Affiliated Managers Group Inc (AMG) 2025 Q1 法說會逐字稿

Greetings and welcome to the AMG first quarter of 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ms. Patricia Figueroa, Head of Investor Relations for AMG. Thank you. You may begin.

問候並歡迎參加 AMG 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、AMG 投資者關係主管 Patricia Figueroa 女士。謝謝。你可以開始了。

Good afternoon and thank you for joining us today to discuss AMG's results for the first quarter of 2025. Before we begin, I'd like to remind you that during this call, we may make a number of forward-looking statements, which could differ from our actual results materially, and AMG assumes no obligation to update these statements.

下午好，感謝您今天加入我們討論 AMG 2025 年第一季的業績。在我們開始之前，我想提醒您，在本次電話會議中，我們可能會做出一些前瞻性陳述，這些陳述可能與我們的實際結果有重大差異，AMG 不承擔更新這些陳述的義務。

Also, please note that nothing on this call constitutes an offer of any products, investment vehicles, or services of any AMG Affiliate.

另外請注意，本次電話會議中的任何內容均不構成任何 AMG 附屬公司提供的任何產品、投資工具或服務的要約。

A replay of today's call will be available on the Investor Relations section of our website, along with a copy of our earnings release and a reconciliation of any non-GAAP financial measures, including any earnings guidance announced on this call.

我們網站的「投資者關係」部分將提供今天電話會議的重播，同時提供我們的收益報告副本和任何非 GAAP 財務指標的對帳表，包括本次電話會議上宣布的任何收益指引。

In addition, we have posted an updated investor presentation to our website and encourage investors to consult our site regularly for updated information.

此外，我們在網站上發布了更新的投資者介紹，並鼓勵投資者定期訪問我們的網站以獲取更新的資訊。

With us today to discuss the company's results for the quarter are Jay Horgen, President and Chief Executive Officer; Tom Wojcik, Chief Operating Officer; and Dava Ritchea, Chief Financial Officer. With that, I'll turn the call over to Jay.

今天與我們一起討論公司本季業績的有總裁兼執行長 Jay Horgen；營運長 Tom Wojcik；以及財務長 Dava Ritchea。說完這些，我會把電話轉給傑伊。

Thanks, Patricia, and good afternoon, everyone. Our first quarter results reflect the positive impact of our strategic capital allocation to areas of secular growth over the past several years. Through our growth investments in new and existing Affiliates, particularly those operating in private markets and liquid alternatives, we are continuing to evolve our business towards a substantially greater contribution from higher fee and longer duration client assets.

謝謝，帕特里夏，大家下午好。我們第一季的業績反映了過去幾年我們對長期成長領域的策略資本配置的正面影響。透過對新的和現有的附屬公司（特別是那些在私人市場和流動性替代品中運營的附屬公司）的成長投資，我們正在繼續發展我們的業務，以從更高的費用和更長期限的客戶資產中獲得更大的貢獻。

In the quarter led by significant momentum at two of our largest Affiliates, AQR and Pantheon, we generated a record $14 billion in net client cash inflows into alternative strategies, which largely offset outflows from our long-only business.

本季度，在我們兩家最大的附屬公司 AQR 和 Pantheon 強勁增長的帶動下，我們為另類策略帶來了創紀錄的 140 億美元淨客戶現金流入，這在很大程度上抵消了我們多頭業務的流出。

We believe that the evolution of our business composition towards alternatives is fundamental to achieving sustained organic growth. And given the progress we have made over the past several years, along with the current momentum in our alternative strategies, we expect our flow profile to continue to improve as our mix shift accelerates.

我們相信，業務結構向替代品的演變對於實現持續的有機成長至關重要。鑑於我們過去幾年所取得的進展以及我們替代策略的當前勢頭，我們預計隨著組合轉變的加速，我們的流量狀況將繼續改善。

From a new Affiliate investment perspective, we have announced three new partnerships so far in 2025 with NorthBridge, Verition, and Qualitas Energy. Having committed approximately $700 million to these new partnerships year-to-date and given our pipeline of prospective new Affiliates, the pace of our new investment activity is at one of the fastest levels in nearly a decade.

從新的附屬投資角度來看，到目前為止，我們已宣佈在 2025 年與 NorthBridge、Verition 和 Qualitas Energy 建立三個新的合作夥伴關係。今年迄今為止，我們已為這些新合作夥伴投入了約 7 億美元，並且考慮到我們潛在的新附屬機構的管道，我們的新投資活動速度處於近十年來最快的水平之一。

We expect that each investment will be accretive to our earnings and will improve our organic growth profile. Despite the recent market volatility, we continue to execute on our strategy, investing in growing businesses that we believe are operating in areas of durable client demand.

我們期望每項投資都能增加我們的收益並改善我們的有機成長狀況。儘管最近市場波動，我們仍繼續執行我們的策略，投資於我們認為在客戶需求持久的領域運營的成長型企業。

And we are able to make these new investments from a position of strength, given the diversity of our business and flexibility of our balance sheet.

鑑於我們業務的多樣性和資產負債表的靈活性，我們能夠以優勢地位進行這些新投資。

On the private markets side, we have recently announced two new partnerships with firms operating in areas of secular growth. In February, we announced a new investment in NorthBridge Partners, a private markets manager specializing in industrial logistics real estate. A fast-growing sector benefiting from the expanding digital economy.

在私人市場方面，我們最近宣布與兩家在長期成長領域運營的公司建立新的合作關係。今年 2 月，我們宣布對 NorthBridge Partners 進行新的投資，這是一家專門從事工業物流房地產的私募市場管理公司。受益於數位經濟的不斷擴張，該行業快速增長。

Over the past decade, the firm's experienced and entrepreneurial management team has delivered excellent performance for its LPs, while also diversifying its strategies and expanding its team and geographic footprint.

在過去的十年中，該公司經驗豐富且富有創業精神的管理團隊為其 LP 帶來了出色的業績，同時還實現了策略多元化並擴大了團隊和地理覆蓋範圍。

And this week we announced a new investment in Qualitas Energy, a leading global infrastructure manager specializing in energy transition with a focus on Europe and a track record of delivering strong returns for clients over the past two decades.

本週，我們宣布對 Qualitas Energy 進行一項新的投資，Qualitas Energy 是一家領先的全球基礎設施管理公司，專注於能源轉型，重點關注歐洲，在過去二十年中為客戶帶來了豐厚的回報。

Energy security and independence are critical issues to the European region that are driving demand for investments into renewable energy sources and energy transition assets. Qualitas Energy has a distinctive competitive position with its opportunistic value-added approach, a vertically integrated industrial platform and locally based teams with deep knowledge of their respective geographic regions.

能源安全和獨立是歐洲地區的關鍵議題，推動了對再生能源和能源轉型資產的投資需求。Qualitas Energy 憑藉其機會主義的增值方法、垂直整合的工業平台以及對各自地理區域有深入了解的本地團隊，擁有獨特的競爭地位。

On the liquid alternative side, we have been focused on the multi-strategy sector, given its growing investor allocations, strong risk-adjusted returns, and low correlation to other asset classes. And in April we announced our partnership with Verition. Verition is a leader in the multi-strategy space with a strong risk framework and a proven ability to consistently deliver excellent results for clients.

在流動性替代方面，我們一直專注於多策略領域，因為該領域的投資者配置不斷增長、風險調整後的回報強勁，且與其他資產類別的相關性較低。今年四月，我們宣布與 Verition 建立合作關係。Verition 是多策略領域的領導者，擁有強大的風險框架和持續為客戶提供卓越成果的卓越能力。

In addition, Verition's ability to attract and retain talent across its 150 teams managing more than $12 billion in AUM distinguishes the firm relative to its peers and is highly attractive to new and existing clients.

此外，Verition 擁有 150 個團隊，管理超過 120 億美元的資產管理規模，能夠吸引和留住人才，這使得該公司在同行中脫穎而出，對新舊客戶都具有極大的吸引力。

Our three new partnerships are in line with our strategy of investing in high quality independent firms operating in areas of secular growth. And together, these new investments will add approximately $18 billion in assets under management across liquid alternatives and private markets.

我們的三個新合作夥伴關係符合我們投資於長期成長領域高品質獨立公司的策略。這些新投資將使流動性替代品和私人市場的管理資產總額增加約 180 億美元。

Verition, NorthBridge, and Qualitas Energy were each attracted to AMG's value proposition, given our unique approach. We collaborate and strategically engage with our Affiliates to make their great firms even better, providing access to a broad range of proven strategic capabilities to enhance their long-term success, while actively preserving each Affiliate's independence.

鑑於我們獨特的方法，Verition、NorthBridge 和 Qualitas Energy 都被 AMG 的價值主張所吸引。我們與我們的附屬公司進行合作和策略接觸，使他們的優秀公司變得更好，提供廣泛的經過驗證的策略能力，以增強他們的長期成功，同時積極保持每個附屬公司的獨立性。

These new partnerships underscore the ongoing demand for AMG's differentiated partnership approach, our ability to source new opportunities organically, and our focus on investing in areas of secular growth.

這些新的合作關係凸顯了對 AMG 差異化合作方式的持續需求、我們有機尋找新機會的能力以及我們對投資長期成長領域的關注。

Finally, we also announced the transaction that demonstrates our ability to create shareholder value by supporting our Affiliates' long-term strategic goals. Earlier this week, Peppertree agreed to be acquired by a diversified private markets manager, resulting in a significant gain on AMG's minority stake, doubling our initial investment.

最後，我們也宣布了這項交易，證明了我們有能力透過支持我們的附屬公司的長期策略目標來創造股東價值。本週早些時候，Peppertree 同意被一家多元化私人市場經理收購，從而使 AMG 的少數股權獲得大幅收益，使我們的初始投資翻了一番。

Given that our partnership structure aligns us with our Affiliates, their success is our success, and we are very pleased that this partnership will culminate in an excellent outcome for all stakeholders.

鑑於我們的合作夥伴結構使我們與我們的關聯公司保持一致，他們的成功就是我們的成功，我們非常高興這種合作夥伴關係將為所有利害關係人帶來出色的成果。

Looking ahead, our new investment pipeline remains strong. And given the ongoing attraction of AMG's differentiated partnership approach along with our excellent competitive position and proprietary relationships, we continue to have active discussions with a number of firms in our pipeline.

展望未來，我們的新投資管道依然強勁。鑑於 AMG 差異化合作方式的持續吸引力以及我們卓越的競爭地位和專有關係，我們將繼續與我們通路中的多家公司進行積極討論。

And with our strong capital position, we have ample flexibility to execute on these opportunities and also return capital through share repurchases, as we did in the first quarter, repurchasing $173 million in additional shares.

憑藉我們強大的資本實力，我們有充足的靈活性來抓住這些機會，並透過股票回購返還資本，就像我們在第一季所做的那樣，回購了價值 1.73 億美元的額外股票。

As always, we will remain disciplined in our capital allocation decisions as we evaluate our opportunities against a common framework to create value for shareholders. Taken all together with our enhanced opportunity set, our excellent capital position, and our unique competitive advantages, we are confident in our ability to generate incremental shareholder value over time. And with that, I'll turn it over to Tom.

像往常一樣，我們將在資本配置決策中保持嚴謹，並根據共同框架評估我們的機會，為股東創造價值。綜合考慮我們增強的機會集、我們卓越的資本狀況以及我們獨特的競爭優勢，我們有信心隨著時間的推移創造增量股東價值。現在，我將把麥克風交給湯姆。

Thank you, Jay, and good afternoon, everyone. AMG allocated significant capital toward growth investments to start the year, furthering our strategy to evolve our business mix toward areas of secular demand, most notably alternatives.

謝謝傑伊，大家下午好。AMG 在年初為成長投資分配了大量資金，進一步推進了我們的策略，將我們的業務組合轉向長期需求領域，尤其是替代領域。

Our Affiliate partners are increasingly focused on leveraging AMG's unique strategic capabilities, including product development and distribution through our capital formation platform.

我們的附屬合作夥伴越來越注重利用 AMG 獨特的策略能力，包括透過我們的資本形成平台進行產品開發和分銷。

We continue to believe that our growth investments across new and existing Affiliates as well as AMG's strategic capabilities, will collectively lead to sustainable, long-term organic growth, earnings growth, and shareholder returns.

我們始終相信，我們對新舊附屬公司的成長投資以及 AMG 的策略能力將共同帶來可持續的長期有機成長、獲利成長和股東回報。

In the first quarter, net client cash flows were roughly flat, reflecting ongoing strength and alternatives offset by industry headwinds in long-only equities.

第一季度，淨客戶現金流基本持平，反映出持續的強勁表現和替代方案被多頭股票的行業逆風所抵消。

As we continue to shift our business mix more toward alternatives, we expect AMG's organic growth trajectory and the quality of our flows to continue to improve over time.

隨著我們繼續將業務組合轉向替代品，我們預計 AMG 的有機成長軌跡和流量品質將隨著時間的推移而持續改善。

Our private markets Affiliates raised $3 billion in the quarter, primarily in credit, infrastructure, and private market solutions, aided by AMG's efforts in the US wealth channel. On the heels of a record fundraising year in 2024, our Affiliates' ongoing fundraising strength reflects investors' conviction in their specialist investment strategies and the positive fundamentals of their sectors.

我們的私人市場附屬公司在本季籌集了 30 億美元，主要用於信貸、基礎設施和私人市場解決方案，這得益於 AMG 在美國財富管道的努力。繼 2024 年創下籌款紀錄之後，我們的關聯公司持續的籌款實力反映了投資者對其專業投資策略和其所在行業積極基本面的信心。

AMG's private markets Affiliates continue to generate outstanding investment performance across a number of attractive areas, including infrastructure, credit, private market solutions, and specialty areas, including industrial decarbonization, life sciences, multi-family real estate, and industrial logistics.

AMG 的私募市場附屬公司繼續在多個具有吸引力的領域取得出色的投資業績，包括基礎設施、信貸、私募市場解決方案以及工業脫碳、生命科學、多戶型房地產和工業物流等專業領域。

As we continue to form new partnerships with the highest quality independent firms in areas of secular growth, such as our recently announced investments in NorthBridge Partners and Qualitas Energy, we are broadening our exposure to fast growing specialty areas within private markets, and further diversifying our business.

隨著我們繼續與長期成長領域最優質的獨立公司建立新的合作夥伴關係，例如我們最近宣布對 NorthBridge Partners 和 Qualitas Energy 的投資，我們正在擴大對私人市場中快速增長的專業領域的投資，並進一步實現業務多元化。

In liquid alternatives, our Affiliates value proposition continued to gain momentum with clients and resulted in $10 billion in net inflows driven primarily by tax-aware solutions and representing the strongest quarterly flow number in liquid alts that AMG has delivered in our history.

在流動性替代品方面，我們的關聯公司價值主張繼續受到客戶的青睞，並帶來了 100 億美元的淨流入，這主要由稅收意識解決方案推動，並且代表了 AMG 歷史上流動性替代品領域最強勁的季度流量。

As market volatility increases following more than a decade of falling rates and rising equity markets, we continue to believe that high-quality liquid alternative firms are well positioned to deliver excellent risk-adjusted returns for clients and attract new flows over time.

隨著十多年來利率下降和股市上漲，市場波動性加劇，我們仍然相信，高品質的流動性替代公司完全有能力為客戶提供出色的風險調整回報，並隨著時間的推移吸引新的資金流入。

Our Affiliates managing liquid alternative strategies have excellent long-term track records across both beta-sensitive and absolute return strategies, including global macro, relative value fixed income, tax-aware solutions, and trend-following.

我們的關聯公司管理流動性替代策略，在貝塔敏感和絕對回報策略方面擁有出色的長期業績記錄，包括全球宏觀、相對價值固定收益、稅收意識解決方案和趨勢追蹤。

Our recently announced investment in Verition, one of the industry's premier multi-manager businesses, is an excellent addition to our liquid alternatives portfolio and will enhance the diversification and stability of our earnings profile. Verition's excellent long-term risk-adjusted return profile and low correlation to risk assets demonstrated over nearly two decades, positions the firm for future success, and we are excited to welcome them to AMG.

我們最近宣布對業內首屈一指的多經理人企業之一 Verition 進行投資，這對我們的流動性另類投資組合來說是一個極好的補充，並將增強我們盈利狀況的多樣化和穩定性。Verition 近二十年來表現出的出色的長期風險調整回報率以及與風險資產的低相關性，為公司未來的成功奠定了基礎，我們很高興歡迎他們加入 AMG。

In equities we saw net outflows of approximately $14 billion in the quarter, reflecting industry and near term performance headwinds. Multi-asset and fixed income net flows were flat in the quarter. Over the last several years, AMG has invested in and broadened its strategic capabilities that can magnify Affiliates' efforts, most prominently in product development and capital formation, and we are seeing strong results.

本季度，我們看到股票淨流出約 140 億美元，反映了產業和近期業績的逆風。本季多種資產和固定收益淨流量持平。在過去的幾年中，AMG 投資並拓展了其戰略能力，這可以擴大附屬公司的努力，最突出的是產品開發和資本形成方面，我們看到了強勁的成果。

Our continued collaboration with Affiliates to develop and support alternative products for the US wealth market has driven approximately $2.5 billion in net flows over the last 12 months, including at the AMG Pantheon Fund, one of the largest and most established private markets products in the channel, which has grown its assets under management to approximately $5 billion today.

我們與附屬機構持續合作，為美國財富市場開發和支持替代產品，在過去 12 個月內推動了約 25 億美元的淨流量，其中包括 AMG Pantheon Fund，它是該渠道中最大、最成熟的私募市場產品之一，其管理的資產如今已增長至約 50 億美元。

We continue to work with our Affiliates to bring new products to market, to capitalize on the multi-decade growth opportunity that is clearly ahead of us in alternatives in US wealth.

我們將繼續與我們的附屬公司合作，將新產品推向市場，利用美國財富替代品中明顯擺在我們面前數十年的成長機會。

Importantly, the success that we are having in the wealth channel is resonating not only with clients and existing AMG Affiliates, but also with new investment prospects, as accessing this attractive market requires scale and is difficult, if not impossible, for independent firms to do on their own, given the resources required to be effective in the channel.

重要的是，我們在財富管道中取得的成功不僅引起了客戶和現有 AMG 附屬公司的共鳴，也引起了新的投資前景，因為進入這個有吸引力的市場需要規模，而且對於獨立公司來說，考慮到在該管道中有效運作所需的資源，很難（甚至不可能）獨自做到這一點。

As we continue to make new investments in alternative firms, we look forward to collaborating with additional Affiliates to broaden their reach and expand their platforms. Our capital formation efforts also contributed to an excellent outcome for all stakeholders in Peppertree's recently announced sale.

隨著我們繼續對另類公司進行新的投資，我們期待與更多的附屬公司合作，以擴大他們的影響力並擴展他們的平台。我們的資本形成努力也為 Peppertree 最近宣布的出售的所有利益相關者帶來了出色的結果。

When we partnered with Peppertree, its partners were focused on diversifying their client base and growing their business as an independent firm, and AMG was able to make meaningful contributions to support their growth. We wish the Peppertree team the best in the next leg of their journey and are proud to have been their partner.

當我們與 Peppertree 合作時，其合作夥伴專注於實現客戶群多元化並作為獨立公司發展業務，而 AMG 能夠做出有意義的貢獻來支持他們的發展。我們祝福 Peppertree 團隊在接下來的旅程中一切順利，並為成為他們的合作夥伴而感到自豪。

Our approach to investing in the growth of our business is highly intentional. The successful execution of AMG's growth strategy through the deliberate capital allocation decisions we are making across new investments, investments in existing Affiliates, and investments to enhance our capabilities is driving the evolution of our business mix more towards secular growth areas. And as we continue to execute our strategy, we expect the contribution from alternatives to further increase. With that, I'll turn the call over to Dava to discuss our first quarter results and guidance.

我們對業務成長的投資方式是經過深思熟慮的。我們透過對新投資、對現有附屬公司的投資以及增強我們能力的投資做出的深思熟慮的資本配置決策，成功執行了 AMG 的成長策略，正在推動我們的業務組合向長期成長領域轉變。隨著我們繼續執行我們的策略，我們預計替代品的貢獻將進一步增加。說完這些，我將把電話轉給達瓦，討論我們的第一季業績和指導。

Thank you, Tom, and good afternoon everyone. As Jay and Tom described, we have had an active start to the year in terms of capital allocation, committing nearly $700 million in capital across growth investments and completing $173 million of share repurchases during the first quarter.

謝謝你，湯姆，大家午安。正如傑伊和湯姆所描述的，我們在資本配置方面今年開局積極，在第一季已向增長投資投入近 7 億美元的資本，並完成了 1.73 億美元的股票回購。

The strength of our balance sheet and underlying health and diversity of our business enabled us to execute our growth and capital allocation strategy during a period of relative market turbulence.

我們資產負債表的強勁以及業務的潛在健康和多樣性使我們能夠在相對市場動盪時期執行我們的成長和資本配置策略。

I will start with the results for the quarter before covering the impact of this capital activity on the forward earnings power of our business and conclude with the impact on our balance sheet.

我將從本季的業績開始，然後介紹這項資本活動對我們業務未來獲利能力的影響，最後介紹對我們資產負債表的影響。

In the first quarter, we reported adjusted EBITDA of $228 million, which included $20 million in net performance fee earnings. These results represent a decline of 12% year over year, driven by lower EBITDA from performance fees and the comparison to a one-time private market catch-up fee occurring during the prior year quarter.

第一季度，我們報告的調整後 EBITDA 為 2.28 億美元，其中包括 2,000 萬美元的淨績效費收入。這一結果比去年同期下降了 12%，原因是績效費產生的 EBITDA 較低，以及與去年同期一次性私人市場補繳費相比有所下降。

Excluding these items, fee-related earnings grew 4% year over year, driven primarily by higher average AUM as a result of organic growth in our alternative strategies and market beta. This was partially offset by outflows within fundamental equity strategies.

除這些項目外，費用相關收益同比增長 4%，主要由於我們的替代策略和市場貝塔的有機增長導致平均 AUM 增加。這被基本股票策略中的資金流出部分抵消。

Economic earnings per share of $5.20 benefited from $720 million of share repurchases over the last four quarters and declined 3% year over year.

每股經濟收益 5.20 美元，受惠於過去四個季度 7.2 億美元的股票回購，年減 3%。

In the quarter, a $77 million write down was recorded to the indefinite-lived carrying value of certain mutual fund assets and a product closure at a fundamental equity Affiliate, which also impacted intangible related deferred taxes for the quarter.

本季度，某些共同基金資產的無限期帳面價值減記了 7,700 萬美元，而一家基本股票附屬公司的一項產品關閉也影響了本季的無形資產相關遞延稅項。

Now moving to second quarter guidance. We expect adjusted EBITDA to be in the range of $210 million and $225 million. This is based on current AUM levels reflecting our market blend, which was up 1% quarter to date as of May 7, and includes seasonably lower net performance fees of up to $10 million.

現在轉向第二季度指引。我們預計調整後的 EBITDA 將在 2.1 億美元至 2.25 億美元之間。這是基於反映我們市場混合的當前 AUM 水平得出的，截至 5 月 7 日，本季度迄今為止該水平上漲了 1%，並且包括季節性降低的高達 1000 萬美元的淨績效費。

This guidance includes a partial contribution from our new investment in Verition and no impact from our recently announced investment in Qualitas Energy, or the sale of AMG's interest in Peppertree, both of which are expected to close later this year.

該指引包括我們對 Verition 的新投資的部分貢獻，並且不包含我們最近宣布的對 Qualitas Energy 的投資或出售 AMG 在 Peppertree 的權益所產生的影響，這兩項投資預計都將於今年晚些時候完成。

We expect collective accretion in run-rate economic earnings per share from our three new investments in NorthBridge Partners, Verition, and Qualitas Energy, net of the sale of our stake and Peppertree to be approximately 8%, with strong future upside potential to both earnings and organic growth, given the excellent positioning of our three new Affiliates. This assumes the after-tax proceeds from the Peppertree sale are redeployed into growth investments, share repurchases, or other capital allocation purposes.

我們預計，我們對 NorthBridge Partners、Verition 和 Qualitas Energy 的三項新投資將使每股運行經濟收益 (扣除出售我們的股份和 Peppertree 的淨值) 總體增幅達到約 8%，鑑於我們三家新附屬公司的卓越定位，未來的收益和有機增長都具有強勁的上升潛力。這假設 Peppertree 出售的稅後收益被重新部署到成長投資、股票回購或其他資本配置目的。

The AUM table will be adjusted to include new investments as they close, with Verition's AUM of $12.6 billion to be added in the second quarter, and Qualitas likely following later this year.

AUM 表將進行調整以包括新投資，Verition 的 AUM 為 126 億美元，將在第二季度增加，Qualitas 可能會在今年稍後增加。

In the case of Peppertree, approximately $5 billion in AUM will be removed in the third quarter when the transaction is expected to close.

就 Peppertree 而言，預計交易完成時，第三季將移除約 50 億美元的 AUM。

Finally, turning to the balance sheet and capital allocation. The work we've done on strengthening our balance sheet over the last several years well-positioned us to be able to execute our growth strategy across all stages of a market cycle.

最後，談談資產負債表和資本配置。過去幾年，我們為加強資產負債表所做的工作使我們能夠在市場週期的各個階段執行成長策略。

We entered the year with one, a strong liquidity deposition operating at a historically lower leverage level; two, a long dated capital structure with average debt duration of more than 20 years; and three, access to additional capital from our $1.25 billion undrawn revolver.

進入新的一年，我們面臨著一個挑戰：強勁的流動性存量，以及歷史最低的槓桿水平；二是長期資本結構，平均債務期限超過20年；第三，從我們未提取的 12.5 億美元循環信貸中獲取額外資本。

Our balance sheet is further supported by a healthy underlying business generating annual recurring cash flow from a highly diverse set of Affiliates. The combination of these factors enables us to effectively deploy capital as attractive opportunities materialize.

我們的資產負債表得到了健康的基礎業務的進一步支持，該業務從高度多樣化的附屬公司產生年度經常性現金流。這些因素的結合使我們能夠在有吸引力的機會出現時有效地部署資本。

With the announcements of NorthBridge Partners, Verition, and Qualitas Energy, we've committed to deploying nearly $700 million of capital to growth investments so far this year, and our new investment pipeline continues to be full with active dialogues ongoing, as Jay had discussed earlier.

隨著 NorthBridge Partners、Verition 和 Qualitas Energy 的宣布，今年迄今為止我們已承諾投入近 7 億美元的資金用於成長投資，而且正如 Jay 之前所討論的那樣，我們的新投資管道繼續保持活躍，對話也持續進行。

And the expected proceeds from the Peppertree transaction of approximately $240 million at closing, which is not only a sizable gain and return on capital for our shareholders, but a liquidity event that enhances our ability to continue to deploy capital toward strategic growth areas and deliver value to our shareholders.

Peppertree 交易預計在交易結束時將獲得約 2.4 億美元的收益，這不僅為我們的股東帶來了可觀的收益和資本回報，而且是一種流動性事件，增強了我們繼續向戰略增長領域部署資本並為股東創造價值的能力。

We repurchased approximately $173 million in shares in the first quarter. And for the full year 2025, we expect to repurchase approximately $400 million, subject to market conditions and new investment activity. Inclusive of the commitments to new investments and repurchases to date, our balance sheet remains strong, and we continue to be well-positioned to deploy capital into attractive opportunities.

我們在第一季回購了價值約 1.73 億美元的股票。到 2025 年全年，我們預計將回購約 4 億美元，具體取決於市場狀況和新的投資活動。包括迄今為止對新投資和回購的承諾，我們的資產負債表依然強勁，我們繼續處於有利地位，可以將資本投入到有吸引力的機會中。

We will continue to apply our disciplined capital allocation framework, and we are confident in our ability to make forward-thinking decisions for the benefit of our shareholders that will generate meaningful long-term value. Now we are happy to take your questions.

我們將繼續運用嚴謹的資本配置框架，我們有信心為股東做出前瞻性的決策，從而創造有意義的長期價值。現在我們很樂意回答大家的提問。

(Operator Instructions)

（操作員指示）

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

First, maybe a little bit on the strategic side for you guys, over the last couple of years, we've seen several private market manager sales, obviously Peppertree being the latest one. Can you just maybe walk through what drives the decision to decide to part with one of the Affiliates, especially in areas like private markets, which obviously has seen the fastest growth for you and the industry broadly.

首先，也許從策略角度來說，在過去的幾年裡，我們看到了幾筆私人市場經理的銷售，顯然 Peppertree 是最新的一筆。您能否解釋一下是什麼促使您決定放棄某個關聯公司，特別是在私人市場等領域，這顯然是您和整個行業中成長最快的領域。

And as you kind of think forward, should we expect any other potential sales, and would those be limited just to minority stakes, or you could see yourself also selling down, one of the majority owned Affiliates as well? Thanks.

當您展望未來時，我們是否應該期待任何其他潛在的銷售，這些銷售是否僅限於少數股權，或者您會看到自己也出售其中一家多數股權的附屬公司？謝謝。

Yeah. Thanks, Alex. Good afternoon to you. I'll see if I can take that question that had several parts. If I miss anything, maybe, Tom, you can add, please.

是的。謝謝，亞歷克斯。午安.我會看看是否可以回答這個由幾個部分組成的問題。如果我遺漏了什麼，也許，湯姆，你可以補充。

So the first thing to address your strategic question is our strategy, it remains unchanged. We partner with high-quality independent firms to magnify their success and actively support their independence.

因此，首先要回答您的策略問題，我們的策略保持不變。我們與高品質的獨立公司合作，以擴大他們的成功並積極支持他們的獨立性。

So as you know, and you've been following us for some time now, our business model is centered around the competitive advantages of independent firms aligned with their clients. And AMG has developed a range of capabilities that enable these partner-owned firms to grow and maintain their independence over time.

如您所知，並且您已經關注我們有一段時間了，我們的商業模式是圍繞獨立公司與其客戶保持一致的競爭優勢而展開的。AMG 已經開發了一系列功能，使這些合作夥伴擁有的公司能夠隨著時間的推移而發展並保持獨立。

So when an Affiliate chooses AMG, it's choosing to stay independent. It selects our model that aligns with their long-term direction. And it also aligns us to their long-term direction and the choices that they make. So at the inception of a partnership, our expectation is that our Affiliates will remain independent because that's why they chose us.

因此，當附屬公司選擇 AMG 時，就意味著選擇保持獨立。它選擇了符合其長期方向的模型。這也使我們與他們的長期方向和所做的選擇保持一致。因此，在建立合作關係之初，我們的期望是我們的附屬公司將保持獨立，因為這就是他們選擇我們的原因。

But all businesses and partnerships evolve and sometimes circumstances change such that independence is no longer the optimal long-term structure for any given firm. So in those cases -- in some cases, I should say, this may result in a transaction which we and our Affiliates sort of mutually agreed to evolve our relationship. And given the partnership structure that we have, strategic decisions that are driven by our Affiliates in collaboration with AMG, it results sometimes in these transactions.

但所有企業和合作關係都會不斷發展，有時情況會發生變化，獨立不再是任何特定公司的最佳長期結構。因此，在這些情況下 - 在某些情況下，我應該說，這可能會導致我們和我們的關聯公司達成某種交易，以發展我們的關係。鑑於我們的合作夥伴結構，以及由我們的附屬公司與 AMG 合作做出的策略決策，有時會導致這些交易。

I think it's important to note, and you kind of alluded to it, that in our partnership model, we cannot unilaterally impose strategic decisions on our Affiliates. And in the same vein, we have certain rights to ensure that AMG shareholders are treated fairly to the extent a strategic transaction occurs.

我認為值得注意的是，正如您所提到的，在我們的合作模式中，我們不能單方面將策略決策強加給我們的附屬公司。同樣，我們擁有一定的權利，以確保在發生策略交易時 AMG 股東得到公平對待。

One of the things I would say is, to me, these liquidity events that we've had, and I'll address them in total in a minute, they highlight the underlying business value of our Affiliates in the cases of Baring, Veritable and Peppertree. It highlights how much these businesses grew and thrived under AMG. And because we're aligned with those Affiliates, their success is our success.

我想說的一件事是，對我來說，我們遇到的這些流動性事件（我將在一分鐘內全面討論它們）凸顯了我們的附屬公司在 Baring、Veritable 和 Peppertree 等案例中的潛在商業價值。它凸顯了這些企業在 AMG 的領導下取得了多大的成長和繁榮。因為我們與這些附屬機構保持一致，所以他們的成功就是我們的成功。

I will just make one other point, which is across Baring, Veritable and Peppertree, we did have significant realized return on our invested capital. So that's good for AMG and AMG shareholders. We're able to redeploy that capital and also return capital to shareholders.

我只想說另外一點，那就是在 Baring、Veritable 和 Peppertree 三家公司中，我們的投資資本確實獲得了可觀的回報。這對 AMG 和 AMG 股東來說都是好事。我們能夠重新部署資本並將資本回饋給股東。

We continue to push forward with our strategy of continuing to invest in alternatives, both liquid alternatives and private markets, which you've seen year-to-date, as Dava had mentioned $700 million of capital that went to those investments, and we continue to change our business mix in favor of alternatives -- that has not changed. And even though we've had a few Affiliates that have chosen a different direction, over the long term, we see that business mix moving very much in favor of alternatives.

我們將繼續推進我們的策略，繼續投資於另類投資，包括流動性另類投資和私人市場，正如達瓦所提到的，今年迄今為止，我們已經看到了這一點，有 7 億美元的資金用於這些投資，我們將繼續改變我們的業務組合，以支持另類投資——這一點沒有改變。儘管我們的一些附屬機構選擇了不同的方向，但從長遠來看，我們看到業務組合正在朝著有利於替代方案的方向發展。

And also keeping in the spirit of our ethos, we would like our independent firms to be healthy and thriving, and we'll do everything that we can to help them. But to the extent that they choose a different direction for strategic reasons, again, their success is our success.

同時，秉承我們的精神，我們希望我們的獨立公司能夠健康、繁榮，我們將盡一切努力幫助他們。但如果他們出於戰略原因選擇了不同的方向，那麼他們的成功就是我們的成功。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Just wanted to follow-up on the liquid alternative flows. As you mentioned, record quarter, and you mentioned a few firms, but I was hoping you could talk about just the diversity of flows in the quarter, the conversations with clients are having around these products and how to think about this quarter versus the outlook based upon the conversations and the backlog you're having around the institutional products that is driving these flows?

只是想跟進液體替代品的流動。正如您所提到的，創紀錄的季度，您提到了幾家公司，但我希望您能談談本季度流量的多樣性，與客戶圍繞這些產品的對話，以及如何根據對話和圍繞推動這些流量的機構產品的積壓來考慮本季度與前景？

Great. Well, thank you, Dan, for your question. Good afternoon. I think this one Tom should take.

偉大的。好吧，丹，謝謝你的提問。午安.我認為湯姆應該選擇這個。

Thanks, Dan. So you're right, liquid alternatives definitely were the standout for us this quarter with $10 billion in net inflows. And that was driven primarily by tax-aware solutions. And we've really begun to see those tax-aware solutions ramp quite a bit over the course of the last couple of quarters.

謝謝，丹。所以你說得對，本季流動性替代品絕對是我們的亮點，淨流入金額達 100 億美元。這主要由稅收意識解決方案推動。在過去的幾個季度中，我們確實開始看到這些稅收意識解決方案有了很大的發展。

And I think importantly, a lot of that is actually in the wealth space. And equally as important, the combination of that liquid alternative wrapper and exposure to wealth means that the stickiness as well as the fee rate associated with some of these flows is really attractive to us.

我認為重要的是，其中許多實際上屬於財富領域。同樣重要的是，流動性替代包裝和財富敞口的結合意味著，其中一些流動的黏性和費率對我們來說確實很有吸引力。

Overall, across liquid alternatives and Jay has been talking about this theme really over the course of the last couple of years, as we see market volatility continuing to increase, and we sort of move out of this world where it's simply an up-and-to-the-right rate-driven equity market, we continue to believe that these high-quality liquid alternative firms are really well-positioned to deliver excellent risk-adjusted returns for their clients and to attract new flows over time.

總體而言，在流動性替代產品方面，傑伊在過去幾年中一直在談論這個主題，隨著我們看到市場波動性持續增加，我們有點脫離了僅僅是向上和向右的利率驅動的股票市場的世界，我們仍然相信，這些高質量的流動性替代公司確實處於有利地位，可以為客戶提供出色的風險調整回報，並隨著時間的推移吸引新的資金流動。

And the trajectory that we've seen in terms of that flow profile has been building nice momentum over the last couple of quarters and really came through for us this quarter. In addition to that, the recently announced investment that we made in Verition gives AMG yet another opportunity to really benefit from the growth that we expect to see in the overall hedge fund space on the back of some of those volatility and absolute return-driven themes and, in particular, in the multi-strat space.

就流量曲線而言，我們看到的軌跡在過去幾個季度中一直保持著良好的勢頭，並且在本季度真正發揮了作用。除此之外，我們最近宣布對 Verition 進行的投資為 AMG 提供了另一個機會，使其能夠真正受益於我們預計在整個對沖基金領域將出現的增長，這種增長得益於一些波動性和絕對回報驅動的主題，特別是在多策略領域。

So I think, Dan, as you know, we have a lot of great businesses in our liquid alternatives set of Affiliates. And that diversification and the fact that year in, year out, we have businesses that continue to perform for clients puts us in a really good place. It puts us in a good place in terms of attracting flows and delivering outcomes for clients as well as benefiting from performance fees as those businesses outperform over time.

所以我認為，丹，正如你所知，我們的流動性替代品聯盟中有很多優秀的企業。這種多樣化以及年復一年我們業務持續為客戶提供服務的事實使我們處於非常有利的地位。這讓我們在吸引流量、為客戶交付成果以及隨著這些業務隨著時間的推移而表現優異而從績效費用中獲益方面處於有利地位。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

I appreciate taking the question, good afternoon. Maybe just switching gears a little bit on the equity side of the equation. I was wondering if you could talk a little bit about what you're seeing there in terms of allocation discussions by investors either coming into equities, just given the market dynamics, going out of equities, and if there is any kind of change maybe overlaying growth versus value or international versus domestic appeal.

我很高興回答這個問題，下午好。也許只是在公平方面稍微轉變一下方向。我想知道您是否可以談談您所看到的投資者在分配討論方面的情況，無論是進入股票市場（考慮到市場動態）還是退出股票市場，以及是否存在任何變化，可能是覆蓋增長與價值或國際與國內吸引力。

Thanks, Bill. Why don't I take a first shot at that, and Jay may want to add as well. In equities, as you saw from the flows this quarter, we do continue to see some headwinds along with the overall industry. That said, as you kind of alluded to in your question, there's a lot going on beneath the surface with respect to the overall long-only equity complex in the industry.

謝謝，比爾。我為什麼不先嘗試呢，傑伊可能也想補充。在股票方面，正如您從本季的資金流動情況中看到的那樣，我們確實繼續看到整個行業面臨一些阻力。話雖如此，正如您在問題中提到的那樣，就整個行業中的多頭股票綜合體而言，表面之下還有很多事情發生。

We are seeing this recent market volatility creates some opportunities for very high-quality investment teams at our Affiliates to differentiate themselves. And many of our Affiliates do have more of a quality oriented or a more defensive approach to building portfolios. So we've seen some nice pockets of outperformance so far in 2025 and we'll certainly continue to watch some of those trends that are long-only managers.

我們看到最近的市場波動為我們附屬公司的高素質投資團隊創造了一些脫穎而出的機會。我們的許多附屬公司在建立投資組合時確實更加重視品質或採取更具防禦性的方法。因此，到 2025 年為止，我們已經看到了一些表現優異的領域，我們肯定會繼續關註一些只做多頭的管理者的趨勢。

The other element that you asked about in your question, we do have quite a bit of exposure to international global products as well. And we've seen a bit of a change in this multi-year theme of a stronger dollar being a bit of a headwind there. With the weakening of the dollar in the quarter, you were able to see the beta and sort of market-driven impact and uplift in some of our global strategies. And I think that's also changing the conversations a bit in terms of the overall thought process around allocations.

您在問題中詢問的另一個因素是，我們確實也對國際全球產品有相當多的了解。我們已經看到這個多年來的主題發生了一些變化，即美元走強對那裡構成了一些阻力。隨著本季美元的疲軟，您可以看到我們的一些全球策略受到了市場驅動的影響和提升。我認為這也從整體分配思考過程的角度稍微改變了對話。

So I'd say, overall, a lot of moving parts in equities. We continue to have an outstanding group of long-only firms with multi-decade track records who have been able to perform and deliver for clients through cycles, and notwithstanding some of the challenges in the industry, we think a lot of these businesses continue to be very well-positioned to deliver for clients into the themes that they are most focused on.

所以我想說，總體而言，股票市場有很多波動因素。我們仍然擁有一批優秀的只做多頭業務的公司，它們擁有數十年的業績記錄，能夠在整個週期內為客戶提供服務，儘管行業面臨一些挑戰，但我們認為其中許多公司仍然處於非常有利的位置，能夠為客戶提供他們最關注的主題的服務。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Great. If I can ask a two-parter. Just to clarify again, I think you said like 8% accretion from the three investments and the sale of Peppertree on a net basis. And I assume that's an annualized run rate basis after fully completed as opposed to 2025.

偉大的。如果我可以問兩個部分的話。再次澄清一下，我認為您說的是三項投資和 Peppertree 的出售帶來的淨增值 8%。我認為這是全面完成後的年化運行率基礎，而不是 2025 年。

And then if you can comment on that 8% on EBITDA and/or economic EPS -- and then if I can layer another question on organic growth. It's kind of a perfect balance this quarter between alternatives versus long-only equities on both sides, so kind of a neutral overall AUM net flow profile. But can you comment on whether it was a positive or negative base fee organic growth profile considering the fee rates in your ownership stakes in those entities?

然後，如果您可以對 EBITDA 和/或經濟 EPS 的 8% 做出評論，然後我可以就有機成長提出另一個問題。本季度，雙方的另類投資與多頭股票之間達到了完美的平衡，因此整體 AUM 淨流量狀況呈中性。但是，考慮到您在這些實體中的所有權股份的費率，您能否評論一下這是正還是負的基本費用有機增長情況？

Great. Well, thanks, Brian. Thanks for your question. Good afternoon. Dava, why don't you take the first question and then maybe Tom can follow it up on the organic growth.

偉大的。好吧，謝謝，布萊恩。謝謝你的提問。午安.達瓦，你先回答第一個問題，然後湯姆可以跟進有機成長的情況。

Great. Thanks, Brian. Appreciate the question. Your point is exactly right. So when you think about the 8% accretion overall, we are thinking about that on an annualized basis, really beginning in 2026. As you note, the Peppertree sale has not closed yet. That will close sometime in the third quarter. Qualitas will close most likely before the end of the year.

偉大的。謝謝，布萊恩。感謝你的提問。你的觀點非常正確。因此，當您考慮整體 8% 的成長時，我們是在按年率計算的基礎上考慮的，實際上從 2026 年開始。正如您所說，Peppertree 的銷售尚未結束。該計劃將於第三季某個時候完成。Qualitas 很可能在今年年底前關閉。

And so as we were guiding here, we were really talking about the impact of this on a full year basis starting in 2026. And we'll provide you with some guidance along the way as to how it could impact over the course of this year. When you think about that 8% accretion number, it is to economic earnings per share.

因此，當我們在這裡進行指導時，我們實際上談論的是自 2026 年開始的全年影響。我們將為您提供一些指導，說明它將如何影響今年的發展。當你考慮 8% 的成長數字時，它指的是每股經濟收益。

And I think with respect to the organic growth question, there are obviously a lot of elements that go into that. And as you know, we don't disclose an organic growth impact to EBITDA or earnings. But if you think about the drivers -- on the alternative side, continued strong growth in private markets, very long duration, locked up capital, high fee rates on a base fee basis as well as the ability to generate long-term carry, which we'll own going into the future as well.

我認為，就有機成長問題而言，顯然有很多因素需要考慮。如您所知，我們不會揭露有機成長對 EBITDA 或收益的影響。但如果你考慮一下驅動因素——從另一方面來看，私人市場持續強勁增長、持續時間非常長、鎖定資本、基本費用基礎上的高費率以及產生長期收益的能力，這些我們未來也會擁有。

And then on the liquid alternative side, which was the lion's share of flows in the quarter, as I mentioned in the response to a previous question, a lot of that was driven by tax-aware, liquid alternative strategies. Again, very sticky asset base, attractive fee rates, so across liquid alternatives and private markets, you get not only the combination of high base fee rates, but also the opportunity to gain earnings from performance fees over time. So all those things are extremely valuable.

然後，在流動性替代方面，這是本季度流量的最大份額，正如我在回答上一個問題時提到的那樣，其中許多是由稅收意識、流動性替代策略驅動的。再次，非常黏性的資產基礎，有吸引力的費率，因此在流動性替代品和私人市場中，您不僅可以獲得高基礎費率的組合，而且還可以獲得隨著時間的推移從績效費中獲得收益的機會。所以所有這些東西都是極其珍貴的。

On the long-only outflow side, you tend to see lower fee rates from a base fee perspective. Oftentimes, we do tend to own a little bit more of those businesses, So that balances it a bit. But I would say, overall, the fee impact and the earnings impact from flows in a quarter like this, pretty positive to us on a long-term basis. And in particular, that duration and stickiness and the ability to earn over the course of years on those assets is really valuable to our long-term earnings growth story.

在多頭流出方面，從基本費用角度來看，您往往會看到較低的費率。很多時候，我們確實傾向於擁有更多這樣的企業，這樣就能稍微平衡一下。但我想說，總體而言，像這樣的一個季度的費用影響和收益影響，從長期來看對我們來說是相當積極的。特別是，這些資產的持續時間和黏性以及多年來的獲利能力對於我們的長期獲利成長故事非常有價值。

Yeah. Those were great summaries. Thanks, Dava. Thanks, Tom. I wanted to maybe take it up a level and look forward a bit more, Brian.

是的。這些都是很棒的總結。謝謝，達瓦。謝謝，湯姆。布萊恩，我可能想將其提升一個層次並期待更多。

And maybe using this year-to-date period just as a lens to talk about that. So this has been an incredibly exciting period for AMG year to date, which is really the output of our strategy that we've been executing on for more than five years now.

也許可以用今年迄今為止的時期作為談論這個問題的視角。因此，對於 AMG 來說，這是今年迄今為止令人難以置信的激動人心的時期，這實際上是我們五年多來一直在執行的策略的成果。

And just to kind of recap, we've announced three new partnerships that we believe will add not only to our earnings, as Dava mentioned, but also to our organic growth profile. In this quarter, we saw improving flow trends driven by our alternative managers.

總結一下，我們宣布了三個新的合作夥伴關係，我們相信，正如達瓦所提到的，這不僅會增加我們的收益，還會增加我們的有機成長。本季度，我們看到由另類經理人推動的流量趨勢有所改善。

And we expect with a combination of these new investments and the continued growth of our existing business, that our mix shift is going to change in favor of longer duration, higher fee assets as we see this new growth contribute to that profile. So we do expect, looking ahead, that alternatives are now over 50% of our earnings in the future, growing from there, which will have positive implications to our future organic growth.

我們預計，透過這些新投資和現有業務的持續成長，我們的組合將轉向更長期、更昂貴的資產，因為我們看到這種新的成長對這一狀況有所貢獻。因此，展望未來，我們確實預計替代品現在將占我們未來收益的 50% 以上，並且還將持續成長，這將對我們未來的有機成長產生積極影響。

And then finally, may I just round it out on the forward outlook to say we remain committed to discipline in capital allocation. It resulted in $173 million of additional repurchases this year after $700 million last year. And I'm excited about the remainder of the year as we see the pace of new investment activity remain high, and I'm excited about the future of our strategy, as it continues to drive our business towards areas of secular growth.

最後，我再總結未來展望，我們將繼續致力於資本配置的紀律。繼去年回購 7 億美元後，今年又額外回購了 1.73 億美元。我對今年剩餘時間的表現感到興奮，因為我們看到新投資活動的步伐仍然很高，我對我們策略的未來感到興奮，因為它將繼續推動我們的業務走向長期成長領域。

Patrick Davitt, Autonomous Research.

戴維特（Patrick Davitt），自主研究。

Good afternoon, everyone. You mentioned the alternative wealth opportunity. So maybe update us on how distribution expansion for the existing products is going if there are any newly filed products you could point to And then maybe medium to longer term, help frame how many new products are in the laboratory to be launched later in the year and into 2026.

大家下午好。您提到了替代財富機會。因此，如果您可以指出任何新提交的產品，也許可以向我們更新現有產品的分銷擴展情況，然後也許從中長期來看，幫助確定實驗室中有多少新產品將在今年晚些時候和 2026 年推出。

Yeah. Excellent question, Patrick. Really appreciate it. I'm going to let Tom take it, but I wanted to say just one thing that we believe as part of strategy, that our ability to offer resources and help to our Affiliates to help magnify their own business objectives is key to our strategy to both winning new investments as well as supporting the growth of our Affiliates. So wealth is a key important area that we are focused on. So maybe I'll let Tom elaborate further.

是的。派崔克，這個問題問得好。真的很感激。我讓湯姆來接手，但我只想說一件事，我們相信作為策略的一部分，我們有能力為我們的附屬公司提供資源和幫助，以幫助他們擴大自己的業務目標，這是我們贏得新投資和支持附屬公司成長的策略的關鍵。因此，財富是我們關注的關鍵重要領域。所以也許我會讓湯姆進一步闡述。

Thanks for the question, Patrick, and for the intro there, Jay. I think it leads right into thinking about US wealth specifically. AMG has a vertically integrated US wealth platform, meaning we're able to cover all the different elements that are required for an Affiliate to move into that market. And it's a very complex market for our Affiliates to cover. And therefore, we play a very important role in helping them to move into this space. We've been successful in bringing Affiliate strategies to market through this platform. Over the last five years, alternatives AUM on our US wealth platform has grown more than tenfold. We ended last year north of $6 billion, and we started the year off to a good start as well.

謝謝派崔克的提問，也謝謝傑伊的介紹。我認為這直接引發了人們對美國財富的具體思考。AMG 擁有垂直整合的美國財富平台，這意味著我們能夠涵蓋附屬公司進入該市場所需的所有不同要素。對於我們的附屬公司來說，這是一個非常複雜的市場。因此，我們在幫助他們進入這個領域方面發揮著非常重要的作用。我們已經成功地透過該平台將聯盟策略推向市場。在過去五年中，我們美國財富平台上的另類資產管理規模增加了十倍以上。去年年底我們的營業額超過了 60 億美元，而今年我們的營業額也有一個好的開始。

In the past year, we've invested alongside our Affiliates and launched three new evergreen products and also filed for two additional strategies that we anticipate to go live later this year. And that spans across credit secondaries and infrastructure with Pantheon, a non-traded BDC with Comvest and two liquid alternative funds with Systematica.

在過去的一年裡，我們與我們的附屬公司一起進行了投資，推出了三款新的常青產品，同時也提交了另外兩項策略，預計將於今年稍後生效。它涵蓋與 Pantheon 合作的信用二級市場和基礎設施、與 Comvest 合作的非交易 BDC 以及與 Systematica 合作的兩隻流動性另類基金。

In combination with the AMG Pantheon fund, which I mentioned earlier, recently crossed $5 billion in AUM, we'll now have six alternative continuously offered solutions designed specifically for AMG's US wealth platform in the market.

結合我之前提到的 AMG Pantheon 基金（該基金的資產管理規模最近突破了 50 億美元），我們現在將在市場上推出六種專為 AMG 美國財富平台設計的替代持續解決方案。

And to your question, Patrick, we continue to work with our Affiliates and have a number of new ideas that we're working on both in terms of alternative product, but also importantly, in terms of active ETFs on the long-only side as well. So there's a lot of product development and innovation happening at AMG.

派翠克，關於您的問題，我們將繼續與我們的附屬公司合作，並且有很多新想法，我們正在研究替代產品，但更重要的是，在多頭方面的主動 ETF 方面。AMG 正在進行大量產品開發和創新。

Along with our own US wealth platform, I think it's also important that our Affiliates, especially Pantheon outside of the US and AQR, they also continue to take advantage of these tailwinds in wealth through their own product development, And as a result, when you really put AMG, what we're doing at the center and our Affiliates together, collectively, we're one of the largest sponsors of alternative products for wealth markets globally. We have more than $40 billion now in total AUM in the wealth space around the world at AMG and at our Affiliates.

除了我們自己的美國財富平台之外，我認為同樣重要的是我們的附屬公司，特別是美國以外的 Pantheon 和 AQR，他們也繼續透過自己的產品開發利用這些財富順風，因此，當你真正把 AMG、我們所做的事情和我們的附屬公司放在一起時，我們就是全球財富市場替代產品的最大贊助商之一。目前，AMG 及其附屬公司在全球財富領域的資產管理總額已超過 400 億美元。

And the other thing that you alluded to is how this is helping us, and Jay made this point as well in terms of not only helping our existing Affiliates to grow but also continuing to fuel that flywheel to bring in excellent new investment prospects. Jay referenced the strength of the ongoing pipeline. We have a number of things on the future pipeline where wealth is core to that value proposition and firms are looking to AMG as their entry point to build the third, fourth, or fifth leg of the stool in a way that they know that is very difficult or even impossible for them to do on their own. So this is a big part of our story. It's really been working and driving growth, and we see it being a much larger part of the story going forward.

您提到的另一件事是這對我們有何幫助，Jay 也提到了這一點，它不僅可以幫助我們現有的附屬公司發展，還可以繼續為飛輪提供動力，帶來極好的新投資前景。傑伊提到了正在建造的管道的強度。我們未來的規劃中有很多東西，財富是價值主張的核心，各大公司都把 AMG 視為切入點，以某種方式構建第三、第四或第五條腿，他們知道，單憑他們自己是很難甚至不可能做到的。這是我們故事的重要組成部分。它確實發揮了作用並推動了成長，我們認為它在未來的故事中將扮演更重要的角色。

Thank you. Ladies and gentlemen, this does conclude our Q&A session, and thus concludes our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。女士們、先生們，我們的問答環節到此結束，今天的電話會議也到此結束。我們感謝您的關注與參與。現在您可以斷開線路了。