阿默普萊斯金融 (AMP) 2022 Q3 法說會逐字稿

Welcome to the Third Quarter 2022 Earnings Call. My name is Lisa, and I will be your operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded. I would now like to turn the call over to Alicia Charity. You may begin.

歡迎來到 2022 年第三季度財報電話會議。我的名字是麗莎，今天我將擔任您的接線員。 （操作員說明）作為提醒，正在錄製會議。我現在想將電話轉給 Alicia Charity。你可以開始了。

Thank you, and good morning. Welcome to Ameriprise Financial's Third 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 的第三季度財報電話會議。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 will 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 上，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 third quarter earnings release and 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大不相同的因素和風險的樣本列表可以在我們的第三季度收益發布和我們的 2021 年股東年度報告以及我們的 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 third quarter. Below that, you'll see our adjusted operating results, followed by operating results excluding unlocking, which management believes enhances the understating of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. We completed our annual unlocking in the third quarter. 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三季度的 GAAP 財務業績。在此之下，您將看到我們調整後的經營業績，其次是不包括解鎖的經營業績，管理層認為這通過反映我們核心業務的基本業績和促進更有意義的趨勢分析來增強對我們業務的低估。我們在第三季度完成了年度解鎖。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 third quarter earnings call. What I'd like to do is give you my perspective on the environment and how Ameriprise is performing, then Walter will cover the financials. In terms of the market environment, both equity and fixed income markets continued to decline in the third quarter, both here and in Europe. Inflation remains high and sticky, and geopolitical risk is elevated. This is causing a high level of volatility, keeping investors on the sidelines a bit more. With that, short-term interest rates were up 300 basis points so far this year with 150 basis points raised just in the third quarter. I believe that the Fed and other central banks have been playing catch-up, and that they will have to continue in increasing rates to get inflation under control.

早上好，歡迎來到我們的第三季度財報電話會議。我想做的是向您介紹我對環境的看法以及 Ameriprise 的表現，然後沃爾特將涵蓋財務狀況。在市場環境方面，股票和固定收益市場在第三季度繼續下滑，無論是在本地還是在歐洲。通脹依然高企且具有粘性，地緣政治風險升高。這導致了高度的波動性，使投資者更多地保持觀望。因此，今年迄今為止，短期利率上升了 300 個基點，僅在第三季度就上升了 150 個基點。我相信美聯儲和其他央行一直在追趕，他們將不得不繼續提高利率以控制通脹。

Having said that, it will lead to a slowing of the U.S. and European economies and at this juncture, it looks more like we're heading for a mild recession. Therefore, I expect there will be more volatility ahead. So for Ameriprise, the diversity and strength of our business allows us to deliver good outcomes even in challenging times, and you certainly saw that in our results this quarter. We continue to remain in strong client inflows and wealth management. And the rise in interest rates, the growth of the bank and the stability of the retirement protection businesses helped to more than offset the effect of depreciating markets and foreign exchange that impacted our asset management business.

話雖如此，這將導緻美國和歐洲經濟放緩，在這個時刻，我們看起來更像是走向溫和的衰退。因此，我預計未來會有更多的波動。因此，對於 Ameriprise 而言，我們業務的多樣性和實力使我們即使在充滿挑戰的時期也能取得良好的成果，您肯定在本季度的業績中看到了這一點。我們繼續保持強勁的客戶流入和財富管理。利率上升、銀行的增長和退休保障業務的穩定性有助於抵消影響我們資產管理業務的貶值市場和外彙的影響。

The investments we made in our business over the years in our technology, client service, product solutions and advice value proposition are paying dividends as we continue our strong focus on our clients and helping our advisers navigate a difficult environment.

多年來，我們在技術、客戶服務、產品解決方案和建議價值主張方面的業務投資正在帶來回報，因為我們繼續專注於我們的客戶並幫助我們的顧問度過艱難的環境。

Now I'd like to discuss our third quarter results in more detail. Total assets under management administration were $1.1 trillion, which is down 9% from a year ago. Assets were impacted by the steep decline in both equity and fixed income markets and the strength of the dollar, which affected the foreign exchange rate in our European business. In terms of adjusted operating financials, excluding unlocking, revenues were $3.5 billion, up 1%. With that, earnings per share were up 9% to $6.43, and the return on equity was strong at 47.9%, which is consistent with this time last year.

現在我想更詳細地討論我們的第三季度業績。管理管理的總資產為 1.1 萬億美元，比一年前下降 9%。資產受到股票和固定收益市場的急劇下跌以及美元走強的影響，這影響了我們歐洲業務的外匯匯率。在調整後的運營財務（不包括解鎖）方面，收入為 35 億美元，增長 1%。因此，每股收益增長 9% 至 6.43 美元，股本回報率強勁，達到 47.9%，與去年同期一致。

Now let's talk a bit more about our businesses. I'll start with Advice & Wealth Management, where we continue to deliver strong results. Despite the environment, we had good client flows as clients remained engaged. Total client flows were up 11% in the quarter to more than $11 billion. The mix of our flows reflect the environment we're in. We saw strong growth in brokerage, cash, certificates and other products. As we expected, cash balances continue to be up sharply to more than $46 billion compared to more than $40 billion just a year ago. We're seeing good growth across our cash offerings.

現在讓我們多談談我們的業務。我將從諮詢和財富管理開始，我們將繼續提供強勁的成果。儘管環境如此，但由於客戶仍然參與其中，我們擁有良好的客戶流量。本季度總客戶流量增長 11%，超過 110 億美元。我們的流量組合反映了我們所處的環境。我們看到經紀、現金、證書和其他產品的強勁增長。正如我們預期的那樣，現金餘額繼續大幅上升至超過 460 億美元，而一年前還超過 400 億美元。我們看到我們的現金產品增長良好。

Very importantly, our adviser productivity remains strong as we continue to reinforce our personal relationships and the value of advice. It was up 7% to $819,000 per adviser. We recently met with our top advisers to recognize their success and discuss growth opportunities at Ameriprise. Engagement was terrific. Advisers are highly satisfied with the firm and the support we provide, and they like the technology and the capabilities we've added, which is helping them grow.

非常重要的是，隨著我們繼續加強我們的個人關係和建議的價值，我們的顧問工作效率仍然很高。每位顧問的收入增長了 7%，達到 819,000 美元。我們最近會見了我們的頂級顧問，以表彰他們的成功並討論 Ameriprise 的增長機會。訂婚非常棒。顧問對公司和我們提供的支持非常滿意，他們喜歡我們增加的技術和能力，這有助於他們成長。

Which brings me to recruiting. We had another very good quarter adding 89 highly productive advisers. Advisers consistently tell us they recognize the strength of our value proposition, our brand and the stability of the firm. It's a competitive marketplace, and I feel good about our pipeline. In the third quarter, as we have all year, we continue to invest steadily in the business. We continue to release additional tools, capabilities and enhancements that help our advisers engage and meet with clients, deliver actionable advice and improve efficiency of their practices.

這讓我開始招聘。我們又迎來了一個非常好的季度，增加了 89 名高效率的顧問。顧問不斷告訴我們，他們認可我們的價值主張、品牌和公司穩定性的優勢。這是一個競爭激烈的市場，我對我們的管道感覺良好。在第三季度，與全年一樣，我們繼續穩步投資於該業務。我們將繼續發布更多工具、功能和增強功能，幫助我們的顧問與客戶互動和會面，提供可行的建議並提高他們的實踐效率。

As part of our investment agenda, we've been very much focused on expanding our cash offering and growing our bank. The bank provides important flexibility in this rising interest rate environment and will continue to be a good opportunity for us to further engage and deepen our relationships with clients. We continue to move cash to the bank, adding $3.1 billion in the third quarter. And with that, we've been able to invest appropriately to garner additional spread. Today, our bank has grown to nearly $19 billion. We also continue to see good growth in our pledge loan business, and we'll be launching more products in the bank as we move forward. Overall, the Advice & Wealth Management business continues to generate strong profitable growth and margins reached 27.8%, up 540 basis points.

作為我們投資議程的一部分，我們一直非常專注於擴大我們的現金供應和發展我們的銀行。該銀行在利率上升的環境中提供了重要的靈活性，並將繼續為我們提供進一步參與和深化與客戶關係的良好機會。我們繼續向銀行轉移現金，第三季度增加了 31 億美元。有了這個，我們已經能夠進行適當的投資以獲得額外的傳播。今天，我們的銀行已增長到近 190 億美元。我們的質押貸款業務也繼續保持良好增長，隨著我們的前進，我們將在銀行推出更多產品。總體而言，諮詢和財富管理業務繼續產生強勁的盈利增長，利潤率達到 27.8%，上升 540 個基點。

Now let's turn to Retirement & Protection Solutions. Starting with variable annuities, we have narrowed our focus to concentrate on products that are good for clients in this environment and for the firm. And with that strategy in place, we have continued to generate solid sales in variable annuities without living benefits as well as our structured products as we have shifted away from annuities with guarantees. Therefore, our sales are down but in line with the industry.

現在讓我們轉向退休和保護解決方案。從可變年金開始，我們縮小了重點，專注於在這種環境下對客戶和公司有利的產品。隨著該戰略的實施，我們繼續在沒有生活福利的可變年金以及我們的結構化產品中產生穩定的銷售，因為我們已經從有保證的年金轉向。因此，我們的銷售額下降但與行業一致。

We also made a shift in protection away from fixed insurance to focus on VUL and DI products. Life sales were also down given the climate, but again, results were in line with the industry. Based on what we've done to appropriately risk adjust these businesses, they continue to generate good earnings, stability and solid returns and cash flow as a complement to our other businesses.

我們還將保護從固定保險轉向專注於 VUL 和 DI 產品。鑑於氣候，壽險銷售額也有所下降，但結果再次與行業一致。基於我們為適當風險調整這些業務所做的工作，它們將繼續產生良好的收益、穩定性和穩健的回報和現金流，作為我們其他業務的補充。

Now I'll cover asset management. As you've seen across the industry, markets have impacted asset levels from an equity and fixed income perspective. As a global asset manager with sizable presence in Europe, we were also affected by the depreciation of the sterling and the euro versus the dollar. Assets under management were down 6% to $546 billion given the equity and fixed income markets and the FX impact I've mentioned, more than offsetting the BMO acquisition. Consistent with what you've seen in the industry, investors have more of a risk-off perspective and you have a level of tax loss harvesting taking place based on market depreciation. Very critically in this environment, we are maintaining good investment performance, and we're continuing to maintain good 3-, 5- and 10-year track records.

現在我將介紹資產管理。正如您在整個行業中看到的那樣，市場從股票和固定收益的角度影響了資產水平。作為在歐洲擁有大量業務的全球資產管理公司，我們也受到英鎊和歐元兌美元貶值的影響。考慮到股票和固定收益市場以及我提到的外匯影響，管理的資產下降了 6%，至 5460 億美元，遠遠抵消了 BMO 的收購。與您在行業中看到的情況一致，投資者有更多的避險觀點，並且您可以根據市場貶值獲得一定程度的稅收損失。在這種環境下非常關鍵的是，我們保持著良好的投資業績，並且我們將繼續保持良好的 3 年、5 年和 10 年的業績記錄。

While there's been a lot of volatility over the course of the year, over 70% of our funds are above meeting on an asset-weighted basis. Our short-term performance has been impacted in some of our fixed income strategies based on the spike in interest rates. And in Europe, some of our equity strategies were impacted because of our quality growth positioning.

儘管在這一年中波動很大，但我們超過 70% 的基金在資產加權基礎上均高於預期水平。基於利率飆升，我們的一些固定收益策略影響了我們的短期業績。在歐洲，由於我們的質量增長定位，我們的一些股票策略受到了影響。

Let's turn to flows. In the quarter, we had outflows of $2.4 billion that included $1 billion of legacy insurance partner outflows. Positive flows in institutional were more than offset by the ongoing pressure we've seen in retail. In retail overall, we're in net outflows, but it improved a bit from a tougher second quarter for us in the industry. We ended the third quarter with lower gross sales and higher redemptions than a year ago, given the markets. This resulted in $5.3 billion of net outflows driven by weak conditions.

讓我們轉向流量。本季度，我們的資金外流為 24 億美元，其中包括 10 億美元的傳統保險合作夥伴資金外流。我們在零售業看到的持續壓力大大抵消了機構的積極流動。在整體零售業，我們處於淨流出狀態，但與第二季度相比，我們在該行業中表現更為艱難。考慮到市場，我們在第三季度末的總銷售額和贖回量均低於一年前。這導致疲軟的情況導致 53 億美元的淨流出。

In U.S. retail, equity outflows remain generally in line with the industry, and fixed income results were behind given our product mix. In EMEA, though retail flows remained under pressure, we did see some improvements in Continental Europe and overall flows were a bit better than the industry for the quarter.

在美國零售業，股票流出總體上與行業保持一致，鑑於我們的產品組合，固定收益業績落後。在歐洲、中東和非洲地區，儘管零售流量仍面臨壓力，但我們確實看到歐洲大陸有所改善，並且本季度的整體流量略好於行業。

Turning to Global Institutional. Excluding legacy insurance partners, net inflows were $3.9 billion, and we're seeing fundings get extended given the markets and some asset allocation calls. In Asset Management, we expect the environment will remain challenging.

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，鑑於市場和一些資產配置要求，我們看到資金得到擴展。在資產管理方面，我們預計環境仍將充滿挑戰。

However, we think there will be opportunities as markets settle down over time and interest rates stabilize. At the same time, we've been very much focused on integrating our BMO EMEA business, and that's going well. We continue to make good investments in the business overall, ensuring that we have the right focus to move forward in distribution as well as servicing and platform capabilities. But we also have a very strong eye towards managing expenses in this market. And adjusted for the BMO EMEA acquisition, we brought G&A expenses down by 7%, and we'll continue to be very focused there. As I look ahead for Ameriprise, I believe we will continue to be operating in these markets for a while. So as you expect from us, we're very much focused on what we can control. That includes continuing our strong engagement with clients and advisers as well as leveraging our investments as we continue to manage our expenses tightly moving forward. Importantly, I feel like the strength of our businesses and the growth of the bank will allow us to navigate these markets very well and generate a consistent level of free cash flow and good returns for our shareholders.

然而，我們認為隨著時間的推移市場趨於穩定和利率趨於穩定，將會有機會。與此同時，我們一直非常專注於整合我們的 BMO EMEA 業務，而且進展順利。我們繼續對整個業務進行良好的投資，確保我們有正確的重點來推進分銷以及服務和平台能力。但我們也非常關注管理這個市場的費用。並針對 BMO EMEA 收購進行了調整，我們將 G&A 費用降低了 7%，我們將繼續非常專注於此。當我展望 Ameriprise 時，我相信我們將繼續在這些市場運營一段時間。因此，正如您對我們的期望，我們非常專注於我們可以控制的事情。這包括繼續我們與客戶和顧問的密切合作，以及在我們繼續密切管理開支的過程中利用我們的投資。重要的是，我覺得我們的業務實力和銀行的增長將使我們能夠很好地駕馭這些市場，並為我們的股東創造穩定水平的自由現金流和良好的回報。

And what's very important and critical for the firm and what we deliver is the engagement of our people and advisers, I feel very good about the team. We just conducted our employee and adviser surveys, and we continue to see high levels of engagement and satisfaction industry-leading, and we know how important this is going through a challenging environment to keep our focus on our clients. In total, I feel really good about the mix of our business, the flexibility we have and how we're positioned for both the challenges and the opportunities ahead.

對公司來說非常重要和關鍵的，我們提供的是我們的員工和顧問的參與，我對團隊感覺很好。我們剛剛進行了員工和顧問調查，我們繼續看到行業領先的高參與度和滿意度，我們知道在充滿挑戰的環境中保持對客戶的關注是多麼重要。總的來說，我對我們的業務組合、我們擁有的靈活性以及我們如何應對未來的挑戰和機遇感到非常滿意。

Now I'll turn it over to Walter, and then I'll take your questions.

現在我將把它交給沃爾特，然後我會回答你的問題。

Thank you. As Jim said, results this quarter continue to demonstrate the strength of the Ameriprise value proposition as adjusted EPS, excluding unlocking, increased 9% to $6.43 in a challenging market environment. Both management business momentum, higher interest rate environment and expense discipline more than offset equity and fixed income market depreciation, coupled with significant weakening of the pound and the euro in the quarter.

謝謝你。正如吉姆所說，本季度的業績繼續證明了 Ameriprise 價值主張的實力，因為在充滿挑戰的市場環境中，調整後的每股收益（不包括解鎖）增長了 9% 至 6.43 美元。管理業務勢頭、更高的利率環境和費用紀律都抵消了股票和固定收益市場的貶值，再加上本季度英鎊和歐元的顯著疲軟。

We continue to benefit from strong growth in wealth management, which represented 60% of adjusted operating earnings in the quarter, up from 49% a year ago. Across the firm, we continue to manage expenses tightly relative to the revenue opportunity within each segment. As a result, we've continued to make investments in the bank and other growth initiatives particularly in wealth management, while prudently managing overall firm-wide expenses. On a year-to-date basis, G&A expenses are flat, excluding BMO. We expect that for the year, G&A will be down 1%.

我們繼續受益於財富管理的強勁增長，佔本季度調整後營業利潤的 60%，高於一年前的 49%。在整個公司中，我們繼續嚴格管理與每個部門的收入機會相關的費用。因此，我們繼續對銀行和其他增長計劃進行投資，特別是在財富管理方面，同時謹慎地管理公司範圍內的整體開支。年初至今，G&A 費用持平，不包括 BMO。我們預計今年的 G&A 將下降 1%。

Our balance sheet fundamentals remained strong despite continued market depreciation in the quarter, and we returned $632 million of capital to shareholders. For the full year, we remain on track to return approximately 90% of adjusted operating earnings to shareholders.

儘管本季度市場持續貶值，我們的資產負債表基本面依然強勁，我們向股東返還了 6.32 億美元的資本。全年，我們仍有望將調整後營業收益的約 90% 返還給股東。

Let's turn to Slide 6. Assets under management administration ended the quarter at $1.1 trillion, down 9%. While AUMA benefited from strong client flows and the addition of BMO late last year, we experienced significant market impacts. Equity in fixed markets were down 19% and 14%, respectively. In addition, Asset Management AUM levels were substantially impacted by a significant weakening of the pound and the euro, with the AUM of non-U.S. businesses down to approximately 35% of the total. Overall pretax earnings remained strong in this environment, up 6% from last year, excluding unlocking, with meaningful benefits from interest rates and strong client flows more than offsetting significant negative equity and fixed income markets and foreign exchange impacts that largely occurred in September.

讓我們看看幻燈片 6。本季度末管理的資產為 1.1 萬億美元，下降 9%。雖然 AUMA 受益於強勁的客戶流量和去年底 BMO 的加入，但我們經歷了重大的市場影響。固定市場股票分別下跌 19% 和 14%。此外，資產管理 AUM 水平受到英鎊和歐元大幅走軟的重大影響，非美國企業的 AUM 降至總數的約 35%。在這種環境下，總體稅前收益保持強勁，比去年增長 6%，不包括解鎖，利率和強勁的客戶流量帶來的顯著收益抵消了主要發生在 9 月的重大負面股票和固定收益市場以及外匯影響。

Let's turn to individual segment performance, beginning with Wealth Management on Slide 7. Wealth Management client assets declined 12% to $711 billion as a result of significant market depreciation over the past year, partially offset by our strong organic growth. Total client net flows remained strong at $11.2 billion, up 11% from last year, with $6.4 billion of flows into wrap accounts and $4.8 billion into non-advisory accounts, specifically certificates and retail brokerage as anticipated in this environment. Revenue per adviser reached $819,000 in the quarter, up 7% from the prior year from continued enhanced productivity and business growth.

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。由於過去一年市場大幅貶值，財富管理客戶資產下降 12% 至 7,110 億美元，部分被我們強勁的有機增長所抵消。客戶淨流量總額保持強勁，為 112 億美元，比去年增長 11%，其中 64 億美元流入包裝賬戶，48 億美元流入非諮詢賬戶，特別是在這種環境下預期的證書和零售經紀業務。本季度每位顧問的收入達到 819,000 美元，比去年同期增長 7%，原因是生產力和業務增長的持續提高。

On Slide 8, you can see wealth management profitability increased 30% in the quarter, with the significant benefit from interest rates and strong organic growth exceeding negative impacts from market depreciation and lower transactional activity. Pretax operating margin reached nearly 28%, up over 500 basis points year-over-year and up 390 basis points sequentially. Adjusted operating expense declined 3% with distribution expenses down 7%, reflecting lower transactional activity and asset balances.

在幻燈片 8 中，您可以看到本季度財富管理盈利能力增長了 30%，利率和強勁的有機增長帶來的顯著收益超過了市場貶值和交易活動減少的負面影響。稅前營業利潤率達到近 28%，同比增長超過 500 個基點，環比增長 390 個基點。調整後的運營費用下降 3%，分銷費用下降 7%，反映交易活動和資產餘額減少。

G&A is up 12% in the quarter and up 7% on a year-to-date basis. The higher-than-normal year-over-year increase in the third quarter was driven by unusually low prior year expenses relating to staffing levels and G&A, timing of expenses in the current year and continued expenses associated with higher volumes and continued investments in the bank and [lower] growth initiatives. We anticipate that the full year will be in line with the 7% year-to-date growth pace. We expect the higher interest rate pattern to drive a substantial and sustainable benefit in the fourth quarter of '22 as well as 2023.

本季度 G&A 增長 12%，年初至今增長 7%。第三季度高於正常水平的同比增長是由於與人員配備水平和 G&A 相關的上一年異常低的支出、本年度支出的時間安排以及與更高數量和持續投資相關的持續支出銀行和[降低]增長計劃。我們預計全年將與年初至今 7% 的增長速度保持一致。我們預計較高的利率模式將在 22 年第四季度和 2023 年帶來可觀且可持續的收益。

Let's discuss the components in more detail. First, cash balances remain high at $46 billion this quarter with multiple products available to meet client needs, including brokerage cash, bank and certificates. The majority of our brokerage cash is in working cash accounts for our clients, where half of the balance is less than a $100,000. And our client [catering] rates are continuously benchmarked and remain competitive. As a result, we have not experienced cash sorting issues to the extent of others in the industry. Our certificate products offer another solution for clients looking to ladder their liquidity and garner some additional rate upside in the multiple product offerings.

讓我們更詳細地討論這些組件。首先，本季度現金餘額保持在 460 億美元的高位，有多種產品可滿足客戶需求，包括經紀現金、銀行和證書。我們的大部分經紀現金存在於我們客戶的工作現金賬戶中，其中一半餘額不到 100,000 美元。我們的客戶 [餐飲] 費率不斷進行基準測試並保持競爭力。因此，我們沒有像業內其他公司那樣遇到現金分類問題。我們的證書產品為希望提升流動性並在多種產品中獲得額外利率上升空間的客戶提供了另一種解決方案。

Second, the bank provides flexibility to optimize the benefits from higher rates by investing in high-quality, longer duration securities creating sustainability of interest earnings. Our bank reached nearly $19 billion in the quarter, up from $10 billion a year ago. In 2023, we plan to grow the bank to the $22 billion range. In the quarter, the pickup from investments in the bank is approximately 150 to 200 basis points above the spreads from (inaudible) balance sheet cash. Over the past several years, our total client cash balances have been consistently 5% to 6% of total client assets. This positions us well to capture the opportunity from rising rates and lock in those benefits over the medium term. In 2022, spread earnings will increase by over $600 million versus the prior year, and we expect this trend to continue into 2023.

其次，該銀行通過投資於高質量、期限較長的證券，創造了利息收入的可持續性，從而提供了優化高利率收益的靈活性。本季度我們的銀行達到近 190 億美元，高於一年前的 100 億美元。到 2023 年，我們計劃將銀行規模擴大到 220 億美元。本季度，銀行投資的回升比（聽不清）資產負債表現金的利差高出約 150 至 200 個基點。在過去幾年中，我們的客戶總現金餘額一直佔客戶總資產的 5% 至 6%。這使我們能夠很好地抓住利率上升的機會，並在中期內鎖定這些好處。到 2022 年，點差收益將比上一年增加超過 6 億美元，我們預計這一趨勢將持續到 2023 年。

Let's turn to Asset Management on Slide 9. We are managing the business well through a challenging market. Total assets under management declined 6% to $546 billion, primarily from equity and fixed income market depreciation and unexpected significant negative pound and euro foreign exchange impact. As I mentioned, the BMO acquisition broadened our geographic diversification with about 35% of the assets in EMEA. However, this diversification increased our foreign exchange translation exposure. As a management like the industry was in outflows in the quarter.

讓我們轉向幻燈片 9 上的資產管理。我們正在通過充滿挑戰的市場很好地管理業務。管理的總資產下降 6% 至 5,460 億美元，主要是由於股票和固定收益市場貶值以及英鎊和歐元匯率意外顯著的負面影響。正如我所提到的，BMO 收購擴大了我們的地域多元化，在歐洲、中東和非洲地區擁有約 35% 的資產。然而，這種多元化增加了我們的外匯翻譯風險。由於像該行業這樣的管理層在本季度出現資金外流。

Continued strength in our global institutional business offset a meaningful portion of retail outflows. Like others, we experienced pressures from global market volatility, a risk off investor sentiment and geopolitical strain in EMEA. Margin in the quarter declined to 35.6%, which is slightly above our target range of 31% to 35%. Decline versus last year is attributable to broad market depreciation and foreign exchange impacts. Given the material market depreciation and foreign currency weakening in September, we expect additional margin erosion next quarter.

我們全球機構業務的持續實力抵消了相當一部分零售流出。與其他人一樣，我們經歷了來自全球市場波動、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。本季度利潤率下降至 35.6%，略高於我們 31% 至 35% 的目標範圍。與去年相比下降是由於廣泛的市場貶值和外匯影響。鑑於 9 月份材料市場貶值和外匯走弱，我們預計下一季度利潤率將進一步下降。

On Slide 10, you can see asset management financial results reflect the market environment. Earnings declined to a $191 million, reflecting double-digit market depreciation, significant foreign exchange weakening and outflows. Importantly, we continue to manage the areas we can control. Expenses remain well mannered. Excluding BMO, total expenses were down 13%, aided by a 7% decline in G&A. We continue to make market-driven trade-offs and discretionary spend and remain committed to managing expenses very tightly in the current revenue environment. And the fee rate remained stable in the quarter at 48 basis points.

在幻燈片 10 上，您可以看到資產管理的財務業績反映了市場環境。收益下降至 1.91 億美元，反映出兩位數的市場貶值、外匯顯著疲軟和資金外流。重要的是，我們繼續管理我們可以控制的領域。費用保持得當。不包括 BMO，總支出下降 13%，這得益於 G&A 下降 7%。我們繼續進行市場驅動的權衡和可自由支配的支出，並繼續致力於在當前的收入環境中非常嚴格地管理費用。本季度費率保持穩定在 48 個基點。

Let's turn to Slide 11. Retirement & Protection Solutions continued to deliver stable earnings and free cash flow generation, a clear result of our differentiated risk profile. Pretax adjusted operating earnings, excluding unlocking, were $203 million. In the quarter, we completed our annual actuarial assumption update, which resulted in an unfavorable pretax impact of a $172 million.

讓我們轉到幻燈片 11。退休和保護解決方案繼續提供穩定的收益和自由現金流，這是我們差異化風險狀況的明顯結果。稅前調整後的營業收入（不包括解鎖）為 2.03 億美元。在本季度，我們完成了年度精算假設更新，產生了 1.72 億美元的不利稅前影響。

Sales in the quarter, similar to the industry, declined as a result of the volatile market environment as well as management action to discontinue sales of variable annuities with living benefits to reduce the risk profile of the business. Protection sales remain concentrated in higher-margin asset accumulation VUL, which now represents 1/3 of total insurance in-force assets. Annuity sales in the quarter were lower risk products without guarantees and structured variable annuities. These products represent over 40% of our total VA account value.

與行業類似，本季度的銷售額下降，原因是市場環境動盪，以及管理層採取行動停止銷售具有生活福利的可變年金以降低業務風險狀況。保障銷售仍集中在利潤率較高的資產積累 VUL 中，目前佔保險有效資產總額的 1/3。本季度的年金銷售是沒有擔保和結構化可變年金的低風險產品。這些產品占我們 VA 賬戶總價值的 40% 以上。

We have begun to reposition our investment portfolio to capture the interest rate opportunity. We have remained short on duration in this portfolio given the low rate environment over the past several years. We now have the opportunity to enhance yield by extending asset duration and changing the mix of investments without increasing the credit risk.

我們已開始重新定位我們的投資組合以抓住利率機會。鑑於過去幾年的低利率環境，我們在這個投資組合中的期限仍然很短。我們現在有機會在不增加信用風險的情況下通過延長資產久期和改變投資組合來提高收益率。

Now let's move to the balance sheet on Slide 12. Our balance sheet fundamentals remain strong, and our diversified high-quality investment portfolio remains well positioned. In total, the average credit rating of the portfolio is AA, with only 1.6% of the portfolio in below investment-grade securities. Despite significant market dislocation in the quarter, VA hedge effectiveness remained very strong in the quarter at 97%. Our diversified business model benefits from significant and stable free cash flow contributions from all business segments. This supports the consistent and differentiated level of capital return to shareholders even during periods of market depreciation like we experienced this quarter. During the quarter, we returned $632 million to shareholders and excess capital and holding company liquidity remains strong. We are on track to return approximately 90% of the adjusted operating earnings to shareholders in 2022.

現在讓我們轉到幻燈片 12 上的資產負債表。我們的資產負債表基本面依然強勁，我們多元化的高質量投資組合仍然處於有利地位。總體而言，投資組合的平均信用評級為 AA，只有 1.6% 的投資組合為低於投資級別的證券。儘管本季度市場出現嚴重錯位，但 VA 對沖有效性在本季度仍然非常強勁，達到 97%。我們多元化的業務模式受益於所有業務部門的重大和穩定的自由現金流貢獻。即使在我們本季度經歷的市場貶值期間，這也支持向股東提供一致和差異化的資本回報水平。本季度，我們向股東返還了 6.32 億美元，超額資本和控股公司流動性依然強勁。我們有望在 2022 年向股東返還約 90% 的調整後營業收益。

With that, we'll take your questions.

有了這個，我們會回答你的問題。

(Operator Instructions) We'll take our first question from Ryan Krueger with KBW.

（操作員說明）我們將回答 Ryan Krueger 與 KBW 的第一個問題。

My first question is, could you give an update on your excess capital position and any moving parts from the quarter?

我的第一個問題是，您能否提供有關本季度過剩資本狀況和任何活動部分的最新信息？

Sure. I'll take that. The number is $1.3 billion. It's down $300 million from last quarter. And the main drivers on that is the market dislocation and the growth in the bank, and the remainder is coming from the unlocking.

當然。我會接受的。這個數字是 13 億美元。它比上一季度減少了 3 億美元。其主要驅動力是市場錯位和銀行的增長，其餘的來自解鎖。

Got it. And then separately, in Retirement & Protection, the earnings are over $200 million this quarter, ex unlocking. They had previously been running more in the $180 million to $190 million range. Can you help us think about the run rate earnings in that business going forward? And also how that portfolio repositioning will impact that?

知道了。然後分別在退休和保護方面，本季度的收益超過 2 億美元，不包括解鎖。他們之前的運營成本在 1.8 億美元到 1.9 億美元之間。您能幫我們考慮一下該業務未來的運行率收益嗎？以及投資組合重新定位將如何影響？

Yes. I would say that, yes, it did increase a little, but I think the run rate that you're talking about between $180 million range is certainly one that we anticipate going forward. And yes, the interest rates will take that up again as we do it because we are reinvesting out as we looked at the portfolio and the opportunities because we basically say shorter duration. Now we're taking advantage as we move out. But it will go up, but I would say, I would start with the 180 range.

是的。我會說，是的，它確實增加了一點，但我認為你所說的 1.8 億美元範圍內的運行率肯定是我們預期的未來。是的，利率將在我們這樣做時再次上升，因為我們在查看投資組合和機會時進行再投資，因為我們基本上說持續時間較短。現在我們正在利用我們搬出去的機會。但它會上升，但我會說，我會從 180 範圍開始。

We'll take our next question from Brennan Hawken with UBS Financial.

我們將向瑞銀金融的布倫南霍肯提出下一個問題。

I'd love to start with some of the comments on the bank. I believe you indicated that you'd be moving about $3 billion in balances in 2023. Why not accelerate that? We saw more than that move in 2022. The rate environment is certainly attractive, and it seems like a good place to utilize some of that capital. So that's number one.

我想先談談對銀行的一些評論。我相信您曾表示您將在 2023 年轉移約 30 億美元的餘額。為什麼不加快步伐呢？我們在 2022 年看到了更多的變化。利率環境當然很有吸引力，它似乎是利用部分資金的好地方。所以這是第一名。

And then number two, when you think about the pledge loan book within the bank, are you seeing any change in demand or growth as a result of higher rates where maybe the demand is eased up a bit?

然後第二點，當您考慮銀行內的質押貸款賬簿時，您是否看到由於更高的利率導致需求或增長有任何變化，而需求可能會有所緩解？

So as it relates to '23, I indicated that the -- it probably was better to say it was at least 2 -- we would add $3 billion. Next year, we -- obviously, we'll gauge the situation. We certainly have the capacity to do more, both from the availability of liabilities and capital, and we will assess it. And the key element associated with that is also the availability of investments that meet our standards, both from a quality standpoint and diversification standpoint, that won't be a factor in that. We feel very comfortable with the balances we have, that will be the source of that. So I would probably modify and say at least $3 billion.

因此，當它與 23 年有關時，我表示——最好說它至少是 2——我們將增加 30 億美元。明年，我們 - 顯然，我們將評估情況。從負債和資本的可用性來看，我們當然有能力做更多的事情，我們將對其進行評估。與此相關的關鍵因素也是符合我們標準的投資的可用性，無論是從質量的角度還是多元化的角度，這都不是其中的一個因素。我們對我們擁有的平衡感到非常滿意，這將是其來源。所以我可能會修改並說至少 30 億美元。

Okay, thanks for that clarification. And then pledge loans, have you seen any shift in demand with higher rates? Or have those continued to grow? .

好的，謝謝你的澄清。然後質押貸款，你有沒有看到更高利率的需求變化？還是那些繼續增長？ .

On the Pledge loans.

關於質押貸款。

On the pledge loans, I'm sorry. Pledge loan is actually -- right now, it's adjusting its markets, but it's growing steadily, and we feel very comfortable with it. And from that standpoint, it's -- total of that is over the $1 billion range, the total standpoint with our program. So we feel very comfortable with that.

關於質押貸款，我很抱歉。質押貸款實際上 - 現在，它正在調整其市場，但它正在穩步增長，我們對此感到非常滿意。從這個角度來看，它的總和超過了 10 億美元，這是我們計劃的總角度。所以我們對此感到很自在。

Great, and then in the wealth business, you guys do a great job of returning capital to shareholders and have a long track record there, and I think it's appreciated. But have you considered maybe shifting and having an allocation to growth capital and using some of your excess capital to actually continue to build on the recent success that you've had in adding advisers and generating that really steady net new assets in the mid-single digits and maybe even pushing that a little higher? Have you considered any of that? Or is that -- you're just sort of comfortable with the recruiting approach that you've taken so far? .

太好了，然後在財富業務中，你們在向股東返還資本方面做得很好，並且在這方面有很長的記錄，我認為這是值得讚賞的。但是，您是否考慮過可能轉移並分配到增長資本，並使用您的一些多餘資本實際上繼續鞏固您最近在增加顧問方面取得的成功，並在中單中產生真正穩定的淨新資產數字，甚至可能推高一點？你有沒有考慮過這些？或者是——你只是對你迄今為止所採取的招聘方法感到滿意？ .

Yes. We -- so we're very much focused on continuing to bring in quality recruits. We just don't want to associate people to us and have -- be in a processing platform per se. As you can see, we have a very good, strong client value proposition that's very important. That's why we generate good returns, good margins, good retention of assets. We ensure that we have an excellent client experience, keeping our client satisfaction really high.

是的。我們——所以我們非常專注於繼續引進高質量的新兵。我們只是不想將人們與我們聯繫起來並且擁有 - 本身就在處理平台中。如您所見，我們有一個非常好的、強大的客戶價值主張，這非常重要。這就是為什麼我們產生良好的回報、良好的利潤率、良好的資產保留。我們確保我們擁有出色的客戶體驗，讓我們的客戶滿意度非常高。

And we really focus on helping good quality advisers grow their practices and retain and build. So we're going to continue to look and attract good advisers in. We're spending a bit more time on bringing in some younger people again and building succession in their practices and helping advisers extend their teams. And we're also building out our IPI group, which is our institutional business, and we're winning some nice accounts there and growing the adviser for us.

我們真正專注於幫助優質顧問發展他們的實踐並保留和建立。因此，我們將繼續尋找並吸引優秀的顧問加入。我們將花更多時間再次引進一些年輕人，在他們的實踐中建立繼任者，並幫助顧問擴展他們的團隊。我們還在建立我們的 IPI 小組，這是我們的機構業務，我們在那裡贏得了一些不錯的客戶，並為我們培養了顧問。

And we're also doing some work on our remote channels and expanding that activity that we think will also be a complement. So along those lines, we are putting money to work. We are investing, et cetera. So it's not so much about the use of capital. It's more about continuing to drive in the areas that we think we can generate both good returns, but more importantly, continue to build out against our value proposition.

我們還在遠程渠道上做一些工作，並擴大我們認為也將成為補充的活動。因此，沿著這些思路，我們正在投入資金。我們正在投資等等。因此，這與資本的使用無關。更重要的是繼續在我們認為我們可以產生良好回報的領域推動，但更重要的是，繼續根據我們的價值主張進行建設。

We'll take our next question from Suneet Kamath with Jefferies.

我們將向 Jefferies 的 Suneet Kamath 提出下一個問題。

Just wanted to go back to the bank, if I could. I guess in addition to adding more deposits, we're thinking another lever you guys have is to reinvest some assets that are maturing that the deposits are currently supporting. So can you frame maybe how much of those assets are rolling off in 2023? And if possible, what the yield was on those assets relative to where you're able to invest new money today?

只是想回到銀行，如果可以的話。我想除了增加更多的存款外，我們正在考慮你們的另一個槓桿是再投資一些正在成熟的資產，這些資產目前正在支持。那麼，您能否確定這些資產中的多少將在 2023 年滾滾？如果可能的話，這些資產相對於你今天能夠投資新資金的地方的收益率是多少？

Yes, so let me take an approximate. It's Walter. Approximately because we're a short duration, if you look at where duration is tad over 3, that you should expect over $3 billion to mature in the year. And I don't have the exact numbers on yield, but you should imagine that it's -- we're going to pick up at least 300 or 400 basis points versus what's maturing. But I (inaudible) I'll get back to you on that.

是的，所以讓我做個大概。是沃爾特。大約因為我們的期限很短，如果你看一下期限略高於 3 的地方，你應該預計今年將有超過 30 億美元到期。而且我沒有關於收益率的確切數字，但你應該想像它是 - 我們將至少增加 300 或 400 個基點，而不是成熟的。但我（聽不清）我會回复你的。

Okay. That's helpful. And then, I guess, for Jim, towards -- as the quarter progressed, we were getting quite a few questions on LDI in the U.K. and what's going on there and what any impact on your U.K. asset management business there could be. So could you maybe frame that out, how you're thinking about that as an opportunity or where the risks are? Just want to make sure that it's clear in terms of where your exposure is, if possible.

好的。這很有幫助。然後，我想，對於吉姆來說，隨著本季度的進展，我們收到了很多關於英國 LDI 的問題，以及那裡正在發生的事情以及可能對您的英國資產管理業務產生什麼影響。那麼您能否將其框定出來，您如何看待這是一個機會或風險在哪裡？如果可能的話，只是想確保清楚您的曝光位置。

Sure, Suneet. So I think as everyone is aware, this is a very large market. It's over to $1.3 trillion in the U.K., it depends on the day. And it's really used by almost all the pension funds there supported by the regulatory authorities. The long-term guild in European interest rates you know, increased dramatically in September, and that resulted in clients having to post additional collateral to maintain their LDI coverage ratios.

當然，蘇尼特。所以我想每個人都知道，這是一個非常大的市場。在英國，它超過 1.3 萬億美元，這取決於當天。幾乎所有監管機構支持的養老基金都在使用它。你知道的歐洲利率的長期公會在 9 月急劇增加，這導致客戶不得不發布額外的抵押品以維持其 LDI 覆蓋率。

The volatility was something that wasn't necessarily seen in the past, it was in the 15 to 18 standard deviation type event, which is really abnormal. And so that volatility affecting the bond markets, interest rates going up, et cetera. So clients have maintained their LDI positions, as you would expect, the systems, and we think this will normalize over time, but they had to post more collateral and then free up some assets to do it.

波動是過去不一定看到的，是15到18個標準差類型的事件，真的很不正常。因此，波動性會影響債券市場，利率上升等等。因此，正如您所期望的那樣，客戶維持了他們的 LDI 頭寸，我們認為這將隨著時間的推移而正常化，但他們必須提供更多的抵押品，然後釋放一些資產來做到這一點。

This market will come back around in a sense of the stabilization and the reverting back to the mean. So we feel like the market will continue to be very important there. And the pension funds will continue to utilize that for the way they have to manage their assets going forward to get the returns. But we do expect some adjustments in the market going forward. Some players would have to reduce leverage a bit. There may be some more operational adjustments to make sure that the markets can flow a bit more easily as you get these types of dislocations.

這個市場將在穩定和回歸均值的意義上回歸。所以我們覺得那裡的市場將繼續非常重要。養老基金將繼續利用這一點來管理他們未來的資產以獲得回報。但我們確實預計未來市場會出現一些調整。一些玩家將不得不稍微降低杠桿。可能會有一些更多的操作調整，以確保當您遇到這些類型的錯位時市場可以更輕鬆地流動。

And with us, you, of course, saw an asset level decline, meaning from the depreciation of the market, but we really haven't seen major outflows in any fashion. And in fact, there's some new business that came in. So we feel like this market will recover and we feel like we can still do a good business there, and it won't have a significant long-term effect.

和我們一起，你當然看到資產水平下降，這意味著市場貶值，但我們真的沒有看到任何形式的重大資金外流。事實上，有一些新業務進來了。所以我們覺得這個市場會恢復，我們覺得我們仍然可以在那裡做一個很好的業務，而且不會產生顯著的長期影響。

So just to summarize, near term, more of a kind of AUM potentially earnings issue as opposed to anything more significant than that?

所以只是總結一下，短期內，更多的是一種 AUM 潛在的收益問題，而不是比這更重要的事情？

Yes, yes. Exactly.

是的是的。確切地。

We'll take our next question from Alex Bolstein with Goldman Sachs.

我們將向高盛的 Alex Bolstein 提出下一個問題。

First, just around some of the cash dynamics at Advice -- over in Advice & Wealth and kind of how that's trending. So clearly great to see deposit betas still very low at this point in the cycle. As you look forward, I guess, how do you think that will progress? And part B to that, curious if you're seeing any incremental demand from third-party bank sweep, and whether the spread is starting to improve in that channel as well?

首先，圍繞 Advice 的一些現金動態——在 Advice & Wealth 以及趨勢如何。很明顯很高興看到在這個週期的這個階段存款貝塔仍然非常低。當你期待時，我猜，你認為這將如何進展？ B 部分，想知道您是否看到來自第三方銀行掃描的任何增量需求，以及該渠道的價差是否也開始改善？

So as far as third-party demand, certainly, we have an extensive program and we do not have an issue on the placement of the funds from that standpoint. And we also -- again and again, the bank allows us the capability, as I talked about, growing and certainly reinvesting more directly with a bank institution.

因此，就第三方的需求而言，當然，我們有一個廣泛的計劃，從這個角度來看，我們對資金的配置沒有問題。而且我們還 - 一次又一次，銀行讓我們有能力，正如我所說的那樣，與銀行機構進行更直接的再投資。

As far as the deposit betas, look, we do a competitive scan each week. We certainly evaluate it certainly as rates go up and we look at the competitive elements. As you look at the per account compensation or decline in crediting rates, they will change. And I'm sure they will be going up as it relates -- because we -- our main focus is to ensure that our clients are getting appropriate rates that are competitive.

至於存款測試，看，我們每週都會進行一次競爭性掃描。隨著費率的上漲，我們當然會對其進行評估，並且我們會著眼於競爭因素。當您查看每個帳戶的補償或貸記率下降時，它們會發生變化。而且我相信他們會隨著相關的原因而上漲 - 因為我們 - 我們的主要重點是確保我們的客戶獲得具有競爭力的適當價格。

Got it. And Walter, just to make sure that I understood, the -- are you saying you're seeing an improvement in demand from third-party bank sweep or no real change in terms of what we've seen in the last year.

知道了。沃爾特，只是為了確保我理解，你是說你看到第三方銀行掃描的需求有所改善，還是我們去年看到的情況沒有真正的變化。

I would say this is a healthy environment, but it's a healthy environment and certainly than we saw it back a couple of months ago from that standpoint. Absolutely.

我會說這是一個健康的環境，但它是一個健康的環境，從這個角度來看，肯定比我們幾個月前看到的要好。絕對地。

Got it. Understood. And then, Jim, one for you. There's been a couple of articles talking about some potential asset management platforms for sale. In the past, you guys have obviously been very opportunistic when I kind of think about the Columbia acquisition from Bank of America. As the environment gets potentially or remains, I guess, kind of dicey here, how do you think about opportunities for incremental M&A for Ameriprise on the asset management side of the house? .

知道了。明白了。然後，吉姆，給你一個。有幾篇文章討論了一些潛在的資產管理平台可供出售。過去，當我想到從美國銀行收購哥倫比亞大學時，你們顯然非常投機取巧。我想，隨著環境變得可能或仍然存在，這裡有點冒險，您如何看待 Ameriprise 在資產管理方面的增量併購機會？ .

So again, I think the market is going through a level of dislocation right now and some pressure from, as you can see, depreciation of the market and flows. We are very much focused on really the business that we have right now. We're integrating the BMO and international, and that's going well. And that's consuming some time and attention. At the same time, we know that this is a time for us to really engage our clients and maintain it, and we have a lot of good new stuff going on. in some of the areas and disciplines that we've been investing in from ESG to some of the institutional and OCIO and et cetera, et cetera, and some alternatives.

再說一次，我認為市場現在正在經歷一定程度的錯位，並且正如你所看到的，市場和流動貶值帶來了一些壓力。我們非常專注於我們現在擁有的業務。我們正在整合 BMO 和國際，而且進展順利。這會耗費一些時間和注意力。同時，我們知道現在是我們真正吸引客戶並維護它的時候了，而且我們有很多好的新東西正在進行中。在我們一直在投資的一些領域和學科中，從 ESG 到一些機構和 OCIO 等等，等等，以及一些替代方案。

So we feel good about the hand. We don't know that down the road, if there's more significant dislocation, and it makes some sense, maybe we'll play. But right now, it's not something we have on the plate.

所以我們對手感覺很好。我們不知道在未來，如果有更嚴重的錯位，這有一定的意義，也許我們會玩。但現在，這不是我們要做的事情。

We'll take our next question from Andrew Kligerman with Credit Suisse.

我們將向瑞士信貸的 Andrew Kligerman 提出我們的下一個問題。

Maybe staying on the topic of M&A on the divestiture end. The market's been pretty volatile. And just in general, block transactions of insurance assets have not been as robust as we would have thought. And I had some optimism that maybe Ameriprise would do some transactions.

也許在剝離結束時留在併購的話題上。市場波動很大。總的來說，保險資產的大宗交易並沒有我們想像的那麼強勁。我有一些樂觀，也許 Ameriprise 會做一些交易。

Could you give a little color on the types of talks you're having about long-term care, variable annuities and life insurance blocks, respectively, and the potential to divest?

您能否分別就長期護理、可變年金和人壽保險塊以及剝離的可能性進行談話的類型？

Sure, Andrew. So as you -- as we said, we wanted to survey the market's new potential and what the opportunity may be just to evaluate. And in so doing, what we found most importantly is that there aren't a lot of market participants that have transacted or interested in more, what I would call, high-quality books in a sense. They've been much more focused on general account assets so that they can invest with using their various structures and capital situations.

當然，安德魯。因此，正如您所說，我們想調查市場的新潛力以及評估的機會。在這樣做的過程中，我們發現最重要的是，沒有多少市場參與者對更多（我稱之為某種意義上的高質量書籍）進行交易或感興趣。他們更專注於一般賬戶資產，以便他們可以利用各種結構和資本狀況進行投資。

So we don't think the market has sufficiently evolved to look at the type of business that we have and the type of value that we realized from that business. And so at this juncture, we actually feel very good about holding business. We actually derisk the business tremendously. We moved out of a lot of types of businesses that have a bit more of that both volatility or long-term tail.

因此，我們認為市場沒有充分發展，無法關注我們擁有的業務類型以及我們從該業務中實現的價值類型。所以在這個時刻，我們實際上對持有業務感覺非常好。我們實際上極大地貶低了這項業務。我們退出了許多具有更多波動性或長期尾部的業務類型。

Our mix of business, including our variable annuities, without living benefits is a significant part of our portfolio. The other portfolio with the living benefits that's closed at this point was actually done in the right way with the right benefits and the right hedging. And so we get good cash flow from these businesses and good stability.

我們的業務組合，包括我們的可變年金，沒有生活福利是我們投資組合的重要組成部分。在這一點上關閉的具有生活福利的另一個投資組合實際上是以正確的方式完成的，具有正確的福利和正確的對沖。因此，我們從這些業務中獲得了良好的現金流和良好的穩定性。

I think you even saw in the current quarter, this has been a nice stability for us as you get depreciating markets on the equity side. And now Walter's able to even invest out longer and get higher yields on the book, which is good. In our long-term care book, you can see the quality of that even over the current years and a number of years. And so here again, there might be some opportunities as people start to get more informed on this over time that we'll see, and I think we're starting to.

我想你甚至在本季度看到，這對我們來說是一個很好的穩定性，因為你在股票方面看到了貶值的市場。現在沃爾特甚至能夠投資更長時間並獲得更高的賬面收益，這很好。在我們的長期護理手冊中，您甚至可以看到其質量，即使是在當前幾年和幾年中。因此，隨著時間的推移，隨著時間的推移，隨著人們開始更多地了解這一點，我們可能會看到一些機會，我認為我們已經開始這樣做了。

But I think at this juncture, we're very comfortable with the hand we have, what we're doing, the type of businesses we maintain and the type of businesses we invest and the type of businesses that we move and handle the book to manage. And so we actually think it's a great complement, particularly in an environment like this.

但我認為在這個關鍵時刻，我們對我們擁有的手、我們正在做的事情、我們維持的業務類型、我們投資的業務類型以及我們轉移和處理這本書的業務類型感到非常滿意管理。所以我們實際上認為這是一個很好的補充，特別是在這樣的環境中。

That's really helpful. And Jim, maybe just shifting over to asset management. Per the presentations, clearly, in retail, the 3-, 5- and 10-year numbers are excellent versus peers. But the 1-year numbers seem to have deteriorated in both retail equity and retail fixed income. Could you kind of give a little color on why those figures have deteriorated versus peers? And strategically what you might do to turn around that performance?

這真的很有幫助。還有吉姆，也許只是轉向資產管理。根據演示文稿，很明顯，在零售業中，3 年、5 年和 10 年的數字與同行相比非常出色。但零售股票和零售固定收益的 1 年期數據似乎都在惡化。您能否就為什麼這些數字與同行相比有所惡化？從戰略上講，您可能會做些什麼來扭轉這種表現？

So again, good question. And I think we've mentioned it at a little higher level. So let me dig a little deeper for you. So overall, and across our portfolios, even for the 1 year, they're very good. There are a few pockets that -- where we have some underperformance, but it's not by a lot that really brings the averages down. So some of that's in our fixed income. So in some of the longer duration because of the rise, the spike in interest rates as quickly, our teams were much more focused on the credit side. And so the duration was a bit longer. And so that impact -- now that will come and reverse around as we get further out, where the yield will be good, et cetera.

再說一次，好問題。我認為我們已經在更高的層次上提到了它。所以讓我為你深入挖掘一下。所以總的來說，在我們的投資組合中，即使是 1 年，它們都非常好。有幾個口袋——我們有一些表現不佳的地方，但並沒有真正降低平均水平。所以其中一些是在我們的固定收益中。因此，在一些較長的期限內，由於利率上升，利率飆升的速度很快，我們的團隊更加專注於信貸方面。所以持續時間有點長。因此，這種影響——現在隨著我們走得更遠，產量會很好，等等，這種影響會出現並逆轉。

But I would probably say that's where we've gotten some of the impact, not on the shorter duration, on the longer. And then the second part is in Europe. And it's not because of underperformance. It's because in Europe, when they have equities, they don't break their benchmark into value versus growth, et cetera. And so we have more growth quality-oriented portfolios. And as you would understand, value has performed a bit better in this market. Even though it's down, it's been down less than growth-oriented. And so those -- as benchmarks underperformed the benchmark. But our clients there understand that. That's why they invested in the portfolios and they know and feel good about what that is over the longer term. But on a benchmark basis, that's why you got the underperformance.

但我可能會說，這就是我們獲得一些影響的地方，而不是更短的持續時間，而是更長的時間。然後第二部分是在歐洲。這並不是因為表現不佳。這是因為在歐洲，當他們擁有股票時，他們不會將基準分解為價值與增長等。因此，我們擁有更多以增長質量為導向的投資組合。正如你所理解的，價值在這個市場上的表現要好一些。儘管它下降了，但它的下降幅度小於增長導向。所以那些 - 作為基準表現低於基準。但我們那裡的客戶明白這一點。這就是為什麼他們投資於投資組合併且他們知道並且對長期而言感覺良好。但在基準的基礎上，這就是你表現不佳的原因。

We'll take our next question from Craig Siegenthaler with Bank of America.

我們將向美國銀行的 Craig Siegenthaler 提出下一個問題。

My question is on brokerage cash sorting. How do you expect sorting activity to trend over the next 6 to 12 months? And what do you see as the direct impact to both money market fund AUM and cash balances?

我的問題是關於經紀現金分類的。您預計未來 6 到 12 個月的分揀活動趨勢如何？您認為對貨幣市場基金資產管理規模和現金餘額的直接影響是什麼？

So let me start and if Walter wants to complement. So we already have -- and what you've seen in the growth of our cash, there's already half the cash of cash sorting occurring. So the growth of cash itself, if you call it in a larger category is higher than our $46 billion because money has gone into money markets and they have gone into shorter duration funds and some brokered activities.

所以讓我開始，如果沃爾特想要補充。所以我們已經有了 - 你在我們的現金增長中看到的，已經有一半的現金分揀發生了。所以現金本身的增長，如果你把它歸為一個更大的類別，它會高於我們的 460 億美元，因為資金已經進入貨幣市場，它們已經進入了更短期限的基金和一些經紀活動。

And so with the growth that we have, this is more of the continuation of the growth that's more in the transactional and held for cash or in our certificate programs. And so -- we saw some of that cash sorting occur in the third quarter, as you said. We may see some more of it, but the ties of the cash has grown because people have moved money to the sidelines.

因此，隨著我們的增長，這更多地是交易和現金或我們的證書計劃中更多的增長的延續。所以 - 正如你所說，我們看到一些現金分類發生在第三季度。我們可能會看到更多，但由於人們將資金轉移到場外，現金的聯繫已經增加。

The only thing I would add there is I think as Alicia said yesterday, over 50% of this transitional working cash is less than $100,000 or $100,000 or less. So its stickiness is there and certainly we are competitive in what we do. So I think the sorting is less of an issue for us from that standpoint. Because in the higher tiers, we are competitive, and we constantly evaluate, like I said, weekly to ensure that, that stays. So it's a different model that we have, and I think it's demonstrating its stickiness.

我唯一要補充的是，正如艾麗西亞昨天所說，超過 50% 的過渡性工作現金低於 100,000 美元或 100,000 美元或更少。所以它的粘性是存在的，而且我們當然在我們所做的事情上具有競爭力。所以我認為從這個角度來看，排序對我們來說不是問題。因為在更高的級別，我們是有競爭力的，我們會不斷地評估，就像我說的那樣，每週都會進行評估，以確保這種情況保持不變。所以這是一個不同的模型，我認為它展示了它的粘性。

Thank you, Walter. Then sticking with brokerage cash. What are your longer-term targets for both off-balance sheet cash and then on balance sheet cash inside of the bank. And I'm thinking when you reach more of an equilibrium and your cash mix is post the bulk transfer effort.

謝謝你，沃爾特。然後堅持使用經紀現金。您對錶外現金和銀行內部資產負債表現金的長期目標是什麼？我在想，當你達到更多的平衡並且你的現金組合是在批量轉移工作之後。

So let me take a shot. Listen, obviously, we have a growing situation, certainly with getting additional cash from our current clients and new [year] is coming in. So we think -- we see that as growing from that standpoint. And we will gauge it as obviously the impact of looking at alternatives because it is, again, transitional on where it's going to go. But that is something from a directional standpoint very sticky, and we do see certainly potential to grow.

所以讓我拍一張。聽著，顯然，我們的情況正在增長，當然從我們現有的客戶那裡獲得額外的現金，新的 [year] 即將到來。所以我們認為 - 從這個角度來看，我們認為這是在增長。我們將評估它顯然是尋找替代方案的影響，因為它再次是它走向的過渡。但從方向的角度來看，這是非常棘手的事情，我們確實看到了增長的潛力。

But we will then look for, as I indicated, the ability to redeploy in our multiple strategies to ensure the stability of our earnings that we have, both in garnering the higher yield with the -- certainly the high -- the low-risk profile that we do and to ensure that. So I would say that you'll see the percentage going over the bank increasing as we progress, as we feel confident. But it's all situational driven.

但是，正如我所指出的那樣，我們隨後將尋找重新部署我們的多種策略的能力，以確保我們所擁有的收益的穩定性，既能獲得更高的收益，也能獲得更高的收益——當然是高風險——低風險我們這樣做並確保這一點。所以我想說，隨著我們的進步，你會看到銀行的百分比增加，因為我們有信心。但這都是情境驅動的。

And that's why I said when I said in my talk points $3 billion is probably at least $3 billion because we do see, in this case, but we reevaluate that. There's a substantial opportunity to use the bank, not just for the investments, we're talking about to grow the capabilities that we have to meet our clients' needs, also with deposit products and other products that they're developing at this stage.

這就是為什麼我在我的談話要點中說 30 億美元可能至少是 30 億美元，因為我們確實看到，在這種情況下，但我們重新評估了這一點。使用銀行的機會很大，不僅用於投資，我們正在談論增強我們必須滿足客戶需求的能力，以及他們現階段正在開發的存款產品和其他產品。

Yes, we'll be launching a number of deposit products in the bank starting in the first quarter and then high-yielding type of deposits and other things that you see in some of the other types of institutions later in the year. So we feel there's an opportunity to not just transfer money in, but to actually grow the deposit base.

是的，我們將從第一季度開始在銀行推出一些存款產品，然後是高收益類型的存款以及您在今年晚些時候在其他一些類型的機構中看到的其他產品。因此，我們認為有機會不僅可以轉移資金，而且可以實際增加存款基礎。

We'll take our next question from Kenneth Lee with RBC Capital Markets.

我們將回答 RBC 資本市場的 Kenneth Lee 的下一個問題。

Just one on the asset management business. In terms of the margins, obviously above the target range this past quarter. Wondering if there's any specific factors driving that, any potential benefits that are nonrecurring? And in terms of the outlook for margins, you mentioned potential erosion based on FX. Just wondering if you could just further expand that.

只是資產管理業務中的一項。就利潤率而言，顯然高於上個季度的目標範圍。想知道是否有任何特定因素推動了這一點，任何潛在的好處是非經常性的？就利潤率前景而言，您提到了基於外彙的潛在侵蝕。只是想知道您是否可以進一步擴展它。

So on the margins, as you saw, certainly as it relates to the markets that we looked at last year, they're running there in the 40s, and we mentioned that we're certainly getting the benefits from the market appreciation that was taking place.

因此，正如你所看到的，在利潤上，當然與我們去年觀察的市場有關，它們在 40 年代就在那裡運行，我們提到我們肯定會從正在採取的市場升值中受益地方。

And now you're seeing from that standpoint, we've already absorbed the lower margin as we indicated to that associated with the BMO business, which is the nature of the business. So this 35.6% range is that above -- slightly above our target of 31% to 35%. That's been impacted by the market, primarily. There's no abnormalities that we see other than the foreign exchange and the other things that have impacted that.

現在你從這個角度看到，我們已經吸收了與 BMO 業務相關的較低利潤率，這是業務的性質。所以這個 35.6% 的範圍高於 - 略高於我們 31% 到 35% 的目標。這主要是受到市場的影響。除了外彙和其他影響它的事情外，我們沒有看到任何異常情況。

But as I'll mention, the market -- basically depreciation substantially took place in the September time frame. So you will see a carryover of that into the fourth quarter, but that will be a market-driven situation, we'll probably move to the low end of the range.

但正如我將提到的，市場——基本上貶值發生在 9 月份的時間範圍內。因此，您會看到這種情況會延續到第四季度，但這將是市場驅動的情況，我們可能會移至該範圍的低端。

And foreign exchange, we have 40% of our assets. As you know, a year ago with the BMO acquisition in Europe and the U.K. And you can see the size of that depreciation of the pound and the euro, and that had a sizable effect. Now hopefully, that will stabilize over time. Because with the dollar so strong, maybe start to come back in a fashion that would be a positive. But the combination of that and depreciating markets have really squeezed that a bit.

而外匯，我們擁有我們40%的資產。如您所知，一年前，隨著 BMO 在歐洲和英國的收購，您可以看到英鎊和歐元貶值的幅度，這產生了相當大的影響。現在希望，隨著時間的推移，這種情況會穩定下來。因為美元如此強勁，可能會開始以一種積極的方式回歸。但這與貶值的市場相結合，確實有點擠壓了這一點。

Got you. Very helpful. And just one follow-up, if I may, just on the annual actuarial review. Wondering if you could just share with us some of the key assumption changes driving most of the impact.

得到你。非常有幫助。如果可以的話，就年度精算審查進行一次後續行動。想知道您是否可以與我們分享一些推動大部分影響的關鍵假設變化。

Well, okay. The key elements that drove it from the actuarial element was that we adjusted our mortality tables. And from the standpoint of we look at our experience and -- so that was one. And then we also saw lower lapses coming in, and therefore, extending a living benefits going those that are primary. Well, again, nothing out of pattern. It was just -- that was the trend line.

哦，那好吧。推動它脫離精算要素的關鍵要素是我們調整了死亡率表。從我們的角度來看，我們的經驗和 - 這就是其中之一。然後我們還看到出現了較低的失誤，因此，將生活福利擴展到那些主要的人。好吧，再一次，沒有什麼不合時宜的。只是——那是趨勢線。

And we did not adjust our interest rates where we had lowered them a year ago. And you can see the rise in interest rates.

而且我們沒有調整我們一年前降低利率的利率。你可以看到利率的上升。

Good point.

好點子。

We'll take our next question from Tom Gallagher with Evercore ISI.

我們將向 Evercore ISI 的 Tom Gallagher 提出我們的下一個問題。

First question is just how do you think about the ROI difference right now between the build and bank versus the benefit of share repurchase? Thinking about how much you've grown the size of that bank and the capital that's been used to build that up. I assume those are pretty high ROEs.

第一個問題是您如何看待構建和銀行之間的投資回報率差異與股票回購的好處？想想你已經擴大了那家銀行的規模以及用於建立它的資本。我認為這些都是相當高的 ROE。

But just curious if you can give some perspective on what level ROE, ROI, however you want to describe it and how that would compare to the return you get from share repurchase.

但只是好奇您是否可以就 ROE、ROI 水平給出一些看法，但是您想描述它以及與您從股票回購中獲得的回報相比如何。

Well, it's interesting because, listen, I think as you look at the amount of free cash flow we generate and the amount of excess capital we have and our ability to -- does not inhibit in any manner, shape or form our ability to continue to grow and invest in our bank, to go on the benefits of both. And we constantly are making that evaluation, accessing our excess as it is the situation and the generation that we have. So I would say the return to the bank are certainly getting to very respectful levels.

嗯，這很有趣，因為，聽著，我認為當你看到我們產生的自由現金流量、我們擁有的超額資本數量以及我們的能力——不會以任何方式抑制、塑造或形成我們繼續發展的能力發展和投資我們的銀行，繼續受益於兩者。我們不斷地進行評估，訪問我們的過剩，因為它是我們所擁有的情況和一代人。所以我想說，銀行的回報肯定達到了非常值得尊重的水平。

And the buyback from that standpoint is an element that we look at certainly our excess looking at the opportunity to return to shareholders and then other opportunities. But one of the things that we constantly do is the ability that we are not basically stopping or reducing our impact of investing in the business. And that is a key to us.

從這個角度來看，回購是我們關注的一個因素，我們肯定會關注我們過度關注回報股東的機會，然後是其他機會。但我們經常做的一件事是，我們基本上不會停止或減少我們對業務投資的影響。這對我們來說是一個關鍵。

So I would say they're not mutually exclusive. We kind of.

所以我想說它們不是相互排斥的。我們有點。

And I think you'll also find that the bank now will become a nice complement. And it's not just for what it is today, but strategically, it will actually help us expand our relationships, deepen them with clients, offer a lot of other products and situational for the wealth business. And so we actually think it's a great diversifier and a great complement. And that capital that we're deploying, we'll get a very good return on it.

而且我想你也會發現銀行現在將成為一個很好的補充。這不僅僅是因為今天的情況，而且在戰略上，它實際上將幫助我們擴大我們的關係，加深與客戶的關係，為財富業務提供許多其他產品和情境。所以我們實際上認為它是一個很好的多樣化和很好的補充。而我們正在部署的資金，我們將獲得非常好的回報。

Okay. And then -- and just a follow-up on the whole cash benefit that you would still expect to see heading into 2023. I just want to make sure I'm thinking about this correctly or at least directionally correctly.

好的。然後 - 只是對您仍然希望在 2023 年看到的全部現金收益的後續行動。我只是想確保我正確地考慮這個問題，或者至少在方向上是正確的。

If I add -- look at the $46 billion all-in of balances and listen to everything you've said so far, on the revenue side, I can -- and I'm going to compare it to the run rate you had in 3Q to then where they should go to in 2023. But on the revenue side, I can get somewhere in the $300 million to $400 million pretax earnings revenue pickup headed into 2023.

如果我添加 - 看看 460 億美元的全部餘額，聽聽你到目前為止所說的一切，在收入方面，我可以 - 我將把它與你的運行率進行比較從第三季度到 2023 年他們應該去的地方。但在收入方面，我可以在 2023 年之前的 3 億至 4 億美元的稅前收入回升中獲得某個地方。

But then it's a little less clear to me how much of a give up you would expect to have on cost of crediting, whether that's 20%, 50%. And any -- so Walter, curious if you can give me some idea whether I'm in the right directional place on the revenue pickup and then also on the [credit].

但是，我不太清楚您希望在貸記成本方面放棄多少，無論是 20% 還是 50%。還有任何 - 所以沃爾特，很好奇你能否給我一些想法，我是否在收入增長以及[信用]方面處於正確的方向。

Tom, I'm not going into focus. I will say, as you see what the trend lines are and certainly the elements of potential rate increases and the balances we have, but there's a lot of variables that go into it. But certainly, we have a very, very strong trend line as we certainly go into the fourth quarter and going into 2023. And we feel with the complement of both the short cash coming out of the sweep accounts and the investments there and the spreads that we're picking up in the bank, you can imagine it is going to be a positive trend as we move into the fourth and first in 2023.

湯姆，我不會集中註意力。我會說，正如你看到的趨勢線是什麼，當然還有潛在利率上升的要素和我們所擁有的平衡，但其中有很多變數。但可以肯定的是，隨著我們進入第四季度並進入 2023 年，我們肯定有一條非常非常強勁的趨勢線。我們感覺到來自掃蕩賬戶的短期現金以及那裡的投資和利差的補充我們正在銀行中復蘇，你可以想像，隨著我們進入 2023 年的第四和第一，這將是一個積極的趨勢。

And Walter, sorry, just a follow up on that. Anything you can offer -- it doesn't look like you've had to give much up on cost of crediting so far. Any sense for how that might change? Do you think that's still going to be a fairly low impact? Or do you think that, that might move off?

沃爾特，對不起，只是跟進。您可以提供的任何東西——到目前為止，您似乎不必放棄太多的信用成本。對這可能會如何改變有任何意義嗎？您認為這仍然會產生相當低的影響嗎？或者你認為那可能會消失？

I would say this. What we're saying is there is an increase in crediting rates and there will be as rates continue to be persistent or go up. we will make adjustments. Again, based on size of account and whether it's really a transactional or not and keeping the cash. But as Walter said, some of that could be -- will be offset based on some of the rollover and assets we have in the bank and how to invest as well as what we transfer.

我會這麼說。我們所說的是，貸記利率會有所上升，而且隨著利率繼續保持不變或上升，貸記利率也會有所上升。我們會做出調整。同樣，根據帳戶的大小以及它是否真的是交易並保留現金。但正如沃爾特所說，其中一些可能 - 將根據我們在銀行的一些展期和資產以及如何投資以及我們轉移的內容來抵消。

But also there's a question is the Fed going to continue to raise rates. I mean, it's pretty much, we think, is going to go up again. I know there's a lot of things that the Fed is going to pull back next year. But with inflation so persistent, I'm not sure if that's the case. And if it is, we have the ability to invest out.

但還有一個問題是美聯儲將繼續加息。我的意思是，我們認為，它幾乎會再次上漲。我知道美聯儲明年將撤回很多事情。但由於通貨膨脹如此持續，我不確定是否是這樣。如果是這樣，我們就有能力進行投資。

So I think we're feeling very good in that what we get from the bank what we get from the overall business will offset the appreciating markets and give us a nice complement here.

因此，我認為我們感覺非常好，因為我們從銀行獲得的收益將抵消升值的市場，並在這裡給我們一個很好的補充。

We'll take our next question from Steven Chubak with Wolfe Research.

我們將向 Wolfe Research 的 Steven Chubak 提出下一個問題。

So I wanted to start off with a question just on the organic growth drivers in AWM. The 6% organic growth, certainly a good result given the choppy tape. It looks like you recorded some wins in the financial institutions channel during the quarter. How material were some of those wins from an M&A perspective? And could you help frame the organic growth opportunity that you envisage within that channel?

所以我想從一個關於 AWM 的有機增長驅動力的問題開始。 6% 的有機增長，考慮到波濤洶湧的大盤，無疑是一個不錯的結果。看起來您在本季度在金融機構渠道中取得了一些勝利。從併購的角度來看，其中一些勝利的重要性如何？您能否幫助構建您在該渠道中設想的有機增長機會？

Yes. So we are getting some nice wins, and we actually have a good pipeline of even some larger-size types of deals, arrangements. And as those deals occur, the assets usually follow. So in that sense, you have that pipeline that occurs and then you bring on the advisers, et cetera, to help grow those channels. So we feel it will be a nice growth business for us. Again, based on the size and scale compared to our other businesses, it's not of the scale yet, but we think this will grow in scale over time. And so we feel very good about it. We don't break out information yet. That will be something we'll look at down the road.

是的。所以我們取得了一些不錯的勝利，我們實際上有一個很好的渠道，甚至可以處理一些更大的交易、安排。隨著這些交易的發生，資產通常會隨之而來。因此，從這個意義上說，你有那個渠道，然後你會聘請顧問等來幫助發展這些渠道。因此，我們認為這對我們來說將是一項不錯的增長業務。同樣，基於與我們其他業務相比的規模和規模，它還沒有達到規模，但我們認為這將隨著時間的推移而擴大。所以我們對此感覺很好。我們還沒有公佈信息。這將是我們將在路上看到的東西。

Got it. And just a follow-up on the earlier discussion relating to cash sorting. You noted that you've seen some better cash sorting trends relative to peers. Some of your peers also alluded to a benefit from heavy selling activity in September. I was hoping you can just give an update on what you're seeing in terms of cash balance trends or levels in October. And maybe a little bit more specificity just in terms of where you expect cash balances to settle out once we reach, whether it's terminal Fed funds or just peak sorting activity across the complex?

知道了。並且只是對與現金分類有關的早期討論的跟進。您注意到您已經看到了一些相對於同行更好的現金分類趨勢。您的一些同行還暗示從 9 月份的大量拋售活動中受益。我希望您能就 10 月份的現金餘額趨勢或水平提供最新信息。就您期望現金餘額在我們到達後結算的地方而言，也許更具體一點，無論是終端聯邦基金還是整個綜合體的峰值分類活動？

The only thing -- I mean the way I would position it to you is we've always had a certain level that is held in our cash based on how we do asset allocation, how we have it for clients' liquidity needs and emergency, or even for cash to reinvest in and balances that our ability to allocate. And so if you assume that's the case, 5%, 6%, you can look at it that way. Of course, cash has built up a bit more, and we saw that. And that's why I said there's a complement to cash above what we're holding that had gone into some of these other types of money markets and other things and brokerage CDs, et cetera, et cetera, so -- on structured.

唯一的——我的意思是我對你的定位是，根據我們如何進行資產配置，我們如何為客戶的流動性需求和緊急情況提供現金，我們的現金中始終持有一定的水平，甚至是現金再投資和平衡我們的分配能力。因此，如果您假設是這種情況，5%、6%，您可以這樣看。當然，現金已經積累了更多，我們看到了這一點。這就是為什麼我說除了我們持有的現金之外，還有一個補充，這些現金已經進入了一些其他類型的貨幣市場和其他事物以及經紀 CD 等等，等等——在結構化的情況下。

So I would probably say we are not seeing that there would be a dramatic falloff in the cash that we're holding. There may be some adjustment because it's gone up a bit. But we feel very comfortable that within that type of range of percentage to assets, because, again, this is not where people are holding huge amounts of cash just short term. They usually -- our advisers usually invest at 1 level anyway, even if it's in a type of cash product or a bond.

所以我可能會說，我們沒有看到我們持有的現金會急劇下降。可能會有一些調整，因為它上升了一點。但在這種資產百分比範圍內，我們感到非常舒服，因為這又不是人們短期持有大量現金的地方。他們通常——不管怎樣，我們的顧問通常都以 1 級投資，即使它是一種現金產品或債券。

I think over time, fixed income will come back. That bodes well for our asset management business as well and go to work in our wrap accounts. But I still think that the 5% or 6% would be rational as the clients as we've seen over the past.

我認為隨著時間的推移，固定收益會回來。這對我們的資產管理業務來說也是個好兆頭，並且可以在我們的打包賬戶中工作。但我仍然認為 5% 或 6% 作為我們過去看到的客戶是合理的。

We'll take our next question from John Barnidge with Piper Sandler.

我們將回答 John Barnidge 和 Piper Sandler 的下一個問題。

Can you talk about your outlook for expense reductions in asset management with the BMO acquisition now coming up on a full year? I know the 1-year rule is important for European regulators.

您能否談談您對隨著 BMO 的收購即將到來的整年而削減資產管理費用的前景？我知道 1 年規則對歐洲監管機構很重要。

Synergies from the BMO acquisition, synergies.

來自 BMO 收購的協同效應，協同效應。

Synergies right now are actually on track. As we talked about, we gave in our -- when we announced that we are tracking on synergies. Obviously, from that standpoint, the synergies between us are, what?

現在的協同效應實際上正在走上正軌。正如我們所說，當我們宣布我們正在跟踪協同效應時，我們放棄了。顯然，從這個角度來看，我們之間的協同作用是什麼？

For next year as well.

明年也一樣。

For 2023, that's what I would say, the bulk of these synergies will be achieved as we go, and we'll also then complete our -- most of our transition expense activities as related to it. And so we're on track and performing.

對於 2023 年，我想說的是，這些協同效應的大部分將隨著我們的發展而實現，然後我們還將完成與此相關的大部分過渡費用活動。因此，我們走上了正軌並進行了表演。

And most of what you saw in the reduction in expenses wasn't necessarily from synergies yet in the current periods. So that's more of tightening up our expenses as we go in, and the team is doing a good job of rationalizing what that is. And we'll look to maintain control of those expenses. We are still making some nice investments in asset management. But I think the synergies will be helpful as well as we go in, that will offset some of the compression that we're seeing in the European markets.

而且您在費用減少中看到的大部分內容不一定來自當前時期的協同效應。因此，當我們進入時，這更多的是收緊我們的開支，而團隊在合理化開支方面做得很好。我們將尋求保持對這些費用的控制。我們仍在資產管理方面進行一些不錯的投資。但我認為，隨著我們的加入，協同效應會有所幫助，這將抵消我們在歐洲市場看到的一些壓縮。

And then my follow-up question, do you feel only mortality is the best strongest or healthiest in 3Qs annually? Did that pre-COVID cadence to mortality trends returned for the Retirement & Protection Solutions Life business?

然後我的後續問題是，您是否認為每年 3Q 中只有死亡率才是最強或最健康的？退休和保護解決方案人壽業務是否恢復了 COVID 之前對死亡率趨勢的節奏？

So if you're talking the mortality table that we addressed it in the second?

所以，如果你說的是我們在第二部分提到的死亡率表？

No, I'm just talking about (inaudible) in the quarter.

不，我只是在談論本季度的（聽不清）。

The mortality in our normal life business? Again, on mortality and like we're using basically industry tables right now, and we are basically seeing that our trends are totally consistent with the industry tables that we've been -- that are out there.

我們日常生活中的死亡率？同樣，關於死亡率，就像我們現在基本上使用行業表格一樣，我們基本上看到我們的趨勢與我們一直在使用的行業表格完全一致 - 就在那裡。

Our last question will come from Erik Bass with Autonomous Research.

我們的最後一個問題將來自自主研究的 Erik Bass。

Maybe for wealth management. Just trying to put it all together. It doesn't sound like there's anything unusual that benefited margins this quarter and to still expect to see some benefits from interest rates going forward. So do you see a margin in the 27% range sustainable near term and something that could potentially even move higher when market stabilize?

也許是為了財富管理。只是想把它們放在一起。聽起來本季度沒有什麼不尋常的事情使利潤率受益，並且仍然期望從未來的利率中看到一些好處。那麼，您是否認為 27% 的利潤率在短期內是可持續的，並且在市場穩定時甚至可能走高？

I would say, listen, our margin, the base business are increasing. But really, we are getting lift from the interest rates, and that is an important contributor. And certainly, we do see margins from those activities of being larger elements as you look at the bank and you look at the sweet cash. So yes, the answer is, yes, we do see the margins will be increasing based upon the current assumptions that we see.

我想說，聽著，我們的利潤，基礎業務正在增加。但實際上，我們正在從利率中得到提振，這是一個重要的貢獻者。當然，當您查看銀行並查看可觀的現金時，我們確實看到了這些更大元素的活動的利潤。所以是的，答案是，是的，根據我們看到的當前假設，我們確實看到利潤率會增加。

And then just last thing, just on the new adviser recruiting outlook. Can you just talk about how market conditions are affecting your ability to recruit advisers? Because it was a good quarter this quarter, but I know things sort of happen on a lag. So are you seeing any change in the pipeline? .

然後是最後一件事，只是關於新顧問的招聘前景。您能談談市場狀況如何影響您招募顧問的能力嗎？因為本季度是一個不錯的季度，但我知道事情的發生有點滯後。那麼你看到管道有什麼變化嗎？ .

No. We see a good pipeline. We are maintaining sort of our focus on that and the areas of levels that you've been seeing. I think we are finally breaking through as far as what advisers understand about our business. I mean, when we compared what we do, our capabilities, our technology, et cetera, I think advisers are very impressed and we get very good complements. I mean 9 times out of 10 advisers join us say that our capabilities, technology support is way beneficial from the firms that they joined us from, whether they be the independents or the wires, et cetera. So we feel very good about what that is as long as we have the conversations.

不，我們看到了一個很好的管道。我們將繼續關注這一點以及您所看到的關卡領域。我認為，就顧問對我們業務的理解而言，我們終於取得了突破。我的意思是，當我們比較我們所做的事情、我們的能力、我們的技術等等時，我認為顧問們印象深刻，我們得到了很好的補充。我的意思是，在加入我們的 10 位顧問中有 9 位表示，我們的能力、技術支持對他們加入我們的公司非常有益，無論他們是獨立公司還是電信公司等等。因此，只要我們進行對話，我們就會對那是什麼感覺非常好。

And that does conclude today's presentation. Thank you for your participation, and you may now disconnect.

今天的演講到此結束。感謝您的參與，您現在可以斷開連接。