AllianceBernstein Holding LP (AB) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to the AllianceBernstein third quarter 2025 earnings review. (Operator Instructions)

感謝您的耐心等待，歡迎收看 AllianceBernstein 2025 年第三季財報回顧。（操作說明）

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

再次提醒，本次電話會議正在錄音，會議結束後不久即可在我們的網站上收聽錄音回放。

I would now like to turn the conference over to the host for this call, Head of Investor Relations for AB, Mr. Ioanis Jorgali.

現在，我將把會議交給本次電話會議的主持人，AB投資者關係主管伊奧尼斯·喬加利先生。

Please go ahead.

請繼續。

Good morning, everyone, and welcome to our third quarter 2025 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.

各位早安，歡迎收看我們2025年第三季財報回顧。本次電話會議將進行網路直播，並附有幻燈片演示文稿，該演示文稿已發佈在公司網站 www.allianceBernstein.com 的投資者關係版塊中。

With us today to discuss the company's results for the quarter are Seth Bernstein, President and CEO, and Tom Simeone, CFO. 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總裁兼執行長塞思·伯恩斯坦和財務長湯姆·西蒙尼。全球客戶集團及私人財富主管 Onur Erzan 將在我們的演講結束後接受提問。

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.

我們今天將要介紹的一些資訊屬於前瞻性訊息，需要遵守美國證券交易委員會關於資訊揭露的某些規則和條例。所以，我想指出我們簡報第 2 頁的安全港條款。

You can also find our safe harbor language in the MD&A of our 10-Q which we filed this morning. 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.

您也可以在我們今天早上提交的 10-Q 表格的管理層討論與分析 (MD&A) 部分找到我們的安全港條款。我們根據調整後的業績向單位持有人分配收益，該業績是對我們 GAAP 業績的補充，而不是替代。

Our standard GAAP reporting and a reconciliation of GAAP to adjusted results are in our presentation appendix, press release, and our 10-Q.

我們的標準 GAAP 報告以及 GAAP 與調整後結果的調整表均在我們的示範附錄、新聞稿和 10-Q 文件中。

Under regulation, 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.

根據相關規定，管理階層只能在公開場合回答投資界提出的實質問題，因此請在本次電話會議中提出所有此類問題。

Now I'll turn it over to Seth.

現在我把麥克風交給賽斯。

Good morning and thank you for joining us today. I am delighted to update you on our progress against our goals for AllianceBernstein. Harnessing our diversified investment expertise and deep distribution capabilities, we remain steadfast in our commitment to providing better outcomes for our clients.

早安，感謝各位今天收看我們的節目。我很高興向大家報告我們在實現 AllianceBernstein 目標方面取得的進展。憑藉我們多元化的投資專長和強大的分銷能力，我們始終堅定不移地致力於為客戶提供更好的成果。

On slide 3, I will review the key business highlights of the third quarter. First, firmwide assets under management have reached a new milestone, sitting at $860 billion as of quarter end.

在第 3 張投影片中，我將回顧第三季的主要業務亮點。首先，截至季末，公司整體管理資產規模已達 8,600 億美元，創下新里程碑。

Bernstein Private Wealth has reached a record high of $153 billion bolstering relationships within the ultra-high net worth client segment, including wealth creators, family offices, global families, and business owners.

伯恩斯坦私人財富管理規模已達到創紀錄的 1,530 億美元，鞏固了其在超高淨值客戶群中的地位，其中包括財富創造者、家族辦公室、全球家族和企業主。

Our institutional asset management business with $351 billion in AUM caters to long duration capital pools encompassing private markets, insurance, general account assets, and customized retirement plans.

我們機構資產管理業務的管理資產規模達 3,510 億美元，服務於長期資本池，涵蓋私募市場、保險、一般帳戶資產和客製化退休計畫。

Our $356 billion retail platform serves robust markets like Asia Pacific and US high net worth, offering secularly growing solutions such as SMAs, active ETFs, and model portfolios spanning a diverse asset allocation.

我們擁有 3,560 億美元的零售平台，服務於亞太地區和美國高淨值等強勁市場，提供持續成長的解決方案，例如 SMA、主動型 ETF 和涵蓋多元化資產配置的模型投資組合。

Through scale, improved operating leverage, and a sustainable fee structure, we are driving consistent growth in revenues, earnings, and margins, capturing profitable growth aligned with market dynamics.

透過規模經濟、提高營運槓桿和可持續的收費結構，我們正在推動收入、利潤和利潤率的持續成長，從而實現與市場動態相符的獲利成長。

Second, flow dynamics improved in the third quarter, excluding $4 billion of outflows related to the previously announced equitable RGA reinsurance deal. Our firm wide net flows were $1.7 billion positive.

其次，第三季資金流動動態有所改善，不包括先前宣布的公平 RGA 再保險交易相關的 40 億美元資金流出。我們公司整體淨資金流入為正17億美元。

Demand was led by two secularly growing asset classes and consistent organic growth engines for AB tax exempt fixed income, and private alternatives.

需求主要由兩大長期成長的資產類別以及AB免稅固定收益和私人另類投資的持續內生成長引擎所驅動。

In the third quarter, we had over $4 billion tax exempt inflows, extending our streak of positive organic growth to 11 consecutive quarters. This quarter saw accelerated inflows from both retail and private wealth.

第三季度，我們獲得了超過 40 億美元的免稅資金流入，使我們連續 11 個季度保持了正的內生成長。本季零售和私人財富的流入均加速。

AB is the number one retail Mi SMA manager. We grew our tax-exempt platform to more than $50 billion of AUM despite a very turbulent macro backdrop from muni bonds.

AB是排名第一的零售小米SMA管理商。儘管市政債券市場宏觀環境非常動盪，但我們的免稅平台資產管理規模已成長至超過 500 億美元。

Private markets generated nearly $3 billion of net inflows, reflecting an improved backdrop for commercial real estate, coupled with strong origination for investment grade corporate and ABS private placements.

私募市場產生了近 30 億美元的淨流入，反映出商業房地產環境的改善，以及投資等級企業和資產支持證券私募配售的強勁增長。

While active equities shed over $6 billion driven by growth-oriented redemptions, we're seeing inflows in structured and defensive strategies such as our global structured equities, strategic core, and US select.

儘管受成長型股票贖回的影響，主動型股票基金流失了超過 60 億美元，但我們看到結構化和防禦策略（如我們的全球結構化股票、戰略核心和美國精選策略）出現了資金流入。

Additionally, thematic investments such as Security of the future and our disruptors ETF, FWD, continue to attract strong inflows and deliver relative outperformance.

此外，未來安全基金和我們的顛覆者 ETF（FWD）等主題投資繼續吸引大量資金流入，並帶來相對優異的表現。

Net taxable outflows of approximately $4 billion were largely episodic, excluding the impact from the reinsurance transaction, firmwide taxable flows were flat, reflecting improved retail and private wealth dynamics where we observed modest inflows.

淨應稅資金流出約 40 億美元，這主要是偶發性的；不計再保險交易的影響，公司整體應稅資金流動保持平穩，反映出零售和私人財富動態的改善，我們觀察到適度的資金流入。

Thirdly, we continue to enhance our third-party insurance asset management business, drawing on our extensive 40-plus years of experience in managing insurance assets.

第三，我們將持續加強第三方保險資產管理業務，充分利用我們在保險資產管理方面 40 多年的豐富經驗。

We're excited to announce our new partnership with Fortitude and Strategic Investment in FCARE.

我們很高興地宣布與 Fortitude 和 Strategic Investment 建立新的合作關係，共同投資 FCARE。

This represents another major milestone in our ongoing efforts to expand our leadership in global insurance asset management.

這標誌著我們在不斷擴大全球保險資產管理領域領先地位的努力中又邁出了重要一步。

Leveraging our prominent competitive position in the Asia Pacific market, we're gaining further traction as a partner of choice for insurers in the region.

憑藉我們在亞太市場的顯著競爭地位，我們正進一步鞏固其作為該地區保險公司首選合作夥伴的地位。

Looking ahead, we're eager to expand our collaboration with Fortitude through this partnership.

展望未來，我們渴望透過此次合作擴大與 Fortitude 的合作。

Here to date, we've successfully onboarded seven new insurance GA relationships spanning across 8 strategies. These partnerships necessitate a high touch client service approach that goes beyond traditional asset management.

到目前為止，我們已經成功建立了七個新的保險GA合作關係，涵蓋8個策略。這些合作關係需要一種超越傳統資產管理的高度個人化的客戶服務方式。

We've dedicated substantial operational resources and institutional expertise to provide a comprehensive client experience that is scalable, unlocking additional revenue streams beyond management fees.

我們投入了大量的營運資源和機構專業知識，以提供可擴展的全面客戶體驗，從而在管理費之外開闢額外的收入來源。

Our strategic alliance of equitable gives us a competitive advantage, reinforcing our client centric asset light approach.

我們與Equitable的策略聯盟賦予我們競爭優勢，強化了我們以客戶為中心的輕資產模式。

By leveraging the permanent capital commitment from equitable, we can see and scale our higher fee, longer dated private alternative strategies.

透過利用 Equitable 的永久資本承諾，我們可以看到並擴大我們收費更高、期限更長的私人另類投資策略。

To date we've deployed approximately $17 billion of the $20 billion capital commitment made by Equitable to our AB private market strategies. We see further opportunity to increase this allocation over time as Equitable continues to grow its general account assets.

迄今為止，我們已將 Equitable 承諾投入 200 億美元的資金中的約 170 億美元用於我們的 AB 私募市場策略。隨著 Equitable 一般帳戶資產的持續成長，我們認為未來還有機會進一步增加這部分投資。

Skipping the slide 5, I'll review our investment performance, starting with fixed income. In the US, a weakening labor market and better than feared inflation readings raised the possibility of rate cuts, pushing yields lower.

跳過第 5 張投影片，我將回顧我們的投資業績，首先從固定收益開始。在美國，疲軟的勞動市場和好於預期的通膨數據增加了降息的可能性，從而推低了殖利率。

Conversely, European and Japanese sovereign yields increased due to concerns over government stability, increased fiscal spending, and the conclusion of the European Central Bank's rate cutting cycle.

相反，由於對政府穩定性的擔憂、財政支出增加以及歐洲中央銀行降息週期的結束，歐洲和日本的國債殖利率上升。

Credit markets performed well with investment grade corporate spreads tightening and risk on sentiment for high yield bonds.

信貸市場表現良好，投資等級公司債利差收窄，高收益債券的風險偏好情緒升溫。

The Bloomberg US aggregate bond index returned 2% while the hedge global high yield index returned 2.7% in the third quarter.

第三季度，彭博美國綜合債券指數報酬率為 2%，而對沖全球高收益債券指數報酬率為 2.7%。

Our one-year performance faced challenges due to selection and emerging markets, high yield corporates, and yield curve positioning, which detracted from our returns as longer yields fluctuated, ultimately ending lower. 30% of our fixed-com assets outperformed over the one-year period.

由於選股策略、新興市場、高收益公司債以及殖利率曲線定位等因素，我們一年的業績面臨挑戰，長期殖利率波動導致收益下降，最終收跌。我們30%的固定收益公司債在過去一年表現優異。

Despite rates volatility, active management of duration and credit exposure has generated strong long-term returns, with 86% and 70% of AUM outperforming over the three- and five-year periods respectively.

儘管利率波動，但對久期和信用風險敞口的積極管理產生了強勁的長期回報，三年和五年期間分別有 86% 和 70% 的資產管理規模 (AUM) 表現優異。

Our flagship income strategies, American income and global high yield delivered high single-digit and low double-digit returns over the three-year period. Both outperforming the morning strike categories for that period.

我們的旗艦收益策略——美國收益策略和全球高收益策略——在三年期間實現了高個位數和低兩位數的回報。這兩個類別在同一時期的表現均優於早晨罷工類別。

Notably, we observed a rebound in client flows into American income, reflecting resurgent interest in duration expansion and US dollar denominated assets, highlighting the enduring appeal of US assets supported by attractive rate differentials and deep capital markets.

值得注意的是，我們觀察到客戶資金流入美國收入反彈，反映出市場對久期擴張和美元計價資產的興趣重新高漲，凸顯了美國資產在有吸引力的利率差和深厚的資本市場支撐下的持久吸引力。

Looking ahead, we maintain a positive outlook on fixed income, and we stand ready to capture the next reallocation wave as bonds regain their diversification value, credit fundamentals remain robust and monetary policy clarity increases.

展望未來，我們對固定收益市場保持樂觀態度，並已做好準備，迎接下一波資產重新配置浪潮，屆時債券將重獲多元化價值，信貸基本面依然強勁，貨幣政策的透明度也將提高。

Turning to equities, US equity markets delivered strong returns in the third quarter of 2025, benefiting from the resilient consumer spending, benign inflation readings, and strong GDP and corporate earnings growth.

再來看股票市場，2025 年第三季美國股市表現強勁，受益於消費者支出的韌性、溫和的通膨水準以及強勁的 GDP 和企業獲利成長。

The S&P 500 returned 8.1% during the quarter, reaching record highs. Small cap stocks outperformed large gaps, driving a 12.4% returns for the Russell 2000 in Q3.

標普500指數本季上漲8.1%，創歷史新高。小型股表現優於大盤股，推動羅素 2000 指數在第三季實現了 12.4% 的回報率。

Global developed equities posted positive returns, although they underperformed the US while emerging markets outperformed. Signs of improving market bread are encouraging, but it's important to note that the recent rally was primarily driven by lower quality, unprofitable, high momentum, and heavily shorted names.

全球已開發市場股票錄得正收益，但表現遜於美國股市，而新興市場表現優於美國股市。市場麵包狀況好轉的跡象令人鼓舞，但值得注意的是，最近的上漲主要是由品質較低、獲利能力差、動能高且被大量做空的股票推動的。

Given our limited exposure to these equity baskets, our relative performance was affected, with 22% of assets outperforming over the one year, 41% over the three year, and 53% of our equity AU and outperforming over the five year.

由於我們對這些股票組合的投資有限，我們的相對錶現受到了影響，一年內有 22% 的資產表現優異，三年內有 41% 的資產表現優異，五年內有 53% 的股票 AU 表現優異。

Despite these dynamics weighing on the relative performance across the active industry, our client discussions regarding our decisions to underweight in these riskier names have been positive.

儘管這些動態因素對活躍行業的相對錶現造成了壓力，但我們與客戶就我們減持這些風險較高股票的決定進行的討論是積極的。

Our investment philosophy centered around an active approach to quality investing continues to resonate with those seeking such strategies.

我們以積極主動進行高品質投資為核心的投資理念，持續引起那些尋求此類投資策略的人們的共鳴。

Finally, I want to highlight the growing interest in international equities, where we have a diverse selection of active equity strategies with strong breadth and high-quality product offerings balanced across geographies. These include our international strategic equities, international small cap, international value, emerging market strategic core, China, and emerging markets value.

最後，我想強調人們對國際股票日益增長的興趣，我們擁有種類繁多的主動型股票策略，產品覆蓋面廣、品質高，並且在各個地區之間保持平衡。其中包括我們的國際策略性股票、國際小型股、國際價值股、新興市場策略核心股、中國股和新興市場價值股。

Next, I'll briefly cover channel highlights before doing a deeper dive into our retirement and private alternatives capabilities.

接下來，我將簡要介紹頻道亮點，然後再深入探討我們的退休和私人另類投資能力。

Turning to slide 6 with our retail highlights. Despite facing channel outflows for the second consecutive quarter, we observed a notable uptick in momentum, driven primarily by active fixed income. Sentiment around taxable fixed income has improved as rate volatility stabilized.

接下來請看第6張投影片，了解我們的零售亮點。儘管連續第二季面臨通路資金外流，但我們觀察到動能顯著回升，這主要得益於積極的固定收益投資。隨著利率波動趨於穩定，市場對應稅固定收益產品的看法有所改善。

Taxable net flows rebounded slightly in the third quarter, driven by our fixed income EGF platform in the US and improving demand for our American income product in Asia. Furthermore, our tax exempt retail inflows re-accelerated, growing organically at an impressive 26% annualized rate.

第三季應稅淨流入略有回升，這主要得益於我們在美國的固定收益 EGF 平台以及亞洲對我們美國收益產品的需求不斷改善。此外，我們的免稅零售資金流入再次加速成長，實現了令人矚目的 26% 年化成長率。

We think the bond reallocation theme has more runway, and we stand ready to assist our clients in capturing the enduring value proposition of fixed income as we effectively demonstrated in 2024.

我們認為債券重新配置主題還有更大的發展空間，我們隨時準備協助客戶掌握固定收益的持久價值主張，正如我們在 2024 年有效證明的那樣。

Moving on to slide 7 to cover our institutional channel. Our private alternative services are experiencing significant inflows with a range of existing adjacent and new strategies and illiquid credit attracting substantial investments from equitable and third-party institutions.

接下來請看第 7 張投影片，介紹我們的機構管道。我們的私人另類投資服務正經歷著巨大的資金流入，一系列現有的相鄰和新的策略以及流動性較差的信貸吸引了來自公平和第三方機構的大量投資。

Our pipeline AUM currently sits at around $12 billion, showcasing notable fundings in both liquid and illiquid credit as well as active and passive equities. We anticipate an additional $1.5 billion in private markets AUN in the upcoming quarters, a figure not yet accounted for in our pipeline.

我們目前的在研專案資產管理規模約為 120 億美元，在流動性強和流動性弱的信貸以及主動型和被動型股票方面均有顯著的投資。我們預計未來幾季私募市場 AUN 將增加 15 億美元，這一數字尚未計入我們的專案儲備中。

Next, I'll move to slide 8 to cover private wealth. Through a blend of flexibility, insight, and personal attention, Bernstein Private Weld continues to gain market share in the ultra-high net worth channel. Our private wealth channel delivered strong sales and the highest inflows in 10 quarters, reflecting strong advisory productivity and cross-asset client allocations.

接下來，我將轉到第 8 張投影片，講解私人財富。憑藉靈活性、洞察力和個性化關注，伯恩斯坦私人焊接公司在超高淨值管道中不斷擴大市場份額。我們的私人財富管道實現了強勁的銷售業績和 10 個季度以來最高的資金流入，這反映了強大的諮詢效率和跨資產客戶配置。

Bernstein Private Wealth represents 18% of our firmwide assets with average client tenures more than 10 years, generating approximately 36% of our firmwide revenues.

Bernstein Private Wealth 占我們公司整體資產的 18%，客戶平均服務年資超過 10 年，創造了我們公司整體收入的約 36%。

Moving to slide 9, I'd like to talk about how AB is helping clients navigate one of their most important financial objectives, retiring with confidence.

接下來請看第 9 張投影片，我想談談 AB 如何幫助客戶實現他們最重要的財務目標之一——安心退休。

The retirement landscape has evolved a lot over the years. There are fewer younger workers secure for our aging populations, and with longer life spans, the savings challenge is even greater. The shift from defined benefit to defined contribution plans is reshaping the way people prepare for their golden years.

這些年來，退休環境發生了很大變化。隨著人口老化，能夠穩定就業的年輕勞工越來越少，而且預期壽命越來越長，儲蓄挑戰也更大。從固定收益計畫向固定繳款計畫的轉變，正在重塑人們為退休生活做準備的方式。

More than ever, the burden is on individuals to save on their own and choose their own investments. Getting it wrong could leave them without the reliable income stream and retirement last that EB plans once provided. Innovation has played a pivotal role in addressing the evolving trends and challenges in retirement planning.

如今，個人比以往任何時候都更需要承擔儲蓄和選擇投資的責任。如果處理不當，他們可能會失去EB計畫曾經提供的可靠收入來源和退休保障。創新在應對退休規劃中不斷變化的趨勢和挑戰方面發揮了關鍵作用。

Target date funds became very popular after the passage of the Pension Protection Act of 2006. It was a meaningful step in improving retirement outcomes, and it relieved individuals from the burden of having to make complex asset allocation decisions that they weren't trained to do.

2006 年《退休金保護法》通過後，目標日期基金變得非常受歡迎。這是改善退休結果的重要一步，它減輕了個人做出他們沒有受過相關訓練的複雜資產配置決策的負擔。

But markets have become increasingly complex, and we did continue to innovate by customizing targeted funds at the plan and participant level and incorporating a broader set of asset classes, including private assets and insurance solutions that provide guaranteed lifetime income. AB's Custom target date business was launched in 2006.

但市場變得越來越複雜，我們透過在計劃和參與者層面客製化目標基金，並納入更廣泛的資產類別（包括私人資產和提供終身保障收入的保險解決方案）來不斷創新。AB的客製化目標日期業務於2006年推出。

Today, about two decades later, it stands at approximately $105 billion in assets under management across 27 global clients, mostly concentrated in the US, but also of a meaningful business in the UK, where we've been an industry leader for well over 10 years.

如今，大約二十年後，公司管理的資產規模約為 1050 億美元，客戶遍布全球 27 家公司，主要集中在美國，但在英國也擁有相當可觀的業務，我們在英國已經保持了十多年的行業領先地位。

We've seen more custom target date searches this year and we're pleased to have been selected recently to design and manage a custom target date solution for a large US insurance company's DC plan. It's the second mandate we've won this year. Combined a total nearly $4 billion, and both will be implemented in the first half of 2026.

今年我們看到了更多客製化目標日期搜索，我們很高興最近被選中為一家大型美國保險公司的 DC 計劃設計和管理客製化目標日期解決方案。這是我們今年贏得的第二個任期。兩項計畫總投資近 40 億美元，都將於 2026 年上半年實施。

Additionally, we were selected earlier this year to run a custom retirement solution for one of the largest DC Master trusts in the UK, which is expected to grow to significant scale over time.

此外，今年早些時候，我們被選中為英國最大的 DC Master 信託基金之一提供客製化的退休解決方案，預計該基金將隨著時間的推移而發展到相當大的規模。

In collaboration with Equitable, we were first movers in the [implan] lifetime income market. Our industry leading lifetime income strategy, also known as LIS, manages $13.5 billion of total assets, and $5 billion of that is guaranteed by five insurance companies.

我們與 Equitable 合作，率先進入了 [implan] 終身收入市場。我們業界領先的終身收入策略（也稱為 LIS）管理著 135 億美元的總資產，其中 50 億美元由五家保險公司擔保。

LIS gives DC plan participants a personalized target date portfolio with a flexible guaranteed income option addressing both their accumulation and the accumulation needs.

LIS 為 DC 計劃參與者提供個人化的目標日期投資組合，並提供靈活的保證收入選項，以滿足他們的累積和成長需求。

When we first launched LIS in 2012, we designed it to comply with QDIA regulations so that it could be a true default option for DC plans.

2012 年我們首次推出 LIS 時，我們將其設計為符合 QDIA 法規，以便它能夠成為 DC 計劃的真正預設選項。

Our team's foresight proved invaluable. On September 23rd, an advisory opinion from the US Department of Labor affirmed that DC plan sponsors can benefit from ERISA's fiduciary safe harbor when they select AB's LIS program.

事實證明，我們團隊的遠見卓識至關重要。9 月 23 日，美國勞工部發布諮詢意見，確認 DC 計劃發起人選擇 AB 的 LIS 計劃時，可以從 ERISA 的受託人安全港中受益。

This endorsement validates our approach and offers further reassurance to plan sponsors. The guidance significantly reduces regulatory uncertainty and shields our planned sponsor clients from potential litigation risks that empowers them to focus on what really matters, solving for the best outcome for their participants.

這項認可肯定了我們的方法，並進一步增強了計劃發起人的信心。該指南顯著降低了監管的不確定性，並保護我們計劃的贊助商客戶免受潛在的訴訟風險，使他們能夠專注於真正重要的事情，為他們的參與者爭取最佳結果。

In fact, participants in our multi-insurer secured income portfolio have both guaranteed income for life and net a few returns that have exceeded the typical target date on benchmarks since inception.

事實上，我們多保險公司擔保收益投資組合的參與者不僅享有終身保障收入，而且自成立以來，其淨收益還超過了基準的典型目標日期。

Our design allows us to take on higher equity exposure and has delivered returns that have offset the cost of the insurance.

我們的設計使我們能夠承擔更高的股票投資，並且所獲得的收益已經抵消了保險成本。

We continue to expand our lifetime income platform to provide choice to plan sponsors. This includes the option to add lifetime income without changing their current target date provider and a new fixed annuity version of the SAB secured income portfolio.

我們將繼續拓展終身收入平台，為計劃發起人提供更多選擇。這包括在不改變其當前目標日期提供者的情況下增加終身收入的選項，以及 SAB 擔保收入組合的新固定年金版本。

Combining the recent DOL advisory opinion with our 13-year track record, expanded lifetime income solutions platform, and ongoing integrations with additional record keepers, we are well positioned to benefit as interest in these solutions continues to grow.

結合美國勞工部最近的諮詢意見、我們 13 年的業績記錄、不斷擴展的終身收入解決方案平台以及與更多記錄保存機構的持續整合，隨著人們對這些解決方案的興趣持續增長，我們已做好充分準備從中受益。

Expanding access to private assets and DC plans is another area where ABs innovation has already been addressing the need for more diversification and new return sources.

擴大對私人資產和退休金計畫的取得途徑是AB創新已經著手解決多元化投資和新回報來源需求的另一個領域。

We believe that incorporating private assets and target date funds can help deliver long-term results while also minimizing downside risks for participants.

我們相信，納入私募資產和目標日期基金可以幫助實現長期收益，同時最大限度地降低參與者的下行風險。

We've been doing this for a decade now in both the US and the UK. We've embedded private assets into glidePass from many of our clients. This includes both corporate and public plans and spans private market segments such as private equity, private credit, and private real estate.

我們在美國和英國都從事這項工作已經十年了。我們已將許多客戶的私有資產嵌入到 glidePass 中。這包括企業和公共計劃，並涵蓋私募股權、私募信貸和私募房地產等私人市場領域。

Finally, I'd like to close with slide 10, which highlights our private market capabilities and our strong growth in this platform.

最後，我想以第 10 張投影片作為結尾，該投影片重點介紹了我們的私募市場能力以及我們在該平台上的強勁成長。

Over the past decades, we've successfully expanded our private markets platform to nearly $80 billion in fee paying and fee eligible assets under management, representing a 17% year over year growth.

在過去的幾十年裡，我們成功地將私募市場平台擴展到近 800 億美元的收費和符合收費條件的資產管理規模，年增 17%。

We focus on credit oriented strategies, offering diverse capabilities tailored to various risk, return, and portfolio objectives.

我們專注於信貸導向策略，提供多樣化的服務，以滿足不同的風險、回報和投資組合目標。

AB Private Credit Investors, or ABPCI, our $22 billion middle market direct lending platform, has a 17 year track record investing in directly originated privately negotiated loans to core middle market companies, offering a variety of solutions to institutional, insurance, and individual investor clients.

AB Private Credit Investors（簡稱 ABPCI）是我們規模達 220 億美元的中端市場直接貸款平台，擁有 17 年的投資記錄，專注於直接發起並私下協商向核心中端市場公司提供貸款，為機構、保險和個人投資者客戶提供各種解決方案。

ABC Carbo, our $20 billion global asset-based credit platform, has a 38 year track record specializing in consumer, real estate, aviation, and energy transition opportunities, investing across drawdown, evergreen and interval funds and across the capital structure from investment grade, private credit through opportunistic investing.

ABC Carbo 是我們規模達 200 億美元的全球資產信貸平台，擁有 38 年的業績記錄，專注於消費、房地產、航空和能源轉型機會，投資範圍涵蓋提取型、常青型和間隔型基金，以及從投資級、私募信貸到機會型投資的整個資本結構。

US and European commercial real estate lending, our $12 billion commercial real estate lending platform, invests across property type and business plan in the US and Europe, spanning multiple risk return profiles with fundle, and SMA offerings.

我們的 120 億美元商業房地產貸款平台，投資於美國和歐洲的各種房地產類型和商業計劃，涵蓋多種風險回報概況，並提供基金和 SMA 產品。

Corporate and structured private placements. Our $18 billion dollar platform offers a differentiated relative value orientation to complement investment grade portfolios.

企業及結構化私募配售。我們價值 180 億美元的平台提供差異化的相對價值導向，以補充投資等級投資組合。

In addition to continued organic growth in this business, the private credit markets continued to scale and diversify. We're actively exploring strategic partnerships and lift outs to further expand our capabilities. For instance, our structured private placement team, we onboarded approximately one year ago and already manages more than $2 billion in AUM.

除了業務的持續內生成長外，私人信貸市場也在不斷擴大規模和多元化發展。我們正在積極探索策略合作夥伴關係和外包項目，以進一步擴大我們的能力。例如，我們大約一年前成立的結構化私募配售團隊，目前管理的資產規模已超過 20 億美元。

More recently, we added a correspondent residential mortgage team to expand the origination capabilities of our existing residential mortgage platform.

最近，我們新增了一支代理住宅抵押貸款團隊，以擴大我們現有住宅抵押貸款平台的貸款發放能力。

Our relationship with equitable provides us with significant competitive advantage as we expand our private markets business. We continue to scale existing and develop new solutions in partnership with equitable, leveraging our existing investment teams such as residential mortgages, Nav Lending, and private investment grade asset-backed finance.

我們與 Equitable 的合作關係為我們拓展私募市場業務提供了顯著的競爭優勢。我們繼續與公平合作，擴大現有解決方案的規模並開發新的解決方案，利用我們現有的投資團隊，例如住宅抵押貸款、Nav Lending 和私人投資級資產支持融資。

These solutions are also core to our offering to other insurance and institutional clients, helping drive diversified growth in our private markets franchise.

這些解決方案也是我們為其他保險和機構客戶提供的核心產品，有助於推動我們在私募市場業務的多元化成長。

Our ability to provide borrowers with a range of solutions across the cost of the capital spectrum and match those investment opportunities to the various risk reward profiles of our diversified client base is a competitive advantage.

我們能夠為借款人提供涵蓋資本成本範圍的各種解決方案，並將這些投資機會與我們多元化客戶群的各種風險回報狀況相匹配，這是我們的競爭優勢。

With strong momentum in the business, we're confident that we'll achieve our target of $90 billion to $100 billion of assets under management by 2027.

憑藉強勁的業務發展勢頭，我們有信心在 2027 年實現管理資產規模達到 900 億美元至 1,000 億美元的目標。

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

現在我把麥克風交給湯姆，讓他來報告我們的財務表現。

Thank you, Seth. We are pleased to report strong financial performance in the 3rd quarter, reflecting growth in asset management fees driven by record AUM and focused expense discipline.

謝謝你，塞思。我們很高興地報告第三季強勁的財務業績，這反映了資產管理費的成長，而資產管理規模創歷史新高，且支出控制得當。

Adjusted earnings for the 3rd quarter came in at $0.86 per unit, representing a 12% increase compared to the prior year. Distributions grew uniformly with EPU as we distribute 100% of our adjusted earnings to unit holders.

第三季調整後單位收益為 0.86 美元，比上年同期成長 12%。隨著 EPU 的成長，分配額也同步成長，因為我們將 100% 的調整後收益分配給單位持有人。

On slide 11 we present our adjusted results which exclude certain items not considered part of our core operating business.

第 11 頁展示了我們調整後的業績，其中不包括某些不屬於我們核心經營業務的項目。

For a detailed reconciliation of GAAP and adjusted financials, please refer to our presentation appendix or 10.

有關 GAAP 和調整後財務數據的詳細調節，請參閱我們的演示附錄或第 10 頁。

In the third quarter, net revenues reached $885 million a 5% increase compared to the prior year. Base fees grew 5% year over year in line with net revenues. Total performance fees of approximately $20 million decreased by $6 million.

第三季淨收入達 8.85 億美元，比上年同期成長 5%。基本費用年增 5%，與淨收入成長一致。總演出費約2000萬美元，減少了600萬美元。

Dividend and interest revenue along with broker dealer related interest expense declined compared to the prior year, reflecting lower cash and margin balances within private wealth. Investment gains totaled $8 million while other revenues were flat versus the prior year.

與前一年相比，股息和利息收入以及經紀交易商相關的利息支出有所下降，反映出私人財富中的現金和保證金餘額減少。投資收益總計 800 萬美元，而其他收入則與前一年持平。

Moving to expenses, our third quarter total adjusted operating expenses were roughly flat at $582 million compared to the prior year.

從支出來看，我們第三季的調整後營運支出總額與去年同期相比基本持平，為 5.82 億美元。

In the third quarter, total compensation and benefits expenses amounted to $439 million representing a 6% increase in absolute dollar terms compared to the previous year.

第三季度，薪資和福利總支出為 4.39 億美元，以絕對美元計算比上年同期成長 6%。

This was due to a 48.5% compensation ratio of adjusted net revenues, slightly higher than the 48% ratio reported last year. We expect our fourth-quarter 2025 compensation to revenue ratio will remain at 48.5%. We see potential upside if Mars remains supportive for the remainder of the year.

這是由於調整後淨收入的薪酬比率為 48.5%，略高於去年報告的 48% 比率。我們預計 2025 年第四季薪酬與收入比率將維持在 48.5%。如果火星在今年剩餘時間繼續保持支撐，我們認為存在上漲潛力。

Compared to the previous year, third quarter promotion and servicing costs remained stable, while general and administrative expenses decreased by 17% year over year.

與去年同期相比，第三季促銷及服務成本維持穩定，而一般及行政費用較去年同期下降17%。

This reduction was primarily due to lower professional fees and a one-time accelerated lease expense of around $12 million in the third quarter of 2024. Year-to-date, our non-compensation expenses are approximately $437 million tracking better than a revised full year guidance range of $600 million to $620 million for 2025.

這一減少主要是由於專業費用降低以及 2024 年第三季一次性加速租賃支出約 1,200 萬美元。今年迄今為止，我們的非薪資支出約為 4.37 億美元，優於 2025 年修訂後的全年指引範圍 6 億美元至 6.2 億美元。

As a result of expense discipline and enhanced operational efficiency, we are again lowering our non-compensation expense projection to fall within $600 million to $610 million for the full year, anticipating a tick up in the fourth quarter of 2025.

由於成本控制和營運效率的提高，我們再次下調了全年非薪酬支出預測，預計在 2025 年第四季將降至 6 億美元至 6.1 億美元之間，並預計該支出將略有上升。

As a reminder, promotion and servicing accounts for roughly 20% to 25% of non-com expenses and G&A for 75% to 80%. Third-quarter interest on borrowings decreased by roughly $1 million versus the prior year due to lower cost of debt and lower debt balances. We have not funded our commitment to the Ruby Re sidecar, which we now expect will be called in 2026.

提醒一下，促銷和服務費用約佔非公司支出的 20% 至 25%，一般及行政費用約佔 75% 至 80%。由於債務成本降低和債務餘額減少，第三季借款利息較上年同期減少了約 100 萬美元。我們尚未為 Ruby Re 邊車計畫提供資金，我們預計該計畫將於 2026 年啟動。

In the meantime, we are pleased with the progress of the partnership and look forward to further advancing our collaboration with RGA.

同時，我們對合作進展感到滿意，並期待與RGA進一步推進合作。

ABLP's effective tax rate was 6% in the third quarter in line with our full year guidance of 6% to 7%. Our operating income of $303 million is up 15% versus the prior year, reflecting strong margin expansion of 290 basis points.

ABLP 第三季的實際稅率為 6%，與我們全年 6% 至 7% 的預期相符。我們的營業收入為 3.03 億美元，比上年成長 15%，利潤率大幅提升 290 個基點。

Over the last three years, operating income has grown at a 13% figure, reflecting 7% growth in revenues, excluding Bernstein research. While markets have been a tailwind to equity driven revenues, that has not necessarily been the case for fixed income markets. We have managed to grow our liquid and private credit platforms largely organically, capitalizing on our strategic relationship with equitable.

過去三年，營業收入成長了 13%，反映出收入成長了 7%（不包括伯恩斯坦研究）。雖然市場對股票驅動型收入起到了推動作用，但固定收益市場的情況未必如此。我們已成功實現流動性和私人信貸平台的有機成長，充分利用了我們與 Equitable 的策略關係。

At the same time, we have delivered on initiatives such as the Bernstein Research Deconsolidation and the real estate relocation strategy to further enhance profitability and boost margins.

同時，我們落實了伯恩斯坦研究業務分割和房地產搬遷策略等舉措，以進一步提高獲利能力和利潤率。

Transitioning to slide 12, I'll cover the trajectory of our firm wide base fee rate, net of distribution expenses. In the third quarter of 2025, our firmwide fee rate increased to 38.9 basis points versus 38.7 bps in the prior quarter.

接下來，我將轉到第 12 張投影片，介紹我們公司整體基本費率（扣除分銷費用後）的走勢。2025 年第三季度，我們公司整體收費率從上一季的 38.7 個基點上升至 38.9 個基點。

The sequential shift in AUM was supportive in 3Q as equity markets outpace fixed income returns. Average active equity AUM made up 32.8% of firmwide AUM in the third quarter versus 32.3% in the prior quarter, but this is below the prior year's 34% reflecting a negative year on year mix.

第三季資產管理規模的環比變化起到了支撐作用，因為股票市場的表現超過了固定收益市場的回報。第三季度，主動型股票平均資產管理規模占公司整體資產管理規模的 32.8%，而上一季為 32.3%，但低於去年同期的 34%，反映出同比下降的資產組合。

Partially offsetting market dynamics, quarterly flows and FX dynamics were less supportive to our firm wide fee rate. We observed outflows from higher fee retail services alongside organic growth and lower fee categories such as SMAs, ETFs, and retirement.

部分抵銷市場動態的影響，季度資金流動和外匯動態對我們公司整體收費率的支持力度較小。我們觀察到，隨著自有資金成長和自管帳戶、交易所交易基金和退休金等低收費類別的資金外流，高收費零售服務出現了資金流出。

We continue to grow our private market capabilities, which has also been supportive against the industry-wide fee rate pressures. Our historical track record demonstrates a relatively durable fee rate with our regional sales mix and strategic growth initiatives helping to partially mitigate industry-wide fee erosion.

我們不斷提昇在私人市場的能力，這也有助於我們抵禦整個產業面臨的收費壓力。我們的歷史業績表明，我們的收費率相對穩定，區域銷售組合和策略成長措施有助於部分緩解整個行業的收費下滑。

Over the past five years, our base fee rate has generally fluctuated between 39 and 40 basis points, reflecting relative stability versus the industry.

過去五年，我們的基本費率通常在 39 到 40 個基點之間波動，反映出相對於產業的相對穩定性。

Our all-in fee rate, including performance fees, has ticked higher over time, reflecting the growth in our private markets AM. We are making significant strides in tapping into the secularly growing long duration capital pools that we can scale rapidly, leveraging our partnership with equitable and our unique distribution capabilities.

隨著時間的推移，包括業績費在內的總費用率有所上升，反映了我們私募市場資產管理業務的成長。我們正在利用長期資本池快速擴張，並取得重大進展，這得益於我們與公平的合作關係以及我們獨特的分配能力。

We remain enthusiastic about the value we bring to our clients and shareholders by focusing on scalable long duration assets that align with our commitment to sustainable organic growth and long-term profitability rather than solely concentrating on fee rates.

我們仍然對透過專注於可擴展的長期資產為客戶和股東帶來的價值充滿熱情，這符合我們對可持續內生成長和長期盈利能力的承諾，而不是僅僅關注費率。

Slide 13 offers a breakdown of our performance views across private and public strategies. Third-quarter performance related fees totaled approximately $20 million with nearly $18 million generated through our direct lending platform within private wealth and approximately $2 million from institutional services, both public and private.

第 13 張投影片詳細分析了我們對私營和公共策略績效的看法。第三季業績相關費用總計約 2,000 萬美元，其中近 1,800 萬美元來自我們在私人財富領域的直接貸款平台，約 200 萬美元來自公共和私人機構服務。

In the fourth quarter, we expect an additional $35 to $40 million in private market performance fees reflecting modest upside from AB Carval's strong performance coupled with an improved real estate backdrop for our CRE debt services.

第四季度，我們預計將獲得額外的 3,500 萬至 4,000 萬美元私募市場業績費，這反映了 AB Carval 強勁業績帶來的適度增長，以及我們商業地產債務服務房地產環境的改善。

Strong year-to-date public markets have also increased the likelihood of upside from public market strategies that could potentially crystallize in the fourth quarter, assuming stable markets. Therefore, we expect an additional $5 million to $25 million from public performance fees.

今年迄今強勁的公開市場表現也增加了公開市場策略帶來上漲的可能性，這些策略可能會在第四季度實現（假設市場保持穩定）。因此，我們預計公開演出費將額外帶來 500 萬至 2,500 萬美元的收入。

All in, we are raising our full year performance fee guide to $130 million to $155 million in total performance fees from our prior guide of $110 million to $130 million. As you can see, the range of potential outcome will largely be driven by our public market strategies.

綜上所述，我們將全年業績費預期從先前的 1.1 億美元至 1.3 億美元上調至 1.3 億美元至 1.55 億美元。如您所見，潛在結果的範圍將主要取決於我們的公開市場策略。

Assuming flat markets, we view our guide as a floor rather than a ceiling, although we caution that the prior year upside was largely driven by sector specific windfalls in select public strategies.

假設市場平穩，我們認為我們的指導方針是下限而不是上限，儘管我們提醒，前一年的上漲主要由特定行業的特定公共策略帶來的意外之財所驅動。

Although public data is volatile and difficult to predict, our public alternative strategies improve our market leverage profile and provide additional upside and strong markets.

儘管公開數據波動較大且難以預測，但我們的公開替代策略可以改善我們的市場槓桿狀況，並提供額外的上漲空間和強勁的市場表現。

This complements our more dependable private market performance fees, creating an attractive performance fee stream for our business. Turning to slide 14, as previously mentioned, the adjusted operating margin rose to 34.2% in the third quarter, a 209 basis point increase from the prior year.

這與我們更可靠的私募市場業績費相輔相成，為我們的業務創造了有吸引力的業績費來源。翻到第 14 張投影片，如前所述，第三季調整後的營業利潤率上升至 34.2%，比上年同期成長 209 個基點。

As a result of favorable market conditions and improved operational efficiency, our year-to-date adjusted margin of 33.4% stands above our market neutral forecast of 33%. We are pleased with the progress we have made to enhance margins currently exceeding the midpoint of our investor data target.

由於市場環境有利，營運效率提高，我們今年迄今的調整後利潤率為 33.4%，高於我們 33% 的市場中性預測。我們對目前在提高利潤率方面取得的進展感到滿意，利潤率目前已超過投資者數據目標的中點。

As we have successfully executed on our major market neutral initiatives to boost margins, including the successful completion of the Bernstein Research deconsolidation and the North America relocation strategy, we see market performance and scalability as the primary drivers for future margin expansion.

由於我們已成功執行了旨在提高利潤率的主要市場中性舉措，包括成功完成伯恩斯坦研究公司分割和北美搬遷策略，我們認為市場表現和可擴展性是未來利潤率擴張的主要驅動力。

Our strategic focus includes allocating resources to targeted growth initiatives like adding investment teams, new product launches, and marketing efforts which are aimed at delivering enhanced earnings over time. While we continue to be disciplined on expenses, we are committed to investing in growth to create lasting value for our unit holders.

我們的策略重點包括將資源分配給有針對性的成長計劃，例如增加投資團隊、推出新產品和開展行銷活動，旨在隨著時間的推移提高收益。在繼續嚴格控制開支的同時，我們致力於投資成長，為我們的單位持有者創造持久價值。

We expect our ongoing allocation of resources to targeted growth initiatives such as new teams and products to drive organic growth and sustainable profitability over the long-term.

我們期望持續向有針對性的成長計畫（例如組建新團隊和開發新產品）投入資源，從而推動長期的有機成長和永續獲利能力。

Before we proceed to the Q&A session, I want to express my sincere appreciation to all my colleagues for their continued contributions and commitment. We are steadfast in our goal to efficiently allocate capital, create value for our clients, investors, employees, and stakeholders by simultaneously diversifying and expanding our business.

在進入問答環節之前，我想對所有同事的持續貢獻和奉獻表示衷心的感謝。我們堅定不移地致力於高效配置資本，透過業務多元化和擴張，為我們的客戶、投資者、員工和利害關係人創造價值。

With that, we are pleased to answer your questions, operator.

操作員，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Okay, thank you. Good morning. I apologize for my voice is dealing with a bit of a situation here.

好的，謝謝。早安.很抱歉，我的聲音有點問題。

Maybe starting on the insurance opportunity, I was wanting to flesh out maybe how the economic opportunity would sit with the opportunity with Carlisle, and then I think you mentioned in your commentary that the Ruby might get extended out to 2026, so wondering is that a delay and what might be driving that.

或許可以先從保險業的機會說起，我想詳細探討一下經濟機會與卡萊爾的機會是如何契合的，然後我想你在評論中提到紅寶石獎可能會延期到 2026 年，所以我想知道這是否意味著延期，以及是什麼原因導致了延期。

Thank you.

謝謝。

Hi, Bill. Let me, take that. Yes, we are very excited about the continued momentum in our insurance asset management business and FCA re is our second, sidecar investments, to build on that, positive experience we had with Rubire.

你好，比爾。讓我來拿。是的，我們對保險資產管理業務的持續發展勢頭感到非常興奮，FCA re 是我們繼 Rubire 之後的第二筆配套投資，旨在鞏固我們在該領域的積極經驗。

Everything is going as planned, with Rubire. We are pleased with the results to date. It's in line with our IRR expectations, and the relationship with RGA is off to a phenomenal start, with all of the IMAs in place and we already started, deploying, capital in all of the IMAs we have across multiple private als, mandates. So all in all, no issues. With the sidecar expectations, performance, as well as our RGA, relationship, that is obviously independent of the sidecar given we manage assets for the IGA balance sheet.

一切都按計劃進行，Rubire 也參與其中。我們對目前所取得的成果感到滿意。這符合我們的內部收益率預期，與 RGA 的關係開局非常順利，所有投資管理協議 (IMA) 都已到位，我們已經開始在我們所有多個私募股權基金 (AL) 的 IMA 中部署資金。總而言之，沒有問題。考慮到邊車的預期、性能以及我們與 RGA 的關係，這顯然與邊車無關，因為我們為 IGA 資產負債表管理資產。

And on the FCARE, obviously Carlisle is one of the, investors with fortitude as well as a number of, Asian insurance companies. We really like that sidecar and it's additive to Rubire because Rubire is in the asset intensive space, primarily US liabilities versus the FCAE takes us to very attractive Asian insurance markets. It's also quite synergistic with our broader Asia strategy. So all in all, in terms of our insurance strategy with 7 new clients in in G.

顯然，在 FCARE 上，卡萊爾是其中一位具有堅定決心的投資者，還有許多亞洲保險公司。我們非常喜歡這個邊車，它對 Rubire 來說是錦上添花，因為 Rubire 屬於資產密集領域，主要是美國負債，而 FCAE 將我們帶入了極具吸引力的亞洲保險市場。這與我們更廣泛的亞洲策略也具有強烈的協同效應。總而言之，就我們的保險策略而言，我們在 G 地區新增了 7 位客戶。

And 2025 in general relationships with 8 new mandates and with two successful side card investments we believe we are on track.

2025 年，總體而言，憑藉 8 項新的委託和兩項成功的附屬投資，我們相信我們正按計劃進行。

And Bill, hi, it's Seth and I hope you're feeling better, but just to clarify, the timing of the funding on RGA hasn't changed.

比爾，你好，我是塞思，希望你感覺好些了。不過要澄清的是，RGA 的資金到位時間並沒有改變。

It was always going to be deferred, I mean it was always scheduled to be over this period, so I don't think there's any. Delay of any sort to note.

這件事本來就注定要延期，我的意思是，它一直都計劃在這個時期進行，所以我認為沒有什麼問題。任何形式的延誤都應予以記錄。

Okay, thank you for the clarification. And just me the second question. Just seems like a lot of attention around the opportunity in private credit. So if you could speak to just a couple of different facets. Maybe what you're seeing in terms of credit quality seems to be quite a kerfuffle out there, which doesn't seem logical to us, but nonetheless, and I was wondering if you could also help us understand what the rate sensitivity might be to the extent that forward rates come down and how we might think about part one fees in 2026.

好的，謝謝你的解釋。第二個問題只有我一個人回答。感覺大家對私人信貸領域的機會給予了極大的關注。所以，如果您能談談其中幾個不同的方面就太好了。或許您看到的信貸品質方面似乎一片混亂，這在我們看來並不合乎邏輯，但無論如何，我想知道您是否也能幫助我們了解，如果遠期利率下降，利率敏感性會有多大，以及我們應該如何看待 2026 年的第一部分費用。

Thank you.

謝謝。

Well, let me start and whether it makes sense, or not, Tom should jump in if I missed part of the answer. We, as we look at our various private credit teams, we see pretty competitive environments, pretty, aggressive bidding for transactions across different asset classes. With maybe the exception of commercial real estate, which, as has been out of favor for a while, although we do see more and more opportunities there.

好吧，讓我先開始吧，不管我的回答是否合理，如果我遺漏了任何部分，湯姆都應該插話補充。當我們審視我們各個私人信貸團隊時，我們發現競爭環境相當激烈，不同資產類別的交易競標都非常積極。或許商業房地產是個例外，它已經有一段時間不受歡迎了，儘管我們看到那裡的機會越來越多。

I'd also say that We do believe these are one-off transactions and don't, issues and don't suggest a broader material deterioration in credit quality. The economy continues to be fairly robust, albeit slowing. The maturities that many of our counterparties are facing are manageable, and their cash flow generation is positive. So, on balance, we think we're in pretty good shape.

我還要說，我們認為這些都是一次性交易，並不構成問題，也不顯示信貸品質出現了更廣泛的實質惡化。儘管增速放緩，但經濟依然相當強勁。我們許多交易對手面臨的到期債務都在可控範圍內，而且他們的現金流狀況良好。所以總的來說，我們認為我們目前的狀況相當不錯。

With respect to Firstrans, which is one of the names you did mention. We do have exposure there and we think we're pretty well protected, given that ours was an inventory financing vehicle rather than funding receivables and we have a perfected interest and look, there's time is going to tell, but we feel at this point, given the discussions we've had with all parties, we're sitting in a pretty good place. So all in all, we feel that they're continuing to grow. There will be deterioration in credits more broadly, and there will be individual names where fraud and other issues do arise, but we're not in any way shaken or disturbed by the course of the market.

關於您提到的Firstrans公司。我們確實在那方面有投資，但我們認為我們受到了很好的保護，因為我們的投資是庫存融資工具，而不是應收帳款融資，而且我們擁有完善的權益。時間會證明一切，但就目前而言，考慮到我們與各方進行的討論，我們感覺我們的處境相當不錯。總而言之，我們認為他們正在持續發展壯大。信貸整體狀況將會惡化，個別公司也會出現詐欺和其他問題，但我們絲毫不會因市場走勢而感到動搖或不安。

Yeah, I think the only thing I did there, Seth, is as rates decline that may have an impact on our ability to generate performance fees.

是的，塞思，我覺得我在那裡唯一做的事情就是，隨著利率下降，這可能會影響我們獲得演出費用的能力。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thanks. Good morning, Seth. Hope everyone's doing well. My question is on your Asia business and what you're seeing and hearing from investors in the region.

謝謝。早安，塞思。希望大家都好。我的問題是關於您在亞洲的業務，以及您從該地區的投資者那裡看到和聽到的情況。

Following liberation day and the trade conflict in the first half of the year, how have investors in Asia reacted to that? Have you seen any demand rotations, from US to Asia product or from US to global product?

在解放日和上半年的貿易衝突之後，亞洲投資者對此有何反應？您是否觀察到任何需求輪動現象，例如從美國產品轉向亞洲產品，或從美國產品轉向全球產品？

Hi, Greg. Onur. Let me, take that question. To answer specifically for, Alliance Bernstein, actually in the 3rd quarter, we definitely saw, improvement in our Asia business, particularly in taxable fixed income. And we continue to see strong engagement from institutional clients as well. So all in all, despite the noise from tariffs, some of the debasement of the US dollar, we have not experienced any major impact on our business, but in our travels anecdotally. Clients talk more about getting exposure to other currencies and diversifying more into global and international equities.

嗨，格雷格。奧努爾。讓我來回答這個問題。具體來說，就 Alliance Bernstein 而言，在第三季度，我們確實看到亞洲業務有所改善，尤其是在應稅固定收益方面。我們也持續看到機構客戶的積極參與。總而言之，儘管關稅和美元貶值帶來了一些噪音，但我們的業務並未受到任何重大影響，不過從我們的旅行經歷來看，情況確實有所不同。客戶則更多地談論如何獲得其他貨幣的投資機會，以及如何將投資組合更加多元化，投資於全球和國際股票。

And also let me emphasize that our equities platform is a global platform. So although we are a US headquartered global asset manager, our equity strategies are global. We have international strategies, we have regional strategies, we have global strategies, so we are not necessarily at a disadvantage if there is a rotation.

另外，我想強調的是，我們的股票交易平台是一個全球性平台。因此，儘管我們是一家總部位於美國的全球資產管理公司，但我們的股票策略是全球性的。我們有國際戰略、區域戰略和全球戰略，所以即使出現輪換，我們也不一定處於劣勢。

Away on a tactical basis or a structural basis from US equities into international or global, in our case, I think the pressure has been, primarily in our, large cap growth, product, and that is isolated in Japan, obviously as we have delivered very impressive performance in Japan through that product over many. Supporters, I think it's natural to see some slowdown at some point, but I believe that is a much more product specific trend as opposed to a broader structural or systemic risk for our business. Craig.

從美國股票轉向國際或全球股票，無論是從戰術層面還是結構層面，就我們而言，我認為壓力主要集中在我們的大盤成長股產品上，而這在日本是相對獨立的，因為我們透過該產品在日本取得了非常令人印象深刻的業績。支持者們，我認為在某個時候出現一些放緩是正常的，但我認為這更多的是一種產品特有的趨勢，而不是我們業務面臨的更廣泛的結構性或系統性風險。克雷格。

I would just add that, we have on the ground fundamental research capabilities in in China and in broader Asia. And we are seeing more and more inquiries for those strategies principally from outside the US, but that interest is there and growing, and I would also say just back on the institutional point in Asia, we are continuing to see demand institutionally for US fixed income.

我還要補充一點，我們在中國乃至整個亞洲都擁有實地基礎研究能力。我們看到越來越多的人對這些策略進行諮詢，主要來自美國以外的地方，但這種興趣確實存在並且還在增長。我還想說，就亞洲的機構投資者而言，我們繼續看到機構投資者對美國固定收益產品的需求。

Got it. Thank you, Seth. For my follow-up, I just wanted some clarifications on the strategic partnership with Fortitude Carlisle Asia rate. So, how much capital do you invest in that sidecar? Where did those funds come from? And then I think you plan to manage private and liquid credit.

知道了。謝謝你，塞思。我接下來想問的是，關於與 Fortitude Carlisle Asia 的戰略合作夥伴關係以及相關利率，我需要一些澄清。那麼，你在這輛邊車上投入了多少資金？這些資金從何而來？然後我認為你們計劃管理私人和流動性信貸。

For fortitude. [Carlisle Aug] general accounts. Is that right? And what is the AUM potential?

為了堅韌不拔。 [卡萊爾八月] 一般帳目。是這樣嗎？其資產管理規模潛力如何？

Yeah, sure, let me, start with the AUM and the asset clause, and then, some can, add on the financing implications, etc. So in terms of the relationship, this is to manage assets, for the site card itself. It is, predominantly private credit.

好的，當然，讓我先從資產管理規模和資產條款說起，然後，有些人可能會加上融資方面的影響等等。所以就這種關係而言，這是為了管理資產，也就是網站卡本身的資產。它主要指私人信貸。

We expect that to be around $1.5 billion across multiple private credit strategies, so that has a lot of similarities to Ruby, but there are two differences with Ruby. Number one, this is for the sitear itself, and then in terms of the AUM, a lift here is going to be even greater when all the capital is. Called and deployed. In terms of the financing of these sidecars, I also want to highlight, the funding of the equity typically takes time, and, let me hand it over to Tom to talk about the timing and the capital implications.

我們預計，透過多種私人信貸策略，總額將達到約 15 億美元，這與 Ruby 有很多相似之處，但與 Ruby 有兩個不同之處。首先，這是針對網站本身而言的；其次，就資產管理規模而言，當所有資金都到位時，這裡的提升將會更大。已呼叫並部署。關於這些邊車的融資，我還想強調一點，股權融資通常需要時間，接下來我把麥克風交給湯姆，讓他談談時間安排和資本影響。

Yeah, the commitment to FCA is $100 million. We plan to fund that in '26 or '27 when called, and there's a couple of levers or a few levers rather that we have available to us to fund it. We can, we're very under levered, so we have credit lines available to us and then we have units through two avenues, either public units or private units with equitable.

是的，對FCA的投資額為1億美元。我們計劃在 2026 年或 2027 年需要的時候提供資金，我們有幾種方法可以為此提供資金。我們可以，我們的槓桿率很低，所以我們有信貸額度可以使用，然後我們可以透過兩種途徑獲得股份，要么是公共股份，要么是帶有股權的私人股份。

And we'll evaluate the best course forward when we get there.

到達目的地後，我們會評估最佳的前進方向。

Right. And also to remind our investors, and we talked about it when we made the original reinvestments, when we think about the economics of these deals, the economics come from two different parts, right? Number one is on the equity investment we generate earnings. So typically these sidecars are modeled to deliver a mid-single digits, sorry, mid 15% IRR.

正確的。另外，也要提醒我們的投資者，我們在最初進行再投資時也討論過這個問題，當我們考慮這些交易的經濟效益時，經濟效益來自兩個不同的方面，對吧？第一點是股權投資帶來的收益。因此，這些邊車模型通常旨在實現個位數中段，抱歉，是 15% 左右的內部收益率 (IRR)。

And so that is one stream of income. And then in addition to that 15% on average IRR, you get the downstream economics on the assets you manage with relatively long-term IMAs, and those IMAs tend to be very much focused on private credit, so pretty sticky assets, relatively high fee, and as a result, it should be accrued to accrued to our revenue base and earnings on multiple dimensions.

這就是其中一項收入來源。此外，除了平均 15% 的內部收益率 (IRR) 之外，您還可以獲得透過相對長期的 IMA 管理的資產的下游經濟效益，而這些 IMA 往往非常專注於私募信貸，因此資產黏性較高，費用相對較高，因此，它應該會在多個方面增加我們的收入基礎和收益。

Onur, Tom, thank you very much.

Onur，Tom，非常感謝。

Alex Blowstein, Goldman Sachs.

Alex Blowstein，高盛集團。

Hi, good morning guys. This is, Anthony on for Alex. I wanted to touch on the margin and kind of expense growth trajectory as we look out into the outer couple years you guys are tracking ahead of your target for this year and you know I appreciate the expense guy, but you know as we look out for the next couple years, how should we think about the pace of margin expansion and non-com expense growth.

大家好，早安。這是安東尼替補亞歷克斯上場。我想談談利潤率和費用成長軌跡，因為你們預計未來幾年的業績將超過今年的目標。我很欣賞你們在費用控制方面所做的工作，但是展望未來幾年，我們該如何看待利潤率擴張和非營利費用成長的速度呢？

Hi Anthony. How's it going? Look, I'm going to anchor back to investor day in 2023. We had a long-term target of 30 to 35% operating margin, and there were two big anchors to achieving that at that point in time. It was the BRS divesture, as well as the relocation and consolidation strategy in the US. We've achieved those. We, we're currently at the midpoint.

嗨，安東尼。怎麼樣了？聽著，我打算把時間錨定在 2023 年的投資者日上。我們當時設定的長期目標是營業利益率達到 30% 至 35%，而當時達成這目標有兩個主要因素。這是BRS資產剝離，以及在美國的搬遷和整合策略。我們已經實現了這些目標。我們目前正處於中點。

We're going to hit our 33% margin target for 2025. And from there there's no other stories or big stories to share with you on the expense side. We don't have anything of that size that's going to impact our expenses or be able to bring them down as those two that I just mentioned, but we continue to look for a lot of small wins just as evidenced by our decrease, our second decrease actually this year and our non-com controllable expenses. So we're going to continue to look at items like that, but there's nothing more I can share with you related to that at this point.

我們將達成2025年33%的利潤率目標。至於費用方面，沒有其他故事或重大故事可以和你們分享了。我們沒有任何規模如此之大的項目能夠像我剛才提到的那兩項那樣影響我們的支出或降低支出，但我們會繼續尋找許多小的成功，正如我們今年第二次下降的支出以及我們不可控的非公司支出所證明的那樣。所以我們會繼續關注這類問題，但目前我沒有什麼可以跟你們分享的了。

Thanks that's helpful and maybe for my follow-up, just on the buyback, it was pretty light this quarter and I'm not sure if that had to do with the equitable conversion, but how should we think about kind of the the capital allocation strategy specifically around buybacks or maybe any potential, inorganic opportunities.

謝謝，這很有幫助。關於股票回購，我還有一個後續問題。本季回購規模較小，我不確定這是否與股權轉換有關，但我們應該如何考慮圍繞股票回購或任何潛在的非內生性成長機會的資本配置策略？

Yeah, the late buyback this quarter had nothing to do with equitable. We do buy units back and retire them, as you're aware, for a deferred compensation plan. We probably have another $30 to $35 million left to go this year to fund that.

是的，本季末的股票回購與Equitable公司沒有任何關係。如您所知，我們會回購股份並將其註銷，作為遞延補償計劃的一部分。今年我們可能還需要3000萬到3500萬美元才能完成這項工作。

So I think it's just timing. I did read your note this morning, and I just think it's a matter of timing. I think your number was pretty close, but we only captured roughly 4 million of that in Q3 versus what you had.

所以我覺得只是時機問題。我今天早上讀了你的留言，我覺得這只是時機問題。我認為你的數字非常接近，但我們在第三季度只獲得了大約 400 萬的銷量，而你的銷量則更多。

Gotcha, thanks.

明白了，謝謝。

You're welcome.

不客氣。

Our next question comes from Dan Fannon, Jeffreys. Please go ahead. Your line is open.

下一個問題來自傑弗里斯的丹·範農。請繼續。您的線路已開通。

Yeah, thanks. Good morning, Seth, I think you said the bond reallocation that's underway, so I wanted you to elaborate a bit on those comments and then as you look at your performance and the products you have, do you think you're positioned to benefit materially from that reallocation if and when that occurs?

嗯，謝謝。早上好，Seth，我想你提到了正在進行的債券重新配置，所以我想請你詳細闡述這些評論。然後，從你的業績和你擁有的產品來看，你認為如果重新配置發生，你是否能夠從中獲得實質的收益？

Thanks, Dan. We continue to see particularly In Asia, appetite remaining for tax will fixed income in it and while it's not at the growth sales are not at the levels they were prior to April, they are recovering and we feel good about the trajectory there.

謝謝你，丹。我們繼續看到，尤其是在亞洲，人們對稅收優惠型固定收益產品的需求依然存在，雖然銷售額尚未恢復到4月份之前的水平，但正在復蘇，我們對這一趨勢感到樂觀。

From a relative performance perspective in our flagship products, we're doing fine. That's we could always do better, but I feel that that's not a hurdle to us gaining our share or better given our very strong distribution capabilities within the region. Additionally, we continue to look at new strategies to deploy in the region.

從我們旗艦產品的相對性能來看，我們做得還不錯。當然，我們總是可以做得更好，但鑑於我們在該地區非常強大的分銷能力，我認為這不會阻礙我們獲得應有的份額甚至更多。此外，我們將繼續探索在該地區部署新策略的可能性。

When I look back in the US, we, look, we've had tremendous success in the tax exempt SMA space. We think we're the largest player now in it, and we continue to see increasing adoption, for our customized, mass customized solutions in a number of the key, distributors and receptivity continues to grow as we innovate and develop more products. So look, I think that the short-term performance in the 3rd quarter wasn't as good, just given a couple of callouts that I mentioned earlier on in emerging markets credit, and.

回顧美國的發展歷程，我們在免稅的SMA領域取得了巨大的成功。我們認為我們現在是該領域最大的參與者，我們看到，隨著我們不斷創新和開發更多產品，我們的客製化、大規模客製化解決方案在許多關鍵分銷商中的採用率持續增長，市場接受度也在不斷提高。所以你看，我認為第三季的短期表現不太好，這主要是由於我之前在新興市場信貸方面提到的一些問題，而且。

And given just the volatility and duration, but we're feeling good about performance and the and the quality of the team and the discipline of their process. So then, I think it's in good shape, but there's always going to be volatility from quarter to quarter.

考慮到波動性和持續時間，我們對業績、團隊素質以及他們流程的嚴謹性感到滿意。所以，我認為它目前狀況良好，但每季之間總是會有波動。

Yeah, let me add a few specific points. As Seth mentioned, per Morningstar, we are the number one retail mini SMA, manager, based on net flow. So we definitely continue to capture market share. In the third quarter, our annualized organic growth rate was I think around 26%, so very strong results there.

是的，我再補充幾點。正如 Seth 所提到的，根據 Morningstar 的數據，我們是以淨流量計算排名第一的零售迷你 SMA 管理公司。因此，我們肯定會繼續擴大市場份額。第三季度，我們的年化有機成長率約為 26%，成績非常強勁。

Second, in terms of broadening from US fixed income to global fixed income, as a proof point of that be a half a billion dollars dollar global credit win, in the third quarter in public, so that's definitely demonstrating that we can also play on the global bond transition.

其次，就從美國固定收益到全球固定收益的拓展而言，第三季公開宣布的5億美元全球信貸收益就是一個證明，這無疑表明我們也可以參與全球債券轉型。

And then finally, given the growth of our ETF franchise, we have additional ways to participate in the fixed income flows from different channels. I'm very pleased that as of October, our ETF platform exceeded $10 billion and right now the run rates. Flows on a monthly basis typically exceeds $250 million and we had multiple more than 8 ETFs in the third quarter that delivered more than 150 million net flows.

最後，鑑於我們 ETF 產品線的成長，我們還有更多途徑透過不同的管道參與固定收益市場。我非常高興地宣布，截至 10 月，我們的 ETF 平台規模已超過 100 億美元，而且目前的運行速度也很快。每月資金流入通常超過 2.5 億美元，第三季我們有超過 8 檔 ETF 的淨流入超過 1.5 億美元。

So overall I feel given we have a relatively modest market share in many of these client segments with new vehicles with the broad platform, we have a long way to to achieve further upside. I guess just the.

總的來說，鑑於我們在許多客戶群中，憑藉廣泛的平台推出的新車，市場份額相對較小，我認為我們還有很長的路要走才能實現進一步的成長。我猜就是…

Final point. The long-term performance is quite strong, for those services. So, yeah, we feel good with where we are. I hope that answers your question.

最後一點。這些服務的長期表現相當強勁。是的，我們對現狀感到滿意。希望我的回答能解答你的疑問。

Yeah, great, that's very helpful. And then, just a question on expenses just given the outperformance on the non-com here today, can you just talk about what's been the biggest variance between the initial guidance you gave to start the year where we sit today going into the 4th quarter.

是的，太好了，這很有幫助。那麼，關於支出方面，鑑於今天非營利部門的出色表現，您能否談談年初給出的初步指導與我們今天進入第四季度的情況之間最大的差異是什麼？

Yeah, it was really driven largely by the events of April and Q2, so we took on a couple of cost containment initiatives in Q2, and then the businesses have been delivering on those savings ever since.

是的，這主要是受四月和第二季度事件的影響，所以我們在第二季度採取了一些成本控制措施，此後各業務部門一直在落實這些節約措施。

Understood.

明白了。

Thank you. You're welcome.

謝謝。不客氣。

John Dunn, Evercore.

John Dunn，Evercore。

Thank you. You guys mentioned, some area of equities like structured equities and your core thematic, can you kind of highlight the profile of the investors who are putting money to work there?

謝謝。你們提到了一些股票領域，例如結構化股票和你們的核心主題，能否重點介紹一下在這些領域投資的投資者的特徵？

Sure, John, hi, owner again, yeah, let me comment on that. In terms of, the structured equity, it is large, Asian institutional, in terms of thematic products, healthcare has been more, Europe, large European high net birds. In terms of some of the thematic product like security of the future, we have a strong partnership with a large global private bank that has been the driver of that. So, pretty global, it's well balanced between institutional and retail and geographically.

當然，約翰，你好，我是老闆，是的，讓我對此發表一下看法。就結構化股權而言，規模龐大，亞洲機構投資者眾多；就主題產品而言，醫療保健領域較為活躍，歐洲則以大型歐洲高淨值鳥類為主。在一些主題產品方面，例如未來安全，我們與一家大型全球私人銀行建立了牢固的合作夥伴關係，該銀行一直是這方面的推動力量。所以，它在全球範圍內都相當均衡，在機構和零售之間以及地理上都保持著良好的平衡。

Gotcha. And then maybe just on the pipeline like the outlook for getting it back to closer to where it had been last quarter. And then the composition as well.

明白了。然後或許可以關註一下管道建設方面，例如能否讓管道恢復到上個季度的水平。還有構圖。

Sure, yeah, sure. Look, at the end, I mean pipeline, I mean the good news is we have been deploying at very fast speed, so eventually you want to deploy so you can start generating revenue and assets. So we are very pleased that we are deploying, although on a net basis the pipeline came down given the deployments and the RJA dynamics, but ultimately we added 3 billion to the pipeline, so there's been a strong quarter from that perspective.

當然，當然。你看，最後，我的意思是管道，我的意思是好消息是我們一直在以非常快的速度部署，所以最終你想要部署，以便開始產生收入和資產。因此，我們很高興看到專案正在順利部署，儘管考慮到部署和 RJA 的動態變化，淨專案儲備有所下降，但最終我們還是增加了 30 億的專案儲備，所以從這個角度來看，這是一個強勁的季度。

The other thing to highlight is we don't get, we don't basically get full credit for leverage on different products which are fee earning. Some of our competitors get credit on that leverage, including net flows, etc. So I wouldn't also, kind of ignore the fact that we have $15 billion dollar dry powder including leverage in our private. Credit platform so that will also continue to flow in and that's greater than our pipeline numbers.

另一點要強調的是，我們基本上無法獲得不同收費產品的全部槓桿收益。我們的一些競爭對手會利用槓桿效應來獲得收益，包括淨流動資金等等。所以我也不會忽視我們私募股權中擁有 150 億美元的可用資金（包括槓桿）這一事實。因此，信貸平台也將持續流入，而且流入量將超過我們的預期。

All in all, it's hard to promise a specific pipeline number. We are focused on deploying capital, generating revenue fast, and we are on track also with the build out of our private credit platform, given we are almost at $80 billion to our 90 to $100 billion and $0.27 goals.

總而言之，很難承諾具體的管道數量。我們專注於部署資本、快速創造收入，而且我們的私人信貸平台建設也進展順利，目前已接近 800 億美元，距離 900 億至 1000 億美元和 0.27 美元的目標僅一步之遙。

I would just add that FCA is not included in that pipeline yet and we continue to see good search activity. But I would just also remind everybody that when we when some of these larger customized retirement solutions, they tend to be quite lumpy in the way that they impact the pipeline. So they're hard to predict, but there's activity in that space.

我還要補充一點，FCA 目前尚未納入該管道，但我們仍然看到良好的搜尋活躍度。但我還要提醒大家，當我們實施一些規模較大的客製化退休方案時，它們對整個流程的影響往往會比較不穩定。所以很難預測，但這個領域確實很活躍。

Thank you.

謝謝。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking the question. Maybe just first on the private markets fees, you spent some time talking about what's going on on the public side. Curious on the private side, in the slides you always kind of emphasize that the majority comes from ABPCI. I would think that should be somewhat more predictable.

您好，早安，感謝您回答這個問題。或許可以先談談私募市場費用，您花了一些時間討論一下公共市場方面的狀況。出於對私人方面的好奇，你在幻燈片中總是強調大部分資金來自 ABPCI。我認為這應該更容易預測一些。

Just curious what else, I think the guidance came up a little over 10 million for the full year. Just curious what what else changed on the private side, and could you maybe touch on the sort of sensitivity to rates, I would assume a lot of that is floating rate debt, so just curious if you could kind of frame that up.

我只是好奇還有什麼其他情況，我記得全年業績預期是略高於 1000 萬美元。我只是好奇私人領域還有哪些變化，能否談談對利率的敏感度？我猜想其中很多都是浮動利率債務，所以想請您大致介紹一下。

Yeah, so Ben, it's Tom. How you doing? I agree PCI is very stable and dependable, consistent performer, and we get to crystallize those as we go throughout the year each quarter. Some of the other products don't crystallize until year end, so they've got a little bit more variability to it, and during the year we We've also got some performance fees.

是的，本，我是湯姆。你好嗎？我同意PCI非常穩定可靠，表現始終如一，而且我們會在每季逐步鞏固這些優勢。其他一些產品要到年底才能最終確定，因此它們的波動性更大一些，而且在這一年中，我們還有一些業績費。

I'm just trying to see if I Yeah, we, we've got some performance fees in commercial real estate. And car out in our forecast as well then.

我只是想看看我是否…是的，我們在商業房地產方面有一些業績費。看來我們的天氣預報裡也不會提到汽車了。

Okay, maybe just following up on a separate topic that the target date discussion from earlier. Just curious if you could unpack a little bit, for the partners where you are allocating to private and custom funds, what do the allocations look like?

好的，也許我想就之前討論的目標日期之外的另一個話題繼續探討一下。我很好奇您能否詳細說明一下，對於您將資金分配給私人和定制基金的合作夥伴，資金分配情況如何？

What are the fee rate implications, and are there any kind of -- are they custom enough such that they're not good read throughs to what we might see as this market opens up more broadly, or do you think that perhaps those are good indicators, any thoughts there. Thank You.

費用率會受到哪些影響？它們是否足夠具有針對性，以至於不能很好地反映市場全面開放後的發展趨勢？或者您認為它們可能是很好的指標？對此您有什麼看法？謝謝。

Sure, let me take that on here. In terms of, our, experience in DC and coming up with custom, solutions, that goes back more than a decade, including the lifetime.com solutions, so we have deep experience, structuring these solutions, including, also alternatives into the glide paths. We've been doing that for a long time both in the US as well as overseas, particularly UK.

當然，交給我來處理。就我們在華盛頓特區的經驗以及提出客製化解決方案而言，這可以追溯到十多年前，包括 lifetime.com 的解決方案，因此我們在建立這些解決方案方面擁有豐富的經驗，包括將替代方案納入滑行路徑。我們長期以來一直在這樣做，無論是在美國還是海外，特別是英國。

The, obviously the executive order, on private adults in DC, creates some momentum, at least in terms of the talk track. I mean, our experiences, typically, DC market moves slowly, given the litigation risk, that is still high on the minds of the sponsors.

顯然，這項針對華盛頓特區成年人私人場所的行政命令，至少在討論層面上，產生了一定的勢頭。我的意思是，根據我們的經驗，通常情況下，華盛頓特區市場進展緩慢，因為訴訟風險仍然是發起人高度關注的問題。

And hence, although that's definitely a structural trend and we will definitely see more alternative assets in DC plans, I expect two things. One, I think it will start with more custom solutions like managed accounts, etc. As opposed to some of the existing, large target date funds, which are, in, commingled vehicles.

因此，儘管這絕對是一種結構性趨勢，而且我們肯定會在退休金計劃中看到更多另類資產，但我預計會出現兩件事。我認為，首先，它會從更多客製化的解決方案開始，例如管理帳戶等。這與一些現有的大型目標日期基金不同，後者是混合型基金。

So that would be my prediction. And number 2, in terms of the fees, given the pending litigation risk on the minds of the sponsors, there's going to be continued fee sensitivity in addition to the usual fee sensitivity of the institutional investors and the DC investors.

這就是我的預測。第二，就費用而言，考慮到發起人擔心的未決訴訟風險，除了機構投資者和DC投資者通常對費用的敏感性之外，費用方面還會存在持續的敏感性。

So Some of these alternative products might not have the same fee levels as you see in some other channels. Definitely it's going to be lower fee than the retail vehicles, and then in many cases it might be even lower than some of the defined benefit plans. So that's how I think about it. That being said, in terms of our positioning.

因此，這些替代產品中的一些可能沒有您在其他管道看到的相同費用水平。費用肯定會比零售車輛低，而且在許多情況下，甚至可能比一些固定收益計劃還要低。我就是這麼想的。也就是說，就我們的定位而言。

With 100 plus billion dollars of custom retirement solutions, including lifetime income. We are one of the biggest providers of custom solutions in the DC market globally. We definitely have a lot of ongoing partnership conversations as well.

提供超過1000億美元的客製化退休解決方案，包括終身收入。我們是全球資料中心市場最大的客製化解決方案提供者之一。我們目前也確實有許多合作洽談正在進行中。

So as the market develops, we're going to be definitely in the front seat and we're going to be benefiting from that. But we are not taking any credit in our forecast in terms of any major flows coming from DC alts. Hopefully that will be an upside if the market moves faster than I predict.

因此，隨著市場的發展，我們肯定會處於領先地位，並且我們將從中受益。但是，在我們的預測中，我們並未將任何來自華盛頓特區替代貨幣的主要資金流歸功於自己。如果市場走勢比我預測的更快，希望這能成為一個利好因素。

I would just add that. To owner's point that it's going to take time for this to mature given the caution and the process, but it's not unreasonable to think that privates could be, 10% of these portfolios over time in composition. Private credit will play a big part of that. But, again, it's going to take, we're still in the very early days of this evolution and I think you're going to continue to see more activity over time.

我還要補充一點。正如所有者所指出的，考慮到謹慎的態度和流程，這需要時間才能成熟，但隨著時間的推移，私人投資者在這些投資組合中的比例達到 10% 並非不合理。私人信貸將在其中發揮重要作用。但是，再次強調，我們仍處於這一演變的初期階段，我認為隨著時間的推移，你會看到更多相關的活動。

All right, I thank you all very much.

好的，非常感謝大家。

Bill Katz, TD Cowan.

比爾·卡茨，TD·考恩。

Great, thanks for taking the answer question. So if you're going to pack a little bit some of the success you're having in the private world side of the equation and just remind us of what the rate sensitivity is on cash. Thank you.

太好了，謝謝你回答這個問題。所以，如果你要把你在私人領域取得的一些成功經驗融入我們的業務中，那就提醒我們現金利率的敏感度是什麼。謝謝。

Sure, thanks for the question. Yeah, on the success of the business, we are a strong third quarter, in terms of annualized net new assets, growth, 7+%, in terms of net flows, if I use the asset management metric 3.5% annualized, so definitely very strong and what I like. About that is it's driven by both record run rate productivity from the adviser side, uptick in sales as a result, as well as reduction outflow.

當然，謝謝你的提問。是的，就業務成功而言，我們第三季度表現強勁，按年化淨新增資產計算，增長率超過 7%；按淨流入計算，如果我使用資產管理指標，年化增長率為 3.5%，所以絕對非常強勁，也是我所樂見的。這主要是由於顧問方面創紀錄的業績率、由此帶來的銷售額成長以及支出減少共同推動的。

So, it's a very healthy picture. I mean, at the end of the day there will be always quarter to quarter volatility, but I'm happy with the direction of our business. In terms of the sensitivity to rates, we have very little sensitivity to rates in our private wealth business when it comes to cash economics. The cash economics is less than 5% of the total revenue and earnings contribution is modest, and the good thing is since we are self-funding our margin with the cash balances.

所以，整體情況非常健康。我的意思是，歸根結底，季度業績總會有波動，但我對我們業務的發展方向感到滿意。就現金經濟而言，我們的私人財富業務對利率的敏感度非常低。現金經濟效益佔總收入的不到 5%，獲利貢獻也不大，好消息是我們用現金餘額來彌補利潤缺口。

We have a locked in spread between what we pay versus what we earn, so as a result, our sensitivity to absolute fee levels is very low, particularly when the rates remain positive, and I think it will remain positive for the at least foreseeable future. So, all in all, it's a non-event for our business, so we are much more protected on that dimension related to some other broker dealer that has an economic or business model highly dependent on the spreading income.

我們支付的費用與收入之間的利差是固定的，因此，我們對絕對費用水平的敏感度非常低，尤其是在利率保持為正的情況下，而且我認為至少在可預見的未來，利率仍將保持為正。總而言之，這對我們的業務來說不是什麼大事，因此，與一些經濟或商業模式高度依賴價差收入的其他經紀交易商相比，我們在這一方面更有保障。

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

喬加利先生，目前沒有其他問題了。我把電話轉回給你了。

Thank you all very much for attending our call today. We look forward to connecting with you. Please don't hesitate to reach out.

非常感謝各位今天參加我們的電話會議。我們期待與您聯繫。請隨時與我們聯繫。

And we're now in private, have a great day, everyone.

我們現在進入私人談話環節，祝大家今天過得愉快。

Thank you very much, Juliana. I appreciate the help. Thank you. That was great.

非常感謝你，朱莉安娜。非常感謝您的幫忙。謝謝。那很棒。

It was my pleasure. Bye for now.

這是我的工作。暫時再見。