Affiliated Managers Group Inc (AMG) 2025 Q3 法說會逐字稿

Greetings, and welcome to the AMG third-quarter 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, Patricia Figueroa, Head of Investor Relations for AMG. Thank you. You may begin.

大家好，歡迎參加AMG 2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在，我謹將會議交給主持人，AMG投資者關係主管帕特里夏·菲格羅亞。謝謝。你可以開始了。

Good morning, and thank you for joining us today to discuss AMG's results for the third 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. Also, please note that nothing on this call constitutes an offer of any products, investment vehicles, or services of any AMG Affiliate. 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 reconciliations of any non-GAAP financial measures, including any earnings guidance provided.

早安，感謝各位今天蒞臨我們節目，共同探討AMG 2025年第三季的表現。在開始之前，我想提醒各位，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。另外，請注意，本次電話會議中的任何內容均不構成對任何 AMG 關聯公司的任何產品、投資工具或服務的要約。今天電話會議的錄音回放將發佈在我們網站的投資者關係版塊，同時還將發布我們的盈利報告副本以及任何非GAAP財務指標的調節表，包括任何提供的盈利預測。

In addition, we have posted an updated investor presentation to our website and encourage investors to consult our site regularly for updated information. With us today to discuss the company's results for the quarter are Jay Horgen, Chief Executive Officer; Tom Wojcik, President and Chief Operating Officer; and Dava Ritchea, Chief Financial Officer. With that, I'll turn the call over to Jay.

此外，我們已在網站上發布了更新的投資者演示文稿，並鼓勵投資者定期訪問我們的網站以獲取最新資訊。今天與我們一起討論公司本季業績的有：執行長 Jay Horgen；總裁兼營運長 Tom Wojcik；以及財務長 Dava Ritchea。接下來，我會把電話交給傑伊。

Thanks, Patricia, and good morning, everyone. It has been a landmark year for AMG with record net inflows in alternative strategies and near record levels of capital deployed in growth investments across both new and existing Affiliates. Our third quarter results reflect the building momentum in our business, with a 17% year-over-year increase in EBITDA and a 27% growth rate in economic earnings per share. In addition, our organic growth profile continued to improve in the third quarter, driven by alternative strategies with $9 billion in firm-wide net inflows, bringing our year-to-date total net inflows to $17 billion which represents a 3% annualized organic growth rate.

謝謝帕特里夏，大家早安。對 AMG 而言，今年是具有里程碑意義的一年，另類投資策略的淨流入資金創歷史新高，而對新舊附屬公司的成長投資所投入的資本也接近歷史最高水準。我們第三季的業績反映了我們業務不斷增強的發展勢頭，EBITDA年增17%，每股經濟收益成長27%。此外，在替代策略的推動下，我們的有機成長狀況在第三季繼續改善，公司整體淨流入資金達 90 億美元，使我們今年迄今的淨流入總額達到 170 億美元，相當於 3% 的年化有機成長率。

Through the third quarter, across both organic growth and new Affiliate investments, AMG has added approximately $76 billion in alternative assets under management, representing an increase of nearly 30% in our total alternative AUM. This increase includes $51 billion in net inflows into alternatives. Today, our Affiliates manage $353 billion in alternative AUM contributing 55% of our EBITDA on a run-rate basis, including sizable contributions from two of AMG's largest and longest-standing Affiliates, Pantheon and AQR. Both firms continue to capitalize on the tailwinds in their respective areas by leveraging their scale, innovative cultures, and differentiated expertise which are collectively driving strong ongoing organic growth for AMG.

第三季度，透過內生成長和新的附屬公司投資，AMG 管理的另類資產增加了約 760 億美元，占我們另類資產管理總額的近 30%。這一增長包括另類投資淨流入的510億美元。目前，我們的附屬公司管理著 3530 億美元的另類資產管理規模，按年率計算，這些資產貢獻了我們 EBITDA 的 55%，其中包括 AMG 旗下兩家規模最大、歷史最悠久的附屬公司 Pantheon 和 AQR 的大量貢獻。兩家公司繼續利用各自領域的順風，發揮其規模、創新文化和差異化專業知識的優勢，這些因素共同推動了AMG持續強勁的內生成長。

These elements are continuing to have a meaningful impact on our business, profile, and earnings. And as you know, we expect each Affiliate to be a double-digit contributor to AMG's earnings this year. Given the substantial increase in our alternative AUM, the significant growth and margin expansion at AQR and Pantheon, the positive contributions resulting from capital deployed in growth investments, and the positive impact of our ongoing allocation of capital to share repurchases, we anticipate a meaningful increase in our full-year economic earnings per share in 2026.

這些因素持續對我們的業務、形象和效益產生重大影響。如您所知，我們預計今年每個加盟商都將為 AMG 的收益貢獻兩位數。鑑於我們另類資產管理規模的大幅增長、AQR 和 Pantheon 的顯著增長和利潤率擴張、投資於增長型投資的資本所做出的積極貢獻，以及我們持續將資本配置於股票回購所產生的積極影響，我們預計 2026 年全年每股經濟收益將顯著增長。

Looking ahead, we have expanding opportunities to further invest in growth by investing in new and existing Affiliates, and by investing in AMG's strategic capabilities to magnify our Affiliates' success. Our new investment pipeline remains strong, with active ongoing dialogue with prospective Affiliates operating in both private markets and liquid alternatives. Our investment model continues to resonate with the highest quality partner-owned firms seeking a strategic partner that can enhance their long-term success while also supporting their independence. And our strategic capabilities, particularly in capital formation, increasingly differentiate AMG in our dialogue with prospective Affiliate partners.

展望未來，我們將有更多機會透過投資新的和現有的附屬公司，以及投資 AMG 的策略能力來擴大附屬公司的成功，從而進一步投資於成長。我們新的投資管道依然強勁，目前正與在私募市場和流動性另類投資領域營運的潛在關聯公司進行積極的對話。我們的投資模式持續引起最高品質的合夥制企業的共鳴，這些企業尋求策略合作夥伴，以增強其長期成功並支持其獨立性。我們的策略能力，尤其是在資本形成方面，使 AMG 在與潛在附屬合作夥伴的對話中日益脫穎而出。

We recently announced a strategic collaboration which highlights the value of AMG's capital formation capabilities in the U.S. wealth channel. Brown Brothers Harriman, a globally recognized 200-year-old firm with considerable scale, chose to strategically collaborate with AMG to develop innovative products and deliver structured and alternative credit solutions to the wealth channel, a very strong statement on AMG's value proposition.

我們最近宣布了一項策略合作，這凸顯了 AMG 在美國財富管道的資本形成能力的價值。布朗兄弟哈里曼是一家擁有 200 年歷史、規模龐大的全球知名公司，選擇與 AMG 進行策略合作，開發創新產品，並為財富管道提供結構化和另類信貸解決方案，這充分體現了 AMG 的價值主張。

Also in the third quarter, we announced the sale of AMG's minority stake in Comvest’s private credit business. AMG invested in Comvest to provide a combination of growth capital and strategic capabilities that accelerated the growth of its credit franchise. We were pleased that AMG's strategic engagement ultimately resulted in a positive outcome for all stakeholders, including AMG’s shareholders. The significant return of capital, nearly 3x our purchase price, highlights the underlying value of our Affiliates managing alternative strategies.

第三季度，我們也宣佈出售 AMG 持有的 Comvest 私人信貸業務的少數股權。AMG 投資 Comvest，旨在提供成長資本和策略能力，從而加速其信貸業務的成長。我們很高興 AMG 的策略參與最終為所有利害關係人（包括 AMG 的股東）帶來了積極的結果。資本的大幅回報，幾乎是我們收購價格的 3 倍，凸顯了我們旗下子公司管理另類策略的內在價值。

Having committed more than $1 billion across five new growth investments so far in 2025, we continue to actively expand AMG's participation in areas of secular growth. We have an excellent capital position, which was further enhanced by the significant proceeds from the sale of our interest in Peppertree and Comvest. And given our ample financial flexibility and our distinct competitive advantages, we have an outstanding opportunity to further increase our earnings growth by continuing to make growth investments and return capital to shareholders.

截至目前，我們在 2025 年已投入超過 10 億美元用於五項新的成長投資，我們將繼續積極擴大 AMG 在長期成長領域的參與。我們擁有良好的資本狀況，出售我們在 Peppertree 和 Comvest 的股份所獲得的巨額收益進一步增強了我們的資本狀況。鑑於我們充足的財務靈活性和獨特的競爭優勢，我們擁有絕佳的機會，透過持續進行成長投資和向股東返還資本，進一步提高我們的獲利成長。

Finally, it has been an extraordinary year for AMG in terms of both organic growth and new Affiliate investments, laying the groundwork for accelerating EBITDA and earnings growth in 2026. As we continue to execute our strategy, building upon more than three decades of successful partnerships, we are confident in our ability to continue to generate long-term earnings growth. And with that, I'll turn it over to Tom.

最後，對於 AMG 而言，無論是在內生成長還是新的附屬公司投資方面，今年都是非同尋常的一年，為 2026 年加速 EBITDA 和獲利成長奠定了基礎。隨著我們繼續執行我們的策略，並建立在過去三十多年成功合作的基礎上，我們有信心繼續實現長期獲利成長。那麼，接下來就交給湯姆了。

Thank you, Jay, and good morning, everyone. AMG's activities over the course of this year illustrate our strategy in action. As we evolve our business mix more toward alternatives, our business is generating strong organic growth in both liquid alternatives and private markets. And we continue to invest in both our Affiliates and in AMG's own capabilities to support future growth opportunities.

謝謝你，傑伊，大家早安。AMG今年的各項活動充分體現了我們的策略。隨著我們不斷調整業務結構，向另類投資領域傾斜，我們的業務在流動性另類投資和私募市場都實現了強勁的內生成長。我們將繼續投資於我們的附屬公司和AMG自身的能力建設，以支持未來的成長機會。

This year, we have entered four new investment partnerships with alternative firms squarely aligned with long-term secular growth trends. We also announced a strategic collaboration to bring structured credit products to the U.S. wealth marketplace with BBH Credit Partners, highlighting the strength of AMG's capital formation capabilities. And we engaged strategically with our Affiliates across a range of business initiatives, including new product launches, building out adjacent capabilities, and supporting two of our private markets Affiliates and their sales to consolidators.

今年，我們與四家另類投資公司建立了新的投資夥伴關係，這些公司與長期的世俗成長趨勢完全一致。我們也宣布與 BBH Credit Partners 進行策略合作，將結構化信貸產品引入美國財富市場，這凸顯了 AMG 的資本形成能力。我們與我們的關聯公司在一系列業務舉措中進行了策略性合作，包括新產品發布、建構相關能力，以及支持我們的兩個私募市場關聯公司及其向整合商的銷售。

Taken together, these strategic actions and many other elements of our unique model drove significant earnings growth and cash flow generation, which we have invested and will continue to invest for growth, fueling the execution of our strategy and the forward evolution of our business, while simultaneously returning capital through share repurchases and further delivering value to our shareholders.

綜合來看，這些策略舉措以及我們獨特模式的許多其他要素，推動了顯著的獲利成長和現金流產生，我們已經並將繼續投資於成長，從而推動我們策略的執行和業務的向前發展，同時透過股票回購返還資本，並進一步為股東創造價值。

In the third quarter, AMG delivered $9 billion in net client cash inflows and $17 billion on a year-to-date basis, representing an annualized organic growth rate of 3% thus far in 2025. Our strong organic growth this year reflects rapidly growing client demand for liquid alternative strategies and ongoing momentum in private markets fundraising. In the quarter, our Affiliates generated $18 billion in net inflows in alternatives, more than offsetting $9 billion in outflows in active equities and highlighting the advantages of AMG's business profile that is increasingly weighted toward high-growth alternative asset classes.

第三季度，AMG 實現了 90 億美元的淨客戶現金流入，年初至今已實現 170 億美元，2025 年至今的年化有機成長率為 3%。今年我們強勁的內生成長反映了客戶對流動性另類投資策略的快速成長的需求，以及私募市場融資的持續勢頭。本季度，我們的附屬公司在另類投資領域實現了 180 億美元的淨流入，超過了主動型股票領域 90 億美元的淨流出，凸顯了 AMG 業務模式的優勢，該模式越來越側重於高成長的另類資產類別。

In liquid alternatives, our Affiliates’ value proposition continues to resonate with clients. With $14 billion in net inflows, AMG posted the strongest quarterly net flows in liquid alternatives in our history, driven primarily by tax-aware solutions, and supported by positive contributions from a number of Affiliates. Client demand for tax-aware strategies remains substantial, and AMG's Affiliates offer highly attractive products. And more broadly, AMG's diverse group of Affiliates managing liquid alternative strategies is well positioned to deliver excellent risk-adjusted returns for clients and attract new flows over time.

在流動性替代產品方面，我們關聯公司的價值主張持續引起客戶的共鳴。AMG 淨流入資金達 140 億美元，創下公司歷史上流動性另類投資季度淨流入最強勁的紀錄，這主要得益於具有稅務意識的解決方案，並得到了多家附屬公司的積極貢獻。客戶對節稅策略的需求依然旺盛，AMG 的附屬公司提供極具吸引力的產品。更廣泛地說，AMG 旗下管理流動性另類策略的多元化附屬機構集團，完全有能力為客戶提供卓越的風險調整後收益，並隨著時間的推移吸引新的資金流入。

Our private markets Affiliates raised $4 billion in the quarter, mainly driven by another strong quarter at Pantheon and positive contributions from EIG and Abacus, demonstrating the diversity of our Affiliates’ offerings across private market solutions, credit, private equity, real estate, and infrastructure. The ongoing fundraising momentum of our private markets Affiliates reflects investors' conviction in their specialized investment strategies, along with the impact of ongoing secular growth trends.

我們的私募市場附屬公司在本季度籌集了 40 億美元，主要得益於 Pantheon 的又一個強勁季度以及 EIG 和 Abacus 的積極貢獻，這表明我們附屬公司在私募市場解決方案、信貸、私募股權、房地產和基礎設施等領域的多元化產品。我們私募市場附屬公司持續的募資動能反映了投資人對其專業投資策略的信心，以及持續的長期成長趨勢的影響。

Looking ahead, the management and performance fee potential across our private markets Affiliates, including some of our most recent new investment partnerships, which are not yet reflected in our results, represents a significant source of upside for the long-term earnings profile of our business. As we continue to form new partnerships with growing high-quality independent firms, such as our new investments in Northbridge, Verition, Montefiore and Qualitas Energy this year, and our strategic collaboration with BBH Credit Partners, we are broadening our exposure to fast-growing specialty areas within alternatives and further diversifying our business.

展望未來，我們私募市場附屬公司（包括我們最近的一些新投資夥伴關係）的管理費和業績費潛力（尚未反映在我們的業績中）代表著我們業務長期盈利狀況的重要增長點。隨著我們不斷與不斷發展的高品質獨立公司建立新的合作夥伴關係，例如今年我們對 Northbridge、Verition、Montefiore 和 Qualitas Energy 的新投資，以及我們與 BBH Credit Partners 的策略合作，我們正在擴大在另類投資領域快速增長的專業領域的投資範圍，並進一步實現業務多元化。

BBH's taxable fixed income franchise has delivered top-quartile performance across strategies and market environments. Our strategic collaboration will bring the firm's industry-leading structured and alternative credit expertise into the US wealth marketplace. As high-net-worth clients and their advisers continue to drive demand for alternative strategies, credit remains a core focus, and the return characteristics and scalability of structured credit make this area uniquely attractive.

BBH 的應稅固定收益業務在各種策略和市場環境下均取得了前四分之一的業績。我們的策略合作將把公司在結構化和另類信貸領域的行業領先專業知識帶入美國財富管理市場。隨著高淨值客戶及其顧問不斷推動對另類策略的需求，信貸仍然是核心關注點，結構化信貸的回報特性和可擴展性使這一領域具有獨特的吸引力。

BBH is one of the industry's longest tenured and most active players, with a differentiated structured credit investment track record across the full capital stack, and in combination with AMG's product development and distribution capabilities, we see significant opportunity to build unique investment solutions to meet growing demand.

BBH 是業內歷史最悠久、最活躍的公司之一，在整個資本結構中擁有差異化的結構化信貸投資業績記錄。結合 AMG 的產品開發和分銷能力，我們看到了建立獨特投資解決方案以滿足不斷增長的需求的巨大機會。

AMG provided excellent alignment with BBH's goals for a number of reasons. The complementary strengths of our respective businesses, access to significant seed capital, the permanent nature of our model, and strong cultural connectivity across our firms. The strategic collaboration will accelerate the expansion of BBH's structured credit franchise and will further enhance AMG's position as a leading sponsor of alternative strategies for the US wealth market.

AMG 與 BBH 的目標高度契合，原因有很多。我們各自業務的互補優勢、獲得大量種子資金、我們模式的永久性以及我們公司之間強大的文化聯繫。此次策略合作將加速BBH結構化信貸業務的擴張，並進一步鞏固AMG作為美國財富市場另類投資策略領先發起人的地位。

The rapidly growing demand in U.S. Wealth for distinctive alternative products is one of the most visible megatrends in the asset management industry today, and AMG is uniquely positioned to benefit. AQR has been a leader for more than a decade in developing and delivering excellent investment solutions to U.S. Wealth clients, and its innovation in tax-aware strategies continues to drive rapid adoption.

美國財富對獨特另類產品的需求迅速增長，這是當今資產管理行業最明顯的趨勢之一，而 AMG 擁有獨特的優勢，可以從中受益。十多年來，AQR 一直是為美國財富管理客戶開發和提供卓越投資解決方案的領導者，其在稅務規劃策略方面的創新持續推動這些策略的快速普及。

Pantheon was one of the earliest innovators in limited liquidity vehicles in private markets, and product development and flows are accelerating across its product line. Our collaboration with BBH Credit Partners speaks to the success that AMG has seen thus far in driving growth in alternatives in the wealth channel, and we see significant opportunities ahead.

Pantheon 是私募市場有限流動性工具領域最早的創新者之一，其產品線的產品開發和資金流動正在加速。我們與 BBH Credit Partners 的合作表明 AMG 迄今為止在推動財富管道另類投資成長方面取得了成功，我們看到了未來巨大的機會。

As clients increasingly look to AMG as the industry's leading entry point to access the differentiated alternative investment capabilities of independent partner-owned firms, AMG's footprint in U.S. Wealth is well positioned for rapid growth. Importantly, the success that we are having in the U.S. 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 many independent firms to do on their own.

隨著客戶越來越將 AMG 視為業界領先的入口，以獲得獨立合夥人所有公司差異化的另類投資能力，AMG 在美國財富管理領域的佈局已做好快速成長的準備。重要的是，我們在美國財富管道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的共鳴，因為進入這個有吸引力的市場需要規模，對於許多獨立公司來說，靠自己是很難甚至不可能做到的。

As we continue to invest in new partnerships with alternatives firms, we look forward to collaborating with additional Affiliates to broaden their reach and expand their platforms. AMG's business has continued to evolve in 2025, driven by our focus on allocating our resources and capital to areas of secular growth. As we execute our strategy, we expect the contribution from alternatives businesses to further increase, enhancing our long-term organic growth profile and earnings profile, and we are excited about the opportunities ahead.

隨著我們不斷投資與另類投資公司建立新的合作夥伴關係，我們期待與更多聯盟夥伴合作，以擴大其影響力並擴展其平台。在2025年，AMG的業務持續發展，這得益於我們專注於將資源和資本配置到長期成長領域。隨著我們策略的實施，我們預計另類業務的貢獻將進一步增加，從而增強我們的長期有機成長前景和獲利前景，我們對未來的機會感到興奮。

With that, I'll turn the call over to Dava to discuss our third quarter results and guidance.

接下來，我將把電話交給達瓦，由他來討論我們第三季的業績和展望。

Thank you, Tom, and good morning, everyone. It has been an exciting year for AMG. In 2025 to date, we have committed approximately $1.5 billion in capital across growth investments and share repurchases, and we continue to be in a strong position to execute on future growth opportunities and return capital to shareholders, given our significant cash generation and strong balance sheet.

謝謝你，湯姆，大家早安。對AMG來說，這是激動人心的一年。截至 2025 年，我們已投入約 15 億美元資金用於成長投資和股票回購，鑑於我們雄厚的現金流和強勁的資產負債表，我們將繼續處於有利地位，把握未來的成長機會並向股東返還資本。

I will start by walking through the results for the quarter, then will discuss the positive impact of recent capital activity on our forward earnings power, and conclude with a discussion of our balance sheet. In the third quarter, we reported adjusted EBITDA of $251 million, which grew 17% year over year. This included $11 million in net performance fee earnings and reflected a full-quarter contribution from Verition and Peppertree's final contribution.

我將首先回顧本季業績，然後討論近期資本活動對我們未來獲利能力的正面影響，最後討論我們的資產負債表。第三季度，我們公佈的調整後 EBITDA 為 2.51 億美元，年增 17%。其中包括 1,100 萬美元的淨業績費收入，反映了 Verition 的整個季度貢獻和 Peppertree 的最終貢獻。

Fee-related earnings, which exclude net performance fees, grew 15% year over year, driven by the positive impact of our investment performance and organic growth in our alternative strategies, partially offset by outflows from fundamental equity strategies. Economic earnings per share of $6.10 grew 27% year over year, additionally benefiting from share repurchases.

不包括淨績效費的費用相關收益年增 15%，這主要得益於我們投資績效的正面影響以及另類策略的內生成長，但部分被基本面股票策略的資金流出所抵銷。每股經濟收益為 6.10 美元，年增 27%，此外還受惠於股票回購。

Now moving to fourth quarter guidance. We expect adjusted EBITDA to be in the range of $325 million and $370 million, based on current AUM levels reflecting our market blend, which was up 1% quarter-to-date as of Friday, and including net performance fees of $75 million to $120 million, bringing expected performance fees for this year to between $110 million and $155 million.

現在進入第四季業績展望。根據反映我們市場組合的當前資產管理規模（截至週五，本季迄今成長了 1%），我們預計調整後的 EBITDA 將在 3.25 億美元至 3.7 億美元之間，其中包括 7,500 萬美元至 1.2 億美元的淨業績費，使今年的預期業績費達到 1.15 億美元至 1.5 億美元。

This guidance includes a full-quarter contribution from Montefiore, a full-quarter contribution from Comvest's private credit business, and no impact from our announced investments in Qualitas Energy and BBH Credit Partners, which are expected to close in Q4 and Q1 2026, respectively. We expect fourth quarter economic earnings per share to be between $8.10 and $9.26, assuming an adjusted weighted average share count of 28.9 million for the quarter.

這項業績指引包括 Montefiore 的整個季度貢獻、Comvest 私募信貸業務的整個季度貢獻，並且不受我們宣布的對 Qualitas Energy 和 BBH Credit Partners 的投資的影響，預計這兩項投資將分別於 2026 年第四季和第一季完成。我們預計第四季每股經濟收益將在 8.10 美元至 9.26 美元之間，假設該季度​​調整後的加權平均股數為 2,890 萬股。

Looking further ahead, we anticipate a meaningful increase in our full-year adjusted EBITDA and economic earnings per share in 2026, mainly driven by strong organic growth and our capital allocation strategy, and I'll describe each of these further. Organic growth in our existing business is having a meaningful impact on bottom-line earnings. Strong organic growth in alternatives, including record inflows in alternatives year-to-date, is driving growth in AUM, having a positive impact on our aggregate fee rate relative to the prior year and incrementally expanding margins at some of our largest alternative Affiliates.

展望未來，我們預計 2026 年全年調整後 EBITDA 和每股經濟收益將大幅成長，主要得益於強勁的內生成長和我們的資本配置策略，我將進一步描述這些因素。現有業務的有機成長對最終利潤產生了顯著影響。另類投資的強勁內生成長，包括今年迄今為止另類投資的創紀錄資金流入，正在推動資產管理規模的成長，對我們相對於上一年的總費率產生了積極影響，並逐步擴大了我們一些最大的另類投資附屬公司的利潤率。

Furthermore, the approximately $1.5 billion committed to growth investments and share repurchases, combined with the sale of our stakes in two of our private markets Affiliates is expected to substantially increase our earnings in 2026. Additionally, we believe there is incremental upside to our earnings potential over time as we strategically engage with each of our five new partners in the next phase of their success.

此外，我們承諾投入約 15 億美元用於成長投資和股票回購，加上出售我們在兩家私募市場關聯公司的股份，預計將在 2026 年大幅增加我們的收益。此外，我們相信，隨著我們與五位新合作夥伴在下一階段的成功中進行策略性合作，我們的獲利潛力將隨著時間的推移而逐步提升。

This combination of organic growth in our existing business and new investment activity has led to strong year-over-year earnings growth so far in 2025, and underpins our confidence in our 2026 earnings profile. Importantly, most of this earnings growth is in fee-related earnings, delivered by products with longer expected duration.

現有業務的有機成長和新的投資活動相結合，使得 2025 年至今的盈利實現了強勁的同比增長，也增強了我們對 2026 年盈利前景的信心。值得注意的是，大部分收益成長來自費用相關收益，這些收益來自預期持續時間較長的產品。

Finally, turning to the balance sheet and capital allocation. We repurchased approximately $77 million in shares in the third quarter, bringing year-to-date repurchases to approximately $350 million. We are increasing our full-year guidance for repurchases and now expect to repurchase at least $500 million, subject to market conditions and capital allocation activity. Our balance sheet remains in a strong position with long-dated debt, significant capacity from ongoing cash generation and access to our revolver.

最後，我們來看資產負債表和資本配置。我們在第三季回購了約 7,700 萬美元的股票，使今年迄今的回購總額達到約 3.5 億美元。我們將提高全年回購預期，目前預計至少回購 5 億美元，具體金額取決於市場狀況和資本配置活動。我們的資產負債表依然穩健，擁有長期債務、持續現金流帶來的強大融資能力以及循環信貸額度。

Additionally, we received pre-tax proceeds of approximately $260 million from the sale of our stake in Peppertree, which closed in the third quarter and will receive approximately $285 million in proceeds from the sale of our stake in Comvest. Given our ample financial flexibility, which is further enhanced by the proceeds from these Affiliate transactions, we are well positioned to continue to invest in growth opportunities and return capital to shareholders.

此外，我們從出售我們在 Peppertree 的股份中獲得了約 2.6 億美元的稅前收益，該交易已於第三季度完成；我們還將從出售我們在 Comvest 的股份中獲得約 2.85 億美元的收益。鑑於我們擁有充足的財務靈活性，再加上這些關聯公司交易的收益進一步增強了這種靈活性，我們完全有能力繼續投資於成長機會並向股東返還資本。

We continue to employ a deliberate, strategic, and disciplined approach to allocating our capital and investing in the ongoing growth of our business. We have a diverse, unique set of opportunities available to us, including investments in new Affiliate partnerships, in and alongside existing Affiliates, and in AMG capabilities. Through our capital allocation framework, we selectively engage in opportunities that align with our overall business strategy and that we believe will create significant long-term value. And looking ahead, we are confident in our ability to continue to generate substantial value for our shareholders. Now we are happy to take your questions.

我們將繼續採取審慎、策略性和紀律性的方式來分配資本，並投資於我們業務的持續成長。我們擁有多種多樣的獨特機遇，包括投資新的聯盟夥伴關係、與現有聯盟夥伴合作以及投資 AMG 的能力。透過我們的資本配置框架，我們選擇性地參與符合我們整體業務策略且我們認為將創造重大長期價值的機會。展望未來，我們有信心繼續為股東創造巨大價值。現在我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Jay, maybe one for you. I think the theme coming out of today's call is just the franchise momentum both from a de novo perspective as well as incrementally through inorganic. A: maybe I was wondering if you could just maybe delve a little bit more into BBH, how that sort of arose? Did they seek you out. And then just as you look at the pipeline looking ahead, how should we be thinking about activity level into next year after a really strong 2025? Thank you.

傑伊，也許這件適合你。我認為今天電話會議的主題是特許經營權的成長勢頭，無論是從全新的角度，還是透過非有機成長逐步實現的。A：我或許想知道您能否更深入地探討一下BBH，它是如何產生的？他們主動找上你了嗎？那麼，就像我們展望未來一樣，在經歷了強勁的 2025 年後，我們該如何看待明年的業務水平？謝謝。

Great, good morning, Bill, and thanks for your questions. Let me take the first one just on the momentum. Tom, I'm going to ask you maybe to talk about BBH and then maybe you can send it back to me and we can talk about pipeline. So check them all off. So yeah, thanks, Bill. I think I agree with your set-up. It has been a landmark year for AMG, an output of our strategy, as you've heard us talk about it over the last six years, both inorganic and organic, our flow profile, which is driven by alternatives, it's been improving for some time now. This quarter is our second significantly positive quarter. It is building and we feel good about the continued strength of it.

好的，早安，比爾，謝謝你的提問。讓我憑著這股動能先拿下第一個。湯姆，我想請你談談BBH，然後你或許可以把結果寄給我，我們再談談管道問題。所以請把它們全部勾選。是的，謝謝你，比爾。我同意你的方案。對 AMG 來說，這是具有里程碑意義的一年，這是我們過去六年來策略的成果，正如你們在過去六年裡聽到我們談論的那樣，無論是無機成長還是有機成長，我們的業務流程都得到了改善，而這種改善是由替代能源驅動的。這是我們的第二個顯著獲利季度。它正在發展壯大，我們對它的持續強勁勢頭感到樂觀。

Our strategic engagement with Affiliates, collaborating with them to magnify their long-term success, has generated meaningful results at places like Pantheon, AQR, Artemis, Garda, and many others where we're working on business development initiatives to enhance their value. It's been, as you've seen, one of the most active years for us in terms of new investment activity, near record levels of capital deployment. We've announced four new investments and a strategic collaboration with BBH, which Tom will talk about in a moment.

我們與附屬公司進行策略合作，共同擴大其長期成功，在 Pantheon、AQR、Artemis、Garda 等眾多公司取得了顯著成果，我們正在與這些公司開展業務發展計劃，以提升其價值。正如你所看到的，就新的投資活動而言，這是我們最活躍的一年之一，資本部署接近歷史最高水準。我們宣布了四項新的投資以及與 BBH 的策略合作，湯姆稍後會談到這一點。

We've had two stake sales from two consolidators in Peppertree and Comvest. So it's just been an extraordinarily active year for us. Maybe looking at where the business stands today, alternatives contribute 55% of our EBITDA on a run-rate basis. We're working hard to increase that to more than two-thirds in just a few years from now. We think that will continue to sustain our organic growth and also we see good opportunities to make those new investments. And finally, as we have been committed to disciplined capital allocation, it has resulted in $350 million of repurchases this year.

我們已經從兩家整合商 Peppertree 和 Comvest 那裡獲得了兩筆股權出售。所以對我們來說，今年真是個異常忙碌的一年。或許從公司目前的狀況來看，另類投資貢獻了我們 EBITDA 的 55%（以年率計算）。我們正在努力爭取在短短幾年內將這一比例提高到三分之二以上。我們認為這將繼續維持我們的內生成長，而且我們也看到了進行新投資的良好機會。最後，由於我們一直致力於嚴格的資本配置，今年已實現了 3.5 億美元的股票回購。

You heard Dava say that we've just updated our guidance to at least $500 million for 2025. So it has been an extraordinary year in terms of both new investments and organic growth. And that lays the groundwork for accelerating EBITDA and earnings growth in 2026.

你們都聽到了達瓦說的話，我們剛剛將2025年的業績預期更新為至少5億美元。因此，無論是在新增投資或內生成長方面，今年都是非同尋常的一年。這將為2026年加速EBITDA和獲利成長奠定基礎。

So maybe, Tom, if you wouldn't mind, give us a bit more detail on BBH.

所以，湯姆，如果你不介意的話，你能不能給我們詳細介紹一下BBH的狀況？

Yeah, happy to. Thanks for your question, Bill, and good morning. I think Jay provided a lot of very good context in terms of our strategy overall. And really, when we think about the BBH strategic collaboration, it aligns very well with a number of different elements of our strategy and key themes and areas that we're really focused on like alternatives and like the growing opportunity for Alternatives in U.S. Wealth.

是的，我很樂意。謝謝你的提問，比爾，早安。我認為傑伊為我們的整體策略提供了很多非常好的背景資訊。事實上，當我們思考與BBH的策略合作時，它與我們策略的許多不同要素以及我們真正關注的關鍵主題和領域（例如另類投資以及美國財富另類投資日益增長的機會）非常契合。

Over the course of the past couple of years, you've heard us on earnings calls and some of our meetings talk about this repositioning that we've gone through in our U.S. wealth business really to just focus that organization on the opportunity and alternatives. We've built a new Affiliate product strategy team. We've channelized our sales force to address both RIAs and the wirehouse opportunity. And we're partnering very closely with Affiliates like Pantheon to build, seed, and distribute differentiated investment solutions to U.S. wealth clients.

在過去幾年裡，你們在財報電話會議和一些會議上都聽到我們談到，我們在美國財富管理業務中進行了重新定位，目的是讓該機構專注於機會和替代方案。我們組建了一個新的聯盟行銷產品策略團隊。我們已調整銷售團隊的策略，以同時滿足註冊投資顧問 (RIA) 和大型券商的需求。我們正與 Pantheon 等附屬公司緊密合作，為美國財富客戶建構、培育和分銷差異化的投資解決方案。

So in a lot of ways, the strategic collaboration with BBH is both a recognition of the success that we've had to date in going through that change to our U.S. wealth platform and the opportunity and the success that we're seeing, but also the next chapter in terms of opportunity to build on that success with a great partner like BBH.

因此，從許多方面來看，與 BBH 的策略合作既是對我們迄今為止在美國財富平台轉型過程中所取得的成功以及我們所看到的機會和成功的認可，也是與 BBH 這樣優秀的合作夥伴一起，在成功的基礎上開啟下一個篇章的機遇。

BBH is one of the most respected and trusted brands in financial services globally, and we're very excited to work closely together with them. You asked how this came together. And effectively, I would say we found each other. They had an opportunity that they were thinking about in terms of an excellent structured credit franchise. We had a strong view on structured credit as an opportunity in U.S. Wealth and there was a real complementary opportunity for us to come together and try and build something together.

BBH是全球金融服務領域最受尊敬和信賴的品牌之一，我們非常高興能與他們緊密合作。你問這是怎麼發生的。實際上，可以說我們找到了彼此。他們當時正在考慮一個絕佳的信貸特許經營機會。我們堅信結構化信貸是美國財富管理領域的機會，我們雙方也確實有機會走到一起，共同創造一番事業。

We do think that BBH choosing AMG to be their strategic collaboration partner is a very strong statement on our value proposition in U.S. Wealth. And I mentioned some of this in my prepared remarks, but we think AMG was the right partner for them for a number of reasons. As I mentioned, the complementary strengths of our respective businesses there in terms of underwriting, pricing, risk management around structured credit, and on our side, product development and capital formation resources, access to significant seed capital that we underwrote as part of this collaboration, the permanent nature of our model and also, very importantly, really strong cultural connectivity across our firms.

我們認為，BBH 選擇 AMG 作為其策略夥伴，是對我們在美國財富管理領域價值主張的有力證明。我在事先準備好的演講稿中提到了一些這一點，但我們認為 AMG 是他們合適的合作夥伴，原因有很多。正如我之前提到的，我們雙方在承銷、定價、結構化信貸風險管理等方面的業務優勢互補，而我們這邊則擁有產品開發和資本形成資源，可以獲得我們作為此次合作的一部分承銷的大量種子資本，我們的模式具有永久性，而且非常重要的是，我們兩家公司之間有著非常強大的文化聯繫。

We spent a lot of time together, got to know one another very well. And I think we have a shared vision for where we can take this. So collectively, we're really excited about the collaboration. We think it will materially accelerate the expansion of BBH‘s structured credit capabilities, and also further enhance AMG's position as a leading sponsor of alternative strategies for the U.S. wealth market as we continue to build momentum in that area. So Jay, maybe back to you on the pipeline.

我們在一起待了很長時間，彼此非常了解。我認為我們對公司未來的發展方向有著共同的願景。所以，我們大家對這次合作都感到非常興奮。我們認為這將實質地加速BBH結構化信貸能力的擴張，並隨著我們繼續在該領域積蓄力量，進一步鞏固AMG作為美國財富市場另類投資策略領先發起人的地位。所以傑伊，或許該把管道的事交給你了。

Yeah. Great. I'll just say one thing. It was very validating and rewarding that our capital formation capabilities, and that's an area, which, as Tom just mentioned, we've invested heavily in repositioning it. It was a centerpiece of this strategic collaboration with BBH and we do think it will allow us to drive more product in the wealth space around alternatives. So we're very excited about that.

是的。偉大的。我只說一句話。令人欣慰和欣慰的是，我們的資本形成能力得到了認可，正如湯姆剛才提到的，我們已經在這個領域投入了大量資金進行重新定位。這是與BBH策略合作的核心，我們認為這將使我們能夠圍繞另類投資在財富領域推出更多產品。我們對此感到非常興奮。

Turning to the pipeline, Bill. So I know you heard me say that already that it's been near-record levels of deployment from our perspective. We continue to see opportunities to invest for growth in new and existing Affiliates. Our pipeline reflects this opportunity set. And maybe just giving a bit of color at a high level, we stay -- we're staying focused on areas of secular growth, both within private markets and liquid alternatives. Importantly, we are interested in businesses where AMG's strategic capabilities can add value and firms that would like to have a strategic partner. So that has increasingly become a part of the dialogue and part of our differentiated area for success.

比爾，我們來談談管道問題。我知道你們已經聽我說過，從我們的角度來看，部署水準已經接近歷史最高水準。我們持續看到投資新舊加盟商以實現成長的機會。我們的專案儲備反映了這些機會。或許可以從宏觀層面略作說明，我們將繼續專注於長期成長領域，包括私人市場和流動性替代投資。重要的是，我們對那些 AMG 的策略能力能夠為其創造價值的企業以及希望擁有策略合作夥伴的公司感興趣。因此，這已逐漸成為對話的一部分，也是我們差異化成功領域的一部分。

We'd like to be able to magnify our Affiliates’ business plans, their business initiatives, and we're doing so through our active engagement with Affiliates. We've had a proven track record of providing capital and resources in these areas, business development, product development, and distribution. So we're excited about continuing to add new Affiliates in areas that we think we can help them grow. This unique sort of advantage that we have now in addition to just preserving independence, which we've always done very well, as you know, the ability to magnify the advantages of partner-owned firms has really added to our attractiveness in the market.

我們希望能夠擴大我們合作夥伴的業務計劃和業務舉措，而我們正在透過與合作夥伴的積極互動來實現這一目標。我們在這些領域（業務發展、產品開發和分銷）提供資金和資源方面有著良好的業績記錄。因此，我們很高興能夠繼續在我們認為可以幫助其發展的地區增加新的合作夥伴。我們現在擁有的這種獨特的優勢，除了保持獨立性（我們一直做得很好）之外，正如您所知，能夠放大合夥制公司的優勢，確實增加了我們在市場上的吸引力。

The last thing I'd just say around our pipeline, in addition to -- we continue to have a significant opportunity to invest our capital and growth initiatives, we will remain disciplined as always. The goal is to ensure that we deploy our capital at the highest -- in the highest quality opportunities with a target mid- to high-teens returns as we've said in the past. We have been successful in doing that over the past six years. But if we cannot find good investment opportunities, we will look to return capital through share repurchases, and we've done that also during this period, having reduced our share count by 40%.

最後我想說的是，關於我們的研發管線，除了我們仍然擁有大量投資資本和推進成長計畫的機會之外，我們將一如既往地保持嚴謹。我們的目標是確保將資本投入到最高品質的投資機會中，目標是實現15%到10%左右的回報率，正如我們過去所說。在過去六年裡，我們在這方面取得了成功。但如果找不到好的投資機會，我們將透過股票回購來返還資本，在此期間我們也這麼做了，將我們的股票數量減少了 40%。

So maybe I'll just leave you with a summary of our new investment opportunity. We feel really good about it. We feel good about our ability to originate and invest in new Affiliates in areas of secular growth, and we're confident that we'll continue to meaningfully evolve our business through these growth investments and enhance shareholder value over time. So thanks, Bill, for your questions.

那麼，我最後就簡單地向您總結一下我們的新投資機會。我們對此感到非常滿意。我們對自身在長期成長領域創建和投資新附屬公司的能力感到滿意，並且我們有信心透過這些成長投資繼續推動業務的實質發展，並隨著時間的推移提高股東價值。謝謝你的提問，比爾。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Thank you for the question as well. So lots of enthusiasm from you guys in 2026. It feels like it's a little bit earlier than typical to give guidance in '26, but I was wondering if you kind of could help contextualize what that could mean for next year given a number of moving pieces, including you alluded to expansion in the margins at AQR and Pantheon, that sounds like it's an important part of the story here as well. So any way you can help us frame what sort of the growth expectations you might have so far into 2026 would be helpful.

謝謝你的提問。2026年，你們真是熱情滿滿啊！感覺現在就給出 2026 年的指導意見有點早，但我想知道，考慮到許多不確定因素，包括您提到的 AQR 和 Pantheon 的擴張，您能否幫忙解釋一下這對明年意味著什麼？這聽起來也是其中很重要的一環。所以，如果您能幫助我們了解您對 2026 年的成長預期，那將非常有幫助。

Yeah. Thanks, Alex, and good morning to you. I'll let Dava do the meat of this. Maybe just to set it up. One of the reasons why we're so excited about 2026 is that, as you've seen in the past, when we do new investments, the year in which we do new investments is a partial year. And so the full-year contribution from those new investments actually happens in the next year, in this case, 2026.

是的。謝謝你，亞歷克斯，你早安。剩下的核心部分就交給達瓦處理吧。或許只是為了設定一下。我們對 2026 年如此興奮的原因之一是，正如您過去所看到的，當我們進行新的投資時，我們進行新投資的年份通常是部分年份。因此，這些新投資的全年貢獻實際上要到下一年才會實現，也就是 2026 年。

We've also had the added benefit this year of having organic growth really come into the middle of the year and the momentum continues. And as you heard, and you rightfully pointed out, there's an added benefit there because it's into businesses where we actually have margin expansion opportunity. So maybe I'll let Dava expand on what we're seeing in terms of mix and forward look. It is a little early to land on 2026, but I think we can give you a sense for it.

今年我們還迎來了一個額外的好處，那就是有機成長在年中真正開始，而且這種勢頭還在持續。正如你所聽到的，也正如你所指出的，這樣做還有一個額外的好處，那就是進入那些我們實際上有利潤擴張機會的行業。所以，或許我可以讓達瓦詳細闡述我們在音樂融合和未來展望方面所看到的情況。現在預測 2026 年還為時過早，但我認為我們可以讓你對它有個大致的了解。

That's right. Thanks, Jay, and thanks, Alex, for the question. At a high level, we expect the combination of new investments, share repurchases, and the impact of net inflows from alternatives to be impactful to our 2026 EEPS. Really, given the strategic evolution of our business profile over the last six years towards greater participation and alternatives, the EBITDA impact of the growth that we're seeing today is really meaningful.

這是正確的。謝謝傑伊，也謝謝亞歷克斯的提問。從宏觀層面來看，我們預期新投資、股票回購以及另類投資淨流入的影響將對我們的 2026 年每股盈餘產生影響。確實，考慮到過去六年來我們業務概況的策略演變，朝著更大程度的參與和更多選擇的方向發展，我們今天所看到的成長對 EBITDA 的影響是意義重大的。

The largest driver of that has been a turnaround in our net flow profile as we've moved the business from what was shrinking organically around 10% annually to a business that today grew 3% annualized on a year-to-date basis and 5% annualized this quarter. And as we've experienced an even larger EBITDA contribution, the past two quarters from our net flows, then our organic growth rate would indicate. So we're seeing some further expansion in EBITDA than you would expect in our net organic growth rate. This trend is occurring because of the bifurcation we've seen between strong organic growth on the alternative side, and the headwinds on the traditional side.

最大的驅動因素是我們淨流量狀況的轉變，我們已將業務從每年約 10% 的有機萎縮轉變為如今年初至今年化增長率為 3%，本季年化增長率為 5%。過去兩個季度，我們的淨流入帶來了更大的 EBITDA 貢獻，這表明我們的有機成長率有所提高。因此，我們看到 EBITDA 的成長幅度比您預期的淨有機成長率還要大。造成這種趨勢的原因是，我們看到另類領域強勁的有機成長與傳統領域面臨的逆風形成了鮮明的對比。

The growth in alternatives is moving the business towards a higher fee and longer lock strategies that, in some cases, have future performance fee and carry potential, while the outflows have been more isolated to lower fee open-ended equity funds. So even though we tend to own more of the firms where we're experiencing outflows the higher fee rate from the alternative products have more than offset this impact. And we'll give some further guidance on the next earnings call in terms of our overall thoughts on 2026.

另類投資的成長正推動該行業向更高收費、更長鎖定期限的策略發展，在某些情況下，這些策略具有未來的業績費和收益分成潛力，而資金流出則更多地集中在收費較低的開放式股票基金。因此，儘管我們持有的股票中，資金外流的公司數量較多，但其他產品的較高費率已經足以抵銷這種影響。我們將在下次財報電話會議上就我們對 2026 年的整體看法給予進一步的指導。

Dava, you might just want to also talk about just the composition between NFRE and PRE just briefly. I think that's also something that's meaningful that's happening.

Dava，你或許也想簡單地談談 NFRE 和 PRE 之間的組成關係。我認為這也是一件很有意義的事。

Sure. So what's exciting that we've seen to date, again, based on both the combination of the new investment profile that we've had this year and also in terms of organic growth, we've seen our year-over-year aggregate fee rate and real growth in fee-related earnings. So you've seen that up about 15% on a quarter year-over-year basis. And the mix shift of our business is moving towards a higher contribution from fee-related earnings.

當然。所以，到目前為止，我們看到的令人興奮的事情是，基於我們今年新的投資概況以及內生成長，我們看到了同比總費用率和費用相關收入的實際成長。所以你會看到，與去年同期相比，這個數字成長了約 15%。我們的業務結構正在轉變，費用相關收入的貢獻度正在提高。

Okay. Thanks, Alex.

好的。謝謝你，亞歷克斯。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

This is Rick Roy on for Dan. So you reported another quarter of accelerating liquid alt flows, and it sounds like momentum in the tax-aware AQR strategies continues to be a big contributor towards that. So maybe on that, I was hoping you could add a little bit more color on the full diversity of flows coming from the AQR broader franchise, and maybe perhaps also describing the performance fee potential of the broader set of AQR strategies that are gathering inflows? And then maybe separately, if you could note any notable private markets fundraises to be aware of in the near term and into 2026, that would be helpful. Thank you.

這裡是里克·羅伊，替丹報道。所以你們報告說，流動性另類資產的流動又持續加速，聽起來，具有稅收意識的 AQR 策略的勢頭仍然是造成這一現象的重要因素。所以，關於這一點，我希望您能更詳細地介紹一下 AQR 更廣泛的業務板塊所帶來的各種資金流，或許還可以描述一下正在吸引資金流入的更廣泛的 AQR 策略的績效費潛力？另外，如果您能單獨指出近期以及到 2026 年值得關注的任何值得關注的私募市場融資活動，那就太好了。謝謝。

Thanks, Rick, good morning. I'm going to let Tom just sort of give you an overview of flows, and I'm sure within that, we'll drill down on some of the trends that we're seeing.

謝謝里克，早安。接下來，我將讓湯姆為大家概述流程，我相信在過程中，我們將深入探討我們看到的一些趨勢。

Rick, thanks for the question, and Jay, actually, maybe after I go through this, you can give a little bit more color on AQR specifically, but I'll give you the whole picture and then we can fill in from there. To put the whole thing in context, our flows are primarily a function of three key drivers. The first is the alignment between our Affiliates' investment strategies and overall client demand trends. The second is the evolution of our business mix, and Dava just talked about some of this, as did Jay, over time through both organic growth rates, the relative organic growth rates of our different business lines, and the investments that AMG is making to form new partnerships and growth areas in line with our strategy. And then finally, the third driver is really the lift that we're able to provide at the AMG level to our Affiliates through new product development and distribution.

Rick，謝謝你的提問。 Jay，實際上，也許等我講完這些之後，你可以更具體地解釋一下 AQR，但我會先給你一個整體的概述，然後我們再從那裡補充細節。總而言之，我們的流程主要受三個關鍵驅動因素的影響。首先是我們的加盟商投資策略與整體客戶需求趨勢的一致性。第二點是我們業務組合的演變，Dava 和 Jay 都談到了這一點，隨著時間的推移，這體現在有機成長率、我們不同業務線的相對有機成長率，以及 AMG 為建立新的合作夥伴關係和成長領域而進行的投資，以符合我們的策略。最後，第三個驅動因素是我們能夠透過新產品開發和分銷，在 AMG 層面為我們的合作夥伴提供真正的提升。

In terms of alignment with client-demand trends, with approximately 55% of our EBITDA now coming from alternative asset classes and a growing portion coming from wealth clients, our overall positioning is very well aligned with forward trends. In terms of where we go from here, as we look to continue to push that percentage of EBITDA from Alts closer to the two-thirds level over the course of time, all of our recent new investment partnerships have been focused on alternatives. And significantly more than 100% of our total net flows over the past few years have also been in alternatives. And over that same time frame, we've grown Alternatives AUM on our U.S. wealth platform from about $1 billion to more than $7 billion. And you're seeing the cumulative impact of that business mix evolution on AUM, on our fee rate, as Dava just talked about, and on the contribution of EBITDA that's coming from alternatives overall.

就與客戶需求趨勢的契合度而言，我們目前約 55% 的 EBITDA 來自另類資產類別，且來自財富管理客戶的比例也在不斷增長，因此我們的整體定位與未來趨勢非常契合。至於我們未來的發展方向，我們希望隨著時間的推移，將另類投資的 EBITDA 佔比繼續推高至接近三分之二的水平，因此我們最近所有的新投資夥伴關係都集中在另類投資領域。而且，過去幾年我們超過 100% 的總淨流量也都流向了另類投資。在同一時期，我們美國財富管理平台上的另類資產管理規模從約 10 億美元成長到超過 70 億美元。正如 Dava 剛才所提到的，您可以看到這種業務組合演變對資產管理規模、我們的收費率以及另類投資整體貢獻的 EBITDA 的累積影響。

So to go into the individual buckets in private markets, as I mentioned in my prepared remarks, our Affiliates raised $4 billion in the quarter, and that's really a continuation of momentum that we've been seeing over the course of the past several years. It was another very strong quarter for Pantheon, alongside positive contributions from EIG and Abacus. And I think importantly, that really demonstrates the diversity of our Affiliate offerings across a variety of different areas, private market solutions, credit, private equity, real estate infrastructure, where our Affiliates are real leaders in these specialized strategies in the market.

所以，就私募市場的各個板塊而言，正如我在準備好的發言稿中提到的，我們的附屬公司在本季度籌集了 40 億美元，這確實是過去幾年我們一直看到的勢頭的延續。Pantheon 又迎來了一個表現強勁的季度，EIG 和 Abacus 也做出了積極貢獻。而且我認為，更重要的是，這真正反映了我們附屬公司在各種不同領域的多元化服務，包括私募市場解決方案、信貸、私募股權、房地產基礎設施等，我們的附屬公司在這些專業化市場策略方面都是真正的領導者。

Liquid alternatives was another record quarter for us, $14 billion in net inflows. And as you referenced in your question, driven primarily by solutions for the wealth channel focused on after-tax returns at AQR, but importantly, with positive contributions from a number of our liquid alternative Affiliates, we're seeing real breadth in that area as well. This is now the fifth consecutive quarter where we've seen positive flows in liquid alternatives. And over that time period, we've seen $3 billion in total net inflows.

流動性另類投資領域又迎來了一個創紀錄的季度，淨流入資金達 140 億美元。正如您在問題中提到的那樣，這主要得益於 AQR 專注於稅後收益的財富管道解決方案，但重要的是，由於我們許多流動性另類投資聯盟的積極貢獻，我們也看到了該領域的真正廣度。這已經是連續第五個季度我們看到流動性替代資產正成長。在此期間，我們看到淨流入總額達到了 30 億美元。

Equities, we continue to see headwinds, and that's in line with the overall industry. You saw that this quarter with about $9 billion in outflows. That said, it's been another good year for beta, and beta continues to support AUM levels overall. And we're also seeing some pockets of strength, Jay mentioned earlier, with Artemis and River Road. So there are some real bright spots that we're excited about there also.

股票市場方面，我們持續看到不利因素，這與整個產業的狀況一致。你也看到了，本季資金流出量約90億美元。也就是說，對於 beta 來說，今年又是豐收的一年，beta 也持續支撐著整體資產管理規模 (AUM) 水準。正如傑伊之前提到的，我們也看到一些強勁的市場，例如 Artemis 和 River Road。所以，我們也對其中的一些亮點感到興奮。

So when you put all those things together kind of back into that initial framework, better alignment with overall client demand trends as we continue to shift our business, continued investments in new Affiliates active collaboration with our Affiliates to develop and create innovative new products that can help to drive client demand through our capital formation capabilities, together with our confidence in our ability to continue and maybe even enhance and accelerate the impact of these growth drivers going forward, we feel like we're in a really strong position from an overall franchise perspective in terms of forward organic growth opportunities.

因此，當我們把所有這些因素重新整合到最初的框架中時，隨著我們不斷調整業務，更好地與整體客戶需求趨勢保持一致，持續投資於新的加盟商，與加盟商積極合作，開發和創造創新產品，利用我們的資本形成能力來推動客戶需求，再加上我們有信心繼續甚至增強和加速這些增長驅動因素的影響，我們感覺從整體

And Rick, let me address AQR specifically. Incrementally, it has been very helpful to our flow profile, but maybe I'll highlight a few key attributes about that business. It is a very diverse business and the way I describe it is it's a liquid alts business, one of the top three in the world. It has a pretty significant tax-aware wealth business that has a different dynamic than just its overall institutional liquid alts business. And then it has a 40 Act long-only business as well. Because of its excellent performance, it's seeing inflows in each of these areas. And so I think we would be remiss without stating the obvious, which is a very big, diverse business with lots of different strategies and lots of different opportunities within it.

Rick，讓我專門談談AQR。它逐步改善了我們的業務流程，但也許我會重點介紹該業務的一些關鍵特性。這是一個非常多元化的行業，我把它描述為一個流動性另類投資行業，是全球三大行業之一。該公司擁有相當規模的避稅型財富管理業務，其運作模式與整體機構流動性另類投資業務有所不同。此外，它還有一項 40 Act 長期投資業務。由於其優異的表現，它在上述各個領域都獲得了資金流入。因此，我認為如果我們不指出一個顯而易見的事實，那就是這是一個規模龐大、業務多元化的行業，其中包含許多不同的策略和許多不同的機會，那就太失職了。

Maybe I'll highlight, though, as I did last quarter, a paradigm shift that's occurring in the wealth channel. And AQR has a leading position in this paradigm shift. The basic strategies to harvest losses, they've been around for decades, but AQR has brought in additional set of tools and capabilities to it. They've kind of unlocked the power of investing for after-tax outcomes with the use of liquid alternatives, specifically using long-short investing techniques, either to track market beta or they have a goal of absolute return, and that has generated superior after-tax outcomes, and that's what's leading to the significant flows.

不過，我或許會像上個季度一樣，重點介紹財富管道正在發生的典範轉移。AQR 在這一範式轉移中佔據領先地位。損失收割的基本策略已經存在了幾十年，但 AQR 為其引入了一套額外的工具和功能。他們利用流動性另類投資，特別是多空投資策略，來追蹤市場貝塔值或追求絕對收益，從而釋放了投資稅後收益的潛力，並產生了優異的稅後收益，這也是資金大量流入的原因。

The shift in focus by RIAs to after-tax outcomes from their historical convention of evaluating on pre-tax returns, we think this is just in the very early innings. So AQR has quite an opportunity ahead of them. As you know, they've been an innovator in liquid alternatives for more than 20 years now, their ability to bring new strategies and products to the market is one of the best in the industries. They've been building this tax-aware business for some time.

RIA（註冊投資顧問）從過去評估稅前收益的傳統做法轉向評估稅後收益，我們認為這只是一個非常早期的階段。所以AQR面前有很大的機會。如您所知，他們在液體替代品領域已有 20 多年的創新歷史，他們向市場推出新策略和產品的能力在業界名列前茅。他們已經打造這種注重稅務規劃的企業模式一段時間了。

They've developed an entire suite of products inside of separate accounts, limited partnerships, and now mutual funds. Their strategies generate for us, management fees and many of them have a potential for performance fees. As I've said in my prepared remarks, AQR has the potential to increase their fee rates here over some period of time as their flow mix changes. They also have an opportunity to increase their margins, and we feel that in our EBITDA contribution that Dava mentioned earlier.

他們開發了一整套產品，包括獨立帳戶、有限合夥企業，現在還有共同基金。他們的策略為我們帶來了管理費，其中許多策略還有可能帶來績效費。正如我在準備好的演講稿中所說，隨著業務量的變化，AQR有可能在一段時間內提高其收費標準。他們也有機會提高利潤率，我們認為這體現在 Dava 之前提到的 EBITDA 貢獻。

I gave most of this background on the prior call. So I thought I might just kind of update you bring you forward on our thoughts today. So we see AQR as having a first-mover advantage. It obviously has a differentiated culture in an operating environment that is advantageous compared to most competitors. On the first-mover advantage, it takes time to get on platforms to penetrate the largest RIAs in the country to integrate into systems at the wirehouses. AQR has a more than two-year head start and is now finishing the onboarding just now with several of the largest wealth platforms. So they haven't even gotten on all of the parts of the market where they could distribute their product.

我在上一次通話中已經介紹了大部分背景資訊。所以我想今天就跟大家簡單介紹一下我們的想法。因此，我們認為 AQR 具有先發優勢。顯然，該公司擁有差異化的企業文化，其經營環境也比大多數競爭對手更具優勢。即使擁有先發優勢，也需要時間才能進入平台，滲透到全國最大的註冊投資顧問公司（RIA）中，並整合到大型券商的系統中。AQR 擁有兩年多的先發優勢，目前正在完成與幾個最大的財富管理平台的對接工作。所以他們甚至還沒有進入所有可以分銷其產品的市場領域。

So we do expect continued momentum from AQR in this area. But I would be remiss if I didn't comment on the institutional business, again, with their great performance. They have a very nice pipeline building on the liquid alternatives side. And through the lens of AQR, we're seeing increased interest in liquid alternatives more broadly on the institutional side.

因此，我們預期AQR在該領域將持續保持成長動能。但如果我不對機構業務發表一些評論，那就太失職了，他們再次表現出色。他們在液態替代能源方面擁有非常完善的管道建設。從 AQR 的角度來看，我們看到機構投資人對流動性另類投資的興趣日益濃厚。

So maybe the last thing I'll say about AQR is that their assets have grown from approximately $100 billion at the beginning of 2024 to $166 billion as of September 30. And so you can see there's quite a bit of growth, and most of that came from organic flows. And thank you for your question. And thank you for your question, I appreciate it.

所以，關於 AQR，我最後要說的是，他們的資產已經從 2024 年初的約 1,000 億美元成長到 9 月 30 日的 1,660 億美元。因此，你可以看到成長相當顯著，而且大部分成長都來自自然成長。謝謝你的提問。謝謝你的提問，我很感激。

Thank you. Ladies and gentlemen, this concludes our Q&A session and will conclude 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，今天的通話也將結束。感謝您的關注與參與。現在您可以斷開線路了。