Artisan Partners Asset Management Inc (APAM) 2025 Q3 法說會逐字稿

Good day and welcome to the Artisan Partners Third quarter 2025 earnings conference call.

大家好，歡迎參加 Artisan Partners 2025 年第三季財報電話會議。

All participants will be in the tsunami mode. Should you need assistance, please signal a conference specialist are pressing the star key followed by 0.

所有參與者都將進入海嘯模式。如果您需要協助，請按星號鍵，然後按 0，向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press then 1 on your telephone keypad. To withdraw your question, please press 2. Please note, this event is being recorded. Oh, now let's turn the conference over to Brendan Hughes. Please go ahead.

今天的報告結束後，將有機會提問。要提問，您可以按下電話鍵盤上的 1。若要撤回您的問題，請按 2。請注意，本次活動正在錄影。哦，現在讓我們把會議交給布倫丹·休斯吧。請繼續。

Welcome to the Artisan Partners Asset Management Business update and earnings call. Today's call will include remarks from Jason Gottlieb, CEO, and CJ Daley, CFO. Following these remarks, we will open the line for questions. Our latest results and investor presentation are available on the investor relations section of our website.

歡迎參加 Artisan Partners Asset Management 的業務更新和績效電話會議。今天的電話會議將包括執行長 Jason Gottlieb 和財務長 CJ Daley 的演講。演講結束後，我們將開放提問環節。我們最新的業績報告和投資者簡報可在我們網站的投資者關係版塊查閱。

Before we begin today, I would like to remind you that comments made during today's call, including responses to questions, may include forward-looking statements. These are subject to known and unknown risks and uncertainties, including but not limited to the factors set forth in our earnings release and detailed in our SEC filings. These risks and uncertainties may cause actual results to differ materially from those disclosed in the statement. And we assume no obligation to update or revise any of these statements following the presentation.

在今天會議開始之前，我想提醒各位，今天電話會議期間發表的評論，包括對問題的回答，可能包含前瞻性陳述。這些都受到已知和未知風險及不確定性的影響，包括但不限於我們在盈利報告中列出的因素以及我們在提交給美國證券交易委員會的文件中詳細說明的因素。這些風險和不確定性可能導致實際結果與聲明中揭露的結果有重大差異。我們不承擔在本次演講後更新或修改任何上述聲明的義務。

In addition, some of our remarks today will include references to non-GAAP financial measures.

此外，我們今天的一些演講將涉及非公認會計準則財務指標。

You can find reconciliation of these measures to the most comparable GAAP measures in the earnings release and supplemental materials, which can be found on our investor relations website. Also, please note that nothing on this call constitutes an offer or solicitation to purchase or sell an interest in any artisan investment product or a recommendation for any investment services. I will now turn it over to Jason.

您可以在收益報告和補充資料中找到這些指標與最可比較的 GAAP 指標的調整表，這些資料可以在我們的投資者關係網站上找到。另外，請注意，本次電話會議中的任何內容均不構成購買或出售任何手工投資產品權益的要約或招攬，也不構成對任何投資服務的推薦。現在我將把任務交給傑森。

Thank you, Brandan, and thank you for joining the call today.

謝謝你，布蘭登，也謝謝你今天參加電話會議。

Our purpose is to generate and compound wealth for our clients over the long-term.

我們的宗旨是為客戶創造並長期累積財富。

We do so by maintaining an ideal home for investment talent, providing a unique combination of autonomy, degrees of freedom, resources, and support.

我們透過為投資人才打造理想的家園來實現這一目標，提供自主權、自由、資源和支持的獨特組合。

Our goal is to be one of the world's preeminent multi-asset class investment platforms. Over our history, we have steadily expanded our capabilities across equities, credit, and alternatives.

我們的目標是成為世界領先的多元資產類別投資平台之一。縱觀我們的發展歷程，我們在股票、信貸和另類投資領域的能力不斷穩步提升。

While doing so, we have maintained our focus on investment and business results and delivered for our clients and shareholders.

同時，我們始終專注於投資和業務成果，為客戶和股東創造了價值。

Turning to slide 3, investment performance remains strong across our platform, with over 70% of our AUM outperforming their benchmarks for periods over 3 years.

翻到第 3 張投影片，我們平台的投資表現依然強勁，超過 70% 的資產管理規模 (AUM) 在過去 3 年以上的時間內跑贏了基準。

ALL12 artisan strategies with track records over 10 years have outperformed their benchmarks since inception.

ALL12 擁有超過 10 年業績記錄的匠人策略自成立以來一直超越其基準。

These 12 strategies have compounded capital at average annual rates of return from nearly 6% to over 13% net of fees.

這 12 項策略的資本增值平均年回報率在扣除費用後接近 6% 到超過 13%。

They have outperformed their benchmarks by an average of 243 basis points annually.

他們的業績平均每年比基準高出 243 個基點。

On a shorter term basis, several strategies have generated exceptional results, highlighting the breadth and diversity of our platform.

從短期來看，一些策略已經取得了卓越的成果，凸顯了我們平台的廣度和多樣性。

In equities, the sustainable emerging markets, non-US growth, global value, and franchise strategies have all generated year-to-date returns of more than 20% with outperformance ranging from 425 to 934 basis points net of fees. In credit, the emerging market's local opportunity strategy has generated a year-to-date return of over 19%, 373 basis points above its benchmark.

在股票方面，可持續新興市場、非美國成長型、全球價值型和特許經營策略今年迄今的回報率均超過 20%，扣除費用後，超額收益範圍為 425 至 934 個基點。在信貸領域，新興市場的本地機會策略今年迄今已產生超過 19% 的回報，比其基準高出 373 個基點。

In alternatives, both credit opportunities and global unconstrained have generated absolute returns in excess of 8%, and Antero Peak has generated year-to-date returns of almost 21%.

另類投資方面，信貸機會和全球無限投資都產生了超過 8% 的絕對收益，而 Antero Peak 今年迄今的收益已接近 21%。

Across the broader platform, trailing one year performance has been weighed down by underperformance in several of our largest equity strategies, including international value and global opportunities, both of which have very strong long-term track records.

從更廣泛的平台來看，過去一年的業績受到我們幾項最大股票策略表現不佳的拖累，其中包括國際價值策略和全球機會策略，而這兩項策略都擁有非常強勁的長期業績記錄。

Turning to slide 4, strong markets and investment performance drove our assets under management to $181.3 billion.

翻到第 4 張投影片，強勁的市場和投資績效推動我們的資產管理規模達到 1,813 億美元。

An all-time high at quarter end.

季末創歷史新高。

Firmwide net outflows this year and in the 3rd quarter are primarily a result of outflows from a handful of equity strategies that continue to experience rebalancing and upmarkets and to a lesser extent, client terminations.

今年和第三季公司整體淨流出資金主要是由於少數股票策略持續進行再平衡和上漲行情導致的資金流出，其次是客戶終止投資。

Those outflows mask a lot of very positive business development initiatives across the platform.

這些資金流出掩蓋了平台上的許多非常積極的業務發展舉措。

Here to date we have net inflows in 14 of our 26 investment strategies.

目前，我們26項投資策略中有14項實現了資金淨流入。

Both select Equity and International explorer strategies funded large new mandates in the 3rd quarter. Each strategy is now approaching 1 billion in AUM 5 years from launch in 2020.

第三季度，精選股票策略和國際探索策略都獲得了大量新的投資委託。每項策略在 2020 年推出 5 年後，資產管理規模已接近 10 億美元。

We have continued our multi-year success in growing our credit business with 1.8 billion in year-to-date net inflows.

我們繼續保持多年來信貸業務成長的成功勢頭，今年迄今為止淨流入資金達 18 億美元。

The 3rd quarter represents the 13th consecutive quarter of positive credit flows.

第三季是連續第十三個季度實現信貸正成長。

In alternatives, we have raised $336 million this year for global unconstrained strategy, and we continue to build the pipeline for the credit opportunity strategy.

在另類投資方面，我們今年已為全球無限制策略籌集了 3.36 億美元，我們將繼續為信貸機會策略建立資金管道。

Lastly, we have been executing a focused campaign to raise assets across our emerging markets strategies.

最後，我們一直在進行一項重點活動，以籌集我們在新興市場策略中的資產。

Each of sustainable emerging markets, developing world, emerging markets, local opportunities, and emerging markets debt opportunities has net inflows for the year, and demand continues to grow across these EM strategies.

可持續新興市場、發展中國家、新興市場、本地機會和新興市場債務機會今年均實現淨流入，這些新興市場策略的需求持續成長。

These positive areas validate our strategy and give us the conviction we are growing the platform in line with long-term demand from both institutional and intermediate wealth clients.

這些積極方面驗證了我們的策略，並讓我們確信，我們正在按照機構和中等財富客戶的長期需求發展平台。

Ultimately though, we need to sell more and lose less, and we continue to develop and reorient our distribution function in order to do so.

但歸根結底，我們需要賣出更多產品，減少損失，為此，我們將繼續發展和調整我們的分銷功能。

55 highlights our methodical approach to expanding our platform with new talent and investment capabilities. These efforts take shape internally through dialogue with existing investment teams to identify new areas for growth.

第 55 條重點介紹了我們為拓展平台、引進新人才和投資能力所採取的系統方法。這些努力是在內部透過與現有投資團隊的對話來形成的，目的是確定新的成長領域。

Recent outcomes include the global special situation strategy within the international value group.

近期成果包括國際價值集團內部的全球特殊狀況策略。

Custom credit solutions with the credit team.

由信貸團隊提供客製化的信貸解決方案。

And the franchise strategy we launched earlier this year with the growth team.

還有我們今年稍早與成長團隊共​​同推出的特許經營策略。

We also maintain a regular dialogue with external talents interested in joining the Artisan platform to build differentiated and enduring investment franchises.

我們也與有興趣加入 Artisan 平台以建立差異化和持久投資特許經營權的外部人才保持定期對話。

Recent external engagement has focused on real estate, private credit, and secondaries.

近期對外拓展主要集中在房地產、私募信貸及二級市場。

We believe these capabilities would be a natural extension for our platform and are at the intersection of differentiated talent, large investment op opportunity sets, and long-term commercial demand.

我們相信這些能力將是我們平台的自然延伸，並且處於差異化人才、大型投資機會和長期商業需求的交會點。

We are currently working on a number of internal and external opportunities and are excited to execute on some of these to further evolve and expand our multi-asset class platform.

我們目前正在研究一些內部和外部機會，並很高興能夠執行其中一些機會，以進一步發展和擴展我們的多資產類別平台。

I will now turn it over to CJ to review our recent financial results.

現在我將把發言權交給CJ，讓他來審閱我們最近的財務表現。

Thanks, Jason. Our complete GAAP and adjusted results are presented in our earnings release.

謝謝你，傑森。我們的完整GAAP和調整後業績均在盈利報告中列出。

We are pleased with our financial results for the 3rd quarter.

我們對第三季的財務業績感到滿意。

Revenue growth fueled by strong market conditions and lower fixed expenses led to marginal expansion of 450 basis points and a 23% increase in earnings compared to the second quarter of 2025.

強勁的市場環境和較低的固定支出推動了營收成長，與 2025 年第二季相比，利潤小幅成長 450 個基點，成長 23%。

Revenues for the quarter were up 7% compared to the June quarter and up 8% compared to the prior year third quarter.

本季營收較 6 月季成長 7%，較上年同期成長 8%。

Adjusted operating expenses for the quarter were down slightly from the second quarter of 2025, primarily from the absence of $2.4 million of costs associated with the closure of China Post venture strategy in the second quarter.

本季的調整後營運費用較 2025 年第二季略有下降，主要是因為第二季與關閉中國郵政合資企業策略相關的 240 萬美元成本不再計入。

Compared to the same quarter last year, adjusted operating costs were up 6%, primarily from higher variable incentive compensation expense due to increased revenues.

與去年同期相比，調整後的營運成本增加了 6%，主要原因是收入增加導致可變激勵薪酬支出增加。

Adjusted operating income increased 22% compared to the prior quarter and 12% compared to the same quarter last year.

經調整後的營業收入比上一季成長了 22%，比去年同期成長了 12%。

Adjusted net income per adjusted share was up 23% compared to last quarter and up 11% compared to the third quarter of 2024, consistent with operating income.

經調整後的每股淨收入比上一季成長了 23%，比 2024 年第三季成長了 11%，與營業收入一致。

Here to date, 2025 revenues were up 6% compared to the first nine months of 2024 on higher average AUM.

截至目前，2025 年營收比 2024 年前九個月成長了 6%，這主要得益於更高的平均資產管理規模。

Year-to-date, adjusted operating expenses increased 5% from 2024, primarily from higher incentive compensation on elevated revenues and the impact of the addition of the January 2025 long-term incentive award.

今年迄今為止，經調整後的營運費用比 2024 年增加了 5%，主要原因是收入成長帶來的激勵性薪酬增加，以及 2025 年 1 月長期激勵獎勵的增加。

Calculating our non-GAAP measures, non-operating income includes only interest expense and interest income.

在計算我們的非GAAP指標時，非營業收入僅包括利息支出和利息收入。

Although evaluation changes on our seed investments impact shareholder economics, we fully exclude these valuation changes from our adjusted results to provide transparency into our core business operations.

儘管我們對種子投資的估值變化會影響股東的經濟利益，但為了提高核心業務營運的透明度，我們在調整後的績效中完全排除了這些估值變化。

Turning to slide 9, our balance sheet remains strong, with $300 million of cash on hand and $140 million of firm seat investments in emerging strategies and vehicles to support future growth.

翻到第 9 張投影片，我們的資產負債表依然強勁，手頭上有 3 億美元現金，並有 1.4 億美元資金用於新興戰略和工具，以支持未來的成長。

As strategies reach scale and our seed investments are redeemed, any redemption amounts realized are included in the cash available for corporate purposes, seed investments, or as an addition to our year-end special dividend.

隨著策略規模的擴大和種子投資的贖回，任何已實現的贖回金額都將計入可用於公司用途的現金、種子投資或作為年終特別股息的補充。

During the quarter, we completed the closing of $50 million of new private placement debt on August 15, 2025. We used the proceeds from the new debt, along with cash on hand to retire the $60 million of debt that matured in August 2025.

本季度，我們於 2025 年 8 月 15 日完成了 5,000 萬美元的新私募債務融資。我們利用新債務的收益以及手頭上的現金償還了將於 2025 年 8 月到期的 6,000 萬美元債務。

In addition, our $100 million revolving credit facility remains unused.

此外，我們1億美元的循環信貸額度仍未使用。

We continue to return capital to shareholders on a consistent and predictable basis.

我們持續以穩定、可預測的方式向股東返還資本。

Consistent with our dividend policy, our board of directors declared a quarterly dividend of $0.88 per share with respect to the September 2025 quarter, a 21% increase over the prior quarter.

根據我們的股息政策，董事會宣布 2025 年 9 月季度每股派發 0.88 美元的季度股息，比上一季成長 21%。

Looking ahead as a reminder, the 4th quarter includes the annual mutual fund distribution related to incoming capital gains. We anticipate approximately 900 million of those distributions will not be reinvested.

展望未來，需要提醒的是，第四季包括與資本利得相關的年度共同基金分紅。我們預計其中約有 9 億英鎊的分配款項將不會再投資。

The 4th quarter also represents the quarter in which we have the largest opportunity to realize performance fees. The measurement period for those fee opportunities is December 31.

第四季也是我們獲得業績報酬機會最大的季度。這些收費機會的計量期為12月31日。

Approximately 3% of our EUM has a performance fee component. Last year's fourth quarter included approximately $17 million of performance fees.

我們約 3% 的最終管理資產包含績效費部分。去年第四季包括約 1700 萬美元的業績報酬。

We are currently projecting total performance fees similar to what we generated in 2024, but all such fees will remain subject to market and performance conditions through the end of the year.

我們目前預計總業績費將與 2024 年的業績費類似，但所有這些費用在年底前仍將取決於市場和業績狀況。

That concludes my prepared remarks, and I will I'll turn the call back to the operator.

我的發言到此結束，現在我將把電話轉回給接線生。

Thank you. We will now begin the question-and-answer session. To ask a question, you may press the one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. Any time your question has been addressed and you would like to withdraw it, please press the 2. We ask that in consideration for the others you limit yourself to one question and a follow-up. At this time, we will pause momentarily to assemble the roster.

謝謝。現在開始問答環節。要提問，您可以按下電話鍵盤上的數字鍵。如果您正在使用免持通話，請在按鍵前拿起聽筒。當你的問題得到解答後，如果你想撤回你的問題，請按 2。考慮到其他人的感受，我們要求您只提出一個問題，並進行一次後續提問。此時，我們將稍作停頓，整理一下名單。

And the first question comes from John Dunn with Evercore.

第一個問題來自 Evercore 公司的 John Dunn。

Alright, thank you. First question was just on this idea that there's growing demand for non-US strategies. Maybe could you just give a flavor of, regionally where the demand is and and what the strategy, demands are, like, is it, finally emerging markets or, developed markets, just a little more flavor on that.

好的，謝謝。第一個問題就是關於非美國戰略需求日益增長這一觀點。您能否簡要介紹一下區域需求狀況以及相應的策略和需求，例如，最終是新興市場還是已開發市場？請再詳細說明一下。

Yes, hi, it's Jason. I can provide a little bit more flavor. I categorize it in three specific areas.

是的，你好，我是傑森。我可以再增添一些風味。我將其歸納為三個特定領域。

The first one is in global mandates and we're seeing that in both global value and to a lesser extent in global opportunities where we have large institutional clients across both European and US markets that are interested in global just gaining access through a slightly more, asset allocated opportunity. This, the second is both in the intermediate wealth and in the institutional bucket for direct international equity exposure. We've seen a pretty meaningful uptick.

第一個面向是全球委託投資，我們在全球價值投資領域看到了這一點，在全球機會投資領域也看到了這一點，儘管程度較輕。我們在歐洲和美國市場擁有大型機構客戶，他們對全球投資感興趣，只是希望透過稍微更注重資產配置的機會來獲得投資機會。第二點既適用於中等財富投資者，也適用於直接國際股票投資的機構投資者。我們已經看到相當顯著的成長。

In the number of inquiries coming specifically in areas like our global equity franchise run by Markoe, we're seeing, really good interest there largely because not only the asset allocation mismatch that I think we're seeing across asset allocations, but, Mark has produced just phenomenal and outstanding results, for the year I believe he's up about 900 basis points through Q3. In his international strategy, but if you look over the longer-term, the numbers are quite compelling on both a benchmark relative as well as on a pure relative basis.

就我們Markoe負責的全球股票業務等領域而言，我們收到的諮詢數量確實非常可觀，這主要是因為不僅資產配置錯配問題（我認為我們在資產配置方面確實看到了這個問題），而且Mark今年的業績也相當出色，我相信截至第三季度，他的業績已經增長了約900個基點。就他的國際戰略而言，但從長遠來看，無論從基準相對值還是純粹相對值來看，這些數字都相當引人注目。

And we're also, seeing a lot of interest from the emerging market side both in credit as well as in equity so our developing world team and our sustainable emerging markets team both had positive flows for the quarter and for the for the year and you know there's just general broad renewed interest again this is across both intermediate wealth and institutional where you know no probably no less than 18 months ago. Everybody was talking about the death of emerging markets. There was, cuts to asset allocations, and now we're just seeing that being revitalized and you combine that with the fact that a couple of our large peers and competitors have made substantial portfolio management changes. So there's just a lot of money in motion. There's a lot of activity, and we think we've got two world class franchises that are able to capitalize that we're seeing the green shoots in terms of both, flows, but importantly their performance remains, quite strong in in both of those, in both of those areas.

我們也看到新興市場方面對信貸和股票都表現出濃厚的興趣，因此我們的發展中國家團隊和可持續新興市場團隊在本季度和本年度都實現了正資金流入，而且你知道，這再次引發了廣泛的興趣，無論是中等財富投資者還是機構投資者，你知道，這在不到 18 個月前是無法想像的。當時人人都說新興市場要消亡了。資產配置曾經被削減，現在我們看到這種做法正在重新奏效，再加上我們的一些大型同行和競爭對手已經對投資組合管理進行了重大調整。所以現在有很多資金在流動。目前市場活動頻繁，我們認為我們擁有兩支世界級球隊，能夠充分利用這些機會。我們看到，在業務和流量方面都出現了復甦的跡象，但重要的是，他們在這兩個領域的表現仍然非常強勁。

Gottlieb. And then maybe just on the M&A front, you mentioned the three areas you've been looking at recently. Could you maybe size kind of like the how much you'd be able to allocate to something like that from, a team with that maybe something more substantial, how much could you, perhaps, put to work and then just your philosophy on the consideration, would you do a stock deal or might you consider, putting on some leverage to do that, thank you.

戈特利布。然後，就併購方面而言，您提到了您最近一直在關注的三個領域。您能否大致估算一下，您能為這樣的專案分配多少資金？如果是組建一個規模更大的團隊，您能投入多少資金？以及您在這方面的理念，您會選擇股權交易還是會考慮利用槓桿來實現？謝謝。

Yeah, we're we're certainly very active in in those three areas and you know I, I'd highlight the slide I believe it's slide 5 in the material where you can see we've taken about 400 meetings over the over the last 5 years. Our investment strategy group has been extremely busy you can also see at the bottom we haven't been terribly prolific. We've only added one team over that last 5 year period, but we have been very deep.

是的，我們確實在這三個領域非常活躍，你知道，我想重點介紹一下材料中的第 5 張幻燈片，你可以看到我們在過去 5 年裡舉行了大約 400 次會議。我們的投資策略團隊一直都很忙碌，您也可以從底層看到，我們的成果並不算特別豐碩。過去五年裡，我們只增加了一支隊伍，但我們的隊伍實力非常雄厚。

In the weeds with a number of really interesting opportunities and I would say our pipeline is largely been homegrown. This isn't, areas where we're seeing interesting things from bankers.

我們正努力尋找許多非常有趣的機會，而且我認為我們的人才儲備很大程度上是自主開發的。這並不是我們看到銀行家們做出有趣舉動的領域。

We're really doing this on a bottom up basis which has always been the hallmark of how artisan has identified, great talent and so when you think about those three areas that the one that probably comes.

我們確實是自下而上地做這件事，這始終是工匠們發現優秀人才的標誌，所以當你想到這三個領域時，最有可能出現的就是這個。

Most to mind in terms of our activity levels has been in in the area of real estate and I I harken back to.

就我們的活動量而言，最值得一提的是房地產領域，我回想起…

A quarterly call about 4 or 5 quarters ago where we talked a little bit more about how close we were with one opportunity in particular that clearly didn't come to fruition, but we're also, back in at a point where we're we're seeing, really good upside and opportunity from another opportunity specifically in real estate.

在大約四、五個季度前的一次季度電話會議上，我們詳細討論過我們當時與某個機會的接近程度，但顯然這個機會最終沒有實現。不過，我們現在又看到了另一個機會，尤其是在房地產領域，它蘊藏著非常好的發展潛力和機會。

But I think it's it's also important to reinforce that what we did say and we will continue to say is that. The M&A opportunities that we're going to look at are not going to be transformative. We're going to look at things that are going to keep us true to who we are, build around a really exciting and talented group or individual, resource them, make sure that we have a alignment from a business mindset and grow it and in alternatives that's going to require, from time to time. Considering M&A, an upfront consideration and then trying to align on the back end, we don't have a one size fits all. We obviously want to make sure that we look at talent first and then make the determination around what the what the consideration is going to look like, but it, I just really want to point out that it's not none of these are going to be transformative, at least the early ones we really just want to stay true and we think we can align.

但我認為同樣重要的是要強調，我們過去說過，將來也會繼續說的是：我們將要考察的併購機會不會帶來改變。我們將著眼於那些能讓我們保持初心的事情，圍繞著一個真正令人興奮和有才華的團隊或個人進行建設，為他們提供資源，確保我們在商業思維方面保持一致，並發展壯大，以及不時需要的其他選擇。考慮到併購，前期需要考慮許多因素，後期也需要努力協調一致，因此我們沒有一成不變的模式。我們當然要確保先專注於人才，然後再決定考慮哪些因素，但我只想指出，這些措施並非都會帶來變革，至少在早期階段，我們只想保持初心，我們認為我們可以達成一致。

The M&A model very much to how we think about lift outs and so you'll you'll you'll hear and you'll see that if we in fact do a transaction, we would consider any and all alternatives when it comes to M&A, whether it be stock, additional leverage or just cash, I think given the size of the opportunities that we're looking at cash is probably the most prevalent source of opportunity when when thinking about these.

併購模式與我們對收購的思考方式非常相似，因此你會聽到和看到，如果我們真的要進行交易，我們會考慮併購方面的任何替代方案，無論是股票、額外的槓桿還是現金。我認為，考慮到我們所關注的機會規模，現金可能是考慮這些機會時最普遍的機會來源。

That's great thank you.

太好了，謝謝。

Thank you. And the next question comes from Bill Katz with TD accounting.

謝謝。下一個問題來自TD會計事務所的Bill Katz。

Great, thank you very much for taking the question. Apologize for a little bit of a hoarse voice here. Just, Jason, you mentioned that you're you're focused on trying to improve the gross flows and stem the redemptions, and it seems like you have a lot of really good things happening here, but the gross flow has been persistently flattish. Can you talk a little bit about some of the efforts you are doing to sort of redesign or amplify the opportunity set? And then within that you've also mentioned that you continue to reorient distribution maybe just give us an update on what you're doing incrementally just to TRY and better map for the opportunity to grow it.

太好了，非常感謝您回答這個問題。抱歉，我的聲音有點沙啞。傑森，你提到你正專注於改善毛流量和阻止贖回，而且看起來你在這裡做了很多非常好的事情，但是毛流量一直比較平穩。您能否談談您為重新設計或擴大機會範圍所做的一些努力？此外，您也提到您會持續調整分銷策略，能否請您簡要介紹您正在採取哪些逐步措施，以便更好地掌握成長機會？

Thank you.

謝謝。

Yeah, maybe the latter first, when it comes to to distribution I I think there's a couple of things that we've talked about and as Bill, they, some of these things take a little time to really germinate and to to see the benefits of, but the first one is we've been working with our our our model to just align compensation to more of a sales orientation and and and less of a service orientation. We've also been recruiting and hiring people, so if you think about our intermediate wealth and within that we have an intermediary business that's facing off against RAA's multi-family single family offices, etc.

是的，或許應該先談後者。說到分銷，我認為我們已經討論過幾件事，正如比爾所說，有些事情需要一些時間才能真正萌芽並看到好處，但首先，我們一直在努力調整我們的模式，使薪酬更多地側重於銷售，而不是服務。我們一直在招募和僱用人員，所以如果你想想我們的中級財富，其中我們有一個中介業務，正在與 RAA 的多家族、單一家族辦公室等競爭。

And we had about 10 people on the field and we, we've been working really aggressively to sort of double that and we're sort of where we need to be there but you gotta take the time to inculturate the individuals, make sure that they understand the philosophy, the process, the people. And you know we're we're starting to see some green shoots with the individuals that we brought on to the to the platform and so we're you know we're we're excited to see some leverage and some opportunity there.

當時我們場上大約有 10 個人，我們一直在積極努力，爭取讓這個數字翻一番，我們現在差不多達到了目標，但是你必須花時間讓每個人融入團隊，確保他們理解理念、流程和團隊成員。你知道，我們開始看到一些積極的跡象，這些跡象來自我們引入到平台上的人員，所以我們很高興看到一些優勢和機會。

Yeah, also we're looking at growing out and expanding our regional footprint so we haven't done a tremendous amount within the UK wealth market and you know we would expect to, have some people really targeting that area of the market which we think is a really interesting and untapped opportunity and you know at some point in the not too distant future we would expect to have additional resources aligned to the to the Middle to the Middle East which we think is a. A big and broadening opportunity and so that that's that's one piece of it I think the other the other pieces within our distribution efforts we are really building out our our capabilities around capital formation and and having a team really dedicated to help identify and leverage the opportunities set across both intermediate wealth as well as the institutional channel, and those are very deliberate campaigns that we're running. You're hearing and and probably heard a little bit about that in our commentary around emerging markets where we have, we've faced off resources against theop opportunity set and we're starting to see the the fruits of that. It's a very early campaign I believe we began that in late August. And you know I think for the quarter we had about 400 million in gross inflows just off of that campaign, so early days but we're also seeing early early opportunity there and then you know one of the things that we've been talking a lot about internally and we're beginning to execute on is the modernization of our vehicle lineup we've always been vehicle agnostic, being able to utilize our our IP. In, wrappers that makes sense for our business, we're seeing an evolution of our client base and their preferences, and we need to evolve with those preferences, and we're certainly, working our way towards that evolution, and that can come in many different forms, models, SMAs, ETFs, semi liquid funds as well as private funds and so you'll see more and more of that to be a little bit more for lien when it comes to just the the vehicle of choice.

是的，我們也考慮拓展業務範圍，擴大區域影響力。我們在英國財富管理市場投入的精力還不夠多，我們預計會安排一些人專門負責這部分市場，我們認為這是一個非常有趣且尚未開發的機會。而且，在不久的將來，我們預計會投入更多資源到中東地區，我們認為這是一個…這是一個巨大且不斷擴大的機會，我認為這是其中的一部分。我認為，在我們分銷工作的其他方面，我們正在真正建立我們在資本形成方面的能力，並擁有一支真正致力於幫助識別和利用中型財富和機構管道的機會的團隊，這些都是我們正在進行的精心策劃的活動。您可能已經聽過，而且可能在我們關於新興市場的評論中也聽過一些相關內容，我們已經將資源與這些機會進行了對比，並且我們開始看到成果。我相信這是一項非常早期的宣傳活動，我們是在八月下旬開始的。你知道，我認為光是那次行銷活動，我們本季就獲得了約 4 億美元的毛收入，雖然現在還處於早期階段，但我們也看到了早期的機會。此外，我們一直在內部討論並開始執行的一件事是車輛陣容的現代化。我們一直以來都對車輛持開放態度，並能夠利用我們的智慧財產權。就我們業務而言，我們看到客戶群及其偏好正在發生變化，我們需要隨著這些偏好而發展，我們當然正在朝著這個方向努力，這可以以多種不同的形式和模式出現，例如獨立管理帳戶 (SMA)、交易所交易基金 (ETF)、半流動性基金以及私募股權基金等等，因此你會看到，在選擇投資工具時，這些形式會越來越多地與留置權

Great, thank you. Just a follow-up just to come back to your conversation, and I certainly appreciate slide 5, so thank you for that. You sort of mentioned both internal and external opportunities. Could you bifurcate a little bit like where you see the internal opportunities set? Like when I think of real estate, secondaries, and private credit, I don't automatically think of artisans, so no offense intended by that. So I'm trying to think about what your existing team could sort of transition into versus what you'd have to look out, look for externally.

太好了，謝謝。我只是想跟進我們剛才的談話，我非常感謝你提供的第五張投影片。你提到了內部和外部的機會。您能否稍微細分一下，例如您認為內部有哪些發展機會？就像我想到房地產、二級市場和私人信貸時，我不會立刻想到工匠，所以這並無冒犯之意。所以我正在思考，你現有的團隊可以轉型成什麼樣子，以及你需要從外部尋找什麼。

Thank you.

謝謝。

Yeah, it's a it's a good question. I the private credit is clearly a natural extension. You've Brian has done a tremendous amount to he does a lot of work across both the private markets and the public markets, and I think where he is and with his franchise and with the depth and the quality of his team that would be a natural, evolution point for for our private credit platform if we if we so desire to to go in there, Brian has and sources opportunities that the credits that he's looking at are looking at it both from a public market.

是的，這是個好問題。我認為私人信貸顯然是一種自然延伸。布萊恩做了很多工作，他在私募市場和公開市場都做了很多工作。我認為，以他目前的地位、他的事業基礎以及他團隊的深度和素質，如果我們想進入私募信貸領域，這將是我們平台自然的發展方向。布萊恩擁有並尋找機會，他關注的信貸計畫既有公開市場的視角，也有私募市場的視角。

Perspective and from a private market perspective they're just looking for where they can get the best opportunity and so he's he's very much in the mix on a lot of the the pricing and deal activity across those markets and they seem to be converging and so it's obviously a prime opportunity if we decide to to move in that direction to leverage Brian, his brand, his his platform and his performance in that regard. You're certainly right I think private. Private real estate is clearly one where if we were to go and do something it would be from an external perspective. I think in private equity there's a couple of teams, that we could work with. I think our growth franchise has the depth and the skill to be able to go a little bit more into, late stage opportunities and potentially do something in a hybrid structure, but those are really you know opportunities that we were very early in conversations on, frankly private equity in general is just pure buyout or middle market is relatively difficult for us because we just don't know from a competitive standpoint if we're really the right spot, that's why we've really focused on secondaries, which again would require us to likely go outside of the firm if we were to do something and I, the pipeline really has been stacked in a way to to align to that. So I'd say private equity secondaries has been a really strong area of interest for us, and we're seeing a lot of great talent. Real estate externally has has and continues to be. A really strong pipeline of opportunity and private credit probably a little less so it's been more idiosyncratic, but we're not actively, trying to pursue opportunities because we think the opportunities that might be right in front of us, on our platform.

從私募市場的角度來看，他們只是在尋找最佳機會，因此他積極參與了這些市場的許多定價和交易活動，而這些市場似乎正在趨於融合，所以如果我們決定朝這個方向發展，利用布萊恩的品牌、平台和在這方面的表現，這顯然是一個絕佳的機會。你說的沒錯，我覺得私密性很重要。顯然，私人房地產領域，如果我們要去做些什麼，也只能從外部視角出發。我認為在私募股權領域，我們可以和幾個團隊合作。我認為我們的成長業務部門擁有足夠的實力和技能，可以更深入地參與後期投資機會，並有可能採用混合結構進行投資。但坦白說，這些機會我們目前還處於非常早期的討論階段。私募股權投資通常僅限於純粹的收購，而中端市場對我們來說相對困難，因為從競爭的角度來看，我們不確定自己是否真的處於合適的位置。這就是為什麼我們一直專注於二級市場投資，而二級市場投資可能需要我們尋求外部資源。而且，我們的專案儲備也已經相當充足，可以滿足這項需求。所以我覺得私募股權二級市場一直是我們非常感興趣的領域，我們看到了很多優秀的人才。房地產從外部來看過去是、現在仍然是。確實有很多機會，而私募信貸可能稍微少一些，所以情況比較特殊，但我們並沒有積極地去追求機會，因為我們認為機會就在我們眼前，在我們的平台上。

Thank you very much.

非常感謝。

Thank you. And the next question comes from Kenneth Lee with RBC Capital Markets.

謝謝。下一個問題來自加拿大皇家銀行資本市場的 Kenneth Lee。

Hey, good afternoon and thanks for taking my question. Just around the 3rd quarter you mentioned in the prepared remarks see some client rebalancing activity. I wonder if you could just give a little bit more color around that, what sorts of trends are you seeing around that area? Thanks.

您好，下午好，感謝您回答我的問題。就像您在準備好的演講稿中提到的，大約在第三季度，我們會看到一些客戶的再平衡活動。我想請您再詳細說，您在這個領域觀察到了哪些趨勢？謝謝。

Yeah, we just dive in a little bit so in in Q3 we had 3 pretty big rebalances within our intermediate wealth space, and these were.

是的，我們稍微深入研究了一下，所以在第三季度，我們在中級財富領域進行了 3 次相當大的再平衡，分別是：

They impacted a couple of teams, international value, international small mid in particular, where, clearly the performance remains quite strong. These were in no way, shape or form terminations. They were just reductions in the overall exposure, one of the things that we have, we found and we're excited about is that within the intermediate wealth space. The the folks that we're we're talking with are highly sophisticated and they run very similar models to what you think of a very large pension or institution would be running so you know there's pretty frequent rebalances and given the size of the programs that we're in the models that they're they're running, it's not to be unexpected you know we're we're in a we're in a high class problem environment when it comes to our equity business they're producing.

他們對幾支球隊產生了影響，尤其是國際價值球隊，特別是國際小型中場球隊，顯然他們的表現仍然相當強勁。這些絕非任何意義上的終結。這只是整體風險敞口的減少，我們發現並感到興奮的一點是，在中等財富領域。我們正在交談的這些人非常老練，他們運行的模型與你想像中的大型退休基金或機構運行的模型非常相似，所以你知道，再平衡相當頻繁。考慮到我們所處項目的規模以及他們運行的模型，這並不出乎意料。你知道，就我們的股權業務而言，我們正處於一個高風險的環境。

Phenomenal returns over short intermediate and long periods of time which in and of itself means that we're going to be a right candidate for rebalancing and certainly Q3 was no different in that regard and then, the one area where we did see a termination was a relatively small one, but it again we, it's a little bit more idiosyncratic, it's more idiosyncratic due to the market. It was an Australian client as as we've talked about on past calls, the Australian market from a regulatory perspective has forced a lot of people to re-evaluate their allocations to active management.

短期、中期和長期都獲得了驚人的回報，這本身就意味著我們將成為重新平衡的合適人選，當然，第三季在這方面也不例外。然後，我們看到終止的領域相對較小，但這再次表明，這有點特殊，這更多是由於市場的特殊性造成的。正如我們在之前的電話會議中討論的那樣，這位客戶是澳洲人。從監管角度來看，澳洲市場迫使許多人重新評估他們對主動管理的投資配置。

Ultimately favoring passive management and just in-house strategies and so that was a bit of a continuation there but nothing that we could say was specific to the to the RSM platform.

最終傾向於被動管理和內部策略，所以這在某種程度上是一種延續，但沒有什麼特別之處是 RSM 平台特有的。

Got you, very helpful there and just one follow-up, if I may, in terms of the expenses, wondering if there's any kind of update outlook over the near term around expenses. Thanks.

明白了，這很有幫助。如果可以的話，我還有一個後續問題，關於費用方面，想知道近期費用方面是否有任何更新的展望。謝謝。

Hey Ken, it's it's CJ.

嘿，肯，是CJ。

I would just note that I think you know back in the beginning of the year and I've confirmed we thought we'd be around mid single-digits, for, fixed expense growth for the year, we're we're tracking there maybe slightly a little bit better, we're in the process of of looking forward to 2026 budgeting, so I don't really have any any updates there but, as we mentioned you know we we've been.

我想指出的是，我想您也知道，年初的時候，我們預計全年固定支出增長率會在個位數中段，而且我也確認過，目前我們的進展可能略好一些。我們正在著手製定 2026 年的預算，所以這方面我沒有什麼新的進展，但是，正如我們之前提到的，我們一直在努力。

Very disciplined, on expenses in 2025, after a couple of years of strong years of headcount growth and building out distribution operations, adding capabilities to grow, in the areas that Jason has spoken about, so I don't expect anything unusual moving forward, and the guidance that we gave for 2025 still stands might come in, a tad better.

經過幾年強勁的人員成長和分銷業務拓展，以及在傑森提到的領域增加成長能力之後，公司在 2025 年的支出方面將非常自律，因此我不認為未來會有什麼不尋常的事情發生，我們對 2025 年的指導意見仍然有效，甚至可能會略有好轉。

Great, very helpful there, thanks again.

太好了，幫了我很大的忙，再次感謝。

Thank you. And this concludes the question-and-answer session as well as the event.

謝謝。問答環節和本次活動到此結束。

Thank you for attending today's presentation. Let me now disconnect your lines.

感謝各位參加今天的報告會。現在讓我斷開你們的線路。