阿默普萊斯金融 (AMP) 2024 Q1 法說會逐字稿

Welcome to the Q1 2024 Earnings Call. My name is Briana, and I will be your operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded.

歡迎參加 2024 年第一季財報電話會議。我的名字是 Briana，我將擔任您今天通話的接線員。 （操作員說明）謹此提醒，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 first 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，早安。歡迎參加 Ameriprise Financial 第一季財報電話會議。今天與我通話的是董事長兼執行長 Jim Cracchiolo；伯曼（Walter Berman），財務長。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簡報資料，在投影片 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的營運情況。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 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.

我們在這次電話會議上所做的一些陳述可能是前瞻性的，反映了管理階層對未來事件以及整體營運計畫和績效的預期。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。

A simple list of factors and risks that could cause actual results to be materially different from forward-looking statements can be found in our first quarter 2024 earnings release, our 2023 annual report to shareholders and our 2023 10-K report. We make no obligation to publicly update or revise these forward-looking statements.

在我們的 2024 年第一季財報發布、2023 年股東年度報告和 2023 年 10-K 報告中，可以找到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的簡單清單。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 first quarter. Below that, you see our adjusted operating results, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. Many of the comments that management makes on the call today will focus on adjusted operating results.

在投影片 3 上，您可以在頁面頂部看到我們第一季的 GAAP 財務表現。下面，您可以看到我們調整後的經營業績，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. Yesterday, Ameriprise reported good first quarter results to start the year. We're positioned well and focused on helping our clients [submit] a complex climate, and we're also benefiting from our excellent capabilities across the business. Clearly, the operating environment remains dynamic. Equity markets have had strong year-over-year growth as the U.S. economy is proving resilient.

早安.昨天，Ameriprise 公佈了年初良好的第一季業績。我們處於有利位置，專注於幫助客戶[應對]複雜的氣候，我們也受益於我們在整個業務領域的卓越能力。顯然，營運環境仍然是動態的。隨著美國經濟表現出彈性，股市較去年同期成長強勁。

However, inflation remains above the Fed's target and therefore, interest rates remain high. The economic picture is not as strong in the U.K. and EMEA. Overall, many investors are holding cash on the sidelines, are in shorter-duration products, which will eventually move to other investments. This means opportunity for our business with our quality goal-based advice and [active] solutions.

然而，通膨仍然高於聯準會的目標，因此利率仍然很高。英國和歐洲、中東和非洲地區的經濟狀況就沒那麼強勁。總體而言，許多投資者在場外持有現金，投資期限較短的產品，這些產品最終將轉向其他投資。這意味著我們的業務有機會獲得基於品質目標的建議和[主動]解決方案。

With that backdrop for our first quarter adjusted operating results, total revenue increased 11% and to $4.1 billion. Earnings grew 10% to $878 million, and earnings per diluted share was up 16% to $8.39. And our return on equity ex AOCI remains outstanding at 49%. Ameriprise assets under management administration were $1.4 trillion, up 15% from a year ago, driven by client net flows and equity market appreciation.

在此背景下，我們第一季調整後的經營業績，總營收成長了 11%，達到 41 億美元。獲利成長 10% 至 8.78 億美元，攤薄後每股收益成長 16% 至 8.39 美元。我們的股本回報率 (AOCI 除外) 仍高達 49%。在客戶淨流量和股市升值的推動下，Ameriprise 管理下的資產為 1.4 兆美元，年增 15%。

In Wealth Management, we remain on our path to provide goal-based advice to more clients, backed by a highly satisfying and referable experience. I've had the opportunity to speak to a number of our advisors at our first quarter field conferences. They consistently shared that our client value proposition and the level of support we provide are real differentiators both in terms of driving high client satisfaction and practice growth.

在財富管理領域，我們將繼續致力於為更多客戶提供基於目標的建議，並以高度滿意和值得參考的體驗為後盾。我有機會在第一季的現場會議上與我們的一些顧問進行了交談。他們一致認為，我們的客戶價值主張和我們提供的支援程度在推動高客戶滿意度和業務成長方面都是真正的差異化因素。

Total client assets increased to $954 billion, up 19%. We saw a nice increase in transactional activity, up 17% in the quarter. Client inflows were good at $8.5 billion. While clients are still maintaining high cash holdings. Money is starting to move into other products such as structured products, brokerage and back into [wrap], including in fixed income. Wrap inflows were $6.5 billion, and the platform has grown to $522 billion, up 20%.

客戶總資產增至 9,540 億美元，成長 19%。我們看到交易活動大幅成長，本季成長了 17%。客戶流入量高達 85 億美元。而客戶仍保持高現金持有量。資金開始流向其他產品，例如結構性產品、經紀業務，然後又回到[wrap]，包括固定收益產品。整體資金流入為 65 億美元，該平台已成長至 5,220 億美元，成長 20%。

The bank is also an important complement. We're currently holding assets of more than $22 billion and generating very good spread revenue as we focus on deepening relationships and bringing in assets clients hold elsewhere. With $82 billion sitting in cash, we still have a significant opportunity to help clients reposition portfolios as markets settle.

銀行也是一個重要的補充。我們目前持有超過 220 億美元的資產，並產生非常好的利差收入，因為我們專注於深化關係並引入客戶在其他地方持有的資產。憑藉 820 億美元的現金，我們仍然有很大的機會幫助客戶在市場穩定後重新配置投資組合。

Our Ameriprise advisor force is one of the largest in the industry, and we've consistently delivered some of the highest growth rates. Productivity increased nicely again up 11% to $942,000 in adjusted operating net revenue per advisor. Regarding recruiting, we added 64 experienced advisors in the quarter, and our pipeline looks good as we proceed through the year.

我們的 Ameriprise 顧問團隊是業界規模最大的顧問團隊之一，我們一直保持著最高的成長率。生產力再次大幅提高，每位顧問調整後的營運淨收入成長 11%，達到 94.2 萬美元。在招聘方面，我們在本季度增加了 64 名經驗豐富的顧問，隨著全年的進展，我們的人才儲備看起來不錯。

As a long-standing leader in advice, Ameriprise and our advisor practices are well positioned to serve the growing consumer need for advice across segments. We know that the mass affluent and affluent consumers want advice and that the opportunity continues to grow.

作為諮詢領域的長期領導者，Ameriprise 和我們的顧問業務能夠很好地滿足消費者對各個細分市場日益增長的建議需求。我們知道大眾富裕和富裕消費者需要建議，而且機會不斷成長。

From a recent study, 44% of affluent investors say they need even more advice today than in the past. And there are also greater need among the majority of younger investors. More people can benefit from what we offer. And in fact, in the quarter, we were proud to earn a Hearts & Wallets 2024 Top Performer in understands me and shares my values, unbiased, puts my interest first and explains things in understandable terms.

最近的一項研究顯示，44% 的富裕投資者表示，他們今天比過去需要更多建議。而廣大年輕投資者的需求也更大。更多的人可以從我們提供的服務中受益。事實上，在本季度，我們很自豪地獲得了Hearts & Wallets 2024 年最佳表現者獎，因為我們理解我並分享我的價值觀，不帶偏見，將我的興趣放在第一位，並以易於理解的方式解釋事情。

We also invest significantly to provide our advisors a fully integrated technology suite, which has proven to simplify processes, help deliver a great client experience and drive referrals. As we shared, we're also investing in advanced analytics that can help to drive further efficiency and opportunity.

我們還進行了大量投資，為我們的顧問提供完全整合的技術套件，事實證明，該套件可以簡化流程，幫助提供出色的客戶體驗並推動推薦。正如我們所分享的，我們還投資於高級分析，這有助於進一步提高效率和機會。

And in the quarter, we were also recognized with a Bank Insurance Securities Association Technology Innovation Award for our exclusive e-meeting capability, which greatly simplifies and enhances client meeting preparation.

在本季度，我們還憑藉獨特的電子會議功能獲得了銀行保險證券協會技術創新獎，該功能極大地簡化和增強了客戶會議準備。

Regarding financials, our margins in Wealth Management remain among the best in the business at nearly 30%. Looking ahead, our planning model positions us to sustain strong margins as clients adjust portfolios to reflect equity market and interest rate dynamics.

在財務方面，我們的財富管理業務利潤率仍處於行業前茅，接近 30%。展望未來，我們的規劃模型使我們能夠在客戶調整投資組合以反映股市和利率動態時維持強勁的利潤率。

Regarding Retirement & Protection, we also saw a good increase in sales in the first quarter. We recently made product enhancements in both structured annuities and VUL and adjusted our wholesaling support to help more advisors deliver these solutions and increase efficiencies to the business. Variable annuity sales were up 32%, with very strong results in structured annuities, consistent with investor appetite. In the 4 years since we launched our structured annuity product, it has become our top-selling annuity and ranks among the top 10 in the industry.

關於退休和保障，我們在第一季也看到了銷售額的良好成長。我們最近對結構性年金和 VUL 進行了產品增強，並調整了我們的批發支持，以幫助更多顧問提供這些解決方案並提高業務效率。可變年金銷售額成長了 32%，結構性年金業績非常強勁，符合投資者的胃口。結構性年金產品推出四年來，已成為我們最暢銷的年金產品，躋身業界前十名。

In our insurance business, sales were also very good, increasing 8% with the majority of the sales in our higher-margin accumulation variable universal life products, where we added new features at the start of the year.

在我們的保險業務中，銷售額也非常好，成長了 8%，其中大部分銷售額來自利潤率較高的累積可變萬能壽險產品，我們在年初添加了新功能。

Overall, our Retirement & Protection business consistently delivers strong earnings and profitability. By the way, in the quarter, long-term care continued to generate positive earnings of $16 million as we benefited from higher interest rates and consistent claim levels.

整體而言，我們的退休與保障業務始終保持強勁的收益與獲利能力。順便說一句，在本季度，長期照護繼續產生 1,600 萬美元的正收益，因為我們受益於更高的利率和持續的索賠水平。

We also continue to generate good earnings in Asset Management, even with flows being pressured. The team delivered strong performance for clients and focused on fully leveraging our global capabilities to drive efficiencies. Total assets under management were up 7% to $652 billion.

即使資金流動面臨壓力，我們的資產管理業務仍持續產生良好的收益。該團隊為客戶提供了強勁的業績，並專注於充分利用我們的全球能力來提高效率。管理總資產成長 7%，達到 6,520 億美元。

Regarding our investment performance, we continue to generate good short-, medium- and long-term performance across product lines. One weaker area was in fixed income to a difficult year in '22, but that's working through our medium-term numbers.

就我們的投資績效而言，我們各產品線持續創造良好的短期、中期和長期績效。一個較弱的領域是固定收益領域，22 年是困難的一年，但我們的中期數據正在發揮作用。

That said, we have good overall performance. In fact, the strength of our numbers was reflected in the most recent Barron's rankings of the Best Fund Families, where Columbia Threadneedle ranked in the top 10. I'll also highlight that in a recent survey of top asset management firms by [institutional investor], Columbia Threadneedle ranked 6th out of 330 asset managers for our active engagement with issuers.

也就是說，我們的整體表現良好。事實上，我們的實力在《巴倫周刊》最新的最佳基金家族排名中得到了體現，其中Columbia Threadneedle 名列前10 名。在項調查中強調這一點] ]，Columbia Threadneedle 因與發行人的積極互動而在 330 家資產管理公司中排名第六。

Though we remain in net outflows for the quarter, in retail, we did see improvement in gross sales. In North America, equity and fixed income flows improved, and EMEA flows also improved and were in net inflows in Continental Europe, given the nice pickup in equities. In the U.K., we remain pressured.

儘管本季零售業仍處於淨流出狀態，但我們確實看到銷售總額有所改善。在北美，股票和固定收益資金流有所改善，歐洲、中東和非洲地區的資金流動也有所改善，由於股市的良好回升，歐洲大陸出現淨流入。在英國，我們仍然面臨壓力。

In institutional, we ran outflows due to redemptions in lower fee mandates and impacts from previously announced portfolio manager changes as well as slower new fundings.

在機構方面，由於較低費用授權的贖回以及先前宣布的投資組合經理變更的影響以及新資金放緩的影響，我們出現了資金外流。

We have a strong offering and are telling it to better serve client demand and drive flows. This includes expanding our model delivery in the U.S., advancing our real estate capabilities as well as further strengthening our bank loan CLO business.

我們擁有強大的產品，並告訴它更好地滿足客戶需求並推動流量。這包括擴大我們在美國的模型交付、提高我們的房地產能力以及進一步加強我們的銀行貸款 CLO 業務。

In Asset Management, we continue to drive synergies and efficiency gains, and you can see that in our normalized G&A expenses down 3%. In terms of overall Asset Management profitability, the North America region is performing well while EMEA faced a bit more pressure based on market conditions. Now that we're through the integration in EMEA, we're very much focused on leveraging our capabilities globally, gaining better efficiencies while reducing expenses.

在資產管理方面，我們繼續推動協同效應和效率提升，您可以看到我們的標準化管理費用下降了 3%。就整體資產管理獲利能力而言，北美地區表現良好，而歐洲、中東和非洲地區則根據市場狀況面臨更大的壓力。現在我們已經完成了歐洲、中東和非洲地區的整合，我們非常注重在全球範圍內利用我們的能力，在降低開支的同時提高效率。

For Ameriprise overall, the level of results we consistently achieve is driven by the totality of what we have here as well as our ability to invest for growth and manage expenses very well. This includes our excellent returns and earnings growth. And in terms of track records, our long-term track records are excellent. Just looking back over the last 5 years, I would highlight EPS as an example, where we have delivered 15% compounded annual growth. Our return on equity of 49% is among the highest in the industry year after year. Also very significant, we consistently deliver a differentiated level of shareholder return, returned another $650 million in capital in the quarter, and we just announced another dividend increase of 10%.

對於 Ameriprise 整體而言，我們持續取得的績效水準是由我們所擁有的整體以及我們為成長進行投資和管理費用的能力所驅動的。這包括我們出色的回報和獲利成長。就業績記錄而言，我們的長期業績記錄非常出色。回顧過去 5 年，我會以 EPS 為例，我們實現了 15% 的複合年增長率。我們 49% 的股本回報率連年處於行業最高。同樣非常重要的是，我們始終如一地提供差異化的股東回報，在本季度又返還了 6.5 億美元的資本，我們剛剛宣布將股息再次增加 10%。

Overall, it was a great start to the year across many dimensions. What's behind our results? Our talented team. In the quarter, we received additional external recognition for who we are and how we work together. In fact, Forbes put Ameriprise on their best America large employers 2024 ranking. And Newsweek ranked us one of America's Greatest Workplaces for Women.

總體而言，從許多方面來說，今年都是一個好的開始。我們的結果背後是什麼？我們才華洋溢的團隊。在本季度，我們的身分以及我們的合作方式獲得了額外的外部認可。事實上，《富比士》將 Ameriprise 列入 2024 年美國最佳大型雇主排行榜。 《新聞周刊》將我們評為美國最適合女性的工作場所之一。

In closing, I would also like to highlight that in June, we will mark our 130th anniversary, which is a unique and significant milestone in any industry. Our priority has always been our clients. Also key to our longevity is our ability to innovate and evolve for the future. Ameriprise is going to continue to navigate for clients and invest in opportunities for growth, and I feel good about our ability to build on our position this year.

最後，我還想強調，6 月，我們將迎來 130 週年紀念日，這對任何行業來說都是一個獨特且重要的里程碑。我們的首要任務始終是我們的客戶。我們長壽的另一個關鍵是我們面向未來的創新和發展能力。 Ameriprise 將繼續為客戶導航並投資成長機會，我對我們今年鞏固地位的能力感到滿意。

Now Walter will share additional detail on the quarter and some of the numbers. Walter?

現在沃爾特將分享有關該季度和一些數字的更多細節。沃特？

Thank you, Jim. EPS grew 16% to $8.39, with growth across all segments. The diversified nature of our business drives our consistent financial performance across market cycles and sets us apart from most in the financial services. Assets under management and administration increased 15% to $1.4 trillion, benefiting from over [$29 billion] of client flows over the past year and equity market appreciation. This has resulted in strong 11% revenue growth across our businesses.

謝謝你，吉姆。每股收益成長 16%，達到 8.39 美元，所有細分市場均成長。我們業務的多元化性質推動了我們在整個市場週期中保持一致的財務業績，並使我們在金融服務領域中脫穎而出。受惠於過去一年超過[290億美元]的客戶流量和股市升值，管理和管理下的資產成長了15%，達到1.4兆美元。這使得我們各業務的收入實現了 11% 的強勁成長。

We continue to manage expenses tightly to maintain strong margins. G&A expenses grew only 2% on a normalized basis, driven by our operational efficiency improvements. We continue to selectively invest in areas that will drive future business growth, particularly in Wealth Management. We will maintain this discipline in 2024 and plan to keep G&A expenses at 2023 levels. Our returns remain strong with a consolidated margin of 26% and a best-in-class return on equity of [50.2%] excluding unlocking.

我們繼續嚴格管理費用以維持強勁的利潤率。在我們營運效率提高的推動下，一般管理費用僅成長 2%。我們繼續有選擇地投資於能夠推動未來業務成長的領域，特別是財富管理領域。我們將在 2024 年維持這項紀律，並計劃將一般管理費用保持在 2023 年的水準。我們的回報仍然強勁，綜合利潤率為 26%，不包括解鎖在內的股本回報率為 [50.2%]。

Balance sheet fundamentals, including excess capital and liquidity, remains strong. Our diversified business model benefits from significant and stable 90% free cash flow contributions across all business segments. We returned $650 million of capital to shareholders in the quarter. And as you saw, we announced a 10% dividend increase, a continuation of our differentiated track record. In 2024, we expect to return 80% of operating earnings to shareholders.

資產負債表基本面，包括過剩資本和流動性，仍然強勁。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。本季我們向股東返還了 6.5 億美元的資本。正如您所看到的，我們宣布將股息增加 10%，這是我們差異化業績記錄的延續。到2024年，我們預計將80%的營業利潤返還給股東。

On Slide 6, you see the strong results for Wealth Management. Client and [wrap] assets increased 19% and 20%, respectively, from strong net flows and market appreciation over the past year. Client flows in the quarter were $8.5 billion, down from quarter 1 2023, driven by higher net flows into third-party money market funds a year ago.

在投影片 6 上，您可以看到財富管理的強勁成果。由於去年強勁的淨流量和市場升值，客戶資產和[包裝]資產分別成長了 19% 和 20%。該季度的客戶流量為 85 億美元，較 2023 年第一季有所下降，因為一年前流入第三方貨幣市場基金的淨流量增加。

In the quarter, adjusted operating net revenues increased 13% to $2.6 billion from growth in client assets, increased transactional activity and a robust 30% increase in net investment income in the bank, which more than offset lower fees from off-balance sheet cash. This drove revenue per advisor to a new high of $942,000, up 11% from a year ago.

本季度，由於客戶資產成長、交易活動增加以及銀行淨投資收入強勁增長 30%，調整後營業淨收入增長 13%，達到 26 億美元，這足以抵消表外現金費用的下降。這使得每位顧問的收入創下新高，達到 94.2 萬美元，比一年前成長 11%。

Total cash balances, including third-party money market funds and broker CDs, reached a new high this quarter at $82.4 billion as clients remain heavily concentrated in yield-oriented products.

由於客戶仍高度集中於收益導向產品，包括第三方貨幣市場基金和經紀商存款證在內的總現金餘額本季達到 824 億美元的新高。

Cash balances were fairly stable at $43.3 billion, with cash sweep down only $1 billion in the quarter, reflecting normal seasonal tax patterns. We expect clients will put money back to work in wrap and other products on our platform over time as markets and rates normalize, which creates a significant opportunity.

現金餘額相當穩定，為 433 億美元，本季現金清掃僅減少 10 億美元，反映了正常的季節性稅收模式。我們預計，隨著市場和利率的正常化，隨著時間的推移，客戶將把資金重新投入到我們平台上的包裝和其他產品中，這創造了一個重要的機會。

The financial benefit from cash at the bank remains significant and will be a sustainable source of earnings, going forward.

銀行現金帶來的經濟利益仍然龐大，並將成為未來可持續的收入來源。

Adjusted operating expenses in the quarter increased 14%, with distribution expenses up 17%, reflecting business growth, including Comerica, acceleration in transactional activity, growth in experienced advisor recruiting and higher payroll taxes as the business grew.

本季調整後的營運費用成長了14%，其中分銷費用成長了17%，反映了業務成長（包括聯信）、交易活動的加速、經驗豐富的顧問招募的成長以及隨著業務成長而提高的工資稅。

G&A expenses increased 7% to $420 million, reflecting higher volume-related expenses and the occlusion of Comerica. We continue to invest in our growing business while maintaining expense discipline in 2024. We are targeting a G&A increase in the mid-single-digit range for the full year. This combination of revenue growth and well-managed expenses resulted in the business sustaining an operating margin of approximately [30%].

G&A 費用成長 7%，達到 4.2 億美元，反映了與銷售相關的費用增加以及聯信業務的關閉。我們將繼續投資於不斷成長的業務，同時保持 2024 年的支出紀律。收入成長和管理良好的支出相結合，使該業務維持了約 [30%] 的營業利潤率。

Turning to Asset Management on Slide 7. Financial results were very strong in the quarter, and we continue to manage the business well through a challenging environment for active asset managers. Total AUM increased 7% to $652 billion, primarily from higher equity market appreciation, partially offset by net outflows.

轉向幻燈片 7 上的資產管理。資產管理規模總額成長 7%，達到 6,520 億美元，主要是因為股市升值增加，但部分被淨流出抵銷。

In the quarter, operating earnings increased 25% to $206 million as a result of equity market appreciation, disciplined expense management, which more than offset the cumulative impact of net outflows. And the margin was in our top end of our targeted range at [35%] in the quarter.

由於股市升值和嚴格的費用管理，本季營業利潤成長了 25%，達到 2.06 億美元，這遠遠抵消了淨流出的累積影響。本季的利潤率處於我們目標範圍的上限 [35%]。

Adjusted operating expenses increased 2%, with general and administrative expenses flat from a year ago. On a normalized basis, general and administrative expenses was 3% lower than last year, reflecting the benefits from comprehensive expense management initiatives taken since 2023. We are looking globally, especially in EMEA, to enhance operational efficiencies and manage expenses so we are well positioned going forward.

調整後營運費用成長 2%，一般和管理費用與去年同期持平。在正常化的基礎上，一般和管理費用比去年下降了3%，反映了自2023 年以來採取的全面費用管理措施的好處。管理費用，因此我們處於有利地位向前走。

Let's turn to Slide 8. 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 3% to $199 million, reflecting the benefit from strong markets and higher interest rates, partially offset from strong sales growth, which drove up distribution expense.

讓我們轉向幻燈片 8。該季度稅前調整後營業利潤成長 3%，達到 1.99 億美元，反映出強勁的市場和較高的利率帶來的好處，部分抵消了強勁的銷售成長推動了分銷費用。

Overall, Retirement & and Protection Solutions sales in the quarter, with Protection sales up 8% to $65 million, primarily in higher-margin VUL. Variable annuity sales grew 32% to $1.2 billion, with strong momentum in our structured product.

整體而言，本季退休和保障解決方案銷售額成長 8%，達到 6,500 萬美元，主要是利潤率較高的 VUL。可變年金銷售額成長 32%，達到 12 億美元，我們的結構性產品動能強勁。

Turning to Slide 9. Ameriprise delivered excellent growth in the first quarter, which is a continuation of the long track record across market cycles and our commitment to profitable growth. Over the last 12 months, revenue grew 10%, earnings per share increased [19%] and ROE grew 240 basis points, excluding unlocking.

轉向幻燈片 9。過去 12 個月，營收成長 10%，每股盈餘成長 [19%]，ROE 成長 240 個基點（不包括解鎖）。

We had similar growth trends over the past 5 years with 7% revenue growth, [15%] EPS compounded annual growth, and ROE improved 13 percentage points. Compared to most financial services companies, this differentiated performance across multiple cycles speak to the complementary nature of our business mix as well as our focus on profitable growth.

過去 5 年我們也有類似的成長趨勢，營收成長 7%，每股盈餘複合年增長率為 [15%]，淨資產收益率 (ROE) 提高了 13 個百分點。與大多數金融服務公司相比，這種跨越多個週期的差異化表現說明了我們業務組合的互補性以及我們對獲利成長的關注。

Now let's finish with the balance sheet on Slide 10. Balance sheet fundamentals and free cash flow generation remains strong and support our ability to consistently return capital to shareholders and invest for future business growth. In the last year, we returned $2.6 billion of capital to shareholders, which included $650 million in the quarter. In addition, we announced our annual dividend increase of 10%, taking the quarterly dividend to $1.48 per share.

現在讓我們結束投影片 10 上的資產負債表。去年，我們向股東返還了 26 億美元的資本，其中本季返還了 6.5 億美元。此外，我們也宣布年度股利增加 10%，季度股利達到每股 1.48 美元。

Merit prices consistent capital return strategy drives long-term shareholder value. Over the past 5 years, we returned $12 billion to shareholders with the repurchase of 40 million shares at an average price of $227, resulting in a net reduction in our share count of 25%.

優點價格一致的資本回報策略可推動長期股東價值。在過去 5 年裡，我們以平均價格 227 美元回購了 4,000 萬股股票，向股東返還了 120 億美元，導致我們的股份數量淨減少了 25%。

With that, we'll take your questions.

接下來，我們將回答您的問題。

(Operator Instructions) Brennan Hawken from UBS is online with your first question.

（操作員說明）UBS 的 Brennan Hawken 在線回答您的第一個問題。

You spoke to growth in experienced advisor recruiting. So I was hoping you could maybe provide some perspective on how you view the competitive environment for FA recruiting right now. And based on that view, do you think it's a better time to pull back or lean into the market? And why is that?

您談到了經驗豐富的顧問招募方面的成長。所以我希望你能提供一些關於你如何看待目前 FA 招募競爭環境的觀點。基於這個觀點，您認為現在是退出市場還是回歸市場的更好時機？為什麼是這樣？

So as you saw in the first quarter, we attracted 65 high-quality recruits into the business. I think the recruiting is a little slower in the first quarter with the markets that ran, people were staying put a little more. I do believe that the market is very competitive. And some of the competitors are actually, I think, being a little more irrational in that regard.

正如您在第一季看到的那樣，我們吸引了 65 名高素質人才加入該行業。我認為隨著市場的運行，第一季的招聘速度有點慢，人們更多地留在原地。我確實相信市場競爭非常激烈。我認為，有些競爭對手在這方面其實有點不理性。

So we're much more focused on quality people that really think about where they need to associate. They want to build good practices, become more productive, want the support they need to do that. And those are the type of people that we've been focused on.

因此，我們更加關注那些真正考慮他們需要在哪裡交往的高素質人才。他們希望建立良好的實踐，提高工作效率，並希望獲得實現這一目標所需的支援。這些就是我們一直在關注的人。

Yes. That makes sense. Okay. And then maybe for my follow-up, something a little more tactical. Cash balances have been in focus. We all know that April is a big month for taxes and sometimes has an impact on your business. So could you comment on what trends you've seen in cash balances here month to date? What the impact was that we should expect from taxes? And were those largely funded out of sweep or other cash vehicles?

是的。這就說得通了。好的。然後也許是我的後續行動，一些更具戰術性的事情。現金餘額一直是人們關注的焦點。我們都知道四月是納稅大月，有時會對您的業務產生影響。那麼您能否評論一下本月迄今為止您所看到的現金餘額的趨勢？我們應該期望稅收產生什麼影響？這些資金主要來自掃蕩或其他現金工具嗎？

Okay. What we've seen in April is basically a small amount going out before taxes out of sweep. We have started to see some actually shifting at money market, third-party money markets, Again, I can't say it's taxes, but clearly, the patterns there, sweep is stable, and we've seen a little pattern on shifting on money market, third-party money markets.

好的。我們在四月看到的基本上是稅前的少量支出。我們已經開始看到貨幣市場、第三方貨幣市場發生了一些實際的轉變，同樣，我不能說這是稅收，但顯然，那裡的模式，掃蕩是穩定的，我們已經看到了一些轉變的模式貨幣市場，第三方貨幣市場。

Got it. But overall month-to-date, stable sweep is the right way to think about it?

知道了。但整體而言，從本月至今，穩定的橫掃是正確的思考方式嗎？

Absolutely.

絕對地。

Your next question comes from Suneet Kamath with Jefferies.

您的下一個問題來自 Jefferies 的 Suneet Kamath。

Just wanted to go back to the Wealth Management comments about the bank net investment income rising 30%. Obviously, that's not a number that we can pull out of your supplements. But just curious, where you see that going in the balance of the year and into next year in terms of growth?

只是想回到財富管理關於銀行淨投資收益成長30%的評論。顯然，我們無法從您的補充劑中提取這個數字。但只是好奇，您認為今年剩餘時間和明年的成長情況如何？

I know you talked about growth this year over last year and growth next year over this year. But can you just put some broad numbers around what you're expecting? I wouldn't guess it would be 30%, but just curious, what you're seeing there?

我知道你談到了今年比去年的成長以及明年比今年的成長。但你能給出一些大致的數字來說明你的預期嗎？我猜不會是 30%，但只是好奇，你在那裡看到了什麼？

Won't be 30%. As I mentioned, Suneet, what you'll see is that we have each year, about $3 billion each year that will be reinvested, and you should figure that we'll pick up at -- listen, rates stay where they are, somewhere 100 to 125 basis points on that. So that will make a contribution because that will be almost 35% of our total AUM outstanding at the bank.

不會是30%吧正如我所提到的，Suneet，你會看到我們每年都有大約 30 億美元的資金進行再投資，你應該認為我們會注意到——聽著，利率保持在原來的水平。 。因此，這將做出貢獻，因為這將占我們在銀行的未償還資產管理總額的近 35%。

So it's going to -- I see it continuing. It's going to slow, obviously, as we get into the [25] and as we progress through the year, but it will be very healthy, and profitability is quite good.

所以它會——我認為它會繼續下去。顯然，隨著我們進入 [25] 以及全年的進展，它會放緩，但它會非常健康，盈利能力也相當不錯。

Got it. And then I guess on the cost savings, I mean, it seems to me like we spent more time talking about that on this call and more recent calls. And I guess what I want to get a handle on is what are you trying to -- what are you seeing on the revenue side?

知道了。然後我想關於節省成本，我的意思是，在我看來，我們在這次電話會議和最近的電話會議上花了更多時間討論這一點。我想我想了解的是你想要做什麼——你在收入方面看到了什麼？

It would seem to me, given your history, you tend to talk a lot about cost savings when there's revenue pressure. Obviously, we see it in Asset Management, but it sounds like there might be incremental pressure in other segments. I just want to get a sense of what are you responding to, is it more than just pressure in the Asset Management business?

在我看來，考慮到您的歷史，當存在收入壓力時，您往往會談論很多關於成本節約的話題。顯然，我們在資產管理領域看到了這一點，但聽起來其他領域可能會面臨越來越大的壓力。我只是想了解您的反應是什麼，是否不僅僅是資產管理業務的壓力？

No, Suneet. I think when we look at the Asset Management, we do believe with what we have put together, the technology and the capabilities and the geographical type of makeup, there is an opportunity for us to further get efficiencies in the Asset Management, that's very much our focus.

不，蘇妮特。我認為，當我們審視資產管理時，我們確實相信，憑藉我們所擁有的資源、技術、能力以及地理類型的組成，我們有機會進一步提高資產管理的效率，這非常重要我們的焦點。

In regard to the other business and across the company from a corporate perspective, we, again, feel like there's an opportunity for us to even tighten our operating model a bit more and get even a bit more efficiency based on a combination of the technology and all the capabilities that we put in place and how we're operating, including geographically.

就其他業務以及整個公司而言，從企業的角度來看，我們再次覺得我們有機會進一步收緊我們的營運模式，並在技術和技術相結合的基礎上獲得更高的效率。所有能力以及我們的運作方式，包括地理位置。

So we're looking at that. It's not because of any external pressure per se. It's something that you know that we've done over cycles as we reengineer and continue to invest. But at the same time, we are making good new investments in AI and data and analytics and technology platforms and cybersecurity.

所以我們正在研究這個。這並不是因為任何外在壓力本身。你知道，我們在重新設計和繼續投資的過程中已經做了很多事情。但同時，我們正在人工智慧、數據、分析、技術平台和網路安全方面進行良好的新投資。

And so what we're trying to do is we know that we want to invest. And we know that if we can get some other efficiencies on the expense base, that's always helpful for us. And again, we can't dictate what the market conditions are, but it gives us flexibility.

所以我們想做的是我們知道我們想要投資。我們知道，如果我們能夠在費用基礎上獲得其他一些效率，那對我們總是有幫助的。再說一遍，我們無法決定市場狀況，但它給了我們彈性。

Got it. And then just one comment I had just on the experienced advisor recruits. I think for many quarters, you've given us the number of recruits, which is helpful. But I think there's also been a change in like the size of the practices that you've been bringing onboard. So maybe at some point, if you can give us a look at over this period of time, this is how much assets came in from those recruits, I think that would be helpful.

知道了。然後我對經驗豐富的新聘顧問發表了一則評論。我認為在許多季度中，您向我們提供了新兵人數，這很有幫助。但我認為你們所採用的實踐規模也改變了。所以也許在某個時候，如果你能讓我們看看這段時間裡，這些新兵帶來了多少資產，我認為這會有所幫助。

Will do.

會做。

Your next question comes from Wilma Burdis with Raymond James.

您的下一個問題來自威爾瑪·布爾迪斯和雷蒙德·詹姆斯。

Is there any pressure from clients to pass through more short-term interest rate benefits, especially as the rates could stay higher for longer?

客戶是否有壓力要求提供更多短期利率優惠，特別是考慮到利率可能會在更長時間內保持在較高水準？

Well, as you saw, I mean, we have a lot of cash balances and a lot are invested in, whether it be money market, brokered CDs, our own certificate programs, et cetera. Even in our bank now, we have higher savings products, et cetera.

嗯，正如你所看到的，我的意思是，我們有很多現金餘額，並且有很多投資，無論是貨幣市場、經紀 CD、我們自己的證書計劃等等。即使現在在我們銀行，我們也有更高的儲蓄產品等等。

So no, because what's left in sweep is more of that transactional liquidity-type thing, just like you maintain in your bank account sort of, but in this case, were activity within the overall business that they have and maintain and that cash moves. So if everything was sitting in sweep, then the answer would probably be yes, but that's not the case.

所以不，因為剩下的更多的是交易流動性類型的東西，就像你在銀行帳戶中維護的那樣，但在這種情況下，是他們擁有和維護的整體業務中的活動以及現金流動。因此，如果一切都一帆風順，那麼答案可能是肯定的，但事實並非如此。

Okay. And then can you talk a little bit about how you guys think about acquisitions in A&WM space, especially maybe for scale, a little bit -- something a little bit larger? Just kind of curious, what you're seeing there?

好的。然後你能談談你們如何看待 A&WM 領域的收購，尤其是規模更大的收購嗎？只是有點好奇，你在那裡看到了什麼？

Is that regarding asset -- [A&WM]?

是關於資產－[A&WM]嗎？

Yes.

是的。

Okay. Well, what we look, as we said, is we look to associate people that really feel that we can add value to their practices and what we can bring. We look at other things that may make sense for us. But again, we're not just looking to roll up firms and put it on a network. We really look for people to join us and build out under what we provide from a client experience perspective. So that's the way we go about thinking about it.

好的。嗯，正如我們所說，我們希望與那些真正認為我們可以為他們的實踐和我們帶來的東西增加價值的人建立聯繫。我們會關注其他對我們可能有意義的事情。但同樣，我們不僅僅是希望將公司整合起來並將其放到網路上。我們真誠地尋找人們加入我們，並從客戶體驗的角度出發，在我們提供的服務下進行發展。這就是我們思考這個問題的方式。

Your next question comes from Tom Gallagher with Evercore ISI.

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

First question is, can you provide some color on what kind of margin you're getting on new flows, the $8.5 billion of net inflows overall to A&WM? When I look at -- Jim, I agree with your comment that 30% margin is certainly impressive. But just curious, as you think about organic growth, what that's going to do to margins, assuming we keep the macro constant on kind of your in-force earnings?

第一個問題是，您能否提供一些關於新資金流入（A&WM 的淨流入總額為 85 億美元）的利潤率？當我看到——吉姆，我同意你的評論，即 30% 的利潤率確實令人印象深刻。但只是好奇，當你考慮有機成長時，假設我們保持宏觀經濟不變，你的有效收入會對利潤率產生什麼影響？

So Tom, as you look like even in the first quarter, what we saw was a nice increase in core business activities. And what you had a little more is the -- on the cash side, that came off a little bit in the total contribution to the margin.

湯姆，正如你在第一季看到的那樣，我們看到核心業務活動有了很好的成長。多一點的是－在現金方面，對利潤率的總貢獻有所下降。

And so when you look at the totality of that underlying business, particularly as you -- kind of combination of business that's there, transactional wrap fee business and what -- they're sitting on the cash sidelines coming back in, which would give us higher margins, if it's not in the cash certificates, brokered, other things like that; so I would probably say there's a good opportunity there, based on people cycling back into the markets.

因此，當你審視基礎業務的整體情況時，特別是當你——那裡的業務組合、交易包裝費業務等等——他們坐在現金旁觀的位置上，這會給我們帶來好處。更高的利潤，如果不是現金憑證、經紀或其他類似的東西；所以我可能會說，根據人們騎自行車回到市場的情況，那裡有一個很好的機會。

We saw a nice start to -- increase in fixed income, again, rather than just short-term cash. So I think there's some of that, that will occur. Part of that's from the new flow, as you said, but part of it is really from the core of what came in and what's sitting there.

我們看到了一個好的開始——固定收益再次增加，而不僅僅是短期現金。所以我認為有些事情將會發生。正如您所說，其中一部分來自新流程，但一部分實際上來自進來的內容和坐在那裡的內容的核心。

And so I would probably say, in the past year or 2, a bit more of that has been in the cash side. And when that cash goes into money market or into brokerage CDs, et cetera, that doesn't give us as much margin, and that should come back in.

所以我可能會說，在過去的一兩年裡，現金方面的支出增加。當這些現金進入貨幣市場或經紀CD等時，這並沒有為我們帶來那麼多的利潤，而這應該會回來。

And Jim, sorry, just a follow-up there. Would you -- so would you say -- or maybe this is for Walter, would you say the incremental margin you're getting on new flows is above or below the 30% level? If you would just isolate it that way?

吉姆，抱歉，只是後續行動。你會——你會說——或者也許這對沃爾特來說，你會說你在新流量上獲得的增量利潤是高於還是低於 30% 的水平？如果你就這樣隔離它嗎？

I didn't look at exactly how much of the new flow came and went right into the market yet. I would probably say it's relatively consistent because our advisors don't put it all to work immediately when it comes in. So I would probably look at it that way that it's probably relatively the same at this point.

我還沒有具體了解有多少新流量進入並直接進入市場。我可能會說它是相對一致的，因為我們的顧問不會在它出現時立即將其全部投入使用。

Got you. That's helpful. And then just one follow-up. Long-term care risk transfer, Walter, I think you mentioned last quarter that you were sort of encouraged by [bids] spread narrowing. Can you talk about where your head is at with that? Is that something you're actively pursuing? Would you have to bundle other risks to potentially transact on that?

明白你了。這很有幫助。然後只有一個後續行動。長期照護風險轉移，沃爾特，我想您在上個季度提到，[出價]價差縮小使您受到了某種程度的鼓舞。你能談談你對此的看法嗎？這是你正在積極追求的事情嗎？您是否必須將其他風險捆綁在一起才能進行潛在交易？

So Tom, as I said last quarter, we certainly looked at a manualized transaction, and we are evaluating it, we really are. We continue to do that and evaluate the trade-offs. And certainly, it's -- it moved the bar, and we're just evaluating that.

所以湯姆，正如我上個季度所說，我們當然研究了手動交易，我們正在評估它，我們確實在評估它。我們將繼續這樣做並評估權衡。當然，它改變了標準，我們只是對此進行評估。

Your next question comes from Ryan Krueger with KBW.

您的下一個問題來自 KBW 的 Ryan Krueger。

My first question was on -- can you give us some sense of your expectations for bank, not NII, but just bank asset growth in 2024, whether it be moving more from cash sweep or growing it organically?

我的第一個問題是——您能否告訴我們您對 2024 年銀行資產增長的預期，而不是 NII，而只是銀行資產增長，無論是更多地擺脫現金掃蕩還是有機增長？

Yes. So we're looking at that now. And obviously, we do have buffers in the sweep account. So it would be -- we haven't decided on the amount yet, we will just evaluate, but it will increase. It's certainly not at the levels we've increased previously. But certainly, there's potential to increase it. And then, of course, we're going to be picking up basically interest earnings on -- basically when we reposition the $3 billion each year.

是的。所以我們現在正在研究這個問題。顯然，我們在清算帳戶中確實有緩衝區。所以，我們還沒有決定金額，我們只會評估，但它會增加。它肯定沒有達到我們之前增加的水平。但可以肯定的是，它還有增加的潛力。然後，當然，當我們每年重新配置 30 億美元時，我們基本上將獲得利息收入。

So I would say that it's -- will be increasing, but -- and then also, we'll be launching other products there, too. So it's a combo, and we certainly have room to do that.

所以我想說，它會增加，但是，我們也會在那裡推出其他產品。所以這是一個組合，我們當然有空間這樣做。

Great. And then I guess back to Tom's question, just curious, to what extent are you -- I guess, are you interested specifically in risk transfer with RiverSource? Or I guess, would you consider something that's more broad -- a more broad strategic move with RiverSource rather than isolating to a risk transfer deal?

偉大的。然後我想回到湯姆的問題，只是好奇，你在多大程度上 - 我想，你對 RiverSource 的風險轉移特別感興趣嗎？或者我猜，您會考慮更廣泛的事情——與 RiverSource 採取更廣泛的策略性舉措，而不是孤立於風險轉移交易嗎？

So we do evaluate different possibilities. But as I said, I think our business is performing really well. I mean even in long-term care, I mentioned about we earning $16 million. But even if you look over the last 4 quarters, we had some nice positive income, and we think that's pretty stable now. And so if an opportunity came along that made sense for us with a good strategic type of partner on a reinsurance type, we will be very open to explore that.

所以我們確實評估了不同的可能性。但正如我所說，我認為我們的業務表現非常好。我的意思是，即使在長期照護方面，我也提到我們的收入為 1600 萬美元。但即使你看看過去 4 個季度，我們也有一些不錯的正收入，而且我們認為現在相當穩定。因此，如果出現一個對我們有意義的機會，在再保險類型上擁有良好的策略夥伴，我們將非常開放地探索這一點。

But on the other side, I think we have a really good hand, and it gives us a lot of free cash flow and again, the good solutions. And we have a real -- a large complement of solutions on our shelves. So it's not like we have to be the provider of -- we're not. So we pick our spots. But we feel good about it. But again, we will always look at if there's a better opportunity for us.

但另一方面，我認為我們確實有一手好牌，它為我們提供了大量的自由現金流，並且再次提供了良好的解決方案。我們的貨架上有大量的解決方案。所以我們不必成為——我們不是的提供者。所以我們選擇我們的地點。但我們對此感覺良好。但同樣，我們將始終關注是否有更好的機會。

Your next question comes from Alex Blostein with Goldman Sachs.

您的下一個問題來自高盛的 Alex Blostein。

Just one for me. You guys talked about expense management. In your earlier comment, you suggested that there's a little bit maybe of a broader effort that's holding across the organization to focus on efficiencies, and it's great to see G&A being held flat versus 2023.

只給我一個。你們談論了費用管理。在您先前的評論中，您表示整個組織可能需要做出一些更廣泛的努力來關注效率，很高興看到 G&A 與 2023 年持平。

So -- but I guess looking beyond '24, how do you think these efficiencies [will] back G&A growth sort of like on a multiyear basis? Should we think of that being below the trend of what we see from the kind of the prior several years or sort of 2024 as a one-off benefit?

所以，但我想展望 24 年後，您認為這些效率將如何支持多年的一般行政費用成長？我們是否應該將低於前幾年或 2024 年趨勢的趨勢視為一次性收益？

So on the expense side, Alex, certainly, we will garner a reasonable amount in '24, but there will be carryover and certainly -- of the initiatives that we take in '24 and then, of course, the ones that will continue. So you should expect that this is part of -- we've always done reengineering, but this, I would say, has an improved trajectory, as we look at it, and the opportunities to process reengineer.

因此，在費用方面，亞歷克斯，我們當然會在 24 年獲得合理的金額，但肯定會有結轉——我們在 24 年採取的舉措，當然還有將繼續實施的舉措。所以你應該預料到這是——我們一直在進行重新設計的一部分，但我想說，正如我們所看到的那樣，這有一個改進的軌跡，以及流程重新設計的機會。

Your next question comes from Craig Siegenthaler with Bank of America.

您的下一個問題來自美國銀行的克雷格·西根塔勒。

First one is on recruiting. So I know you don't disclose this before the Q, but advisor loans grew 20% last year. And I'm wondering how you expect them to grow this year in 2024. And also, given your comments to an earlier question on recruiting, how have your transition assistance rates changed roughly over the last 3 years, just given intensifying competition on the advisor recruiting front?

第一個是關於招募。所以我知道你在 Q 之前沒有透露這一點，但去年顧問貸款增加了 20%。我想知道您預計他們在 2024 年將如何成長。招募前沿？

Okay. So on the advisor loans, yes, we have increased and certainly, we are competitive. So you should expect that, that would increase as we are on [transcom] proposals and as we start attracting more and more advisors. But that would stay within our limits. But you should see those loans increasing for sure, and we certainly have the cash capacity to do that.

好的。因此，在顧問貸款方面，是的，我們有所增加，而且我們當然具有競爭力。因此，您應該預料到，隨著我們提出 [transcom] 提案以及我們開始吸引越來越多的顧問，這一數字將會增加。但這將在我們的限制之內。但你應該會看到這些貸款肯定會增加，而且我們當然有足夠的現金能力來做到這一點。

Jim, I have a follow-up on Wealth Manager operating efficiency. So if you look at the ratio of distribution expenses relative to management fees and distribution expenses -- sorry, distribution revenues, it's sort of at payout ratio, but that ratio hit an all-time high this quarter. And at the same time, G&A growth remained elevated at 7%, which was in line with last year, but it's above your mid-single-digit target for the year.

吉姆，我跟進了財富管理機構的營運效率。因此，如果你看一下分銷費用相對於管理費和分銷費用的比率——對不起，分銷收入，它有點像派息率，但這個比率在本季度創下了歷史新高。同時，一般行政費用成長率仍維持在 7% 的高位，與去年一致，但高於今年中個位數的目標。

I'm just wondering, what drove up expenses in the first quarter? And how should we think about the [forward] trajectory within the Wealth Manager segment?

我只是想知道，是什麼推高了第一季的支出？我們該如何思考財富管理領域的[前進]軌跡？

On distribution, it was payroll taxes. And of course, you have high distribution when you have part of transactional elements from that standpoint. And as far as the 7%, as we indicated, the first quarter usually does blip up, but we are staying within what we've indicated in the -- middle single digits is a growth area for us, and so we'll be investing, but that's the target range.

在分配方面，是薪資稅。當然，從這個角度來看，當你擁有部分交易元素時，你就擁有了高分佈。就 7% 而言，正如我們所指出的，第一季通常會出現上升，但我們仍保持在我們所指出的範圍內——中間個位數對我們來說是一個成長區域，所以我們將投資，但這就是目標範圍。

Your next question comes from Michael Cyprys with Morgan Stanley.

您的下一個問題來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

I wanted to circle back to your commentary on the large amounts of customer cash on the sidelines, I think over $80 billion overall, about $39 billion or so in money fund balances and brokered CDs.

我想回顧一下您對場外大量客戶現金的評論，我認為總體超過 800 億美元，其中貨幣基金餘額和經紀 CD 約為 390 億美元左右。

I was hoping you could speak to some of the steps that you're taking to help facilitate the movement of this cash into [wrap] accounts in terms of what can you do to make it as frictionless as possible, and what rate backdrop do we need to see for this cash to move more meaningfully into wrap accounts? And if you look out over the next couple of years, what would success be in your view in terms of capturing what portion of this cash?

我希望您能談談您正在採取的一些步驟，以幫助促進這些現金轉移到[包裝]帳戶中，您可以採取哪些措施使其盡可能無摩擦，以及我們在什麼利率背景下需要看到這筆現金更有意義地轉入包裝帳戶嗎？如果您展望未來幾年，您認為在獲取這筆現金的哪一部分方面會取得什麼成功？

I mean, listen, it's hard to say because it does depend a little bit on market conditions. And when I see -- mean by market conditions, like the equity market has been up strong. But if you look at how fast it ran and then you looked at where rates dropped so quickly initially on the long end of the curve and now that is starting to come back up again, and they are up nice, again, back to a more reasonable level; I do believe that there is an opportunity as people start to think about rotating back into fixed income for the longer term.

我的意思是，聽著，這很難說，因為它確實有點取決於市場狀況。當我看到──市場狀況，例如股市一直強勁上漲。但如果你看看它運行的速度有多快，然後你看看利率最初在曲線的長端下降得如此之快，現在又開始回升，而且它們再次上升，回到了一個更大的水平。 ；我確實相信，隨著人們開始考慮長期轉向固定收益，這是有機會的。

As well as if the equity markets do pull back as they have over the last month, so to speak, and become a little more, what I would call, less reliant on just a few of the high-tech stocks, et cetera, you will see a rotation back in because of that amount, the money is abnormal to sit on the sidelines. But again, at a 5% rate in the short term, it makes sense. And it's not like our clients or our advisors are active traders back in and out of the market.

如果股市確實像上個月那樣回落，可以說，並且變得更加（我所說的）對少數高科技股票等的依賴程度降低，那麼會看到輪換回來，因為這筆錢，錢坐在場邊是不正常的。但同樣，短期內 5% 的利率也是有道理的。我們的客戶或顧問並不是活躍的交易者，進出市場。

So I do believe that as they are able to read what that market is over time and they feel more that it's not like they're getting caught on the high end, that money will start to [rotate].

因此，我確實相信，隨著時間的推移，他們能夠了解市場的情況，並且他們更加感覺自己並沒有陷入高端市場，資金將開始[旋轉]。

Now how much goes back in, it's anyone's guess, but we're no different than what you see out there across the industry today. We saw some flows. As an example, even our Asset Management on growth side start to pick up a little and same thing in fixed income, but some in equities. So I think some of that money will go back, but it was a high point as we hit last year because of the cycle.

現在有多少回饋，每個人都在猜測，但我們與您今天在整個行業中看到的沒有什麼不同。我們看到了一些流動。舉個例子，即使是我們在成長方面的資產管理也開始在固定收益領域有所成長，但在股票方面也有所成長。因此，我認為其中一些資金將會收回，但由於週期的原因，這是我們去年達到的高點。

Great. And just a follow-up question. I was hoping you could maybe update us on your lending solutions, including pledged assets, lines that you have for advisors and for their clients.

偉大的。只是一個後續問題。我希望您能向我們介紹您的貸款解決方案的最新情況，包括質押資產、為顧問及其客戶提供的額度。

Just curious, how built out this lending offering is compared to where you'd like that to be? Maybe you could speak to some of the steps and initiatives that you might be looking to take over the next year or 2 in order to drive greater uptake amongst the advisors and clients from the lending solutions.

只是好奇，與您希望的情況相比，此貸款產品的構建如何？也許您可以談談您可能希望在未來一兩年採取的一些步驟和舉措，以推動顧問和客戶更多地採用貸款解決方案。

Looking at a bank CDs and certainly -- and we are -- we'll be looking to launching our base checking capabilities and also new mortgage capabilities, (inaudible) or something of that nature, so there's a full program that is -- the [Air Plus], as you know, we have a fairly extensive pledge and that we will certainly be looking to penetrate that more. And that is certainly totally aligned on building the relationship with our clients and deepening that relationship.

看看銀行 CD，當然——我們確實——我們將尋求啟動我們的基礎檢查功能以及新的抵押貸款功能（聽不清楚）或類似性質的功能，所以有一個完整的計劃—— [Air Plus] ，如您所知，我們有相當廣泛的承諾，我們肯定會尋求更多的滲透。這當然完全符合與我們的客戶建立關係並加深這種關係。

We just came up with a segment of that of fixed pledge as well. And so that is also going to help grow. So yes, we're probably still underpenetrated on the pledge side of it compared to some others, that we think will be an opportunity for us.

我們剛剛也提出了固定承諾的一部分。所以這也將有助於成長。所以，是的，與其他一些國家相比，我們在承諾方面的滲透率可能仍然不足，我們認為這對我們來說將是一個機會。

Your next question comes from Jeff Schmitt with William Blair.

你的下一個問題來自傑夫·施密特和威廉·布萊爾。

So you've been signing some partnerships in the financial institution channel recently. Is there potential for that pace to pick up or maybe for you to sign larger partnerships, just given some of your competitors may be running out of capacity right now?

你們最近在金融機構通路簽署了一些合作關係。鑑於您的一些競爭對手目前可能已經產能不足，您是否有可能加快步伐，或者是否可以簽署更大的合作關係？

Yes. We -- certainly, with Comerica, we -- that has turned out to be a very good relationship. And yes, we have a pipeline that we are certainly evaluating and we feel we do have the value proposition, not to basically satisfy the clients and really provide them with the capabilities that we provide for basically planning a number of aspects from that standpoint.

是的。事實證明，我們——當然，與聯信公司——我們之間的關係非常好。是的，我們確實有一個正在評估的管道，我們認為我們確實有價值主張，不是為了基本上滿足客戶並真正為他們提供我們提供的從這個角度基本上規劃多個方面的能力。

And we are signing some small deals. We don't put them out there as much to publicize them, but we are bringing in some other deals, and our pipeline is good. So again, the larger ones, we wanted to really do Comerica really well, et cetera. And so we learned a lot from it and set up our capabilities. So we think there's an opportunity as well in that category.

我們正在簽署一些小協議。我們不會將它們放在那裡進行太多宣傳，但我們正在引入一些其他交易，而且我們的管道很好。所以再說一次，對於更大的公司，我們想把聯信做得很好，等等。所以我們從中學到了很多東西並建立了我們的能力。所以我們認為這個類別也有機會。

Okay. Great. And then on client cash levels, how much is sitting with Comerica right now? And I guess, do they -- so they all have to transition to Ameriprise sweep options in the second half, is that right? So some of that cash could kind of either leave or going to the market or what have you?

好的。偉大的。然後就客戶現金水準而言，現在聯信銀行有多少錢？我想，他們是否——所以他們都必須在下半場轉向阿默普萊斯橫掃選項，對嗎？那麼，其中一些現金可能會離開或進入市場，或者你有什麼？

This is about [$2.5 billion]. And they certainly is -- they -- as part of the program, they are transitioning and we'll see. We just don't have the full information now about what that's going to be. It's -- probably will have a better idea at the end of the second quarter.

這大約是[25 億美元]。他們當然是——他們——作為該計劃的一部分，他們正在轉型，我們拭目以待。我們只是現在還沒有關於那會是什麼的完整資訊。可能會在第二季末有更好的想法。

Your next question comes from John Barnidge with Piper Sandler.

您的下一個問題來自約翰·巴尼奇和派珀·桑德勒。

Can you maybe talk about the slowdown in institutional asset management mandate that was cited? Is the conversion rate being elongated along with few discussions? And what are you hearing as the most common pushback?

您能否談談所提及的機構資產管理授權放緩的問題？轉換率是否隨著討論的減少而拉長？您聽到的最常見的阻力是什麼？

Yes. I mean some of it was a bit elongated that you would expect the fundings or even the cycle. But there is a growing interest back again both in the fixed income area as well as in the equities. So we actually think that this will pick up as we go further into the year.

是的。我的意思是，其中一些項目的資金甚至週期有點長。但人們對固定收益領域和股票的興趣再次增加。因此，我們實際上認為，隨著今年的進一步深入，這種情況將會有所改善。

And the mandates that we sort of lost in the first quarter were sort of some lower fee, a pension, things like that, that they're a little lumpy in that regard. So -- but we feel that we can win some more as we go forward that the appetite is there out there in the industry, both not just in the U.S. but internationally. So we're very much focused on that.

我們在第一季失去的授權是一些較低的費用、退休金之類的東西，在這方面它們有點不穩定。所以，但我們認為，隨著產業的發展，我們可以贏得更多，不僅在美國，而且在國際上。所以我們非常關注這一點。

And then my follow-up question. I think there was a bit of [severance] in the quarter. Is that expected to impact flows prospectively at all?

然後是我的後續問題。我認為本季有一些[遣散費]。預計這會影響未來的流量嗎？

We had some of the remnants of the changes we made that came out in the first quarter that was in the flow picture. But no, we don't expect more from that.

我們在第一季的流程圖中發現了一些我們所做的改變的殘餘。但不，我們不會對此抱持更多期望。

Your final question comes from Steven Chubak with Wolfe Research.

您的最後一個問題來自沃爾夫研究中心的史蒂文·丘巴克。

This is Michael Anagnostakis on for Steven. I guess, just a couple here on capital. BMO largely integrated at this point. How are you thinking about prioritizing excess capital deployment? And is strategic M&A something you're looking at more closely? If so, where might you look to buy rather than build?

我是邁克爾·阿納格諾斯塔基斯 (Michael Anagnostakis) 替史蒂文 (Steven) 發言。我想，這裡只有幾個資本家。 BMO 此時已基本整合。您如何考慮優先配置過剩資本？您是否正在更密切地關注策略併購？如果是這樣，您可能會考慮購買而不是建造哪裡？

So we actually -- we continue to buyback nicely. I mean in the first quarter, it was a little less than we normally had done, but that will pick up as we go through the year. And I think Walter had mentioned that we're targeting initially around the 80% mark. And then as we said, we just raised the dividend again that will take some more of the cash.

所以我們實際上——我們繼續很好地回購。我的意思是，在第一季度，這比我們通常做的要少一些，但隨著全年的推移，這種情況將會有所改善。我認為 Walter 曾提到我們最初的目標是 80% 左右。然後正如我們所說，我們剛剛再次提高了股息，這將需要更多的現金。

But we still have a healthy balance sheet. We're not out there looking to acquire per se. There's always if there's an opportunity or the market falls out or something that gives us value, we'll look at it. But we're very much focused on continuing to invest organically and really focus on getting the operating efficiencies, particularly in the Asset Management business now.

但我們仍然擁有健康的資產負債表。我們並不尋求收購本身。如果有機會或市場下跌或為我們帶來價值的東西，我們總是會考慮的。但我們非常注重持續有機投資，並真正專注於提高營運效率，特別是現在的資產管理業務。

And we feel good about that, including what we do from an overall investment cycle for our technology and capabilities and products. I mean, we're working on a number of different new product areas for us in Asset Management like active ETFs, et cetera.

我們對此感到滿意，包括我們在技術、能力和產品的整體投資週期中所做的事情。我的意思是，我們正在資產管理領域開發許多不同的新產品領域，例如主動式 ETF 等。

So we feel good. We're looking to build out a little further on our international property areas, et cetera, our CLO business. So there are things that we're investing in a bit more organically as well. But again, we don't rule out acquisitions, but we're not necessarily looking to target things at this point.

所以我們感覺很好。我們希望進一步拓展我們的國際房地產領域以及我們的 CLO 業務。因此，我們也在一些方面進行了更有機的投資。但同樣，我們不排除收購，但我們目前不一定要瞄準目標。

Okay. Great. That's super helpful. And just on the buyback, so 80% payout is still the expectation. It sounds like you guys are more focused on the organic internal investments. But given the banks largely built out, maybe M&A is less of a focus here, and you're generating strong cash flow. Why not ramp the payout ratio back to the 90% to 100% zone that you historically ran at?

好的。偉大的。這非常有幫助。就回購而言，80% 的支付仍然是預期。聽起來你們比較關注有機內部投資。但鑑於銀行已基本建成，也許併購不再是這裡的焦點，而且您正在產生強勁的現金流。為什麼不將支付率恢復到您歷史上運行的 90% 至 100% 區域？

Well, listen, we certainly have the capacity to do that, and we evaluate it on an opportunistic and -- situation as we look at it. But yes, we do have the capacity at this stage. We feel the 80% is a good return level. And there is -- there are other areas that we -- certainly, as I said, we will be growing the bank. So it would require additional.

好吧，聽著，我們當然有能力做到這一點，並且我們會根據機會主義的情況來評估它。但是，是的，我們現階段確實有能力。我們認為 80% 是一個不錯的回報水準。當然，正如我所說，我們將在其他領域發展銀行。所以需要額外的。

But I would say, at this stage, we have the capability. We just feel it's opportunistic. We look at it, and then we evaluate it. And you've seen in prior times, we have gone up, but at this stage, we feel the 80% is an appropriate level.

但我想說，現階段我們有這個能力。我們只是覺得這是機會主義的。我們觀察它，然後評估它。你已經看到，在之前的時間裡，我們已經上升了，但在現階段，我們覺得 80% 是一個合適的水平。

We have no further questions at this time. This concludes today's conference. Thank you for participating. You may now disconnect.

目前我們沒有進一步的問題。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。