富蘭克林資源 (BEN) 2023 Q4 法說會逐字稿

Welcome to Franklin Resources Earnings Conference Call for the quarter ended September 30, 2023. Hello, my name is Julie, and I will be your call operator today. As a reminder, this conference is being recorded. (Operator Instructions)

歡迎參加富蘭克林資源截至 2023 年 9 月 30 日的季度財報電話會議。您好，我叫朱莉，今天我將擔任您的接線生。提醒一下，本次會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to your host, Selene Oh, Head of Investor Relations for Franklin Resources. You may begin.

現在我想將會議交給主持人、富蘭克林資源公司投資者關係主管 Selene Oh。你可以開始了。

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. 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. 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.

早安，感謝您今天加入我們討論我們的季度和財政年度表現。請注意，本評論中提出的財務結果是初步的。本次電話會議中有關富蘭克林資源公司的聲明並非歷史事實，而是 1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明。這些前瞻性聲明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明示或暗示的任何未來結果有重大差異。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向美國證券交易委員會提交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 表格和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.

接下來，我會將電話轉給我們的總裁兼執行長珍妮·約翰遜 (Jenny Johnson)。

Thank you, Selene. Hello, everyone, and thank you for joining us today to discuss Franklin Templeton's Fourth Quarter and Fiscal Year 2023 Results. As usual, Matt Nicholls, our CFO and COO, and Adam Spector, our Head of Global Distribution, are joining me on the call.

謝謝你，塞琳娜。大家好，感謝您今天加入我們討論富蘭克林鄧普頓第四季和 2023 財年業績。像往常一樣，我們的財務長兼營運長馬特·尼科爾斯（Matt Nicholls）和我們的全球分銷主管亞當·斯佩克特（Adam Spector）也加入了我的電話會議。

Over the past several years, we've made great strides in transforming our business, all in an effort to meet the needs of our clients and shareholders around the globe no matter the market environment. We've done this by creating a diversified company that offers a broad range of investment expertise and capabilities across asset classes, investment vehicles and geographies.

在過去的幾年裡，我們在業務轉型方面取得了長足的進步，所有這些都是為了無論市場環境如何，都能滿足全球客戶和股東的需求。為此，我們創建了一家多元化的公司，提供跨資產類別、投資工具和地理的廣泛投資專業知識和能力。

Today, we're able to offer our partners and investors the ability to fulfill their comprehensive investment needs across public and private markets, and in the vehicle of their choice as one firm with specialist investment managers operating around the globe. In addition, we have made important investments in value-added services, including technology, digital wealth and customization in order to be on the forefront of innovation in areas increasingly important to our clients.

今天，我們能夠為我們的合作夥伴和投資者提供滿足他們在公共和私人市場的全面投資需求的能力，並透過他們選擇的工具作為一家在全球運營的專業投資經理的公司。此外，我們還在技術、數位財富和客製化等加值服務方面進行了重要投資，以便在對客戶日益重要的領域處於創新前沿。

As we look back over our fiscal year, challenging global financial markets and geopolitical uncertainty weighed heavily on investor sentiment. The so-called Magnificent Seven, 7 large U.S. tech companies, have primarily driven all of the gains in global stocks this year. And in our fourth quarter, we saw heightened volatility lead to increasing pressures and declines across equity and fixed income markets.

當我們回顧本財年時，充滿挑戰的全球金融市場和地緣政治的不確定性嚴重影響了投資者的情緒。所謂的“七巨頭”，即七家大型美國科技公司，是今年全球股市所有漲幅的主要推動者。在第四季度，我們看到波動加劇導致股票和固定收益市場的壓力和下跌不斷增加。

We believe markets, like the one we're in, reinforce the value of active management with a long-term investment horizon. So often in these times of uncertainty, where the best opportunities to capture value are identified. In this complex and volatile market environment, it's no surprise that there's a tremendous amount of cash sitting in bank accounts and in money market funds, capturing what are the most attractive short-term yields in more than 15 years.

我們相信市場，就像我們所處的市場一樣，會透過長期投資視野強化主動管理的價值。通常在這些充滿不確定性的時期，人們會發現獲得價值的最佳機會。在這個複雜多變的市場環境中，銀行帳戶和貨幣市場基金中存在大量現金，捕捉了 15 年來最具吸引力的短期收益率，這並不奇怪。

Global Money market assets stood at $7.4 trillion as of September 30, the highest asset level since Morningstar started collecting the data in 2007. We have been actively engaging with our clients to understand their needs and address their strategic goals. Many clients continue to look for additional access to private markets, alternative credit, in particular. And as yields have become more attractive, clients have had a renewed interest in fixed income. We continue to provide insights and [taught] leadership to help them navigate the latest conditions, including drawing upon the resources of our various specialist investment managers and the Franklin Templeton Institute.

截至9 月30 日，全球貨幣市場資產達到7.4 兆美元，這是自2007 年晨星公司開始收集數據以來的最高資產水準。我們一直在積極與客戶合作，了解他們的需求並實現他們的策略目標。許多客戶繼續尋求更多進入私人市場的機會，特別是替代信貸。隨著收益率變得更具吸引力，客戶對固定收益重新產生了興趣。我們繼續提供見解並[教授]領導力，幫助他們應對最新的情況，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資源。

Against this backdrop, we continue to manage our global business with a focus on areas of organic growth, expense discipline and strategic transactions. As such, this year, we are pleased with the progress made executing on our long-term corporate priorities by expanding our investment capabilities across vehicles and deepening our presence in key markets and channels.

在此背景下，我們繼續管理我們的全球業務，並專注於有機成長、費用紀律和策略交易等領域。因此，今年，我們對透過擴大跨領域的投資能力以及深化在關鍵市場和管道的影響力在執行長期企業優先事項方面取得的進展感到高興。

For the fiscal year, notwithstanding 20% lower inflows. Long-term net outflows improved 23% from the prior year. Long-term net flows were positive in several key areas, including alternatives, multi-asset, ETFs, Canvas and the high net worth channel. In addition, our Asia Pacific region generated positive long-term net flows for the fiscal year. Our EMEA region turned positive in the second half of fiscal 2023 and our non-U.S. regions posted positive net flows in the fourth quarter. One of our strategic priorities has been to increase our scale in key segments of the industry, reflecting long-term client demand. In this pursuit to offer more choice to more clients, we closed the acquisition of Alcentra, a leading European credit manager, doubling our alternative credit AUM. Firm-wide alternative AUM increased by over 13% to $255 billion from the prior year, making Franklin Templeton one of the largest managers of alternative assets. Alternative AUM represents approximately 19% of our long-term AUM and approximately 25% of adjusted revenues, excluding performance fees in fiscal 2023. Alternative assets management fee revenues increased 36% year-over-year.

儘管本財年的流入量減少了 20%。長期淨流出量較上年增加 23%。幾個關鍵領域的長期淨流量為正，包括另類投資、多元資產、ETF、Canvas 和高淨值管道。此外，我們的亞太地區在本財政年度產生了正的長期淨流量。我們的歐洲、中東和非洲地區在 2023 財年下半年實現正成長，非美國地區在第四季度實現了正淨流量。我們的策略重點之一是擴大我們在產業關鍵領域的規模，反映長期客戶需求。為了向更多客戶提供更多選擇，我們完成了對歐洲領先信貸管理公司 Alcentra 的收購，使我們的另類信貸資產管理規模增加了一倍。全公司另類資產管理規模比上一年增長了 13% 以上，達到 2,550 億美元，使富蘭克林鄧普頓成為最大的另類資產管理公司之一。另類資產管理規模約占我們長期資產管理規模的 19%，約佔調整後營收的 25%（不含 2023 財年的績效費用）。另類資產管理費收入較去年同期成長 36%。

Furthermore, we were pleased to announce the pending acquisition of Putnam Investments with $136 billion of AUM and our relationship with Power Corporation and Great-West Lifeco. Strengthening our presence in the retirement and insurance segments. The transaction will enable us to further bolster our presence in these key market segments to better serve all our clients and remains on track to close in the fourth quarter of calendar 2023.

此外，我們很高興地宣布即將收購資產管理規模為 1,360 億美元的 Putnam Investments，以及我們與 Power Corporation 和 Great-West Lifeco 的關係。加強我們在退休和保險領域的影響力。該交易將使我們能夠進一步加強我們在這些關鍵細分市場的影響力，以更好地服務我們的所有客戶，並預計在 2023 年第四季完成。

Industry-wide, we continue to see consolidation of asset management relationships. In this context, there are increased expectations for value-added services, and we believe we are well positioned as a strategic partner due to the breadth and depth of our investment capabilities, technology, content and capital resources.

在整個產業範圍內，我們繼續看到資產管理關係的整合。在此背景下，人們對增值服務的期望越來越高，我們相信，由於我們投資能力、技術、內容和資本資源的廣度和深度，我們作為策略夥伴處於有利地位。

As we look ahead in 2024 and beyond, with better clarity on interest rates and markets in general, there will be an increased likelihood of investors moving money from the sidelines. We believe we are well positioned to capture money in motion as clients benefit from the expertise of each of our specialist investment managers, particularly in areas where there is strong client demand such as alternatives, income, fixed income, solutions and custom indexing.

展望 2024 年及以後，隨著利率和市場整體更加清晰，投資者將資金從場外轉移的可能性將會增加。我們相信，隨著客戶受益於我們每位專業投資經理的專業知識，我們有能力捕捉流動資金，特別是在客戶需求強勁的領域，如另類投資、收入、固定收益、解決方案和客製化指數。

Turning now to our specific numbers for the fiscal year, starting first with assets under management inflows. Ending AUM was $1.37 trillion, an increase of 6% from the prior year, primarily due to market appreciation and the acquisition of Alcentra. Investment performance continues to be strong and resulted in 61%, 48%, 47% and 61% of our strategy composite AUM outperforming their respective benchmarks on a 1-, 3-, 5- and 10-year basis.

現在轉向我們本財年的具體數字，首先從管理資產流入開始。期末資產管理規模為 1.37 兆美元，較上年增長 6%，主要得益於市場升值和收購 Alcentra。投資表現持續強勁，導致我們 61%、48%、47% 和 61% 的策略綜合資產管理規模在 1 年、3 年、5 年和 10 年基礎上優於各自的基準。

Compared to the prior year, AUM outperforming benchmarks stayed the same in the 3-year period and declined in the 5- and 10-year periods. 1- year performance improved significantly due to several equity strategies, including non-U.S. strategies and select U.S. taxable fixed income composites.

與前一年相比，AUM 跑贏基準在 3 年期間保持不變，在 5 年和 10 年期間有所下降。由於多種股票策略（包括非美國策略和精選美國應稅固定收益組合），一年期業績顯著改善。

Long-term net outflows were $21 billion and improved by 23% from net outflows of $28 billion in the prior year. Reinvested distributions were $21 billion compared to $32 billion in the prior year. Our long-term net flows while challenged for the year, continued to benefit from a diversified mix of assets and strong presence in key areas.

長期淨流出為 210 億美元，較上年淨流出 280 億美元成長 23%。再投資分配額為 210 億美元，而前一年為 320 億美元。儘管今年我們的長期淨流量面臨挑戰，但仍繼續受益於多元化的資產組合和在關鍵領域的強大影響力。

Multi-assets saw a 66% increase in net flows from the prior year and were positive for all 4 quarters, including nearly $8 billion, driven by Franklin Income Fund, Franklin Templeton Investment Solutions and Canvas, our custom indexing solution platform. In fact, our flagship Franklin Income Fund celebrated its 75th anniversary in August. The strategy follows a flexible value-oriented investment philosophy, seeking income and long-term capital appreciation by investing in dividend paying stocks, bonds and convertible securities. The fund has successfully delivered uninterrupted dividends across all market cycles ever since its launch in 1948. It's also a great example of how we're giving investors greater choice in how they access the strategy, including through SMAs, sub-advice strategies, and in an actively managed ETF vehicle around the globe.

在富蘭克林收入基金、富蘭克林鄧普頓投資解決方案和我們的客製化索引解決方案平台Canvas 的推動下，多元資產的淨流量較上一年增長了66%，並且在所有4 個季度均呈正值，其中包括近80 億美元。事實上，我們的旗艦富蘭克林收入基金已於 8 月慶祝成立 75 週年。該策略遵循靈活的價值導向投資理念，透過投資派息股票、債券和可轉換證券來尋求收入和長期資本增值。自1948 年推出以來，該基金已成功地在所有市場週期中不間斷地派發股息。這也是一個很好的例子，說明我們如何為投資者提供更多選擇來獲取策略，包括透過SMA、子建議策略和全球主動管理的 ETF 工具。

For the fiscal year, alternative net inflows were approximately $6 billion, driven by growth in private market strategies, which were partially offset by outflows in liquid alternative strategies. Benefit Street Partners, Clarion Partners and Lexington Partners together generated net inflows of nearly $11 billion. We continue to make strides in alternative assets unlocking new opportunities for investors in our firm. Retail and high net worth investors remain under-allocated in alternatives relative to institutions. Client interest was strong for alternative strategies on wealth management platforms under the alternatives by Franklin Templeton brand in the U.S., which was launched earlier this year. For example, we anticipate over 20% of the total capital raised in our current secondary private equity fund to come from the wealth management channel. We continue to focus on client education initiatives through our alternative focused podcasts and webinars partnering with the Franklin Templeton Academy.

本財年，受私募市場策略成長的推動，另類投資淨流入約為 60 億美元，但流動性另類投資策略的流出部分抵銷了這一成長。 Benefit Street Partners、Clarion Partners 和 Lexington Partners 合計淨流入近 110 億美元。我們繼續在另類資產領域取得進展，為我們公司的投資者釋放新的機會。相對於機構投資者，散戶和高淨值投資者在另類投資中的配置仍然不足。客戶對美國富蘭克林鄧普頓品牌今年稍早推出的另類財富管理平台的另類策略興趣濃厚。例如，我們預期現有二級私募基金募集資金總額的20%以上將來自財富管理管道。我們透過與富蘭克林鄧普頓學院合作的另類播客和網路研討會，繼續關注客戶教育計畫。

Fixed income net outflows decreased by approximately 50% to $16 billion this fiscal year, with net flows significantly improving starting in the second quarter of the fiscal year. In a year when all eyes were on the bond markets and interest rates, we continue to benefit from having a broad range of fixed income strategies with non-correlated investment philosophies. Brandywine Global saw positive net flows for the year. Franklin Templeton fixed income saw positive net flows in the second half and Western Asset had positive net flows in its core and muni products for the year.

本財年固定收益淨流出減少約 50%，至 160 億美元，淨流量從本財年第二季開始顯著改善。在所有人的目光都集中在債券市場和利率的一年裡，我們繼續受益於廣泛的固定收益策略和不相關的投資理念。 Brandywine Global 今年的淨流量為正。富蘭克林鄧普頓固定收益下半年出現正淨流量，西部資產今年核心產品和市政產品也出現正淨流量。

Fixed income strategies also saw net flows in ETFs and starting in the second half of the year in SMAs. With the addition of Putnam, we will further strengthen our fixed income offering, particularly with ultrashort, stable value and longer duration strategies with strong long-term investment performance. Equity net outflows were nearly $19 billion. The risk-off environment continued to impact investor sentiment on select equity growth strategies, which were partially offset by net inflows into large-cap core, international, smart beta quantitative and emerging market strategies. We believe that emerging markets equities could be a potential bright spot in equities as investors look across broad markets for opportunities.

固定收益策略也出現了 ETF 的淨流量，並從今年下半年開始流入 SMA。隨著普特南的加入，我們將進一步加強我們的固定收益產品，特別是具有強勁長期投資績效的超短期、穩定價值和較長期限的策略。股票淨流出接近 190 億美元。避險環境繼續影響投資者對特定股票成長策略的情緒，但大盤核心、國際、Smart Beta 量化和新興市場策略的淨流入部分抵消了投資者的情緒。我們認為，隨著投資者在廣闊的市場中尋找機會，新興市場股票可能成為股票中的潛在亮點。

Turning to ETF, since launching our ETF business in 2016, we have provided our clients with a broad range of investment strategies and have achieved significant growth milestones. ETFs generated net inflows of nearly $4 billion in the fiscal year, representing 4 consecutive quarters with net flows of approximately $1 billion and AUM ended the quarter at over $16 billion. We continue to launch new and innovative ETFs based on client interest. During the fourth quarter, both Western Asset and Brandywine Global launched active fixed income ETFs, and we expect to see strong client interest in both strategies. We are a leading franchise in SMAs with $113 billion in AUM, an increase of 13% from the prior year. We saw momentum in our SMA platform with $1.3 billion of long-term net flows in the second half of the fiscal year. This year, we continued to expand our SMA capabilities with launches focused on customization such as tax managed overlay and SMA products of key flagship strategies, including the Franklin Income Fund.

談到ETF，自2016年推出ETF業務以來，我們為客戶提供了廣泛的投資策略，並實現了顯著的成長里程碑。 ETF 在本財年產生了近 40 億美元的淨流入，連續 4 個季度淨流入約 10 億美元，本季末的 AUM 超過 160 億美元。我們持續根據客戶興趣推出新的創新 ETF。第四季度，Western Asset 和 Brandywine Global 都推出了主動固定收益 ETF，我們預期客戶對這兩種策略都會產生濃厚的興趣。我們是 SMA 領域的領先特許經營商，資產管理規模達 1,130 億美元，比上年增長 13%。我們看到 SMA 平台的勢頭強勁，本財年下半年的長期淨流量為 13 億美元。今年，我們繼續擴大我們的 SMA 能力，推出了專注於客製化的產品，例如稅收管理疊加和主要旗艦策略（包括富蘭克林收入基金）的 SMA 產品。

Through new technologies, we're continuing to enable personalized portfolio solutions that seek to improve bespoke outcomes for investors. A good example is Canvas, which has achieved net inflows each quarter since the platform launched in September 2019, and AUM has more than doubled to $4.8 billion since the acquisition closed. This year, Canvas generated net inflows of approximately $1.5 billion and had 20 new partnerships. In addition, it continues to have a robust pipeline.

透過新技術，我們將繼續提供個人化的投資組合解決方案，旨在改善投資者的客製化結果。 Canvas 就是一個很好的例子，自 2019 年 9 月推出平台以來，該公司每個季度都實現了淨流入，自收購完成以來，AUM 增長了一倍多，達到 48 億美元。今年，Canvas 淨流入約 15 億美元，並新增了 20 個合作夥伴。此外，它仍然擁有強大的管道。

Private Wealth Management AUM ended the quarter at $34 billion with Fiduciary Trust International, generating its 12th consecutive quarter of long-term net inflows. Fiduciary Trust provides personalized solutions to high net worth individuals and multifamily offices with an average client relationship of 16 years. It is a growing client base and a platform well positioned for long-term growth.

本季末，Fiduciary Trust International 的私人財富管理資產管理規模達到 340 億美元，連續第 12 季實現長期淨流入。 Fiduciary Trust 為高淨值人士和聯合家族辦公室提供個人化解決方案，平均客戶關係長達 16 年。它是一個不斷成長的客戶群和一個有利於長期成長的平台。

Since 2010, Franklin Templeton has been the investment manager and sole administrator of Fondul. In July, Fondul's largest holding, Hidroelectrica, Romania's leading energy producer, broke a record as being Romania's largest initial public offering on the Bucharest Stock Exchange. The listing reflects our ability to provide partnerships with public and private institutions in emerging markets to deliver long-term value for all stakeholders and our enduring commitment to developing the country's local capital market, promoting corporate governance and transparency.

自 2010 年以來，富蘭克林鄧普頓一直擔任 Fondul 的投資經理和唯一管理人。 7月，Fondul最大的控股公司、羅馬尼亞領先的能源生產商Hidroelectrica在布加勒斯特證券交易所打破了羅馬尼亞最大的首次公開募股記錄。此次上市反映了我們與新興市場的公共和私人機構建立合作夥伴關係，為所有利益相關者提供長期價值的能力，以及我們對發展國家當地資訊市場、促進公司治理和透明度的持久承諾。

Looking forward to 2024, we will continue to further expand our business and invest in key areas of growth that extend our ability to offer more choice to more clients in more places, including alternative asset management, insurance and retirement channels, customization and solutions for clients, technology-related distribution and private wealth management, specifically Fiduciary Trust International. We are proud of the work that we have done over the past several years to further grow and diversify our business. It makes us a more resilient organization over the long run and reflects our focus on positioning Franklin Templeton as a premier partner.

展望2024年，我們將繼續進一步拓展業務並投資於關鍵成長領域，以增強我們為更多地方的更多客戶提供更多選擇的能力，包括另類資產管理、保險和退休管道、為客戶提供客製化和解決方案、技術相關的分銷和私人財富管理，特別是信託國際信託公司。我們對過去幾年為進一步發展業務並使業務多元化所做的工作感到自豪。從長遠來看，它使我們成為一個更具彈性的組織，並反映出我們致力於將富蘭克林鄧普頓定位為首要合作夥伴。

Finally, I'd like to thank our dedicated employees around the world for all their efforts in this past year to grow our business by always putting our clients first in a continuously evolving industry.

最後，我要感謝我們世界各地的敬業員工在過去的一年中為發展我們的業務所做的一切努力，在不斷發展的行業中始終將客戶放在第一位。

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 as well as provide an update on the Putnam acquisition. Matt?

現在我想將電話轉給我們的財務長兼營運長馬特·尼科爾斯(Matt Nicholls)，他將審查我們本財季和年度的財務業績，並提供有關普特南收購的最新資訊.馬特？

Thanks, Jenny. Fourth quarter earning AUM was $1.37 trillion, reflecting a decline of 4% from the prior quarter, and average AUM was $1.42 trillion, flat from the prior quarter. Adjusted operating revenues increased by 1% to $1.6 billion from the prior quarter and included adjusted performance fees of $98 million compared to $116 million in the prior quarter. This quarter's investment management fees benefited from $36 million in connection with Fondul and were partially offset by lower catch-up fees of $17 million in secondary private equity. This quarter's adjusted effective fee rate, which excludes performance fees, was 40.2 basis points, an increase of 1 basis point due to transaction-related management fees earned from Fondul.

謝謝，珍妮。第四季獲利 AUM 為 1.37 兆美元，環比下降 4%，平均 AUM 為 1.42 兆美元，環比持平。調整後營業收入較上一季成長 1%，達到 16 億美元，其中調整後績效費為 9,800 萬美元，而上一季為 1.16 億美元。本季的投資管理費受益於 Fondul 的 3,600 萬美元，並被二級私募股權投資的 1,700 萬美元的追趕費用部分抵銷。本季調整後的有效費用率（不含績效費用）為40.2個基點，由於從Fondul賺取的交易相關管理費增加了1個基點。

Adjusted operating income increased 7% from the prior quarter to $512 million, and adjusted operating margin increased to 32.4% from 30.5%. The increase from the prior quarter is primarily due to higher investment management fees, the aforementioned management fees earned from Fondul and lower compensation and benefits expense, partially offset by lower performance fees. The specific operating income from Fondul and secondary private equity catch-up fees was $35 million for the quarter.

調整後營業收入較上一季成長 7%，達到 5.12 億美元，調整後營業利益率從 30.5% 增至 32.4%。較上一季的成長主要是由於投資管理費、上述從 Fondul 賺取的管理費增加以及薪資和福利費用減少，但部分被績效費減少所抵消。該季度來自 Fondul 和二級私募股權追趕費的具體營業收入為 3,500 萬美元。

Fourth quarter adjusted net income and adjusted diluted earnings per share increased by 31% and 33% from the prior quarter to $427 million and $0.84, respectively. The increase in adjusted net income and adjusted diluted EPS is primarily due to higher other income, higher adjusted operating income for the reasons mentioned and lower taxes. Adjusted EPS increased by $0.05 due to Fondul and secondary private equity catch-up fees in the quarter.

第四季調整後淨利和調整後稀釋每股盈餘分別較上一季成長 31% 和 33% 至 4.27 億美元和 0.84 美元。調整後淨收入和調整後稀釋每股收益的增加主要是由於其他收入增加、上述原因導致的調整後營業收入增加以及稅收降低。由於本季的 Fondul 和二級私募股權追趕費用，調整後每股收益增加了 0.05 美元。

Turning to fiscal year 2023 results. Ending AUM increased by 6% from the prior year, while average AUM declined by 5%. Adjusted operating revenues of $6.1 billion decreased by 6% from the prior year and included an additional 6 months of Lexington and 11 months of Alcentra. Adjusted performance fees of $383 million decreased from $515 million in the prior year. The adjusted effective fee rate, which excludes performance fees, was 39.5 basis points compared to 38.9 basis points in the prior year, primarily due to a full year of Lexington and 11 months of Alcentra.

轉向 2023 財年業績。期末資產管理規模較前一年成長 6%，平均資產管理規模下降 5%。調整後營業收入為 61 億美元，較上年下降 6%，其中包括 Lexington 的額外 6 個月和 Alcentra 的 11 個月。調整後的績效費從前一年的 5.15 億美元減少到 3.83 億美元。調整後的有效費用率（不包括績效費）為 39.5 個基點，而前一年為 38.9 個基點，這主要是由於 Lexington 全年和 Alcentra 11 個月所致。

While continuing to invest in long-term growth initiatives, we also continue to strengthen the foundation of our business through disciplined expense management and operational efficiencies. Our adjusted operating expenses were $4.3 billion, an increase of 3% from the prior year, again, including a full year of Lexington and 11 months of Alcentra. Excluding performance fee related compensation and the full year impact of Lexington and Alcentra, adjusted operating expenses were down slightly from the prior year. This led to fiscal year adjusted operating income of $1.8 billion, a decrease of 22% from the prior year, primarily due to lower average AUM, driven by market declines and to a lesser degree, net outflows. Adjusted operating margin was 29.9%, compared to 35.9% in the prior year. Compared to the prior year, fiscal year adjusted net income declined 28% to $1.3 billion, and adjusted diluted earnings per share was $2.60, a decline of 28%.

在繼續投資長期成長計畫的同時，我們也透過嚴格的費用管理和營運效率繼續加強我們的業務基礎。調整後的營運支出為 43 億美元，比前一年再次成長 3%，其中包括 Lexington 的全年營運費用和 Alcentra 的 11 個月的營運費用。排除與績效費相關的薪酬以及 Lexington 和 Alcentra 的全年影響，調整後的營運費用較上年略有下降。這導致本財年調整後營業收入為 18 億美元，較上年下降 22%，這主要是由於市場下滑以及較小程度上的淨流出推動的平均資產管理規模下降。調整後營業利益率為 29.9%，上年度為 35.9%。與前一年相比，本財年調整後淨利下降 28%，至 13 億美元，調整後攤薄每股收益為 2.60 美元，下降 28%。

From a capital management perspective, after returning $870 million to shareholders through dividends and share repurchases, and funding the acquisition of Alcentra and other acquisition-related payments, we ended the year with $6.9 billion of cash and investments. We will continue to prioritize our dividend, which has increased every year since 1982. Purchased shares to hedge our employee share grants and where applicable, review targeted acquisitions to reach our objectives at an accelerated pace.

從資本管理的角度來看，在透過股息和股票回購向股東返還 8.7 億美元，並為收購 Alcentra 提供資金以及其他與收購相關的付款後，我們年底擁有 69 億美元的現金和投資。我們將繼續優先考慮股息，股息自 1982 年以來每年都在增加。購買股票以對沖我們的員工股份授予，並在適用的情況下審查有針對性的收購，以加快實現我們的目標。

In addition, as we begin in the fourth quarter, we plan to opportunistically repurchase shares above the employee-related equity issuances during fiscal year 2024.

此外，從第四季開始，我們計劃在 2024 財年趁機回購高於員工相關股票發行的股票。

Turning to the Putnam transaction, which, as Jenny mentioned, remains on track to close in the fourth quarter of calendar 2023. Amongst other factors, the transaction is structured to maintain Franklin's -- Templeton's financial flexibility and promote our continuing investments in the business. It also protects our strong financial position in the context of challenging market conditions.

談到Putnam 交易，正如Jenny 所提到的，該交易仍有望在2023 年第四季度完成。除其他因素外，該交易的結構是為了保持富蘭克林- 鄧普頓的財務靈活性，並促進我們對該業務的持續投資。在充滿挑戰的市場條件下，它也保護了我們強大的財務狀況。

At current market levels, the acquisition of Putnam is expected to add total run rate adjusted operating income of approximately $150 million after the first year post closing. Consistent with an approximate 30% operating margin, inclusive of cost synergies, and we are ahead of schedule in terms of when we are likely to realize operating income post-close. Assuming this operating income contribution the transaction is expected to be modestly accretive to adjusted EPS by the end of the first quarter after closing. And now we would like to open the call up to your questions.

按照目前的市場水平，收購 Putnam 預計將在交割後第一年增加約 1.5 億美元的總運轉率調整後營業收入。與大約 30% 的營業利潤率一致，包括成本協同效應，我們在交割後可能實現營業收入方面提前了。假設這種營業收入貢獻，預計交易將在交易完成後第一季末對調整後每股收益略有增加。現在我們想開始電話會議，回答您的問題。

(Operator Instructions) Your first question comes from Michael Cyprys from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Michael Cyprys。

Maybe you could just start off on the private market space. You guys continue to raise capital there. Maybe you could just update us on some of the progress across some of the key flagship funds, which strategies you think might be entering the market as you look out over the next 12 months. And just on the private wealth channel, I think you mentioned 20% in terms of what you're looking -- expecting to raise or maybe you could just talk about some of the traction that you're seeing in the private wealth channel, in terms of fund placements and new products you might be able to bring on the channel.

也許您可以從私人市場空間開始。你們繼續在那裡籌集資金。也許您可以向我們介紹一些主要旗艦基金的最新進展，您認為在未來 12 個月內您認為哪些策略可能會進入市場。就在私人財富頻道上，我認為您提到了 20% 的內容，即您希望籌集資金，或者您可以只談論您在私人財富頻道中看到的一些吸引力，例如您可能能夠在該頻道上推出的資金安置和新產品的條款。

Right? Adam? Adam is going to take this one.

正確的？亞當？亞當要拿這個。

All right. Thank you, Jenny. We're seeing strength really across the board. I would say the folks -- the place where we're seeing a lot of interest is -- like others is in the private debt area. They're particularly in the real estate-related debt. We're seeing good growth. We've had a good year in our CLO business. We're out with special situations and new BSP flagship fund, that's all really good. Alcentra is beginning to be integrated more into our distribution force. We're feeling really positive about that as well. Lexington is continuing their fund raise for Fund 10, and we're just beginning to do some other things there. You mentioned, Michael, the 20% raise that will come from wealth management for Lexington. We're starting to see greater traction for wealth management alternatives across the board. We spent the year really building out our capabilities for U.S. wealth management alternatives, and we're now taking that model and using it in Europe.

好的。謝謝你，珍妮。我們確實看到了全面的實力。我想說的是，人們——我們看到很多人感興趣的地方——就像其他人一樣在私人債務領域。他們尤其是與房地產相關的債務。我們看到了良好的成長。我們的 CLO 業務度過了美好的一年。我們遇到了特殊情況，並推出了新的央行旗艦基金，這一切都非常好。 Alcentra 開始更多地融入我們的分銷團隊。我們對此也感到非常正面。 Lexington 正在繼續為 10 號基金籌集資金，我們剛開始在那裡做一些其他事情。邁克爾，你提到列剋星敦財富管理部門將提供 20% 的加薪。我們開始看到財富管理替代方案在各方面都具有更大的吸引力。我們花了一年的時間真正建立了美國財富管理替代方案的能力，現在我們正在採用該模式並在歐洲使用它。

In general, one of the things we're seeing that's quite positive in wealth management alts is the fact that we're now getting on to calendars of 6 month, a year in advance. And once you're in that flow, we think the fundraising really will continue. That's the quick overview.

總的來說，我們在財富管理替代品中看到的非常積極的事情之一是我們現在提前一年採用 6 個月的日曆。一旦你進入這個流程，我們認為籌款活動真的會繼續下去。這就是快速概述。

Great. And just a follow-up question, maybe for Matt. I think in the release, you mentioned the transfer agency functions globally have now been outsourced. You did that in the U.S., now you took that around the world. I think also you've outsourced fund administration in the U.S. So maybe you could just talk to what's next as you think of about simplifying the business, enhancing efficiencies, what steps might be able to take over the next year or 2? How meaningful might they be? And just curious, any sort of benefits or lessons learned and takeaways that you could speak to on the transfer agency outsourcing.

偉大的。這只是一個後續問題，也許是針對馬特的。我想在新聞稿中，您提到全球的轉讓代理職能現已外包。你在美國做到了這一點，現在你把它帶到了世界各地。我想你們也已經將美國的基金管理外包了。所以也許你們可以談談下一步要做什麼，當你們考慮簡化業務、提高效率時，在未來一兩年可能採取哪些步驟？它們有多有意義？只是好奇，您可以談論關於轉讓代理外包的任何好處或經驗教訓和要點。

Yes. So you mentioned 3 key things there. One is the steps we've taken to outsource fund administration, transfer agency and aspects of our technology. What we've been working hard on over the last year or so is what next in terms of our investment management platform in terms of technology. That includes both middle office and back-office functions. And I'd say that we're pretty deep into it, and you can expect more updates from us throughout 2024.

是的。所以你提到了三件關鍵的事情。一是我們採取的外包資金管理、轉帳代理和技術方面的措施。我們過去一年左右一直在努力做的就是我們的投資管理平台在技術方面的下一步工作。這包括中台和後台職能。我想說，我們已經對此進行了相當深入的研究，您可以期待我們在 2024 年提供更多更新。

Well, and I would just add, Mike, as you know, we've done a lot of acquisitions. And I think one of the reasons they work well is, we take our time on some of the integration. And so there's opportunity, obviously, we'll be integrating Putnam into the -- into our environment. And even some of the Legg Mason SIMs are -- have an opportunity to integrate, which we think will simplify the environment.

好吧，我想補充一點，麥克，正如你所知，我們已經進行了很多收購。我認為它們運作良好的原因之一是，我們花時間進行一些整合。因此，顯然，我們有機會將普特南整合到我們的環境中。甚至某些 Legg Mason SIM 也有機會進行集成，我們認為這將簡化環境。

Yes. And in terms of the financial impact, Mike, I would just caution you on that. These things take time. As Jenny mentioned, there won't be any additional change in 2024. That's a step change in terms of our expense, in terms of our expenses around the operation. But I think going into '25, '26 or longer term, not only do we have the opportunity to be more efficient across the organization, bringing things closer together in an effective way, but also, it's an opportunity to modernize, to reduce CapEx, to make sure that longer term, we're in a position where we can scale at lower expenses with the right partners.

是的。就財務影響而言，麥克，我只是提醒你這一點。這些事情需要時間。正如 Jenny 所提到的，2024 年不會有任何額外的變化。就我們的開支而言，就我們的營運開支而言，這是一個階梯變化。但我認為，進入「25」、「26」或更長遠的時期，我們不僅有機會提高整個組織的效率，以有效的方式將事情緊密結合在一起，而且，這也是一個實現現代化、減少資本支出的機會，為了確保從長遠來看，我們能夠與合適的合作夥伴一起以更低的費用進行擴展。

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

您的下一個問題來自美國銀行的克雷格·西根塔勒。

My question is on the SMA business. And I think you said, ask one question, but maybe I could tuck another one in on the SMA within here. But -- what I'm looking for is more details around the components and the growth trajectory. So now that the Franklin Income Fund, which is one of your flagship is in the SMA wrapper, I'm just wondering, are there other flagships at Franklin and its affiliates that would make sense also launching into an SMA wrapper?

我的問題是關於 SMA 業務的。我想你說過，問一個問題，但也許我可以在 SMA 中提出另一個問題。但是 - 我正在尋找有關組件和增長軌蹟的更多細節。因此，現在富蘭克林收入基金（您的旗艦產品之一）已納入 SMA 包裝，我只是想知道，富蘭克林及其附屬公司是否還有其他旗艦產品也可以納入 SMA 包裝？

And then -- kind of my 2-parter was, you're generating about $700 million of flows per quarter in the SMA wrapper. Do you think this is a level that could increase significantly from here?

然後，我的 2 部分是，每個季度在 SMA 包裝器中產生約 7 億美元的流量。您認為這個水平可以從現在開始大幅提高嗎？

Yes. So I mean, you've got to remember, SMAs exist, and the reason we're taking off so much is that in the retail channel, where the world went fee-based, it is difficult for a financial adviser whose client fees, they're being charged every month for advice to buy and hold a mutual fund, right? So if you can deliver the same kind of product in an SMA with the holdings basically on the statement, it looks like the advisers being much more active on that. And so we view ourselves as being vehicle agnostic to how we deliver what is our expertise, which is our investment capability.

是的。所以我的意思是，你必須記住，SMA 是存在的，我們取得如此大的成功的原因是，在零售通路中，世界都是收費的，對於向客戶收費的財務顧問來說，這是很困難的，他們每個月都會收到購買和持有共同基金建議的費用，對嗎？因此，如果您可以在 SMA 中提供相同類型的產品，並且所持有的資產基本上都在聲明中，那麼看起來顧問在這方面會更加積極。因此，我們認為自己對如何提供我們的專業知識（即我們的投資能力）是不可知的。

And -- so you take, for example, the Franklin Income Fund. The Franklin Income Fund now is -- we have an ETF version, an SMA version, and we're seeing growth in both of those. So any of our products can be delivered in SMA. Today, we have munis. Munis are actually -- have a good growth area in the SMA muni ladders.

以富蘭克林收入基金為例。富蘭克林收入基金現在——我們有 ETF 版本、SMA 版本，我們看到這兩個版本都在成長。因此我們的任何產品都可以透過 SMA 進行交付。今天，我們有市政。事實上，市政債券在 SMA 市政階梯中擁有良好的成長區域。

And so the way we are thinking about our business is, I always say it's like a 3-legged stool. It's product capability, geo-global distribution and vehicles. And the vehicles can be mutual funds, communal trusts, ETFs, SMAs, things like Canvas direct indexing. And we should be flexible about how we deliver those, in whatever market we -- whatever market we're operating in. And I think that nobody has won the breadth of product capability that we have to the breadth of geographic distribution, both on the retail and institutional side. And while we may have been late to things like passive ETFs, we were early actually in the active ETF space. And so being vehicle-agnostic is very important.

因此，我們思考業務的方式是，我總是說它就像一個三腳凳。它的產品能力、全球地理分佈和車輛。這些工具可以是共同基金、公共信託、ETF、SMA、Canvas 直接指數等。我們應該靈活地對待如何交付這些產品，無論我們在哪個市場，無論我們在哪個市場運營。我認為，沒有人能夠贏得我們所擁有的產品能力的廣度和地理分佈的廣度，無論是在零售和機構方面。雖然我們在被動 ETF 等領域可能已經姍姍來遲，但實際上我們在主動 ETF 領域卻走得很早。因此，與車輛無關非常重要。

Now the challenge is on the SMAs, is that you have to get approval at the gatekeeper level and then you have to go out and train individual advisers. So it's a bit like alts in the complexity. But once you do that, then you just get consistent flows coming in. So the long answer is basically, we see any of our flagship funds as being able to be delivered through the SMAs platform.

現在，SMA 面臨的挑戰是，您必須獲得看門人等級的批准，然後您必須出去培訓個人顧問。所以它的複雜性有點像替代品。但一旦你這樣做了，你就會獲得持續的資金流入。所以長的答案基本上是，我們認為我們的任何旗艦基金都能夠透過 SMA 平台交付。

And I just might add that emerging markets is another area where we're seeing significant SMA growth in addition to the munis that Jenny answered. And while a lot of the growth is in SMAs, having a product available like the income fund in SMA, in ETF, a mutual fund across border fund being vehicle-agnostic, really, that just take broader access to different platforms.

我想補充一點，除了 Jenny 回答的市政債券之外，新興市場是我們看到 SMA 顯著成長的另一個領域。雖然大部分成長來自 SMA，但擁有 SMA 中的收入基金、ETF 等產品，跨境共同基金與投資工具無關，實際上，這只是更廣泛地訪問不同的平台。

Your next question comes from Brandon Hawken from UBS.

您的下一個問題來自瑞銀集團的布蘭登霍肯。

Curious about the expectations for expense growth into next year, Matthew. Maybe if you could give us an update there.

馬修對明年的支出成長預期感到好奇。也許您能給我們最新消息。

Sure. Thank you, Brennan. So I'll split it into 3 components, if you'll bear with me. One is, we'll discuss the first quarter guide, our fiscal first quarter guide. Second, I'll give a very preliminary, recognizing how early we are for fiscal year 2024. And then thirdly, I will provide an update on Putnam, because obviously, Putnam, we expect to become an important part of our consolidated guide, if you will. But I want to do that separately because we don't know exactly when it's going to close, so it's speculative at this point, but I'll give you that information. And then I'm going to go through the individual components of the expense issues that you focus on, from a modeling perspective.

當然。謝謝你，布倫南。如果您能耐心等待，我會將其分為 3 個部分。一是，我們將討論第一季指南，也就是我們的第一財季指南。其次，我將提供一個非常初步的信息，認識到我們距離2024 財年還有多早。第三，我將提供有關Putnam 的最新信息，因為顯然，Putnam，我們預計將成為我們綜合指南的重要組成部分，如果你會。但我想單獨做這件事，因為我們不知道它什麼時候會關閉，所以目前這是推測性的，但我會給你這些資訊。然後我將從建模的角度詳細介紹您關注的費用問題的各個組成部分。

And so firstly, EFR, we expect our EFR to remain in a 39 basis point area, excluding performance fees. Compensation and benefits, we expect -- again, this is first quarter '24 fiscal, we expect compensations and benefits to be at $750 million, but please note that this includes $35 million of accelerated deferred comp charges. This also assumes $50 million of performance fees.

首先，我們預期 EFR 將維持在 39 個基點區域（不包括績效費用）。薪資和福利，我們預計 - 這是 24 財年第一季度，我們預計薪資和福利將達到 7.5 億美元，但請注意，這包括 3500 萬美元的加速遞延薪資費用。這也假設 5000 萬美元的績效費。

IS&T, we guided to $125 million, flat to the quarter we just had. Occupancy, we expect that to increase to $65 million from high 50s. And the reason for this is that in New York City, we are transitioning to a more efficient and unified space. We have 9 offices currently in New York City, and we are consolidating into 1 major office space in New York. And for a period of about a year, we're going to have the equivalent of double rent on that office.

IS&T，我們的目標是 1.25 億美元，與剛季度持平。我們預計入住率將從 50 多美元增加到 6,500 萬美元。原因是在紐約市，我們正在過渡到一個更有效率、更統一的空間。目前，我們在紐約市擁有 9 個辦事處，並且正在合併為紐約的 1 個主要辦公空間。在大約一年的時間內，我們將在該辦公室支付相當於雙倍的租金。

So that means, for the first quarter, this implies 2 months of this, by the way, it's about an $8 million increase. And that $8 million will increase to $12 million of increase, for your occupancy for about a year. After the year is up, that will be -- that will go away, and it would normalize back down into the mid-50s again.

這意味著，對於第一季來說，這意味著 2 個月，順便說一下，增加了約 800 萬美元。而這 800 萬美元將增加到 1200 萬美元，供您入住約一年。今年結束後，這種情況將會消失，並且會再次正常化到 50 年代中期。

G&A, we expect to be in the $140 million area, and this includes slightly higher T&E and flat placement fees. In terms of our tax rate, we expect that to be 24% to 26% for the fiscal year '24.

G&A，我們預計將達到 1.4 億美元，其中包括略高的 T&E 和固定安置費。就我們的稅率而言，我們預計 24 財年的稅率為 24% 至 26%。

In terms of full year '24 overall expenses. I'll first of all note that, as I mentioned in my prepared remarks, that between full year '23 and full year '22, we are about 1% lower, excluding performance fees and the various acquisitions that weren't included in the previous year.

就 24 年全年總支出而言。我首先要指出的是，正如我在準備好的發言中提到的那樣，從23 全年到22 全年，我們的業績下降了約1%，不包括績效費和未包含在財務報表中的各種收購。前一年。

Full year '24, excluding Putnam, performance fees and the New York City real estate transition that I just walked through, we expect our expenses to be approximately flat, perhaps slightly down. But I would model flat at this point.

24 年全年，不包括普特南、績效費用和我剛剛經歷過的紐約市房地產轉型，我們預計我們的支出將大致持平，甚至可能略有下降。但此時我會進行扁平化建模。

In terms of Putnam. So Putnam, again, as Jenny and I mentioned that in our prepared remarks, we expect Putnam to close in the calendar fourth quarter and in our fiscal first quarter. We're hoping for December 1. And so the guide that I'm about to provide to you does assume December 1, but that could end up slipping into January 1, for example. But let's hope for December 1.

就普特南而言。因此，普特南，正如珍妮和我在我們準備好的發言中提到的那樣，我們預計普特南將在第四季度和第一財季關閉。我們希望是 12 月 1 日。因此，我即將向您提供的指南確實假設是 12 月 1 日，但最終可能會滑到 1 月 1 日，例如。但讓我們期待 12 月 1 日。

If we close on December 1, from a revenue perspective, we expect to add about $50 million to revenue. Around $42 million of that is expected to be in investment management fees and about $8 million of that is expected to be in services. And you can run rate that by 20 -- by 12 to come up with the annual number for modeling purposes. We expect operating income addition, so the addition to operating income in the first quarter, in other words, for the 1 month, to be between $8 million and $10 million for Putnam.

如果我們在 12 月 1 日結束，從收入角度來看，我們預計收入將增加約 5000 萬美元。其中約 4,200 萬美元預計將用於投資管理費，其中約 800 萬美元預計將用於服務。您可以將其乘以 20 - 12 來得出用於建模的年度數字。我們預計普特南的營業收入將增加，因此第一季（換句話說，第一個月）營業收入的增加將在 800 萬美元至 1000 萬美元之間。

In the second fiscal quarter, we expect to add an incremental $25 million operating income, and in both the third and fourth quarters, for Putnam, we expect to add an incremental for both quarters, $25 million to $30 million in operating income, assuming, of course, that revenue remains approximately stable and markets remain stable to where they are.

在第二財季，我們預計將增加 2,500 萬美元的營業收入，在第三和第四季度，對於 Putnam，我們預計兩個季度的營業收入將增加 2,500 萬至 3,000 萬美元，假設：當然，收入保持大致穩定，市場也保持穩定。

At current levels, we're still guiding, as I mentioned when we announced the transaction to add a total operating income of around $150 million run rate by the time our fiscal year ends in 2024, in other words, by 9/30. This is 10 months, obviously, assuming we close December 1 versus the 12 months that we guided when we announced the transaction.

在目前的水平上，我們仍在指導，正如我在宣布交易時提到的那樣，到2024 年財年結束時（換句話說，到9/30），總營業收入將增加約1.5 億美元的運行率。顯然，這是 10 個月，假設我們在 12 月 1 日結束，而不是我們宣布交易時指導的 12 個月。

So the change here is not necessarily the $150 million that we've talked about, although we would put that at a minimum at this point based on current markets, but the change is when we expect to actually realize the operating income. When we announced the transaction, I described a scenario where we would expect to achieve 25% on a run rate basis at the time of close.

因此，這裡的變化不一定是我們談到的 1.5 億美元，儘管我們會根據當前市場將其定為最低限度，但變化是我們預計實際實現營業收入的時間。當我們宣布交易時，我描述了一個場景，即我們預計在交易完成時的運行率將達到 25%。

And as you can see from the guide of $8 million to $10 million for the first month coming in operating income, this is now indicative of achieving over 50%, let's say, between 50% and 60% of targeted operating income on a run rate basis by the end of month 1.

正如您從第一個月營業收入800 萬美元到1000 萬美元的指南中看到的那樣，這現在表明按運行率實現了目標營業收入的50% 以上，比方說，在50% 到60% 之間1月底為基準。

So in the actual year, just to be as clear as we can be to help with the modeling. In terms of the actual year, we expect to realize between $85 million and $100 million of operating income and to have reached at least $150 million run rate by 9/30/24, all else remaining equal.

因此，在實際的一年中，我們要盡可能清楚地幫助建模。就實際年份而言，我們預計將實現 8,500 萬至 1 億美元的營業收入，並在其他條件保持不變的情況下，到 2024 年 9 月 30 日至少達到 1.5 億美元的運行率。

And then the final comment -- sorry, Brennan. I want to make sure this is as complete as possible, so everybody gets the models right. At the end, so what this means in terms of accretion, dilution, because we talked about that, too. At the current time, again, recognizing how volatile the markets are and so on. But the current time, all else remain equal, this would mean a transaction becomes accretive by the second quarter. So in our fourth quarter versus at the end of the first year that we talked about initially. So we're pretty much becoming accretive in this transaction almost right after we close. It's like a couple of months afterwards, but let's say just to be conservative at the end of the first 4 quarter after we close. So that would be the end of our second fiscal quarter.

然後是最後的評論——對不起，布倫南。我想確保它盡可能完整，這樣每個人都能得到正確的模型。最後，這對於增加、稀釋意味著什麼，因為我們也談到了這一點。目前，再次認識到市場的波動性等等。但目前，其他條件保持不變，這意味著交易到第二季就會增加。因此，在我們的第四季度與我們最初討論的第一年末相比。因此，我們幾乎在交易結束後就開始增加這項交易。好像是幾個月後，但我們可以說，在我們關閉後的前四個季度末，我們只是保守一些。這將是我們第二財季的結束。

Got it. I got my money's worth on that question. Thank you, Matt.

知道了。我在這個問題上得到了我的錢。謝謝你，馬特。

That's pretty thorough.

這相當徹底。

Just one clarifying question. So -- and you gave us the -- I think you kind of gave us that $150 million incremental run rate by 9/30, which kind of is a guiding -- sort of a north star. But I believe the walk was, it's like $8 million to $10 million in the first quarter, assuming ending December...

只是一個澄清問題。所以 - 你給了我們 - 我認為你給了我們 9/30 之前 1.5 億美元的增量運行率，這是一個指導 - 有點像北極星。但我相信，假設 12 月底結束，第一季的銷售額約為 800 萬至 1000 萬美元…

First month.

第一個月。

That's just 1 month, right? Yes. just 1 month.

這才1個月吧？是的。僅僅1個月。

And then next quarter, that means we're adding $25 million on to that $8 million to $10 million. So getting to $35 million. And then -- and are those -- okay, got it. And those are quarterly, not run rate?

下個季度，這意味著我們將在 800 萬至 1000 萬美元的基礎上增加 2500 萬美元。這樣就達到了 3500 萬美元。然後——還有那些——好吧，明白了。這些是季度率，而不是運行率？

Correct. They're actual adds. So by the end of that period, we would have added $25 million at the end of the third and fourth quarter, we would have added another $25 million to $30 million. So at the end of the fiscal year, we would have added up to about $100 million. So it's real actually -- operating income addition is not just run rated. And the reason why I add the $150 million run rate is that, that could be achieved -- sort of an accelerated fashion right at the end of the last fiscal quarter.

正確的。他們是真正的補充。因此，到該時期結束時，我們將在第三和第四季末增加 2,500 萬美元，我們將再增加 2,500 萬至 3,000 萬美元。因此，到本財年結束時，我們的總金額將達到約 1 億美元。所以這實際上是真實的——營業收入的增加不僅僅是運行評級。我之所以加上 1.5 億美元的運行率，是因為這可以在上一個財政季度末以加速方式實現。

Okay. Perfect. That's really, really helpful.

好的。完美的。這真的非常非常有幫助。

Yes. The only other one thing I'd add is that the -- because this is obviously a very important factor in the model as well, as you think about overall AUM and EFR. The Putnam acquisition reduces -- is expected to reduce our EFR by 0.2 basis points because they have a slightly lower EFR than us.

是的。我唯一要補充的一件事是——因為當你考慮整體 AUM 和 EFR 時，這顯然也是模型中非常重要的因素。收購 Putnam 預計將使我們的 EFR 降低 0.2 個基點，因為他們的 EFR 略低於我們。

Got it. And that is -- and when would the impact of the EFR would that happen pretty much right away?

知道了。也就是說，EFR 的影響何時會立即發生？

It's over the years. So -- but yes, I pretty much do -- gradually it comes in because -- but it should be right away in December.

已經過去好幾年了。所以——但是，是的，我幾乎是這樣做的——它逐漸出現，因為——但它應該在十二月馬上到來。

The run rate impact by the way, it will be adjusted for the timing?

順便說一句，運行率影響，它會針對時序進行調整嗎？

Yes. Because as you know, we average -- the AUM gets averaged over the period, it comes in. So it's going to be a bit wonky in the first year -- the first quarter, sorry, but you'll soon see the full impact of 0.2.

是的。因為如您所知，我們進行平均 - 資產管理規模在一段時間內進行平均，它會進來。所以第一年會有點不穩定 - 第一季度，抱歉，但您很快就會看到全部影響0.2 。

Got it. But the 0.2 is the way we can think about it and then we can adjust for timing accordingly.

知道了。但 0.2 是我們可以考慮的方式，然後我們可以相應地調整時間。

Exactly. That's a good way of putting it.

確切地。這是一個很好的表達方式。

Your next question comes from Alex Blostein from Goldman Sachs.

您的下一個問題來自高盛的 Alex Blostein。

Great. Well, thanks for that. I think we could probably end the call right there. So I did want to ask you guys about fixed income, obviously. And look, Western had some nice stabilization in investment performance early in the year. But the latest moves in interest rates put incremental pressure on core and core plus both, absolute and relative to the benchmark.

偉大的。嗯，謝謝你。我想我們可能就可以結束通話了。顯然，我確實想問你們有關固定收益的問題。看起來，西方國家今年年初的投資表現出現了一些良好的穩定性。但最新的利率變動給核心和核心加兩者帶來了增量壓力，無論是絕對壓力還是相對基準壓力。

So how are the conversations with clients, I guess, evolving as you highlighted, the opportunity to maybe rotate some of the cash on the sidelines to longer duration products. How big of a headwind do you think that is? And if more capital ultimately chooses to go back to passive vehicles within fixed income like we've seen this year, how is Franklin as a whole, positioned to maybe take advantage of that opportunity in some of the fixed income refers on the passive side?

那麼，我想，正如您所強調的那樣，與客戶的對話進展如何，可能有機會將一些場外現金轉向長期產品。您認為這有多大的阻力？如果更多的資本最終選擇回到固定收益領域的被動投資工具，就像我們今年看到的那樣，那麼富蘭克林作為一個整體，如何利用被動收益領域的一些機會來利用這一機會？

So interest -- so first of all, core is in positive flows and has remained in positive flows. It's core plus that's been more challenged. We just came from -- we had our international institutional client conference last week. And the walk of the discussion is around, is it time to move cash and go longer duration. So we're also waiting for that moment, but we're certainly getting close to it. I think everybody agrees, maybe there's one more increase of the Fed, maybe not, but we're definitely near the end. And then the question goes, is it higher for longer? Or do things degrade quickly and rates get dropped.

因此，興趣——首先，核心是正流量，並且一直保持在正流量。它是核心加上受到更多挑戰。我們上星期剛參加了國際機構客戶會議。討論的重點是，是否是時候轉移現金並延長持續時間。所以我們也在等待那一刻，但我們肯定已經很接近它了。我想每個人都同意，聯準會可能會再次升息，也許不會，但我們肯定已經接近尾聲了。那麼問題來了，它是否會持續更長的時間？或者事情會迅速惡化並且利率下降。

So I think we're fortunate in that we have 4 independent fixed income teams that all actually have slightly different views. And clients align with one of those views. And that's the way we look at managing the business and kind of the insurance policy around it, which is to have comfort that we know that we can align something. And the key has been training our sales force to understand those nuances. So that they can be out there and deliver the appropriate product consistent with that client's view.

所以我認為我們很幸運，因為我們有 4 個獨立的固定收益團隊，實際上每個團隊的觀點都略有不同。客戶同意其中一種觀點。這就是我們管理業務和圍繞其製定保險政策的方式，即我們知道我們可以調整一些東西，從而感到安慰。關鍵是培訓我們的銷售人員以了解這些細微差別。這樣他們就可以提供符合客戶觀點的適當產品。

And so yes, there are -- I mean I think Western is probably our top-flowing SIM as far as gross sales, because there are a lot of clients that align with Western view. So -- and we think we're well positioned when they're -- sure, there's going to be X percentage that do passive, but there's plenty of them that believe in active fixed income. I'm always one of those that's skeptical when you -- the concept of doing capital allocation based on who's got more debt in the fixed income. So passive fixed income is always a question in my mind, but there are clients who prefer that, but there are plenty of clients who prefer active fixed income. And with our diverse SIMs, I think we're well positioned to capture that as money moves out of cash into longer duration. Adam, do you want to add anything or?

是的，我的意思是，就銷售量而言，我認為西方可能是我們流量最大的 SIM，因為有很多客戶與西方的觀點一致。因此，我們認為，當他們確定會有 X % 的人從事被動型投資時，我們就處於有利位置，但也有很多人相信主動固定收益。當你根據誰在固定收益中擁有更多債務來進行資本配置的概念時，我總是持懷疑態度的人之一。因此，被動固定收益始終是我心中的問題，但有些客戶更喜歡被動固定收益，但也有很多客戶更喜歡主動固定收益。憑藉我們多樣化的 SIM 卡，我認為隨著資金從現金轉移到更長的期限，我們能夠很好地抓住這一點。亞當，你想補充什麼嗎？

Yes. I think you hit a lot of the key points, Jenny. Western is having very good conversations with its clients. It continues to be Franklin Templeton's top selling SIM in terms of our gross flows. And if you look at their performance, 88% of their marketed composites have outperformed over the 1-year period. And I think that number, the 10-year period is something like 97%. So yes, in core plus and some other strategies, they've had a tough go of it recently, but we see that turning around and we see client interest still being very strong in Western products.

是的。我認為你抓住了很多關鍵點，珍妮。西方正在與客戶進行良好的對話。就總流量而言，它仍然是富蘭克林鄧普頓最暢銷的 SIM 卡。如果你觀察他們的表現，你會發現他們銷售的複合材料中有 88% 在一年內表現優於大盤。我認為這個數字在 10 年期間大約是 97%。所以，是的，在核心+和其他一些策略中，他們最近經歷了一段艱難的時期，但我們看到情況發生了轉變，我們看到客戶對西方產品的興趣仍然非常強烈。

Great. That's helpful. And then, Matt, just one for you. Share repurchase is pretty strong in the quarter. I think in your prepared remarks, you alluded to the idea that you might be a little bit more opportunistic. So I was hoping you could maybe flesh that out a little bit more as we're thinking about capital return priorities for next year.

偉大的。這很有幫助。然後，馬特，只為你準備一份。本季的股票回購相當強勁。我認為在您準備好的發言中，您提到了您可能會更加機會主義的想法。因此，當我們考慮明年的資本回報優先事項時，我希望您能進一步充實這一點。

Right. Sure. Thank you, Alex. So I think the point we're trying to make on this is that, obviously, that the market is complicated, it's fraught with uncertainty. So we want to be careful of how we describe this. But obviously, we've been very active in acquiring companies to make sure we have the right set of investment management capabilities to be as relevant as we possibly can to the most important clients around the world in every asset class and every vehicle that Jenny mentioned.

正確的。當然。謝謝你，亞歷克斯。因此，我認為我們想要表達的觀點是，顯然，市場很複雜，充滿了不確定性。所以我們要小心我們如何描述這一點。但顯然，我們一直非常積極地收購公司，以確保我們擁有正確的投資管理能力，盡可能與世界各地最重要的客戶（珍妮提到的每種資產類別和每種工具）保持相關性。

We feel like we're pretty much done in that regard. There's 1 or 2 areas that we've referenced, infrastructure, for example, in the private markets area of alternative assets. And then maybe there's a few distribution things, a couple of technology things. But in terms of large-scale transactions involving hundreds of millions, in certain cases, billions of dollars, we feel like we're done in that regard for the foreseeable future. Never say never, but we certainly feel that we're done in terms of strategic planning.

我們覺得我們在這方面已經做得差不多了。我們提到了 1 或 2 個領域，例如基礎設施領域，另類資產的私人市場領域。然後也許還有一些發行方面的事情，一些技術性的事情。但就涉及數億甚至數十億美元的大規模交易而言，我們覺得在可預見的未來，我們在這方面已經完成了。永遠不要說永遠，但我們確實覺得我們在策略規劃方面已經完成了。

And therefore, I think you can expect us to move into more of a capital return mode opportunistically. So what that means is we're going to absolutely protect our dividends, as we've always described, and you can expect the same sort of pattern that you've seen since -- in the 1980s. We're going to be very disciplined in buying back our -- and hedging our employee grants.

因此，我認為你可以期望我們會機會主義地進入更多的資本回報模式。因此，這意味著我們將絕對保護我們的股息，正如我們一直所描述的那樣，並且您可以期待自 20 世紀 80 年代以來所看到的相同模式。我們將非常嚴格地回購我們的員工補助金並對沖我們的員工補助金。

But as you know, we're left over with a fair amount of cash after that, both in terms of earnings -- from earnings, but also in terms of our balance sheet, and look, with our shares trading where they are, it's a very good opportunity for us. And as you know, we've funded 90% of Putnam transaction with shares, and we'd like to repurchase those shares as soon as we can. So we're going to be quite focused on that. We don't want to give a schedule because the market is too uncertain in our opinion, and we need to make sure that we are conservative and careful and methodical and all the rest of it that you expect from us.

但正如你所知，此後我們還剩下相當多的現金，無論是在收益方面，還是在我們的資產負債表方面，看看我們的股票交易情況，這是對我們來說是一個非常好的機會。如您所知，我們已經用股票為 Putnam 交易提供了 90% 的資金，我們希望盡快回購這些股票。所以我們將非常關注這一點。我們不想給出時間表，因為我們認為市場太不確定，我們需要確保我們保守、謹慎、有條理，以及您對我們的期望。

But the pattern of share repurchase that you saw in this last quarter, again, I'm not saying it's going to be the same number, but you can expect us to really focus on opportunistic share repurchases in addition to the share employee grants for the reasons that I've just outlined.

但是，您在上個季度看到的股票回購模式，我並不是說這將是相同的數字，但您可以期望我們除了股票員工贈款之外，還真正關注機會主義股票回購。我剛才概述的原因。

Your next question comes from Glenn Schorr from Evercore.

您的下一個問題來自 Evercore 的 Glenn Schorr。

I'm not sure if it's for Adam, for anybody. But so the new DOL rule proposal just came out. And I think this is a long time coming. The focus is updating the definition of what is the fiduciary and investment advice. And given your distribution efforts and prowess in the channel, just curious how you think it may or may not impact Franklin in the various products, various channels.

我不確定這是否適合亞當或任何人。但新的勞工部規則提案才剛出台。我認為這是一個很長的時間。重點是更新信託和投資建議的定義。考慮到您在通路中的分銷努力和實力，只是好奇您認為這可能會或可能不會影響富蘭克林在各種產品、各種管道中的影響。

You know, this -- Glenn, this has been discussed for quite a while and back and forth. And we've all and through the ICI, have had opinions on it. And our view is, it's about education, it's about suitability of products and making sure that advisers are deploying the appropriate product for that client. And we've always had the view that it's our job to make sure that we well inform our distribution partners and provide transparency around that. And so I think our view is that this is not going to have a tremendous impact.

你知道，格倫，這個問題已經討論了很久了。我們都透過 ICI 對此發表過意見。我們的觀點是，這與教育有關，與產品的適用性有關，並確保顧問為該客戶部署合適的產品。我們一直認為，我們的工作是確保充分告知我們的分銷合作夥伴並提供透明度。所以我認為我們的觀點是這不會產生巨大的影響。

Good news. Maybe one follow-up. I appreciate that we're not quite at the finish line yet on Putnam. But as you get to know each other, from my look, I think performance looks good and improving in their products. But as you've gotten closer together, I'm curious what things you're learning, what can you work on for their distribution reach and insurance and retirement?

好消息。也許會有一個後續行動。我很高興我們還沒有到達普特南的終點線。但隨著你們彼此了解，從我的角度來看，我認為他們的產品性能看起來不錯並且不斷改進。但隨著你們的關係越來越密切，我很好奇你們正在學習什麼東西，你們能為他們的分銷範圍、保險和退休做些什麼？

Well, I think I'll start and then, Adam, you could jump in. I mean, to be honest, like, one of the things that -- we are really excited about this Putnam deal is that, if you're a traditional asset manager, who has a big book of mutual funds, the area from a -- where mutual funds tax disadvantage isn't an issue is in the retirement channel. And so -- and that's a way in which we have always underpunched our weight.

好吧，我想我會開始，然後，亞當，你可以插話。我的意思是，說實話，我們對普特南交易感到非常興奮的一件事是，如果你是傳統的資產管理公司擁有大量共同基金，共同基金稅收劣勢不成問題的領域是退休管道。所以——這就是我們一直以來減輕體重的一種方式。

And so as we got into this, we couldn't be more excited about combining what we've been putting an emphasis internally, on retirement, with their distribution capability, we [worry] a lot because as you can imagine, Empower was built out of Putnam. And so really understanding that retirement channel, bringing these teams together, and we think that's just going to make us a much, much better distribution partner, not just with Empower but with firms like -- platforms like Principal, Nationwide, Fidelity, and being able to have an entry with our stable value in the target date funds.

因此，當我們進入這個階段時，我們對將我們內部一直強調的退休問題與他們的分銷能力相結合感到非常興奮，我們[擔心]很多，因為正如你可以想像的那樣，Empower 是建立起來的從普特南出​​來。因此，真正了解退休管道，將這些團隊聚集在一起，我們認為這將使我們成為更好的分銷合作夥伴，不僅與 Empower 合作，還與諸如信安、全國、富達等平台的公司合作，以及能夠以我們穩定的價值進入目標日期基金。

So we look at this and couldn't be more excited about what we think is a great growth opportunity for us in a channel that just even when markets are volatile, people still continue to contribute to their 401(k) through their paycheck. Adam, do you want to add anything to that?

因此，我們看到這一點，感到無比興奮，我們認為這對我們來說是一個巨大的成長機會，即使市場波動，人們仍然繼續透過薪水為他們的 401(k) 捐款。亞當，你想補充什麼嗎？

Yes. I would say that in some ways, it reminds me of the Legg Mason transaction when the 2 distribution forces were just so complementary. And if you look at the way that Franklin is built out in the non-U.S. market, as an example, I think that scale there really helps Putnam.

是的。我想說，在某些方面，它讓我想起美盛集團的交易，當時兩種分銷力量是如此互補。以富蘭克林在非美國市場的建設方式為例，我認為那裡的規模確實對普特南有幫助。

If you look at what Franklin Templeton has in terms of SMA capability, ETF capability, that, along with the core Putnam strategy is a real advantage. And finally, I would note that subject to all of the financial comments that Matthew made within those structures, we will be able to add significantly to the sales force. So we'll have a bigger sales force, a more effective sales force by bringing the 2 firms together. That bigger sales force will obviously have more product -- great Putnam product. And so we're feeling that the transaction is really going to help propel us.

如果你看看富蘭克林鄧普頓在 SMA 能力、ETF 能力方面的表現，你會發現，與核心普特南策略一起，這是一個真正的優勢。最後，我要指出的是，根據馬修在這些結構中提出的所有財務評論，我們將能夠顯著增加銷售隊伍。因此，透過將兩家公司合併在一起，我們將擁有一支更強大、更有效率的銷售團隊。更大的銷售隊伍顯然會擁有更多的產品——偉大的普特南產品。因此，我們認為這筆交易確實有助於推動我們的發展。

And I'll just add on the insurance side, I actually think we gained insurance expertise at the acquisition of Western who has tremendous penetration in the insurance channel. But what's exciting is, now with the alternatives capabilities that we're adding, we can take that expertise and just be a much more relevant partner.

我只想補充一下保險方面，我實際上認為我們透過收購西方公司獲得了保險專業知識，西方公司在保險管道中擁有巨大的滲透力​​。但令人興奮的是，現在有了我們添加的替代功能，我們可以利用這些專業知識，成為更相關的合作夥伴。

And so, as Great-West looked at our capabilities and basically committed $25 billion, it was because it was a detailed bottoms-up analysis of our various SIMs to determine what made sense for them. And that -- we wouldn't have been able to respond to that as well. Had we not had the expertise at Western, and we're building it within Franklin and then, of course, the Venerable announcement that we -- the press release we had, I think, last week or the week before, again, comes out of that combined Franklin and Western insurance ideas. So we think there's more to come there as well.

因此，當 Great-West 審視我們的能力並基本上投入 250 億美元時，這是因為這是對我們的各種 SIM 進行了詳細的自下而上的分析，以確定什麼對它們有意義。我們也無法對此做出回應。如果我們沒有西方的專業知識，我們正在富蘭克林內部建立它，然後，當然，我們的新聞稿，我想，上週或前一周，再次發布其中結合了富蘭克林和西方保險理念。所以我們認為還有更多的事情要做。

Your next question comes from Dan Fannon from Jefferies.

您的下一個問題來自 Jefferies 的 Dan Fannon。

Another clarification on expenses here. Just -- Matt, your comments on fiscal '24 being flat ex performance fees. I just -- is that versus the reported number in fiscal '23? Or is that ex performance fee comp and other things in it as well?

這裡對費用進行另一個澄清。只是——馬特，你對 24 財年的評論是持平的除績效費。我只是——這與 23 財年報告的數字相比嗎？還是前績效費補償和其他東西也在其中？

It's ex performance fees and other comps. So you have to look at the 2 adjusted numbers in that regard. So it's '23...

這是績效費和其他補償之外的費用。所以你必須看看這方面的兩個調整後的數字。所以現在是23年了...

So what is the number for '23?

那麼「23」的數字是多少呢？

So '23 would be like [4.07] something like that, [4.075]. And then again, if you -- the full year '24 is really right on that number. Again, excluding the performance fees and the real estate issue that -- the transition I mentioned in New York, which is about -- that overall transition is about $50 million or something like that.

所以'23就像[4.07]類似的東西，[4.075]。話又說回來，如果你——24 年全年的數字確實是正確的。再說一次，不包括績效費和房地產問題——我在紐約提到的過渡——總體過渡大約是 5000 萬美元或類似的東西。

Okay. And then as a follow-up, just on alternatives. It looks like gross sales were their lowest levels since, like 8 or so quarters. I'm curious if that's just more the environment, timing around what's in the market with you guys? And then also, just specifically, what did Clarion do in the quarter as well as, if Lexington -- the peers that you are looking -- that hasn't had its final close and when you think that might happen?

好的。然後作為後續行動，只是討論替代方案。看起來總銷售額是自大約 8 個季度以來的最低水平。我很好奇這只是更多的環境，以及市場上的時機？然後，具體來說，Clarion 在本季度做了什麼，以及 Lexington（您正在尋找的同行）是否還沒有最終結束，您認為這可能會發生在什麼時候？

So Lexington's final close will be in December. So they're scheduled on that. Clarion has had improving redemption queues, but they're still -- I don't know, Adam, if you want to -- if you have the details on it. But we've had all 3 strategies were positive for the quarter.

所以列剋星敦的最後一場比賽將在十二月舉行。所以他們就這樣安排了。號角已經改進了兌換隊列，但他們仍然 - 我不知道，亞當，如果你願意的話 - 如果你有詳細信息。但我們認為本季的所有 3 項策略都是正面的。

Yes. And I think, Jenny, in there, there's a difference between the -- what we see in alternatives versus private market alternatives because the private markets generally were a little stronger than alternatives overall as we saw some outflows in the liquid alts strategy.

是的。我認為，珍妮，我們在另類投資與私人市場另類投資中看到的情況是有區別的，因為私人市場總體上比另類投資要強一些，因為我們看到流動性另類策略中有一些資金外流。

And your next question comes from Ken Worthington from JPMorgan.

您的下一個問題來自摩根大通的肯沃辛頓。

So I guess, beating the drum on expenses. So just when looking at adjusted comp for the quarter was better than guidance when accounting for the bigger-than-expected performance fees. What drove this? Was there a lower payout on performance fees this quarter? Or was the core compensation number lower than your prior guidance? And what sort of drove that?

所以我想，是在開支方面大肆宣傳。因此，當考慮到超出預期的績效費用時，考慮到本季調整後的薪酬比指導更好。是什麼推動了這一點？本季績效費支付是否較低？或者核心薪酬數字是否低於您先前的指導？是什麼推動了這一點？

Yes. So obviously, you've seen the state of the current markets, Ken, resulted in just lower variable compensation, number one. So that's a combination of AUM revenue, less performance, our performance actually improved a little bit. So -- but just generally speaking, that lowered the compensation.

是的。顯然，你已經看到當前市場的狀況，肯，導致可變薪酬較低，這是第一。因此，這是 AUM 收入的組合，減去績效，我們的績效實際上有所提高。所以——但一般來說，這降低了薪資。

Then we had the transaction-related fee that we mentioned on Fondul that has a higher margin associated with it. So that also helped in that regard. So that's probably lower than you would expect. So I'd say just a combination of just expense discipline around how we manage our compensation going in because remember, this is our year-end. So we've made final adjustments based on where the current market is and expect the next quarter to be.

然後我們在 Fondul 上提到了與交易相關的費用，其利潤率較高。這在這方面也有幫助。所以這可能比你預期的要低。所以我想說，只是圍繞我們如何管理薪酬的支出紀律相結合，因為請記住，這是我們的年終。因此，我們根據當前市場狀況和下一季的預期做出了最終調整。

Okay. Fair enough. I'm going to take a flyer in Precidian. Your ETF business is doing well. You have additional fund launches. We're seeing more active ETFs industry-wide. Can you talk about Precidian, to what extent is active ETF proliferation utilizing the Precidian structure?

好的。很公平。我要去普雷西迪安拿一張傳單。您的 ETF 業務表現良好。您還有其他基金啟動。我們看到整個行業的 ETF 更加活躍。您能否談談 Precidian，利用 Precidian 結構進行活躍 ETF 增殖的程度如何？

Look, I think the market has kind of spoken on this topic, which is they want transparent active ETFs. And so that's been our area of focus. And so we haven't really pursued anything there, and I don't think there's a lot of growth there.

聽著，我認為市場已經談到了這個話題，那就是他們想要透明的主動 ETF。這就是我們關注的領域。所以我們並沒有真正在那裡追求任何東西，我認為那裡沒有太多增長。

Your next question comes from Patrick Davitt from Autonomous Research.

您的下一個問題來自 Autonomous Research 的 Patrick Davitt。

Just one, I've been asked. One quick follow-up on Putnam. Could you give us an update on, obviously, we can see the mutual funds, but could you give us an update on how the flows have tracked in the September quarter versus the last quarter and maybe last year in this quarter.

有人問過我，只有一個。對普特南的快速跟進。您能否給我們提供最新信息，顯然，我們可以看到共同基金，但您能否給我們提供有關 9 月份季度與上個季度以及去年本季度的流量跟踪情況的最新信息。

Yes. Patrick, I don't mean to be difficult in any way, but obviously, we don't own Putnam today. So we're not -- we can't really report their flows to you. I would just say though, their AUM is roughly where we announced the transaction.

是的。派崔克，我無意以任何方式為難，但顯然，我們今天並不擁有普特南。所以我們不能真正向您報告他們的流量。我只想說，他們的資產管理規模大致上就是我們宣布交易的金額。

So I think when we announced the transaction, we were around $136 billion. And during that period of time, their performance has remained very strong. And you know what's happened with the market between now and between then, which was late May and now, the market went up for a month or so or a couple of months, then it came down quite hard. And they're roughly where they are and the flow expectations we had from them was to be, based on their strong performance, to be in the flattish area, let's say, and I'd say that the results are in line with what we expected. Sorry, I can't give more specificity around it, but yes.

所以我認為當我們宣布這項交易時，我們的估值約為 1360 億美元。而在那段時間裡，他們的表現依然非常強勁。你知道從現在到那時之間市場發生了什麼，從五月下旬到現在，市場上漲了一個月左右或幾個月，然後又大幅下跌。他們大致處於他們所在的位置，並且基於他們的強勁表現，我們對他們的流量期望是處於平坦區域，可以說，我想說結果與我們的結果一致預期的。抱歉，我無法給出更多具體信息，但是是的。

And one quick follow-up. I know it's early days, but could you frame the opportunity with the Venerable partnership you just announced. Any kind of details you can give around the pool of AUM you'll be open to the time line for transitioning that AAM to the Venerable branded funds, et cetera?

還有一個快速跟進。我知道現在還為時過早，但您能否透過您剛剛宣布的尊貴合作夥伴關係來建立這個機會。您可以提供有關 AUM 池的任何詳細資訊嗎？您願意了解將 AAM 轉換為 Venerable 品牌基金等的時間表嗎？

Yes. I think we're not going to give, again, sorry to not give too much detail on that, but it's a multi-stage project with them, where we're going to be managing assets that we take on over a period of quarters. There's something that we've announced that came out quite recently, and I think it's indicative of the way that we are able to work with insurance companies in general, to build things where they are able to more actively and efficiently hedge what's in their portfolio. So it was a customized solution that we built with them. And it's the type of approach we're talking to some other insurance companies about right now.

是的。我認為我們不會再次透露，很抱歉沒有提供太多細節，但這是與他們合作的多階段項目，我們將在幾個季度內管理我們所承擔的資產。我們最近宣布了一些事情，我認為這表明了我們能夠與保險公司合作的方式，讓他們能夠更積極、更有效地對沖其投資組合中的內容。所以這是我們與他們一起建造的客製化解決方案。這就是我們現在正在與其他一些保險公司討論的方法。

And your next question comes from Brian Bedell from Deutsche Bank.

您的下一個問題來自德意志銀行的布萊恩·比德爾（Brian Bedell）。

Great. Just one clarification on the Putnam operating income guidance. Does that include the $25 million investment from Great-West, in that guidance? I guess, is that investment had (technical difficulty) close.

偉大的。只是對普特南營業收入指引的澄清。該指南中是否包括 Great-West 的 2500 萬美元投資？我猜想，是投資已經（技術難度）接近了。

Brian, (technical difficulty). The answer is no. (technical difficulty) the $25 billion is incremental. We guided the $25 billion in terms of fee rate in mid-teens because a large portion of that is insurance general account related from (technical difficulty). We expect that to be incremented by about 50%, (technical difficulty).

布萊恩（技術難度）。答案是不行。 （技術難度）250億美元是增量。我們將 250 億美元的費率指導在 15 左右，因為其中很大一部分是與（技術難度）相關的保險普通帳戶。我們預計會增加約 50%（技術難度）。

And then I can follow up. Can you hear me better now?

然後我就可以跟進。現在你能聽得更清楚了嗎？

Yes, it may be our audio that's having an issue. Brian, did you hear the response?

是的，可能是我們的音訊有問題。布萊恩，你聽到回應了嗎？

No, it kind of got garbled up.

不，有點亂碼了。

Matt, why don't you try again?

馬特，為什麼不再嘗試呢？

Let's try again. This is better?

讓我們再試一次。這個更好？

Much better. Yes.

好多了。是的。

Okay. Great. So no, the guidance did not include the fees associated with the $25 billion allocation. That's largely from Great-West Life. So the fee rate is around the mid-teens, on the $25 billion, if you calculate the revenue on that. In terms of implementation time line, we expect about half of that to come in the first calendar quarter next year. Well, let's call it the first quarter after we close and then the second half to come in over a period of a year -- 1 year. We'll obviously keep you updated on that, Brian.

好的。偉大的。因此，該指南不包括與 250 億美元撥款相關的費用。這主要來自大西部人壽。因此，如果你計算收入的話，費用率大約在 15 左右，即 250 億美元。就實施時間而言，我們預計其中一半左右將在明年第一季完成。好吧，我們將其稱為關閉後的第一季度，然後將其稱為一年期間的下半年——一年。布萊恩，我們顯然會及時向您通報最新情況。

Yes. That's great. And then just the last question, just on private credit versus public credit. So you've got a ton of different solutions across your specialist managers, including alternatives. Maybe just to zero in on the wealth channel. What are your thoughts about the timing of this reallocation toward fixed income when that picks up?

是的。那太棒了。然後是最後一個問題，關於私人信貸與公共信貸。因此，您的專業經理有大量不同的解決方案，包括替代方案。也許只是將財富通道歸零。當這種情況回升時，您對固定收益重新配置的時機有何看法？

And then maybe just thinking about it with your private credit offerings versus the public side, do you think one will sort of went out over the -- not went out over the other, but one will be larger than the other? And is that cadence, if you have to think about it over the next 2 or 3 quarters, is that sort of an equal cadence, do you think? Or do you think there'll be much larger swing into the public fixed income funds given just your scale there?

然後也許只是考慮一下您的私人信貸發行與公共信貸發行，您是否認為其中一項會比另一項發行，而不是另一項發行，但其中一項會比另一項規模更大？如果你必須在接下來的兩三個季度考慮這個節奏，你認為這是一種平等的節奏嗎？或者您認為，鑑於您的規模，公共固定收益基金的投資規模會大得多？

I think this is -- well, first of all, we know in talking to our large distribution partners, if there's just a massive amount. One of them commented that their most profitable area right now is their, basically the money market fund because of the massive amount of money sitting in cash on the sidelines.

我認為這是——嗯，首先，我們在與大型分銷合作夥伴交談時知道，如果數量很大的話。其中一位評論說，他們目前最賺錢的領域基本上是貨幣市場基金，因為有大量現金在場外。

So the wealth channel is no different than the institutional channel in that. The institutional channel is likely to move first and then the wealth channel. The challenge, I think, between traditional fixed income and private credit is that banks just aren't lending like they used to. And so you're not even generating as much of the traditional fixed income as you used to.

因此，財富管道與機構管道在這一點上沒有什麼不同。機構管道很可能會先移動，然後是財富管道。我認為，傳統固定收益和私人信貸之間的挑戰在於銀行不再像以前那樣放款。因此，你產生的傳統固定收入甚至不如以前那麼多。

And so in order to have the investable universe, you're going to probably see the wealth channel starting to move more into private credit anyway. But the reality is, it is illiquid. And I think this is where we are on the product development side, thinking through creative solutions where you actually have products that combine private credit and traditional fixed income. So you have a component of liquidity with the excess returns that are generated in the private markets because of their illiquidity premium.

因此，為了擁有可投資的領域，你可能會看到財富管道開始更多地進入私人信貸領域。但現實是，它缺乏流動性。我認為這就是我們在產品開發方面的立場，透過創造性的解決方案來思考，實際上你可以擁有將私人信貸和傳統固定收益相結合的產品。因此，流動性的一部分是由於私募市場的流動性溢價而產生的超額回報。

So it's just as any alternative is in the wealth channel, it's complicated because you have the suitability and the DOL rule that was asked is, it's going to mean that the bar is even higher. You can't make mistakes. But from a responsible asset manager trying to figure out how to provide these excess returns in that channel, it's an area of great focus for us. So again, the banks are going to lend the way they used to lend the capital requirements have made it tougher and tougher. You see it in the numbers. And we think that private credit is going to continue to grow.

因此，就像財富管道中的任何替代方案一樣，它很複雜，因為您具有適用性，並且所要求的 DOL 規則是，這將意味著門檻更高。你不能犯錯。但從一位負責任的資產管理者試圖找出如何在該管道中提供這些超額回報的角度來看，這是我們非常關注的領域。因此，銀行將再次以過去的方式放貸，資本要求變得越來越嚴格。你可以從數字中看到這一點。我們認為私人信貸將持續成長。

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

今天的問答環節到此結束。我現在想將電話轉回富蘭克林總裁兼執行長珍妮·約翰遜 (Jenny Johnson)，以徵求最終意見。

Well, I just want to thank everybody for participating in today's call. And once again, we'd like to thank our employees for their hard work and dedication. It's also -- I'd also like to add that we look forward to welcoming the impressive team at Putnam to Franklin Templeton when the transaction closes. And we look forward to speaking with you all again next quarter. Thank you.

嗯，我只想感謝大家參加今天的電話會議。我們要再次感謝我們的員工的辛勤工作和奉獻精神。我還想補充一點，我們期待在交易完成後歡迎普特南令人印象深刻的團隊來到富蘭克林鄧普頓。我們期待下個季度再次與大家交談。謝謝。

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

謝謝。今天的電話會議到此結束。您現在可以斷開連線。