阿默普萊斯金融 (AMP) 2023 Q4 法說會逐字稿

Welcome to the Fourth Quarter 2023 Earnings Call. My name is Krista, and I'll be your conference operator for today's call. (Operator Instructions) And as a reminder, this conference is being recorded.

歡迎參加 2023 年第四季財報電話會議。我叫克里斯塔，我將擔任今天電話會議的會議接線生。 （操作員說明）謹此提醒，本次會議正在錄製中。

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

我現在將把電話轉給艾莉西亞慈善機構。艾莉西亞，你可以開始了。

Thank you, and good morning. Welcome to Ameriprise Financial's fourth 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'll be happy to take your questions.

謝謝你，早安。歡迎參加 Ameriprise Financial 第四季財報電話會議。今天與我通話的有董事長兼執行長 Jim Cracchiolo 和財務長 Walter Berman。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 see a discussion of forward-looking statements. Specifically, during the call, you will hear reference to various non-GAAP financial measures, which we believe provide insight into company 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簡報資料。在投影片 2 上，您可以看到對前瞻性陳述的討論。具體來說，在電話會議期間，您將聽到各種非公認會計準則財務指標的提及，我們相信這些指標可以深入了解公司營運。非 GAAP 數據與其各自 GAAP 數據的調整可以在今天的材料和我們的網站上找到。

Some statements that we make on the 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 fourth quarter 2023 earnings release, our 2022 annual report to shareholders and our 2022 10-K report. We make no obligation to publicly update or revise these forward-looking statements.

我們在電話會議上所做的一些陳述可能具有前瞻性，反映了管理層對未來事件以及整體營運計劃和業績的預期。這些前瞻性陳述僅代表今天的情況，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有重大差異的因素和風險樣本清單可以在我們的 2023 年第四季收益發布、我們向股東提交的 2022 年年度報告和 2022 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 fourth quarter. Below that, you see 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.

在投影片 3 上，您可以在頁面頂部看到我們第四季的 GAAP 財務表現。在其下方，您可以看到調整後的經營業績，管理層認為，這些業績透過反映我們核心業務的基本績效，增強了對我們業務的理解，並有助於進行更有意義的趨勢分析。管理層在今天的電話會議上發表的許多評論將集中於調整後的經營業績。

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

有了這個，我會把它交給吉姆。

Good morning, everyone. I hope that 2024 started off well for each of you. As you saw in our earnings release, Ameriprise delivered a strong fourth quarter to complete an excellent year. I'm proud of our team and what we've accomplished. We've navigated the environmental uncertainty well, supported our clients, and further demonstrated the strength of our value propositions.

大家，早安。我希望 2024 年對你們每個人都有一個好的開始。正如您在我們的財報中看到的那樣，Ameriprise 實現了強勁的第四季度業績，完成了出色的一年。我為我們的團隊和我們所取得的成就感到自豪。我們很好地應對了環境的不確定性，為我們的客戶提供了支持，並進一步證明了我們價值主張的優勢。

Regarding the operating environment. What was more positive to end 2023 and start the new year, we know there are questions regarding the continuation of economic growth, inflation and the timing of interest rate reductions. Of course, markets are unpredictable. However, at Ameriprise, our expertise is preparing both our clients and the business to be successful even in an uncertain climate.

關於運行環境。 2023 年底和新年伊始，更積極的一點是，我們知道經濟持續成長、通膨和降息時機存在疑問。當然，市場是不可預測的。然而，在 Ameriprise，我們的專業知識使我們的客戶和企業即使在不確定的環境下也能取得成功。

Now with that backdrop, let's move to our results. For the quarter, revenue growth continued to be robust, up 8%, reflecting good organic growth and positive markets. We again generated strong earnings growth with EPS up 10% or 14% normalized for the items referenced in our press release. And our nearly 50% ROE is consistently among the best in the industry.

現在，在這樣的背景下，讓我們看看我們的結果。本季營收成長持續強勁，成長 8%，反映出良好的有機成長和積極的市場。我們再次實現了強勁的獲利成長，對於新聞稿中提到的項目，每股盈餘正常化成長了 10% 或 14%。我們近50%的ROE一直在業界名列前茅。

We also delivered excellent full year adjusted operating results. Excluding unlocking and the items we referenced, revenue was $15.4 billion, up 8%. Earnings increased 18% to $3.3 billion. And our EPS was $30.46, up another 24%. In fact, these are record results for Ameriprise, and assets under management and administration were near an all-time high at $1.4 trillion.

我們也實現了出色的全年調整後經營業績。不包括解鎖和我們提到的項目，收入為 154 億美元，成長 8%。獲利成長 18%，達到 33 億美元。我們的每股收益為 30.46 美元，又成長了 24%。事實上，這些是 Ameriprise 創紀錄的業績，管理和管理的資產接近 1.4 兆美元的歷史最高水平。

Across the firm, we're very well positioned to help investors with our compelling client experience and complement the business' capabilities and talented team.

在整個公司中，我們處於非常有利的位置，可以透過令人信服的客戶體驗來幫助投資者，並補充業務能力和才華橫溢的團隊。

With regard to some business highlights. Wealth Management delivered another strong quarter. Our efforts are centered on engaging more people in our advice-based client experience, which helps our clients achieve more of their goals and creates higher satisfaction, net flows and productivity growth.

關於一些業務亮點。財富管理部門再次實現強勁的季度業績。我們的努力集中在讓更多的人參與我們基於建議的客戶體驗，這有助於我們的客戶實現更多目標，並創造更高的滿意度、淨流量和生產力成長。

Client acquisition was up nicely in the quarter, especially in the $500,000 to $5 million client segment. Total client assets increased to a new record of $901 billion, up 19%, and client flows were approximately $23 billion. Total transactional activity picked up a bit in the quarter. However, given the environment, clients continued to maintain higher cash levels with assets and cash products growing to about $82 billion. Over time, we expect these assets will be further deployed as clients return to the markets more fully.

本季客戶獲取量大幅成長，尤其是價值 50 萬至 500 萬美元的客戶群。客戶總資產增至新紀錄的 9,010 億美元，成長 19%，客戶流量約 230 億美元。本季總交易活動略為回升。然而，考慮到當前的環境，客戶繼續保持較高的現金水平，資產和現金產品增長至約 820 億美元。隨著時間的推移，我們預計隨著客戶更充分地重返市場，這些資產將進一步部署。

Year after year, our adviser productivity growth is consistently among the best in the industry. In fact, it increased another 11% to a new high of $916,000 per adviser in the quarter. Our field force is highly engaged, and they value the Ameriprise culture.

年復一年，我們顧問的生產力成長始終名列業界前列。事實上，本季每位顧問的費用增加了 11%，達到 91.6 萬美元的新高。我們的現場人員高度敬業，他們重視 Ameriprise 文化。

As to the experienced advisers we recruit. In the quarter, we brought on board 166 productive advisers, which includes the Comerica advisers who joined us. Recruits tell us that associating with Ameriprise has given them a strong client value proposition integrated technology and the leadership support they need to provide first-class service to their clients and grow their practices.

至於我們聘請的經驗豐富的顧問。本季度，我們聘請了 166 名富有成效的顧問，其中包括加入我們的 Comerica 顧問。新員工告訴我們，與 Ameriprise 合作為他們提供了強大的客戶價值主張整合技術和領導支持，為客戶提供一流的服務並發展他們的實踐。

Our bank continues to provide benefits and grow nicely. Bank and certificate assets increased 28% to $37 billion. We see good opportunity here to further deepen client relationships and bring in more of our client assets that they hold at other banking institutions.

我們的銀行繼續提供福利並且發展良好。銀行和憑證資產增加 28%，達到 370 億美元。我們在這裡看到了進一步深化客戶關係並引入更多客戶在其他銀行機構持有的資產的良好機會。

As you can see, our consistent focus and investment in the business is driving strong results. And we're not standing still. We continue to invest significantly to drive further efficiency and organic growth. Advisers using our integrated e-meeting capability, customer relationship platform and online adviser dashboards find that these tools enhance their ability to deliver for clients and manage their practices, as well as identify growth opportunities. We're also leveraging advanced analytics and accelerating enhancements to our mobile and digital experiences on our public and secure sites to engage more clients and prospects.

正如您所看到的，我們對業務的持續關注和投資正在推動強勁的業績。我們並沒有停滯不前。我們繼續大力投資，以進一步推動效率和有機成長。使用我們的整合電子會議功能、客戶關係平台和線上顧問儀表板的顧問發現，這些工具增強了他們為客戶提供服務和管理其實踐以及發現成長機會的能力。我們還利用先進的分析並加速增強公共和安全網站上的行動和數位體驗，以吸引更多客戶和潛在客戶。

I'd also highlight that Ameriprise brand awareness is strong and steady, and our growth opportunity continues to be significant. Clients and prospects across segments need meaningful contact and advice more than ever, and that's where we're concentrating. Earlier this month, I met with our field leaders to kick off the year. They are highly engaged and energized about our position and ability to build on our success in 2024.

我還要強調的是，Ameriprise 的品牌知名度強大而穩定，我們的成長機會仍然很大。各個細分市場的客戶和潛在客戶比以往任何時候都更需要有意義的聯繫和建議，而這正是我們關注的重點。本月早些時候，我與我們的現場領導會面，為新的一年拉開序幕。他們對我們在 2024 年取得成功的地位和能力高度關注並充滿活力。

Next, in Retirement & Protection, we're driving good sales. These solutions help serve our clients' comprehensive needs and the business is consistently a strong earnings contributor. The team is focused on providing a best-in-class experience with an ease of doing business and it's resulting in better sales.

接下來，在退休和保障領域，我們正在推動良好的銷售。這些解決方案有助於滿足客戶的全面需求，而該業務始終是強大的獲利貢獻者。團隊致力於提供一流的體驗，輕鬆開展業務，從而帶來更好的銷售。

Total variable annuity sales were up 15%, with good sales in our structured product. Protection sales were up 6%, driven by our higher-margin VUL product. In addition, we just introduced new enhancements to our core product lines to help further serve our clients' evolving protection and income needs.

可變年金總銷售額成長了 15%，我們的結構性產品銷售良好。在我們利潤率較高的 VUL 產品的推動下，防護銷售額成長了 6%。此外，我們剛剛對核心產品線進行了新的增強，以幫助進一步滿足客戶不斷變化的保護和收入需求。

Moving to Asset Management, we continue to serve clients in an evolving market. Assets under management grew nicely in the fourth quarter, up 9% to $637 billion driven by market appreciation and positive foreign exchange.

轉向資產管理，我們繼續在不斷發展的市場中為客戶提供服務。在市場升值和積極的外匯匯率推動下，第四季度管理資產成長良好，成長 9%，達到 6,370 億美元。

In terms of some color on flows. Our U.S. retail mutual fund outflows were in line with the industry. Though they remained pressured, we had a bit of a pickup in gross sales and redemptions have slowed from a year ago. U.K. retail remained soft, and we're seeing some improvements in Europe.

就流量的某些顏色而言。我們的美國零售共同基金流出量與產業一致。儘管他們仍然面臨壓力，但我們的銷售額有所回升，而且贖回速度較一年前有所放緩。英國零售業依然疲軟，我們看到歐洲零售業有所改善。

For global institutional, our outflows were elevated as we expected due to the actions we took to realign resources, including portfolio management changes. Our product capabilities are extensive and the team is concentrating on regaining sales momentum. Performance is critical to that, and we're delivering consistent competitive investment performance that reflects our research expertise.

對於全球機構而言，由於我們採取了重新調整資源的行動，包括投資組合管理的變化，我們的資金流出量如我們預期的增加了。我們的產品能力非常廣泛，團隊正致力於恢復銷售動能。業績對此至關重要，我們正在提供一致的、有競爭力的投資業績，反映我們的研究專業知識。

Our 3-, 5- and 10-year numbers are very strong, and we saw a nice pickup in the 1-year fixed income numbers. And I highlight that we continue to have 113 4- and 5-star Morningstar rated funds in our lineup. Like other active managers, we're managing industry pressure and doing a great deal to refine our operating processes while reducing expenses globally. We're enhancing our efficiency and effectiveness while making good investments, including in data and analytics. We're focused on leveraging our performance as well as our global distribution and servicing capabilities.

我們的 3 年期、5 年期和 10 年期數據非常強勁，我們看到 1 年期固定收益數據也出現了不錯的回升。我要強調的是，我們的陣容中繼續擁有 113 隻 4 星和 5 星晨星評級基金。與其他主動管理公司一樣，我們正在應對行業壓力，並做了大量工作來完善我們的營運流程，同時減少全球開支。我們正在提高效率和效益，同時進行良好的投資，包括在數據和分析方面。我們專注於利用我們的業績以及我們的全球分銷和服務能力。

So for Ameriprise, it was another great year and a continuation of our significant growth over many years. In addition, we built on our record of strong financial performance, including generating one of the best ROEs in the industry. And with that, we consistently demonstrate our ability to return to shareholders.

因此，對於 Ameriprise 來說，這是另一個偉大的一年，也是我們多年來顯著成長的延續。此外，我們也建立了強勁的財務業績記錄，包括產生了業內最好的股本回報率之一。由此，我們始終如一地展現了回報股東的能力。

In the fourth quarter, Ameriprise returned another $587 million, and for the full year, we returned $2.5 billion to shareholders. Over the last 5 years, we returned a substantial amount to shareholders that resulted in a share count reduction of 25%.

第四季度，Ameriprise 又返還了 5.87 億美元，全年我們向股東返還了 25 億美元。在過去 5 年裡，我們向股東返還了大量資金，導致股票數量減少了 25%。

As I look at Ameriprise, we continue to be well positioned. The strong performance we achieved is underscored by the industry accolades Ameriprise consistently earns. Over the course of the year, this is the type of recognition we received. 4.9 out of 5 stars in client satisfaction from our clients. Our employee and adviser engagement ranks among the best across all industries. We have one of the highest customer trust scores in financial services.

在我看來，Ameriprise 仍然處於有利地位。 Ameriprise 不斷獲得的業界榮譽凸顯了我們取得的強勁業績。在這一年裡，我們收到了這樣的認可。我們的客戶滿意度為 4.9 顆星（滿分 5 顆星）。我們的員工和顧問敬業度在所有行業中名列前茅。我們是金融服務領域中客戶信任度最高的國家之一。

J.D. Power has awarded us for outstanding customer service experience for our adviser phone support 5 years in a row. Ameriprise is the winner in the Wealth Management category from Kiplinger's. In addition, we've been recognized as a military-friendly employer 9 years in a row, and as a best place to work for disability inclusion. Finally, Ameriprise is among the Best Managed Companies of 2023 on the Wall Street Journal Management Top 250 list.

J.D. Power 連續 5 年因顧問電話支援而授予我們傑出的客戶服務體驗獎。 Ameriprise 是 Kiplinger 財富管理類別的獲獎者。此外，我們連續 9 年被評為軍事友善雇主，並被評為殘疾人包容性最佳工作場所。最後，Ameriprise 躋身《華爾街日報》管理 250 強排行榜 2023 年最佳管理公司之列。

For the firm overall, as we enter 130 year in the business, our foundation and business are strong. I'm immensely proud of our people, and we have a great opportunity to continue our success together in 2024.

對於公司整體而言，隨著我們進入該行業 130 年，我們的基礎和業務都很強大。我為我們的員工感到無比自豪，我們有很好的機會在 2024 年繼續共同取得成功。

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

現在我將把事情交給沃爾特，然後我們將回答你的問題。

Thank you, Jim. As Jim said, strong results this quarter continue to demonstrate the leverage of our diversified business model across market cycles.

謝謝你，吉姆。正如吉姆所說，本季的強勁業績繼續證明了我們多元化業務模式在整個市場週期中的槓桿作用。

Underlying EPS grew 14% to $7.75 after adjusting for items in the quarter that we called out in the release. These included $0.28 of expense related to a regulatory accrual, $0.14 from severance expense, and elevated mark-to-market impacts on share-based compensation expense of $0.13, resulting from Ameriprise's substantial share price appreciation. You would not have been aware of these items and their associated magnitude.

在對我們在新聞稿中指出的季度項目進行調整後，基本每股收益增長了 14%，達到 7.75 美元。其中包括與監管應計費用相關的 0.28 美元費用、0.14 美元的遣散費以及因 Ameriprise 股價大幅上漲而導致的按市值計算的 0.13 美元的股票薪酬費用影響。您不會意識到這些項目及其相關的大小。

Assets under management and administration ended the quarter at $1.4 trillion, up 15%, benefiting from $36 billion of client flows in 2023 and market appreciation. Across the firm, we continue to manage expenses tightly relative to the revenue opportunity within each segment. G&A increased only 2% normalized to the items I noted. We continue to take a disciplined approach on discretionary expenses across the firm to manage margins given the uncertainty in the macro environment as evidenced by the $26 million of severance recognized in the third and fourth quarters.

本季末，受管理和管理的資產達到 1.4 兆美元，成長 15%，受益於 2023 年 360 億美元的客戶流量和市場升值。在整個公司內，我們繼續根據每個細分市場的收入機會來嚴格管理費用。按照我注意到的項目標準化，一般管理費用僅增加 2%。鑑於宏觀環境的不確定性，我們繼續對整個公司的可自由支配費用採取嚴格的方法來管理利潤，第三季和第四季確認的 2,600 萬美元遣散費就證明了這一點。

At the same time, we continue to make investments to drive business growth, particularly in Wealth Management. As we move into 2024, we will continue the same discipline and we'll maintain a flat expense base for the year at a minimum.

同時，我們繼續進行投資以推動業務成長，特別是在財富管理領域。進入 2024 年，我們將繼續遵循同樣的原則，至少保持今年的支出基礎不變。

Our consolidated margin was 26.4% excluding the items I noted. And we have a best-in-class return on equity of 48.5%. The balance sheet fundamentals remain strong. Our excess capital and liquidity positions remain strong and we've seen a significant $1.8 billion reduction in the net unrealized loss position to only $1.5 billion.

不包括我提到的項目，我們的綜合利潤率為 26.4%。我們的股本回報率為 48.5%，堪稱同類最佳。資產負債表基本面依然強勁。我們的過剩資本和流動性部位仍然強勁，未實現淨損失部位大幅減少 18 億美元，降至僅 15 億美元。

Our diversified business model benefits from significant and stable 90% free cash flow contributions across all business segments. This allowed us to return $2.5 billion of capital to shareholders in the year, a continuation of our differentiated track record.

我們的多元化業務模式受益於所有業務部門 90% 的顯著且穩定的自由現金流貢獻。這使我們能夠在當年向股東返還 25 億美元的資本，延續了我們差異化的業績記錄。

Lastly, I mentioned that Ameriprise successfully expanded its presence in the financial institutions channel. The closing on our partnership with Comerica Bank in November that added an initial $15 billion of client flows. Given the timing of the conversion, there was limited financial benefit in the quarter.

最後我提到Ameriprise成功地拓展了其在金融機構通路的影響力。我們於 11 月結束了與聯信銀行的合作關係，最初增加了 150 億美元的客戶流量。考慮到轉換的時間，本季的財務收益有限。

On Slide 6, you'll see our strong results in 2023 were driven by business momentum across key measures. Assets grew 15%, with revenues up 8%. Pretax adjusted operating earnings grew 10%. And the pretax adjusted operating margin was 26.4%.

在投影片 6 上，您將看到我們 2023 年的強勁業績是由關鍵指標的業務勢頭推動的。資產成長 15%，收入成長 8%。調整後稅前營業利潤成長 10%。稅前調整後營業利益率為 26.4%。

The diversified nature of our businesses strengthens our model and drives our consistent performance. It is this balance that enables Ameriprise to consistently drive shareholder value across market cycles.

我們業務的多元化性質強化了我們的模式並推動我們始終如一的業績。正是這種平衡使 Ameriprise 能夠在整個市場週期中持續推動股東價值。

The key growth driver of Ameriprise is the Wealth Management business, as you can see on Slide 7. Wealth Management client assets increased 19% year-over-year to $901 billion, driven by strong organic growth and client flows, along with higher equity markets. We had $53 billion of net inflows over the past year, with $23 billion coming in the quarter from new clients joining the firm, the deepening of existing relationships and adding experienced advisers. Revenue per adviser reached $916,000 in the quarter, up 11% from the prior year, from higher spread revenue, enhanced productivity and business growth.

Ameriprise 的主要成長動力是財富管理業務，正如您在幻燈片 7 中看到的那樣。在強勁的有機增長和客戶流量以及股市上漲的推動下，財富管理客戶資產同比增長 19% 至 9,010 億美元。去年我們的淨流入額為 530 億美元，其中本季的 230 億美元來自新客戶加入公司、深化現有關係以及增加經驗豐富的顧問。本季每位顧問的收入達到 916,000 美元，比上年增長 11%，這得益於利差收入的增加、生產力的提高和業務的成長。

On Slide 8, you can see how the business performance drove strong financial results for Wealth Management. In the quarter, adjusted operating net revenues increased 8% to $2.4 billion from growth in client assets in both wrap and brokerage accounts and improved transactional activity. This included about $15 billion of initial flows related to Comerica partnership, in addition to the $8 billion of underlying client flows.

在投影片 8 上，您可以看到業務績效如何推動財富管理取得強勁的財務表現。本季度，由於包裝帳戶和經紀帳戶中客戶資產的成長以及交易活動的改善，調整後的營運淨收入成長了 8%，達到 24 億美元。除了 80 億美元的基礎客戶流量外，這還包括與聯絡合作夥伴關係相關的約 150 億美元的初始流量。

While markets were favorable in the quarter, we did not realize the full benefit of the market appreciation in the quarter given our beginning-of-month billing practice. We are starting the year with the wind at our backs with the significant market appreciation to end the year.

儘管本季市場有利，但考慮到我們的月初計費做法，我們並未意識到本季市場升值的全部好處。我們在新的一年開始時順風順水，年底市場大幅升值。

Total cash balance, including third-party money market funds and brokered CDs reached a new high this quarter at $81.5 billion. We have seen stability in our underlying client cash positions with free cash up 4% sequentially. This stabilization has continued into January.

包括第三方貨幣市場基金和經紀 CD 在內的現金餘額總額本季創下 815 億美元的新高。我們看到我們的基礎客戶現金部位穩定，自由現金連續成長 4%。這種穩定一直持續到一月份。

Additionally, we continue to see new money flowing into money market funds and brokered CDs as well as into our certificates. This creates a significant redeployment opportunities as markets normalize for clients to put money back to work in wrap and other products on our platform over time. The financial benefits from cash remain significant and will be a sustainable source of earnings going forward.

此外，我們繼續看到新資金流入貨幣市場基金和經紀 CD 以及我們的證書。隨著市場正常化，隨著時間的推移，客戶可以將資金重新投入我們平台上的包裝和其他產品中，這創造了重要的重新部署機會。現金帶來的經濟利益仍然巨大，並將成為未來可持續的收入來源。

Adjusted operating expenses in the quarter increased 9%, with distribution expense up 10%, reflecting higher asset balances. Excluding the regulatory accrual, G&A declined 1% in the quarter and was up only 4% for the full year. We will continue to invest in this growing business while maintaining this expense discipline in 2024.

本季調整後營運費用成長 9%，其中分銷費用成長 10%，反映資產餘額增加。不計監理應計費用，本季的一般管理費用下降 1%，全年僅成長 4%。到 2024 年，我們將繼續投資這項不斷成長的業務，同時保持這項支出紀律。

In total, the underlying margin expanded 40 basis points to 30.3%, reflecting our revenue growth combined with expense discipline. This level is consistent with our margin for the full year.

總體而言，基礎利潤率擴大了 40 個基點，達到 30.3%，反映了我們的收入成長和支出紀律。這一水平與我們全年的利潤率一致。

Turning to Asset Management on Slide 9. Financial results were very strong in the quarter, and we are managing the business well through a challenging environment for active asset managers. Total AUM increased 9% to $637 billion, primarily from higher equity markets and foreign exchange translation, partially offset by net outflows.

轉向幻燈片 9 上的資產管理。本季的財務表現非常強勁，我們在主動資產管理公司面臨的充滿挑戰的環境中很好地管理著業務。資產管理規模總額成長 9%，達到 6,370 億美元，主要得益於股市和外匯換算的上漲，但部分被淨流出抵銷。

Like other active managers, we experienced pressure retail flows from global market volatility and a risk-off investor sentiment. In addition, we had $3 billion of institutional outflows that included $2 billion of expected breakage from portfolio management changes made as part of our reengineering initiatives.

與其他主動型基金經理人一樣，我們也經歷了全球市場波動和投資者避險情緒帶來的零售流動壓力。此外，我們還有 30 億美元的機構資金外流，其中包括作為我們的再造計畫的一部分而進行的投資組合管理變革帶來的 20 億美元的預期損失。

Investment performance is another critical area of focus and long-term 3-, 5- and 10-year investment [performance] remains strong. We also had notable improvements in 1-year fixed income performance in the quarter from strength in mortgage opportunities, tax exempt and strategic municipal income strategies. In the quarter, operating earnings increased $194 million as a result of equity market appreciation, disciplined expense management and higher performance fees which more than offset the cumulative impact of net outflows.

投資績效是另一個重點關注領域，3 年、5 年和 10 年的長期投資[績效]仍然強勁。由於抵押貸款機會、免稅和戰略性市政收入策略的強勁，本季我們的一年期固定收益業績也有了顯著改善。本季度，由於股市升值、嚴格的費用管理和更高的績效費用，營業利潤增加了 1.94 億美元，遠遠抵消了淨流出的累積影響。

Performance fees are an important part of our business and reflect excellent performance in our hedge fund and other institutional accounts, but the recognition of performance fees is uneven throughout the year. While we had $30 million in performance fees in both 2023 and '22, the fourth quarter this year included $21 million in performance fees and the fourth quarter of 2022 only included $5 million.

績效費是我們業務的重要組成部分，反映了我們對沖基金和其他機構帳戶的出色業績，但全年績效費的確認情況參差不齊。雖然我們在 2023 年和 22 年的績效費均為 3,000 萬美元，但今年第四季的績效費為 2,100 萬美元，而 2022 年第四季僅包括 500 萬美元。

We are finalizing the integration of BMO and are looking globally at areas where we can enhance operational efficiency and manage expenses so we are well positioned going forward.

我們正在完成對 BMO 的整合，並在全球範圍內尋找可以提高營運效率和管理費用的領域，以便我們在未來做好準備。

G&A was down 4% excluding the impact from foreign exchange translation and performance fee compensation. And the margin was in our target range of 32% in the quarter.

不包括外匯換算和績效費補償的影響，一般管理費用下降 4%。本季利潤率處於我們 32% 的目標範圍內。

Looking ahead, as Jim said, we will continue to take further expense action in 2024 given the environment to preserve margin in our target range.

展望未來，正如吉姆所說，考慮到將利潤率維持在目標範圍內的環境，我們將在 2024 年繼續採取進一步的支出行動。

Let's turn to Slide 10. Retirement & Protection Solutions continued to deliver good earnings and free cash flow generation, reflecting the high quality of the business that has been built over a long period of time. Pretax adjusted operating earnings in the quarter increased 2% to $202 million, reflecting higher investment yields. Overall, Retirement & Protection Solutions sales improved in the quarter, with protection sales up 6% to $72 million, primarily in higher-margin VUL products. Variable annuity sales grew 15% to $1.1 billion, with the majority of sales in structured variable annuities.

讓我們轉向幻燈片 10。退休和保障解決方案繼續提供良好的收益和自由現金流生成，反映了長期建立的高品質業務。該季度稅前調整後營業利潤成長 2%，達到 2.02 億美元，反映投資殖利率上升。整體而言，本季退休與保障解決方案銷售額有所改善，保障銷售額成長 6%，達到 7,200 萬美元，主要是利潤率較高的 VUL 產品。可變年金銷售額成長 15%，達到 11 億美元，其中大部分銷售額為結構性可變年金。

Turning to Slide 11. Ameriprise delivered excellent growth in 2023 and has done the same over the longer term and through changing market cycles, reflecting our focus on profitable growth. In 2023, revenues grew 8% from higher interest earnings, higher equity markets and solid client net inflows. Earnings per share increased 21% from last year from revenue trends, well-managed expenses and differentiated capital return. And ROE increased 290 basis points to nearly 49%.

轉向投影片 11。Ameriprise 在 2023 年實現了出色的成長，並且在長期和不斷變化的市場週期中也取得了同樣的成績，反映出我們對獲利成長的關注。 2023 年，由於更高的利息收入、更高的股市和穩定的客戶淨流入，收入增加了 8%。由於收入趨勢、管理良好的費用和差異化的資本回報，每股收益較去年增長 21%。 ROE 成長 290 個基點，達到近 49%。

Over the past 5 years, we have generated 6% revenue and 15% EPS compounded annual growth and 1,170 basis points of improvement in ROE. This is differentiated performance across multiple cycles compared to our peers and speaks to the complementary nature of our business mix and the growth of our Wealth Management business.

在過去 5 年裡，我們實現了 6% 的收入和 15% 的每股盈餘複合年增長率，淨資產收益率 (ROE) 提高了 1,170 個基點。與同業相比，這是跨多個週期的差異化表現，反映了我們業務組合的互補性和財富管理業務的成長。

Turning to Slide 12. You can see Wealth Management was a significant contributor to Ameriprise's successful performance, driving 2/3 of the company's operating earnings. Our advisers are becoming more productive with the support of our advice model, with revenue per adviser of $916,000 in the year, up 8% on an annualized basis from 2018. And we are growing profitably with 16% growth in pretax earnings since 2018. And over that time frame, our Wealth Management margin has expanded 840 basis points to nearly 31%, putting at industry-leading levels.

轉向幻燈片 12。您可以看到財富管理是 Ameriprise 成功業績的重要貢獻者，占公司營業收入的 2/3。在我們的諮詢模型的支持下，我們的顧問的工作效率越來越高，今年每位顧問的收入為916,000 美元，比2018 年年化增長8%。自2018 年以來，我們的稅前收益增長了16%，實現了獲利成長。在此期間，我們的財富管理利潤率擴大了 840 個基點，達到近 31%，處於行業領先水平。

Now let's finish with the balance sheet on Slide 13. Our solid balance sheet fundamentals and free cash flow generation have supported our ability to execute a consistent capital return strategy, while continuing to invest for growth.

現在讓我們結束投影片 13 上的資產負債表。我們堅實的資產負債表基礎和自由現金流產生支持我們執行一致的資本回報策略的能力，同時繼續投資以實現成長。

In 2023, we returned $2.5 billion to shareholders, with $587 million in the fourth quarter. But over the past 5 years, we returned $12 billion to shareholders through dividends and share repurchase. This included the repurchase of 41 million shares at an average price of $215, resulting in a net reduction in our share count of 25%.

2023 年，我們向股東返還 25 億美元，其中第四季返還 5.87 億美元。但在過去 5 年裡，我們透過股利和股票回購向股東返還了 120 億美元。其中包括以平均價格 215 美元回購 4,100 萬股股票，導致我們的股票數量淨減少 25%。

Looking ahead, capital management will continue to be a point of differentiation for Ameriprise.

展望未來，資本管理將繼續成為 Ameriprise 的差異化點。

With that, we will take your questions.

這樣，我們將回答您的問題。

(Operator Instructions) Your first question comes from the line of Brennan Hawken from UBS.

（操作員說明）您的第一個問題來自瑞銀集團 (UBS) 的布倫南·霍肯 (Brennan Hawken)。

I'd like to start with the bank. So we've got $3 billion. I believe you've indicated that there's expectation for $3 billion of maturities expected in 2024. Can you give a sense, given where rates are in the markets today, what kind of yield pickup you're likely to see on those balances? And whether or not you have visibility into what those maturities might be in 2025?

我想從銀行開始。所以我們有30億美元。我相信您已經表示，預計 2024 年到期的債券將達到 30 億美元。考慮到當今市場的利率，您能否說明一下這些餘額可能會出現什麼樣的收益率上升？您是否了解 2025 年這些到期日可能是多少？

Sure. So the -- let me -- in '25, we anticipate it will still be $25 billion. Again, these are payoff from that standpoint. And when we look at it -- let me answer the question this way. From a net interest income standpoint, when we evaluate looking at various scenarios and using the forward curves, the generation in 2024 and '25 will be higher than that in 2023 because again, the rates we have been adding at are very -- rates close to 6%. And that runoff will be basically coming through. And our reinvestments, the differentials, will still allow us to have a higher net interest income in 2024 and '25. But it's $3 billion in both years.

當然。所以，讓我來說，我們預計 25 年仍將達到 250 億美元。同樣，從這個角度來看，這些都是回報。當我們看到它時——讓我這樣回答這個問題。從淨利息收入的角度來看，當我們評估各種情境並使用遠期曲線時，2024 年和 25 年的發電量將高於 2023 年，因為我們增加的利率非常接近 6%。那次決選基本上將完成。我們的再投資，即差額，仍將使我們在 2024 年和 25 年獲得更高的淨利息收入。但這兩年都是 30 億美元。

Okay. And then one sort of mechanical question. So quarter-over-quarter, off-balance sheet broker-dealer yield compressed pretty substantially. But it's my understanding that that's tied to the $2.5 billion of cash sweep tied to Comerica. So was -- is that right? And was that due to like some kind of promotional or temporary crediting rate? And when is that expected to roll off and normalize?

好的。然後是一種機械問題。因此，與上一季相比，表外經紀交易商的殖利率大幅壓縮。但據我了解，這與聯信銀行 25 億美元的現金掃蕩有關。也是——是這樣嗎？這是由於某種促銷或臨時計入利率嗎？預計什麼時候會結束並正常化？

So if we're talking about now the off-balance sheet rate on a sequential basis, is that what you're referring to?

因此，如果我們現在按順序討論資產負債表外利率，這就是您指的嗎？

Yes, exactly.

對，就是這樣。

So that -- yes, we did take on a $2.5 billion for Comerica, and that will transition through over the next 6 months. And that you should -- certainly that will work towards the rate increasing. But our base rate has basically stayed the same ex-Comerica. There's been no change. .

所以，是的，我們確實為 Comerica 投資了 25 億美元，這將在未來 6 個月內完成。你應該——當然，這將有助於提高利率。但我們的基本利率與前聯信銀行基本保持不變。沒有任何變化。 。

(inaudible)

（聽不清楚）

Your next question comes from the line of Ryan Krueger from KBW.

您的下一個問題來自 KBW 的 Ryan Krueger。

First, I just wanted to follow up on the comment on net interest income. In terms of 2024 and 2025 expecting to be higher than 2023, what did you -- can you give us any sense of what you assumed in terms of the forward rates when you made that comment? Was that using the forward curve, or any more color there?

首先，我只想跟進有關淨利息收入的評論。就 2024 年和 2025 年預計將高於 2023 年而言，您做了什麼——您能否告訴我們您在發表評論時對遠期利率的假設？是使用前向曲線，還是有更多顏色？

We are using the forward curve in that, but then we run sensitive. But what my statement was referring to was the forward curve as -- the latest forward curve.

我們在此使用遠期曲線，但隨後我們會變得敏感。但我的聲明所指的是遠期曲線——最新的遠期曲線。

Okay. Great. And then just in terms of the size of the bank. Can you give any color on kind of expectations for potentially moving some of the cash suite balance into the bank and how -- what you think the bank asset size could grow to over the course of '24?

好的。偉大的。然後就銀行的規模而言。您能否對可能將部分現金套件餘額轉移到銀行的預期給出任何顏色，以及您認為銀行資產規模在 24 年期間將如何增長？

Sure. So right now, we are seeing stability and really little growth in our sweep accounts. So we feel very comfortable about it. And we still have buffer there. So we are evaluating that, but we'll be more measured as we go forward because we've certainly placed and shifted a substantial amount. But you would see that it will be increasing but at a slower pace as we evaluate these sweep balances that support that. So I would say that it will be increasing but at a slower pace.

當然。所以現在，我們的轉帳帳戶穩定且幾乎沒有成長。所以我們對此感到非常舒服。我們仍然有緩衝區。因此，我們正在評估這一點，但隨著我們的前進，我們將更加謹慎，因為我們確實已經放置和轉移了大量資金。但是，當我們評估支持這一點的掃除餘額時，您會發現它會增加，但速度會較慢。所以我想說它會增加，但速度會減慢。

Your next question comes from the line of Alex Blostein from Goldman Sachs.

您的下一個問題來自高盛的 Alex Blostein。

Alex, please go ahead with your question.

亞歷克斯，請繼續你的問題。

Can you guys hear me?

你們聽得到我說話嗎？

Yes.

是的。

I wanted to ask you guys a question around a substantial amount of cash that you guys have on the sidelines. I think it was north of $30 billion. I know you sort of talked about some of that coming into some of the investment products. But as you sort of think about what are the likely areas where this capital could go into with respect to wrap accounts or something else, how would you frame that? And maybe talk through some of the revenue lift that you could get from that?

我想問你們一個關於你們持有大量現金的問題。我認為這個數字超過 300 億美元。我知道您談到了某些投資產品中的一些內容。但是，當您考慮這筆資金可能會進入哪些領域（涉及包裝帳戶或其他方面）時，您會如何設計？也許可以談談您可以從中獲得的一些收入提升？

You're talking about where our cash sits today on...

你說的是我們今天的現金在哪裡...

So not stuff that's in the sweep, right? But there's been other capital that I think is actually earning you guys not a whole lot, whether it's the CDs or money market funds. Where do those balances are and where that could shift?

所以不是掃描中的東西，對嗎？但我認為還有其他資本實際上並沒有為你們帶來很多收入，無論是 CD 還是貨幣市場基金。這些平衡在哪裡以及可能會轉移到哪裡？

Yes. So those balances are in money markets and brokerage CDs short term that will roll off. And so as they do, I think advisers will evaluate whether they put that back into the market. And if they did, I would probably say a portion of that would go back, a reasonable portion, will go back most likely into wrap type programs, imbalanced type portfolios, which would include both equities and fixed income, et cetera, alternatives.

是的。因此，這些餘額存在於貨幣市場和經紀定期存款中，短期內將會滾動。因此，當他們這樣做時，我認為顧問會評估他們是否將其重新投入市場。如果他們這樣做了，我可能會說，其中一部分會回歸，合理的一部分，很可能會回歸到包裝型計劃、不平衡型投資組合中，其中包括股票和固定收益等替代品。

On the other side of it, there, we've seen a bit of a pickup in some transactional activity as well in the fourth quarter. So some of that will go back into transactional type activities as they look at longer duration type products as well. So again, that's really as advisers look at the market and they put money to work over time for their clients.

另一方面，我們在第四季也看到一些交易活動有所回升。因此，其中一些將回到交易類型活動，因為他們也會關注較長持續時間類型的產品。再說一次，這實際上是顧問們關注市場，並隨著時間的推移投入資金為客戶服務。

I got you. And then my second question was just around operating leverage for the firm and obviously encouraging to hear your comments around G&A outlook. If you roll that through, it seems like the margin in the asset management business could be materially higher than sort of your longer-term ranges. Obviously, not a terrible thing. But as you sort of think about those historical targets, are these still something you're trying to manage the business to? Or it's really just kind of more of the output because the fees are obviously off to a very good start in 2024 and expenses are going to be very tightly managed?

我接到你了。然後我的第二個問題是關於公司的營運槓桿，顯然很高興聽到您對一般行政費用前景的評論。如果你將其推算出來，資產管理業務的利潤率似乎可能會大大高於你的長期範圍。顯然，這並不是什麼可怕的事。但當您思考這些歷史目標時，您是否仍試圖透過這些目標來管理業務？或者這實際上只是增加了產出，因為 2024 年的費用顯然有一個很好的開端，而且費用將得到非常嚴格的管理？

Yes. So obviously, we've been very proactive in managing the controllable aspect of that on the expenses, not just in AWM, even in AM, but across the board. So yes. Obviously, it will be dependent on several factors as it relates to markets or other things as it relates to margin. But with -- right, I'm not going to forecast exactly where it goes, but I think we feel comfortable that we have put in place our control of G&A at Asset Management and that we have the capability with the right set of conditions sets going on with markets. And certainly, if we as we get -- make progress on our flows, that is -- certainly can increase. But right now, we're comfortable with the current levels that we have, but we have the potential.

是的。顯然，我們一直非常積極主動地管理費用的可控方面，不僅是在 AWM 方面，甚至在 AM 方面，而且是全面的。所以是的。顯然，這將取決於與市場相關的幾個因素或與保證金相關的其他因素。但是，我不會準確預測它的發展方向，但我認為我們感到放心，我們已經在資產管理部門實施了對一般管理費用的控制，並且我們有能力在適當的條件下進行設置市場正在繼續。當然，如果我們在流量方面取得進展，那就肯定會增加。但現在，我們對目前的水平感到滿意，但我們有潛力。

Your next question comes from the line of Steven Chubak from Wolfe Research.

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

So wanted to start off with just a question on the AWM margin. Just given some of your larger wirehouse peers have guided to lower wealth margins for the next few quarters, given the absence of NII tailwinds, incremental investments to sustain organic growth. You noted, Walter, that your spread revenues will be more resilient in '24. But do you believe you can sustain that north of 30% pretax margin in AWM even in the face of rate cuts in line with the forward curve?

所以想先問一個關於 AWM 利潤率的問題。考慮到一些較大的電線公司同業在未來幾季將降低財富利潤率，並且缺乏國家資訊基礎設施的推動，需要增量投資來維持有機成長。沃爾特，您指出，您的價差收入在 24 年將更具彈性。但您是否相信，即使面臨與遠期曲線一致的降息，您也能維持 AWM 30% 以上的稅前利潤？

Yes. So I think that we have reasonable confidence that we will be able to sustain. But obviously, there are variables that go into that. But as I indicated, our net interest income was -- 2024, will certainly be higher than '23. So yes, I think we have a reasonable level of confidence in that.

是的。所以我認為我們有理由相信我們能夠維持下去。但顯然，這其中存在變數。但正如我所指出的，我們的淨利息收入到 2024 年肯定會高於 2023 年。所以，是的，我認為我們對此有一定的信心。

That's great. And just for my follow-up on capital return, the payout came in below the 80% target. Apologies if I missed this. But just wanted to get a sense as to how we should be thinking about the payout trajectory over the next few quarters, especially in light of the robust excess capital generation that we've been seeing.

那太棒了。僅就我對資本回報的追蹤來看，支出低於 80% 的目標。如果我錯過了這個，我很抱歉。但只是想了解我們應該如何考慮未來幾季的支付軌跡，特別是考慮到我們已經看到的強勁的過剩資本產生。

So yes, we came in at 79%, I would agree with you, for the year. And right now, we -- our capacity and capability certainly remains very strong, as you can see from the balance sheet elements and certainly our generation. So I would think that a continuation of that strategy is probably a reasonable expectation.

所以，是的，我同意你的觀點，今年我們的得分是 79%。現在，我們——我們的能力和能力當然仍然非常強大，正如您從資產負債表要素以及我們這一代可以看到的那樣。因此，我認為繼續該策略可能是一個合理的預期。

Your next question comes from the line of Suneet Kamath from Jefferies.

您的下一個問題來自 Jefferies 的 Suneet Kamath。

Just wanted to start with the Asset Management business and the expense reductions that you're doing there. Clearly, you're trying to defend your margin, which I understand. But it feels like we're starting to see potentially some commercial impacts there. I think you alluded to some outflows related to head count reduction. So I guess my question is, how are you thinking about sort of trying to balance that, right, where you're cutting expenses but at the same time potentially seeing some negative commercial impacts?

只是想從資產管理業務和您在那裡所做的費用削減開始。顯然，你是在試圖捍衛自己的利潤，我對此是理解的。但感覺我們開始看到那裡潛在的一些商業影響。我認為您提到了與裁員相關的一些資金外流。所以我想我的問題是，你如何考慮嘗試平衡這一點，對吧，你在削減開支的同時可能會看到一些負面的商業影響？

Well, from what you saw from basically the breakage that we took, it wasn't -- basically a proactive evaluation of the payback that we were getting. So that was a conscious decision on our part. Our expense plan has been basically evaluated on the basis of look at [March], but looking at process and how we can improve efficiency. So we feel very good about.

嗯，從你從我們所遭受的破壞中看到的來看，這基本上不是對我們所獲得的回報的主動評估。所以這是我們有意識的決定。我們的費用計劃基本上是根據[3月]的情況進行評估的，但也著眼於流程以及我們如何提高效率。所以我們感覺非常好。

There is some basically spillover effects as you get to managing that ultimate return, and some we will get breakage. We believe the breakage, certainly, we saw what we saw this year, there will be some -- but manageable -- taking place in 2024, but manageable. But again, it's a conscious decision on our part, and we feel we give them opportunities to certainly redeploy the money in other products that we have.

當你管理最終回報時，基本上會產生一些溢出效應，有些我們會受到破壞。我們相信，當然，我們今年看到了這種破壞，2024 年將會發生一些破壞，但可以控制。但同樣，這是我們有意識的決定，我們覺得我們給了他們機會，可以將資金重新部署到我們擁有的其他產品中。

So it's -- again, it's we are controlling what we can and we -- which is on the G&A expense, and it's through a conscious review of expense management.

所以，再次強調，我們正在盡我們所能控制一般及行政費用，並且是透過對費用管理進行有意識的審查。

Okay. Got it. And then just a level set on that $82 billion cash number that you talked about. I mean, if I think about that relative to total client assets, it seems like it's upwards around 8%, 9%, which is almost 2x, I think what you guys normally would expect. Is that the right way to think about it? And then over time, as rates kind of normalize that kind of 8% to 9% cash balance would probably trickle back down to somewhere in that 4% to 5% range and that's really the opportunity set that's in front of you in that business?

好的。知道了。然後就你談到的 820 億美元現金數字設定一個水準。我的意思是，如果我考慮相對於客戶總資產，它似乎上升了 8%、9% 左右，幾乎是 2 倍，我想這是你們通常所期望的。這是正確的思考方式嗎？然後隨著時間的推移，隨著利率正常化，8% 到 9% 的現金餘額可能會回落到 4% 到 5% 的範圍內，這真的是你在該業務中面臨的機會嗎？

Yes, Suneet. So it is sort of like double the amount that clients are holding usually compared to where they used to be. And again, advisers look at it with their clients and they're getting a 5-plus yield on it, just to sit tight, with unclear about the market moves, et cetera. So I do believe that over time, that money will be redeployed, but holding at higher rates right now, it's not an uncomfortable thing for clients that or advised us to keep extra cash there.

是的，蘇妮特。因此，與以前相比，客戶通常持有的金額有點像兩倍。再一次，顧問與他們的客戶一起審視它，他們得到了 5 以上的收益，只是在市場走勢不明朗等情況下保持觀望。因此，我確實相信，隨著時間的推移，這些資金將被重新部署，但目前以較高的利率持有，對於那些或建議我們保留額外現金的客戶來說，這並不是一件不舒服的事情。

And is there any reason why that money wouldn't come to Ameriprise? I mean it sounds like it's in products outside of your firm, but obviously, your advisers do holistic financial planning. So is there any reason why, either from a diversification perspective or anything, why that money might want to stay outside of Ameriprise?

這筆錢為什麼不流向 Ameriprise，有什麼原因嗎？我的意思是，這聽起來像是在您公司以外的產品中，但顯然，您的顧問會進行整體財務規劃。那麼，無論是從多元化的角度還是從其他角度來看，是否有任何理由讓這筆錢留在阿默普萊斯之外？

In fact, the money is at Ameriprise. The advise is have just put it into whether money market or brokered CDs, where there was a bigger lineup of brokered CDs before we had our bank and CDs that we'll be launching. So I think it's a -- very. But they -- just as they did that, they put it into our own certificate program as well, and that grew nicely. It's up to $13 billion in total.

事實上，錢都在阿默普萊斯。建議是將其放入貨幣市場或經紀 CD 中，在我們擁有我們的銀行和我們將推出的 CD 之前，有更大的經紀 CD 陣容。所以我認為這是——非常。但他們——正如他們所做的那樣，他們也將其納入我們自己的證書計劃中，並且發展得很好。總計高達130億美元。

So I think it was just the outlets for where to talk the cash. I think as we put more bank products in, as we develop the banks, some of that will go into our bank products. We think also there's an opportunity for us to capture more cash from our clients holding it at their banking institutions. But the money that's currently that $81 billion is at Ameriprise. And as that rolls over or opportunity the advisers see to rebalance accounts, they'll put that money to work.

所以我認為這只是談論現金的管道。我認為，隨著我們投入更多的銀行產品，隨著我們發展銀行，其中一些將進入我們的銀行產品。我們認為，我們還有機會從客戶在銀行機構持有的現金中獲取更多現金。但目前這 810 億美元的資金都在 Ameriprise。當資金結轉或顧問看到重新平衡帳戶的機會時，他們就會把這筆錢投入工作。

Your next question comes from the line of Tom Gallagher from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Tom Gallagher。

First question, just on the layoffs in Asset Management, I think it was 12 PMs. Can you comment on the size of the AUM that they were managing, and what exactly happened there? Did you merge or close any funds? Did you replace them? Just a little more color there.

第一個問題，就資產管理部門的裁員而言，我記得當時是中午 12 點。您能否評論一下他們管理的資產管理規模的規模以及到底發生了什麼事？您是否合併或關閉了任何基金？你更換它們了嗎？只是那裡顏色多一點。

Well, with the breakage, it was basically on that one we closed upon. And obviously, we've looked for alternatives and was institutional. And then the other funds, we feel there are opportunities where we can basically merge them into other products that we have and to get the efficiencies and effect on that. So it's -- it was a capital review of it, and we just felt, based on payback, it would make sense to do that.

好吧，由於破損，基本上是我們關閉的那一個。顯然，我們已經在尋找替代方案並且是製度化的。然後是其他基金，我們認為有機會基本上可以將它們合併到我們擁有的其他產品中，並獲得效率和效果。所以這是對它的資本審查，我們只是覺得，基於回報，這樣做是有意義的。

And Walter, the total AUM related to the layoffs, are you able to provide that?

沃爾特（Walter），與裁員相關的總資產管理規模（AUM），你能提供嗎？

Right now, the -- of the $2 billion was basically the -- that was the amount in that fund pretty much.

目前，20 億美元中的基本上就是該基金的大部分金額。

Right. But of the -- I think it was 12 PMs that were let go, are you able to size that in the entirety?

正確的。但是，我認為是 12 個 PM 被解雇了，你能整體估算一下嗎？

I would have to get back to you exactly on the 12, but I think the majority of it is still related back to the breakage that we see -- we saw. But let me get back to you on that.

我必須在 12 號準確地回覆您，但我認為其中大部分仍然與我們看到的破損有關——我們看到了。但讓我再回覆你一下。

The redeployment out of corporate into the segments, I think it's around $15 million. Can you explain what happened there? Was it all NII or what happened on that reallocation of the segments?

從公司到各部門的重新部署，我認為大約是 1500 萬美元。你能解釋一下那裡發生了什麼事嗎？是全部 NII 還是分段重新分配時發生了什麼事？

Yes. So what we have, obviously, intercompany cash transferring that goes between the segments. And we evaluated AWM that the crediting rate that we were giving that was not really, I would say, (inaudible) and market-driven, and so we adjusted it based upon the condition sets that we saw today. And that will be something that will remain in AWM's profitability going forward based -- as long as the levels to stay where they are.

是的。顯然，我們在各部門之間進行公司間現金轉移。我們對 AWM 進行了評估，認為我們給出的計入利率並不是真正的（聽不清楚）和市場驅動的，因此我們根據今天看到的條件集進行了調整。只要水準保持在現有水平，這將是 AWM 未來獲利能力的基礎。

The second one was really an element of relating to -- we looked at our models as it relates to RPS, and it was -- candidly, it was not the right rate. It was -- we were just not crediting them with the right amount, as simple as that. And yes, it's in all net interest income, and it has no effect on the company that shifts the money.

第二個確實是一個與 RPS 相關的模型，坦白說，這不是正確的利率。就是——我們只是沒有給他們正確的金額，就這麼簡單。是的，它包含在所有淨利息收入中，並且對轉移資金的公司沒有影響。

Right. Just a reallocation among segments, that makes sense.

正確的。只是細分市場之間的重新分配，這是有道理的。

And then just final follow-up. This 90% sustainable free cash flow conversion, you returned to 80% in '23. Do you plan on stepping that back up to 90% in '24? Or should we expect it to remain closer to 80%? Do you have an idea of where...

然後就是最後的跟進。 90% 的可持續自由現金流轉換，在 23 年又恢復到了 80%。您計劃在 24 年將這一比例恢復到 90% 嗎？或者我們應該期望它保持在接近 80% 的水平？你知道在哪裡嗎...

As we said, opportunistically, we have the capacity, we certainly -- as you see, we generate a lot of free cash flow, and we evaluate that as looking at the opportunities we are continuing to invest and within our business. So that's not a constraining factor. So I would say right now, it's a reasonable estimate to assume the level that we just had, and then we will adjust to be opportunistic about it.

正如我們所說，機會主義地，我們有能力，我們當然 - 正如你所看到的，我們產生了大量的自由現金流，我們通過尋找我們繼續投資的機會和我們的業務來評估這一點。所以這不是一個限制因素。所以我現在想說的是，假設我們剛剛達到的水平是一個合理的估計，然後我們將進行調整以抓住機會。

Your next question comes from the line of Kenneth Lee from RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場 (RBC Capital Markets) 的肯尼斯李 (Kenneth Lee)。

Just one on the expense management initiatives. Are there -- wonder if you could just further flesh it out, looking for any other areas outside of Asset Management. And perhaps wondering if you could just give a little bit in terms of time frames, are these actions all to be completed within this year?

僅介紹一項費用管理措施。是否存在—想知道您是否可以進一步充實它，尋找資產管理以外的任何其他領域。也許您想知道是否可以給出一點時間框架，這些行動都將在今年內完成嗎？

Yes. So what you saw with the $26 million severance and certainly our plans, that these are all actionable and, certainly, from our standpoint, have already been put into play. And so we are -- you should see the benefit of that materializing as -- we're basically looking at our expenses for 2024 -- will be flat at a minimum. And obviously, we continue to make substantial investments in the various businesses, especially in AWM. So it's -- we have pretty high confidence on this.

是的。所以你看到了 2600 萬美元的遣散費，當然還有我們的計劃，這些都是可行的，當然，從我們的角度來看，這些計劃已經付諸實施。所以我們 - 你應該看到這種實現的好處 - 我們基本上正在考慮 2024 年的支出 - 至少將持平。顯然，我們繼續對各種業務進行大量投資，尤其是 AWM。所以我們對此充滿信心。

Got you. Very helpful. And then just one follow-up. Any updated thinking in terms of potential reinsurance transaction on the RPS side, just especially given recent industry developments and the rate environment?

明白你了。很有幫助。然後只有一個後續行動。特別是考慮到最近的行業發展和費率環境，在 RPS 方面的潛在再保險交易方面有什麼更新的想法嗎？

Yes. Listen, we have certainly observed the recent transactions, and we feel that it creates an opportunity. And from that standpoint, as we always said, we're always looking for the bid ask. And I think those bid asks are certainly coming in alignment and provides an opportunity.

是的。聽著，我們確實觀察到了最近的交易，我們認為這創造了機會。從這個角度來看，正如我們常說的，我們一直在尋找出價。我認為這些出價肯定會一致並提供機會。

Your next question comes from the line of Mark McLaughlin from Bank of America.

您的下一個問題來自美國銀行的馬克·麥克勞克林。

I believe in your opening remarks, you had mentioned you were seeing a stabilization of cash levels through January. I was just curious if you had any more color year-to-date on that. I would have expected more redeployments just from seasonality rebalancing and distributions and the like.

我相信您在開場白中提到您看到一月份現金水平趨於穩定。我只是好奇今年迄今為止你是否還有更多的色彩。我本來預計會透過季節性重新平衡和分配等進行更多的重新部署。

In the sweep accounts, and this is as of 2 days ago, we have seen a complete stabilization from that standpoint, a little increase. So we're obviously observing to understand the seasonality of it. But certainly, it's what I indicated, and that's through 2 days ago.

截至兩天前，從掃帳帳戶來看，我們已經看到完全穩定，略有增加。因此，我們顯然正在觀察以了解其季節性。但當然，這就是我所指出的，而且是兩天前的事。

Awesome. And then my other question had to do with retirement and protection. You guys had a pretty sizable pickup in the yield for your net investment income. I was curious if you could give us an update on any color on the investment profile of that book. Just trying to get a better idea of sensitivity to rates there.

驚人的。然後我的另一個問題與退休和保護有關。你們的投資淨收益收益率有了相當大的提升。我很好奇您能否向我們提供該書投資簡介中任何顏色的最新資訊。只是想更好地了解那裡的利率敏感性。

No, that's invested out now. We took advantage of the rate situation as we saw. So that is pretty much completed at this view. And also, as I indicated, it will get to pick up going forward of certainly the intercompany cash.

不，現在已經投資了。我們利用了我們所看到的利率情況。所以從這個角度來看，這基本上已經完成了。而且，正如我所指出的，公司間現金肯定會繼續成長。

Your next question comes from the line of John Barnidge from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 John Barnidge。

In this PM reduction in Asset Management, it clearly followed a thorough review. In that review, were there areas of growth identified? Are you looking to get larger in any specific products that maybe have come to surface out of that PM review?

在資產管理的 PM 削減中，顯然是經過了徹底的審查。在那次審查中，是否確定了成長領域？您是否希望擴大 PM 審查中可能出現的任何特定產品的規模？

Yes. So what we did is we had some teams that we felt they're managing small levels of assets, and it wasn't economical for us in those areas. But we have good teams that could have assumed those assets and had good performance. So we made adjustments there. But in so doing, yes, we have reviewed our overall front office and all of the products and the portfolios and the capabilities that we have on the investment side.

是的。所以我們所做的是，我們有一些團隊，我們認為他們管理的是小規模的資產，而在這些領域這對我們來說並不經濟。但我們擁有優秀的團隊，可以承擔這些資產並且取得良好的績效。所以我們在那裡做了調整。但在這樣做的過程中，是的，我們審查了我們的整體前台以及所有產品、投資組合以及我們在投資方面擁有的能力。

We feel there's a good opportunity. We always have that in the equity part of the arena. But we feel really that we do have a good, fixed income and credit shop and that we think there's opportunity for us to actually get a greater fair share there as we continue to look at what the environment is. And so -- but we've evaluated that both domestically and internationally. And we're picking our pockets of where we really want to double down.

我們覺得這是一個很好的機會。我們總是在競技場的權益部分擁有這一點。但我們確實覺得我們確實擁有良好的固定收入和信貸商店，我們認為，隨著我們繼續關注環境，我們有機會真正獲得更大的公平份額。所以——但我們已經在國內和國際上對此進行了評估。我們正在從我們真正想要加倍努力的地方掏腰包。

And then my follow-up question is around the risk transfers and the comment about the bid and ask. You've seen the market change a little bit to include third-party sidecars. Would that be an area of interest?

然後我的後續問題是圍繞風險轉移以及有關出價和要價的評論。您已經看到市場發生了一些變化，包括了第三方 sidecar。這會是一個感興趣的領域嗎？

Well, we've looked at it, and candidly for us, probably not because of the most people enter into that for growth purposes, and we have a fairly large share. So probably not. It's not -- but we continue to look.

好吧，我們已經坦率地研究過它，可能不是因為大多數人出於成長目的而進入這個領域，而我們擁有相當大的份額。所以可能不會。事實並非如此，但我們仍在繼續尋找。

Your next question comes from the line of Michael Cyprys from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Michael Cyprys。

This is (inaudible) stepping in for Mike Cyprys of Morgan Stanley. Just wanted to ask a bigger picture question about the opportunity set for broadening out to affiliation options. We've clearly seen a lot of growth coming through the RIA channel, in particular. I'm just curious how you guys are thinking about the opportunity to capture some of that growth.

這是（聽不清）摩根士丹利邁克·賽普里斯（Mike Cyprys）的介入。只是想問一個更大的問題，關於擴大隸屬關係選擇的機會。我們清楚地看到，特別是透過 RIA 管道實現了很大的成長。我只是好奇你們如何看待抓住這種成長的機會。

Yes. The team is focused on the RIA channel as well in developing our distribution platform capabilities there. And we will put some emphasis there as we move forward as part of our intermediary distribution capabilities.

是的。該團隊還專注於 RIA 通路以及在那裡開發我們的分銷平台功能。隨著我們作為中間分銷能力的一部分向前發展，我們將重點關注這一點。

Excellent. And as a follow-up, somewhat related, can you tell us a little bit more about what tech initiatives you have in place at the moment for advisers in terms of what you're doing to help the Ameriprise platform stand out and differentiate itself in the marketplace, and particularly what you have coming over the next, say, 12 to 24 months in terms of the tech pipeline?

出色的。作為有點相關的後續行動，您能否告訴我們更多關於您目前為顧問採取的技術舉措，以及您正在採取哪些措施來幫助 Ameriprise 平台脫穎而出並在以下方面脫穎而出：市場，特別是在接下來的12到24 個月內，您在技術管道方面會出現什麼？

Yes. We feel unbelievably good about our total platform for the advisers, from our combination of CRM platform, which is the latest and the greatest of all the capabilities with all the integrated technology and data that they can use on their client portfolios and engagement, to our e-meeting capabilities that actually help them actually put together their actual proposals for clients and the engagement of meeting with them regarding their needs.

是的。我們對我們為顧問提供的整體平台感到難以置信的好，從我們的CRM 平台（這是所有功能中最新、最強大的，以及他們可以在客戶投資組合和參與中使用的所有集成技術和數據）的組合，到我們的電子會議功能實際上可以幫助他們為客戶提出實際建議，並就他們的需求與他們進行會議。

Two, even our AI capabilities, helping them identify opportunities in their book.

第二，甚至是我們的人工智慧能力，幫助他們辨識書中的機會。

So we feel really good about the suite of capabilities that we have, but those capabilities are all integrated, which makes the adviser much easier with their dashboards to engage their clients to manage their books and to have that deeper engagement with them through the advice planning models. So we feel really good and we're continuing to invest heavily. And that's complemented by all the mobile and the web capabilities that we have for them to do business. So we feel that we have a state-of-the-art type of system, our availability is very strong. And so we feel it is a differentiating point for us.

因此，我們對我們擁有的這套功能感到非常滿意，但這些功能都是整合的，這使得顧問可以更輕鬆地透過儀表板吸引客戶管理他們的帳簿，並透過建議規劃與他們進行更深入的接觸楷模。所以我們感覺非常好，我們將繼續大力投資。我們為他們開展業務提供的所有行動和網路功能對此進行了補充。所以我們覺得我們擁有最先進的系統類型，我們的可用性非常強。所以我們覺得這對我們來說是一個與眾不同的點。

Your next question comes from the line of Jeff Schmitt from William Blair.

你的下一個問題來自威廉布萊爾的傑夫施密特。

The gross fee yield on client cash looks to be around 5% or maybe 5.25%, but what are new money yields at right now, I guess, on that $3 billion that will roll over and what type of maturities are you investing in there?

客戶現金的總費用收益率看起來約為 5% 或可能 5.25%，但我猜，目前將結轉的 30 億美元的新資金收益率是多少，以及您投資的是什麼類型的到期日？

Well, we're still staying in the maturity range of the 3.5 range. And it's right now, it's a tad under 6%.

嗯，我們仍然停留在 3.5 的成熟度範圍內。現在，這個比例略低於 6%。

Under 6%, okay. And then any sense on why that Comerica Bank cash was kind of so high as a percentage of assets? And I guess, will your advisers be advising them to put more of that to work so we could see that come down?

低於6%，還好。那麼，為什麼聯信銀行的現金佔資產的比例如此之高，有什麼意義嗎？我想，你的顧問會建議他們投入更多的精力，這樣我們就能看到這種情況下降嗎？

Yes, there is an opportunity, it is high as a percentage. It's certainly a (inaudible) and I think that's one of the reasons and certainly with the engaged arrangement, we give them the opportunity. But it's -- we do see it coming down.

是的，有機會，而且比例很高。這當然是（聽不清楚），我認為這是原因之一，當然，透過訂婚安排，我們給了他們機會。但我們確實看到它正在下降。

Your final question comes from the line of Brennan Hawken from UBS. Brennan, your line is open.

您的最後一個問題來自瑞銀集團 (UBS) 的布倫南·霍肯 (Brennan Hawken)。布倫南，您的線路已開通。

I just wanted to double click on the NII expectation and confirm when you said that you expect NII to be up 2024 versus '23 and then '25 versus '24. Is that for all cash economics both on and off the balance sheet, or is that just a part of it?

我只是想雙擊 NII 預期並確認您所說的預計 2024 年 NII 將比 23 年上升，然後 25 年比 24 年上升。這是針對資產負債表內外的所有現金經濟，還是只是其中的一部分？

That was for all.

那是為了所有人。

All, okay. Excellent. And can you speak to cash trends you've seen in January? And what expectations for balances or betas underpin that growth because it's better than we were expecting.

都還好吧出色的。您能談談您在一月份看到的現金趨勢嗎？對餘額或貝塔值的預期支撐了這種增長，因為它比我們預期的要好。

Hold on, let me go back. That was actually for the bank. I was giving you the bank on that one. I apologize.

等一下，讓我回去。那其實是給銀行的。我已經把那件事交給你了。我道歉。

It's for the bank. Okay, got it.

是給銀行的。好，知道了。

Second question was?

第二個問題是？

It was about the -- no, never mind. Because if it was about the bank, then that makes more sense because I could...

這是關於——不，沒關係。因為如果是關於銀行的話，那就更有意義了，因為我可以…

It's definitely -- it's the bank.

毫無疑問，是銀行。

We have no further questions in our queue at this time. This does conclude today's conference call. Thank you for your participation, and you may now disconnect.

目前我們的隊列中沒有其他問題。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。