富蘭克林資源 (BEN) 2022 Q4 法說會逐字稿

Welcome to the Franklin Resources Earnings Conference Call for the quarter and fiscal year ended September 30, 2020. My name is Candice, and I will be your operator for today's call. As a reminder, this conference call is being recorded. And at this time, all participants are in a listen-only mode. I would now like to turn the conference over to your host, Selene Oh, Head of Investor Relations of Franklin Resources.

歡迎參加截至 2020 年 9 月 30 日的季度和財政年度的 Franklin Resources 收益電話會議。我的名字是 Candice，我將擔任今天電話會議的接線員。提醒一下，正在錄製此電話會議。而此時，所有參與者都處於只聽模式。我現在想將會議轉交給您的主持人，富蘭克林資源公司投資者關係主管 Selene Oh。

Good morning, and thank you for joining us today to discuss our quarterly and fiscal year results. Please note that the financial results to be presented in this commentary are preliminary. Statements made on this conference call regarding Franklin Resources, Inc., which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

早上好，感謝您今天加入我們討論我們的季度和財政年度業績。請注意，本評論中將提供的財務結果是初步的。本次電話會議上關於 Franklin Resources, Inc. 的陳述並非歷史事實，屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

These forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from any future results expressed or implied by such forward-looking statements.

這些前瞻性陳述涉及許多已知和未知的風險、不確定性和其他重要因素，可能導致實際結果與此類前瞻性陳述所表達或暗示的任何未來結果存在重大差異。

These and other risks, uncertainties and other important factors are described in more detail in Franklin's recent filings with the Securities and Exchange Commission including in the Risk Factors and the MD&A section of Franklin's most recent Form 10-K and 10-Q filings.

這些和其他風險、不確定性和其他重要因素在富蘭克林最近提交給證券交易委員會的文件中進行了更詳細的描述，包括富蘭克林最近提交的 10-K 和 10-Q 表格的風險因素和 MD&A 部分。

With that, I'll turn the call over to Jenny Johnson, our President and Chief Executive Officer.

有了這個，我將把電話轉給我們的總裁兼首席執行官珍妮約翰遜。

Thank you, Selene. Hello, everyone, and thank you for joining us today to discuss Franklin Templeton's Fourth Quarter and Fiscal Year 2022 results. As usual, Matt Nicholls, our CFO and COO; and Adam Spector, our Head of Global Distribution, are also joining me on the call.

謝謝你，賽琳娜。大家好，感謝您今天加入我們討論富蘭克林鄧普頓第四季度和 2022 財年的業績。像往常一樣，我們的首席財務官兼首席運營官 Matt Nicholls；我們的全球分銷主管 Adam Spector 也加入了我的電話會議。

This month, we officially celebrate our 75th anniversary as a company. Our firm was founded on the values of advice, active investment management and helping people achieve the most important financial milestones of their lives. Since 1947 we have transformed from modest beginnings into one of the world's largest investment managers. And today, we partner with millions of clients in more than 155 countries.

本月，我們正式慶祝公司成立 75 週年。我們公司建立在建議、積極投資管理和幫助人們實現人生中最重要的財務里程碑的價值觀之上。自 1947 年以來，我們已經從一個不起眼的開始轉變為世界上最大的投資管理公司之一。今天，我們與超過 155 個國家的數百萬客戶合作。

Although much has changed in 75 years, we are proud to say we have a history of innovation, and we have always maintained our commitment to evolve our organization to meet the needs of our clients and shareholders around the globe. Consistent with this, I'm pleased to say that we made good progress in fiscal 2022 on executing our long-term plan and further diversifying our business by expanding our investment capabilities and deepening our presence in key markets and channels.

儘管 75 年來發生了很大變化，但我們可以自豪地說，我們擁有創新的歷史，並且我們始終堅持致力於發展我們的組織以滿足全球客戶和股東的需求。與此一致，我很高興地說，我們在 2022 財年通過擴大投資能力和深化在關鍵市場和渠道的存在，在執行長期計劃和進一步多元化業務方面取得了良好進展。

Since January, macroeconomic and geopolitical uncertainty have resulted in significant volatility and correlated declines in both global equity and fixed income markets. Our assets under management and flows were impacted by these unprecedented conditions and industry-wide pressures.

自 1 月以來，宏觀經濟和地緣政治的不確定性導致全球股票和固定收益市場出現大幅波動和相關下跌。我們管理的資產和流動受到這些前所未有的條件和全行業壓力的影響。

However, as always, we have been actively engaging with our clients by providing insights and thought leadership to help them navigate the latest conditions, including drawing upon the expanded resources of our various specialist investment managers and the Franklin Templeton Institute. This fiscal year, notwithstanding flow pressures, investor interest continued in all asset classes.

然而，與往常一樣，我們一直積極與客戶互動，提供洞察力和思想領導力，幫助他們駕馭最新情況，包括利用我們各種專業投資經理和富蘭克林鄧普頓研究所的擴展資源。本財年，儘管面臨資金流壓力，投資者仍對所有資產類別感興趣。

We benefited from having a diversified mix of assets and generated net inflows in the alternative and multi-asset categories and reduced net outflows in equities offset by increased outflows in fixed income and steep market declines.

我們受益於多元化的資產組合，並在另類和多資產類別中產生淨流入，股票淨流出減少被固定收益流出增加和市場急劇下跌所抵消。

In terms of our progress, we are more diversified than at any point in our history across asset classes, client type, regions and investment vehicles. Starting with asset classes. We continue to thoughtfully expand our alternative investment capabilities, which are an increasing source of client demand and can offer superior returns. Just a few years ago, we managed about $15 billion in alternative assets.

就我們的進步而言，我們在資產類別、客戶類型、地區和投資工具方面比歷史上任何時候都更加多元化。從資產類別開始。我們繼續深思熟慮地擴展我們的另類投資能力，這是不斷增加的客戶需求來源，可以提供卓越的回報。就在幾年前，我們管理著大約 150 億美元的另類資產。

Pro forma for Alcentra, as of September 30, today, we managed $260 billion or approximately 20% of our AUM and alternatives, and these assets account for an even higher percentage of adjusted revenues. This makes Franklin Templeton one of the largest managers of alternative assets. Speaking of Alcentra, we were excited to announce today the completion of our acquisition ahead of schedule.

對於 Alcentra 的備考，截至今天 9 月 30 日，我們管理著 2600 億美元或大約 20% 的 AUM 和替代品，這些資產在調整後收入中的比例更高。這使得富蘭克林鄧普頓成為最大的另類資產管理者之一。說到 Alcentra，我們今天很高興地宣布我們提前完成了收購。

Alcentra is one of the largest European credit and private debt managers. And with this closing, our alternative credit assets under management nearly doubled to $75 billion, and we expand our capabilities into Europe. We now have a meaningful portion of the key alternative categories, including secondary private equity with Lexington Partners, real estate with Clarion Partners, hedge funds with K2 advisors, alternative credit with Benefit Street Partners and Alcentra and venture capital with Franklin Venture Partners.

Alcentra 是歐洲最大的信貸和私人債務管理公司之一。隨著此次交易的結束，我們管理的另類信貸資產幾乎翻了一番，達到 750 億美元，我們將能力擴展到歐洲。我們現在在關鍵替代類別中佔有重要的部分，包括 Lexington Partners 的二級私募股權、Clarion Partners 的房地產、K2 顧問的對沖基金、Benefit Street Partners 和 Alcentra 的替代信貸以及 Franklin Venture Partners 的風險投資。

For the fiscal year, alternative net inflows were $6.3 billion, including outflows in liquid alternative strategies. Our 3 largest alternative managers, BSP, Clarion and Lexington each had positive net flows with a combined total of approximately $12 billion. There is tremendous opportunity in the democratization of private markets as individual investors are under allocated to the asset class when compared to institutions.

本財年，替代性淨流入為 63 億美元，包括流動性替代策略的流出。我們的 3 家最大的另類基金管理公司 BSP、Clarion 和 Lexington 均擁有正的淨流量，合計約為 120 億美元。與機構相比，個人投資者對資產類別的分配不足，因此私人市場的民主化存在巨大的機會。

Over the past year, we have focused on product development and suitability, sales and marketing and client education in the distribution of alternatives in wealth management. On the product side, BSP recently launched its first multi-strategy interval fund. Additionally, Clarion Partners Real Estate Income Fund and Franklin BSP Capital Corporation, a private Business Development Corporation, were onboarded on 2 alternative fintech platforms that offer direct access to financial advisers and individuals.

過去一年，我們專注於財富管理替代品分銷的產品開發和適用性、銷售和營銷以及客戶教育。在產品方面，BSP 最近推出了第一隻多策略區間基金。此外，Clarion Partners Real Estate Income Fund 和私營商業發展公司 Franklin BSP Capital Corporation 加入了 2 個可供直接接觸財務顧問和個人的替代金融科技平台。

Again, this is all part of our broader effort to enable more investors to benefit from diversification of private markets and other alternative strategies. In this regard, to complement institutional-focused resources within our specialist investment managers we have created a dedicated alternatives distribution team that covers wealth management channels.

同樣，這是我們更廣泛努力的一部分，旨在讓更多投資者從私人市場的多元化和其他替代策略中受益。在這方面，為了補充我們專業投資經理內以機構為中心的資源，我們創建了一個專門的替代品分銷團隊，涵蓋財富管理渠道。

In addition to being diversified within our alternative asset strategies, we also benefit from a broad range of fixed income, equity and multi-asset strategies. In the multi-asset category, our flagship Franklin Income Fund which has an approach that is adjustable to changing market conditions, generated net flows of $4.8 billion in the year due to increased interest from investors in Asia and Europe.

除了在我們的另類資產策略中實現多元化外，我們還受益於廣泛的固定收益、股票和多資產策略。在多資產類別中，我們的旗艦富蘭克林收入基金采用可根據不斷變化的市場條件進行調整的方法，由於亞洲和歐洲投資者的興趣增加，該基金今年產生了 48 億美元的淨流量。

Turning to fixed income. We benefited from a broad range of fixed income strategies with noncorrelated investment philosophies, including positive net flows into U.S. income, intermediate and highly customized. Notwithstanding the pressure in growth equity in particular, equity net outflows improved by 61% from the prior year with positive net flows across a diverse array of strategies, including infrastructure, sector, emerging markets, all Cap Core and equity income.

轉向固定收益。我們受益於具有非相關投資理念的廣泛固定收益策略，包括正向美國收入、中等和高度定制的淨流入。儘管股票增長尤其面臨壓力，但股票淨流出比上一年增加了 61%，包括基礎設施、行業、新興市場、所有資本核心和股票收入在內的各種策略的淨流出為正。

From a client perspective, less than 3 years ago, retail investors represented 74% of our asset mix. Today, our business is balanced with approximately 50% individuals and 50% institutions. Furthermore, we continue to expand our private wealth management business and Fiduciary Trust International generated its eighth quarter of consecutive positive long-term net flows.

從客戶的角度來看，不到 3 年前，散戶投資者占我們資產組合的 74%。今天，我們的業務與大約 50% 的個人和 50% 的機構保持平衡。此外，我們繼續擴大我們的私人財富管理業務，Fiduciary Trust International 連續第八個季度實現長期正向淨流量。

Our firm is also diversified by geography and our efforts to implement a regionally focused distribution model that has shifted decision-making and resources closer to our clients is yielding results. For example, we have seen an improvement in our non-U.S. business including a 70% reduction in long-term net outflows from the prior year.

我們的公司也因地域而多元化，我們努力實施以區域為重點的分銷模式，該模式已將決策和資源轉移到更貼近客戶的位置，正在取得成果。例如，我們看到我們的非美國業務有所改善，包括比上一年減少 70% 的長期淨流出。

EMEA long-term net flows turned positive, and there was a significant decrease in long-term net outflows in our APAC region. Turning to diversification by investment vehicle. We continue to build on our strengths in delivering investment expertise through our clients' investment vehicles of choice. Similar to the industry at large, we are seeing strong demand for SMAs and ETFs in particular.

EMEA 長期淨流出量轉正，我們亞太地區的長期淨流出量顯著減少。轉向投資工具的多元化。我們繼續利用我們的優勢，通過客戶選擇的投資工具提供投資專業知識。與整個行業類似，我們看到對 SMA 和 ETF 的需求尤其強勁。

We are a leading franchise in SMAs with $100 billion in assets. And this year, we enhanced our position by acquiring O’Shaughnessy Asset Management and its custom indexing platform, Canvas with positive net flows since acquisition. Today, our ETF AUM is in excess of $11 billion, and we continue to have positive net flows.

我們是 SMA 的領先特許經營商，擁有 1000 億美元的資產。今年，我們通過收購 O'Shaughnessy Asset Management 及其自定義索引平台 Canvas 來鞏固我們的地位，自收購以來淨流量為正。今天，我們的 ETF 資產管理規模超過 110 億美元，並且我們繼續擁有正的淨流量。

Our ETF platform is differentiated with approximately 50% of our AUM in actively managed strategies. The evolution of technology in the industry continues to be another area of focus. This year, we made 4 minority investments in wealth distribution technology firms that expand access to private securities and/or digital assets to individuals.

我們的 ETF 平台在主動管理策略中占我們 AUM 的大約 50% 的差異化。行業技術的發展仍然是另一個重點領域。今年，我們對財富分配技術公司進行了 4 次少數股權投資，這些公司將私人證券和/或數字資產的使用權擴大到個人。

We launched the world's first tokenized U.S. registered mutual fund as well as 2 digital asset SMA strategies. In June, we opened a second fintech incubator in Singapore and now have corporate investments in 14 early-stage companies, separate from our venture capital funds. In January, we successfully launched the Hello Progress campaign globally to introduce a refreshed view of Franklin Templeton.

我們推出了世界上第一個代幣化的美國註冊共同基金以及 2 個數字資產 SMA 策略。 6 月，我們在新加坡開設了第二家金融科技孵化器，目前已對 14 家早期公司進行企業投資，與我們的風險投資基金分開。 1 月，我們在全球成功發起 Hello Progress 活動，以全新的視角介紹富蘭克林鄧普頓。

The campaign reinforced the trusted relationships we have built with clients for 75 years. Highlights the increased breadth of the firm and reflects our commitment to finding innovative ways to meet client needs. Looking forward, we will continue to purposely invest in key areas of growth across all geographies, including technology, alternative assets, customization, wealth management and distribution initiatives that benefit all our investment teams.

該活動加強了我們與客戶建立了 75 年的信任關係。突出了公司不斷擴大的廣度，反映了我們致力於尋找創新方法來滿足客戶需求的承諾。展望未來，我們將繼續有目的地投資於所有地區的關鍵增長領域，包括有利於我們所有投資團隊的技術、另類資產、定制、財富管理和分銷計劃。

Of course, none of our efforts this past fiscal year would be possible without the hard work and dedication of our employees, of which I and our leadership team very much appreciate.

當然，如果沒有我們員工的辛勤工作和奉獻精神，我們在過去一個財政年度的任何努力都是不可能實現的，我和我們的領導團隊對此表示非常感謝。

Now I'd like to turn the call over to our CFO and COO, Matt Nicholls, who will review our financial results from the fiscal quarter and year. Matt?

現在，我想將電話轉給我們的首席財務官兼首席運營官 Matt Nicholls，他將審查我們本財季和財年的財務業績。馬特?

Thanks, Jenny. Fourth quarter ending AUM was $1.3 trillion, reflecting a decline of 6% from the prior quarter due to market depreciation of $62 billion and long-term net outflows of $20.4 billion. Reinvested distributions were $2.5 billion this quarter. Adjusted revenues decreased by 4% to $1.53 billion, and investment management fees, excluding performance fees, declined 5% from the prior quarter, both primarily due to lower average AUM, which decreased 5% from the prior quarter. Adjusted performance fees increased slightly to $133.3 million compared to $127.1 million in the prior quarter. This quarter's adjusted effective fee rate, which excludes performance fees, was 38.8 basis points compared to 39.5 basis points in the prior quarter.

謝謝，珍妮。第四季度末的 AUM 為 1.3 萬億美元，由於市場貶值 620 億美元和長期淨流出 204 億美元，較上一季度下降 6%。本季度再投資分配為 25 億美元。調整後收入下降 4% 至 15.3 億美元，投資管理費（不包括績效費）比上一季度下降 5%，這主要是由於平均 AUM 下降，比上一季度下降 5%。與上一季度的 1.271 億美元相比，調整後的績效費用略微增加至 1.333 億美元。本季度調整後的有效費率（不包括績效費）為 38.8 個基點，而上一季度為 39.5 個基點。

The prior quarter effective fee rate was slightly higher as a result of the shift in AUM mix and the timing of the closing of Lexington Partners. Adjusted operating expenses were in line with the prior quarter at $1.04 billion. Lower compensation and benefits was offset by an increase in G&A, which included $8 million of episodic expenses. Adjusted operating income declined 13% from the prior quarter to $494.1 million, and adjusted operating margin decreased to 32.2% from 35.3%.

由於 AUM 組合的變化和 Lexington Partners 的關閉時間，上一季度的有效費率略高。調整後的運營費用與上一季度一致，為 10.4 億美元。較低的薪酬和福利被 G&A 的增加所抵消，其中包括 800 萬美元的臨時費用。調整後的營業收入比上一季度下降 13% 至 4.941 億美元，調整後的營業利潤率從 35.3% 下降至 32.2%。

Fourth quarter adjusted net income and adjusted diluted earnings per share declined by 5% to $394.4 million and $0.78 per share, benefiting from a lower tax rate in the quarter. Turning to fiscal year 2022 results. Ending AUM declined by 15% from the prior year, primarily due to market depreciation of $269 billion and long-term net outflows of $27.8 billion, reflecting an increase of 10% from the prior year.

得益於本季度較低的稅率，第四季度調整後的淨收入和調整後的每股攤薄收益下降了 5% 至 3.944 億美元和每股 0.78 美元。轉向2022財年的結果。期末資產管理規模較上年下降 15%，主要是由於市場貶值 2690 億美元和長期淨流出 278 億美元，較上年增長 10%。

Reinvested distributions were $32 billion. While long-term inflows have been challenged in this risk-off environment, long-term outflows improved 11% from the prior year. Adjusted revenues of $6.5 billion increased by 2% from the prior year benefiting from 6 months of Lexington and increased performance fees, offset by lower average AUM, which declined 2%.

再投資分配為 320 億美元。儘管在這種避險環境下長期資金流入受到挑戰，但長期流出量比上一年增加了 11%。調整後的收入為 65 億美元，比上年增長 2%，這得益於列剋星敦 6 個月的業績和業績費用的增加，但被平均資產管理規模下降 2% 所抵消。

Adjusted operating expenses were $4.2 billion, an increase of 5% from the prior year including the impact of our acquisitions and increased performance fee compensation, partially offset by expense savings. Excluding performance fee compensation and the impact of 6 months of Lexington, adjusted operating expenses decreased by 1%. This led to fiscal year adjusted operating income of $2.3 billion, a decrease of 2% from the prior year.

調整後的運營費用為 42 億美元，比上年增長 5%，包括我們收購的影響和增加的績效費補償，部分被費用節省所抵消。排除績效費補償和列剋星敦 6 個月的影響，調整後的運營費用下降了 1%。這導致本財年調整後的營業收入為 23 億美元，比上年下降 2%。

Adjusted operating margin was 35.9%, 180 basis points lower from the prior year. Excluding performance fees, performance fee compensation and the impact of 6 months of Lexington adjusted operating income decreased by 11%. Compared to the prior year, fiscal year adjusted net income declined 3% to $1.9 billion, and adjusted diluted earnings per share was $3.63, also a 3% decline.

調整後的營業利潤率為 35.9%，比上年下降 180 個基點。剔除績效費、績效費補償和萊剋星頓 6 個月調整後營業收入的影響，下降了 11%。與上年相比，本財年調整後的淨收入下降 3% 至 19 億美元，調整後的攤薄後每股收益為 3.63 美元，也下降了 3%。

As a reminder, our fourth quarter last year included a onetime tax benefit of $155 million or $0.30 per share. Reflecting challenging market conditions, during the fiscal year, we strengthened the foundation of our business through prudent and disciplined expense management. Amongst other measures, we outsourced our global transfer agency function, simplifying our business while reducing future capital expenditures.

提醒一下，我們去年第四季度的一次性稅收優惠為 1.55 億美元或每股 0.30 美元。鑑於市場環境充滿挑戰，在本財年，我們通過審慎和有紀律的費用管理鞏固了業務基礎。除其他措施外，我們將我們的全球轉讓代理職能外包，簡化了我們的業務，同時減少了未來的資本支出。

This initiative follows the previously announced outsourcing of our fund administration and certain other technology functions. From a capital management perspective, we were able to close the acquisitions of both Lexington Partners and O’Shaughnessy Asset Management, make several minority investments and returned $773 million to shareholders in dividends and share repurchases and ended the year with $6.8 billion of cash and investments of approximately level with the year earlier.

這一舉措是在之前宣布的我們的基金管理和某些其他技術功能的外包之後進行的。從資本管理的角度來看，我們能夠完成對 Lexington Partners 和 O'Shaughnessy Asset Management 的收購，進行多項少數股權投資，並向股東返還 7.73 億美元的股息和股票回購，並在年底以 68 億美元的現金和投資與去年同期大致持平。

We will continue to prioritize our dividend, purchase shares to hedge our employee share grants and review targeted acquisitions to reach our objectives at an accelerated pace. As Jenny mentioned, our acquisitions have been driven by goals to deliver a diversified range of investment strategies to more clients in more geographies and in vehicles of choice.

我們將繼續優先考慮我們的股息，購買股票以對沖我們的員工股票贈款，並審查有針對性的收購以加快實現我們的目標。正如 Jenny 所提到的，我們的收購是由目標驅動的，即向更多地區的更多客戶和選擇的車輛提供多樣化的投資策略。

This diversification has also added significant cash flow and led to new sources of long-term growth and income potential for our corporate shareholders. In this context, with the closing of Alcentra we have further diversified our alternative asset capabilities, which are in aggregate anticipated to generate approximately $1.3 billion in annual management fee revenue, excluding performance fees.

這種多元化還增加了可觀的現金流，並為我們的企業股東帶來了長期增長和收入潛力的新來源。在此背景下，隨著 Alcentra 的關閉，我們的另類資產能力進一步多元化，預計每年將產生約 13 億美元的管理費收入，不包括績效費。

Given our global reach financial flexibility, business model and experience in execution, we're able to attract highly talented teams and partnerships, looking for a combination of investment independence, support and collaboration on a global and local scale to create new growth opportunities.

鑑於我們在全球範圍內的財務靈活性、商業模式和執行經驗，我們能夠吸引優秀的團隊和合作夥伴，在全球和本地範圍內尋求投資獨立性、支持和協作的組合，以創造新的增長機會。

Looking ahead, these factors position us well to capitalize on potential strategic activity in the sector. And now we would like to open the call up for your questions. Operator?

展望未來，這些因素使我們能夠很好地利用該行業的潛在戰略活動。現在我們想打開電話詢問您的問題。操作員？

(Operator Instructions) Our first question comes from the line of Craig Siegenthaler of Bank of America. Please go ahead.

（操作員說明）我們的第一個問題來自美國銀行的 Craig Siegenthaler。請繼續。

Hope you're all doing well. So my question is on Alcentra's investment performance and organic growth. I know this deal just closed, but I was interested to see how the investment performance has trended this year and also how the fundraising and overall organic growth has also trended in 2022?

希望你們一切都好。所以我的問題是關於 Alcentra 的投資業績和有機增長。我知道這筆交易剛剛完成，但我很想看看今年的投資業績趨勢如何，以及 2022 年的籌資和整體有機增長趨勢如何？

Craig, so I think, look, we just announced the closing today, as you mentioned. We're very glad to be closing ahead the schedule by at least, I think, a couple of months. We're very happy with the team.

克雷格，所以我想，聽著，我們今天剛剛宣布結束，正如你所提到的。我們很高興至少提前了幾個月，我想。我們對團隊非常滿意。

Performance is good. We're now turning to execution with an emphasis on business growth opportunity for the future. And I think the best way to describe it is that our teams together are going to be in marketing mode quite quickly from here on. So I think that's all we can comment so far.

性能很好。我們現在轉向執行，重點是未來的業務增長機會。我認為最好的描述方式是我們的團隊將從現在開始很快進入營銷模式。所以我認為這就是我們到目前為止所能評論的全部內容。

Great. And Matthew, do I get a follow-up? I forget if it's 1 or 2 here?

偉大的。馬修，我會得到跟進嗎？我忘了這裡是1還是2？

Yes. Please go ahead, Craig.

是的。請繼續，克雷格。

All right. Perfect. Next one is on kind of future liabilities given a very active period of M&A. Just remind us what the next few years look like in terms of liability items like earn-outs from the acquisitions you've already announced?

好的。完美的。下一個是考慮到併購非常活躍的時期的未來負債。只是提醒我們未來幾年在責任項目方面會是什麼樣子，比如你已經宣布的收購的收益？

Yes. So we have about $1.3 billion of deferred payments that are due on previously announced acquisitions over the next 4 years. We also have $1.4 billion of debt due over the next 5 years.

是的。因此，我們有大約 13 億美元的延期付款，這些款項是在未來 4 年內因先前宣布的收購而到期的。我們還有 14 億美元的債務在未來 5 年內到期。

Our next question comes from the line of Bill Katz of Credit Suisse.

我們的下一個問題來自瑞士信貸的比爾卡茨。

Diamonds for 75 years, Jenny, if I did the math correctly, so congrats on that. So question just on expenses. Matt, normally in the press release or the settlement, you'll sort of put some information in there sort of how to think about expenses. Given the new year, you got a lot going on revenues are down, you got some deals.

鑽石 75 年，珍妮，如果我計算正確，那麼恭喜你。所以只問費用。馬特，通常在新聞稿或和解中，你會在裡面放一些關於如何考慮費用的信息。考慮到新的一年，你得到了很多收入下降，你得到了一些交易。

Can you give us a sense how we should think about maybe the -- excuse me, the base expense outlook for fiscal '23? And how to think about whether the fourth quarter -- fiscal fourth quarter as a jumping off point or we need to normalize and just how to take that through, if you don't mind.

您能否讓我們了解一下我們應該如何考慮——對不起，23財年的基本支出前景？以及如何考慮第四季度 - 第四財季是否作為一個起點或者我們需要正常化，以及如何通過它，如果你不介意的話。

Thank you, Bill. So first of all, as you know, we don't usually give guidance on the revenue front because of -- yes, it's difficult to predict where markets are heading. And obviously, that's a large portion of where revenues go with respect to percentages up or down.

謝謝你，比爾。首先，如您所知，我們通常不會就收入方面提供指導，因為——是的，很難預測市場的走向。顯然，這是收入百分比上升或下降的很大一部分。

But obviously, we want to just make the point that we're adding Alcentra from today. So that's about $35 billion under management to add to our overall AUM as of today. I'd also increase our effective fee rate because of that and other mix shift that we expect to happen in the next quarter to back to roughly where it was in the last quarter. So let's say, the mid 39s.

但顯然，我們只想說明我們從今天開始添加 Alcentra。因此，截至今天，我們管理的總資產管理規模約為 350 億美元。我還將提高我們的有效費率，因為我們預計下個季度會發生這種情況和其他混合轉變，以大致回到上個季度的水平。比如說，39 年代中期。

In terms of expenses, I'll go through the different line items trying to be as helpful as possible in terms of the modeling. And this is for the first quarter. So first quarter guidance for '23. And then I know it's very early, obviously, but I'll try and give an annual view also in terms of just our expenses, excluding performance fees.

在費用方面，我將通過不同的項目來盡可能地幫助建模。這是第一季度。因此，23 年第一季度的指導。然後我知道這顯然還為時過早，但我會嘗試就我們的支出（不包括績效費）給出年度視圖。

So starting with comp and benefits for the first quarter of '23. This assumes performance fees of approximately $50 million for the quarter. And we would expect comp benefits to be essentially flat to the quarter that we just reported the fourth quarter of '22. But note that, that does include 2 months of Alcentra, and it also includes $35 million accelerated deferred comp which is an annual adjustment, let's say.

因此，從 23 年第一季度的薪酬和福利開始。這假設本季度的績效費用約為 5000 萬美元。我們預計補償福利將與我們剛剛報告的 22 年第四季度的季度基本持平。但請注意，這確實包括 2 個月的 Alcentra，它還包括 3500 萬美元的加速延期補償，這是一項年度調整，比方說。

Two, IS&T, again, first quarter '23, we'd expect it to be flat to this quarter to the fourth quarter '22 inclusive of Alcentra, so around $122 million. For occupancy, first quarter '23. Again, we would increase that to about $60 million, inclusive of Alcentra, and this reflects also a more normalization of return to office.

第二，IS&T，再次是 23 年第一季度，我們預計它將與本季度到 22 年第四季度持平，包括 Alcentra，因此約為 1.22 億美元。對於入住，23 年第一季度。同樣，我們會將其增加到大約 6000 萬美元，包括 Alcentra，這也反映了重返辦公室的更加正常化。

G&A we expect this to be elevated for the first quarter to approximately $160 million. This includes a onetime TA international outsourcing fee and higher placement fees. Following this quarter, though, for the future quarters, we would expect G&A to go back to approximately where we are at in the fourth quarter '22 in the mid- to high 140s, but this is inclusive of Alcentra and likely continued occurrence of higher placement fees.

我們預計第一季度的 G&A 將提高到約 1.6 億美元。這包括一次性 TA 國際外包費用和更高的安置費用。但是，在本季度之後，對於未來的幾個季度，我們預計 G&A 將回到我們在 22 年第四季度中高 140 年代的大致水平，但這包括 Alcentra，並且可能會繼續出現更高的安置費。

It's also worth noting that G&A guidance also includes higher T&E as activity returns to more normalized levels. So to give -- to put that into context, just in the second quarter of '22, our T&E was around $7 million. It's now $15 million, it was $15 million in the fourth quarter, and we expect that to probably rise to around $20 million going forward.

還值得注意的是，隨著活動恢復到更加正常化的水平，G&A 指導還包括更高的 T&E。所以給出 - 把它放在上下文中，就在 22 年第二季度，我們的 T&E 大約是 700 萬美元。現在是 1500 萬美元，第四季度是 1500 萬美元，我們預計未來可能會增加到 2000 萬美元左右。

We expect the tax rate for the quarter, as we've outlined in the executive commentary to be 27%, which is usually elevated and then for the year for it to be 25% to 27%. In terms of the year, again, this is very early, obviously, but we thought this might be helpful that we would say, excluding performance fees, but including the full year of Lexington.

正如我們在執行評論中所概述的那樣，我們預計本季度的稅率為 27%，通常會提高，然後全年為 25% 至 27%。就年份而言，這顯然還很早，但我們認為這可能會有所幫助，我們會說，不包括表演費，但包括列剋星敦的全年。

Remember, last year, it was only 6 months of Lexington. So full year '23 will be 12 months of Lexington, so adds another 6 months and 11 months of Alcentra as we closed today. So it's another 11 months. So that's an expense of an additional $225 million or something around that nature. Excluding performance fees, we expect expenses to be around $3.95 billion to $4 billion, so very flat to our expenses for 2022.

請記住，去年，列剋星敦只有 6 個月。因此，23 年全年將是列剋星敦的 12 個月，因此在我們今天關閉時再增加 6 個月和 11 個月的 Alcentra。所以還有11個月。所以這是額外的 2.25 億美元或類似性質的費用。不計績效費，我們預計費用約為 39.5 億至 40 億美元，與我們 2022 年的費用持平。

But again, really absorbing all of the additional expenses that come with an additional 6 months of Lexington in the full -- almost a full year or 11 months of Alcentra.

但同樣，真正吸收了額外 6 個月的 Lexington 所帶來的所有額外費用——幾乎是一整年或 11 個月的 Alcentra。

That's very helpful, Matthew. And then, Jenny, maybe one for you. Just in terms of -- you listed off a number of things you're doing on the retail democratization side. Can you just maybe level set where you are today in terms of maybe the more major wirehouses, both in the U.S. and your distribution partners globally and where you might be able to sort of increase penetration or just see some market share opportunity?

這很有幫助，馬修。然後，珍妮，也許給你一個。就 - 你列出了你在零售民主化方面所做的一些事情。您能否就美國和您在全球的分銷合作夥伴以及您可能能夠提高滲透率或只是看到一些市場份額機會的更主要的接線公司而言，將您今天的水平設定在哪裡？

Yes. I mean I'd say, as we talked about, it's complicated as far as it's not just about getting on the platform. There's a lot of education. So we've done a couple of things. We have actually created a separate group that is completely focused on -- it's staffed with specialists focused on the alternative channel to be able to support the wealth channel wholesaler, right?

是的。我的意思是我想說，正如我們所討論的，它很複雜，因為它不僅僅是關於進入平台。有很多教育。所以我們做了幾件事。我們實際上已經創建了一個完全專注於的單獨小組——它配備了專注於替代渠道的專家，以便能夠支持財富渠道批發商，對嗎？

So they can be pulled in and they'll have a background in all the different areas. And then on the product front, BSP has launched our multi-strat interval fund. CP Reef has a -- has had actually good traction. And up until now, they're sort of smaller distributors, and we're now in due diligence with several of the large platforms.

所以他們可以被拉進來，他們將在所有不同的領域都有背景。然後在產品方面，BSP 推出了我們的多層次區間基金。 CP Reef 有一個 - 實際上有很好的牽引力。直到現在，他們還是一些較小的分銷商，我們現在正在對幾個大型平台進行盡職調查。

You have to have a certain amount of size to be able to get on the larger platforms. And so they're in the process of doing their due diligence there. And then we partnered with both Kace and iCapital were listed on both of those platforms, which are really important.

你必須有一定的規模才能在更大的平台上使用。因此，他們正在那裡進行盡職調查。然後我們與 Kace 和 iCapital 合作，在這兩個平台上都上市，這非常重要。

I actually attended one of the conferences and the top comments from the financial advisers were -- it's so complicated to do the paperwork and the capital calls. And so it's really important that, that is improved in both Kace and iCapital are trying to tackle that. So we are now -- have our products listed on both of those platforms.

我實際上參加了其中一個會議，財務顧問的最高評論是——做文書工作和資本調用是如此復雜。因此，非常重要的是，Kace 和 iCapital 都在努力解決這個問題。所以我們現在 - 在這兩個平台上都列出了我們的產品。

We feel very good with the progress that we're getting, and it's one of those whereas the influence start, they -- you're able to then expand on to more and more platforms. So we feel like we're at that inflection point where the big distributors are now doing their due diligence on them.

我們對我們所取得的進展感覺非常好，這就是其中之一，而影響力開始了，他們——然後你可以擴展到越來越多的平台。所以我們覺得我們正處於一個轉折點，大型分銷商現在正在對他們進行盡職調查。

Our next question comes from the line of Brennan Hawken of UBS.

我們的下一個問題來自瑞銀的布倫南霍肯。

On Alcentra, so you, in the past, have spoken to their distribution capabilities and strengths. Are those primarily on the institutional side? And where does the penetration of the retail channel in Europe stand compared to the U.S.? What's that opportunity set like?

在 Alcentra 上，您過去曾談到他們的分銷能力和優勢。這些主要是在機構方面嗎？與美國相比，歐洲零售渠道的滲透率如何？這個機會是什麼樣的？

Sure. I think what we're seeing globally is that the adoption of alt, a more significant portion of the portfolio is occurring in every region we operate in. We see that in Latin America. We see it in Asia, the U.S. and EMEA and to the extent that Alcentra runs a lot of European-based product. We think that they have the best shot of increasing their penetration there in the short run.

當然。我認為我們在全球範圍內看到的是 alt 的採用，投資組合的更重要部分正在我們經營的每個地區發生。我們在拉丁美洲看到了這一點。我們在亞洲、美國和歐洲、中東和非洲地區看到了這種情況，並且 Alcentra 經營著許多基於歐洲的產品。我們認為他們有最好的機會在短期內提高他們的滲透率。

We're going about it the same way we are everywhere in the world. We think we have world-class institutional brand. We've got a wealth management distribution presence. And then what we're doing to boost Alcentra in that market is really to add specialists. So that there's a specialist team that works between the investment teams and the general sales force to make sure that we're telling the story the right way.

我們正在以與世界各地相同的方式進行處理。我們認為我們擁有世界級的機構品牌。我們擁有財富管理分銷業務。然後，我們在該市場上為提升 Alcentra 所做的工作實際上是增加專家。所以有一個專家團隊在投資團隊和一般銷售人員之間工作，以確保我們以正確的方式講述故事。

Because as Jenny said, we think that success in retail also is going to be largely based on ease of access as well as education and that's where we're putting a lot of our efforts now. Given that the transaction was just announced today, we're little early in executing on some of that, but we're working on it now.

因為正如 Jenny 所說，我們認為零售業的成功也將主要基於便利性和教育，這就是我們現在投入大量精力的地方。鑑於該交易今天剛剛宣布，我們在執行其中一些方面還不算早，但我們現在正在努力。

And I'll just add a couple of points to Adam's remarks. Each of our specialist investment managers that we've acquired in the alternative asset space has had an attractive organic growth rate profile based on historical performance and activity in institutional client base.

我將在 Adam 的評論中補充幾點。基於機構客戶群的歷史表現和活動，我們在另類資產領域收購的每一位專業投資經理都具有有吸引力的有機增長率。

And so there's already that embedded growth rate as we acquire the firms. So the future potential is on top of that Adam talks about. So we expect a natural organic growth rate tied to the institutional side of the business. And then that to be boosted, as Adam mentioned, more of the wealth management channels. The additional acquisition targets that we look at that will complete our sort of build out, if you will, of the alternative asset specialist investment managers are exactly the same.

因此，當我們收購這些公司時，已經有了嵌入的增長率。所以未來的潛力就在亞當所說的之上。因此，我們預計自然有機增長率與業務的機構方面相關。然後，正如亞當所說，更多的財富管理渠道將得到提升。如果您願意的話，我們所關注的其他收購目標將完成我們對另類資產專業投資經理的擴建，它們完全相同。

They're all institutionally focused with embedded growth rates on the institutional side, of which we believe there are some very interesting opportunities in the broader channels where Franklin can leverage.

它們都以機構方面的嵌入式增長率為重點，我們相信富蘭克林可以利用的更廣泛渠道中存在一些非常有趣的機會。

And I'm just going to add one more thing on that. There's always a home country bias that people have when they're making investments. And I can tell you, we're in positive net flows in the EMEA region. And this -- the excitement by the distribution team of just having local credit, private credit, it was really important to expand that capability. So we're optimistic there.

我只想在此基礎上再補充一件事。人們在進行投資時總是存在對本國的偏見。我可以告訴你，我們在歐洲、中東和非洲地區的淨流量為正。而這一點——分銷團隊對擁有本地信貸、私人信貸的興奮，擴大這種能力非常重要。所以我們對此持樂觀態度。

And the final thing is how excited we are about all.

最後一件事是我們對所有人的興奮程度。

Here we go. I hit a live wire with this one.

開始了。我用這個打了一根火線。

Going on alternative, each of our alts firms is institutionally focused historically and has long-standing distribution, but we are supplementing that with FT relationships where we have particular strength and we're seeing that benefit each and every one of our firms.

繼續進行替代，我們的每家替代公司在歷史上都以機構為重點，並且具有長期分佈，但我們正在通過具有特殊優勢的 FT 關係來補充這一點，並且我們看到這對我們的每一家公司都有利。

Got it. Sorry, FT?

知道了。對不起，FT？

Franklin Templeton.

富蘭克林鄧普頓。

Yes, yes. Got it. Franklin Templeton. Sorry, that's -- yes, that's obvious. Okay. Really appreciate the thorough color. I'd love to transit into maybe a more mundane topic on expenses. And so Matthew, thinking about the -- I know you caveated it, right, early days and whatnot.

是的是的。知道了。富蘭克林鄧普頓。對不起，那是——是的，這很明顯。好的。真的很欣賞徹底的顏色。我很想轉入一個關於費用的更平凡的話題。所以馬修，想想 - 我知道你已經警告了，對，早期等等。

You helped us sort of quantify the -- what your expectation is for an uplift to T&E. And obviously, it's an inflationary environment that you've got Alcentra. But how much is Alcentra adding into that [39.54] base? And how much do you have wiggle room in order to continue to grind that down through the year as we work through this very, very challenging environment.

您幫助我們量化了您對 T&E 提升的期望。顯然，這是一個通貨膨脹的環境，你有 Alcentra。但是，Alcentra 在這個 [39.54] 基礎上增加了多少？當我們在這個非常非常具有挑戰性的環境中工作時，你有多少迴旋餘地，以便在一年中繼續努力。

Yes. Thanks, Brennan. So on Alcentra, it's approximately $100 million. And as I mentioned, we expect to absorb all of that into our cost base. By absorb it, I don't mean cut it. And we're finding other places within Franklin Templeton to be more efficient so that we end up with an attractive expense base given the very difficult market conditions. So I want to make that clear.

是的。謝謝，布倫南。所以在 Alcentra 上，它大約是 1 億美元。正如我所提到的，我們希望將所有這些都納入我們的成本基礎。吸收它，我的意思不是削減它。我們正在尋找富蘭克林鄧普頓的其他地方以提高效率，以便在非常困難的市場條件下最終獲得具有吸引力的支出基礎。所以我想澄清一下。

We're not cutting costs over in London in the company we just acquired. So this is how -- this is where scale can matter where we can find other places to be more efficient across the platform. I think what you're sort of getting at in a way is the margin. And I think we do expect the margin to go a little bit down before it comes back up. I'll just point to a couple of important things. 35% to 40% of our adjusted expense base is variable with the market, but we're also very focused, Jenny asked me to do this in sort of one of my new roles here is to be very focused on the other 60% to 65%.

對於剛剛收購的公司，我們不會在倫敦削減成本。所以這就是 - 這就是規模很重要的地方，我們可以在平台上找到其他更高效的地方。我認為你在某種程度上得到的是利潤。而且我認為我們確實希望利潤率在回升之前會有所下降。我只想指出一些重要的事情。我們調整後的費用基數的 35% 到 40% 因市場而異，但我們也非常專注，珍妮讓我這樣做是因為我在這裡的一個新角色是非常專注於其他 60% 65%。

So even though 35% to 40% is truly variable with the marketing performance, we do have other interesting areas to explore. In the down market of this magnitude, it takes time for I would sort of call it carefully considered adjustments to keep up with the sharp revenue declines that the industry is facing.

因此，儘管 35% 到 40% 確實會隨著營銷績效而變化，但我們確實還有其他有趣的領域需要探索。在如此規模的低迷市場中，我可以稱之為經過仔細考慮的調整，以跟上該行業面臨的收入急劇下降的情況需要時間。

But while making sure that we remain competitive in terms of compensation and investing in the business, investing in the business right now, given the evolution of change in our industry is probably more important than at any time. It is extremely important to keep up with where things are heading.

但是，在確保我們在薪酬和業務投資方面保持競爭力的同時，考慮到我們行業變革的演變，現在投資業務可能比任何時候都更重要。跟上事情的發展方向非常重要。

However, we have already taken or are in the process of taking action, such as pausing nonessential hiring. We're -- and we've announced a voluntary buyout, which excludes investment staff. That's, in our view, a very effective and fair way to downsize our headcount and we have execution plans to introduce additional operational efficiencies across the firm, things like spanner control, layering.

但是，我們已經採取或正在採取行動，例如暫停非必要的招聘。我們 - 我們已經宣布自願收購，其中不包括投資人員。在我們看來，這是一種非常有效和公平的裁員方式，我們有執行計劃來在整個公司引入額外的運營效率，比如扳手控制、分層。

You call it mundane, but it's extremely important to get these things right. And in the firm of our size, we think we do have meaningful levers. And hopefully, we've demonstrated in the past few years even when the markets are going up, in addition to the savings from our merger transaction, we've already outsourced various activities, as I mentioned in my prepared remarks, that's created efficiencies for our funds, importantly, so our fund shareholders frankly, benefited the most from the decisions we've made to outsource.

你稱之為平凡，但把這些事情做好是非常重要的。在我們這樣規模的公司中，我們認為我們確實擁有有意義的槓桿。希望我們在過去幾年中已經證明，即使市場正在上漲，除了我們的合併交易節省的成本外，我們已經將各種活動外包，正如我在準備好的評論中提到的那樣，這為重要的是，我們的基金，因此坦率地說，我們的基金股東從我們做出的外包決定中受益最多。

But importantly, it's lowered future capital expenditures from a corporate perspective. And this is all about lowering our future capital output in operational areas that are not core to our growth. And it also simplifies our company operations by doing -- by operating this way by having this discipline, not just as the market deteriorated, but frankly, over the last 3 years, it's enabled us to continue to invest in wealth tech alternatives, SMA customization, distribution, all the things that we spend quite a lot of time talking about.

但重要的是，從企業的角度來看，它降低了未來的資本支出。這一切都是為了降低我們未來在非我們增長核心的運營領域的資本產出。而且它還通過這樣做來簡化我們公司的運營——通過這種紀律來運營，不僅在市場惡化的情況下，而且坦率地說，在過去 3 年中，它使我們能夠繼續投資於財富技術替代品、SMA 定制，分發，所有我們花了很多時間談論的事情。

And I think you'll see us to continue to be very active strategically and investing in our business as a result of our ability to be able to reduce expenses even in this -- and keep up in this difficult environment.

而且我認為您會看到我們繼續在戰略上非常活躍並投資於我們的業務，因為我們有能力即使在這種情況下也能夠減少開支 - 並在這個困難的環境中跟上。

Our next question comes from the line of Dan Fannon of Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Fannon。

This is actually Rit Roy on for Dan. So just thinking about the macro set for fixed income in the coming year, several of your peers have highlighted the potential for increased allocations to fixed income, just kind of given the historically beneficial setup that we've seen.

這實際上是丹的 Rit Roy。因此，僅考慮來年固定收益的宏觀設置，您的幾位同行都強調了增加固定收益分配的潛力，這只是考慮到我們所看到的歷史上有利的設置。

So with the performance of certain flagship Western products that -- at least the ones that are visible to us, do you see them as the Western franchise as a share winner or loser in this environment? And then maybe just adding on to that, any color on the branded wine and legacy Franklin fixed income sort of product set would also be helpful.

因此，鑑於某些西方旗艦產品的表現——至少是我們可以看到的那些，你認為它們是西方特許經營商在這種環境下的份額贏家還是輸家？然後也許只是補充一點，品牌葡萄酒和傳統富蘭克林固定收益產品集上的任何顏色也會有所幫助。

Adam, do you want?

亞當，你想要嗎？

Thanks for the question. Yes, we're thrilled about the opportunity for fixed income to offer more value to investors. Right now, fixed income finally has yield embedded in across all the sectors. We have about 121 fixed income composites that we can offer investors and 45 of those are outperforming on the 1, 3, 5 and 10-year periods. So we have tremendously attractive fixed income in a range of categories.

謝謝你的問題。是的，我們很高興固定收益有機會為投資者提供更多價值。目前，固定收益終於在所有行業中嵌入了收益。我們可以為投資者提供大約 121 種固定收益組合，其中 45 種在 1 年、3 年、5 年和 10 年期間表現出色。因此，我們在一系列類別中擁有極具吸引力的固定收益。

Core fixed income Core and Core Plus were obviously under pressure this year. But what we've seen is that we're able to compete really very effectively at the shorter end of the curve in credit products in multi-sector and global and we're seeing significant wins there. Despite the performance, Western Core and Core Plus are some of our absolute biggest growth sales products with healthy pipeline and we're excited for that to continue.

核心固定收益 Core 和 Core Plus 今年明顯承壓。但我們所看到的是，我們能夠在多部門和全球信貸產品的較短端進行非常有效的競爭，並且我們在那裡看到了重大勝利。儘管表現出色，但 Western Core 和 Core Plus 是我們絕對增長最大的銷售產品之一，擁有健康的管道，我們很高興能繼續保持這種勢頭。

So a tough year in performance in some spots, but a really good fixed income lineup across the board. The other thing that we've been able to do effectively this year is to pivot out of fixed income securities to equity income strategies, multi-asset class income with our income fund, have things like infrastructure income and able to produce income without duration.

因此，在某些方面表現艱難的一年，但全面的固定收益陣容非常好。今年我們能夠有效地做的另一件事是從固定收益證券轉向股票收益策略，通過我們的收益基金實現多資產類別收益，擁有基礎設施收益之類的東西，並且能夠在沒有期限的情況下產生收益。

So to the extent that people are still worried about rising rates, we have other opportunities, but within traditional fixed income, a range of things that are exciting, and we are seeing increased demand from investors.

因此，在人們仍然擔心利率上升的情況下，我們還有其他機會，但在傳統的固定收益領域，一系列令人興奮的事情，我們看到投資者的需求在增加。

Got it. Appreciate the extra context around that. And then if I may, just on the performance fees, obviously, has been somewhat elevated the last 2 quarters at least. So how might we think about performance fee eligible AUM and where that sits currently, obviously, with Alcentra now in the mix and what assets are below any high watermarks. Just to get an idea of going into next year?

知道了。欣賞周圍的額外背景。然後，如果可以的話，就性能費而言，顯然至少在過去兩個季度有所提高。那麼，我們如何考慮符合績效費的 AUM 以及目前的位置，顯然，Alcentra 現在正在組合中，以及哪些資產低於任何高水位線。只是想知道進入明年？

Yes. I don't think we changed our guidance on this. I realize that we have had another quarter of increasing or higher performance fees than we talked about on our previous call, the guidance we've given, which is around $50 million.

是的。我不認為我們改變了我們對此的指導。我意識到，與我們在之前的電話會議中談到的，我們給出的指導意見（大約 5000 萬美元）相比，我們的績效費用又增加了四分之一或更高。

But I'd just say that about $55 million or so, the performance fees from the fourth quarter was from clients rebalancing or taking strong returns off the table and this triggered an accelerated performance fee payout. So I don't think we were too far above what we suggested we'd be at except for this acceleration through rebalancing.

但我只想說，大約 5500 萬美元左右，來自第四季度的績效費來自客戶的重新平衡或取消了強勁的回報，這引發了加速的績效費支付。因此，我認為除了通過再平衡實現的加速之外，我們的目標並沒有超出我們建議的水平。

In terms of the performance fee, what assets under management or our performance fees linked to it's very much in line with the AUM that has been highlighted in our remarks, which is the full $260 billion. Of course, some of that's quarterly, some of it is annual. But the potential for performance fees in the future in our business is very significant.

在績效費方面，管理哪些資產或我們的績效費與之掛鉤，非常符合我們在評論中強調的AUM，即整整2600億美元。當然，有些是季度，有些是年度。但我們業務未來的績效費潛力非常大。

The $55 million of rebalancing related performance fees, let's say, is not from a very large rebalancing. It has to be said, it's but they produced a very strong performance fee. And we're so far above the performance threshold in those assets under management that if there's other rebalancing, we will get higher performance fees. But again, I would just stay to the guidance that we provided, it's extremely hard for our guidance and performance fees, as you all know.

比方說，與再平衡相關的 5500 萬美元的績效費用並不是來自非常大的再平衡。不得不說，是的，但他們產生了非常強勁的表演費。而且我們管理的資產遠遠高於績效門檻，如果進行其他再平衡，我們將獲得更高的績效費用。但同樣，我會堅持我們提供的指導，眾所周知，我們的指導和績效費非常困難。

Not that doesn't mean we're not confidence in our performance is very strong across all of our alternative asset specialist investment managers. But I think $50 million for modeling purposes is the right number.

但這並不意味著我們對我們所有另類資產專業投資經理的表現都沒有信心。但我認為 5000 萬美元用於建模目的是正確的數字。

Our next question comes from the line of Ken Worthington of JPMorgan. Please go ahead.

我們的下一個問題來自摩根大通的 Ken Worthington。請繼續。

This is Michael Cho on for Ken. I just wanted to just go back, follow up on the '23 framework that was provided. I guess Matt, you talked about investing in the business and it seems more important than ever. And I guess my question is, in terms of your intention to continue investing and diversify your business in terms of alts and wealth and fintech, I guess, would your intention also would be to increase or decrease or even maintain the pace of investment when we think about the efforts to diversify the business as we look into '23.

這是肯的邁克爾·喬。我只是想回去，跟進提供的 '23 框架。我猜馬特，你談到了投資業務，這似乎比以往任何時候都重要。而且我想我的問題是，就您打算繼續投資並使您的業務在替代、財富和金融科技方面多樣化的意圖而言，我想，當我們在我們展望 23 年時，想想為實現業務多元化所做的努力。

In terms of -- if you define investing in the business in areas where basically we have very little operating income today that we expect to grow in the future, we're increasing that substantially in 2023 because we think there's very substantial opportunities in the future.

就 - 如果您將業務投資定義在我們今天基本上只有很少的營業收入但我們預計未來會增長的領域，我們將在 2023 年大幅增加，因為我們認為未來有非常大的機會.

So we intend to increase our investment in that area. I'll ask Jenny if you like.

因此，我們打算增加在該領域的投資。如果你願意，我會問珍妮。

Maybe I misunderstood the question. But here's -- we've, I think, been pretty clear on how we think about acquisitions from that investment standpoint. And our view is, I think we have the broadest lineup of alternative managers of any traditional asset manager. And I think if you just compare our performance fees, to other traditional managers, you'll see the impact of that.

也許我誤解了這個問題。但是，我認為，從投資的角度來看，我們對收購的看法已經很清楚了。我們的觀點是，我認為我們擁有所有傳統資產管理公司中最廣泛的另類管理公司陣容。而且我認為，如果您僅將我們的績效費與其他傳統經理進行比較，您就會看到其影響。

Yes, we still have some areas of gaps, things like infrastructure and then we've talked about globalizing the various types of capabilities we have. And so if those opportunities came up, we'd be interested. The other areas that we've talked about is increasing distribution. So any kind of investments that help us increase our distribution capability as well as the wealth channel. So those are the 3 that we look at.

是的，我們仍然存在一些差距，比如基礎設施，然後我們談到了全球化我們擁有的各種類型的能力。因此，如果出現這些機會，我們會很感興趣。我們談到的其他領域是增加分佈。因此，任何有助於我們提高分銷能力和財富渠道的投資。所以這些是我們看到的 3 個。

We would say that right now the bar is higher because we're digesting some big acquisitions. But on the other hand, and I think this is a product of a company that still has founder involvement and has been around for 75 years. We always keep cash available because we want to be opportunistic if something comes up, and we feel that we have that flexibility. But we're also going to be very picky because we're really happy with the lineup that we have currently.

我們會說現在的標準更高，因為我們正在消化一些大型收購。但另一方面，我認為這是一家仍然有創始人參與並且已經存在 75 年的公司的產品。我們總是保持可用現金，因為如果出現問題，我們希望機會主義，我們覺得我們有這種靈活性。但我們也會非常挑剔，因為我們對目前的陣容非常滿意。

Yes. I just emphasize that our #1 priority, and I think Jenny just mentioned this clearly is organic growth strategy internally. So the question you had around have -- are we increasing the dollar investments organically?

是的。我只是強調我們的第一要務，我認為 Jenny 剛剛明確提到這是內部的有機增長戰略。所以你的問題是——我們是否有機地增加美元投資？

The answer is yes. We are increasing those. In terms of the other activity around M&A, as Jenny mentioned, I think we mentioned in our prepared remarks, we have $6.8 billion of cash and investments. That's roughly level with last year, exactly this time last year after 2 important acquisitions and 4 minority investments and other investments we've made in the business, of course, a lot of that is made possible through operating income, cash flow and so on.

答案是肯定的。我們正在增加這些。關於併購的其他活動，正如 Jenny 提到的，我想我們在準備好的評論中提到，我們有 68 億美元的現金和投資。這與去年大致持平，正是去年這個時候，在我們對業務進行了兩次重要收購和四次少數股權投資和其他投資之後，當然，這其中很大一部分是通過營業收入、現金流等實現的.

But when we look forward and when you think about the guidance I just provided, to you, we still have the room to make the organic investments, which are very important. But also we have to [ruin] our balance sheet to continue to make targeted acquisitions, which, as Jenny mentioned, the bar is higher now but the level of interest in some of these things is certainly not waned in any way.

但是，當我們向前看時，當您考慮我剛剛提供給您的指導時，我們仍然有空間進行有機投資，這非常重要。但我們也必須[破壞]我們的資產負債表以繼續進行有針對性的收購，正如珍妮所說，現在的門檻更高，但對其中一些事情的興趣水平肯定不會以任何方式減弱。

And just to give you some color on kind of the organic investments, I mean -- and these are all incorporated into Matt's guidance. But the Franklin Templeton alternatives group that we've set up is really newly staffed with expertise in distributing to the wealth channel alternatives, and that's a pretty substantial investment there as well as we continue to invest in fintech and have investments in tools that can be leveraged by financial advisers, those are not profitable on their own, they're profitable when you add the models and other capabilities to them, but you have to constantly invest. All of that is incorporated in our earnings guidance.

只是為了給你一些關於有機投資的顏色，我的意思是 - 這些都納入了馬特的指導。但是我們成立的富蘭克林鄧普頓替代品集團實際上是新配備了向財富渠道替代品分銷方面的專業知識，這是一筆相當可觀的投資，而且我們繼續投資於金融科技並投資於可以由財務顧問利用，它們本身並不盈利，當你向它們添加模型和其他功能時它們是有利可圖的，但你必須不斷投資。所有這些都包含在我們的收益指導中。

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

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Maybe just coming back to Alcentra, you talk about where you see the most compelling opportunity set to accelerate the growth at Alcentra. Is that from retail distribution in Europe? And maybe you could talk about what actions you might take there with Alcentra to help them accelerate growth.

也許剛回到 Alcentra，您會談到您認為加速 Alcentra 增長的最引人注目的機會。是來自歐洲的零售分銷嗎？也許你可以談談你可以與 Alcentra 一起採取哪些行動來幫助他們加速增長。

Yes, absolutely. I think the first thing we want to state is that they've got a really high-quality team on their own. We've met with them recently, and we think stand-alone, they can do quite well. That being said, we have a huge footprint in the EMEA region. As Jenny said, we find there's a significant home bias, home market bias to all investors, retail and institutional.

是的，一點沒錯。我認為我們要說明的第一件事是他們自己擁有一支非常高質量的團隊。我們最近與他們會面，我們認為單機，他們可以做得很好。話雖如此，我們在 EMEA 地區擁有巨大的足跡。正如珍妮所說，我們發現所有投資者、散戶和機構投資者都存在重大的家庭偏見、家庭市場偏見。

And what we've seen with some of our other alternative capabilities that we try to distribute in EMEA is that there can be a desire for more European-based private credit. So we think that is one of the areas where we can take our significant footprint in the region and added to their institutional capabilities.

我們在嘗試在歐洲、中東和非洲地區分發的其他一些替代功能中看到的是，可能需要更多基於歐洲的私人信貸。因此，我們認為這是我們可以在該地區取得重大影響並增加其機構能力的領域之一。

I would say that in the wealth management channel, that is more greenfield. That's going to be where there's fewer assets at play where allocations are rising significantly. There, I think being an earlier player focusing on education, focusing on making the placement easier will give us a leg up there. The final thing I would note is that while I think most of our alt managers are strong in the major markets, it really helps at FT where we have a presence on the ground in over 30 markets.

我想說的是，在財富管理渠道中，那是更多的綠地。這將是分配顯著增加的資產減少的地方。在那裡，我認為作為一個專注於教育的早期球員，專注於讓安置更容易會讓我們在那里站穩腳跟。我要指出的最後一件事是，雖然我認為我們的大多數 alt 經理在主要市場都很強大，但它確實對 FT 有幫助，我們在 30 多個市場都有業務。

So in some of those smaller markets where our alternative firms might not get to on their own, and we have significant relationships. That's the place where we can really boost distribution.

因此，在我們的替代公司可能無法自行進入的一些較小市場中，我們有重要的關係。那是我們可以真正促進分發的地方。

I think the additional thing I would add to Adam's comments is I think it's important to note the fact that this transaction is one that we described as globalizing a specialist investment manager we already have in BSP. So we're globalizing the business. And Alcentra and BSP becoming part of a global team as opposed to a largely U.S. and a large European business. That helps with fundraising, it helps with strategy formation.

我認為我要在亞當的評論中添加的另一件事是，我認為重要的是要注意這一事實，即我們將這項交易描述為全球化我們已經在 BSP 中擁有的專業投資經理。因此，我們正在使業務全球化。 Alcentra 和 BSP 成為全球團隊的一部分，而不是主要在美國和歐洲的大型企業。這有助於籌款，有助於戰略形成。

It helps with talent retention and origination. We just become a more interesting place for both investors, ideas, and talent. And that was one of the reasons why we thought this was very compelling and why we acquired Alcentra is something that another -- the point that Jenny mentioned a second ago around the bar being high. Obviously, the first thing we always ask ourselves is can we do this ourselves? Can we build this business organically?

它有助於人才的保留和創造。對於投資者、想法和人才來說，我們只是一個更有趣的地方。這就是我們認為這非常引人注目的原因之一，以及為什麼我們收購 Alcentra 是另一個原因——珍妮在一秒鐘前提到的門檻很高。顯然，我們總是問自己的第一件事是我們自己能做到嗎？我們可以有機地建立這項業務嗎？

And there are some things that just Franklin take too long to get to a leadership position or even frankly, gain credibility in a particular strategic area. And in our view, it would have taken us too long to do this ourselves. So we're delighted to acquire Alcentra for that to help globalize also outstanding BSP team and leadership.

有些事情只是富蘭克林需要太長時間才能獲得領導職位，甚至坦率地說，在特定戰略領域獲得信譽。在我們看來，我們自己做這件事會花費太長時間。因此，我們很高興收購 Alcentra 以幫助實現出色的 BSP 團隊和領導力全球化。

Great. And just a follow-up question. Maybe more for Jenny, I wanted to come back to the money fund that you guys cited as registered to use the blockchain. I was hoping you could elaborate on that. What's the timing and process look like to bring that to the marketplace? How an individual or institution may be able to access that fund and the benefits that you see there?

偉大的。只是一個後續問題。也許對珍妮來說更重要的是，我想回到你們提到的註冊使用區塊鏈的貨幣基金。我希望你能詳細說明一下。將其推向市場的時機和過程是什麼樣的？個人或機構如何能夠獲得該基金以及您在那裡看到的好處？

Yes. So it's a tokenized money market fund, technically, you could go on at the Apple Store and download the Benjie app and have a wallet that accesses that money market fund. We built a transfer agency system on the blockchain. So all the shareholders' books and records are there. That -- I'm a believer that you will see 40 Act funds expressed over time. in tokenized records.

是的。所以它是一個代幣化的貨幣市場基金，從技術上講，你可以在 Apple Store 繼續下載 Benjie 應用程序並擁有一個訪問該貨幣市場基金的錢包。我們在區塊鏈上搭建了轉賬代理系統。所以所有股東的賬簿和記錄都在那裡。那——我相信隨著時間的推移，你會看到 40 項法案基金。在標記化的記錄中。

And that will have an impact on things like ETFs and traditional mutual funds. If you think about a token, it can have a smart contract that prices all the underlying investments immediately, so you can always have an NAV that's dynamic, even ETFs are only priced a couple of times a day. So we did it because we think that this is an important space that's going to happen over time, and we wanted to understand the marketplace there.

這將對 ETF 和傳統共同基金等事物產生影響。如果你考慮一個代幣，它可以有一個智能合約，可以立即為所有基礎投資定價，所以你總是可以擁有一個動態的資產淨值，即使 ETF 每天只定價幾次。所以我們這樣做是因為我們認為隨著時間的推移這是一個重要的空間，我們想了解那裡的市場。

And we are talking to firms about how to leverage it, you have to hold those tokens in a crypto wallet. So if that isn't part of your infrastructure as a distributor, it's not that valuable to you today, but it will be over time. We also did an investment in a company called Eaglebrook, and we have several strategies there where they are fundamental research on some of the coins in the marketplace. We think these 2 things ultimately converge where you'll have traditional sort of investment capabilities that are held in a token or coin and you will have companies that will be reflected by a coin and investors will have both on their platform. But I think it's really early stages in this.

我們正在與公司討論如何利用它，你必須將這些代幣保存在加密錢包中。因此，如果這不是您作為分銷商的基礎設施的一部分，那麼今天對您來說就沒有那麼有價值，但隨著時間的推移，它會變得有價值。我們還對一家名為 Eaglebrook 的公司進行了投資，我們在那裡有幾種策略，它們是對市場上一些硬幣的基礎研究。我們認為這兩件事最終會融合在一起，您將擁有以代幣或硬幣持有的傳統投資能力，您將擁有將通過硬幣反映的公司，投資者將在他們的平台上擁有這兩者。但我認為這還處於早期階段。

So our next question comes from the line of Brian Bedell of Deutsche Bank.

所以我們的下一個問題來自德意志銀行的 Brian Bedell。

First one for Matthew, just a clarification on the 2020 to adjusted expenses, excluding performance fees. I know we've used the formula for that typically, but do you have a precise amount -- dollar amount for this fiscal year?

Matthew 的第一個，只是對 2020 年調整後費用的澄清，不包括績效費。我知道我們通常使用這個公式，但是你有一個精確的金額 - 本財政年度的美元金額嗎？

You mean '23, Brian?

你是說 23 年，布賴恩？

No, '22, the actual -- so the adjusted expenses, excluding performance fee compensation.

不，'22，實際 - 所以調整後的費用，不包括績效費補償。

For the end of the year, yes, it's around $3.87 billion so that, as you -- we guided, as you may remember, in the last call, we guided to $3.9 billion to $3.95 billion and then I said we'd be on the lower end of that -- so we're actually about $35 million inside of our guidance.

到年底，是的，大約是 38.7 億美元，因此，正如你所指導的，你可能還記得，在上次電話會議中，我們指導到 39 億至 39.5 億美元，然後我說我們會繼續低端 - 所以我們實際上在我們的指導範圍內大約是 3500 萬美元。

Okay. Perfect. Great. And then Jenny, if I can ask you or Adam, if you can give us an update on your view on sustainable or dedicated sustainable products at Franklin. Maybe just an update on the AUM you have in those products. I realize, of course, ESG is utilized throughout the investment process across the firm.

好的。完美的。偉大的。然後珍妮，如果我可以問你或亞當，你能否向我們介紹一下你對富蘭克林可持續產品或專用可持續產品的看法。也許只是您在這些產品中擁有的 AUM 的更新。當然，我意識到 ESG 被用於整個公司的整個投資過程。

But what I'm trying to sort of get out of the actual dedicated products that have that as the primary investment objective. And Jenny, maybe just your view on what's happening in Europe with Article 8 and Article 9 reclassifications, if you think that's going to accelerate or they're going to get may be more disciplined and not raise the bar a little bit more to clear those hurdles.

但我試圖從將其作為主要投資目標的實際專用產品中得到什麼。珍妮，也許只是你對第 8 條和第 9 條重新分類在歐洲發生的事情的看法，如果你認為這會加速或者他們會變得更加自律，而不是提高一點標準來清除這些障礙。

So I actually think the way to describe kind of the ESG is actually looking at the European framework with Article 8, 9 and Article 6 because I actually think they do a pretty good job of defining it. You see Asia following it, and I think the U.S. will probably model the concepts around it. So we have about $35 billion in 48 strategies and Article 8 and 9 and positive flows there.

所以我實際上認為描述 ESG 類型的方式實際上是查看歐洲框架的第 8 條、第 9 條和第 6 條，因為我實際上認為他們在定義它方面做得很好。你會看到亞洲緊隨其後，我認為美國可能會圍繞它塑造概念。因此，我們在 48 項戰略和第 8 條和第 9 條中擁有大約 350 億美元，並且正向那裡流動。

We were very conservative, I think, in our initial evaluation. Our compliance group was quite active in determining what would be categorized in those 6, 8, 9. So we feel very good about that. I think you're only going to see more requirement around transparency and to document how your process is, whatever you say show us that you're doing it and most regulators you see it in the U.S., you see it in Europe are saying, if you don't document and show us that you're actually doing what you say you're doing, we're not going to give you credit for it.

我認為，在我們最初的評估中，我們非常保守。我們的合規小組非常積極地確定將哪些內容歸入這 6、8、9 類。所以我們對此感覺非常好。我認為你只會看到更多關於透明度的要求並記錄你的流程是怎樣的，無論你說什麼向我們表明你正在這樣做，你在美國看到的大多數監管機構，你在歐洲看到的都在說，如果您沒有記錄並向我們表明您實際上在做您所說的事情，我們不會因此而給予您信任。

You see it was like the U.K. 2022 stewardship code. Again, it's all about kind of documentation there. I do think that there is a recognition. A couple of things. One is that you should measure ESG considerations with risk to the underlying company and then portfolios to the risk of externalities.

你看它就像英國 2022 年管理守則。同樣，這完全是關於那裡的文檔。我確實認為有一種認可。有幾件事。一種是您應該衡量 ESG 考慮因素和基礎公司的風險，然後再衡量投資組合的外部性風險。

And that often these get blended, I think you're going to start my just gut feel is, over time, there will almost be 2 different measurements for that. So I think that's a natural progression. And then I think that there's a recognition that, oh, by the way, we're fiduciaries. And so you need to consider returns in all of this, and that has to be part of the measurement as well.

而且這些通常會混合在一起，我想你會開始我的直覺，隨著時間的推移，幾乎會有兩種不同的測量方法。所以我認為這是一個自然的過程。然後我認為人們認識到，哦，順便說一句，我們是受託人。所以你需要考慮所有這一切的回報，這也必須是衡量的一部分。

And I think you capture that in the Stewardship code, the U.K. Stewardship Code 2. So I think it's here to stay. I think it's just a natural evolution of transparency and over time better and better data and remembering that we're all fiduciaries and then I will again remind that we are asset managers, not asset owners.

我認為你在管理守則中捕捉到了這一點，即英國管理守則 2。所以我認為它會一直存在。我認為這只是透明度的自然演變，隨著時間的推移，數據越來越好，記住我們都是受託人，然後我會再次提醒我們，我們是資產管理者，而不是資產所有者。

So we are at the discretion of our clients as far as their desires, and we talk and educate them on things, but in the end, it's their money.

因此，我們可以根據客戶的意願酌情決定，我們會談論並教育他們，但最終，這是他們的錢。

This concludes today's Q&A session. I would now like to hand the call over to Jenny Johnson, Franklin's President and CEO, for final comments.

今天的問答環節到此結束。我現在想將電話轉交給富蘭克林總裁兼首席執行官珍妮·約翰遜，以徵求最終意見。

Great. Well, I just want to thank everybody for participating in today's call. And once again, I would like to thank our dedicated employees for their hard work this past fiscal year, and they are laser focus on our clients. And we look forward to speaking to all of you again next quarter. Thank you.

偉大的。好吧，我只想感謝大家參加今天的電話會議。再次，我要感謝我們敬業的員工在過去一個財政年度的辛勤工作，他們非常關注我們的客戶。我們期待著在下個季度再次與大家交談。謝謝你。

Thank you. This concludes today's conference. You may now disconnect your lines.

謝謝你。今天的會議到此結束。您現在可以斷開線路。