的興趣，這肯定會有助於新的授權，更不用說我們的保險特許經營權了，我們也開始在那裡看到新的客戶活動。因此，總而言之，加快曲線肯定有助於我們發揮固定收益的勢頭，並擴大到其他資產類別，從私人信貸開始，還有其他相關領域。

It's Seth, Craig. And I would just note that where we are seeing particularly strong demand is in the US and in the muni SMA category, where we've really seen even stronger net flows as we take onboard new RIAs to our platform. And that is continuing now. And I do think that's where you'll see the particular duration extension as that's where it will play out. We also note that in Asia, our flows are as strong today as they've been in a few years and that continues.

我是賽斯、克雷格。我想指出的是，我們看到美國和市政 SMA 類別的需求特別強勁，當我們將新的 RIA 添加到我們的平台時，我們確實看到了更強勁的淨流量。現在這種情況仍在繼續。我確實認為這就是您將看到特定的持續時間延長的地方，因為這就是它將發揮作用的地方。我們也注意到，在亞洲，我們的資金流動與幾年前一樣強勁，而且這種情況仍在持續。

So I certainly think it's underway and fixed. And we're still seeing some positive active equity flows, as Onur had mentioned, albeit where we were seeing the issues was more on the institutional side of outflows.

所以我當然認為它正在進行中並且已經解決。正如奧努爾所提到的，我們仍然看到一些積極的主動股權流動，儘管我們看到的問題更多是在機構方面的資金流出。

Seth, Onur thanks for that. My follow-up is another follow-up on expenses and the op margin. So we've seen some nice improvement already and the Bernstein deconsolidation was a big factor. But the big event we have been waiting for is really in December, when you stop paying rent on your former headquarters at 1345 6th Avenue. So how much of that $50 million run rate should we expect to drop to the bottom line as the lease expires in two months? And it sounds like from the math on the 100 basis points and 150 basis points of margin expansion target that you gave us in the prepared remarks. It sounds like most of that $50 million is dropping the bottom line.

賽斯，奧努爾，謝謝你。我的後續行動是關於費用和營運利潤的另一個後續行動。因此，我們已經看到了一些不錯的改進，伯恩斯坦的分裂是一個重要因素。但我們一直在等待的重大事件實際上是在 12 月，屆時您將停止支付位於第六大道 1345 號的前總部的租金。那麼，當租約在兩個月後到期時，我們預計 5000 萬美元的運行費用中會有多少會降至底線？這聽起來像是您在準備好的發言中向我們提供的 100 個基點和 150 個基點的利潤擴張目標的數學計算。聽起來這 5000 萬美元中的大部分都在下降。

Thank you for the question. That's absolutely correct. Our intention is to flow most of that, if not all of it through to the bottom line.

謝謝你的提問。這是絕對正確的。我們的目的是將其中大部分（如果不是全部）流向利潤。

Thank you, Jackie.

謝謝你，傑基。

John Dunn, Evercore ISI.

約翰‧鄧恩，Evercore ISI。

Hi. Thank you. You guys have talked in the past about increasing your business with third party insurers. You know, you mentioned highlighted investment grade product. Can you give us an update on this channel and the potential outlook and how do you go about making that sale?

你好。謝謝。你們過去曾談論過增加與第三方保險公司的業務。您知道，您提到了突出的投資等級產品。您能為我們介紹一下該管道的最新情況和潛在前景嗎？

Sure. The, the good news is again, we are seeing accelerated commercial momentum, whether it's through the traditional third party channel, as well as in new cap formation in the insurance industry, through our engagement with different insurance and sidecar opportunities.

當然。好消息是，我們再次看到商業勢頭加速，無論是透過傳統的第三方管道，還是透過我們參與不同的保險和邊車機會，保險業新的上限形成。

In terms of the activity we recently, for instance, won a competitive process for a large reinsurance company on the property and casualty decide to add to their asset management roster and investment grades. So that's an example of the competitive strength we are building in this channel on back of the investments we made into building that channel, right? What have we done? We basically created insurance, dedicated resources from the back.

例如，就最近的活動而言，我們贏得了一家大型再保險公司的財產和傷亡決定增加其資產管理名冊和投資等級的競爭流程。這就是我們在該通路的投資基礎上建立競爭優勢的一個例子，對吧？我們做了什麼？我們基本上創建了保險，從後面投入資源。

We expanded our portfolio management capabilities dedicated to insurance companies on the multi sector side. And then on top of that, we created very capital efficient insurance wrappers and IG oriented private credit strategies, whether it's the rated fees for the middle market lending, raise the mortgage kind of strategies as well as NAV finance type of new extensions out of our middle market lending platform. So we remain quite confident that we'll see more new third party insurance money coming into these products in this quarter or spanning into '25.

我們擴展了專門針對多部門保險公司的投資組合管理能力。除此之外，我們創建了資本效率非常高的保險包裝和以 IG 為導向的私人信貸策略，無論是中間市場貸款的評級費用、提高抵押貸款類型的策略以及 NAV 金融類型的新擴展。借貸平台。因此，我們仍然非常有信心，我們將在本季度或進入 25 年看到更多新的第三方保險資金進入這些產品。

Furthermore, obviously equitable strength in the [RILA] market registered. And the market helps us with the general account growth in addition to some of the expansion in the lifetime income space where again, we benefit directly and indirectly from that new product channel. So all in all those are the drivers of the expected continued growth in the insurance channel for us equitable as well as third party.

此外，[RILA] 市場表現出明顯的公平優勢。除了終身收入空間的一些擴展之外，市場還幫助我們實現了一般帳戶的成長，我們再次從新產品管道中直接和間接受益。總而言之，這些都是我們公平和第三方保險管道預期持續成長的驅動力。

And it's not just here in the United States either. We're seeing that interest amongst insurers, both in Europe and in Asia as well.

而且這種情況不僅發生在美國。我們看到歐洲和亞洲的保險公司也表現出了這種興趣。

100% like for instance, in Asia, they have been the early investors in our growing systematic fixed income franchise. And that is a really nice thing to see both from a expansion and fixed income which plays into the duration and sting of the health care story. And then obviously the international franchise we have including core markets like Japan

100% 就像在亞洲一樣，他們是我們不斷發展的系統性固定收益特許經營權的早期投資者。從擴張和固定收入來看，這是一件非常好的事情，這影響了醫療保健故事的持續時間和刺痛感。顯然，我們擁有包括日本等核心市場在內的國際特許經營權

Got it. And then maybe one on private wealth. You guys expressed confidence that outlook for flows in that channel. But maybe you could just talk about stuff that you expect to start inflowing beyond what's already working right now.

知道了。然後也許是關於私人財富的。你們對這個管道的前景充滿信心。但也許你可以只談論那些你期望開始流入的東西，這些東西超出了目前已經起作用的東西。

Yeah, Sure. John, thanks for the question. Like first of all, as the rates come down, it helps with the flows. And we have seen that playing into our numbers on a gradual basis in '24. Why does rates coming down help us? Number one, the risk appetite goes higher in terms of moving away from cash, which we have seen and then we have seen also an increase in the M&A activity and M&A activity matters for us because we have a very strong franchise with business owners. And when there is more monetization, liquidation kind of events, it turns into net flow for our private wealth channel. And as we have discussed, our ultra network channel is a faster growing segment of our business.

是的，當然。約翰，謝謝你的提問。首先，隨著利率下降，它有助於資金流動。我們已經看到這種情況在 24 年逐漸影響到我們的數據。為什麼利率下降對我們有幫助？第一，在遠離現金方面風險偏好上升，我們已經看到這一點，然後我們也看到併購活動的增加，併購活動對我們很重要，因為我們與企業主擁有非常強大的特許經營權。當貨幣化、清算之類的事件增加時，它就會變成我們私人財富管道的淨流量。正如我們所討論的，我們的超網路管道是我們業務中成長較快的部分。

That's basically the story that will play. So as a result, I remain optimistic about our flow trajectory moving into October and beyond. And then furthermore, I want to clarify something. At the end, in terms of our flow reporting, we tend to take a conservative approach. We don't take credit for dividends or interest while some of the wealth managers in their net flow calculations take credit for that. And in certain cases, it might add to a couple of percentage net flows. So, hence, you know, our conservative net flow methodology sometimes makes it harder to make apples to apples comparisons.

這基本上就是將要播放的故事。因此，我對進入 10 月及以後的流量軌跡保持樂觀。此外，我想澄清一些事情。最後，就我們的流量報告而言，我們傾向於採取保守的方法。我們不會將股利或利息歸功於我們，而一些財富管理機構在淨流量計算中卻將其歸功於我們。在某些情況下，它可能會增加幾個百分比的淨流量。因此，您知道，我們保守的淨流量方法有時會使同類比較變得更加困難。

Thanks very much.

非常感謝。

Dan Fannon, Jeffrey.

丹‧範農，傑弗裡。

Good morning. This is, Rick Roy on for Dan Fannon. And two sets of questions. One focus on the ALTs and then, 11 elsewhere. So on, on CarVal. Now, close to three years since the close. How do you view, I guess the, the current alternatives offering, especially considering the current market dynamic that's going on with CLOs and separately do you have appetite to do additional M&A beyond carve out now, given the timeline since closed?

早安.這是丹‧範農 (Dan Fannon) 的里克‧羅伊 (Rick Roy)。還有兩組問題。其中 1 個重點關注 ALT，然後 11 個其他地方。等等，關於CarVal。現在，距離關閉已近三年了。我想，您如何看待當前的替代產品，特別是考慮到 CLO 正在發生的當前市場動態，以及考慮到截止以來的時間表，您是否有興趣在現在開拓之外進行額外的併購？

Sure, it's Matt, I'll take this. So in terms of CarVal, a little over two years, post-closing and I'd say, look, we, we, first of all, we got, we thought in terms of the people, the investment capabilities, the culture. You know, we've got strong conviction in the business and the long term growth opportunity, specifically the markets that CarVal operates in. If it's private asset backed finance, broadly, the energy transition space, their opportunistic investing capabilities.

當然，是馬特，我接受這個。因此，就 CarVal 而言，兩年多一點，交易結束後，我想說，看，我們，我們，首先，我們從人員、投資能力和文化方面進行了思考。您知道，我們對業務和長期成長機會充滿信心，特別是 CarVal 所在的市場。如果是私人資產支持的金融，從廣義上講，就是能源轉型空間，以及他們的機會主義投資能力。

So all kind of growth vectors, the channels we're looking to penetrate if it's insurance and retail as well. And again, very complementary to our overall existing platform. So look, we're, we're starting to see you know, some, some traction here based on the products that we've been developing over the past two years. We mentioned the, the credit opportunity fund, the interval fund, some traction on the insurance side, asset backed finance more broadly. So, we 're mean very, very convicted and kind of a long term growth opportunity. It's a key driver for, for the overall business.

因此，所有類型的成長載體，我們希望滲透的管道，如果是保險和零售也是如此。再說一遍，這與我們現有的整體平台非常互補。所以看，我們開始看到你知道，基於我們過去兩年開發的產品，這裡有一些吸引力。我們提到了信貸機會基金、區間基金、保險方面的一些牽引力、更廣泛的資產支持金融。所以，我們非常非常確信這是一個長期成長的機會。這是整個業務的關鍵驅動力。

And on CLOs, the third quarter was very strong. We had $1.3 billion in CLOs. We priced multiple CLOs, both in the US and overseas. So that speaks to the global nature of our CLO platform. And the good thing about CLOs is CLOs don't flow through our pipeline. So that flows through sales typically. So that's a bit of an incremental bonus that you don't typically follow in the pipeline.

在 CLO 方面，第三季非常強勁。我們有 13 億美元的 CLO。我們在美國和海外對多種 CLO 進行了定價。這說明了我們 CLO 平台的全球性。CLO 的好處是 CLO 不會流經我們的管道。因此，這通常會透過銷售流動。所以這是一個你通常不會在管道中遵循的增量獎勵。

Understood, appreciate it. And if I could switch gears maybe talking about the APAC strategy. And then kind of separating out into two regions. Obviously, Japan, retail especially has been a source of pretty solid organic growth for you guys. But then also on the other end of the spectrum, talking to obtaining a license in China earlier on here. If you could kind of expand upon these strategies, is there a plan perhaps to expand AUM in the Japan region, perhaps expand into different channels? And then also what is -- has there been any changes to the go-forward strategy for China as well?

明白了，欣賞一下。如果我可以換個話題的話，也許可以談談亞太地區的策略。然後分成兩個區域。顯然，日本，尤其是零售業，一直是你們相當穩定的有機成長的來源。但另一方面，我們也討論了早期在中國獲得許可證的問題。如果您可以擴展這些策略，是否有計劃擴大日本地區的資產管理規模，或擴展到不同的管道？那麼中國的前進戰略是否也有任何變化？

Yeah, sure. Let me address that. In Japan, our organic growth continues. And despite some of the changes with elections, et cetera in Japan, we did not lose any major momentum. So that's great news and it helps a lot with our retail equity picture. And then we have a strong institutional presence in Japan as well as I touched on before. For instance, if there's been a, an early adapter of our systematic fixed income strategies and institutional as an example.

是的，當然。讓我來解決這個問題。在日本，我們的有機成長仍在持續。儘管日本的選舉等發生了一些變化，但我們並沒有失去任何重大動力。所以這是個好消息，對我們的零售資產狀況有很大幫助。正如我之前提到的，我們在日本擁有強大的機構存在。例如，如果有一個我們系統性固定收益策略和機構的早期適應者為例。

So I expect Japan to continue to be a growth geography for us with very healthy fees and margin. In terms of the rest of Asia, as you know, Asia, Japan also is hard to ignore for us given it is a very sizable region and that has been a big driver of our taxable fixed income growth and we continue to look for extensions as we have accomplished in Taiwan looking at ETFs, looking at private credit as additional building block for activating our growth in that region. China as we laid out in the past is a long term play for us like many of our peers.

因此，我預計日本將繼續成為我們的成長地區，並提供非常健康的費用和利潤。就亞洲其他地區而言，如您所知，亞洲、日本對我們來說也很難忽視，因為它是一個非常大的地區，並且一直是我們應稅固定收益增長的重要推動力，我們將繼續尋求擴展我們在台灣已經取得了成就，著眼於ETF，將私人信貸視為激活我們在該地區增長的額外基石。像我們的許多同行一樣，我們過去佈局的中國對我們來說是一個長期的策略。

As you remember, it's a start up business. We just got the license in December 2023 and we launched our first one only in April which was probably one of the worst times in the equity markets. Very pleased with the performance of that IPO. I think at that time it was a top asset gatherer. I'll buy it very low capital these levels at that point.

如您所知，這是一家新創企業。我們剛剛在 2023 年 12 月獲得許可證，並在 4 月才推出了第一個許可證，那可能是股市最糟糕的時期之一。對此次 IPO 的表現非常滿意。我認為當時它是一個頂級的資產收集者。那時我會以非常低的資本購買它。

And we continue to evaluate our strategy in China to see what are the ways to accelerate the time to break even. It's not an outsized investment for us and it's a long term play. So no major changes in our strategy. It's not going to be a agree to our revenue or earnings in the very short term, but it has a sizable long term potential.

我們將繼續評估我們在中國的策略，看看有什麼方法可以加快實現收支平衡的時間。這對我們來說不是一筆巨額投資，而是一項長期投資。所以我們的策略沒有重大改變。它不會在短期內就我們的收入或收益達成一致，但它具有相當大的長期潛力。

Got it. I appreciate the color there and please quick one on CarVal, the update, tax guidance related to the CarVal contingent liability. Is that an expression on perhaps, accounting for future carried interest, relative to when certain obligations were made at the time of the deal or if you could just expand on how that impacted tax balance, if I'm incorrect there?

知道了。我很欣賞那裡的顏色，請快速了解 CarVal、與 CarVal 或有負債相關的最新稅務指南。這是否是一種表達，也許是考慮到未來的附帶權益，相對於交易時履行某些義務的時間，或者您是否可以擴展一下這對稅收平衡的影響，如果我在那裡是不正確的？

Sure. And I'll let Jackie chime in on the tax specifics, but this was related to contingent consideration at the time of the acquisition to the earn out. So we look at this on a quarterly basis and certainly with some of the growth being pushed out, capital raising cycles longer, net deployment slower initially, although that's certainly kind of picking up. That was behind the contingent liability change. So all that considered we still have real conviction as I mentioned in the business and particularly where we're set up to grow in terms of asset classes, if it's private asset backspace, energy transition and the channels we're growing in.

當然。我會讓傑基插話稅收細節，但這與收購時的或有考慮因素有關。因此，我們按季度來看待這個問題，當然，一些增長被推遲，融資週期更長，最初的淨部署速度更慢，儘管這肯定是在回升。這就是或有負債變動的原因。因此，考慮到所有因素，我們仍然有真正的信念，正如我在業務中提到的那樣，特別是在我們準備在資產類別方面實現增長的領域，如果是私人資產退空間、能源轉型和我們正在增長的通路。

So again all really consistent with our thesis behind the acquisition which was to kind of leverage the existing team's investment capabilities, origination capabilities into lower cost of capital strategies, new channels as well.

因此，所有這些都與我們收購背後的論點非常一致，即利用現有團隊的投資能力、發起能力來降低資本成本策略和新管道。

And just to add to that on the tax piece. Yeah, the tax doesn't have anything to do with the with carry. It's, really slowly because of the write down and therefore it's one time in nature this quarter.

只是為了補充稅務方面的內容。是的，稅金和進貨沒有任何關係。由於減記，這真的很慢，因此這是本季的一次。

Got it. Thank you, appreciate it.

知道了。謝謝，很感激。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, everyone. Good morning. This is (inaudible) filling in for Alex. Thank you for taking the question. Just, just a broad question, how do you view the active ETF opportunities that from here, -- You know, what are the type of dialogues that you are having with clients and intermediary channels, do assess the appetite for this product?

嘿，大家。早安.這是（聽不清楚）填補 Alex 的空缺。感謝您提出問題。只是一個廣泛的問題，您如何看待活躍的 ETF 機會，您知道，您與客戶和中介管道進行的對話類型是什麼，是否評估了對該產品的興趣？

Sure. Let me take that. We are roughly two years into our active ETF journey. We had our second anniversary actually in September ‘24. Very pleased with the success out of the gate. Two years in, $5 plus billion of AUM across 15 products. This is all US at this point, given active ETFs have been more widely adopted in the US given tax and other differences. Our product innovation continues. We continue to look at both thematic as well as buffered ETF type of risk managed strategies, and we continue to explore the timing to take our capabilities to overseas markets, whether it's Taiwan or Korea, as examples.

當然。讓我來吧。我們的主動 ETF 之旅已經大約兩年了。事實上，我們在 9 月 24 日度過了兩週年紀念日。對門外的成功感到非常高興。兩年後，15 個產品的資產管理規模達到 5 億多美元。鑑於稅收和其他方面的差異，主動型 ETF 在美國已得到更廣泛的採用，目前這一切都在美國。我們的產品創新仍在持續。我們將繼續關注主題型和緩衝 ETF 類型的風險管理策略，並繼續探索將我們的能力引入海外市場的時機，無論是台灣還是韓國。

The good news about our trajectory is for the ETF product to be added to some of the large broker dealers like warehouses, think about Merrill Morgan, UBS, et cetera, there are typically minimum time in market and AUM thresholds.

關於我們的發展軌跡的好消息是，ETF 產品將被添加到一些大型經紀交易商（例如倉庫）中，例如美林摩根(Merrill Morgan)、瑞銀(UBS) 等，通常有最短入市時間和資產管理規模(AUM) 門檻。

So the longer you are in the market, the more AUM you build up in other channels, whether it's our own private wealth channel, RAA channel, direct channels, then your ability to grow in the large broker dealer channel goes up. Given we are strong partners in that channel with our other products like SMAs, ETFs remains as a great cross sell opportunity for us, and you will see more of our ETFs making to that shelf as the time passes with the duration of the product and AUM thresholds clearing at the minimums. So overall, we remain bullish and that will be a net flow story for us moving forward.

所以你在市場上的時間越長，你在其他管道累積的AUM就越多，無論是我們自己的私人財富管道、RAA管道、直銷管道，那麼你在大型券商管道的成長能力就會上升。鑑於我們與SMA 等其他產品在該通路中是強大的合作夥伴，ETF 對我們來說仍然是一個很好的交叉銷售機會，隨著時間的推移，隨著產品的持續時間和資產管理規模，您將看到更多的ETF 進入該貨架。因此，總體而言，我們仍然看漲，這將是我們前進的淨流量故事。

I think it's worth just noting that 70% of that $5 billion is new money and not conversions from existing strategies. To just owner's point, it's enabled us to take some of our newer ideas and apply them in a new space. And so it's worked, and we continue to want to push on that.

我認為值得注意的是，這 50 億美元中有 70% 是新資金，而不是現有策略的轉換。就業主而言，它使我們能夠採用一些新的想法並將其應用到新的空間中。所以它奏效了，我們將繼續推動這一點。

There are no further questions at this time. Mr. Jorgali, I will turn the call back over to you.

目前沒有其他問題。Jorgali 先生，我會將電話轉回給您。

Thank you all for joining today. Please follow up if you have any questions with IR Have a great day.

感謝大家今天的加入。如果您對 IR 有任何疑問，請跟進祝您有美好的一天。