AllianceBernstein Holding LP (AB) 2026 Q2 法說會逐字稿

Hello everyone and thank you for joining us. Welcome to the AllianceBernstein second quarter 2026 earnings review. (Operator Instructions)

各位好，感謝大家加入我們。歡迎參加聯博（AllianceBernstein）2026 年第二季財報回顧。（接線員指示）

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.

提醒各位，本次電話會議將被錄音，並將於本次通話結束後不久在我們的網站上提供重播。現在我想把會議交給本次電話會議的主持人、聯博投資人關係主管 Ioanis Jorgali 先生。請開始。

Good morning, everyone, and welcome to our second 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 today to discuss the company's quarterly results are Seth Bernstein, our Chief Executive Officer; and Tom Simeone, our Chief Financial Officer.

各位早安，歡迎參加我們 2026 年第二季財報回顧。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）中的簡報投影片。今天與我們一同討論公司季度業績的有：我們的執行長 Seth Bernstein，以及我們的財務長 Tom Simeone。

Onur Erzan, our President, will join us for the question-and-answer session following our prepared remarks. 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.

我們的總裁 Onur Erzan 將在我們的事先準備發言結束後，加入問答環節。我們今天將呈現的部分資訊屬於前瞻性陳述，並受美國證券交易委員會（SEC）關於揭露的特定規則與法規所規範。因此，我想請各位留意我們簡報第 2 頁的安全港聲明。

You can also find our safe harbor language in the MD&A of our 10-Q, which we will file on Friday. 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.

您也可以在我們將於週五提交的 10-Q 報告之管理階層討論與分析（MD&A）中找到安全港聲明。我們對單位持有人之分配係以調整後結果為基礎；我們提供調整後結果是作為 GAAP 結果的補充，而非替代。

Our standard GAAP reporting and a reconciliation of GAAP to adjusted results are in our presentation appendix, press release and our 10-Q. 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. Now I'll turn it over to Seth.

我們的標準 GAAP 報告，以及 GAAP 與調整後結果之間的調節表，均載於簡報附錄、新聞稿及 10-Q 報告中。依據公平揭露規則（Regulation FD），管理階層僅能在公開場合回應投資界提出的重大性問題。因此，請在本次電話會議中提出所有此類問題。現在我把時間交給 Seth。

Good morning and thank you for joining us today. Despite an uncertain geopolitical and policy backdrop, markets recovered during the second quarter, supported by resilient economic growth and strong corporate earnings. Against this backdrop, Alliance Bernstein generated its strongest sales quarter in five years, returned to positive organic growth and reached its objective of $90 billion to $100 billion in private markets AUM, more than a year ahead of our 2027 commitment.

各位早安，感謝今天加入我們。儘管地緣政治與政策環境仍不明朗，市場在第二季於具韌性的經濟成長與強勁的企業獲利支撐下回升。在此背景下，聯博創下五年來最強勁的單季銷售表現，重回正向有機成長，並且在較我們 2027 年承諾提前一年多的時間，達成私募市場資產管理規模（AUM）達 900 億至 1,000 億美元的目標。

On Slide 3, I'll review the key business highlights of our second quarter. First, assets under management ended the quarter at a record level, exceeding $905 billion. This milestone reflects both market appreciation and more importantly, the returns on years of investment and strategic initiatives that are now driving organic growth across insurance, private wealth, private markets, retirement, SMAs, and active ETFs.

在投影片第 3 頁，我將回顧我們第二季的主要業務亮點。首先，資產管理規模於季末達到創紀錄水準，超過 9,050 億美元。此一里程碑反映了市場上漲，更重要的是，反映我們多年投資與策略性舉措的成果，這些成果如今正推動保險、私人財富、私募市場、退休、SMA（分別管理帳戶）以及主動式 ETF 等領域的有機成長。

Within insurance, we now manage nearly $218 billion, including $128 billion in general account assets. We continue to see strong momentum in third-party insurance, where we manage $61 billion across roughly 100 clients. This includes $34 billion of general account assets, which are up more than 30% year over year.

在保險領域，我們目前管理的資產接近 2,180 億美元，其中包括 1,280 億美元的一般帳戶資產。我們持續看到第三方保險業務的強勁動能，目前我們為約 100 家客戶管理 610 億美元資產。其中包括 340 億美元的一般帳戶資產，年增超過 30%。

In the first half of 2026, we initiated seven new relationships and employed nearly $3 billion of third-party insurance capital on a gross basis, while general account assets grew organically at a 6% annualized rate. As we discussed last quarter, the proposed combination of equitable and core bridge represents the next step function acceleration of our flywheel.

在 2026 年上半年，我們建立了 7 個新合作關係，並以總額口徑運用近 30 億美元的第三方保險資本，同時一般帳戶資產以 6% 的年化有機成長率成長。如同我們上季所討論的，Equitable 與 Corebridge 的擬議合併，代表我們飛輪效應加速的下一個階段性躍升。

Over time, we'll add at least $100 billion of core bridge assets, meaningfully enhancing AB's scale and providing an organic glide path toward $1 trillion in firm-wide AUM. While it's too early to be specific, we see synergies from partnering with CoreBridge and the new equitable that go well beyond just managing $100 billion of incremental assets.

隨著時間推進，我們將至少新增 1,000 億美元的 Corebridge 資產，顯著提升聯博的規模，並為全公司 AUM 邁向 1 兆美元提供一條有機的成長路徑。雖然現在要具體量化仍為時過早，但我們認為與 CoreBridge 以及新的 Equitable 合作所帶來的綜效，遠不僅止於管理額外增加的 1,000 億美元資產。

Bernstein Private Wealth continues to strengthen its position as a leading advice-led wealth platform, ending the quarter with $167 billion of assets and contributing nearly 40% of firmwide revenue. By serving as our client's trusted advisor, we build durable long-term relationships and deliver integrated solutions across traditional and alternative investments.

Bernstein Private Wealth 持續鞏固其作為領先的「以建議為導向」財富平台之地位，季末資產達 1,670 億美元，並貢獻全公司近 40% 的營收。透過成為客戶信賴的顧問，我們建立穩固且長期的關係，並在傳統與另類投資之間提供整合式解決方案。

Second, we continue to expand our investment and distribution footprint through strategic partnerships, tax-aware solutions, and vehicle innovation. A core element of our strategy is making our investment capabilities available in vehicles and formats that clients want. We continue to globalize our active ETF franchise.

第二，我們持續透過策略性合作夥伴關係、稅務敏感（tax-aware）解決方案，以及載體（vehicle）創新，擴大我們的投資與銷售版圖。我們策略的核心要素之一，是以客戶所偏好的載體與形式提供我們的投資能力。我們持續推動主動式 ETF 產品線的全球化。

After initially launching three strategies in Taiwan, we've introduced five new strategies in Europe where we pioneered a dual share class structure, offering active use of ETF shares alongside mutual funds. Our platform now spans 31 strategies and over $20 billion of AUM with assets growing 73% organically over the past year.

在最初於台灣推出三項策略之後，我們在歐洲又推出五項新策略，並率先採用雙股別結構，讓 ETF 股別可與共同基金並行提供主動式運用。我們的平台目前涵蓋 31 項策略，AUM 超過 200 億美元，且過去一年資產以 73% 的有機速度成長。

From a near standing start nearly four years ago, this platform now generates an annualized run rate of approximately $100 million in management fees. This growth reflects both client demand for active exposures and more efficient wrappers and our ability to globalize successful investment capabilities across channels.

自近四年前幾乎從零起步以來，該平台目前已帶來約 1 億美元的年化管理費收入運行率（run rate）。此一成長反映了客戶對主動式曝險與更高效率包裝（wrapper）的需求，以及我們將成功的投資能力跨通路全球化的能力。

Our SMA platform reached $69 billion of AUM and generated 17% annualized organic growth over the last year. While municipals are still the foundation of our SMA business, we're encouraged by the early momentum from extending our capabilities into taxable fixed income.

我們的 SMA 平台 AUM 達 690 億美元，過去一年年化有機成長 17%。雖然市政債仍是我們 SMA 業務的基礎，但我們對將能力延伸至應稅固定收益所帶來的初期動能感到鼓舞。

We see SMAs as a meaningful long-term growth opportunity as personalization, technology, and advisor demand continue to converge. Our customized retirement platform has grown to $117 billion in assets. As plan sponsors increasingly seek customized retirement solutions, lifetime income, and access to broader asset classes, AB is well positioned to help improve participant outcomes.

我們認為，隨著個人化、科技與顧問需求持續匯聚，SMA 將是具意義的長期成長機會。我們的客製化退休平台資產已成長至 1,170 億美元。隨著退休計畫贊助方日益尋求客製化退休解決方案、終身收入，以及更廣泛的資產類別配置，聯博具備良好條件協助提升參與者的成果。

A recent example is ABC One, our partnership with Brookfield and Carlyle which combines private credit, private equity, and private real assets in a single diversified sleeve designed to sit alongside existing target date funds and managed accounts.

近期案例之一是 ABC One：我們與 Brookfield 與 Carlyle 的合作方案，將私募信貸、私募股權與私募實體資產整合於單一多元分散的配置區塊（sleeve）中，設計用以搭配既有的目標日期基金與受託管理帳戶。

We believe that this solution validates AB's role as a trusted asset allocator and thought leader in the retirement solutions, broadening participant access to private markets through a scalable and efficient structure in partnership with market-leading alternative managers.

我們相信，此解決方案驗證了聯博作為值得信賴的資產配置者與退休解決方案領域思想領袖的角色；並透過與市場領先的另類資產管理機構合作，以可擴展且高效率的架構，擴大參與者對私募市場的可及性。

Third, strong sales momentum translated into a return to organic growth. Firm-wide net flows were nearly $800 million in the second quarter, ending four consecutive quarters of outflows. This marked our strongest quarter of gross sales in five years, reflecting broad-based demand across most of our strategic growth areas. Fixed income was the key driver of inflows.

第三，強勁的銷售動能帶動有機成長回歸。第二季全公司淨流入接近 8 億美元，結束了連續四季的資金流出。這是我們五年來最強勁的單季總銷售額，反映在我們多數策略性成長領域的廣泛需求。固定收益是資金流入的主要驅動因素。

During the quarter, we funded a $9 billion passive fixed income mandate from Equitable, reflecting the continued expansion of our relationship beyond pre-announced commitments. In addition, strong demand for tax-efficient income and continued market share gains in our municipal franchise generated approximately $3 billion of inflows.

本季我們承接了來自 Equitable 的 90 億美元被動式固定收益委託案，反映我們的合作關係持續擴展，且超出先前已公告的承諾範圍。此外，對稅務效率收益的強勁需求，以及我們在市政債產品線持續提升市占，帶來約 30 億美元的資金流入。

Alternatives and multi-asset solutions generated more than $4 billion of net inflows, marking this as our sixth consecutive quarter of positive organic growth. Institutional deployments into private market strategies accelerated during the quarter, supported by demand across private credit, commercial real estate debt, and insurance-oriented solutions.

另類投資與多元資產解決方案帶來超過 40 億美元的淨流入，這也使其連續第六季維持正向有機成長。在私募信貸、商用不動產債務，以及以保險為導向的解決方案需求支撐下，機構資金對私募市場策略的配置於本季加速。

These inflows more than offset continued pressure in active equities and taxable fixed income. Active equity outflows were nearly $11 billion, while taxable fixed income outflows exceeded $4 billion. Both were largely driven by retail redemptions concentrated in Asia Pacific, where allocation preferences are increasingly favoring local equity markets given their strong recent performance.

上述資金流入，已足以抵銷主動式股票與應稅固定收益持續承壓的影響。主動式股票資金流出接近 110 億美元，而應稅固定收益資金流出超過 40 億美元。兩者主要由零售端贖回所驅動，且集中於亞太地區；在當地股市近期表現強勁的背景下，資產配置偏好正日益轉向本地股票市場。

Slide 4 provides an overview of our financial results, which Tom will discuss in greater detail shortly. Skipping to slide 5, I'll review our investment performance starting with fixed income. Credit markets delivered healthy returns during the second quarter despite higher volatility.

第4頁概述了我們的財務業績，Tom 稍後將更詳細地說明。跳到第5頁，我將從固定收益開始回顧我們的投資表現。儘管波動性上升，信貸市場在第二季仍交出穩健報酬。

Following a temporary widening in spreads during April, risk assets recovered as corporate fundamentals remained resilient and investors continued to find value in attractive all-in yields despite tight spreads. Rates moved modestly higher as markets recalibrated their expectations for a higher long-term equilibrium rate.

4月利差一度擴大後，隨著企業基本面仍具韌性，且投資人即使在利差偏窄的情況下仍持續在具吸引力的整體殖利率中尋找價值，風險資產隨後回升。隨著市場重新校準對長期均衡利率更高的預期，利率小幅走高。

Against this backdrop, the Bloomberg US Ag returned 0.7%, while the Global High Yield Index returned 3.7% during the quarter. Our one-year relative performance improved sequentially, with 68% of AUM outperforming.

在此背景下，彭博美國綜合債（Bloomberg US Agg）本季報酬為0.7%，全球高收益指數本季報酬為3.7%。我們的一年期相對績效較前一季改善，68%的資產管理規模（AUM）表現優於基準。

Longer-term performance remains competitive, with 81% and 61% of AUM outperforming over the three-year and five-year periods, respectively. Within our flagship income strategies, American income outperformed its benchmark and performed in line with its peer category, while global high yield outperformed this category and modestly lagged its benchmark during the second quarter.

長期績效仍具競爭力，三年期與五年期分別有81%與61%的AUM表現優於基準。在我們的旗艦收益策略中，美國收益策略優於其基準，且與同類別表現一致；全球高收益策略在第二季優於同類別，但相較其基準小幅落後。

Turning to equities, markets rebounded sharply in the second quarter with very strong returns across regions. Developed markets posted exceptional returns as the S&P 500 gaining 15%, its strongest quarterly advance in six years. Emerging markets were a standout performer globally as the MSCI Emerging Market Index surged 24%.

再看股票方面，第二季市場強勁反彈，各區域皆錄得非常亮眼的報酬。已開發市場表現卓越，標普500指數上漲15%，創六年來最強單季漲幅。新興市場在全球表現突出，MSCI新興市場指數大漲24%。

The global recovery was supported by de-escalation in the Middle East, leading to lower energy prices and continued enthusiasm around AI. Technology and semiconductor stocks again led the advance, extending a period of unusually narrow market leadership. Against this backdrop, our performance struggled with 23%, 28%, and 31% of equity AUM outperforming over the one, three, and five-year periods, respectively.

全球復甦受到中東局勢降溫的支撐，帶動能源價格下滑，且市場對AI的熱情持續。科技與半導體股再次領漲，延續市場領導集中度異常偏窄的態勢。在此背景下，我們的表現承壓，一年、三年與五年期分別僅有23%、28%與31%的股票AUM表現優於基準。

Our relative performance continues to reflect the market increasingly driven by a narrow set of beneficiaries from the AI build-out. Our largest US growth strategies, which emphasize quality, diversification, and valuation discipline, have been out of step with this environment, weighing on our AUM-weighted performance.

我們的相對績效持續反映出市場愈來愈由少數AI建置受益者所驅動。我們最大的美國成長策略強調品質、分散與估值紀律，與此環境不太一致，拖累了以AUM加權的整體表現。

Recent volatility among AI-linked equities and the online of leveraged positions have reinforced the importance of diversification and the risks associated with overreliance on a single market theme. More broadly, our equity platform remains diversified across styles, sectors, and geographies.

近期AI相關股票的波動，以及槓桿部位的建立，進一步凸顯分散投資的重要性，以及過度依賴單一市場主題所伴隨的風險。更廣泛而言，我們的股票平台在風格、產業與地理區域上仍維持多元分散。

We have upper 25 services with more than $45 billion of assets under management that continue to outperform over both the three and five-year periods. This includes our $10 billion international strategic equity service, which ranks in the top percentile across one, three, and five-year periods.

我們有超過25項服務、管理資產逾450億美元，且在三年與五年期皆持續跑贏。其中包括我們規模100億美元的國際策略股票服務，在一年、三年與五年期皆位居同業前百分位。

We believe diversification across fixed income and quality-oriented equities can help clients generate income, stay invested, and broaden their sources of return beyond a handful of market leaders over leverage to the AI buildout.

我們相信，在固定收益與偏重品質的股票之間進行分散配置，可協助客戶創造收益、維持投資部位，並將報酬來源擴展至少數市場領導者之外，避免對AI建置主題過度集中曝險。

Now turning to Slide 6. Retail net flows rebounded in the second quarter, driven by record sales momentum and continued demand for fixed income. Gross sales reached $31 billion, the highest level in five years. Driving $900 million of net inflows in the channel's first quarter of positive organic growth since the first quarter of 2025.

接著看第6頁。第二季零售淨流量回升，主要受創紀錄的銷售動能與固定收益持續需求所帶動。總銷售額達310億美元，為五年來最高水準。推動該通路淨流入9億美元，為自2025年第一季以來首次出現正向的有機成長季度。

Excluding fixed income mandate from equitable, our gross sales were $22 billion, up 14% versus the same period in 2025. As noted, fixed income was the primary driver led by continued demand for tax-efficient income, in addition to the $9 billion fixed income index mandate mentioned earlier.

若排除來自 Equitable 的固定收益委託案，我們的總銷售額為220億美元，較2025年同期成長14%。如前所述，固定收益為主要動能，除先前提及的90億美元固定收益指數委託案外，亦受稅務效率收益需求持續帶動。

Active equity outflows are still elevated, driven primarily by US large-cap growth redemptions across US and Japan. At the same time, we continue to build diversified sources of growth across the retail platform, including active ETFs and thematic strategies.

主動式股票資金外流仍處高位，主要由美國與日本的美國大型股成長策略贖回所致。同時，我們持續在零售平台建立多元成長來源，包括主動式ETF與主題式策略。

For example, our security of the future surpassed $5 billion in assets under management and generated nearly $2 billion of inflows during the quarter. Moving to Slide 7, I'll cover our institutional channel. Institutional flows also returned to positive territory in the second quarter, generating more than $0.5 billion of net inflows.

例如，我們的「未來安全」策略管理資產已突破50億美元，且本季帶來近20億美元的資金流入。接著看第7頁，我將說明我們的機構通路。機構資金流在第二季也回到正值，淨流入超過5億美元。

Demand was driven by alternatives and multi-asset with over $4 billion of net inflows, growing at an 11% annualized organic rate. This marked the sixth consecutive quarter of positive organic growth for the category. Roughly $5 billion in deployments were broad-based across our private markets platform, including residential mortgages, commercial real estate debt, private placements, and NAV lending.

需求主要由另類投資與多元資產帶動，淨流入超過40億美元，有機成長年化為11%。這也標誌著該類別連續第六季出現正向有機成長。約50億美元的資金部署廣泛分布於我們的私募市場平台，包括住宅抵押貸款、商用不動產債務、私募安置（private placements）以及NAV融資。

Active equity outflows persisted but improved sequentially, declining to approximately $3 billion in the quarter. Earlier this month, we successfully onboarded $12 billion of commercial mortgage loans from Equitable ahead of schedule.

主動式股票資金外流仍在，但較前一季改善，本季降至約30億美元。本月稍早，我們已提前且順利完成自 Equitable 承接120億美元商用抵押貸款的上線作業。

Beyond the revenue contribution, the mandate roughly doubles our scale in the strategically important private asset class, expands our origination and servicing capabilities, and further strengthens the flywheel between long-duration insurance capital and AB's differentiated private markets platform.

除營收貢獻外，該委託案使我們在此一具策略重要性的私募資產類別中規模約翻倍，擴大我們的資產發起與服務能力，並進一步強化長久期保險資本與AB具差異化的私募市場平台之間的飛輪效應。

We expect to begin earning management fees on the established assets in the fourth quarter at a high single-digit fee rate. The blended fee rate will increase over time as new originations and servicing revenues are layered in.

我們預期將於第四季開始就既有資產收取管理費，費率約為高個位數。隨著新增資產發起與服務收入逐步納入，綜合費率將隨時間提高。

Our remaining pipeline totals approximately $14 billion and is well diversified, including roughly $5 billion in private alternatives, $3 billion in customized retirement, $3 billion in fixed income, and $2 billion in indexed equities. I'd note that this pipeline does not include any of the $100 billion in expected assets from Corbridge.

我們剩餘的案源管線合計約140億美元，且分散良好，包括約50億美元私募另類投資、30億美元客製化退休方案、30億美元固定收益，以及20億美元指數股票。我也要指出，該管線並未包含預期來自 Corbridge 的1,000億美元資產。

As a result, we have good visibility into future growth. Turning to Slide 8, I will cover Bernstein Private Wealth. Private Wealth experiences typical seasonal pressure on net flows during the second quarter, but underlying business momentum remains strong as we continue to deepen relationships of ultra-high net worth individuals and families.

因此，我們對未來成長具有良好能見度。接著看第8頁，我將說明Bernstein私人財富管理（Bernstein Private Wealth）。私人財富管理在第二季通常會受到季節性因素影響而承受淨流量壓力，但隨著我們持續深化與超高淨值個人及家族的關係，基礎業務動能仍然強勁。

As expected, tax-related selling weighed on our quarterly net flows, which were negative $700 million. However, net new assets have grown at a 6% annualized rate over the last 12 months. Client engagement remains strong with demand concentrated in alternatives, tax-efficient solutions and passive equities.

如預期，與稅務相關的賣出行為拖累了本季淨流量，淨流出7億美元。然而，過去12個月的淨新增資產以年化6%的速度成長。客戶互動仍然強勁，需求主要集中於另類投資、具稅務效率的解決方案與被動式股票。

Our ability to deliver customized after-tax outcomes across both public and private markets continues to differentiate Bernstein with ultra-high net worth clients. Product innovation also supported organic growth, including strong capital raise for our newly launched high-yield mini strategies designed to address increasingly sophisticated tax management needs of high net worth investors.

我們能在公開與私募市場中提供客製化的稅後成果，持續使Bernstein在超高淨值客戶中具備差異化優勢。產品創新亦支持有機成長，包括我們新推出的高收益「迷你策略」募資表現強勁，旨在滿足高淨值投資人日益成熟的稅務管理需求。

More broadly, Bernstein Private Wealth remains one of our most important strategic growth vectors. It provides direct access to ultra-high net worth clients, expands opportunities to deliver holistic investment solutions, and serves as a valuable distribution channel for alternatives, tax-efficient equities, fixed income, and customized portfolio strategies.

更廣泛而言，Bernstein私人財富管理仍是我們最重要的策略性成長動能之一。它讓我們能直接觸及超高淨值客戶，擴大提供整體投資解決方案的機會，並作為另類投資、具稅務效率的股票、固定收益與客製化投組策略的重要通路。

I'll now turn to Slide 9, which highlights the continued growth and diversification of our private alternatives platform. I'm particularly proud to report that we've already reached $91 billion of private market assets under management, achieving our $90 billion to $100 billion Investor Day target more than a year ahead of our original 2027 commitment.

接著看第9頁，該頁突顯我們私募另類投資平台持續成長與多元化。我特別自豪地報告，我們的私募市場管理資產已達910億美元，較原先2027年的承諾提前一年以上達成投資人日（Investor Day）所訂的900億至1,000億美元目標。

This milestone reflects the successful execution of a long-term strategy and the hard work of colleagues across our investment, distribution, operations and client service teams. I want to thank everyone across the firm who helped make this achievement possible.

這一里程碑反映了我們長期策略的成功執行，以及投資、通路、營運與客戶服務團隊同仁的辛勤付出。我要感謝全公司每一位協助促成此項成就的同仁。

Over the past several years, we've built a diversified private markets platform expanding corporate direct lending, alternative credit, commercial real estate debt and private placements. Together, these capabilities provide differentiated sources of return and allow us to serve a broad range of client needs across institutional, insurance, retail and private wealth channels.

在過去幾年中，我們打造了多元化的私募市場平台，擴展了企業直接放款、另類信貸、商用不動產債務以及私募發行等業務。這些能力共同提供差異化的報酬來源，並使我們能在機構、保險、零售與私人財富等通路滿足廣泛的客戶需求。

Importantly, we continue to see a strong growth trajectory. As I mentioned earlier, we successfully onboarded nearly $12 billion of commercial mortgage loans in July that are not reflected on the slide, including those assets to our private market AUM would already exceed the upper end of our original target range. Closing with Slide 10, I'd like to bring together the themes we've discussed today.

重要的是，我們持續看到強勁的成長軌跡。如我先前提到，我們在7月成功導入近120億美元的商用抵押貸款，這些尚未反映在投影片中；若將這些資產納入我們的私募市場AUM，將已超過原先目標區間的上緣。最後來到第10頁投影片，我想把今天討論的主題整合起來。

The proposed combination of Echo Rule and Corbridge strengthens what we believe to be a unique competitive advantage for AV. At its core, the flywheel is straightforward. It starts up an asset-light approach that leverages long-duration insurance capital to seed and scale capabilities that can be extended across a much broader client base.

擬議中的Echo Rule與Corbridge合併，強化了我們認為AV所具備的獨特競爭優勢。其核心的飛輪機制其實很直接。它始於一種輕資產的方法，運用長久期的保險資本來孵化並擴大各項能力，並可延伸至更廣泛的客戶基礎。

The addition of Corbridge meaningfully expands that opportunity. As the $100 billion is allocated over time, it will provide greater scale across the combined general account, enhancing our ability to originate differentiated assets, establish track records, develop new investment capabilities, and accelerate growth across the broader platform.

納入Corbridge將大幅擴大這項機會。隨著這1,000億美元逐步配置，將為合併後的一般帳戶帶來更大的規模，提升我們創造差異化資產、建立績效紀錄、發展新的投資能力，並加速整體平台成長的能力。

Particularly, capabilities across private placements, residential and commercial mortgages, and asset-based finance are not one-off mandates. They become scalable investment platforms that can be distributed across third-party insurance clients, institutional investors, retail wealth, and over time, defined contribution.

尤其是私募發行、住宅與商用抵押貸款，以及資產基礎融資等能力，並非一次性的委託案。它們將成為可擴張的投資平台，可分銷至第三方保險客戶、機構投資人、零售財富，並隨時間推進至確定提撥制（defined contribution）。

We believe insurance, private wealth, retirement, and private markets represent some of the largest and fastest growing pools of capital globally. Increasingly, AB is differentiated at the intersection of these opportunities, combining scale, customization, investment breadth, and direct client relationships in a way that are difficult to replicate.

我們相信，保險、私人財富、退休與私募市場代表全球最大且成長最快的資金池之一。AB在這些機會的交會點上日益具備差異化優勢，結合規模、客製化、投資廣度與直接的客戶關係，這些都難以複製。

In conclusion, the second quarter reinforces the direction of travel for AB. We reached record AUM, returned to positive organic growth, generated our strongest sales quota in five years and continued to scale the strategic growth platforms we've spent years building.

總結而言，第二季的表現再次印證AB前進的方向。我們達到創新高的AUM，恢復正向的有機成長，創下五年來最強的銷售配額（sales quota），並持續擴大我們多年來打造的策略性成長平台。

Taken together, these results demonstrate the increasing earnings power of the franchise and the benefits of investing in areas where we see sustained client demand and long-term growth opportunities.

綜合來看，這些成果展現了本事業體日益提升的獲利能力，以及我們在客戶需求可望持續、且具長期成長機會的領域投入資源所帶來的效益。

Now, I'll pass it to Tom to review our financial results. Tom?

接下來我把時間交給Tom，請他回顧我們的財務結果。Tom？

Thank you, Seth. Good morning, everyone, and thank you for joining our call. Adjusted earnings for the second quarter of 2026 were $0.82 per unit, representing an 8% increase year-over-year. Distributions grew uniformly with EPU as we distribute 100% of our adjusted earnings to unit holders.

謝謝你，Seth。各位早安，感謝大家參加我們的電話會議。2026年第二季每單位調整後盈餘（EPU）為0.82美元，年增8%。由於我們將100%的調整後盈餘分配給單位持有人，配息也隨EPU同步成長。

The quarter was defined by three key themes: solid base fee growth, disciplined expense management and continued operating leverage. At the same time, we remain focused on investing selectively in initiatives that strengthen the platform and expand its long-term earnings power.

本季有三個關鍵主題：穩健的基本管理費成長、嚴謹的費用管理，以及持續的營運槓桿。同時，我們仍專注於選擇性投資能強化平台並擴大長期獲利能力的計畫。

On Slide 12, we present our adjusted results, which excludes 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. In the second quarter, adjusted net revenues reached $888 million, a 5% increase year-over-year.

在第12頁投影片，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。如需GAAP與調整後財務數字的詳細調節，請參閱簡報附錄或我們的10-Q。第二季調整後淨營收達8.88億美元，年增5%。

Base fees grew 7% year-over-year, reflecting higher average AUM across the platform, partially offset by the impact of changes in product and channel mix on our firmwide fee rate. Performance fees totaled approximately $24 million compared with $30 million in the prior year as strong contributions from public market strategies were offset by lower private market realizations.

基本管理費年增7%，反映平台整體平均AUM提高，但部分被產品與通路組合變化對全公司費率的影響所抵銷。績效費約2,400萬美元，低於去年同期的3,000萬美元；公募市場策略的強勁貢獻被私募市場較低的實現收益所抵銷。

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 gains totaled approximately $2 million while other revenues were unchanged from the prior year period.

股利與利息收入以及與券商（broker-dealer）相關的利息費用較去年同期下降，反映私人財富業務中的現金與融資餘額較低。投資收益約200萬美元，其他收入與去年同期持平。

Turning to expenses, second quarter total operating expenses were $595 million, up 4% year-over-year, reflecting disciplined investment in strategic growth initiatives while maintaining a stable compensation ratio. Total compensation and benefits rose 5% year-over-year with a compensation ratio of 48.5% of adjusted net revenues, consistent with both the prior year period and our guidance.

接著看費用，第二季總營運費用為5.95億美元，年增4%，反映在維持穩定薪酬比率的同時，對策略性成長計畫進行有紀律的投資。薪酬與福利總額年增5%，薪酬比率為調整後淨營收的48.5%，與去年同期及我們的指引一致。

We expect to continue accruing at a 48.5% compensation to net revenue ratio in the third quarter while retaining flexibility to adjust as market conditions evolve. Promotion and servicing expenses declined 3% year-over-year, while G&A expenses increased 2%.

我們預期第三季將持續以48.5%的薪酬對淨營收比率進行提列，同時保留彈性以因應市場狀況變化而調整。推廣與服務費用年減3%，而一般及行政（G&A）費用年增2%。

Given our continued expense discipline and operating efficiency, we are lowering our full year non-compensation expense outlook to $620 million to $640 million compared with our prior range of $625 million to $650 million.

鑑於我們持續的費用紀律與營運效率，我們將全年非薪酬費用展望下調至6.20億至6.40億美元，低於先前的6.25億至6.50億美元區間。

Promotion and servicing expenses are still expected to represent approximately 20% to 30% of non-compensation expenses with G&A comprising the remaining 70% to 80%. Interest expense on borrowings was essentially unchanged from the prior year period. ABLP's effective tax rate was 5.8% during the quarter.

推廣與服務費用仍預期約占非薪酬費用的20%至30%，其餘70%至80%由G&A構成。借款利息費用與去年同期基本持平。ABLP本季有效稅率為5.8%。

Given the favorable earnings mix and updated outlook, we are lowering our expected full year ABLP tax rate to 5% to 6% from our prior range of 6% to 7%. Operating income totaled $293 million, an increase of 7% versus the prior year period. Our adjusted operating margin expanded 70 basis points year-over-year to 33% as revenue growth outpaced expense growth despite continued investment across strategic growth initiatives.

考量有利的獲利組合與更新後的展望，我們將ABLP全年預期稅率由先前的6%至7%下調至5%至6%。營業利益為2.93億美元，較去年同期增加7%。由於營收成長快於費用成長，儘管持續投資於策略性成長計畫，我們的調整後營業利益率年增70個基點至33%。

Importantly, margins remain above the midpoint of our 30% to 35% target, which we originally expected to achieve by 2027. As our strategic growth initiatives continue to scale, we believe the firm is increasingly well positioned to generate operating leverage while continuing to reinvest for future growth.

重要的是，利潤率仍高於我們30%至35%目標區間的中位數，而我們原先預期要到2027年才能達成。隨著策略性成長計畫持續擴大規模，我們認為公司在持續為未來成長再投資的同時，也愈來愈具備創造營運槓桿的有利條件。

As demonstrated by this quarter's results, several of our newer growth initiatives have attractive economics despite carrying lower headline fee rates. In the second quarter, our firm-wide fee rate was 37.7 basis points. As we have noted previously, the fee rate is highly dependent on where clients are allocating capital and how those assets are funded over time.

如本季結果所示，我們若干較新的成長計畫即使名目費率較低，仍具備吸引人的經濟效益。第二季全公司費率為37.7個基點。如我們先前所提，費率高度取決於客戶將資金配置到何處，以及這些資產隨時間如何被注資到位。

As Seth discussed, we see growth in strategic areas such as insurance asset management, SMAs, retirement, institutional solutions and private markets. While several of these categories carry lower headline fee rates than our firm-wide average, they represent scalable, long-duration sources of capital with attractive margin characteristics and strong earnings potential once fully funded and operating at scale.

如Seth所述，我們在保險資產管理、SMA（獨立管理帳戶）、退休、機構解決方案與私募市場等策略領域看到成長。雖然其中數個類別的名目費率低於全公司平均，但它們代表可擴張、長久期的資本來源，具備良好的利潤率特性，且在資金完全到位並達到規模化營運後，擁有強勁的獲利潛力。

I would also note that this quarter's fee rate was negatively affected by the timing of onboarding the $9 billion passive fixed income mandate from Equitable, which funded on June 30. While this mandate contributed to period end AUM, it generated little management fee revenue during the quarter, creating a temporary disconnect between asset growth and revenue realization.

我也要指出，本季費率受到一項時點因素的負面影響：我們自Equitable承接的90億美元被動式固定收益委託案於6月30日完成注資。雖然該委託案貢獻了期末AUM，但在本季產生的管理費收入很少，造成資產成長與營收實現之間的短期落差。

As Seth mentioned, approximately $11.8 billion of equitable commercial mortgage loans were successfully onboarded in July ahead of our original plan. These assets will begin generating management fees during the fourth quarter at a high single-digit fee rate. The fee rate will increase over time as we originate new loans.

如Seth提到，約118億美元的Equitable商用抵押貸款已於7月在原定計畫之前成功導入。這些資產將自第四季開始以高個位數的費率產生管理費。隨著我們發放新的貸款，費率將隨時間提高。

Importantly, we view both mandates as highly attractive opportunities that enhance the scale, durability and earnings power of the platform. While they create modest near-term pressure on the reported fee rate, they will contribute positively to revenue growth, operating leverage and long-term profitability.

重要的是，我們認為這兩項委託皆為極具吸引力的機會，可提升平台的規模、持久性與獲利能力。雖然它們會在短期內對揭露的費率造成些許壓力，但將對營收成長、營運槓桿與長期獲利能力帶來正面貢獻。

We reached $91 billion of private markets AUM during the quarter, surpassing the low end of our $90 billion to $100 billion target, more than a year ahead of schedule and before the onboarding of the commercial mortgage lending mandate. With the addition of approximately $12 billion of CML assets in July, private markets AUM now exceeds the high end of that target range.

本季我們的私募市場資產管理規模（AUM）達到910億美元，超越我們900億至1,000億美元目標區間的下緣，較原定時程提前一年以上，且尚未納入商業房貸放款（CML）委託的上線。隨著7月新增約120億美元的CML資產，私募市場AUM目前已超過該目標區間的上緣。

This milestone validates our multi-year investment strategy across private markets. These capabilities required upfront investments as we built the necessary scale, infrastructure and distribution. With fundraising momentum accelerating, deployment activity increasing and asset growth continuing to compound, we believe private markets will continue to be a key driver of growth.

這一里程碑驗證了我們在私募市場的多年投資策略。在建立所需的規模、基礎設施與通路分銷時，這些能力需要前期投入。隨著募資動能加速、投資部署活動增加且資產成長持續複利累積，我們相信私募市場將持續成為成長的關鍵驅動力。

Finally, turning to slide 13 and our outlook, we now expect total performance fees for fiscal year 2026 of $115 million to $135 million compared with our prior outlook of $95 million to $115 million. This increase is primarily driven by our public market strategies. We now expect public market performance fees of $60 million to $70 million compared with our prior outlook of $25 million to $35 million.

最後，轉到第13頁與我們的展望，我們目前預期2026會計年度的總績效費為1.15億至1.35億美元，高於先前展望的9,500萬至1.15億美元。此一上調主要由我們的公開市場策略所帶動。我們目前預期公開市場績效費為6,000萬至7,000萬美元，高於先前展望的2,500萬至3,500萬美元。

The increase reflects second quarter realizations from our alpha-generating US Select strategy in addition to improved visibility into potential fourth quarter realizations from our consistently outperforming Financial Services Opportunities Fund.

這項增加反映了第二季我們具備α（超額報酬）產生能力的美國精選（US Select）策略之實現收益，並且也反映我們對於長期穩定優於基準的金融服務機會基金（Financial Services Opportunities Fund）在第四季可能實現收益的能見度提升。

For our private markets, we now expect performance fees of $55 million to $65 million compared with our prior range of $70 million to $80 million, which still represents a healthy level of performance fee contribution, even as we take a proactive and conservative approach to marking our exposures and re-underwriting portfolio loss assumptions.

就私募市場而言，我們目前預期績效費為5,500萬至6,500萬美元，低於先前的7,000萬至8,000萬美元區間；即便如此，在我們對曝險採取主動且保守的估值作法、並重新承作（re-underwrite）投資組合損失假設之際，這仍代表相當健康的績效費貢獻水準。

As mentioned earlier, we are also reducing our full year non-compensation expense outlook to $620 million to $640 million and our expected ABLP tax rate to 5% to 6%.Let me conclude by summarizing some of the key themes from this call.

如先前所提，我們也將全年非薪酬費用展望下調至6.2億至6.4億美元，並將預期的ABLP稅率下調至5%至6%。讓我以總結本次電話會議的一些關鍵主題作結。

We were able to improve our financial outlook while continuing to build momentum across several strategic growth areas, including insurance, wealth, private markets, SMAs, and active ETFs. Our success in private markets provides a good example. We achieved our target of $90 to $100 billion of AUM more than a year ahead of schedule and continue to see a strong pipeline for sustained growth.

我們在持續於多個策略性成長領域累積動能的同時，也得以改善財務展望，這些領域包括保險、財富管理、私募市場、SMA（獨立管理帳戶）以及主動式ETF。我們在私募市場的成功提供了一個很好的例子。我們較原定時程提前一年以上達成900億至1,000億美元AUM的目標，並持續看到強勁的管線以支撐持續成長。

Looking forward, the addition of $100 billion of corporate general account and separate account assets will further expand our insurance platform, increase our scale and provide a meaningful new source of long-duration capital for years to come. The Corbridge assets can be onboarded onto our existing infrastructure with relatively limited incremental expense.

展望未來，新增1,000億美元的企業一般帳戶與分離帳戶資產，將進一步擴大我們的保險平台、提升規模，並在未來多年提供一個重要的長久期資本新來源。Corbridge資產可在相對有限的新增費用下，導入我們既有的基礎設施。

As a result, while they may have a lower average fee rate, they have high incremental margins and will be accretive to earnings. We will continue to be disciplined in investing to build new sources of growth, recognizing that it may take time for platforms to scale and reach their full earnings potential.

因此，雖然其平均費率可能較低，但其邊際利潤率很高，並將增厚盈餘。我們將持續以嚴謹的紀律投資以建立新的成長來源，同時也認知到平台擴張並達到完整獲利潛力可能需要時間。

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

以上，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Craig Siegenthaler, Bofa.

Bofa的Craig Siegenthaler。

Good morning, Seth. Our question is on the merger of EQH and Corebridge. And Corebridge's general accounts are managed by a number of third-party managers, which have various contracts. And I heard your low fee rate, high-margin comment.

早安，Seth。我們的問題是關於EQH與Corebridge的合併。Corebridge的一般帳戶由多家第三方管理人管理，且各自有不同合約。我也聽到你提到「低費率、高利潤率」的評論。

But can you update us on your ability to manage more of Corebridge's general accounts specifically, could they be one day manage the whole $200 billion, and actually, it will probably be bigger than $200 billion when we think about that day in the future.

但你能否更新一下你們在更大程度上管理Corebridge一般帳戶的能力？具體而言，未來是否有一天可能管理全部2,000億美元？而且實際上，當我們想到未來那一天時，規模可能會大於2,000億美元。

Greg, it's Onur. Let me take that question. As you pointed out that the Equitable Corebridge merger represents a big AUM opportunity for AllianceBernstein. As it was announced at the time of the merger announcement, we expect this $100 billion of AUM post the close of the transaction over a couple of year time period.

Greg，我是Onur。我來回答這個問題。如你所指出，Equitable與Corebridge的合併對聯博（AllianceBernstein）而言代表一個龐大的AUM機會。正如合併公告當時所宣布的，我們預期在交易完成後的數年期間內，將新增1,000億美元的AUM。

And that comes from both general account assets and separate account assets. To put things into perspective, the combined general account assets will be around $350 billion. Separate account assets will be around -- sorry, $200 billion. So the AUM base of the combined entity is very, very significant. And on top of that, the origination on the liability side is around $70 billion to $80 billion per year.

而這將同時來自一般帳戶資產與分離帳戶資產。為了提供一些背景，合併後的一般帳戶資產合計約為3,500億美元。分離帳戶資產約為——抱歉，2,000億美元。因此，合併後實體的AUM基礎非常、非常可觀。此外，負債端的新承作（origination）每年約為700億至800億美元。

So it will have a lot of money in motion. So given that large AUM base and liability origination, we believe even in the existence of other asset managers managing GA assets, we will have a significant amount of upside in terms of growing our share in that total AUM.

因此將有大量資金在流動與重新配置。鑑於龐大的AUM基礎與負債端承作量，我們相信即使仍有其他資產管理人管理一般帳戶（GA）資產，我們在提升於整體AUM中占比方面仍有相當大的上行空間。

Obviously, the merger has not closed yet. It's expected roughly by year-end. And hence, we will not be able to provide much more granularity in terms of the bottom-up but we remain very confident and optimistic about its impact both on our AUM revenue and profitability. And in terms of the profitability by category, again, it's going to be very asset class dependent.

當然，合併尚未完成交割。預計大約在年底前後完成。因此，我們目前無法就自下而上的細節提供更多具體資訊，但我們仍對其對我們AUM、營收與獲利能力的影響保持高度信心與樂觀。至於各類別的獲利性，同樣將高度取決於資產類別。

There's going to be higher fee private alternatives kind of opportunities as well as high fee equity type of opportunities depending on the channel and underlying vehicle but the core fixed income part of the portfolio, which might be easier, faster to move, that tends to be lower fee. That said, very scalable as well.

其中將包含較高費率的私募另類投資機會，以及依通路與底層載體而定的高費率股票型機會；但投資組合中的核心固定收益部分，可能更容易、更快速移轉，而其費率通常較低。不過，其可擴張性也非常高。

I have a follow-up on Asia. So I think we all know AB has a strong retail and institutional business across Asia. You have many U.S. and global funds like American Income, American Growth, Global High Yield, which all across the region.

我有一個關於亞洲的追問。我想大家都知道，AB在亞洲的零售與機構業務都很強。你們有許多美國與全球基金，例如American Income、American Growth、Global High Yield，遍布整個區域。

Now in the last two years, we had a trade war escalation and in this year with the Iran conflict, so through these events, I'm curious on how overall appetite and allocations for U.S. assets have trended across Asia.

那麼在過去兩年，我們經歷了貿易戰升級，而今年又有伊朗衝突；在這些事件之下，我很好奇亞洲地區對美國資產的整體偏好與配置趨勢如何變化。

Yeah, sure. Great question. I'll dig into it and a little bit separate between asset class and channel. Starting with American Income and GHY, which are our taxable fixed income franchises in the region. The demand there has been less strong.

好的，當然。這是個好問題。我會深入說明，並稍微從資產類別與通路兩個面向分開來看。先從American Income與GHY談起，這兩檔是我們在該區域的應稅固定收益主力產品。那邊的需求相對沒有那麼強。

To your point, with the Middle East crisis, with the lingering inflation fears and uncertainty in the rate outlook some of the clients, retail clients basically rooted into high-performing local equity markets and stayed away from some of the income-generating fixed income strategies. And some of them diversified into multi-assets to have that equity exposure in addition to some income generation.

如你所說，受到中東危機、持續的通膨疑慮以及利率展望不確定性的影響，一些客戶、主要是零售客戶，基本上轉向表現強勁的本地股票市場，並避開部分以收益為主的固定收益策略。其中也有一些客戶轉向多元資產，以在取得股票曝險的同時，也保有部分收益來源。

Within that, we had outflows from American Income portfolio and GHY, as you are aware, however, we benefited from that in several other categories like our All Market Income, multi-asset product, which gathered significant assets as well as some of the more international type strategies like International Equities, Emerging Markets, et cetera.

在此背景下，如你所知，我們的American Income投資組合與GHY出現資金流出；然而，我們在其他幾個類別受益，例如我們的All Market Income多元資產產品募集到可觀資產，此外也包括一些更偏國際的策略，如國際股票、新興市場等。

On the broader picture, we have definitely seen some broadening of appetite away from U.S.-only equity strategies to regional and global. So definitely, we have seen a little bit of that client demand for diversification across retail and institutional. And then finally, on the institutional side, the demand for fixed income actually remains strong.

從更宏觀的角度來看，我們確實看到投資偏好正從僅投資美國的股票策略，擴大到區域性與全球性策略。因此，我們確實看到零售與機構客戶對跨資產分散配置的需求有所增加。最後，在機構端，對固定收益的需求實際上仍然強勁。

If I think about the pipeline and the pre pipeline, I think the demand I'm seeing from Asia, ex Japan and Japan institutional clients, including fixed income, is quite robust and it's robust across both fundamental investment grade fixed income as well as our systematic franchise.

如果我看我們的案源（pipeline）以及前期案源（pre-pipeline），我看到來自亞洲（不含日本）以及日本的機構客戶需求（包含固定收益）相當強勁，而且這股需求同時涵蓋基本面投資級固定收益，以及我們的系統化投資平台。

Actually, we added fixed income mandates from institutional clients to our pipeline in the quarter. And then finally, on alts, the retail alts, particularly retail private credit demand is, again, very muted. There's been a lot of news around this, the retail clients rotated out of private credit in the short term while institutional clients remain invested.

事實上，本季我們在案源中新增了來自機構客戶的固定收益委託。最後談到另類投資（alts），零售端的另類投資，特別是零售私募信貸的需求，再次顯得非常低迷。這方面有很多新聞報導；零售客戶短期內從私募信貸輪動撤出，而機構客戶仍維持投資。

There is -- we have seen some uptick on the hedge fund strategies in the region from retail clients. Again, it tends to be pretty fast-moving money there. So that's a bit of the broad picture for you.

我們確實看到本區域零售客戶對避險基金策略的需求略有回升。同樣地，那通常是相當快速流動的資金。以上就是整體概況。

I guess, Craig, it's Seth. I just would add that we have seen what I would call cyclical rotations in and out in prior periods. And despite the trade stuff, which is disruptive for sure, and the war or the activities in the Gulf, I'd say that, at least in our view, the lack of interest in the fixed income strategy has more to do with pretty compelling local markets alternatives as Onur alluded to than anything particular to U.S. dollar fixed income.

我想，Craig，我是Seth。我只想補充，我們在過去的期間也看過我所稱的週期性資金輪動、進出切換。儘管貿易相關議題確實具有干擾性，以及海灣地區的戰爭或活動，我會說，至少在我們看來，對固定收益策略興趣不足，更多是因為如Onur所提到的當地市場替代選項相當有吸引力，而不是因為任何特定於美元固定收益的因素。

Most of the markets we really are successful in Asia are tethered either explicitly or implicitly to the dollar. So that is the alternative, and we don't see any buyer strike. I just think it's a cyclical phenomenon.

我們在亞洲真正成功的多數市場，無論是明確或隱含地，都與美元掛鉤。所以那就是替代選項，而我們沒有看到任何買方罷買（buyer strike）。我只是認為這是一種週期性現象。

Bill Katz, TD Securities.

TD Securities 的 Bill Katz。

Just a couple of questions, maybe start off with Onur perhaps. I wanted to zero in on the private client side. I was wondering if you could maybe comment on what you're seeing in terms of the competition for sort of third-party financial advisers.

我有幾個問題，或許先從Onur開始。我想聚焦在私人客戶端。我想請你評論一下，你們在第三方財務顧問（third-party financial advisers）競爭方面觀察到的情況。

A number of your peers are sort of speaking to very elevated competition. I'm sort of curious if you're seeing it at the higher end. And then maybe a conceptual question for you as well. Could you sort of highlight how much alts are as a percentage of the private client AUM and where do you think that ratio can go over time?

你們的一些同業都在談競爭非常激烈。我想知道你們在高端市場是否也有同樣感受。另外也有一個概念性問題。你能否說明另類投資占私人客戶AUM的比例大約是多少，以及你認為這個比例隨時間可能提升到哪個水準？

Sure. Thanks, Bill. Yes, our private wealth business remains very resilient and robust. So we have not been broadly impacted by the competitive pressures, both on the adviser recruiting side or on the client retention set of things. To me, the proof points are the adviser productivity continues to go up. We are on track on our adviser recruiting.

當然。謝謝你，Bill。是的，我們的私人財富業務仍然非常具韌性且強勁。因此，我們並未在顧問招募或客戶留存等方面，受到競爭壓力的廣泛影響。對我而言，最直接的證據是顧問生產力持續提升。我們的顧問招募也按計畫推進。

Our adviser head count is up 4% relative to end of year '25. So definitely seeing strong results there. And then in terms of the alternative side of things, we had a very strong alts fund raise in the second quarter. It was around $900 million for private wealth, significantly higher than the same period prior year as well as the first quarter despite all the headlines.

我們的顧問人數相較於2025年年底增加了4%。所以在那方面確實看到很強的成果。至於另類投資方面，我們第二季的另類產品募資非常強勁。私人財富端約募得9億美元，顯著高於去年同期以及第一季，儘管媒體頭條很多。

And our private credit strategies continue to hold up really well with low kind of redemption. So overall, feeling very robust about the business performance across clients, advisers as well as the asset mix. In terms of alternatives, there's definitely some upside in terms of greater allocation.

而我們的私募信貸策略也持續表現得很好，贖回率相當低。整體而言，無論是客戶、顧問，還是資產配置結構，我們都對業務表現感到非常有信心。就另類投資而言，確實還有提高配置比例的上行空間。

We have been using alternatives in our client portfolios for a long time. I think it is already approaching roughly 10%. And I can definitely see that based on our target asset allocation going up to mid-teens overtime. I mean, ultimately, we are a fiduciary, we are client need and demand driven. We are not going to shoot for a precise number. But given the client demand and the robust products that we have, we will see that go up.

我們在客戶投資組合中使用另類投資已經很長一段時間。我認為目前已接近約10%。而且我確實可以看到，依照我們的目標資產配置，隨時間推移可提升到十幾%的中段水準。我的意思是，最終我們是受託人（fiduciary），我們以客戶需求與需求驅動。我們不會去追求一個精確的數字。但考量客戶需求以及我們強健的產品線，我們會看到這個比例上升。

I mean to give an example, I mean, in the second quarter alone, we launched multiple new products ranging from long/short hedge fund strategies to a Muni private credit funds and then new vintages of some of the private equity and venture capital funds. So as a result, our platform continues to broaden, and it attracts more assets from existing clients or brings new clients.

舉例來說，光是第二季，我們就推出了多個新產品，從多空避險基金策略，到市政債（Muni）私募信貸基金，並且推出一些私募股權與創投基金的新一期（new vintages）。因此，我們的平台持續擴大，能吸引既有客戶投入更多資產，或帶來新客戶。

Great. And then maybe just a follow-up for Tom. Can you unpack maybe the decline in the private market performance fee opportunity set. I would have thought it would be more on base rates, but it sounding more like some kind of write-down.

很好。接著可能有個追問給Tom。你能否拆解一下私募市場績效費（performance fee）機會集合下滑的原因？我原本以為會更多是基準利率（base rates）的因素，但聽起來更像是某種減記（write-down）。

Just wondering if you could maybe click in a couple of sentences and give a little more detail on what's driving the decline versus the prior guide.

想請你用幾句話再多補充一些細節，說明相較於先前指引，這次下修的驅動因素是什麼。

Yes, there's primarily two things going on there, Bill. It's an unrealized mark in the portfolio and then there were some tax events inside the fund at the investor level that flows through to our performance fee collection there. .

是的，Bill，主要有兩件事。一是投資組合中的未實現估值調整（unrealized mark），二是基金內部在投資人層級發生了一些稅務事件，進而影響到我們在那裡的績效費收取。.

Alex Blostein, Goldman Sachs.

高盛的 Alex Blostein。

I wanted to get your thoughts on the interplay between the fee dynamics versus profitability over time, especially as corporate assets come on. I think initially at a pretty low basis points kind of 10-ish range or so, I believe, but obviously, you highlighted pretty high incremental margin.

我想請教你們對費率動態與長期獲利能力之間互動關係的看法，特別是在企業資產逐步導入之際。我理解一開始費率大概在相當低的基點水準、約10個基點左右，但你們也提到相當高的增量利潤率（incremental margin）。

So as you think about the profitability in the business as a whole, relative to the margins where they are today, where do you guys see them going over time?

因此，當你們思考整體業務的獲利能力，相較於目前的利潤率水準，你們認為隨時間推移會走向哪裡？

Yeah. Alex, let me take that. As I refer earlier in the Q&A. We don't have a bottom-up view of the exact AUM split by asset class. Obviously, the fee rate will be a blended average. Starting from the other side of your question. From a profitability perspective, we expect the profitability of that incremental AUM to be robust. I mean, definitely, in line with our current margin or even better, depending on the asset class.

好的。Alex，我來回答。如我先前在問答中提到的，我們沒有自下而上（bottom-up）的精確視角去看按資產類別拆分的AUM。顯然，費率會是一個加權平均（blended average）。從你問題的另一端來看，就獲利能力而言，我們預期新增AUM的獲利能力會很強勁。我的意思是，肯定會與我們目前的利潤率相當，甚至可能更好，取決於資產類別。

So as a result, we remain quite optimistic and bullish about the impact of that AUM on our business economics. And an effective fee rate, although it's an important metric that we track. As you kind of imply, it's not necessarily a predictor of margin by itself.

因此，我們對這些AUM對我們商業經濟效益的影響仍然相當樂觀且偏多。而有效費率（effective fee rate）雖然是我們追蹤的重要指標，但如你所暗示的，它本身未必能預測利潤率。

And we have a lot of persistence, lower fee asset classes that are highly profitable, like our industry-leading Muni platform. So as a result, we should think about fee rates and margin as two separate things and not necessarily see a 1:1 link between the two.

而且我們有許多費率較低、但高度獲利且具持續性的資產類別，例如我們業界領先的市政債（Muni）平台。因此，我們應將費率與利潤率視為兩件不同的事，未必存在1:1的連動關係。

On the GA assets, even in the short term, as I mentioned earlier, there's going to be a significant amount of potential core fixed income assets we can onboard, that would tend to have a negative impact on the effective fee rate, not necessarily on the margin.

至於GA資產，即使在短期內，如我先前提到的，我們可以導入相當可觀的潛在核心固定收益資產，這通常會對有效費率造成負面影響，但未必會影響利潤率。

Yeah, it's only I would have thought it would actually be a much better impact on the margin and the profitability would be quite a bit higher than the existing margin. So I was just kind of thinking through like once it's all onboarded where the profitability of business could kind of shake out over time.

是的，只是我原本以為它對利潤率的影響應該會更好，而且獲利能力應該會比現有利潤率高出不少。所以我只是在想，一旦全部完成導入之後，這項業務的獲利能力隨時間可能會如何落點。

Yeah, definitely, there's more upside from an incremental margin perspective.

是的，確實，從增量利潤率的角度來看，上行空間更大。

Yeah, makes sense. All right. For my follow-up, I was hoping to get your thoughts on some of the recent focus from the Treasury Department on tax advantage investments. I think that's been a focus area of growth for you guys as well.

是的，合理。好。我接著想追問的是，想請教你們對財政部近期聚焦於具稅務優惠投資的一些看法。我認為這也是你們的成長重點領域之一。

So maybe just give us a broader view of sort of exposures across the platform to tax-advantaged strategies, obviously, maybe outside of Munis, but the more kind of explicitly focused tax advantage products? And how do you think about growth in this part of the market?

所以也許請你們更宏觀地談談，整個平台在具稅務優惠策略上的曝險概況；當然，可能不只市政債（Munis），而是更明確以稅務優惠為主的產品？以及你們如何看待這個市場區塊的成長？

Yes, absolutely. So unlike some of the other publicly listed asset managers, our exposure to some of the higher risk categories is very small. Obviously, treasury and estimated comments that led to some concern in the marketplace. But the focus areas of those comments, those transactional product types for us is very, very small as a percentage of total.

好的，當然。與其他一些上市資產管理公司不同，我們在某些較高風險類別上的曝險非常小。顯然，財政部及相關的預估性評論引發了市場的一些擔憂。但就那些評論所聚焦的領域而言，對我們來說，那些交易型產品類別占總量的比例非常、非常小。

So I don't see there's a material risk for our business. And they were very clear. They're not targeting the broader tax-aware investing or tax loss harvesting strategies if done properly. And a great majority of our assets fall in those categories.

因此我不認為這會對我們的業務構成重大風險。而且他們也講得很清楚：他們並不是針對更廣泛的稅務敏感投資或在合規前提下進行的稅損收割（tax loss harvesting）策略。而我們絕大多數資產都屬於這些類別。

As you mentioned, Munis is the most significant part, and that was not referenced and direct indexing platform, which we have over $10 billion is the long only. So as a result, our exposure to those other categories is very, very small.

如你所提，市政債（Munis）是最重要的部分，且並未被提及；另外，我們的直接指數化（direct indexing）平台規模超過100億美元，且是純多頭（long only）。因此，我們在其他那些類別上的曝險非常、非常小。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Thanks. Good morning. So I wanted to follow up on that last question just around the profitability versus fee rate. I think one of the comments in the prepared remarks was once fully funded and operating at scale, that's where I think the profitability starts to increase.

謝謝。早安。我想就上一個問題追問一下，主要是關於獲利能力相對於費率的部分。我記得在事先準備的講稿裡有提到，一旦資金到位並且達到規模化運作，獲利能力就會開始提升。

So curious as to how you guys define scale on some of these newer strategies. And what is a reasonable time period for which you think you can hit that?

所以想請教你們如何定義這些較新策略的「規模」？以及你們認為達到那個規模的合理時間區間是多久？

Yeah. So I mean, ultimately, scale is very product specific. It's hard to generalize AUM number. Ultimately, historically, what we have seen is in periods where we had material AUM growth, we tended to see higher margin relative to our existing margin. So that was typically even as high as 45% to 50%.

是的。最終，「規模」其實非常取決於產品本身。很難用一個AUM數字一概而論。從歷史經驗來看，在我們AUM出現顯著成長的期間，我們往往會看到相對於既有利潤率更高的利潤率。通常甚至可高達45%到50%。

So at the end, history is supportive of the fact that typically, our AUM growth translates into profitability. That being said, it's very asset class dependent. We also want to take a long-term growth view and there will be areas that we will continue to invest in terms of new asset classes, private alternatives and some of those asset classes as we build the business will have lower margin.

因此，歷史數據支持一點：一般而言，我們的AUM成長會轉化為獲利能力。不過，這也非常依賴資產類別。我們也希望以長期成長的角度來看，並且會持續在新資產類別、私募替代投資等領域投入；而在我們建立這些業務的過程中，其中一些資產類別的利潤率會較低。

So overall, we are focused on our overall margin and our target, as Tom would remind us is in the 30% to 35% range. We are right in the middle of that. So we feel comfortable with it. And we again see upside potential from existing large categories like Munis, like institutional fixed income, systematic fixed income. So there are several categories that benefits from scale or active equities. We don't have a very explicit margin target by asset class or a specific scale number by product.

整體而言，我們聚焦在整體利潤率與目標；如Tom常提醒我們的，目標區間是30%到35%。我們目前正好在區間中間。所以我們對此感到安心。而且我們也再次看到來自既有大型類別的上行潛力，例如市政債（Munis）、機構固定收益、系統化固定收益。因此有好幾個類別能受益於規模化，或是主動式股票。我們並沒有按資產類別設定非常明確的利潤率目標，也沒有針對每個產品設定特定的規模門檻數字。

Yeah. And if I could just add to that, Onur. We don't necessarily have to invest in new infrastructure or teams. We already have them here. So we're going to be able to take on those assets with very little incremental cost. And that's why there's 45% to 50% dropping down to the bottom line of incremental margin, as Onur noted.

是的。Onur，我補充一下。我們不一定需要投資新的基礎設施或新團隊。我們現在就已經具備這些資源。因此我們能以非常低的增量成本承接這些資產。這也是為什麼如Onur所說，增量利潤率有45%到50%可以直接落到最終損益。

And then as far as timing of when we can begin to take on these assets, we're really focused on just getting the deal closed between Corebridge and Equitable at this point, but we do think around 20%, 30% of those assets would come online in 2027, then accelerate from there into '28 to complete the first $100 billion that we expect.

至於我們何時能開始承接這些資產的時間點，目前我們的重點是先把Corebridge與Equitable之間的交易完成。

Great. That's helpful. And then just, I guess, following up on areas of investment in some of the expense guidance. So guidance coming down a bit. Curious about where some of the savings are coming from. And then in terms of -- it seems like you're spending or still investing in several growth areas.

很好。這很有幫助。接著我想追問一下，關於費用指引中一些投資領域的部分。你們的指引下調了一點。想了解節省主要來自哪些地方。另外，就——看起來你們仍在多個成長領域投入或持續投資。

So maybe highlight kind of the areas where the spend is growing and maybe where you're seeing some of those savings come from?

所以也許請你們重點說明一下，哪些領域的支出在增加，以及你們看到的節省主要來自哪些地方？

Sure. I'll start with where we're spending some of our capital here. We're spending in private markets, ETFs. We continue to expand in the insurance vertical. So we're spending there as well as expanding private wealth adviser base. As far as where we're seeing the savings, we're seeing it in all noncontrollable comp expenses, both on the promo and servicing side as well as general and accounting.

好的。我先從我們資本投入的方向談起。我們在私募市場、ETF上投入。我們也持續擴展保險垂直領域。因此那裡也有投入，同時也在擴大私人財富顧問的基礎。至於節省的部分，我們在所有不可控的人事費用上都看到了節省，包含推廣與服務端，以及一般與會計相關費用。

And this quarter, we did reduce our guidance $5 million to $10 million. That's all we have line of sight into now, but we continue to look and challenge the businesses, and they continue to challenge us. So if anything more shakes out, we'll certainly give you an update in 3Q. .

本季我們將指引下調了500萬到1,000萬美元。目前我們能掌握的就是這些，但我們會持續檢視並督促各業務單位，而他們也會持續督促我們。所以如果後續還有更多節省浮現，我們一定會在第三季更新給你。.

John Dunn, Evercore.

John Dunn，Evercore。

Thank you. You mentioned the future security and future fund. Maybe are there areas in active equities on the retail side you point to that can be partial offsets. And then maybe the same thing for institutional side, any areas of the band you could point to?

謝謝。你提到Future Security和Future Fund。想請問在零售端的主動式股票方面，是否有一些領域可以作為部分抵消？另外機構端也是一樣，有沒有你可以指出的任何區塊？

Yes, sure. As you pointed out, we had several equity products that had really strong investment performance, which translated into very strong commercial performance, security of the future, which is a thematic product, just exceeded $7 billion and related to the new product. So it is a great evidence of our ability to innovate and scale.

好的，當然。如你所指出，我們有幾個股票產品投資績效非常強，進而帶動非常強的商業表現；Future Security這個主題型產品規模剛超過70億美元，且與新產品相關。因此這是我們具備創新並能規模化能力的很好證明。

Similarly, our technology-oriented disruptor strategy has done very well, that ETF is around $3 billion, so really has a strong track record, but also really attracting new clients. So really excited about that. As I mentioned earlier in the Q&A, we have also seen a broadening of the client appetite for non-U.S. strategies.

同樣地，我們以科技為導向的顛覆者（disruptor）策略表現也非常好，那檔ETF規模約30億美元，因此不僅有很強的績效紀錄，也確實吸引了新客戶。所以我們對此非常興奮。如我先前在Q&A提到的，我們也看到客戶對非美國策略的偏好正在擴大。

So we have definitely seen positive momentum in some of the international strategies, Emerging Markets as well as international equities. Finally, there are several products historically that didn't have a lot of visibility. But given the long-standing track record of some of those more maybe historical niche products, we are also seeing some success on those, like, for instance, we are the good institutional clients coming into our REIT, global REIT strategy this quarter.

因此我們確實在一些國際策略上看到正向動能，包括新興市場以及國際股票。最後，歷來也有一些產品能見度不高。但鑑於其中一些較偏歷史型利基產品的長期績效紀錄，我們也在這些產品上看到一些成功；例如，本季我們看到優質的機構客戶資金流入我們的REIT與全球REIT策略。

So definitely that was great to see as well investing in the public REIT market in equities. And on the institutional side, as briefly referenced earlier, we continue to see strong demand on the private alternative side. If you think about our insurance third-party general account business that grew by 33% year-over-year, a robust growth on the third-party side, and this excludes our shareholder equitable.

因此，看到在股票的公開REIT市場進行投資也有這樣的表現，確實令人欣慰。而在機構端，如先前簡要提到的，我們持續看到私募另類資產端的強勁需求。如果你想到我們的保險第三方一般帳戶業務年增33%，第三方端呈現強勁成長，而且這不包含我們股東的equitable。

So really pleased with that, and it's broad based in terms of the deployment across different types of private alternatives. So really excited about that. And then we definitely see beginning of the investor demand on the fixed income side, we have seen strong demand on the systematic fixed income in addition to our fundamental fixed income strategy.

所以我們對此非常滿意，而且在不同類型的私募另類資產之間的資金投放是廣泛分散的。因此我們對此非常興奮。另外，我們也確實看到投資人對固定收益端的需求開始浮現；除了我們的基本面固定收益策略之外，我們也看到對系統化固定收益的強勁需求。

Just staying on equities though, international fund cap that drove the performance fees, U.S. Select, we've had a number of strategies that have continued to perform very well. But ultimately, despite having really good performance, U.S. large cap value being an excellent example of that, it's what, as you know, the clients are really interested in buying that really drives those flows.

不過回到股票方面，帶動績效費的國際基金大型股（international fund cap）、U.S. Select，我們有多項策略持續表現非常好。但最終，即便績效非常出色——美國大型價值股就是很好的例子——如你所知，真正驅動資金流入的是客戶實際有興趣買進什麼。

Got it. And then just as active ETFs become more of a contributor. Maybe could you talk about your kind of strategy around fee rates, what the profitability is. And what client segments are you going after? And just like a flavor of the sales process, how you're finding it.

了解。另外，隨著主動式ETF成為更重要的貢獻來源，也許你可以談談你們在費率方面的策略、獲利能力如何。以及你們鎖定哪些客戶族群？再分享一下銷售流程的概況，你們目前的感受如何。

No, absolutely. Yes, as you pointed out, our ETF franchise hit $20 billion. It's a $12 billion increase from a year ago. So it's an incredible growth rate. We are very excited about it. The platform started to globalize as well, our also Talon -- ETF assets tripled in a very short period of time, obviously, from a small base. The effective fee rate on that business is around 50 basis points.

當然可以。是的，如你指出的，我們的ETF平台資產規模已達200億美元。較一年前增加了120億美元。所以成長率非常驚人。我們對此非常興奮。該平台也開始走向全球化；我們的Talon——ETF資產在很短時間內成長了三倍，當然是從較小的基礎起步。該業務的有效費率約為50個基點。

So now our annual run rate revenue for the ETF franchise is $100 million for a business that is only 4 years old. We are very excited about the scaling of that platform globalization and the prospects as the ETF adoption in the world on the active side widens.

因此，我們ETF平台的年化營收run rate已達1億美元，而這是一個僅成立4年的業務。我們對該平台的規模化、全球化，以及隨著全球主動式ETF採用率擴大所帶來的前景感到非常振奮。

And a really small portion of that were reboots of existing strategies, most of them were new strategies.

而其中只有非常小的一部分是既有策略的重新包裝（reboots），大多數都是新策略。

Mason Fleming, Barclays.

Mason Fleming，Barclays。

Hi. This is actually Ben Budish on. I wanted to maybe a follow-up on the private markets piece. Just curious maybe a two parter. I guess, first, could you kind of remind us of the normal composition of private markets performance fees, and I think most of it comes from credit, but between Part 1 fees sort of recurring performance fees and realization related revenues.

嗨。其實是Ben Budish在線上。我想就私募市場的部分追問一下。有兩個問題。第一，能否請你們提醒一下私募市場績效費的一般組成？我想大部分來自信貸，但在第1部分費用（Part 1 fees）這類較具經常性的績效費，以及與實現（realization）相關的收入之間，

What's the typical mix? And is there any more color you can share on the unrealized marks? I know we've seen some of the nontraded BDCs start to report a little bit, but curious what you're seeing in your portfolio?

通常的比例大概如何？另外，對未實現估值（unrealized marks）你們能否提供更多說明？我知道我們看到一些非交易型BDC開始稍微披露一些資訊，但想了解你們在投資組合中看到的情況？

So what we're seeing in private credit is we are seeing the -- a slight decrease in what we saw last year. I think what we saw here was in the mid- to upper teens. You saw the step down in Q1 and Q2. I expect that to more normalize in Q3 and Q4, but not necessarily the levels of last year, but certainly step up from Q1 to Q2.

就私募信貸而言，我們看到——相較去年略有下降。我認為我們當時看到的是中到高十幾%的水準。你在第一季與第二季看到下滑。我預期第三季與第四季會更趨於正常化，但不一定回到去年的水準；不過肯定會較第一季到第二季有所回升。

And then I think your question was on the marks. One thing I should have added on the earlier call -- the earlier question from Bill is the marks are not related to credit events. These are just unrealized marks that we go out and get the portfolio marked by a third party every quarter, and that's what's driving the reduction in the guidance that we're providing now.

然後我想你的問題是關於估值調整（marks）。我應該在先前那通電話——Bill先前的問題——補充的是，這些估值調整與信用事件無關。這些只是未實現的估值調整；我們每季都會請第三方對投資組合進行估值，而這正是我們目前下修所提供指引的原因。

Okay. Understood. Maybe a follow-up on the retirement side. You announced the partnership with Brookfield and Carlyle earlier in the quarter. Just curious, what are your near-term expectations? How should we think about things evolving or how are you thinking about the next, say, 12 to 18 months where things could maybe start to rotate into more private markets and target date funds.

好的。了解。再追問一下退休業務方面。你們在本季稍早宣布與Brookfield及Carlyle的合作夥伴關係。想請教你們對短期的預期是什麼？我們應該如何看待未來12到18個月的演變，是否可能開始更多輪動到私募市場與目標日期基金（target date funds）？

Yes, sure. Yes, we're very excited about our partnership with Brookfield and Carlyle on the new multi manager and multi-health product we launched for the DC channel. We also have several other products in the plan in the private credit space.

好的，當然。是的，我們對與Brookfield及Carlyle的合作非常興奮，這是我們為DC通路推出的新多經理人與多健康（multi-health）產品。我們在私募信貸領域也還有數個產品正在規劃中。

Ultimately, it's a slow-moving part of the industry given the trustees kind of fiduciary requirements and some of the committee and other dynamics that kind of takes a pretty long time from consideration to deployment in DC. So it's very hard to put precise numbers, particularly over a relatively short 12 to 18 month period.

最終，由於受託人（trustees）的受託責任要求，以及委員會等各種運作機制，這是產業中推進相對緩慢的一塊；從評估到在DC中實際配置往往需要相當長的時間。因此很難給出精確數字，尤其是在相對較短的12到18個月期間內。

I would say we are very strongly positioned in the DC channel, given we have a robust credit story custom retirement platform. So we have the ability to customize glide path. With those glide path aware expertise, we can create very differentiated alternative products by ourselves as well as in collaboration with others.

我會說，我們在DC通路的定位非常強，因為我們有一個強而有力的信貸故事與客製化退休平台。因此我們具備客製化下滑路徑（glide path）的能力。憑藉這些下滑路徑相關的專業能力，我們可以自行以及與他人合作，打造非常差異化的另類產品。

So as the DC market adopts private, we're going to be a formidable competitor combining the strength of our DC solutions business with our private alternatives experience. That said, probably this is a more medium-term opportunity versus something that we will play out in the next couple of quarters.

因此，隨著DC市場採用私募資產，我們將結合DC解決方案業務的優勢與私募另類資產經驗，成為強勁的競爭者。不過，這可能更偏向中期機會，而不是未來幾個季度就會完全展開的事情。

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

目前沒有進一步的問題。Jorgali先生，我現在把電話交回給您。

Thank you, Tracy, and thank you for everyone attending our call. We look forward to catching up with you next quarter. Have a great day.

謝謝你，Tracy，也謝謝各位參加我們的電話會議。我們期待在下個季度再與各位交流。祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。