AllianceBernstein Holding LP (AB) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the AllianceBernstein first-quarter 2026 earnings review. (Operator Instructions) As a reminder, this conference is being recorded and will be available for replay on our website shortly after the conclusion of this call. I would now like to turn the conference over to the host for this call, Head of Investor Relations for AB, Mr. Ioanis Jorgali. Please go ahead.

感謝您耐心等候，歡迎參加 AllianceBernstein 2026 年第一季財報回顧電話會議。（接線員指示）提醒各位，本次會議將被錄音，並將於本次通話結束後不久在我們的網站上提供重播。我現在想將會議交給本次電話會議的主持人、AB 投資人關係主管 Ioanis Jorgali 先生。請開始。

Good morning, everyone, and welcome to our first-quarter 2026 earnings review. Today's conference call is being webcast and is accompanied by a slide presentation available in the Investor Relations section of our website at www.alliancebernstein.com. Joining us to discuss the company's quarterly results are Seth Bernstein, our Chief Executive Officer; and Tom Simeone, our Chief Financial Officer. Onur Erzan, our President, will join us for the question-and-answer session following our prepared remarks.

各位早安，歡迎參加我們 2026 年第一季財報回顧。今天的電話會議將以網路直播方式進行，並搭配投資人關係網站 www.alliancebernstein.com 上「投資人關係」專區提供的簡報投影片。與我們一同討論公司季度業績的有：我們的執行長 Seth Bernstein，以及財務長 Tom Simeone。總裁 Onur Erzan 將在我們的事先準備發言結束後加入問答環節。

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 will file on Friday.

我們今天將呈現的部分資訊屬於前瞻性陳述，並受 SEC 關於揭露的特定規則與法規所規範，因此我想請各位留意簡報第 2 頁的「安全港」聲明。您也可以在我們將於週五提交的 10-Q 之 MD&A 中找到安全港聲明。

We base our distribution to unitholders on our adjusted results, which we provide in addition to and not as a substitute for our GAAP results. Our standard GAAP reporting and a reconciliation of GAAP to adjusted results are in our presentation appendix, press release, and 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（unitholders）的分配係以調整後結果為基礎；我們提供調整後結果係作為 GAAP 結果之補充，而非替代。我們的標準 GAAP 報告，以及 GAAP 與調整後結果之調節表，均載於簡報附錄、新聞稿與 10-Q。依據 Regulation FD，管理層僅能在公開場合回應投資界提出之重大性問題，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，我把時間交給 Seth。

Good morning, and thank you for joining us today. While the first quarter was marked by geopolitical tensions and elevated volatility, AB's results underscored the resilience of our platform and our diversified business mix. I want to start by highlighting the key themes that shaped this quarter listed on slide 3.

各位早安，感謝今天加入我們。儘管第一季受到地緣政治緊張與高波動影響，AB 的結果凸顯了我們平台的韌性以及多元化的業務組合。我想先從簡報第 3 頁所列、塑造本季表現的關鍵主題談起。

First, the proposed Equitable Corebridge merger will provide a step-function acceleration of our flywheel and meaningfully enhance AB's scale and growth outlook. The combined company will have over $350 billion of general account assets and generate $70 billion to $80 billion of new liabilities annually, positioning AB among the most strategically important players in the insurance asset management channel.

第一，擬議中的 Equitable 與 Corebridge 合併案，將使我們的飛輪效應（flywheel）出現階躍式加速，並顯著提升 AB 的規模與成長展望。合併後公司將擁有超過 3,500 億美元的一般帳戶資產（general account assets），並每年產生 700 億至 800 億美元的新負債（new liabilities），使 AB 在保險資產管理通路中躋身最具策略重要性的參與者之列。

Over time, we expect to manage at least $100 billion of general and separate account assets from Corebridge. We look forward to supporting our new partner in delivering better outcomes for their policyholders, while we benefit from enhanced scale, improved earnings durability, and increased capacity to invest for growth.

隨著時間推進，我們預期將至少管理來自 Corebridge 的 1,000 億美元一般帳戶與分離帳戶（separate account）資產。我們期待支持新的合作夥伴為其保單持有人帶來更佳成果，同時我們也將受益於更大的規模、更高的獲利耐久性，以及更強的投資成長能力。

We believe this announcement will further accelerate the momentum already evident across our insurance franchise. Today, we serve more than 90 third-party insurance clients with $58 billion of AUM, including $32 billion of general account assets. Deployments from recently announced strategic insurance partnerships are progressing ahead of schedule and are expanding beyond the initial mandates. We are well positioned to benefit as these partnerships continue to grow.

我們相信，此項公告將進一步加速我們保險業務版圖中已然顯現的動能。目前，我們服務超過 90 家第三方保險客戶，管理資產（AUM）達 580 億美元，其中包含 320 億美元的一般帳戶資產。近期公布的策略性保險合作夥伴關係之資金部署進度超前，且正擴展至初始委任範圍之外。隨著這些合作持續成長，我們已做好充分準備以受益其中。

Second, while we continue to drive inflows from secular growth engines like insurance, private markets, and active ETFs, we had firm-wide active net outflows of approximately $6 billion in the first quarter, concentrated within a subset of active equity strategies.

第二，儘管我們持續從保險、私募市場與主動式 ETF 等結構性成長引擎帶動資金流入，但第一季全公司主動式產品淨流出約 60 億美元，主要集中在部分主動式股票策略。

Active equity outflows of roughly $11 billion spanned across channels and reflect recent performance challenges as well as client allocations assistance. We also had taxable fixed income outflows of nearly $2 billion as positive institutional engagement was offset by retail redemptions concentrated in the Asia-Pacific region.

主動式股票淨流出約 110 億美元，遍及各通路，反映近期績效挑戰以及客戶資產配置調整的協助需求。我們的應稅固定收益亦淨流出近 20 億美元，原因是正向的機構互動被零售端贖回所抵銷，而贖回主要集中在亞太地區。

Turning to the positives, we generated over $3 billion of organic inflows in tax exempt fixed income and alternatives multi-asset strategies, respectively. Our private market platform reached $85 billion in AUM, up 13% year-over-year, reflecting strong institutional momentum. At the same time, our SMA business stands at $63 billion, growing organically at 15% annualized rate in the first quarter.

就正面因素而言，我們在免稅固定收益與另類投資多元資產策略方面，分別產生超過 30 億美元的有機資金流入。我們的私募市場平台 AUM 達 850 億美元，年增 13%，反映強勁的機構動能。同時，我們的 SMA 業務規模達 630 億美元，第一季有機成長年化 15%。

We continue to build on our technological edge and efficiency benefits for financial advisors, extending from a predominantly municipal-focused SMA offering to a broader multi-asset toolkit. We're seeing real traction in taxable fixed income SMAs, highlighted by a recently funded $300 million mandate. AB has long been a market leader in tax-optimized fixed income SMAs, an area made increasingly scalable by recent advances in data science.

我們持續強化在科技上的優勢與為財務顧問帶來的效率效益，將原本以市政債為主的 SMA 產品，延伸為更廣泛的多元資產工具組合。我們在應稅固定收益 SMA 方面看到實質進展，亮點包括近期完成資金到位的 3 億美元委任案。AB 長期以來一直是稅務最佳化固定收益 SMA 的市場領導者，而資料科學的近期進展使該領域更具可擴展性。

Our active ETF lineup now encompasses 25 strategies with more than $16 billion in AUM, up over 150% year-over-year, with the eight of our ETFs surpassing $1 billion AUM, including our five-star rated disruptors ETF, ticker FWD. Our security of the future [ETF management] portfolio has surpassed $4 billion in assets, nearly tripling from a year ago, with $1.7 billion of inflows in the first quarter alone.

我們的主動式 ETF 產品線目前涵蓋 25 項策略，AUM 超過 160 億美元，年增逾 150%；其中有 8 檔 ETF 的 AUM 已突破 10 億美元，包括我們獲五星評等的 disruptors ETF（代號 FWD）。我們的「未來之安全」[ETF management] 投資組合資產已超過 40 億美元，較一年前幾乎成長三倍，且僅第一季就有 17 億美元的資金流入。

While these offerings are currently smaller than some of our larger marquee services, they represent emerging durable growth engines that will reshape the composition of our AUM over time. Looking forward, our institutional channel is positioned for accelerating net flows in the second-half of 2026, supported by the largest pipeline on record, surpassing $27 billion in AUM.

雖然這些產品目前規模仍小於我們部分更大型的旗艦服務，但它們代表正在形成、具耐久性的成長引擎，將隨時間推移重塑我們 AUM 的組成。展望未來，在創紀錄、超過 270 億美元 AUM 的最大案源管線支持下，我們的機構通路有望在 2026 年下半年迎來加速的淨流入。

Third, our distribution platform provides direct access to secularly growing channels, including ultra-high net worth, insurance asset management, and defined contribution. Together, these account for more than 45% of firm-wide AUM and provide relative stability across market cycles.

第三，我們的銷售與通路平台可直接觸及結構性成長的通路，包括超高淨值（ultra-high net worth）、保險資產管理與確定提撥（defined contribution）。合計而言，這些通路占全公司 AUM 的 45% 以上，並在不同市場循環中提供相對穩定性。

Bernstein Private Wealth ended the quarter with $155 billion in assets under management, and it contributes more than one-third of firmwide revenues. Our insurance asset management business now manages approximately $120 billion of insurance general account assets across a growing roster of global partners.

Bernstein Private Wealth 於季末的管理資產達 1,550 億美元，並貢獻全公司超過三分之一的營收。我們的保險資產管理業務目前管理約 1,200 億美元的保險一般帳戶資產，合作夥伴名單持續擴增且遍及全球。

Our customized retirement business exceeds $100 billion in defined contribution assets, and we continue to innovate by incorporating a broader set of asset classes, including product markets and insurance solutions that provide guaranteed lifetime income. Overall, while this quarter's results reflect mixed dynamics and pressure from the challenging macro backdrop, we believe our broad product capabilities and differentiated distribution position AB well to generate organic growth over time.

我們的客製化退休金業務在確定提撥資產方面超過 1,000 億美元；我們也持續創新，納入更廣泛的資產類別，包括私募市場與可提供終身保證收入的保險解決方案。整體而言，儘管本季結果反映出多空交錯的動態，並在具挑戰性的總體環境下承受壓力，我們相信憑藉廣泛的產品能力與差異化通路布局，AB 仍具備隨時間推移創造有機成長的良好條件。

Slide 4 provides an overview of our financial results, and Tom will walk through these in greater detail later. Turning to slide 5, I'll review our investment performance, starting with fixed income.

簡報第 4 頁提供我們財務結果的概覽，Tom 稍後將更詳細說明。接著看第 5 頁，我將回顧我們的投資績效，先從固定收益開始。

Global bond markets posted modestly negative returns in the first quarter as heightened geopolitical tension, rising energy prices, and shifting policy expectations pushed yields higher across most developed markets. Credit markets were mixed, investment grade and high-yield corporates posted modest declines overall, with US corporates outperforming Eurozone peers, while securitized assets proved resilient.

第一季全球債券市場報酬小幅為負，原因是地緣政治緊張升高、能源價格上漲，以及政策預期變動，推升多數已開發市場的殖利率。信用市場表現分歧：投資等級與高收益公司債整體小幅下跌，其中美國公司債優於歐元區同業；而證券化資產則展現韌性。

The Bloomberg US Aggregate Index was roughly flat, outperforming the global aggregate, which returned negative 1.1% in the quarter. Our American income and global high-yield products both underperformed their respective benchmarks in the first quarter. Yield curve positioning and allocation to emerging markets detracted from AIP's relative returns, while GHY was similarly affected by European high-yield exposure and EM corporates.

彭博美國綜合債券指數（Bloomberg US Aggregate Index）大致持平，優於本季報酬為負 1.1% 的全球綜合指數。我們的 American income 與 global high-yield 產品在第一季皆落後各自的基準。就 AIP 而言，殖利率曲線部位配置與新興市場配置拖累相對報酬；GHY 亦同樣受到歐洲高收益曝險與新興市場公司債影響。

Notwithstanding near-term headwinds, our fixed income platform continues to form well over longer measurement periods, when half of our assets outperformed over the one-year period, while 80% outperformed over three years and 64% over five years.

儘管短期面臨逆風，我們的固定收益平台在較長衡量期間的表現仍然良好：以一年期衡量，有一半資產表現優於基準；以三年期衡量，80% 優於基準；以五年期衡量，64% 優於基準。

Turning to equities, US equity markets were hurt in the first quarter of 2026, with the S&P 500 returning negative 4.3%. The quarter began constructively, but reversed with the emergence of credit concerns, AI-related disintermediation risks, and escalating geopolitical tensions.

轉到股票方面，2026 年第一季美國股市受挫，S&P 500 報酬為負 4.3%。本季開局走勢建設性，但隨後因信用疑慮浮現、AI 相關去中介化風險，以及地緣政治緊張升級而反轉。

Despite some early signs of improvement in year-to-date relative performance, our track records remain pressured and below our expectations. 23% of assets under management outperformed over the one year, 24% over three years, and 44% over five years. This primarily reflects the outsized impact of our larger US-oriented growth strategies that have underperformed as quality growth derated in recent quarters.

儘管年初至今的相對績效出現一些早期改善跡象，我們的績效紀錄仍承壓，且低於我們的預期。管理資產（AUM）中有 23% 在一年期跑贏、24% 在三年期跑贏、44% 在五年期跑贏。這主要反映我們規模較大的、以美國為導向的成長策略在近幾季因優質成長股估值下修而表現落後，對整體造成了不成比例的影響。

However, our equity platform is intentionally diversified across styles and geographies, avoiding over-reliance on any single market regime. International and emerging market strategies with a smaller AUM base continue to perform well.

然而，我們的股票投資平台刻意在風格與地域上分散配置，避免對任何單一市場環境過度依賴。AUM 規模較小的國際與新興市場策略仍持續表現良好。

In fact, we have more than 25 strategies with nearly $40 billion of AUM that are outperforming their respective benchmarks or composites over both the three and five-year periods, with eight out of the 10 largest among them being international or global strategies. As market breadth began to improve entering 2026, a growing share of our growth, value, core, and thematic strategies delivered stronger relative results.

事實上，我們有超過 25 檔策略、合計近 400 億美元 AUM，在三年期與五年期兩個期間均跑贏各自的基準或綜合指標；其中規模最大的 10 檔策略裡，有 8 檔為國際或全球策略。隨著市場廣度在進入 2026 年時開始改善，我們的成長、價值、核心與主題型策略中，愈來愈高的比例交出更強的相對表現。

Looking ahead, we believe a more balanced earnings environment and continued economic stability could favor international and value-oriented strategies, while lower tracking error portfolios may provide clients with more consistent participation across shifting market leadership.

展望未來，我們認為更均衡的獲利環境與持續的經濟穩定，可能有利於國際與偏價值取向的策略；同時，較低追蹤誤差的投資組合，或可讓客戶在市場領導輪動之際更一致地參與行情。

Turning to slide 6, I'll discuss our retail highlights. Retail gross sales rose sequentially and surpassed $23 billion for the first time in four quarters. However, the channel recorded net outflows of nearly $6 billion in the first quarter, reflecting elevated redemptions.

接著看第 6 頁，我將說明我們的零售業務重點。零售總銷售額較前一季上升，並在四個季度內首次突破 230 億美元。然而，該通路在第一季出現近 60 億美元的淨流出，反映贖回水準偏高。

Active equity and taxable fixed income each exceeded $4 billion in outflows, driven primarily by redemptions from select marquee US services in Asia Pacific, as relative value and capital flows have shifted toward neighboring and domestic markets. Passive equities and passive fixed income also posted outflows.

主動股票與應稅固定收益各自出現超過 40 億美元的淨流出，主要由亞太地區部分知名美國服務產品的贖回所帶動，因相對價值與資金流向已轉向鄰近與本土市場。被動股票與被動固定收益亦呈現淨流出。

These headwinds were partially offset by more than $3 billion of tax-exempt inflows and nearly $1 billion of alternatives and multi-asset inflows, continuing their durable organic growth trajectories. Our Retail Muni SMA platform has consecutively positive quarterly inflows for more than three years, a testament to the compounding strength of our market-leaving capabilities. We are well positioned as the bond reallocation trend continues to unfold, particularly as we extend our success into tax-aware SMAs.

上述逆風部分被超過 30 億美元的免稅資金淨流入，以及近 10 億美元的另類投資與多元資產淨流入所抵銷，兩者延續其穩健的有機成長軌跡。我們的零售市政債 SMA 平台已連續三年以上每季維持正向淨流入，證明我們市場領先能力的複利式強勁。我們已做好準備，隨著債券再配置趨勢持續發展，尤其在我們將成功經驗延伸至稅務敏感型 SMA 之際。

Moving to slide 7, I'll cover our institutional channel. Institutional growth sales also increased, both sequentially and year-over-year. However, the channel had roughly $2 billion of net outflows, primarily driven by more than $5 billion in active to equity outflows. Despite some short-term headwinds from insurance hedging activity, the channel recorded over $2 billion of inflows in taxable fixed income, reflecting broadly improved institutional appetite.

接著看第 7 頁，我將說明機構通路。機構成長型銷售亦較前一季與去年同期增加。然而，該通路約有 20 億美元的淨流出，主要由超過 50 億美元的主動股票淨流出所致。儘管保險避險活動帶來一些短期逆風，該通路在應稅固定收益仍錄得超過 20 億美元的淨流入，反映機構需求普遍改善。

Alternatives/Multi-asset also saw positive inflows through the fifth consecutive quarter, supported by deployments in private markets and fundings of defined contribution plans. Institutional engagement across private credit has persisted with nearly $1 billion of deployments on the back of improved terms and widening spreads. This includes direct lending, where AB-PCI recently secured a $0.5 billion third-party institutional mandate reflected on our pipeline.

另類投資／多元資產亦連續第五季出現正向淨流入，受惠於私募市場資金部署以及確定提撥（DC）計畫的資金到位。機構對私募信貸的參與度持續，因條件改善與利差擴大而帶動近 10 億美元的部署，其中包括直接放貸；AB-PCI 近期取得 5 億美元的第三方機構委託，並已反映在我們的案源管線中。

Furthermore, our pipeline has reached a record high $27.5 billion in assets under management, supported by $9 billion in new commitments. This growth reflects expansion of our recently announced insurance partnerships to include additional mandates. It also includes an increase in equitable commercial mortgage loan commitments to $12 billion, up from the previously announced $10 billion.

此外，我們的案源管線所對應的管理資產已達創新高的 275 億美元，並由 90 億美元的新承諾所支撐。此成長反映我們近期宣布的保險合作夥伴關係擴大，納入更多委託案。同時也包括公平（Equitable）商用房貸承諾額提升至 120 億美元，高於先前宣布的 100 億美元。

The pipeline fee rate declined slightly to 19 basis points, primarily due to the addition of sizable, fixed income and passive equity mandates. Excluding roughly $5 billion in passive mandates included in the pipeline, the fee rate for active AUM stands at 23 basis points.

案源管線費率小幅下降至 19 個基點，主要因新增了規模可觀的固定收益與被動股票委託案。若排除管線中約 50 億美元的被動委託案，主動 AUM 的費率為 23 個基點。

Next on slide 8, I'll cover Private Wealth. Quarterly gross sales continued to set new records to Bernstein Private Wealth, with the channel registering its third consecutive quarter of organic growth. Inflows grew nearly 2% annualized, while net new client assets rose 5% annualized in the first quarter.

接著看第 8 頁，我將說明私人財富業務。Bernstein Private Wealth 的季度總銷售額持續創新高，該通路亦連續第三季錄得有機成長。第一季淨流入以年化計接近 2% 成長，而客戶淨新增資產以年化計成長 5%。

Redemption requests for private credit products that offer periodic liquidity stayed well below our 2.5% quarterly cap. This is a testament to the combined strength of our highly specialized advisory sales force, coupled with AB-PCI's strong investment track record, built on a decade-long partnership since Bernstein was among the pioneers that distributed direct lending as an asset class.

提供定期流動性的私募信貸產品，其贖回申請仍遠低於我們每季 2.5% 的上限。這證明我們高度專業化的顧問銷售團隊之綜合實力，並結合 AB-PCI 強勁的投資績效；此績效建立在長達十年的合作關係之上，因 Bernstein 早期即為將直接放貸作為一項資產類別進行銷售的先行者之一。

I'm particularly proud of the differentiated client service we offer in alternatives, reinforced by the seamless collaboration between our homegrown distribution and investment teams, a defining advantage for Alliance Bernstein. Advisor headcount is tracking ahead of our 5% annual growth target. We believe our platform offers exceptional support and training that drives industry-leaning advisor productivity, attracting both experienced and emerging talent.

我尤其以我們在另類投資所提供的差異化客戶服務為傲，這得益於我們自建的通路與投資團隊之間無縫協作，亦是聯博（AllianceBernstein）的關鍵優勢。顧問人數的成長進度領先我們每年 5% 的成長目標。我們相信，我們的平台提供卓越的支援與訓練，推動顧問生產力達到業界領先水準，並吸引資深與新進人才。

As we continue to invest in advisor headcount growth and productivity, including integrating generative AI capabilities into daily advisor workflows, we anticipate continuous client experience improvement along with more targeted and effective prospecting. Advisory headcount remains a key area of focused investment and a critical lever for long-term growth within the channel.

隨著我們持續投資於顧問人數成長與生產力提升，包括將生成式 AI 能力整合至顧問的日常工作流程中，我們預期客戶體驗將持續改善，同時開發潛在客戶將更具針對性且更有效率。顧問人力仍是我們重點投資的關鍵領域，也是該通路長期成長的重要槓桿。

I will close with slides 9 and 10, which highlight the momentum of our private markets platform and the opportunities from the equitable Corebridge merger. In partnership with Equitable, we have scaled our private markets platform to $85 billion in fee-paying and fee-eligible AUM, anchored primarily in credit-oriented strategies, including direct lending, asset-based finance, commercial real estate debt, and investment-grade and corporate structured private placements.

最後我將以第 9 與第 10 頁作結，重點說明我們私募市場平台的動能，以及公平（Equitable）與 Corebridge 擬議合併所帶來的機會。與 Equitable 合作下，我們已將私募市場平台擴大至 850 億美元的付費與具備收費資格的 AUM，主要以信貸導向策略為核心，包括直接放貸、資產基礎融資、商用不動產債務，以及投資級與公司結構型私募安置。

Equitable's $20 billion permanent capital commitment, now fully deployed and exceeding the original commitment, has been a critical catalyst, accelerating our expansion in private markets while strengthening our ability to seed and scale higher fees strategies. Our collaboration continues to deepen and evolve, progressing across residential mortgage solutions, structured private placements, and most recently, commercial mortgage loans. Each initiative builds incremental scale while broadening the applicability of our capabilities across third-party insurance and other institutional client channels.

Equitable 的 200 億美元永久資本承諾目前已全數部署，且超過原始承諾，成為關鍵催化劑；在強化我們孵化並擴大高費率策略能力的同時，加速我們在私募市場的擴張。我們的合作持續深化並演進，推進至住宅房貸解決方案、結構型私募安置，以及最近的商用房貸。每一項計畫都在擴大增量規模，同時提升我們能力在第三方保險與其他機構客戶通路中的適用性。

Our goal is to serve a diverse base of retail, institutional, and insurance clients across a wide range of risk-return objectives. The proposed Equitable Corebridge merger amplifies this flywheel. With a combined general account asset base exceeding $350 billion and a broader liability profile, the merged company will be one of the largest players in the industry, creating significant opportunities for AB.

我們的目標是服務多元的零售、機構與保險客戶，涵蓋廣泛的風險—報酬目標。擬議中的 Equitable Corebridge 合併將強化這一成長飛輪。合併後的一般帳戶資產基礎合計將超過 3,500 億美元，且負債結構更為多元；合併公司將成為業界最大的參與者之一，為 AB 創造顯著機會。

Importantly, the strategies developed for Equitable are not bespoke or standalone solutions. They form the commercial foundation from which we serve a growing universe of third-party insurance and institutional clients worldwide. Amplifying the flywheel with the inclusion of Corebridge is a defining moment in AB's evolution, not simply additive to our existing asset base, but potentially transformative in its impact on scale, earnings durability, and long-term strategic positioning.

重要的是，為 Equitable 所開發的策略並非量身訂做或獨立的解決方案；它們構成我們服務全球日益擴大的第三方保險與機構客戶群的商業基礎。將 Corebridge 納入以強化飛輪，是 AB 演進中的關鍵時刻；其影響不僅是對既有資產基礎的加成，更可能在規模、獲利韌性與長期策略定位上帶來轉型性的改變。

With a proven operating model, a powerful strategic partner, and a focused growth strategy, we're well positioned to achieve our $90 billion to $100 billion private markets AUM target by 2027 and extend our growth trajectory beyond that milestone.

憑藉經驗證的營運模式、強大的策略夥伴與聚焦的成長策略，我們具備良好條件在 2027 年達成 900 億至 1,000 億美元的私募市場 AUM 目標，並在此里程碑之後延續成長軌跡。

With that, I will pass it on to Tom to discuss our financial results.

接下來，我將交給 Tom 來說明我們的財務結果。

Thank you, Seth. Good morning, everyone, and thank you for joining our call. Adjusted earnings for the first quarter of 2026 were $0.83 per unit, representing a 4% increase year-over-year. Distributions grew uniformly with EPU as we distribute 100% of our adjusted earnings to unitholders.

謝謝你，Seth。各位早安，感謝大家參與我們的電話會議。2026 年第一季調整後每單位盈餘（EPU）為 0.83 美元，較去年同期成長 4%。由於我們將 100% 的調整後盈餘分配給單位持有人，配息亦隨 EPU 同步成長。

On slide 11, we present our adjusted results, which exclude certain items not considered part of our core operating business. For a detailed reconciliation of GAAP and adjusted financials, please refer to our presentation appendix or our 10-Q.

在第 11 頁，我們呈現調整後結果，排除若干不被視為核心營運業務一部分的項目。關於 GAAP 與調整後財務數字的詳細調節，請參閱我們簡報的附錄或我們的 10-Q。

In the first quarter, net revenues reached $871 million, representing a 4% increase year-over-year. Base fees grew 5% year-over-year, reflecting 8% higher average AUM, partially offset by a lower firm-wide fee rate due to mix shift. Performance fees totaled approximately $23 million, down $16 million year-over-year, reflecting lower realizations from private market strategies.

第一季淨營收達到8.71億美元，年增4%。基本費用年增5%，反映平均AUM提高8%，但因產品組合轉移導致全公司費率下降而部分抵銷。績效費用合計約2,300萬美元，年減1,600萬美元，反映私募市場策略的實現收益較低。

Our full-year private markets performance fee outlook remains unchanged at $70 million to $80 million. Importantly, we are increasing our full-year combined performance fee outlook to $95 million to $115 million, reflecting stronger-than-expected contributions from public market strategies. I will cover this in more detail shortly.

我們對全年私募市場績效費用的展望維持不變，為7,000萬至8,000萬美元。重要的是，我們將全年合併績效費用展望上調至9,500萬至1.15億美元，反映公募市場策略的貢獻強於預期。我稍後會更詳細說明。

Dividend and interest revenue, along with broker-dealer-related interest expense, declined year-over-year, reflecting lower cash and margin balances within private wealth. Investment losses totaled $5 million, largely attributable to hedging costs associated with seed-like investments. Other revenues totaled $20 million, up $6 million versus prior year's quarter, driven primarily by higher shareholder servicing fees and mutual fund reimbursements.

股利與利息收入，以及與券商交易商相關的利息費用，均較去年同期下降，反映私人財富業務中的現金與融資融券餘額較低。投資損失合計500萬美元，主要歸因於與類種子投資相關的避險成本。其他收入合計2,000萬美元，較去年同期增加600萬美元，主要由較高的股東服務費與共同基金補償款所帶動。

Turning to expenses, first-quarter total operating expenses were $580 million, up 4% year-over-year, driven by a 4% increase in compensation expense and a 5% increase in non-compensation expenses. Total compensation and benefits rose 4% year-over-year, with a compensation ratio of 48.5% of adjusted net revenues, consistent with last year's accrual rate.

轉向費用方面，第一季總營運費用為5.80億美元，年增4%，主要由薪酬費用增加4%以及非薪酬費用增加5%所帶動。薪酬與福利合計年增4%，薪酬比率為調整後淨營收的48.5%，與去年提列比率一致。

We expect to continue accruing at 40.5% compensation to net revenue ratio in the second quarter, while remaining mindful of market volatility and potential adjustments in the second-half of the year as conditions evolve.

我們預期第二季將持續以淨營收的40.5%作為薪酬提列比率，同時留意市場波動，以及隨著情勢演變在下半年可能進行的調整。

Promotion and servicing expenses increased by $1 million, while G&A expenses increased by $6 million or 5% year-over-year, reflecting normalization from relatively depressed levels in the first quarter of last year. For full-year 2026, we continue to expect non-compensation expenses to range between $625 million and $650 million. This outlook reflects normalization in promotion and G&A expenses, along with discretionary investments in technology and the operational build-out for new strategies.

推廣與服務費用增加100萬美元，而一般及行政（G&A）費用增加600萬美元或年增5%，反映去年第一季相對偏低水準的正常化。對於2026全年，我們仍預期非薪酬費用將介於6.25億至6.50億美元。此展望反映推廣與G&A費用的正常化，以及在科技方面的酌情投資與新策略的營運建置。

Promotion and servicing expenses are expected to represent 20% to 30% of non-compensation expense, while G&A comprising the remaining 70% to 80%. We are making steady progress integrating the new commercial mortgage loans platform. Importantly, Equitable has increased its long-duration general account mandate to $12 billion from $10 billion, with onboarding in the second-half of the year and the assets producing a high single-digit fee rate.

推廣與服務費用預期將占非薪酬費用的20%至30%，而G&A占其餘的70%至80%。我們在整合新的商業房貸平台方面持續穩步推進。重要的是，Equitable已將其長久期一般帳戶（general account）委託規模由100億美元提高至120億美元，預計於下半年完成導入，且該資產將產生高個位數的費率。

Interest expense on borrowings was flat compared with the prior year. AB LP's effective tax rate was 5.6% in the first quarter of 2026, which reflects a favorable mix of earnings. We continue to forecast AB LP's effective tax rate in 2026 to be between 6% and 7%. Our operating income of $291 million is up 3% versus the prior year, slightly below the growth in revenues and operating expenses.

借款利息費用與去年同期持平。AB LP於2026年第一季的有效稅率為5.6%，反映有利的獲利組合。我們仍預測AB LP於2026年的有效稅率介於6%至7%。我們的營業利益為2.91億美元，較去年增加3%，略低於營收與營運費用的成長幅度。

Our adjusted operating margin was 33.4% in the first quarter, down 30 basis points year-over-year due to investments in the business. These investments include technology initiatives, the onboarding of new investment teams, and increasing financial advisor headcount.

第一季調整後營業利益率為33.4%，年減30個基點，主要因對業務的投資所致。這些投資包括科技計畫、新投資團隊的導入，以及增加財務顧問人數。

Importantly, margins remain at the high end of our Investor Day target range of 30% to 35%, which we had expected to achieve by 2027. As markets normalize, we expect improved operating leverage to support stronger flow-through from existing services, reinforcing our ability to balance reinvestment with profitability.

重要的是，利潤率仍位於我們投資人日所設定30%至35%目標區間的高端，而我們原先預期於2027年達成。隨著市場正常化，我們預期營運槓桿改善將支持既有服務帶來更強的流量轉換（flow-through），強化我們在再投資與獲利能力之間取得平衡的能力。

In the first quarter, our firm-wide fee rate was 38.1 basis points, reflecting a negative mix shift in AUM. As we've noted previously, the fee rate remains highly mix-dependent and several factors weighed on the rate relative to the prior year.

第一季全公司費率為38.1個基點，反映AUM出現不利的組合轉移。正如我們先前所提，費率高度取決於產品組合，且有數項因素使費率相較去年承壓。

In retail, active equities, average AUM declined to 18.7% of firm-wide AUM from 20% a year ago as market appreciation was largely offset by outflows. In fixed income, elevated rates and FX volatility pressured taxable fixed income AUM with outflows concentrated in higher fee strategies such as American income and global high yield, while inflows were primarily driven by lower fee municipal SMAs.

在零售端，主動式股票的平均AUM占全公司AUM的比重由一年前的20%下降至18.7%，因市場上漲大致被資金流出所抵銷。在固定收益方面，較高利率與匯率波動壓抑應稅固定收益AUM，資金流出集中於費率較高的策略，例如American income與global high yield，而資金流入主要由費率較低的市政債SMA所帶動。

Finally, turning to slide 12 and our outlook. We now expect total performance fees for fiscal year 2026 of $95 million to $115 million, up from our prior range of $80 million to $100 million, with additional potential upside dependent on market conditions. This reflects an increase in our public markets performance fee outlook to $25 million to $35 million, driven by first-quarter realizations from our alpha-generating international small cap strategy.

最後，請看第12頁與我們的展望。我們目前預期2026會計年度總績效費用為9,500萬至1.15億美元，高於先前的8,000萬至1億美元區間，且依市場狀況仍可能有額外上行空間。這反映我們將公募市場績效費用展望上調至2,500萬至3,500萬美元，主要由第一季我們具備阿爾法產生能力的國際小型股策略之實現收益所帶動。

Our private market's performance fee outlook remains unchanged at $70 million to $80 million, despite a light first quarter driven by prudent proactive markdowns concentrated in software and tech services exposures. Note that these markdowns were not driven by credit events, and even if realized, they would be within our assumed annual loss framework.

我們對私募市場績效費用的展望仍維持在7,000萬至8,000萬美元不變，儘管第一季表現偏淡，主要因我們審慎且主動的減記（markdowns）集中於軟體與科技服務曝險。請注意，這些減記並非由信用事件所驅動，即使最終實現，也會落在我們假設的年度損失框架之內。

As a long-term buy-and-hold investor, AB-PCI fully expects to realize value recovery across all creditworthy borrowers over time. It is important to note that the rates, outlook, and wider-spread environment is supportive of forward-looking returns. All other guided items remain unchanged from last quarter.

作為長期買入並持有的投資人，AB-PCI完全預期隨時間推移，所有具信用資質的借款人都將出現價值回復。重要的是，目前的利率、展望以及較寬利差的環境，有利於前瞻性的報酬。其他所有指引項目均與上季維持一致。

Looking ahead, we are encouraged by our institutional outlook, supported by a record pipeline of $27.5 billion, including public market mandates expected to fund next quarter and private markets mandates expected to fund by year-end, most notably the increased $12 billion commercial mortgage loan mandate from Equitable. We expect continued inflows across secular growth areas, including private wealth, SMAs, ETFs, and private alternatives.

展望未來，我們對機構業務前景感到鼓舞，因其受到創紀錄的275億美元案源管線支持，其中包括預計於下季撥款的公募市場委託，以及預計於年底前撥款的私募市場委託，最值得注意的是Equitable提高至120億美元的商業房貸委託。我們預期在結構性成長領域將持續有資金流入，包括私人財富、SMA、ETF與私募另類投資。

Taken together, we have meaningfully strengthened our business mix and positioned the firm for the future by leaning into areas of structural growth, while addressing areas of pressure with discipline. We look ahead with optimism, confident in what we believe to be a position of strength.

綜合而言，我們透過加碼結構性成長領域，同時以紀律方式處理承壓領域，已顯著強化我們的業務組合並為公司的未來做好布局。我們以樂觀態度展望未來，並有信心我們正處於強勢位置。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問線路。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（接線員指示）Craig Siegenthaler，美國銀行。

My question is on the Equitable Corebridge merger and your expectation to manage $100 billion of incremental AUM over time. So in terms of general account assets for the new co, what percent of total GA assets do you assume you're going to manage? And is the current GA level at Equitable in the $70 billion range now, plus I think there's $17 billion on the side of private market initiatives still? I just want to kind of refresher on all the numbers.

我的問題是關於Equitable與Corebridge的合併，以及你們預期隨時間管理1,000億美元新增AUM。就新公司的一般帳戶（GA）資產而言，你們假設將管理GA總資產的百分之多少？另外，Equitable目前的GA規模現在大約在700億美元左右，另外我想私募市場計畫那邊還有170億美元？我只是想重新確認一下所有數字。

Hi, Craig. Onur. Let me take that question. Obviously, the Corebridge Equitable merger is a very exciting development for us. As it was announced at the March 26 call, we expect maybe $100 billion overtime from both GA and separate account assets.

嗨，Craig。我是Onur。我來回答這個問題。顯然，Corebridge與Equitable的合併對我們而言是非常令人振奮的發展。如同3月26日電話會議所宣布的，我們預期隨時間推移，來自GA與分離帳戶（separate account）資產合計可能約1,000億美元。

Obviously, it's very early days since that announcement, and that deal is most likely are going to take another nine months or so to close roughly by year-end or fourth quarter. And hence, it will take us time to really do the bottom-up build-up of that $100 billion between GA and separate accounts.

當然，自該公告以來仍屬非常早期階段，而該交易很可能還需要約九個月左右才能完成交割，大致在年底或第四季。因此，我們需要時間自下而上地建構並拆分這1,000億美元在GA與分離帳戶之間的組成。

And in terms of funding of the assets, given the deal will likely close end of '26, it's going to be more '27 and beyond in terms of the new AUM coming to AB. So on one hand, we are super excited. On the other hand, we recognize it's going to take a few quarters to materialize those opportunities given the deal timeline.

至於資產到位（funding）的時間點，鑑於交易可能在2026年底完成交割，新增AUM導入AB更可能落在2027年及之後。一方面，我們非常興奮；另一方面，我們也認知到，考量交易時程，這些機會需要幾個季度才會逐步具體化。

In terms of the GA build-up, we are not dependent on only Equitable or Corebridge. As you have seen in our slides, our GA assets from third-party clients grew by 28%. If you look at our pipeline, we had significant momentum in the pipeline.

就 GA 的累積而言，我們並不僅依賴 Equitable 或 Corebridge。正如你在我們的投影片中所看到的，我們來自第三方客戶的 GA 資產成長了 28%。如果你看我們的案源管線，我們在管線上有顯著的動能。

So for instance, we added a $3.5 billion CLO opportunity to our pipeline, as an example, and we have a lot of other pipeline opportunities, which makes up 80% of our pipeline fees, coming primarily from insurance clients. So overall, we are very excited about the trajectory in GA, both for proprietary as well as third-party clients.

例如，我們在管線中新增了一個 35 億美元的 CLO 機會，僅作為例子；此外我們還有許多其他管線機會，主要來自保險客戶，合計占我們管線費用的 80%。因此整體而言，我們對 GA 的發展軌跡非常振奮，無論是自有資金（proprietary）或第三方客戶皆然。

Thanks for that, Onur. Just as a follow-up, as you look at that $100 billion, what is the expected mix of public, corporate, or government debt that has QCIPs versus private assets that are originated by your proprietary private markets businesses?

謝謝你，Onur。再追問一下，當你看那 1,000 億美元時，預期的組合會是：具有 QCIPs 的公開市場公司債或政府債，與由你們自營私募市場業務所發起（originated）的私募資產之間，各占多少？

Again, we don't have an exact bottom-up buildup yet. That is in works. Our estimate is, given this includes the separate account business, which tends to be more publics, and given some of the assets from the GA will be coming from the fixed income book, I think it's going to skew heavily toward the publics versus private in terms of day one opportunity, if you will.

同樣地，我們目前還沒有精確的自下而上拆解，這正在進行中。我們的估計是，鑑於其中包含分離帳戶（separate account）業務，而那通常偏向公開市場資產；再加上 GA 的部分資產將來自固定收益投資組合，我認為就「第一天」的機會而言，會明顯偏向公開市場資產而非私募資產。

But over time, if you think about this balance sheet, it's going to be one of the largest US retirement companies and it will originate annuities across RILAs, fixed annuities, variable annuities, et cetera. That means your general account assets will grow materially and a portion of that new flow, if you will, will make its way to privates and we're going to be a strong beneficiary of that growth.

但隨著時間推進，如果你把這個資產負債表放在脈絡中看，它將成為美國最大的退休公司之一，並且會在 RILA、固定年金、變額年金等各類產品上發起年金業務。這意味著你們的一般帳戶資產將大幅成長，而其中一部分新增資金流（new flow）會逐步流向私募資產，我們將會是這項成長的主要受益者。

So you shouldn't only look at it in terms of what is mappable on day one. You should look at it as what is the expectation on a go-forward basis given the new Equitable will be double the size of the origination and the assets at the minimum?

所以你不應只從「第一天能對應（mappable）多少」來看；你應該從前瞻角度來看預期：新的 Equitable 在發起量與資產規模上，至少都會是現在的兩倍。

Thanks for that, Onur, and congrats on the $100 billion future wins.

謝謝你，Onur，也恭喜拿下未來 1,000 億美元的勝利。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

I was hoping you guys could expand on what you're seeing in the institutional private credit market. Obviously, lots of volatility on the retail side. You guys don't have a ton of exposure there. But as you think about both opportunities and risks that are in the market today, how are you approaching that channel?

我希望你們能多談談你們在機構私募信貸市場看到的情況。顯然零售端波動很大，你們在那邊的曝險不多。但就目前市場中的機會與風險而言，你們是如何看待並切入這個通路的？

Thanks, Alex. Let me take that question as well. We continue to see strong momentum in our institutional business for private credits. To underline your comment, yes, you are right, we don't have a significant exposure on the retail side, but we are also very pleased with what we have seen on the retail and private wealth side of private credits.

謝謝，Alex。我也來回答這題。我們持續看到機構端私募信貸業務的強勁動能。呼應你的評論，沒錯，你說得對，我們在零售端並沒有顯著曝險；但同時，我們對於在零售與私人財富（private wealth）通路的私募信貸表現也非常滿意。

If you look at our BDC, our redemption rate has been less than 2%. So that's much lower than what we have seen from our competitors that speaks to the strength of our integrated asset and wealth management franchise. Proximity to the client helps us maintain lower redemption rates in these retail vehicles, particularly in our private wealth channel.

如果你看我們的 BDC，我們的贖回率低於 2%。這遠低於我們從競爭對手那裡看到的水準，這也反映出我們整合式資產管理與財富管理平台的實力。貼近客戶有助於我們在這些零售載具中維持較低的贖回率，特別是在我們的私人財富通路。

If you look at our private alt cap raise in private wealth, actually it grew from '25. Our first quarter fundraise in the '26 versus '25 for private wealth was more than 30% higher. So definitely, we also continue to see momentum across private equity and private credit in our private wealth business, which admittedly skews more high net worth and outside net worth.

如果你看我們在私人財富通路的私募另類資產募資（private alt cap raise），實際上相較於 '25 是成長的。我們在 '26 年第一季、相較於 '25 年的私人財富募資，高出 30% 以上。因此很明顯，我們在私人財富業務中的私募股權與私募信貸也持續有動能；當然，這部分的客群結構確實更偏向高淨值與超高淨值。

And on the institutional side, to get to your core question, as I mentioned, we continued to add significant mandates to our pipeline. As Seth also mentioned in his opening remarks, we are seeing more accelerated and expanded benefits from some of the strategic partnerships we announced around the third-party insurance. And that remains the largest driver of our new pipeline.

而在機構端，回到你的核心問題，如我提到的，我們持續把大量新委任案（mandates）加入管線。正如 Seth 在開場致詞也提到的，我們看到先前宣布、圍繞第三方保險的部分策略合作夥伴關係，帶來更快且更擴大的效益；而這仍然是我們新增管線的最大驅動因素。

It's broad-based, it includes both asset-backed ABF type of mandates, as well as fund financing like NAF finance, and real estate debt. And furthermore, we had several new mandates outside the insurance in core institution as well. So net-net, broad-based momentum skews heavier towards insurance, but seeing strength in non-insurance institutional as well. The implication is we're going to be comfortably hitting and exceeding our private markets AUM goal of [$90 billion to $100 billion].

這是廣泛分布的，既包括資產擔保融資（ABF）類型的委任案，也包括像 NAF finance 這類基金融資，以及不動產債務。此外，我們在保險以外的核心機構客戶也拿到數個新委任案。總結來說，廣泛性的動能仍較偏向保險端，但非保險的機構端同樣展現強勁。其含意是：我們將能夠穩健達成並超越我們私募市場 AUM 目標的［900 億至 1,000 億美元］。

Follow-up for me, I was hoping to touch on the fee rate dynamics, both in the quarter, but really more importantly, looking further out. A couple of dynamics at play. Obviously, you mentioned that the active equity performance has been challenged, and we've seen that show up in retail flows, which are obviously higher fee rate.

我再追問一下，我想談談費率（fee rate）的動態：包括本季的情況，但更重要的是往後看。有幾個因素同時在發生。顯然你提到主動式股票的績效面臨挑戰，而我們也看到這反映在零售資金流上，而零售端通常費率較高。

A bit mixed on the retail fixed income for now as well, but some wins on the institutional side of things, so you mentioned private credit. So when you put it together, how does the evolution of the fee rate likely to look over the next couple of quarters?

零售固定收益目前也有些好壞參半，但機構端又有一些勝利案，例如你提到的私募信貸。把這些放在一起看，未來幾季費率的演變大概會是什麼樣子？

Hey, Alex. It's Tom. We generally don't provide fee rate guidance, but we do prioritize sustainable organic growth and long-term profitability over focusing solely on the fee rate. Looking forward, we expect the fee rate trajectory to continue to reflect the mix of organic growth and market movements, which have been supportive in early 2Q.

嗨，Alex。我是 Tom。我們一般不提供費率指引，但相較於只聚焦費率，我們更優先考量可持續的有機成長與長期獲利能力。往前看，我們預期費率走勢仍會反映有機成長的組合變化與市場波動；而在第二季初期，這些因素是偏向支持性的。

Bill Katz, TD Cowan.

Bill Katz，TD Cowen。

Just coming back to the expense outlook for a moment. It wasn't exactly how to interpret the slide on the initial take this morning. So you're keeping your expense not up growth relatively stable. If I look at the first quarter, I think your run rating well below the low end of the guide. How do we think about maybe the pacing to the spend as the year unfolds? And what kind of flexibility do you have if the markets remain volatile?

我想回到費用展望再談一下。今天早上第一次看那張投影片時，不太確定該怎麼解讀。所以你們把費用（非成長）維持相對穩定。如果我看第一季，我覺得你們的 run rate 明顯低於指引區間的下緣。我們應該如何看待接下來一年費用支出的節奏？如果市場持續波動，你們有多大的彈性？

There's some seasonality in there. This happens from time to time. I would continue to stick with our guide at $6.25 to $6.50 and then maybe just divide it up less what we have in there for 1Q so far. As far as some flex, you may recall last year we did have a lot of flex. We actually flexed down quite a bit because our businesses delivered due to all the market volatility. So we do have flexibility that we can pull on this year if needed, but we did want to let the advisors get in front of some clients and attend some firm meetings that they withheld last year.

這裡面有一些季節性因素，這種情況不時會發生。我會繼續維持我們 6.25 到 6.50 的指引，然後或許就是把它拆分，扣掉目前第一季已發生的部分。至於彈性，你可能記得去年我們確實有很大的彈性；因為市場波動很大、但我們的業務表現交付得很好，所以我們實際上把費用下調了不少。今年如有需要我們也有可以動用的彈性，但我們也希望讓顧問能夠多去面對客戶、參加一些公司會議，因為去年他們有些活動是延後或保留了。

Okay. It's helpful. This is a follow-up, maybe stepping back, talk about wealth management, very durable asset for you guys. A lot of crosscurrents in the industry at large. I wonder if you could talk a little bit about, maybe -- and I appreciate you're also at the upper end of the market, so maybe not quite as intense as some of the key players that I think you're comped up against. That being said, I wonder if you could talk a little bit about maybe the competition for financial advisors, what the market dynamic has been in terms of industry churn?

好的，這很有幫助。我再追問一題，可能拉高一點層次來看：財富管理對你們而言是非常耐久的資產，但整個產業也有很多交錯的力量。我想請你談談，或許——我也理解你們在市場的高端區隔，所以可能不像一些你們被拿來比較的主要同業那麼激烈。即便如此，我仍想請你談談金融顧問的人才競爭，以及就產業人員流動（churn）而言，市場動態目前如何？

And I'm curious, there's a lot of anxiety around agentic AI. I was wondering if you could maybe click down a layer and talk about where you're leveraging that and where some of the risks might be prospectively?

另外我也很好奇，市場對 agentic AI 有很多焦慮。我想請你再往下一層談談：你們在哪些地方正在運用它？以及從前瞻角度看，可能有哪些風險？

Thanks. Yeah. Let me break that into two questions. One, talent market dynamics, how are we feeling about that? And second, come back to agentic AI and impact on the business.

謝謝。好，我把它拆成兩個問題。第一是人才市場的動態，我們對此感受如何？第二再回到 agentic AI 以及它對業務的影響。

On the talent side, we feel pretty good. We are well immune from the high churn that some of our competitors are facing. Ultimately, our retention rate for our senior advisors, which drive majority of our flows and the ones that helped us achieve the record productivity this quarter, have remained loyal. Again, our attrition rate remains very low depending on the year. It tends to be low single-digits.

在人才方面，我們感覺相當不錯。我們基本上能免於一些競爭對手所面臨的高流失。歸根結底，我們資深顧問的留任率——他們帶來我們大部分的資金流，也是幫助我們本季達成創紀錄生產力的關鍵——一直都很忠誠。再者，我們的離職率依年度而異，但整體仍維持在很低的水準，通常是低個位數百分比。

And if you look at our recruiting, as you have seen, we added our -- we added roughly 14 advisors, and that means our advisor headcount is up roughly by 5% in the first quarter, so we remain on track in terms of our ability to add talent. So feeling good about that.

而如果你看看我們的招募情況，如你所見，我們新增了——我們大約新增了14位理財顧問，這意味著我們第一季的顧問人數大約增加了5%，因此在吸納人才的能力方面我們仍然按計畫推進。對此我們感覺良好。

I mean, ultimately, we are not complacent. We will continue to pay competitively for talents. And we'll continue to make our platform a preferred platform for existing and new talent based on our investment expertise, the tools that we provide like tax management, as well as investments in technology.

我的意思是，歸根結底，我們不會自滿。我們將持續以具競爭力的方式為人才付薪。我們也會持續憑藉我們的投資專業、我們提供的工具（例如稅務管理），以及對科技的投入，讓我們的平台成為現有人才與新進人才的首選平台。

In terms of the segue to agentic AI, given we are more on the high net worth plus side of things, we tend to deal with more complex client situations. Our highest growth part of our business, our ultra-high net worth business grows at 4 times as fast as the rest of the business.

談到銜接到代理式AI（agentic AI），鑑於我們更偏向高淨值以上客群，我們往往會處理更複雜的客戶情境。我們業務中成長最快的部分——超高淨值業務——其成長速度是其他業務的4倍。

So that creates, in my opinion, some modes in terms of the technology disruption because we deal with a lot of complex tax issues. We deal with a lot of complex global family issues. Some of the value-add is also in value-added services, not the standard asset allocation and/or basic tax mitigation strategies. So that is the bigger picture.

因此在我看來，這在科技顛覆方面形成了一些護城河，因為我們會處理大量複雜的稅務議題，也會處理大量複雜的全球家族議題。我們的一部分附加價值也來自加值服務，而不是標準的資產配置和／或基本的稅務減免策略。這就是更大的全貌。

In terms of how we are taking advantage of AI, it's in several different areas. We are definitely using it much more for client meeting preparation, like using our CRM system to be better prepared for client engagements and hopefully using that to drive more growth from those conversations, driving share of wallets.

至於我們如何運用AI，我們在幾個不同領域都在使用。我們確實更多用於客戶會議準備，例如利用我們的CRM系統，讓我們在客戶互動前準備得更充分，並希望藉此從這些對話中帶動更多成長、提升錢包份額（share of wallet）。

We are definitely using it to create efficiencies in the way we manage our business, particularly client servicing side. Actually, if you look at our client service associates onshore, that has been relatively flat. Although we have been adding advisors, new clients, as well as growing organically. So some of that servicing efficiencies are driven by the usage of technology in client servicing. One example would be how we deal with RFPs. We use technology and AI heavily in that.

我們也確實用它來提升我們管理業務方式的效率，特別是在客戶服務端。事實上，如果你看我們在岸（onshore）的客戶服務專員人數，基本上相對持平。儘管我們一直在增加顧問、新增客戶，並且也有有機成長。因此，部分服務效率的提升是由於在客戶服務中使用科技所驅動。舉例來說，我們處理RFP（提案邀請書）的方式，就大量使用科技與AI。

And then finally, in more client acquisition, we are using much more advanced lead generation technologies, and we are getting into much more AI-driven marketing to drive new growth. So all in all, it cuts across servicing and efficiencies, effectiveness in client conversations, as well as new client acquisition.

最後，在客戶獲取方面，我們更多使用更先進的名單開發技術，也開始採用更多AI驅動的行銷來帶動新的成長。總體而言，它涵蓋了服務與效率、客戶對話中的有效性，以及新客戶獲取。

That said, I cannot put a number on it yet, probably I'm in the same zip code with my colleagues in wealth management. I mean, again, there are a lot of good things happening, but still the early innings of AI. Although we see the benefits, it has not translated into very concrete financial impact yet, but that's yet to come.

話雖如此，我目前還無法給出一個數字，可能我和財富管理同業的看法也差不多。我的意思是，確實有很多好事正在發生，但AI仍處於早期階段。雖然我們看到了效益，但尚未轉化為非常具體的財務影響，不過未來可期。

John Dunn, Evercore ISI.

John Dunn，Evercore ISI。

Maybe just staying on private wealth for a second. I know there's seasonality in the second quarter and then you mentioned private wealth demand. But could you remind us about maybe seasonality for the rest of the year, maybe shifting product demand and then the temperature of like the channel's appetite to put money to work?

先在私人財富這塊再停留一下。我知道第二季有季節性因素，你也提到私人財富需求。不過你能否提醒我們一下，可能今年其餘時間的季節性如何、產品需求是否會轉移，以及通路把資金投入市場的意願溫度大概如何？

Yeah, sure. Yeah, seasonality, John, definitely, it's something to be mindful of. Obviously, April is the tax month, so we tend to have soft April in general in terms of flows, because a lot of our clients pay taxes, and it happens every year.

好的，當然。季節性方面，John，確實是需要留意的。很明顯，4月是報稅月，因此就資金流入（flows）而言，我們通常4月會偏弱，因為很多客戶要繳稅，而且每年都是如此。

In terms of the client demand, even though, obviously, there are heightened risks in terms of macro, the war in the Middle East, the oil prices, this and that, our high net worth and ultra net worth clients remain very engaged. Actually, it has been relatively robust in terms of risk-taking. We have not seen them go to the sidelines.

就客戶需求而言，儘管宏觀層面風險升高——中東戰事、油價等等——我們的高淨值與超高淨值客戶仍然非常投入。事實上，在承擔風險方面一直相對強勁。我們沒有看到他們退到場邊觀望。

As a result, we remain excited about the fundraising and growth. Again, as we have seen in Q1, we had very high sales relative to the previous eight quarters, so we've definitely seen a momentum in sales and we are not seeing a major slowdown yet.

因此，我們對募資與成長仍感到振奮。再次強調，如同我們在第一季看到的，我們的銷售額相較前八個季度非常高，所以我們確實看到銷售動能，目前也還沒有看到明顯放緩。

The two words of caution would be, number one, obviously, if the Middle East situation gets worse, if the conflict gets longer, et cetera, et cetera, I mean, those all have impact on consumer sentiment. And high net worth and ultra-high net worth clients will not be immune to that, so that's definitely a risk that we are monitoring.

需要提醒的兩點是：第一，顯然如果中東情勢惡化、衝突拉長等等，這些都會影響消費者信心。高淨值與超高淨值客戶也不會完全免疫，因此這確實是我們正在監控的風險。

And then secondly, given some of the volatility and some of the software headlines, et cetera, some of the M&A activity has slowed down. When M&A slows down, it also slows down exits for entrepreneurs and the liquidity events of business sales, IPOs, et cetera. And that has an impact on our business, so if that slowdown again extends because of the macro environment, that might slow our business down.

第二，鑑於部分波動以及一些軟體相關新聞等因素，部分併購（M&A）活動已經放緩。當併購放緩時，也會放慢創業者的退出，以及企業出售、IPO等流動性事件。這會影響我們的業務，因此如果這種放緩因宏觀環境而延續，可能會拖慢我們的業務。

But we're not going to be alone in that. We're not going to be an outlier. It's a little bit of a market beta, if you will.

但我們不會是唯一受到影響的。我們不會是異類。可以說這有點像市場貝他（market beta）。

But, John, I would just add that the resilience in the private client group is echoed, I think, more broadly in the business. And given the volatility we've seen, it's kind of amazing markets are where they are, and we continue to see people exploring, committing money to longer-term opportunities. So look, there are a lot of potential drawdowns arising and given the volatility in the macro market, but we're pretty pleased with progress to date.

不過，John，我還想補充的是，私人客戶團隊的韌性，我認為在更廣泛的業務中也有所呼應。考量到我們看到的波動，市場能維持在目前的位置其實有點令人驚訝，而我們仍持續看到人們在探索並承諾資金投入更長期的機會。你看，確實存在許多潛在回撤的可能性，且宏觀市場波動不小，但截至目前我們對進展相當滿意。

Got it. And then maybe could you just walk through some of the factors like outside of investment performance that could get high-yield fixed-income funds distributed in Asia back to being less of a headwind?

了解。那接著，能否請你談談一些因素：除了投資績效之外，還有哪些因素可能讓在亞洲銷售的高收益固定收益基金不再那麼逆風？

Yeah, we are -- to reopening our global high-yield strategy in Taiwan. We've gotten regulatory approval, which is what stopped us. And so we're optimistic that we'll see incremental flows from there. We continue to see appetite for fixed income, but it's been more competitive than the alternative opportunities, particularly, locally, have been stronger. However, if the dollar remains fairly strong, I'm hopeful we'll see some recovery along with performance.

好的。我們——正在台灣重新開放我們的全球高收益策略。我們已取得主管機關核准，而這正是先前阻礙我們的原因。因此我們樂觀預期將看到增量資金流入。我們仍看到固定收益的需求，但相較於其他替代機會，競爭更激烈，尤其是本地的機會表現更強。不過，如果美元維持相對強勢，我希望我們能在績效帶動下看到一些復甦。

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

Onur，我不知道你是否還有要補充的？

Yeah. I think those are the main points. I mean, the only other minor I would add to that is our ETF platform continues to build momentum as well. If you look at the monthly run rate, domestically, we are basically getting close to $0.5 billion net flows per month, so definitely a very healthy growth rate for our ETFs, which are across asset classes, including fixed income.

有的。我認為重點大致就是這些。我唯一想再補充一個小點是：我們的ETF平台也持續累積動能。如果你看每月的運行速度（monthly run rate），在國內市場我們基本上接近每月5億美元的淨流入，因此我們的ETF成長率確實非常健康，而且涵蓋各資產類別，包括固定收益。

And then we are expanding that momentum into international. We launched two ETFs, fixed income ETFs in Taiwan. We launched several UCID ETFs in Europe this week in fixed income. So as a result, you will see us tapping into new markets outside our traditional intermediary channel using the ETFs. So it's going to take, again, a few quarters to build momentum in those new products, but we are seeding the ground for future growth in new products as well.

接著我們也把這股動能擴展到國際市場。我們在台灣推出了兩檔固定收益ETF。本週我們在歐洲推出了數檔UCID ETF（固定收益）。因此，你會看到我們透過ETF切入傳統中介通路之外的新市場。當然，這些新產品仍需要幾個季度來累積動能，但我們也正在為未來在新產品上的成長播種。

Dan Fannon, Jeffries.

Dan Fannon，Jefferies。

So one more just on the private wealth side and tracking above the 5% advisor growth target. And so I was just curious if you could just give a little bit of a framework or profile of the advisor that's joining your platform. I know you generally aren't paying the same levels of transition assistance or other things, but curious about the profile and how you anticipate those to ramp as they integrate into your platform over time?

再問一個關於私人財富：你們顧問人數成長高於5%的目標。我想請教你能否提供一個框架或輪廓，說明加入你們平台的顧問類型？我知道你們通常不會支付同等水準的轉職補助或其他項目，但我想了解這些顧問的特徵，以及你們預期他們隨著時間融入平台後，業績會如何爬坡？

Sure. Great question. Yes, you're absolutely right. We typically have a bias towards more new-to-industry internal promotes as well as mid-career switches from other careers as our historical recruiting model. We have not done major recruiting in book takeovers, if you will. And as a result, our cost of talent acquisition seems to be much lower than what we see from some of the competitors.

當然。問得很好。是的，你說得完全正確。我們歷史上的招募模式通常偏向更多「新進入行業」的內部晉升，以及來自其他職涯的中期轉職者。我們並沒有進行大量的「接手客戶資產（book takeovers）」式的大型招募。因此，我們的人才取得成本看起來遠低於我們在一些競爭對手那裡看到的水準。

That being said, as we look at the talent mix, we are open to adding some experienced advisors, some of which might have books. So as we think about the rest of the year and the broader pie, I mean, I would say probably 75% would fit into the more traditional profile. And then roughly a quarter would be more on the experience side, some of which might have existing transferable assets. So that's how I think about the advisor mix.

話雖如此，當我們檢視人才組合時，我們也願意增聘一些資深顧問，其中部分可能自帶客戶資產（books）。因此，當我們思考今年剩餘時間以及更廣泛的整體規模時，我會說大概有 75% 會符合較傳統的輪廓；而約四分之一會偏向具經驗的一端，其中一些可能擁有既有可轉移資產。這就是我對顧問組合的看法。

And in terms of the year-end advisor kind of numbers that we are targeting, probably given we have been intentionally fast in terms of adding new advisors early in the year, it's going to be slower in the rest of the year by our recruiting plan. But we probably would end a couple of percentage points higher than what we exited this quarter on a net basis, so that would be a rough number that we are targeting. Again, these are, I would say, directional targets. Ultimately, we flex up and down based on the talent we are seeing.

至於我們在年底所鎖定的顧問人數目標，考量到我們在年初刻意加快新增顧問的速度，依照我們的招募計畫，今年其餘時間的增速會放緩。不過以淨增加來看，我們年底可能會比本季結束時的水準高出幾個百分點，這大致就是我們鎖定的數字。再次強調，我會說這些是方向性的目標；最終我們會依據所看到的人才情況彈性上調或下調。

Finally, in terms of how much time does it take for a new advisor to ramp up, et cetera; we have specific initiatives to get the advisors to full productivity over a shorter period of time. We have dedicated teams that are focused on it. But typically, it takes four years or so for an advisor to be breakeven if it's a completely new-to-industry kind of advisor. And then you see that advisor to peak probably within 5 to 10 years, so that's the typical profile for new-to-industry kind of fresh talent, if you will.

最後，關於新顧問需要多久時間才能爬坡、達到完整產能等；我們有特定的計畫，讓顧問能在更短時間內達到完全生產力，我們也有專責團隊聚焦在這件事上。但一般而言，如果是完全屬於新進入產業（new-to-industry）的顧問，通常大約需要四年左右才能達到損益兩平。之後該顧問大概會在 5 到 10 年內達到高峰，這是典型的新進產業新秀（fresh talent）的輪廓。

And then just a follow-up on the pipeline, obviously, record levels, and I think you gave some context around the funding of that. But could you talk more broadly about momentum as you think about the institutional channel and sales activity, and product mix in context outside of what is actually in the pipeline today?

另外追問一下關於案源（pipeline），顯然已達到創紀錄水準，我想你也提供了一些關於其資金來源的背景。不過，能否更廣泛談談你對機構通路與銷售活動的動能，以及在不僅限於目前案源中的情況下，產品組合的脈絡？

Yeah, sure. And if you think about our average deployment for the pipeline, we are currently running at nine months, so the good news is the record pipeline will be deployed relatively quickly. So that's good news because that pipeline runs through pre-generating sales based on that.

好的，當然可以。若以我們案源的平均落地（deployment）時間來看，目前大約是九個月，所以好消息是，這個創紀錄的案源將能相對快速地轉化落地。這是好消息，因為該案源會帶動前置產生的銷售。

In terms of new opportunities, we touched on Corebridge Equitable to $100 billion, so that definitely is quite a sizable opportunity ahead of us in '27 and beyond.

就新機會而言，我們提到 Corebridge Equitable 的規模達到 1,000 億美元，因此在 2027 年及之後，這確實是我們面前相當可觀的機會。

In terms of other areas, a couple of things I would highlight. One, again, the broadening of the third-party insurance franchise. So we really have good momentum there. We continue to add new relationships. And I expect more there, both on the general account side with private credit and fixed income, but also on the separate account side with equities and multi-assets.

至於其他領域，我想強調幾點。第一，再次提到第三方保險業務版圖的擴張。我們在那裡確實有不錯的動能，並持續新增合作關係。我也預期在一般帳戶（general account）端，私募信貸與固定收益方面會有更多進展；同時在分離帳戶（separate account）端，股票與多元資產方面也會有更多機會。

And then in terms of the other broader institutional markets, we are definitely seeing some momentum in Asia Pacific. Some of our more quantitatively oriented strategies have found good demand there and definitely expecting more opportunities materializing across our systematic platform globally, but also specifically in Asia, given they are pretty big buyers of systematic strategies, particularly in equities.

另外，就更廣泛的其他機構市場而言，我們確實在亞太地區看到一些動能。我們一些偏量化取向的策略在那裡獲得良好需求，並且我們確實預期在全球系統化平台（systematic platform）上會有更多機會逐步成形；同時也特別是在亞洲，因為他們是系統化策略的相當大買方，尤其是在股票方面。

Benjamin Budish, Barclays.

Benjamin Budish，Barclays。

Hi. This is [Mason] on for Ben. I just wanted to ask more about your ETF business. Can you talk more about the current distribution footprint outside of your wealth platform? And if possible, can you share any color about the current economic arrangements with distributors and how they may be changing at all?

嗨，我是代 Ben 發言的 [Mason]。我想多問一些關於你們的 ETF 業務。能否談談目前在你們財富平台之外的通路覆蓋情況？如果可以的話，也請分享一些目前與通路商之間的經濟條件（economic arrangements）以及是否有任何變化的相關資訊？

Yeah, for sure. In terms of our ETF franchise, you're absolutely right. It cuts across our proprietary wealth channel as well as a third-party distribution. The third-party side has been growing at a faster rate, but from a smaller base. As you would expect, as we launched the ETF business starting back in 2022, we first leaned into our private wealth channel and then used that original foundation to scale into third-party, domestically and then overseas.

好的，當然。就我們的 ETF 版圖而言，你說得完全正確，它涵蓋了我們自有的財富通路以及第三方通路。第三方端的成長速度更快，但基期較小。如你所預期的，我們自 2022 年開始推出 ETF 業務時，先倚重我們的私人財富通路，接著再以那個初始基礎擴展到第三方通路，先在國內，然後到海外。

On the third-party side of things, we are definitely seeing momentum in the onboard of our ETFs to multiple new platforms, warehouses, regional broker-dealers, independents, et cetera. In terms of the total sales mix, we tend to have a very small, immaterial almost, distribution through the direct platforms. So think about the Fidelity, the Schwabs of the world, the direct-to-consumer part of those businesses.

在第三方端，我們確實看到動能，因為我們的 ETF 正在被多個新平台、券商總部（wirehouses）、區域型券商、自營獨立通路等陸續上架。就整體銷售組合而言，我們透過直銷平台的分銷占比非常小，幾乎可忽略不計。你可以想像成 Fidelity、Schwab 這類機構的直面消費者（direct-to-consumer）業務部分。

So as a result, our dependence on those funds, supermarkets, et cetera, is much lower than some of the other ETF providers that has large ETF franchises, particularly impassive. So I would say, our third-party distribution cost is not materially impacted by what's happening with some of those platforms.

因此，我們對那些基金超市（fund supermarkets）等平台的依賴程度，遠低於一些擁有大型 ETF 版圖的其他 ETF 供應商，尤其是被動型（passive）領域的業者。所以我會說，我們的第三方分銷成本並未因部分平台目前發生的情況而受到實質影響。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Just coming back to performance fees. Thank you for the updated guidance. Can we unpack the incremental pickup in the public side? How much of that is just due to maybe market positioning versus anything going on on the hedge fund side, if anything related to maybe the shuttering of a relatively sizable hedge fund you announced?

我想回到績效費（performance fees）。謝謝你更新指引。我們能否拆解一下公開市場（public）端的增量提升？其中有多少只是因為可能的市場部位配置（market positioning），相對於避險基金端是否有任何因素？例如你們先前宣布關閉一檔規模相對可觀的避險基金，是否有任何相關影響？

And then on the operating expense side, just coming back to that for a moment. It looks like it's up about 6% on the midpoint year-on-year. As we look out into 2027, would you anticipate any kind of deceleration of the core expense growth, or would that likely stay the same just given the myriad of the different growth factors out there?

另外在營運費用（operating expense）方面，也想再回來問一下。看起來以中位數來看年增約 6%。展望到 2027 年，你是否預期核心費用成長會有任何放緩，或是考量到各式各樣的成長因素，可能仍會維持相同水準？

I mean, generally, it would stay the same, speaking from the operating expense side first. We generally haven't offered any next year's information this early on. But it would generally be flat. There's nothing on the horizon that I'm aware of to offer any additional color on the expenses.

一般而言，會維持相同水準。我先從營運費用端回答。我們通常不會在這麼早的時間點提供明年的資訊。但整體而言會大致持平。我目前沒有看到任何即將發生的事情，能就費用提供更多補充說明。

As far as the performance fees, no, the changes in performance fees aren't impacted by the closure of Arya that we announced recently. And then what's driving the public is our international [SMIT] product in 1Q versus last year.

至於績效費，沒有，我們近期宣布關閉 Arya，並未影響績效費的變動。而推動公開市場端的因素，是我們的國際 [SMIT] 產品在第一季（1Q）相較去年所帶來的表現。

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

目前沒有進一步的問題。Jorgali 先生，我把電話會議交回給您。

Thank you very much, Audra, and thank you, everyone, for joining our call. I hope you have a great day, and please reach out if you have any questions.

非常感謝你，Audra，也謝謝各位參加我們的電話會議。祝各位有美好的一天，如有任何問題也請隨時與我們聯繫。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。