阿默普萊斯金融 (AMP) 2022 Q2 法說會逐字稿

Welcome to the Q2 2022 Earnings Call. My name is Vanessa, and I will be your operator for today's call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 2022 年第二季度財報電話會議。我的名字是 Vanessa，今天我將擔任您的接線員。 （操作員說明）作為提醒，本次會議正在錄製中。

I will now turn the call over to Alicia Charity. You may begin.

我現在將把電話轉給 Alicia Charity。你可以開始了。

Thank you, and good morning. Welcome to Ameriprise Financial's Second Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer. Following their remarks, we'd be happy to take your questions.

謝謝你，早上好。歡迎來到 Ameriprise Financial 的第二季度財報電話會議。今天與我通話的是董事長兼首席執行官 Jim Cracchiolo；和首席財務官沃爾特伯曼。在他們的發言之後，我們很樂意回答您的問題。

Turning to our earnings presentation materials that are available on our website. On Slide 2, you'll see a discussion of forward-looking statements. Specifically, during the call, you will hear references to various non-GAAP financial measures, which we believe provide insight into the company's operations. Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website.

轉向我們網站上提供的收益演示材料。在幻燈片 2 中，您將看到對前瞻性陳述的討論。具體來說，在電話會議期間，您將聽到對各種非公認會計準則財務指標的提及，我們認為這些指標可以深入了解公司的運營。可以在今天的材料和我們的網站上找到非 GAAP 數字與其各自 GAAP 數字的對賬。

Some statements that we make on this call may be forward looking, reflecting management's expectations about future events and overall operating plans and performance. These forward-looking statements speak only as of today's date and involve a number of risks and uncertainties. A sample list of factors and risks that could cause actual results to be materially different from forward-looking statements can be found in our second quarter 2022 earnings release, our 2021 annual report to shareholders and our 2021 10-K report. We make no obligation to publicly update or revise these forward-looking statements.

我們在本次電話會議上發表的一些聲明可能具有前瞻性，反映了管理層對未來事件以及整體運營計劃和業績的預期。這些前瞻性陳述僅在今天發表，並涉及許多風險和不確定性。可能導致實際結果與前瞻性陳述存在重大差異的因素和風險的示例列表可以在我們的 2022 年第二季度收益發布、我們向股東提交的 2021 年年度報告和我們的 2021 年 10-K 報告中找到。我們沒有義務公開更新或修改這些前瞻性陳述。

On Slide 3, you see our GAAP financial results at the top of the page for the second quarter. Below that, you'll see our adjusted operating results, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. Many of the comments that management makes on the call today will focus on adjusted operating results.

在幻燈片 3 上，您可以在頁面頂部看到我們第二季度的 GAAP 財務業績。在此之下，您將看到我們調整後的經營業績，管理層認為，通過反映我們核心業務的基本業績並促進更有意義的趨勢分析，增強對我們業務的理解。管理層今天在電話會議上發表的許多評論將集中在調整後的經營業績上。

And with that, I'll turn it over to Jim.

有了這個，我會把它交給吉姆。

Good morning, and welcome to our second quarter earnings call. Ameriprise performed well in a significantly more challenging environment and delivered a solid quarter. Clearly, high inflation in the U.S. and globally as well as geopolitical uncertainty continued to cause greater volatility in pressured markets. With the Fed raising rates and concern about a potential recession, markets are experiencing headwinds, and that's weighing on investor sentiment. .

早上好，歡迎來到我們的第二季度財報電話會議。 Ameriprise 在更具挑戰性的環境中表現良好，並實現了穩健的季度。顯然，美國和全球的高通脹以及地緣政治的不確定性繼續導致承壓市場出現更大的波動。隨著美聯儲加息和對潛在衰退的擔憂，市場正面臨逆風，這對投資者情緒構成壓力。 .

While the environment impacted our results, particularly in Asset Management, we delivered strong profitability, good client flows and wealth management and strong results at the bank. We're continuing to serve clients well, managing our expenses prudently and investing in the business to drive near and longer-term growth.

雖然環境影響了我們的業績，特別是在資產管理方面，但我們在銀行實現了強勁的盈利能力、良好的客戶流動和財富管理以及強勁的業績。我們將繼續為客戶提供良好的服務，謹慎管理我們的開支並投資於業務以推動近期和長期增長。

Let's move to second quarter results. Compared to a year ago, total assets under management and administration declined 3% to $1.2 trillion. We benefited from the BMO EMEA acquisition and the cumulative impact of Ameriprise client net inflows, but assets were affected by a negative foreign exchange and the steep decline in both equity and fixed income markets.

讓我們轉到第二季度的結果。與一年前相比，管理和行政管理的總資產下降 3% 至 1.2 萬億美元。我們受益於 BMO EMEA 收購和 Ameriprise 客戶淨流入的累積影響，但資產受到外匯負數以及股票和固定收益市場急劇下跌的影響。

In terms of adjusted operating financials, revenues grew 3% to $3.5 billion, as good business performance offset market impacts. With that, earnings were up 4% with EPS up 10% to $5.81, and ROE was very strong at 48.8% compared to 37.5% a year ago.

在調整後的經營財務方面，收入增長 3% 至 35 億美元，因為良好的業務表現抵消了市場影響。因此，收益增長 4%，每股收益增長 10% 至 5.81 美元，ROE 非常強勁，為 48.8%，而一年前為 37.5%。

I'll turn to Advice & Wealth Management, where we delivered another strong quarter. We had good activity in a tough market environment. We're serving clients well with our goal-based advice, driving strong engagement and earning strong satisfaction. Total client net inflows were $8.6 billion, down 10%, but quite good in this environment. Our wrap net inflows also declined to $6.2 billion. Cash balances were up sharply to more than $47 billion compared to more than $39 billion a year ago.

我將轉向諮詢和財富管理，我們在該季度實現了另一個強勁的季度。我們在艱難的市場環境中表現良好。我們通過基於目標的建議為客戶提供良好的服務，推動了強大的參與度並獲得了極大的滿意度。客戶淨流入總額為 86 億美元，下降 10%，但在這種環境下相當不錯。我們的淨流入也下降到 62 億美元。與一年前的超過 390 億美元相比，現金餘額急劇上升至超過 470 億美元。

Even in a more challenging operating environment, our adviser productivity was strong, up 11% to $814,000 per adviser. We recently hosted our national conference for our top advisers and the level of engagement was terrific. They're excited about growing their practices at Ameriprise and appreciate the investments we've made and the support we provide.

即使在更具挑戰性的運營環境中，我們的顧問工作效率也很高，每位顧問的收入增長了 11% 至 814,000 美元。我們最近為我們的頂級顧問舉辦了全國會議，參與程度非常好。他們對在 Ameriprise 發展他們的實踐感到興奮，並感謝我們所做的投資和我們提供的支持。

We're also seeing nice engagement with adviser recruits. We had another good quarter in terms of recruiting, adding 99 highly productive advisers. Our value proposition stands even taller in choppier markets. When experienced advisers join us, they routinely say, our culture, technology, financial planning capabilities and ability to grow are key reasons they make the move. We're driving meaningful momentum, and I feel good about our pipeline.

我們還看到與顧問新兵的良好互動。在招聘方面，我們又迎來了一個不錯的季度，增加了 99 名高效率的顧問。我們的價值主張在波濤洶湧的市場中站得更高。當經驗豐富的顧問加入我們時，他們通常會說，我們的文化、技術、財務規劃能力和成長能力是他們採取行動的關鍵原因。我們正在推動有意義的勢頭，我對我們的管道感覺良好。

Now I'll give you some perspective on our growing cash business, which represents a significant future revenue and earnings opportunity for us. First, we're beginning to generate more revenue from our off-balance sheet cash as the Fed increases short rates. Second, we continue to move more assets to Ameriprise Bank garnering additional spread, including moving $2.3 billion to the bank late in the second quarter. For perspective, total bank assets are now at $17.1 billion. Assets have more than doubled since the beginning of 2021, and we're positioned to take this further.

現在，我將向您介紹我們不斷增長的現金業務，這對我們來說是一個重要的未來收入和盈利機會。首先，隨著美聯儲提高短期利率，我們開始從表外現金中獲得更多收入。其次，我們繼續將更多資產轉移到 Ameriprise 銀行以獲得額外的利差，包括在第二季度末向該銀行轉移 23 億美元。從長遠來看，銀行總資產現在為 171 億美元。自 2021 年初以來，資產已翻了一番多，我們已準備好更進一步。

An important takeaway for you is that as we move through the second half of 2022 and into 2023, the growth of our cash business and rising interest rates will provide an offset to equity market weakness.

對您來說，一個重要的收穫是，隨著我們進入 2022 年下半年並進入 2023 年，我們現金業務的增長和利率上升將抵消股市疲軟的影響。

That leads me to AWM's financials. We continue to generate strong pretax income, up 16% to nearly $500 million, and our margin continues to accrete, up 250 basis points to nearly 24%, even after the impact of substantial market declines.

這使我了解了 AWM 的財務狀況。我們繼續產生強勁的稅前收入，增長 16% 至近 5 億美元，我們的利潤率繼續增加，增長 250 個基點至接近 24%，即使在市場大幅下滑的影響之後也是如此。

Moving to Retirement & Protection Solutions. The business is performing well in this environment and reflects our strategy to focus on our core products. I'll start with variable annuities. Overall, sales were down 29%, given our move away from living benefit guarantees. We continue to prioritize annuities without living benefits in our structured products.

轉向退休和保護解決方案。該業務在這種環境下表現良好，反映了我們專注於核心產品的戰略。我將從可變年金開始。總體而言，由於我們不再提供生活福利保障，銷售額下降了 29%。我們繼續在我們的結構化產品中優先考慮沒有生活福利的年金。

In Protection, Life sales declined 23%, given the climate and our move away from fixed insurance. We remain focused on our VUL and DI products, which have good profitability and are appropriate for our clients. In terms of earnings, they were in line with our expectations, and our financial results and free cash flow look good, and our risk profile remains well managed.

在保護方面，鑑於氣候和我們遠離固定保險，人壽銷售額下降了 23%。我們仍然專注於我們的 VUL 和 DI 產品，它們具有良好的盈利能力並且適合我們的客戶。在收益方面，它們符合我們的預期，我們的財務業績和自由現金流看起來不錯，我們的風險狀況仍然得到很好的管理。

Now let's turn to Asset Management. We've already referenced the challenging operating environment that has resulted in asset declines and tough retail flows for the industry. We're experiencing that pressure, too. However, we feel like the business is performing well, and we're making appropriate adjustments as we move forward.

現在讓我們轉向資產管理。我們已經提到了導致該行業資產下降和艱難的零售流動的具有挑戰性的運營環境。我們也正在承受這種壓力。但是，我們覺得業務表現良好，並且在前進的過程中我們正在做出適當的調整。

Assets under management was up a bit year-over-year as a result of the BMO acquisition and the cumulative impact of net inflows, offset by market declines and a significant foreign exchange impact in the quarter. Revenue was essentially flat overall.

由於收購 BMO 和淨流入的累積影響，管理的資產同比略有上升，但被市場下跌和本季度的重大外匯影響所抵消。整體收入基本持平。

Let's start with investment performance. Our long-term numbers continue to show good consistency for our 3-, 5- and 10-year time periods, with over 75% of our funds above medium on an asset-weighted basis. Regarding 1-year performance, it's been a tough period in both equities and fixed income.

讓我們從投資業績開始。我們的長期數據在我們的 3 年、5 年和 10 年期間繼續顯示出良好的一致性，我們超過 75% 的資金在資產加權基礎上高於中等水平。關於 1 年的表現，股票和固定收益都是艱難的時期。

Domestic equity results were good, driven by our larger funds moving back above the median. In international equities, our quality positioning has been more of a challenge in these markets. In fixed income, results have been solid in Europe, but in the U.S. were impacted by our longer duration positioning in our quality focus and credit. We do feel with market conditions beginning to stabilize, we should see some improvement.

由於我們較大的基金重新回到中位數以上，國內股票業績良好。在國際股票中，我們的質量定位在這些市場中更具挑戰性。在固定收益方面，歐洲的業績穩健，但在美國，受到我們對質量重點和信用的長期定位的影響。我們確實認為隨著市場狀況開始穩定，我們應該會看到一些改善。

Let's turn to flows, where we had outflows of $3.1 billion in the quarter that included $1.2 billion of legacy insurance partner outflows. This reflects the pressure you've seen in retail, but was partially offset by positive institutional results.

讓我們轉向流量，我們在本季度流出了 31 億美元，其中包括 12 億美元的傳統保險合作夥伴流出。這反映了您在零售業看到的壓力，但被積極的機構業績部分抵消。

In retail overall, we had lower gross sales and higher redemptions, resulting in $5.8 billion of net outflows. This was driven largely by weak conditions in the United States and, to a lesser extent, in EMEA. In U.S. retail, equity outflows were generally in line with the industry, and the fixed income results were behind given our product mix. Compared to the industry, we did not participate nearly as much in short duration as interest rates stabilize and investors see opportunities, we believe our product position in [Chacara] improve flows. In EMEA, retail flows also remained under pressure. However, we did see some improvement in Continental Europe.

在整體零售方面，我們的總銷售額較低，贖回較高，導致淨流出 58 億美元。這主要是由美國的疲軟條件驅動的，在較小程度上是由於歐洲、中東和非洲的條件。在美國零售業，股票流出總體上與行業一致，鑑於我們的產品組合，固定收益業績落後。與行業相比，由於利率穩定和投資者看到機會，我們在短期內的參與程度幾乎沒有，我們相信我們在 [Chacara] 的產品地位會改善流動性。在歐洲、中東和非洲，零售流量也仍然面臨壓力。但是，我們確實看到歐洲大陸有所改善。

Turning to Global Institutional. Excluding legacy insurance partners, net inflows were $3.9 billion. We had some good inflows in fixed income and other strategies. In addition to our broad lineup of traditional institutional strategies, we're bringing more focus to multi-asset and solutions as well as alternatives.

轉向全球機構。不包括傳統保險合作夥伴，淨流入為 39 億美元。我們在固定收益和其他策略方面有一些不錯的資金流入。除了我們廣泛的傳統機構戰略陣容外，我們還將更多關注點放在多資產和解決方案以及替代方案上。

I was with the team in London in June, and they're feeling good about the core business, the integration and the extensive capabilities we offer clients. In fact, just a few weeks ago, we announced the rebranding of BMO strategies to Columbia Threadneedle, which was an important step as we move forward.

6 月份我在倫敦的團隊中，他們對我們為客戶提供的核心業務、集成和廣泛的能力感覺良好。事實上，就在幾週前，我們宣布將 BMO 戰略更名為 Columbia Threadneedle，這是我們向前邁出的重要一步。

I'll close Asset Management with the financials. Our margin was 38.5%, and that incorporated the BMO business, which has lower margins based on their mix. Given market decline and impact on revenue, we're taking steps to continue to control discretionary expenses thoughtfully. We'll be paying close attention to market environment as we move forward.

我將關閉資產管理與財務。我們的利潤率為 38.5%，其中包括 BMO 業務，根據他們的組合，該業務的利潤率較低。鑑於市場下滑和對收入的影響，我們正在採取措施繼續謹慎控制可自由支配的開支。在我們前進的過程中，我們將密切關注市場環境。

So overall, Ameriprise remains in a strong position. We have a proven track record of navigating tougher times and will continue to do so. We're highly engaged with our clients and helping them stay on track. And from a financial perspective, rising interest rates will act as an offset to compressed markets as we move through the balance of the year. We will be focused on managing our discretionary expenses even more tightly as we move forward.

因此，總體而言，Ameriprise 仍然處於強勢地位。我們在度過艱難時期方面有著良好的記錄，並將繼續這樣做。我們與客戶高度互動，並幫助他們保持正軌。從財務角度來看，隨著我們度過今年的餘額，利率上升將抵消壓縮的市場。隨著我們的前進，我們將更加專注於管理我們的可自由支配開支。

Importantly, our balance sheet fundamentals remain very good. We continue to generate strong returns and substantial free cash flow, which provides flexibility. In the quarter, we returned $600 million to shareholders and are on track to return 90% of operating earnings to shareholders in 2022.

重要的是，我們的資產負債表基本面仍然非常好。我們繼續產生強勁的回報和大量的自由現金流，這提供了靈活性。本季度，我們向股東返還了 6 億美元，並有望在 2022 年將 90% 的營業收入返還給股東。

With that, I'll turn it over to Walter to provide his perspective in more detail on the quarter, and then we'll take your questions.

有了這個，我將把它交給沃爾特，以更詳細地提供他對本季度的看法，然後我們會回答你的問題。

Thank you. As Jim said, results in the quarter were strong with earnings up 4% to $665 million and EPS up 10% to $5.81 in face of substantial market declines. This demonstrates the underlying strength of our business model and highlights the diversification benefit each segment provides across market cycles as well as initial interest rate benefits and overall expense discipline throughout the firm.

謝謝你。正如吉姆所說，面對市場大幅下滑，本季度業績強勁，盈利增長 4% 至 6.65 億美元，每股收益增長 10% 至 5.81 美元。這展示了我們商業模式的潛在優勢，並突出了每個細分市場在整個市場週期中提供的多元化收益以及整個公司的初始利率收益和整體費用紀律。

As we move into the second half of the year, benefits from rising rates and higher cash balances are expected to offset the realized pressures from the market volatility. Our high-quality, diversified investment portfolio and head [count] continue to support strong balance sheet fundamentals, and our business is generating good free cash flow.

隨著我們進入下半年，利率上升和現金餘額增加帶來的好處預計將抵消市場波動帶來的已實現壓力。我們高質量、多元化的投資組合和總人數繼續支持強勁的資產負債表基本面，我們的業務正在產生良好的自由現金流。

Despite the elevated level of market volatility in the quarter, Ameriprise returned $600 million of capital to shareholders and maintained significant excess capital of $1.6 billion. We are on track to return approximately 90% of adjusted operating earnings to shareholders this year.

儘管本季度市場波動加劇，但 Ameriprise 向股東返還了 6 億美元的資本，並保持了 16 億美元的大量超額資本。我們有望在今年將調整後營業收益的約 90% 返還給股東。

Let's turn to Slide 6. We ended the quarter with assets under management and administration of $1.2 trillion, down 3%, reflecting equity and bond market depreciation and as well as foreign exchange. We are executing our growth strategies, including the integration of the BMO business.

讓我們轉到幻燈片 6。本季度末，我們管理和管理的資產為 1.2 萬億美元，下降 3%，反映了股票和債券市場貶值以及外匯。我們正在執行我們的增長戰略，包括整合 BMO 業務。

The BMO business contributed to our geographic diversification, with international assets now representing 36% of asset management, AUM, up from 27% prior to the BMO acquisition. And we continue to benefit from strong underlying organic growth momentum with $69 billion of wealth and asset management flows over the last 12 months. Total flows in the quarter were $6 billion, with $9 billion of inflows in Wealth Management, offset by $3 billion of outflows in asset management.

BMO 業務為我們的地域多元化做出了貢獻，國際資產現在佔資產管理 AUM 的 36%，高於 BMO 收購前的 27%。我們繼續受益於強勁的潛在有機增長勢頭，過去 12 個月的財富和資產管理流量為 690 億美元。本季度的總流量為 60 億美元，其中財富管理流入 90 億美元，被資產管理流出 30 億美元所抵消。

Let's turn to individual segment performance, beginning with Wealth Management on Slide 7. Wealth Management client assets declined 9% to $735 billion. Despite the exceptional market depreciation in the quarter with equities down 15% and bonds down 10%, we generated strong client flows from new client acquisition, excellent experienced adviser recruiting and deeper client relationships. Our advisers had strong productivity growth with revenue per adviser reaching $814,000 in the quarter, up 11% from the prior year.

讓我們轉向個別部門的表現，從幻燈片 7 上的財富管理開始。財富管理客戶資產下降 9% 至 7,350 億美元。儘管本季度市場異常貶值，股票下跌 15%，債券下跌 10%，但我們通過新客戶獲取、經驗豐富的優秀顧問招聘和更深入的客戶關係產生了強勁的客戶流量。我們的顧問的生產力增長強勁，本季度每位顧問的收入達到 814,000 美元，比去年同期增長 11%。

On Slide 8, you can see Wealth Management profitability benefited from organic growth and the initial rise in interest rates. Adjusted net operating revenues increased 4% or $76 million to $2.1 billion as market depreciation and lower transactional activity during the quarter was more than offset by rising interest rates and client flows.

在幻燈片 8 中，您可以看到財富管理的盈利能力受益於有機增長和利率的初步上升。調整後的淨營業收入增長 4% 或 7600 萬美元，達到 21 億美元，因為本季度市場貶值和交易活動減少被利率和客戶流量上升所抵消。

Cash balances increased to $47 billion, up 21% from last year. At the same time, the gross fee yield doubled versus last year driving higher interest earnings in the quarter. Expenses remain well managed. G&A expenses increased $15 million or 4%, primarily from higher volume-based expenses over the past year. Overall, Wealth Management profitability remained strong with pretax adjusted operating earnings of $492 million, up 16% from last year, and our pretax operating margin reached 23.9%, up 250 basis points.

現金餘額增至 470 億美元，比去年增長 21%。與此同時，總費用收益率與去年相比翻了一番，推動了本季度更高的利息收入。費用仍然得到很好的管理。 G&A 費用增加了 1500 萬美元或 4%，主要來自過去一年更高的基於數量的費用。總體而言，財富管理的盈利能力依然強勁，調整後的稅前營業利潤為 4.92 億美元，比去年增長 16%，我們的稅前營業利潤率達到 23.9%，增長 250 個基點。

As you can see on Slide 9, we are well positioned to realize significant incremental benefits from rising rates on our cash products this year and going forward. In the quarter, we transferred $2.3 billion of brokerage sweep balances on to the bank's balance sheet in 2- and 3-year duration strategies with yields above 4%, on average. In July, yields on new money purchases at the bank increased further and are in the 4.5% range.

正如您在幻燈片 9 中看到的那樣，我們有能力從今年和未來的現金產品利率上升中實現顯著的增量收益。在本季度，我們以 2 年和 3 年期限策略將 23 億美元的券商清算餘額轉移到銀行的資產負債表中，平均收益率高於 4%。 7 月份，該銀行購買新貨幣的收益率進一步上升，在 4.5% 的範圍內。

We continue to feel good about the credit quality of the portfolio with most of the portfolio in the AAA rated structured assets. We plan to bring an additional $3 billion of assets on to the balance sheet during the third quarter bringing the full year increase to $7 billion.

我們繼續對投資組合的信用質量感到滿意，其中大部分投資組合為 AAA 級結構性資產。我們計劃在第三季度在資產負債表上增加 30 億美元的資產，使全年增加至 70 億美元。

Our model leverages both broker-dealer suite program and the bank to optimize earnings from cash products. Currently, we have about 1/3 of the client cash balances at the bank, and we expect it to be nearly 40% by the end of the year. In addition, our certificate business is another area that benefits from rising interest rates.

我們的模型利用經紀自營商套件計劃和銀行來優化現金產品的收益。目前，我們在銀行有大約 1/3 的客戶現金餘額，我們預計到年底將接近 40%。此外，我們的證書業務是另一個受益於利率上升的領域。

In total, we expect to generate substantially more interest-related revenue in 2022 relative to 2021, which would offset current market-related impacts. Based upon our current assumptions, the interest rate benefit will increase further in 2023.

總體而言，我們預計 2022 年將產生比 2021 年更多的利息相關收入，這將抵消當前與市場相關的影響。根據我們目前的假設，利率收益將在 2023 年進一步增加。

Let's turn to Asset Management on Slide 10, where performance was in line with the macro environment. Total assets under management increased 1% to $598 billion. As the acquisition of BMO business was largely offset by market depreciation and foreign exchange translation.

讓我們轉向幻燈片 10 上的資產管理，其表現符合宏觀環境。管理的總資產增加 1% 至 5,980 億美元。由於收購 BMO 業務在很大程度上被市場貶值和外匯折算所抵消。

Asset Management flows were negative in the quarter with continued strength in our global institutional business, offsetting a meaningful portion of retail outflows. Like the industry, we continue to experience pressures from global market volatility, a risk off investor sentiment and geopolitical strain in EMEA.

由於我們的全球機構業務持續強勁，本季度資產管理資金流為負數，抵消了相當一部分零售資金流出。與該行業一樣，我們繼續面臨來自全球市場波動、投資者情緒避險和歐洲、中東和非洲地區地緣政治壓力的壓力。

Margin in the quarter declined to 38.5%. It should be noted that BMO reduces our margins by approximately 400 basis points. Going forward, our new margin toggle will be in the 31% to 35% range, reflecting the addition of BMO, which is primarily an institutional business.

本季度利潤率下降至 38.5%。應該注意的是，BMO 將我們的利潤率降低了大約 400 個基點。展望未來，我們新的保證金切換將在 31% 至 35% 的範圍內，這反映了 BMO 的加入，這主要是一個機構業務。

On Slide 11, you can see Asset Management financial results were a reflection of the challenging market backdrop. Adjusted operating revenues were essentially flat at $881 million as the addition of BMO offset the impact of double-digit market depreciation, foreign exchange rates and outflows. Likewise, earnings in the quarter declined $31 million.

在幻燈片 11 上，您可以看到資產管理公司的財務業績反映了充滿挑戰的市場背景。調整後的營業收入基本持平，為 8.81 億美元，因為 BMO 的加入抵消了兩位數的市場貶值、外匯匯率和資金外流的影響。同樣，該季度的收益下降了 3100 萬美元。

Importantly, we are managing the areas we can control. The underlying fee rate remained stable in the quarter at 48 basis points. Expenses remain well managed with G&A expenses down 6%, excluding BMO. We are currently in the process of evaluating all discretionary spend and high rate. We remain committed to managing expenses very tightly in the current revenue environment.

重要的是，我們正在管理我們可以控制的領域。本季度基礎費用率保持穩定在 48 個基點。費用管理良好，G&A 費用下降 6%，不包括 BMO。我們目前正在評估所有可自由支配的支出和高利率。在當前的收入環境下，我們仍然致力於非常嚴格地管理費用。

Let's turn to Slide 12. The Retirement & Protection Solutions continued to deliver stable earnings and free cash flow generation as a result of its differentiated risk profile. Pretax adjusted operating earnings were $179 million.

讓我們轉到幻燈片 12。由於其差異化的風險狀況，退休和保障解決方案繼續提供穩定的收益和自由現金流。稅前調整後的營業利潤為 1.79 億美元。

Sales in the quarter declined as a result of market dislocation and management actions to reduce the risk profile of the business. Most notably, [variable] new sales declined 29%, reflecting the uncertain market environment as well as our decision to exit manufacturing products with limiting benefit riders, which was completed in June. Account value with living benefit riders represent less than 60% of the overall book, down nearly 3 percentage points from last year. Our risk profile remains strong with 94% VA hedge effectiveness in the quarter and an estimated RBC ratio of 530%.

由於市場錯位和管理層為降低業務風險而採取的行動，本季度的銷售額有所下降。最值得注意的是，[變量] 新銷售額下降了 29%，這反映了不確定的市場環境以及我們決定退出具有限制利益附加條件的製造產品，該決定已於 6 月完成。生活福利附加險的賬戶價值佔總賬面的比例不到 60%，比去年下降了近 3 個百分點。我們的風險狀況依然強勁，本季度的 VA 對沖有效性為 94%，RBC 比率估計為 530%。

Now let's move to the balance sheet on Slide 13. Our balance sheet fundamentals remain strong, and our diversified high-quality AA-rated investment portfolio remains well positioned. These strong fundamentals allow us to deliver a consistent and differentiated level of capital return to shareholders even during periods of market volatility that we experienced this quarter.

現在讓我們轉到幻燈片 13 上的資產負債表。我們的資產負債表基本面仍然強勁，我們多元化的高質量 AA 級投資組合仍然處於有利地位。即使在我們本季度經歷的市場波動期間，這些強勁的基本面使我們能夠為股東提供一致且差異化的資本回報水平。

During the quarter, we returned $600 million to shareholders, and excess capital is at $1.6 billion. We remain on track to return approximately 90% of the adjusted operating earnings to shareholders in 2022.

本季度，我們向股東返還了 6 億美元，超額資本為 16 億美元。我們仍有望在 2022 年向股東返還約 90% 的調整後營業收益。

With that, we'll take your question.

有了這個，我們會回答你的問題。

(Operator Instructions) We have our first question from Brennan Hawken with UBS.

（操作員說明）我們有第一個問題來自瑞銀的布倫南霍肯。

I love to start with the bank and the yield. Provided some great color on plans to continue to shift balances, saw really attractive balances. I believe, Walter, that you indicated that assets moved to the bank in the second quarter, late in the quarter. So considering that and considering where reinvestments are, how should we be calibrating for the potential yield upside, not only from averaging in the late shift in the quarter, but then further deployments of the $3 billion that you're considering in the third quarter?

我喜歡從銀行和收益開始。為繼續轉移餘額的計劃提供了一些很好的色彩，看到了非常有吸引力的餘額。沃爾特，我相信您表示資產在第二季度（即季度末）轉移到了銀行。因此，考慮到這一點並考慮再投資在哪裡，我們應該如何校準潛在的收益率上行空間，不僅是從本季度末期的平均水平，而且是從第三季度您正在考慮的 30 億美元的進一步部署？

Okay. So if I understand the question, we weren't really shifting in the $3 billion. We believe it will be in the early part of the quarter that we will do that. Obviously, we will continue to invest in our structured AAA investments and which currently are yielding in the 4.5% range. And so that will make a total of about $7 billion of new funds into the bank and deployed in, like I said, in the second quarter, it's 4.2% and now at current rates, it's 4.5%.

好的。因此，如果我理解這個問題，我們並沒有真正轉移 30 億美元。我們相信，我們將在本季度初期這樣做。顯然，我們將繼續投資於我們的結構性 AAA 投資，目前收益率在 4.5% 範圍內。因此，這將使銀行總共有大約 70 億美元的新資金投入，就像我說的那樣，在第二季度，它是 4.2%，現在是 4.5%。

Okay. Great. And then when we're thinking about NII continuing to grow, saw really strong margin trends here this quarter -- pretax margin trends in AWM despite the challenging environment. So NII clearly helpful there. As that continues to grow, you continue to deploy more cash. Should we be continuing to pace margin expansion at a similar level that we saw here in the second quarter, even if markets remain challenging?

好的。偉大的。然後，當我們考慮 NII 繼續增長時，本季度看到了非常強勁的利潤率趨勢——儘管環境充滿挑戰，但 AWM 的稅前利潤率趨勢。所以 NII 顯然有幫助。隨著這種情況的持續增長，您將繼續部署更多現金。即使市場仍然充滿挑戰，我們是否應該繼續以與第二季度相似的水平來擴大利潤率？

Again, a lot of assumptions in there. But from the standpoint of looking at the opportunity we have on the care side and certainly, the strong close that we are garnering in this environment, you should be able to see margin maintain and expand.

同樣，那裡有很多假設。但從我們在護理方面的機會來看，當然，從我們在這種環境下獲得的強勁收盤來看，你應該能夠看到利潤率維持和擴大。

Our next question is from Andrew Klingerman with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Andrew Klingerman。

Recruiting was very solid. You given a 10,200 plus advisers. It was up about 1% sequentially. How is the pipeline there? Is this a business that you think is going to continue to grow throughout the year despite this market turmoil?

招聘非常紮實。你給了 10,200 多名顧問。環比上漲約1%。那裡的管道怎麼樣？儘管市場動盪，您認為這是一項全年將繼續增長的業務嗎？

Andrew, yes, thank you for the question. We continue to see good recruits. I mean, actually, second quarter was actually stronger than the first. And the pipeline continues to look good. We are speaking to more people. I think people are recognizing what we bring to the plate, in combination of the support we give, the technology and how we help them really grow their practices.

安德魯，是的，謝謝你的問題。我們繼續看到優秀的新兵。我的意思是，實際上，第二季度實際上比第一季度要強。管道繼續看起來不錯。我們正在與更多的人交談。我認為人們正在認識到我們帶來了什麼，結合我們提供的支持、技術以及我們如何幫助他們真正發展他們的實踐。

We're getting really strong reviews from people who have joined us. And so we feel that this is a continued good opportunity for us. And even as you go through these volatile markets based on the type of support we give and helping advisers to actually achieve more in regard to their productivity and how they manage their businesses, we feel it's a good opportunity for us.

我們從加入我們的人那裡得到了非常強烈的評價。所以我們覺得這對我們來說是一個持續的好機會。即使您根據我們提供的支持類型經歷這些動蕩的市場，並幫助顧問在他們的生產力和他們如何管理業務方面實際取得更多成就，我們認為這對我們來說是一個很好的機會。

That's great. And then just on the wrap flows, if you'd asked me 3 years ago, when you were doing $4 billion to $5 billion in net flows, and you said you did $6.2 billion like this quarter, I would have thought that was an outstanding result, and probably it still is. But recently, you had peak numbers around $10 billion.

那太棒了。然後就結束流量而言，如果您在 3 年前問我，當您的淨流量為 40 億到 50 億美元時，您說像本季度一樣您做了 62 億美元，我會認為這是一個出色的結果，可能現在仍然如此。但最近，您的峰值數字約為 100 億美元。

And my question is, is this $6.2 billion a good base now? Or do you think that could continue to be pressured even lower, just given the market volatility?

我的問題是，這 62 億美元現在是一個很好的基礎嗎？還是您認為僅考慮到市場波動，這可能會繼續承受更低的壓力？

Well, I think what you're asking, it's also an excellent question. And so yes, our total client activity has increased over the years, as you've seen. And even in this last quarter, we brought in almost $9 billion of new client inflows.

嗯，我認為你在問什麼，這也是一個很好的問題。所以，是的，正如您所見，我們的客戶總活動多年來一直在增加。即使在最後一個季度，我們也帶來了近 90 億美元的新客戶流入。

Now with this market, as you would imagine, the deployment of whether it's new money or even current money is a little more -- people are a little more putting on the sidelines and waiting the things are stable. So money is still being deployed, but not to the extent where you have rising markets or the stability in the market.

現在有了這個市場，正如你想像的那樣，無論是新資金還是現有資金的部署都更多了——人們更多地持觀望態度，等待事情穩定。因此，資金仍在使用，但尚未達到市場上漲或市場穩定的程度。

So with the pullback we experienced, I mean, first part of the year, you're down 20%, bond markets were also down. So I think the $6 billion is quite strong in this type of market environment. My feeling is money will continue to go back into the market as things stabilize, particularly even in the fixed side Of the business.

所以隨著我們經歷的回調，我的意思是，今年上半年，你下跌了 20%，債券市場也下跌了。所以我認為 60 億美元在這種市場環境下相當強勁。我的感覺是，隨著事情的穩定，資金將繼續重返市場，尤其是在固定業務方面。

So I don't see anything changing. Now whether you've got some material market dislocation occurring in the third and fourth quarter, I can't tell you. But I think if markets aren't materially different, we should still continue to see good flows.

所以我看不出有什麼變化。現在，您是否在第三和第四季度出現了一些重大市場錯位，我無法告訴您。但我認為，如果市場沒有實質性不同，我們仍應繼續看到良好的流動性。

Our next question is from Alex Bolstein with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Bolstein。

So maybe just to start with some of the cash balances dynamic within Advice & Wealth, Walter, I was wondering if you can give us an update on how the cash balance is holding up so far in the third quarter, given obviously, pretty strong trends in Q2 with cash balances being up?

因此，也許只是從 Advice & Wealth 中的一些現金餘額動態開始，Walter，我想知道您是否可以向我們提供有關第三季度迄今為止現金餘額如何保持的最新信息，顯然，趨勢非常強勁第二季度現金餘額上升？

And as we think about the deposit betas, it looks like you guys passed through almost nothing to the customer in the second quarter. So any updated thoughts around sustainability of sort of a such slow deposit betas as you progress through the rest of the year would be helpful.

當我們考慮存款測試時，看起來你們在第二季度幾乎沒有向客戶傳遞任何信息。因此，隨著您在今年餘下時間的進展，任何圍繞這種緩慢存款 beta 的可持續性的最新想法都會有所幫助。

They are holding up. And from that standpoint, so the trend you've seen, it is holding. As it relates to the crediting rate for clients, we go through an extensive competitive review. And on that basis, we did increase some of the rates as it relates to it based on that review, and we will certainly consider continue to evaluate that, which we do weekly. So we see that, obviously, we will start crediting as if the Fed basically increases on the 75 basis points that we anticipate at the end of the month. And so right now, we feel there is certainly opportunity as rates increase and to certainly credit and those are in our assumption base.

他們在堅持。從這個角度來看，你所看到的趨勢是持續的。由於它與客戶的信用率有關，我們進行了廣泛的競爭審查。在此基礎上，我們確實根據該審查增加了一些與之相關的費率，我們當然會考慮繼續評估這一點，我們每週都會這樣做。因此，我們看到，顯然，我們將開始計入，就好像美聯儲在本月底預期的 75 個基點上基本加息一樣。所以現在，我們認為隨著利率的上升和信貸肯定存在機會，這些都在我們的假設基礎中。

Got it. And I guess as you think about just the trade-off of growing the bank beyond 2022, you gave obviously a very clear guidance of how large you expect the bank to get by the end of 2022. But seeing how the yield on broker suite balances will be fairly attractive, given, again, it's all floating, how are you kind of thinking about balancing growth of the bank versus just leaving it in third-party bank sweep given that spread probably narrows a bit here?

知道了。而且我猜當你考慮到 2022 年以後發展銀行的權衡時，你顯然給出了一個非常明確的指導，即你預計銀行到 2022 年底將獲得多大的規模。但是看看經紀人套件的收益率如何考慮到這一切都是浮動的，這將是相當有吸引力的，鑑於這裡的價差可能會縮小一點，您如何考慮平衡銀行的增長與將其留在第三方銀行掃描中？

Yes. Listen, it's a good question. But if you go back to the first quarter of '20, certainly, we were earning certainly a good short-term return and then it disappeared. So the bank gives us the ability to really have a steady earnings stream with high-quality investments. So we are balancing that.

是的。聽著，這是個好問題。但如果你回到 20 年第一季度，我們肯定會獲得不錯的短期回報，然後它就消失了。因此，銀行使我們能夠通過高質量的投資真正獲得穩定的收益流。所以我們正在平衡這一點。

And the spreads we're getting right now, we feel is very good with the risk profile. So we will continue to do that from that standpoint. We feel it's a critical part of our overall cash strategy. So we're very fortunate to have the bank, not only to offer to our clients, new products and capability, but also the -- giving this ability to have the stabilization of having the spread income come through.

我們現在得到的利差，我們認為風險狀況非常好。因此，我們將從這個角度繼續這樣做。我們認為這是我們整體現金戰略的關鍵部分。因此，我們很幸運擁有銀行，不僅可以為我們的客戶提供新產品和能力，而且還可以提供這種能力，以實現點差收入的穩定。

Great. Just a quick one for me at the end here. As we think about G&A, that's held up really nicely in the quarter. Particularly we've seen you guys bring down expenses in G&A in the asset management business. But when you think about the firm-wide G&A run rate for the back half of the year, given obviously, fee challenges on the back of low markets, how are you thinking about the G&A run rate for the back half?

偉大的。在這裡結束時對我來說只是一個快速的。當我們考慮 G&A 時，本季度的情況非常好。特別是我們已經看到你們降低了資產管理業務的 G&A 費用。但是，當您考慮今年下半年公司範圍內的 G&A 運行率時，顯然在低市場背景下面臨費用挑戰，您如何看待下半年的 G&A 運行率？

I heard your comments qualitatively about pausing maybe some of the initiatives and looking for ways to save. But I guess relative to like the $880-ish million G&A run rate we saw in the second quarter, what does the backup look like?

我從定性地聽到您關於暫停某些舉措並尋找節省方法的評論。但我想，相對於我們在第二季度看到的 8.8 億美元的 G&A 運行率，備份是什麼樣的？

Number one, from a company standpoint, certainly, we look at it, but we are going to be very well managed on our G&A overall, as you indicated, certainly Asset Management, Jim indicated, certainly, they are looking at discretionary spend. So overall, from a company stand we are going to be in the range that we talk about, and we're performing well.

第一，從公司的角度來看，我們當然會考慮它，但正如您所指出的，我們將在整體 G&A 上得到很好的管理，當然，資產管理公司，吉姆指出，當然，他們正在考慮可自由支配的支出。所以總的來說，從公司的角度來看，我們將處於我們談論的範圍內，並且我們表現良好。

As it relates to AWM, with the good revenue growth we see and everything, it's going to be managed, but we are certainly trying to garner and increase basically and take advantage of this situation to invest. So it's going to be well managed early within expectations to the revenue growth that we see, which we think is going to be good.

由於它與 AWM 有關，隨著我們看到的良好收入增長和一切，它將被管理，但我們肯定會努力獲得和增加，並利用這種情況進行投資。因此，在我們看到的收入增長的預期範圍內，它將在早期得到很好的管理，我們認為這將是好的。

And we have our next question from Thomas Gallagher with Evercore ISI.

我們有來自 Evercore ISI 的 Thomas Gallagher 的下一個問題。

Walter, just wanted to come back to what -- if you can give some indication of broadly what you're investing in the banking deposits? And I think you mentioned AAA structured assets. Are those CLOs? Or what -- can you give a little more color on why you feel confident in the quality on the asset side?

沃爾特，只是想回到什麼——如果你能大致說明你對銀行存款的投資是什麼？我認為您提到了 AAA 結構性資產。那些是 CLO 嗎？或者什麼——你能多說一點，為什麼你對資產方面的質量有信心嗎？

Okay. It is structured. It's in CMBS, it is basically a retail, MBS and the CLOs are the highest structure within that structure, and they all are triple rated from that standpoint, 88% of what we invest is in those AAA securities -- structured securities.

好的。它是結構化的。它在 CMBS 中，基本上是零售，MBS 和 CLO 是該結構中的最高結構，從這個角度來看，它們都是三重評級，我們投資的 88% 是那些 AAA 證券——結構證券。

Okay. That's helpful. Question on your capital. I think excess capital went down by $300 million this quarter. Can you talk a bit about what drove it? I assume it was variable annuity related in your life insurance business, maybe a little bit below the surface sort of what happened there with hedging? Was it higher required capital? And what kind of drove that?

好的。這很有幫助。關於你的資本的問題。我認為本季度的過剩資本減少了 3 億美元。你能談談是什麼推動了它嗎？我認為它與您的人壽保險業務相關的可變年金，可能有點低於表面上的對沖發生了什麼？是否需要更高的資本？什麼樣的驅動器？

Well, it's -- you saw it dropped $300 million again within our rare expectations, it was that tolerance reporting, it was within total tolerances. It hit reserves and basically capital on the VA side as it relates to that 15% drop in the quarter. .

嗯，它 - 你看到它在我們罕見的預期內再次下降了 3 億美元，這是容差報告，它在總容差範圍內。它打擊了儲備金，基本上是 VA 方面的資本，因為它與本季度 15% 的下降有關。 .

And so from that standpoint, the hedging was effective, is 94%. So we feel very comfortable, but it was a substantial drop and certainly within our expectations from our modeling. So but it was both on both reserves and on capital.

所以從這個角度來看，對沖是有效的，是 94%。所以我們感覺很舒服，但這是一個大幅下降，當然在我們對建模的預期之內。所以，但它既有儲備也有資本。

Okay. And then final question, just can you give an update on how the whole process for a potential risk transfer is going, whether -- I think when you started this whole process late in 2021, you had commented that you felt like the quality of your insurance business would be validated as you went through that process. Would you say you still feel that way that if you do, do something, it's going to be reflected in an attractive price? Or what have you learned so far through that process maybe?

好的。最後一個問題，您能否提供有關潛在風險轉移的整個過程的最新進展，我認為當您在 2021 年末開始整個過程時，您曾評論說您覺得您的質量保險業務將在您完成該過程時得到驗證。你會說你仍然覺得如果你做了，做某事，它會反映在一個有吸引力的價格上嗎？或者你到目前為止通過這個過程學到了什麼？

So as again, we're continuing to evaluate. We certainly have interest in that, and we're evaluating that. And we -- yes, to be direct about it, I think it is clear to us that the value and the quality at which we have is being recognized from that standpoint. But as you know, these are long tail evaluations and they're continuing.

同樣，我們正在繼續評估。我們當然對此感興趣，並且正在對此進行評估。我們 - 是的，直截了當地說，我認為我們很清楚，從這個角度來看，我們所擁有的價值和質量正在得到認可。但如您所知，這些都是長尾評估，而且還在繼續。

Our next question is from Suneet Kamath.

我們的下一個問題來自 Suneet Kamath。

Just a couple for me. Walter, I think last quarter, you talked about a $200 million benefit from the bank. And I know we talked about a bunch of moving pieces so far on this call, but can you give us a sense at least based on where we sit today, kind of how you're feeling about that $200 million number? Did it contemplate future rate hikes and that sort of thing? Just some color there would be helpful.

對我來說只是一對。沃爾特，我想上個季度，你談到了銀行帶來的 2 億美元收益。而且我知道到目前為止，我們在這次電話會議上討論了一堆動人的作品，但是您能否至少根據我們今天的坐姿給我們一個感覺，您對這個 2 億美元的數字有何感受？它是否考慮過未來的加息之類的事情？只是一些顏色會有幫助。

Sure. So in there, we're anticipating based on the latest estimates from the Fed, there will be an additional 175 basis point increase, and we'll see where that goes. Certainly, from that all, we also -- the crediting rates, we are assuming that we would start distributing at a harder level within that.

當然。因此，根據美聯儲的最新估計，我們預計將再增加 175 個基點，我們將拭目以待。當然，從這一切來看，我們還 - 貸記率，我們假設我們將在其中開始以更難的水平進行分配。

So right now, the number of -- versus for the whole year is the change versus last year would be in the $400 million range plus. So that $200 million that we talked about is in the $400 million range plus for the total year.

所以現在，與去年相比，與去年相比的變化將在 4 億美元以上。因此，我們談到的 2 億美元在全年的 4 億美元範圍內。

And that's for 2022? So as we think about 2023...

那是2022年的嗎？因此，當我們想到 2023 年...

First 2021, yes.

第一個 2021 年，是的。

Yes. Okay. All right. That's good. And then, I guess, sort of a specific one, but I noticed that your long-term care reserves came down, I think, about 11% -- 10%, 11% from last year. Is that just the benefit of higher rate? Can you talk about that a little bit? And then to follow up on Tom's risk transfer question, any more activity in terms of long-term care that you're hearing in the market?

是的。好的。好的。那挺好的。然後，我想，有點具體，但我注意到你的長期護理儲備金比去年下降了大約 11% - 10%，11%。這僅僅是高利率的好處嗎？你能談談這個嗎？然後跟進湯姆的風險轉移問題，您在市場上聽到的關於長期護理的更多活動？

Okay. On the reserves, I believe it is, but we'll get back and confirm that as it relates to -- we're evaluating. Let me just say what we continue to evaluate close spectrum. All right?

好的。在儲備方面，我相信是這樣，但我們會回來確認這與 - 我們正在評估。讓我說一下我們繼續評估近距離光譜的內容。好的？

Okay. And then just last one is just on the Asset Management margin, the new target of 31% to 35%. Is that entirely BMO-driven? Or does that also -- is there also a piece related to the pretty significant market decline that we've seen here in the second quarter? And then at some point, do you start to push back towards your prior range? Or is it just kind of the new level for that business?

好的。最後一個是資產管理保證金，新的目標是 31% 到 35%。這完全是 BMO 驅動的嗎？或者這是否也與我們在第二季度在這裡看到的相當顯著的市場下跌有關？然後在某個時候，你是否開始向你之前的範圍推回？或者這只是該業務的新水平？

The 400 basis points is strictly BMO. That's a normalization on the BMO from -- so the 35% to 39% is, like I said, going down 400 basis points strictly because in BMO, it does not -- and obviously, we're coming down because of the market standpoint. And -- but because we're in the 40s and now it's dropping because of the deleveraging is taking place because of the equity markets and fixed income, and we'll continue that's it. Hopefully, I answered it.

400 個基點是嚴格意義上的 BMO。這是 BMO 的正常化 - 所以 35% 到 39% 就像我說的那樣，嚴格來說下降了 400 個基點，因為在 BMO，它沒有 - 顯然，由於市場的立場，我們正在下降.而且 - 但是因為我們已經 40 多歲了，現在它正在下降，因為股票市場和固定收益正在發生去槓桿化，我們將繼續這樣做。希望我回答了。

Yes, I got it. It sounds like that's the new level with the business.

是的，我知道了。這聽起來像是業務的新水平。

Our next question is from Steven Chubak with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steven Chubak。

So just one follow-up for me relating to that prior question on the asset management margin outlook. I just wanted to make sure, Walter, it does sound like that is the new run rate. But does that 31% to 35% contemplate some of the actions you alluded to around discretionary spend? And also wanted to see whether that also incorporated some of the BMO expense synergies that are not yet reflected in the run rate?

因此，我只需要跟進之前關於資產管理保證金前景的問題。我只是想確定一下，沃爾特，這聽起來確實是新的運行速度。但是，這 31% 到 35% 的人是否考慮過您提到的圍繞可自由支配支出的一些行動？並且還想看看這是否還包含了一些尚未反映在運行率中的 BMO 費用協同效應？

So when that's -- it is now normalized, okay, because we always said, we would be 34% up and 39%. And it is our target range. So as the markets if we look at the markets and we evaluate the implications, we are going to be looking at the expenses. And it does have the some of the synergies that we anticipated with BMO, which was going to be more back loaded to '23.

所以當那是 - 它現在正常化了，好吧，因為我們總是說，我們會上漲 34% 和 39%。這是我們的目標範圍。因此，作為市場，如果我們關注市場並評估其影響，我們將關注費用。它確實具有我們預期與 BMO 的一些協同作用，這將更多地回到 23 年。

Understood. And maybe just one quick follow-up. Can you just speak to how the flow trends are tracking in July, just so we can think about some of the cadence of flows versus 2Q, recognizing the industry is still facing some headwinds just from a flow perspective.

明白了。也許只是一個快速的跟進。您能否談談 7 月份的流量趨勢如何跟踪，以便我們可以考慮流量與第二季度的一些節奏，認識到該行業仍面臨著一些逆風，僅從流量的角度來看。

Yes. So this is Jim. What I would expect is more of a continuation at this point. I think from a retail perspective, I think things are still on the asset management side, soft. I think you'll see that across the industry. If you look at the new Sims that are coming out or will come out. I think on institutional, it's just longer for mandates, et cetera.

是的。這就是吉姆。在這一點上，我期望的是更多的延續。我認為從零售的角度來看，我認為資產管理方面的情況仍然很軟。我想你會在整個行業中看到這一點。如果你看看即將推出或即將推出的新模擬人生。我認為在機構方面，任務期限更長，等等。

But -- so I don't see a dramatic change at this point. Now we'll see what the Fed does and we'll see what the outlook is for various things as we go forward. But that's what I would probably say.

但是 - 所以我在這一點上看不到戲劇性的變化。現在我們將看到美聯儲做了什麼，我們將看到我們前進的各種事情的前景。但這就是我可能會說的。

Our next question is from John Barnidge with Piper Sandler.

我們的下一個問題來自 John Barnidge 和 Piper Sandler。

with that new guidance around margins in the Asset Management segment, can you maybe talk about the level of composition of variable expenses maybe across the franchise in your businesses?

有了關於資產管理部門利潤率的新指導，您能否談談您業務中可變費用的構成水平？

Again, looking at our expense base, there's a reasonable portion that's variable. But again, the exact proportion, it gives us the ability to certainly adjust. The exact percentages -- kindly I would have to get back on that.

同樣，看看我們的費用基礎，有一個合理的部分是可變的。但同樣，確切的比例，它給了我們一定調整的能力。確切的百分比 - 好心我必須回到那個。

But we do have -- because there is investment spending that we do and certainly we have evaluation of hiring and other things on open positions. So there's a reasonable amount of variable in there, but I don't have the exact percentages -- pardon me, right now.

但我們確實有——因為我們有投資支出，當然我們對招聘和其他空缺職位的事情進行了評估。所以那裡有合理數量的變量，但我沒有確切的百分比——請原諒我，現在。

And then maybe my follow-up question, is there a way to size the liability-driven investing opportunity that seems like it's been a strong area for institutional?

然後也許我的後續問題是，有沒有辦法確定負債驅動的投資機會，這似乎是機構的一個強大領域？

Yes. So with the BMO acquisition, et cetera, they have very good capabilities, and now we are looking at those opportunities across the franchise with our expanded level of institutional business. And so we feel it will be a good channel as well as a relationship builder channel for us.

是的。因此，隨著 BMO 的收購等，他們擁有非常好的能力，現在我們正在通過擴大機構業務水平來尋找整個特許經營的機會。因此，我們認為這將是一個很好的渠道，也是我們建立關係的渠道。

Our next question is from Erik Bass with Autonomous Research.

我們的下一個問題來自自主研究的 Erik Bass。

Can you talk about the level of foreign exchange sensitivity in the asset management business post the BMO acquisition? And I guess there's clearly impact on revenues and AUM, but how much of an offset? Is there in expenses? And how should we think about the kind of net earnings impact?

您能否談談收購 BMO 後資產管理業務的外匯敏感性水平？我想這對收入和資產管理規模有明顯影響，但有多少抵消？有費用嗎？我們應該如何考慮對淨收益的影響？

Yes. So with BMO, obviously, we shifted from 27% to 36%. And that is sensitive to. So approximately in the PTI elements of it, it was about a $15 million impact to us.

是的。因此，顯然，對於 BMO，我們從 27% 變為 36%。而那是敏感的。所以大約在它的 PTI 元素中，它對我們產生了大約 1500 萬美元的影響。

$15 million in the quarter?

本季度 1500 萬美元？

Yes. That's net. Yes, on PTI.

是的。那是淨。是的，在 PTI 上。

Got it. And then I mean you highlighted the $1.6 billion of excess capital that you have. And in past periods of market weakness, you've sometimes increase the level of capital return above the 90% target of earnings and leaned into buybacks a bit more. Is that something that you would consider given the pullback in your stock year-to-date?

知道了。然後我的意思是你強調了你擁有的 16 億美元的超額資本。在過去的市場疲軟時期，您有時會將資本回報水平提高到 90% 的收益目標以上，並且更多地傾向於回購。考慮到今年迄今為止您的股票回落，您會考慮這樣做嗎？

Well, from -- if I understand your question, certainly, the $1.6 billion, we feel comfortable at the continued as we indicated, hitting our trend line for the 90% for the year. And obviously, as you look at the back half of the year, we'll be able to certainly with that 90% hitting buyback a lot more share where the share price was last year versus is right now. Hopefully, it will get back to where it is. But where it is right now will give us the ability at that level to buy back more shares.

好吧，如果我理解你的問題，當然是 16 億美元，我們對繼續表示感到滿意，達到了今年 90% 的趨勢線。很明顯，當你回顧今年下半年時，我們肯定能夠在去年股價與現在相比的 90% 回購股票的情況下，回購更多的股票。希望它會回到原來的位置。但現在的情況將使我們有能力在該水平上回購更多股票。

Got it. But you're not thinking of changing the percentage?

知道了。但你不考慮改變百分比嗎？

No. At this stage, we evaluate each quarter, but the answer is -- and we'll be opportunistic as we assess it, but we're still talking in 90%.

不。在這個階段，我們會評估每個季度，但答案是——我們會在評估時投機取巧，但我們仍在談論 90%。

Remember, I think it's actually pretty good. A lot of companies are pulling back on their buybacks if they were doing them, and we're doing them at a still a very strong rate.

請記住，我認為它實際上非常好。如果很多公司正在回購，他們就會撤回回購，而我們正在以非常強勁的速度進行回購。

Yes. No, very fair. And obviously, with the price lower, you're buying more shares. So I appreciate it.

是的。不，很公平。很明顯，隨著價格的降低，你會購買更多的股票。所以我很感激。

Our next question is from Kenneth Lee.

我們的下一個問題來自 Kenneth Lee。

Just one on the Asset Management side again. Curious as to what you're seeing in terms of net flows within the fixed income category, just given the industry trends we're seeing.

又是資產管理方面的一個。鑑於我們所看到的行業趨勢，您對固定收益類別中的淨流量感到好奇。

Yes. So what we saw in our business is our net flows were a little on a percentage basis, a little worse than where we saw on our equity side. And that's mainly because of the mix of business that we have. So some of the players that might have had larger areas of short duration, et cetera. We have a short duration business, but it's not necessarily one that we're across all our channels in.

是的。因此，我們在業務中看到的是，我們的淨流量按百分比計算，比我們在股票方面看到的要差一些。這主要是因為我們擁有的業務組合。所以一些玩家可能有更大的短期持續時間，等等。我們的業務持續時間很短，但這不一定是我們所有渠道都涉及的業務。

And so people who had that business or a little more of the inflow in there than we did because we really were in mortgages and total bond and things such as that, a little longer duration products. And then the other area that I think probably had some greater flows was more on the leveraged loan area, which is only a small business for us.

所以那些擁有這項業務的人，或者比我們更多的流入，因為我們真的從事抵押貸款和總債券之類的事情，期限更長的產品。然後我認為可能有更多流量的另一個領域更多的是槓桿貸款領域，這對我們來說只是一個小企業。

So I think it had to do more with mix than anything else. But because of being in the type that we were in with the dislocation in the fixed income market, as you would imagine, redemptions would be up a little more and flows were down. Municipals was another area that we had a bit of that weakness and based on the market situation.

所以我認為它必須做更多的混合比其他任何事情。但由於我們處於固定收益市場錯位的那種類型，正如你想像的那樣，贖回會增加一點，流量會下降。根據市場情況，市政是我們有一點弱點的另一個領域。

But we believe that the areas that we do have now, based on the credit quality, et cetera, will come back. We think as interest rates stabilize a little more or that -- as you see on the long end, it's starting to soften up a little bit.

但我們相信，基於信用質量等因素，我們現在擁有的領域將會回歸。我們認為，隨著利率稍微穩定一點——正如你在長期看的那樣，它開始有點軟化。

Great. Very helpful there. And just 1 related question as my follow-up. More broadly speaking within the Asset Management side, how do you think about the overall product offerings mix, the strategies out there? Any particular gaps that you would like to fill at this point?

偉大的。那裡很有幫助。我的後續行動只有 1 個相關問題。更廣泛地說，在資產管理方面，您如何看待整體產品組合和策略？此時您想填補任何特定的空白嗎？

Yes. So what we have now, we have a good mix with the BMO acquisition. So we're putting more energy and time on the ESG or the RI part, responsible investing. We're doing more on things like LDI and solutions. We're doing more on alternatives. We're trying to build out a little more on our retail real estate and property businesses, institutional as well. And so there are certain things like that, that we're focused on for what we have in place. So we feel good about the mix that we have.

是的。所以我們現在所擁有的，我們與 BMO 的收購有很好的結合。因此，我們將更多的精力和時間放在 ESG 或 RI 部分，即負責任的投資上。我們在 LDI 和解決方案等方面做得更多。我們正在做更多的替代品。我們正在嘗試在我們的零售房地產和房地產業務以及機構業務上多做一點。所以有一些類似的事情，我們專注於我們現有的東西。所以我們對我們擁有的組合感覺很好。

Again, we're in a little bit of this -- I think you look across the asset management industry. I'm not sure you'll see a lot of favorability at this point across, but I think we're in good shape. We have good businesses. We can manage our expenses. We're still investing appropriately to get some greater scale efficiencies and the integration with BMO.

再一次，我們在這方面有點——我想你看看整個資產管理行業。我不確定你會在這一點上看到很多好感，但我認為我們的狀態很好。我們有很好的業務。我們可以管理我們的開支。我們仍在進行適當的投資，以提高規模效率並與 BMO 整合。

So again, we're in a little bit of a dislocation market. But I think -- and that's really one of the benefits of the firm like Ameriprise. We're very balanced, even where I know on one end, someone says risk transfer, but we generate some really good solid earnings and cash flow from our I&A business activities.

再說一次，我們處於一個有點混亂的市場。但我認為——這確實是像 Ameriprise 這樣的公司的好處之一。我們非常平衡，即使我知道一方面有人說風險轉移，但我們從 I&A 業務活動中產生了一些非常好的穩定收益和現金流。

Our AWM now with the growth of the bank in complement. It gives us a good now offset. So I think over time, again, you'll see the strength of how the company really plays out and how we can use this opportunity to really leverage against whether it's having to do with shareholder return or even flexibility.

我們的AWM現在與銀行的成長相輔相成。它給了我們一個很好的補償。所以我認為，隨著時間的推移，你會再次看到公司真正發揮作用的力量，以及我們如何利用這個機會真正利用它是否與股東回報甚至靈活性有關。

Our next question is from Ryan Krueger with KBW. .

我們的下一個問題來自 KBW 的 Ryan Krueger。 .

Just a follow up on the $400 million of upside from interest rates in full year 2022. Just given that probably a fair amount of that is coming in the back half of the year, are you able to comment on how we should -- how that might look in 2023 as well?

只是對 2022 年全年利率上升 4 億美元的後續行動。考慮到今年下半年可能會有相當多的上升空間，你能否評論一下我們應該如何——如何2023 年也會出現嗎？

It should look pretty good.

它應該看起來不錯。

Okay. Yes, obviously -- it's Walter. You're going to get the normalization. If the Fed increases come in, which is 175 coming in, in the back end and getting the normalization on calendarization is going to take place there. It is dependent, of course, again, what happens to the cash balances and the crediting rate. So there's a lot of variables.

好的。是的，很明顯——是沃爾特。你會得到規範化。如果美聯儲加息（即 175 次）在後端進行，日曆化的正常化將在那裡進行。當然，這又取決於現金餘額和貸記率的變化。所以有很多變數。

But as Jim said, you're going to get an increase. And certainly, we anticipate there will be an increase based on our modeling. So in -- again, from our standpoint, it is going to be substantial.

但正如吉姆所說，你會得到增加。當然，我們預計基於我們的建模會有所增加。因此，從我們的角度來看，這將是實質性的。

Got it. And then just on the asset management margin target. You were still a fair amount above that new target in the second quarter. Is this -- should we just think about this as a longer-term target? Or in the current environment, would you anticipate being down to within that new target in the near term? .

知道了。然後只是資產管理保證金目標。在第二季度，你仍然比新目標高出相當多的距離。這是 - 我們是否應該將其視為一個長期目標？或者在當前環境下，您是否預計在短期內會達到新目標？ .

I think what you have to sort of factor in. And again, it depends on what happens with markets, right? You had a bit more of a dislocation of the markets in the second quarter. And so as you look at that, probably compared to where the averages are between the first and the second quarter going into the third, you will continue to have a little bit more of that margin compression as is depreciation on the asset base, if you roll it over.

我認為你必須考慮什麼因素。再說一次，這取決於市場會發生什麼，對吧？第二季度市場出現了更多的錯位。因此，當您看到這一點時，可能與第一季度和第二季度到第三季度之間的平均值相比，您將繼續受到更多的保證金壓縮，就像資產基礎上的折舊一樣，如果您把它翻過來。

But having said that, I would say that we still feel good about being within those margins after you take that into account. So remember, markets depreciated, and it's not just equity markets, the fixed income market, which is not normal in the sense where you get both of them depreciating at the same time.

但話雖如此，我想說，在你考慮到這一點之後，我們仍然對處於這些邊緣感到滿意。所以請記住，市場貶值了，不僅僅是股票市場，固定收益市場，這在某種意義上是不正常的，因為你讓它們同時貶值。

We have no further questions. Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

我們沒有進一步的問題。謝謝你們，女士們，先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。