富蘭克林資源 (BEN) 2024 Q4 法說會逐字稿

Welcome to Franklin Resources earnings conference call for the quarter and fiscal year ended September 30, 2024. Hello, my name is Shamali, 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公司截至 2024 年 9 月 30 日的季度和財年收益電話會議。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, Chief Communications Officer and Head of Investor Relations for Franklin Resources. You may begin.

現在我想將會議交給主持人、富蘭克林資源公司首席傳播官兼投資者關係主管 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 1,995. 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 given more detail in Franklin's recent filings with the Securities and Exchange Commission, including in the risk factors and the MD&A sections 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。本次電話會議有關富蘭克林資源公司的聲明並非歷史事實，而是 1,995 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明示或暗示的任何未來結果有重大差異。富蘭克林最近向美國證券交易委員會提交的文件中對這些風險、不確定性和其他重要因素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 表格中的風險因素和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 2024 results on today's call. I'm joined by Matt Nicholls, our CFO and COO; and Adam Spector, our Head of Global Distribution.

謝謝你，塞琳娜。大家好，感謝您今天加入我們，在今天的電話會議上討論富蘭克林鄧普頓第四季度和 2024 財年的業績。我們的財務長兼營運長 Matt Nicholls 也加入了我的行列。以及我們的全球分銷主管 Adam Spector。

As presented in our fiscal year executive commentary, I will comment on the evolution of our business over the past several years as well as highlights from our fourth quarter and fiscal 2024. After that, Matt will review our financial results and then we'd be happy to answer your questions.

正如我們的財年高管評論中所述，我將評論過去幾年我們業務的發展以及第四季度和 2024 財年的亮點。您的問題。

The investor presentation has a new format, includes information that will only be presented annually. In recent years, we have expanded our business in an intentional way, adding a wide range of capabilities to help clients achieve their investment goals through a variety of market conditions and cycles.

投資者介紹採用了新的格式，包括每年僅提供的資訊。近年來，我們有意識地擴展了業務，增加了廣泛的能力，幫助客戶在各種市場條件和週期中實現投資目標。

As I've traveled the world, meeting with clients and investors, I've seen firsthand that they recognize and appreciate the many steps we have taken to further diversify our business and position Franklin Templeton to succeed over the long term. Our clients view us as a trusted partner with the ability to fulfill their comprehensive investment needs across public and private markets in investment vehicles of their choice. They appreciate our ability to customize their capabilities and meet their needs through innovative delivery and solutions.

當我走遍世界各地，與客戶和投資者會面時，我親眼看到他們認可並讚賞我們為進一步實現業務多元化並使富蘭克林鄧普頓取得長期成功而採取的許多措施。我們的客戶將我們視為值得信賴的合作夥伴，有能力透過他們選擇的投資工具來滿足他們在公共和私人市場的全面投資需求。他們讚賞我們透過創新的交付和解決方案來客製化他們的能力並滿足他們的需求的能力。

Franklin Templeton leverages the talent of our multiple specialist investment managers to deliver expertise to our clients across a wide range of investment styles and asset classes. Our investment teams benefit from Franklin Templeton's deep resources and scale with centralized investments in distribution, marketing, data, and innovative technologies like blockchain and artificial intelligence.

富蘭克林鄧普頓利用我們多位專業投資經理的才華，為各種投資風格和資產類別的客戶提供專業知識。我們的投資團隊受惠於富蘭克林鄧普頓的深厚資源和規模，集中投資於分銷、行銷、數據以及區塊鏈和人工智慧等創新技術。

Furthermore, our model benefits our corporate shareholders with no single specialist investment manager at our firm contributing more than 10% of adjusted operating revenue and most of our specialist investment managers are diversified within themselves as well. Most recently, we have been investing in AI, blockchain, and other important areas relevant to the future of the industry that will benefit our teams and clients.

此外，我們的模式有利於我們的企業股東，我們公司沒有任何一個專業投資經理貢獻超過調整後營業收入的 10%，而且我們的大多數專業投資經理本身也實現了多元化。最近，我們一直在投資人工智慧、區塊鏈以及與產業未來相關的其他重要領域，這將使我們的團隊和客戶受益。

Now turning to the investor presentation, beginning on slide 7 and 8. It's notable how much Franklin Templeton has evolved its business over the past five years and where we are focused going forward. Over the past five years, we have increased and accelerated the diversification of our AUM via organic growth and targeted acquisitions into higher growth areas of client demand.

現在轉向投資者演示，從幻燈片 7 和 8 開始。在過去五年中，我們透過有機成長和針對客戶需求成長更快的領域的有針對性的收購，增加並加速了資產管理規模的多元化。

Since the beginning of 2019, we have completed significant acquisitions in areas of growth and to position the firm to offer more choice to more clients in more places. And those acquired specialist investment managers now represent 64% of AUM and 55% of adjusted operating revenue. In that period, our institutional AUM increased from 25% to 45% and we are now well balanced between institutional and wealth management.

自 2019 年初以來，我們在成長領域完成了重大收購，並使公司能夠為更多地方的更多客戶提供更多選擇。這些被收購的專業投資管理公司現在佔資產管理規模的 64%，佔調整後營業收入的 55%。在此期間，我們的機構資產管理規模從25%增加到45%，我們現在在機構管理和財富管理之間取得了良好的平衡。

We have made great strides across a number of key focus areas for the company. Turning to slide 9 and starting with investment management. We have now a full spectrum of investment capabilities to help clients meet their varied financial goals. This year, the acquisition of Putnam Investments added strong capabilities such as target date and stable value, which are important in the retirement and insurance channels. And we demonstrated the power of Franklin Templeton's distribution, which led to $11 billion in net flows into Putnam products. This is an example of combining outperforming investment performance with powerful distribution resources.

我們在公司的許多關鍵重點領域取得了巨大進步。轉到投影片 9，從投資管理開始。我們現在擁有全方位的投資能力，可以幫助客戶實現不同的財務目標。今年收購Putnam Investments增加了目標日期和穩定價值等強大能力，這些能力在退休和保險管道中非常重要。我們也展示了富蘭克林鄧普頓分銷的力量，它為普特南產品帶來了 110 億美元的淨流入。這是優異的投資績效與強大的分銷資源相結合的一個例子。

Our focus is on continuing to improve investment performance as well as optimizing the range of our investment product offerings. We are also in the position to leverage the breadth of our investment capabilities across both public and private markets, and we see opportunity as these markets begin to converge. For example, Franklin has been putting late-stage venture into mutual funds for over a decade and Franklin's global allocation fund includes private credit strategies. As a leading manager of alternative assets, with approximately $250 billion in AUM, we offer key capabilities including alternative credit, secondary private equity, real estate, hedge funds, and venture.

我們的重點是持續提高投資績效以及優化我們的投資產品範圍。我們也能夠充分利用我們在公共和私人市場的廣泛投資能力，並且隨著這些市場開始融合，我們看到了機會。例如，富蘭克林十多年來一直在共同基金中投入後期風險投資，富蘭克林的全球配置基金包括私人信貸策略。作為領先的另類資產管理公司，我們擁有約 2,500 億美元的資產管理規模，提供包括另類信貸、二級私募股權、房地產、對沖基金和創投在內的關鍵能力。

Since fiscal year 2019, alternative asset AUM has increased by over 5 times through three sizable acquisitions and organic growth. I'm proud to note that since becoming part of Franklin Templeton, each alternative specialist investment manager has expanded and diversified across strategies, vehicles, and clients.

自 2019 財年以來，透過三項大規模收購和有機成長，另類資產 AUM 成長了 5 倍以上。我很自豪地註意到，自從成為富蘭克林鄧普頓的一員以來，每一位另類專業投資經理都在策略、投資工具和客戶方面進行了擴展和多元化。

Specifically, on the role of alternatives in wealth management, the wealth management channel has approximately only 5% of AUM allocated towards alternatives. But depending on the client's liquidity needs, it can be much higher. Institutions, for example, have been allocating up to 40% for years.

具體來說，從另類資產在財富管理中的作用來看，財富管理管道的AUM中大約只有5%分配給了另類資產。但根據客戶的流動性需求，它可能會高得多。例如，機構多年來一直分配高達 40% 的資金。

Our global distribution footprint, investor education platform, and dedicated alternative specialist team, combined with our breadth of investment capabilities, make us a relevant force in the wealth management channel. This year, we're pleased that we establish the alternatives by Franklin Templeton brand in the wealth management channel in the US and look to broaden it in EMEA and Asia. Over the next five years, our goal is to fundraise at least $100 billion across private markets and look to add additional, capabilities, for instance, in infrastructure as well as to globalize certain strategies.

我們的全球分銷網絡、投資者教育平台和專門的另類專家團隊，加上我們廣泛的投資能力，使我們成為財富管理管道中的重要力量。今年，我們很高興在美國的財富管理管道中建立了富蘭克林鄧普頓品牌的替代品，並希望將其擴展到歐洲、中東和非洲和亞洲。未來五年，我們的目標是在私募市場籌集至少 1000 億美元資金，並尋求增加額外的能力，例如基礎設施的能力以及全球化某些策略。

Next, turning to distribution. We are one of the most comprehensive global asset managers with clients in over 150 countries. Offering clients a diverse range of investment vehicles is not just beneficial but essential in today's marketplace. Over the last five years, we have seen meaningful growth in retail SMAs. And both ETFs and custom indexing AUM has grown by over 3 times. In particular, this fiscal year growth accelerated in retail SMAs, ETFs, and Canvas AUM, each reaching record highs.

接下來，轉向分銷。我們是最全面的全球資產管理公司之一，客戶遍及 150 多個國家。為客戶提供多樣化的投資工具不僅有益，而且在當今市場上至關重要。在過去五年中，我們看到零售 SMA 的顯著成長。 ETF 和自訂指數 AUM 均成長了 3 倍以上。特別是，本財年零售 SMA、ETF 和 Canvas AUM 成長加速，均創歷史新高。

Our ETF business grew by 89% in the year with positive net flows for the 12th consecutive quarter with net flows at or exceeding $1 billion for eight consecutive quarters. And in fact, in the last two quarters, that number has been over $3 billion each. Total assets stand at $31 billion across active and index strategies from just zero a few years ago.

我們的 ETF 業務全年成長 89%，淨流量連續 12 個季度為正，連續 8 個季度淨流量達到或超過 10 億美元。事實上，在過去兩個季度，這個數字每季都超過了 30 億美元。主動策略和指數策略的總資產從幾年前的零增加到 310 億美元。

Canvas AUM increased by 94% from the prior year to $10 billion and has generated positive net inflows in every quarter, since its acquisition in 2021. We increased the number of partner firms by almost 70% from one year ago. Over the next five years, we are looking to scale ETF AUM by 3 times and Canvas assets by 5 times.

Canvas 的資產管理規模比前一年增長了94%，達到100 億美元，自2021 年收購以來，每季都產生了正的淨流入。 %。未來五年，我們計劃將 ETF AUM 擴大 3 倍，將 Canvas 資產擴大 5 倍。

Today, we are a leading provider of retail SMAs with $145 billion in assets, an increase of 29% from the prior year. Going forward, we are focused on expanding our product offerings. For example, we launched a retail SMA variant of our flagship Franklin Income Fund and launched tax-managed option strategies utilizing Canvas.

如今，我們是零售 SMA 的領先供應商，資產達 1,450 億美元，比前一年成長 29%。展望未來，我們將專注於擴大我們的產品範圍。例如，我們推出了旗艦富蘭克林收入基金的零售 SMA 變體，並利用 Canvas 推出了稅務管理選擇策略。

Investment solutions AUM almost doubled in size to $89 billion from the prior year with the additions of K2 and Putnam's target date funds and through organic growth. Franklin Templeton Investment Solutions will remain a critical component of our growth strategy by leveraging our capabilities across public and private asset classes to deliver customized solutions to meet our clients' demands. Over the next five years, we aim to more than double our solutions platform.

隨著 K2 和 Putnam 目標日期基金的增加以及有機成長，投資解決方案的 AUM 規模比前一年幾乎翻了一番，達到 890 億美元。富蘭克林鄧普頓投資解決方案仍將是我們成長策略的重要組成部分，利用我們在公共和私人資產類別中的能力來提供客製化解決方案，以滿足客戶的需求。在接下來的五年裡，我們的目標是將我們的解決方案平台擴大一倍以上。

Additionally, our breadth and depth of investment capabilities, engagement, capital resources, and value-added services positions as well as a valuable partner. This year, we've been delighted to establish new multibillion-dollar relationships with clients in each of our regions and strategic partnerships will remain an important aspect of growth in the future.

此外，我們的投資能力、參與度、資本資源和增值服務地位以及有價值的合作夥伴的廣度和深度。今年，我們很高興與每個地區的客戶建立了價值數十億美元的新關係，戰略合作夥伴關係仍將是未來成長的重要方面。

Turn to slide 10, two other important growth areas are private wealth management and digital and technology. In the private wealth management segment, Fiduciary Trust International has a clear opportunity due to the unprecedented intergenerational transfer of wealth. This will be the largest wealth transfer in history with $84 trillion set to pass from older generations to their heirs through 2045. $53 trillion will transfer from households in the baby boomer generation.

請參閱投影片 10，另外兩個重要的成長領域是私人財富管理以及數位和科技。在私人財富管理領域，由於前所未有的財富代際轉移，信託國際擁有明顯的機會。這將是歷史上最大規模的財富轉移，到 2045 年，老一輩將有 84 兆美元轉移給他們的繼承人。

Fiduciary is a fully integrated wealth platform with investment advisory, trust and estate planning, tax planning, and custody services. It has an impressive client retention rate of approximately 98%. Since 2019, Fiduciary doubled its AUM, reaching an all-time high of $39 billion and had positive net flows annually for the past three years. Going forward, we look to double the size of this business through organic investments and targeted acquisitions. This represents both a standalone opportunity by owning a wealth manager and also a broader distribution opportunity.

Fiduciary 是一個完全整合的財富平台，提供投資諮詢、信託和遺產規劃、稅務規劃和託管服務。它的客戶保留率令人印象深刻，約為 98%。自 2019 年以來，Fiduciary 的資產管理規模翻了一番，達到 390 億美元的歷史新高，過去三年每年都有正淨流量。展望未來，我們希望透過有機投資和有針對性的收購將該業務規模擴大一倍。這既代表了擁有財富管理機構的獨立機會，也代表了更廣泛的分配機會。

Investing in innovation and cutting-edge technologies continues to be of strategic importance for the firm. We have made important investments in value-added services including technology and digital wealth in order to be on the forefront of innovation in areas increasingly important to our clients and operations.

投資創新和尖端技術仍然對公司具有戰略重要性。我們對科技和數位財富等增值服務進行了重要投資，以便在對我們的客戶和營運日益重要的領域處於創新前沿。

In addition, as early adopters of artificial intelligence, Franklin Templeton is working to responsibly employ AI to boost productivity, deliver greater value to clients, and make our investment processes and operations more efficient. A great example is our partnership with Microsoft that was announced last quarter. We are working collaboratively to build an advanced financial AI platform that will help embed artificial intelligence into our sales and marketing processes, creating more personalized support for our clients.

此外，作為人工智慧的早期採用者，富蘭克林鄧普頓正在努力負責任地利用人工智慧來提高生產力，為客戶提供更大的價值，並使我們的投資流程和營運更有效率。一個很好的例子是我們上季宣布與微軟的合作關係。我們正在合作建立一個先進的金融人工智慧平台，該平台將有助於將人工智慧嵌入我們的銷售和行銷流程中，為我們的客戶提供更個人化的支援。

In the digital asset space, we continue to look for new ways to leverage blockchain technology. For example, we launched the first US registered fund to use a public blockchain to process transactions and record share ownership in 2021. And this year we launched Franklin Bitcoin ETF and Franklin Ethereum ETF, making it easier for clients to access investment opportunities with our digital asset solutions.

在數位資產領域，我們繼續尋找利用區塊鏈技術的新方法。例如，我們在2021年推出了第一隻在美國註冊的基金，使用公共區塊鏈來處理交易和記錄股權。數位技術獲得投資機會。

Looking forward, there are many more exciting advancements that are underway in this space. Matt will cover capital management, operational integration, and expense management shortly.

展望未來，該領域正在取得許多令人興奮的進展。馬特很快就會涵蓋資本管理、營運整合和費用管理。

Turning to the market performance, during our fiscal year, global equities rose by more than 30% while global bonds increased by nearly 12%. Throughout much of the year, large caps outperformed small caps, driven by top technology and communication services firm with growth stocks exceeding value stocks.

談到市場表現，在我們的財年中，全球股市上漲了30%以上，而全球債券則上漲了近12%。在今年的大部分時間裡，在頂級科技和通訊服務公司的成長股超過價值股的推動下，大盤股的表現優於小型股。

Investor enthusiasm around artificial intelligence was the major theme over the past 12 months. Moderating inflation and declining bond yields helped the magnificent seven stocks advance 53% while the broader technology sector notched a 52% gain. In the fourth quarter, there was also a corresponding shift in equity market leadership beyond the magnificent seven. In fact, only two of the seven stocks in this group have meaningfully outperformed the S&P year to date through October. Broader market participation is encouraging for active managers. 8 of the 11 sectors outpaced the broader S&P 500 during the quarter, with just two sectors, technology and communication services, have outperformed over the prior nine months. Both previous winners were laggards in the most recent quarter.

投資者對人工智慧的熱情是過去 12 個月的主要主題。通膨放緩和債券殖利率下降幫助七隻股票上漲 53%，而更廣泛的科技部門上漲 52%。第四季度，股市領先地位也發生了相應的轉變，超越了七強。事實上，截至 10 月份，該組七隻股票中只有兩隻的表現明顯優於標準普爾指數。更廣泛的市場參與對於主動式基金經理人來說是令人鼓舞的。本季度，11 個行業中有 8 個行業的表現超過了標準普爾 500 指數的整體表現，其中只有技術和通訊服務這兩個行業的表現超過了前 9 個月的表現。之前的兩位贏家在最近一個季度都是落後者。

Investors focus has shifted from inflation to concerns about the durability of the global economic expansion, and by extension, the outlook for corporate profits. And while the Federal Reserve's decision to cut interest rates by 50 basis points in mid-September makes a soft landing in 2025 more likely, the market's push for deeper monetary easing may elevate volatility in the coming quarters.

投資者的焦點已從通膨轉向對全球經濟擴張持久性的擔憂，進而轉向對企業利潤前景的擔憂。儘管聯準會在 9 月中旬決定降息 50 個基點，使得 2025 年軟著陸的可能性更大，但市場推動更進一步的貨幣寬鬆可能會加劇未來幾季的波動性。

The market expects the Fed to cut rates again this week and this seems like a reasonable assumption. Recent Fed speaks signals greater comfort with the latest progress on disinflation. There is, however, uncertainty on the outlook for the labor market as it is difficult to disentangle the temporary impact of strike actions and hurricanes from the most recent week jobs data.

市場預計聯準會本週將再次降息，這似乎是一個合理的假設。聯準會最近的演講表明，人們對通貨緊縮的最新進展感到更加放心。然而，勞動力市場前景存在不確定性，因為很難將罷工行動和颶風的暫時影響與最近一周的就業數據區分開來。

As the Fed's rate cutting cycle proceeds, we expect traditional fixed income sectors to take their place as a primary source for yield as cash begins to look less attractive. While spreads are tight at their current levels, we are not anticipating a sharp deceleration in activity and our fixed income managers continue to find opportunities at attractive yields.

隨著聯準會降息週期的持續，我們預期傳統的固定收益產業將取代其成為收益率的主要來源，因為現金的吸引力開始下降。雖然利差維持在目前的水平，但我們預計活動不會急劇減速，我們的固定收益經理將繼續尋找收益率有吸引力的機會。

Meanwhile, in private markets, our specialist investment managers continue to see strong investment opportunities in alternative credit, secondary private equity, and select real estate segments. And demand for differentiated expertise is at a premium as these markets continue to gain interest. For example, we're excited by opportunities in alternative credit particularly in real estate debt, where BSP manages $8 billion. And given the need for liquidity and private equity, we see strong interest in secondary private equity at Lexington.

同時，在私募市場，我們的專業投資經理人繼續在另類信貸、二級私募股權和精選房地產領域看到強勁的投資機會。隨著這些市場不斷引起人們的興趣，對差異化專業知識的需求也非常迫切。例如，我們對替代信貸領域的機會感到興奮，尤其是房地產債務，菲律賓央行管理著 80 億美元。考慮到對流動性和私募股權的需求，我們看到列剋星敦對二級私募股權有濃厚的興趣。

Turning now to fiscal 2024 results in terms of investment performance, mutual fund investment performance improved in the 1-, 3-, and 10-year periods from the prior year. Composite investment performance improved in the and 10 year and stayed essentially flat in the three-year period from the prior year.

現在來看看 2024 財年的投資績效結果，共同基金的投資績效在 1 年、3 年和 10 年期間均較前一年有所改善。綜合投資績效在過去十年有所改善，在三年期間與前一年基本持平。

On flows, long-term net outflows were $32.6 billion for the fiscal year and reinvestment distributions were $20.7 billion. Excluding Western Asset Management, long-term net inflows were $16 billion compared to net outflows of $5.2 billion in the prior year. We saw 25% increase in long term inflows from the prior year to $319 billion. We're pleased to see that gross sales have improved across all asset classes in public markets as well as across every region and in both retail and institutional distribution channels.

就流量而言，本財年長期淨流出為 326 億美元，再投資分配為 207 億美元。不包括西方資產管理公司，長期淨流入為 160 億美元，而前一年淨流出量為 52 億美元。我們看到長期資金流入比前一年增加了 25%，達到 3,190 億美元。我們很高興看到公開市場以及每個地區以及零售和機構分銷管道的所有資產類別的銷售總額均有所改善。

From a regional perspective, our international business continues to grow and we have seen continued momentum with positive long-term net flows for the year and AUM surpassing $500 billion. Gross sales in the US increased by 31%, EMEA by 23%, APAC by 19%, and the Americas by 24%. And from a client-type perspective, retail sales improved 27% and institutional sales increased by 21%.

從區域角度來看，我們的國際業務持續成長，全年長期淨流量為正，資產管理規模超過 5,000 億美元，動能持續強勁。美國的總銷售額成長了 31%，歐洲、中東和非洲地區成長了 23%，亞太地區成長了 19%，美洲成長了 24%。從客戶類型來看，零售額成長了 27%，機構銷售額成長了 21%。

From an asset class perspective, turning to alternatives on slide 12, in fiscal year 2024, private markets fund raised $14.8 billion in line with our targets. Lexington closed its flagship fund with $22.7 billion in total capital commitments raised primarily in '22 and '23, ranking among the largest funds raised to date in the global secondary private equity market and with approximately 20% raised in the wealth channel.

從資產類別的角度來看，轉向投影片 12 上的替代方案，在 2024 財年，私募市場基金籌集了 148 億美元，符合我們的目標。 Lexington 關閉了其旗艦基金，主要在 22 年和 23 年籌集了 227 億美元的資本承諾總額，位列全球私募股權二級市場迄今為止籌集的最大基金之一，其中約 20% 透過財富管道籌集。

Benefit Street Partners closed its flagship private credit fund and its special situations fund with $4.7 billion and $850 million in total capital commitments raised, respectively with each fund exceeding targets. Clarion Partners AUM remain stable despite weakness in the real estate sector in the year. We believe that there is increasing sentiment that worst is behind us. For example, the ODCE benchmark turned positive and there is the beginning of a pickup in transaction volume, strengthening confidence for potential for transactions in fiscal year 2025.

Benefit Street Partners 關閉了其旗艦私人信貸基金和特殊情況基金，籌集的資本承諾總額分別為 47 億美元和 8.5 億美元，每隻基金都超出了目標。儘管今年房地產業疲軟，但 Clarion Partners 的資產管理規模仍保持穩定。我們相信，越來越多的人認為最糟糕的情況已經過去。例如，ODCE 基準轉正，交易量開始回升，增強了人們對 2025 財年交易潛力的信心。

Going forward, we are well positioned in the sector with minimal office exposure of 7% and well-performing products in strong sectors such as industrial, multifamily, and life science. In addition, we're excited about new areas of growth that include European logistics fund and investing in new alternative strategies in the US including self-storage, student housing, medical and senior living property types.

展望未來，我們在該領域處於有利地位，辦公大樓佔比最低為 7%，並且在工業、多戶住宅和生命科學等強勢領域擁有表現良好的產品。此外，我們對新的成長領域感到興奮，其中包括歐洲物流基金以及在美國投資新的替代策略，包括自助倉儲、學生住房、醫療和老年居住地產類型。

Turning to public markets, multi-asset net flows were $8 billion, driven by positive net flows in the Franklin Income Fund, Canvas, and Franklin Templeton Investment Solutions.

轉向公開市場，在富蘭克林收入基金、Canvas 和富蘭克林鄧普頓投資解決方案的正淨流量的推動下，多資產淨流量為 80 億美元。

On slide 18, you can see equity sales improved each quarter this year and grew 53% year over year, excluding reinvested distributions. In addition, fixed income long-term inflows increased year over year by 26%.

在投影片 18 上，您可以看到今年每季的股票銷售都有所改善，年增 53%（不包括再投資分配）。此外，固定收益長期流入較去年同期成長26%。

Now turning to Western Asset, as you are aware, we launched an internal investigation focusing on certain past trade allocations of treasury derivatives by former Co-CIO, Ken Leech, in select Western Asset-managed strategies. The DOJ, SEC, and CFTC are conducting parallel investigations, and those investigations are ongoing. On August 21, we announced that Ken Leech was on a leave of absence, following receipt of a Wells notice from the SEC. We take this matter extremely seriously and are fully cooperating with the government.

現在轉向西方資產，如您所知，我們發起了一項內部調查，重點關注前聯席首席資訊長肯·里奇(Ken Leech) 在選定的西方資產管理策略中過去的某些國債衍生品交易分配。美國司法部、美國證券交易委員會和美國商品期貨交易委員會正在進行並行調查，而這些調查正在進行中。 8 月 21 日，我們宣布 Ken Leech 在收到 SEC 的 Wells 通知後正在休假。我們非常重視此事，並全力配合政府。

Since the announcement of the investigations, Western Asset has experienced significantly higher net outflows of $37 billion in the fourth quarter and $49 billion for the fiscal year. However, today, the Western team of more than 100 highly experienced investment professionals led by Mike Buchanan who was promoted to sole CIO from Co-CIO continues to manage approximately $330 billion in AUM across 88 marketed strategies.

自宣布調查以來，西部資產第四季的淨流出大幅增加，達到 370 億美元，本財年淨流出 490 億美元。然而，如今，由 Mike Buchanan 領導的由100 多名經驗豐富的投資專業人士組成的西方團隊（從聯席首席資訊長晉升為唯一首席資訊長）繼續管理著88 個行銷策略的約3,300 億美元的資產管理規模。

The team continues to focus on investment performance and providing leading client service. Mike has been with Western nearly two decades and has over three decades of industry experience. Since the beginning of the investigations, Westerns Asset's trading policies have been reviewed by third-party experts. Per this review, despite being aligned with industry standards, Western has further enhanced its trading policies and practices. In addition, Franklin Resources is working with Western's management team to explore ways to assist Western Asset including adjustments to economic arrangements, operational, and revenue synergies.

該團隊繼續專注於投資績效並提供領先的客戶服務。 Mike 在 Western 工作了近二十年，擁有三十多年的行業經驗。自調查開始以來，西部資產的交易政策經過第三方專家的審查。根據本次審查，儘管與行業標準保持一致，西方國家仍進一步加強了其貿易政策和實踐。此外，富蘭克林資源公司正在與西方資產的管理團隊合作，探索協助西方資產的方法，包括調整經濟安排、營運和收入協同效應。

This may entail changes that are similar to what we have successfully implemented with our other public market specialist investment managers while maintaining investment process independence. And I'm sure that you understand with an ongoing investigation, we are unable to provide any further information or address questions on this matter at this time.

這可能需要類似於我們與其他公開市場專業投資經理人成功實施的變革，同時保持投資流程的獨立性。我確信您了解，隨著調查正在進行，我們目前無法提供任何進一步的資訊或解決有關此事的問題。

Aside from Western Asset, we think it's important to highlight the breadth of our fixed income investment management expertise including Franklin Templeton fixed income, Brandywine Global, and Templeton Global Macro, which have noncorrelated-investment philosophies.

除了西方資產之外，我們認為重要的是要強調我們固定收益投資管理專業知識的廣度，包括富蘭克林鄧普頓固定收益、Brandywine Global 和 Templeton Global Macro，這些公司都擁有非相關投資理念。

As of September 30, these specialist investment teams managed an aggregate $266 billion in fixed income assets and generated positive net flows of $6.4 billion in the fiscal year. Furthermore, Franklin Templeton fixed income comprised the largest component of our won but not yet funded pipeline.

截至9月30日，這些專業投資團隊管理的固定收益資產總額為2,660億美元，並在本財年產生了64億美元的正淨流量。此外，富蘭克林鄧普頓固定收益基金是我們韓元但尚未融資的管道中最大的組成部分。

Speaking of the pipeline, this quarter, our institutional pipeline of won but unfunded mandates was $15.8 billion. While new winds replenished our funding, the $2 billion decrease from the prior quarter included a change in value in a client mandate at Western. The pipeline remains diversified by asset class and across our specialist investment managers.

說到管道，本季度，我們已獲批准但未提供資金的機構管道管道為 158 億美元。雖然新風補充了我們的資金，但與上一季相比減少了 20 億美元，其中包括 Western 客戶委託價值的變化。管道仍然按資產類別和我們的專業投資經理多元化。

Finally, this year, we acquired Putnam Investments, which has exceeded our expectations. Since closing on January 1, Putnam's AUM has grown 21% to $180 billion. Putnam continues to deliver a strong track record of investment performance. The transaction also enhanced our presence in retirement and insurance markets with AUM in these channels at $645 billion.

最後，今年我們收購了 Putnam Investments，這超出了我們的預期。自 1 月 1 日收盤以來，Putnam 的資產管理規模已成長 21%，達到 1,800 億美元。普特南繼續保持良好的投資業績記錄。這項交易也增強了我們在退休和保險市場的影響力，這些通路的資產管理規模達到 6,450 億美元。

Let me wrap up by saying, we take pride in the efforts we've made over the past few years to further grow and diversify our business. We have navigated challenges, created new opportunities, and upheld the high standards that have defined us for over 75 years. Finally, I would like to thank our employees around the world for their unwavering dedication and commitment to always putting our clients first. It's their hard work that is the driving force behind our success.

最後，我要說的是，我們對過去幾年為進一步發展業務和實現業務多元化所做的努力感到自豪。我們應對挑戰，創造新機遇，並堅持 75 年來定義我們的高標準。最後，我要感謝我們世界各地的員工堅定不移的奉獻精神和始終將客戶放在第一位的承諾。他們的辛勤工作是我們成功的動力。

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

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，他將審查我們本財季和本年度的財務業績。馬特，交給你了。

Thank you, Jenny.

謝謝你，珍妮。

Turning to the financial results for the fourth quarter, ending AUM reached $1.68 trillion, reflecting an increase of 2% from the prior quarter and average AUM was $1.67 trillion, also a 2% increase from the prior quarter. Adjusted operating revenues increased by 4% to $1.7 billion from the prior quarter due to higher average AUM and higher adjusted performance fees. Adjusted performance fees were $72 million compared to $57 million in the prior quarter. This quarter's adjusted effective fee rate which excludes performance fees stay relatively flat at 37.4 basis points compared to 37.5 basis points in the prior quarter.

轉向第四季的財務業績，期末資產管理規模達到 1.68 兆美元，季增 2%，平均資產管理規模為 1.67 兆美元，較上季成長 2%。由於平均資產管理規模和調整後績效費的提高，調整後營業收入較上一季成長 4%，達到 17 億美元。調整後的績效費用為 7,200 萬美元，而上一季為 5,700 萬美元。本季調整後的有效費用率（不含績效費用）保持相對穩定，為 37.4 個基點，而上一季為 37.5 個基點。

Our adjusted operating expenses were $1.3 billion, an increase of 3% from the prior quarter due to higher incentive compensation, advertising, and professional fees. This quarter, we realized $38 million of Putnam-related cost savings, representing $6 million of incremental cost savings from the prior quarter. As a result, adjusted operating income increased 6% from the prior quarter to $452 million. And adjusted operating margin increased to 26.3% from 25.7%.

由於激勵薪酬、廣告和專業費用增加，調整後的營運支出為 13 億美元，比上一季成長 3%。本季度，我們實現了 3,800 萬美元的 Putnam 相關成本節省，比上一季增加了 600 萬美元的成本節省。因此，調整後營業收入較上一季成長 6%，達到 4.52 億美元。調整後的營業利益率從 25.7% 增至 26.3%。

Fourth-quarter adjusted net income and adjusted diluted earnings per share decreased by 3% and 2% from the prior quarter to $315 million and $0.59 respectively, primarily due to a higher tax rate from discrete tax expenses in the current quarter and foreign exchange losses, partially offset by higher operating income.

第四季調整後淨利和調整後稀釋每股收益分別較上季下降3%和2%至3.15億美元和0.59美元，主要是由於本季離散稅費和外匯損失帶來的稅率較高，部分被較高的營業收入所抵銷。

As of September 30, we impaired the intangible asset related to certain mutual fund contracts managed by Western Asset and recognized a $389.2 million non-cash charge in our GAAP results, primarily due to the decreased AUM resulting from net client outflows and lower discounted future cash flows generated from these management contracts.

截至9 月30 日，我們對與西部資產管理的某些共同基金合約相關的無形資產進行了減值，並在我們的GAAP 業績中確認了3.892 億美元的非現金費用，這主要是由於客戶淨流出和未來現金折現降低導致資產管理規模減少這些管理合約產生的流量。

Turning to fiscal year 2024, ending AUM was $1.68 trillion, reflecting an increase of 22% from the prior year while average AUM increased 12% to $1.57 trillion. Our fiscal year reflects nine months of Putnam financials. Adjusted operating revenues of $6.6 billion increased by 8% from the prior year, primarily due to Putnam and higher average AUM, partially offset by lower performance fees. Adjusted performance fees of $293 million decreased from $383 million in the prior year. The adjusted effective fee rate, which excludes performance fees, was 38.3 basis points compared to 39.5 basis points in the prior year.

談到 2024 財年，期末 AUM 為 1.68 兆美元，較上年增長 22%，而平均 AUM 增長 12% 至 1.57 兆美元。我們的財政年度反映了普特南九個月的財務狀況。調整後營業收入為 66 億美元，較上年增長 8%，這主要歸功於 Putnam 和平均資產管理規模的提高，但業績費用的降低部分抵消了這一影響。調整後的績效費從前一年的 3.83 億美元減少到 2.93 億美元。調整後的有效費用率（不含績效費）為 38.3 個基點，而前一年為 39.5 個基點。

Drivers of the decrease included the impact of 0.3 basis points from the transaction-related investment management fees and 0.2 basis points catch-up fees in secondary private equity last year and 0.1 basis points from the addition of Putnam this year. Our adjusted operating expenses were $4.9 billion, an increase of 13% from the prior year, primarily due to nine months of Putnam, higher-incentive compensation, double rent related to the consolidation of our New York City office base, and higher legal fees primarily due to the Western Asset matter.

下降的驅動因素包括去年交易相關投資管理費0.3個基點的影響、二級私募股權追趕費0.2個基點的影響以及今年普特南加入帶來的0.1個基點的影響。調整後的營運費用為49 億美元，比上年增長13%，主要是由於普特南的九個月、更高的激勵薪酬、與紐約市辦公基地合併相關的雙倍租金以及更高的法律費用由於西部資產事件。

In addition, as anticipated, over $150 million of annual run rate cost saves related to Putnam were achieved by year end. This led to fiscal year adjusted operating income of $1.7 billion, a decrease of 6% from the prior year. Adjusted operating margin was 26.1% compared to 29.9% in the prior year.

此外，正如預期的那樣，到年底，與 Putnam 相關的年度運行成本節省超過 1.5 億美元。這導致本財年調整後營業收入為 17 億美元，比上年下降 6%。調整後營業利益率為 26.1%，上年度為 29.9%。

Compared to the prior year, fiscal year adjusted net income declined by 4% to $1.3 billion and adjusted diluted earnings per share was $2.39, a decline of 8%. The decreases were primarily due to the decline in operating income and a higher tax rate, partially offset by higher investment income.

與前一年相比，本財年調整後淨利下降 4%，至 13 億美元，調整後攤薄每股收益為 2.39 美元，下降 8%。下降的主要原因是營業收入下降和稅率上升，但部分被投資收入上升所抵消。

From a capital management perspective, we returned $946 million to shareholders through dividends and share repurchases, funded acquisitions, and paid down a $250 million senior note in July. Stepping back, as we look over the last five years, we've delivered a predictable capital management policy and prioritize returning capital to our shareholders totaling over $4 billion, including $3 billion in dividends and $1.1 billion in share repurchases. Our dividend, which has increased every year since 1981, has grown at a compound annual growth rate of approximately 4%.

從資本管理的角度來看，我們透過股利和股票回購、資助收購以及 7 月支付了 2.5 億美元的優先票據，向股東返還了 9.46 億美元。回顧過去五年，我們制定了可預測的資本管理政策，並優先向股東返還總計超過 40 億美元的資本，其中包括 30 億美元的股息和 11 億美元的股票回購。自 1981 年以來，我們的股息每年都在增加，複合年增長率約為 4%。

Our balance sheet provides flexibility to invest in the growth of our business organically and inorganically. We have co-investments in seed capital of $2.4 billion to develop and scale new products. Additionally, the acquisitions we've made since 2019 represent 55% of our adjusted operating revenue and meaningfully contribute to our operating cash flow. Importantly, these investments provide new sources of growth and relevance to our clients.

我們的資產負債表提供了靈活性，可以有機和無機地投資於我們的業務成長。我們共同投資了 24 億美元的種子資金，用於開發和擴大新產品規模。此外，我們自 2019 年以來進行的收購占我們調整後營業收入的 55%，並對我們的營運現金流做出了重大貢獻。重要的是，這些投資為我們的客戶提供了新的成長來源和相關性。

In addition, 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, especially given the ongoing transformation of our industry.

此外，在繼續投資於長期成長計畫的同時，我們也繼續透過嚴格的費用管理和營運效率來加強我們的業務基礎，特別是考慮到我們行業的持續轉型。

Over the last five years, we've created operational efficiencies both at the enterprise level as well as broader efforts to enhance synergies across our specialist investment managers. For example, we have outsourced our fund administration and our global transfer agency. In addition, we have achieved targeted cost savings ahead of schedule as seen in our acquisitions of Legg Mason and Putnam.

在過去五年中，我們不僅在企業層面提高了營運效率，而且還做出了更廣泛的努力來增強我們專業投資經理之間的協同效應。例如，我們將基金管理和全球轉帳機構外包。此外，我們也提前實現了目標成本節約，這在我們收購 Legg Mason 和 Putnam 的過程中可見一斑。

Looking ahead, we plan to further simplify our firm-wide operations, including the previously announced unification of our investment management technology on a single platform across our public market specialist investment managers.

展望未來，我們計劃進一步簡化公司範圍內的運營，包括先​​前宣布的將我們的投資管理技術統一到公共市場專業投資經理的單一平台上。

Before I turn to guidance, a brief update on preliminary October flows. As we will announce next week in our monthly AUM reporting, Franklin expects to report slight long-term net outflows for October, excluding Western asset. Western's long-term net outflows in October are expected to be $18 billion. For Western, this follows long-term net outflows of $7.7 billion in August and $27.9 billion in September. As previously announced, excluding Western, Franklin had $5.7 billion in long-term net inflows in the fourth quarter.

在我轉向指導之前，我先簡單介紹一下 10 月初步流程的最新情況。正如我們將在下週的月度資產管理規模報告中宣布的那樣，富蘭克林預計將報告 10 月的長期長期淨流出（不包括西方資產）。西方10月長期淨流出預計為180億美元。對西方石油公司來說，8 月和 9 月的長期淨流出分別為 77 億美元和 279 億美元。正如先前宣布的，不包括西方，富蘭克林第四季的長期淨流入為 57 億美元。

Turning to guidance for the next fiscal quarter, guidance assumes flat markets is based on our best estimates as of today and does not include the impact of any possible future developments in the Western investigations. We expect our EFR to be in the mid-37 basis point area but slightly higher than this past quarter, excluding adjusted performance fees.

談到下一個財政季度的指導，指導假設平坦的市場是基於我們今天的最佳估計，並且不包括西方調查中任何未來可能發展的影響。我們預計我們的 EFR 將處於 37 個基點的中間區域，但略高於上個季度（不包括調整後的績效費用）。

We expect compensation of benefits to be $860 million. This assumes $50 million of performance fees. Please also note that this includes $45 million annual accelerated deferred compensation. The prior quarter included $41 million of such accelerated deferred compensation.

我們預計福利補償為 8.6 億美元。假設績效費為 5000 萬美元。另請注意，這包括 4500 萬美元的年度加速遞延薪酬。上一季包括 4,100 萬美元的此類加速遞延薪酬。

For IS&T, we're guiding to $155 million to $160 million, inclusive of $4 million higher spend for Gen AI and our investment management platform. We expect occupancy to be flat between $78 million and $80 million, inclusive of double rent related to our transition to a more efficient and unified space in New York City. As previously explained, the double ramp will begin to phase out in the second half of fiscal year 2025.

對於 IS&T，我們的指導金額為 1.55 億至 1.6 億美元，其中包括用於 Gen AI 和我們的投資管理平台的 400 萬美元的高支出。我們預計入住率將穩定在 7,800 萬美元至 8,000 萬美元之間，其中包括與我們向紐約市更高效、更統一的空間過渡相關的雙倍租金。如前所述，雙坡道將於 2025 財年下半年開始逐步淘汰。

G&A expense is expected to be in the $180 million area and include slightly higher legal fees. In terms of our GAAP tax rate, we expect fiscal 2025 to stay in the same range of 24% to 26%. But note that our first quarter typically has a higher tax rate due to discrete items related to deferred compensation vesting.

一般管理費用預計將達到 1.8 億美元，其中包括略高的法律費用。就我們的 GAAP 稅率而言，我們預計 2025 財年將保持在 24% 至 26% 的範圍內。但請注意，由於與遞延薪酬歸屬相關的離散項目，我們第一季的稅率通常較高。

And now we would like to open the call for questions. Operator?

現在我們想開始提問。操作員？

(Operator Instructions) Bill Katz, TD Cowen.

（操作員說明）Bill Katz，TD Cowen。

Okay. Thank you very much for taking the question this morning. I appreciate that you can't speak particularly to WAMCO. I certainly understand that. I guess I'm intrigued by your commentary of potentially revamping some of the economic relationships with the franchise. I was wondering if you could potentially flesh that out a little bit.

好的。非常感謝您今天早上提出這個問題。我很高興您不能專門與 WAMCO 交談。我當然明白這一點。我想我對你關於可能改變與特許經營權的一些經濟關係的評論很感興趣。我想知道你是否可以充實一下這一點。

And then separately, I'm wondering whether or not the WAMCO overhang is affecting gross sales in any of the segments. It's not clear from what you're sharing, but I'm sort of wondering at the margin, what you're hearing on the institutional side, in particular, given the ongoing investigation? Thank you.

另外，我想知道 WAMCO 的懸而未決是否會影響任何細分市場的銷售總額。從您分享的內容中尚不清楚，但我有點想知道您在機構方面聽到了什麼，特別是考慮到正在進行的調查？謝謝。

Great. Well, thanks, Bill. So far, the outflows even within Western, I think, it's like 72% are focused on essentially core plus macro ops. So even within Western, it's pretty focused on those strategies. They're about $90 billion today.

偉大的。嗯，謝謝，比爾。到目前為止，我認為，即使在西方國家，72% 的資金外流也主要集中在核心業務和宏觀業務上。因此，即使在西方內部，它也非常關注這些策略。今天它們的價值約為 900 億美元。

Since Ken received his Wells notice, Western's had outflows of $53.6 billion. So there are some instances at Western where clients who were in other strategies just didn't -- were concerned about the headline risk and did actually redeem. But I think it's been fairly controlled there. And we have not seen it really flow over into the other Franklin strategies. It's definitely part of the conversations, but it hasn't had a tremendous impact on the other strategies.

自 Ken 收到 Wells 通知以來，Western's 的資金外流已達 536 億美元。因此，在西方銀行有一些例子，採用其他策略的客戶並沒有擔心整體風險，而是確實贖回了。但我認為那裡已經得到了相當的控制。我們還沒有看到它真正滲透到富蘭克林的其他策略中。這絕對是對話的一部分，但它並沒有對其他策略產生巨大影響。

Matt, I'll have you answer the question around how we're approaching and thinking about the economic relationship. And to remind you, Bill, the relationship with Western is pretty unique. I always say you can't do hostile acquisitions in the asset management business because it's all about the people and their investment process. And Western was fairly unique for us in this five-year autonomous arrangement that we had. But obviously, in light of current situations, we're just having a conversation around how we should think about that.

馬特，我會讓你回答有關我們如何處理和思考經濟關係的問題。比爾，要提醒你的是，與西方的關係非常獨特。我總是說你不能在資產管理業務中進行敵意收購，因為這完全取決於人員及其投資流程。在我們所擁有的五年自主安排中，西方對我們來說是相當獨特的。但顯然，鑑於目前的情況，我們只是在討論應該如何思考這個問題。

Our model in general is we always apply common sense. It's slightly different. There's no exact one size fits all. Even today, Templeton and Mutual Series, which were acquired in the '90s, have slightly different models with us. For example, one insists on the trading folks, their traders to be on their desk. Others use our global trading platform. So we always try to have a practical approach.

我們的整體模式是始終運用常識。略有不同。沒有一種方法適合所有人。即使在今天，90 年代收購的 Templeton 和 Mutual Series 的型號也與我們略有不同。例如，人們堅持要求交易人員、他們的交易員坐在辦公桌前。其他人則使用我們的全球交易平台。所以我們總是嘗試採取實用的方法。

But Matt, do you want to take the specific conversations around it?

但馬特，你想圍繞它進行具體的對話嗎？

Yeah. Okay. Thank you. Thanks, Jenny. Thanks, Bill.

是的。好的。謝謝。謝謝，珍妮。謝謝，比爾。

So maybe I think your question gets to a couple of things. First of all, economic arrangements but also economics related to the situation through Western. So perhaps the perspective, I'll just start by saying that the press tends to report that Western Asset is our largest specialist investment manager. But that's just by AUM, I think you know that, Bill, along with everybody else that covers us.

所以也許我認為你的問題牽涉到幾件事。首先，經濟安排也與西方的經濟情勢有關。因此，也許從這個角度來看，我首先要說的是，媒體傾向於報導西方資產是我們最大的專業投資管理公司。但這只是按資產管理規模計算，比爾，我想您和所有關注我們的人都知道這一點。

But obviously, a much more important measure -- the key measure, of course, is financial contribution of the business. And so I think it's worthwhile going through this a little bit and explain that, for example, in terms of adjusted operating revenue on a run rate basis, Western is probably something like our fifth or sixth largest specialist investment measure. And on the impact so far, if you run rate the $53 billion of outflows that Western's experienced since August, Western's annualized revenues would be expected to be declining by about 20%. So far, that's just the Western revenue, which equates to about 2% decline at the Franklin resources level.

但顯然，更重要的衡量標準——當然，關鍵衡量標準是企業的財務貢獻。因此，我認為有必要稍微回顧一下這一點，並解釋一下，例如，就運行率調整的營業收入而言，西方可能類似於我們的第五或第六大專業投資指標。就目前為止的影響而言，如果你計算一下 Western 8 月以來經歷的 530 億美元的資金外流，那麼 Western 的年化收入預計將下降約 20%。到目前為止，這只是西方國家的收入，相當於富蘭克林資源水準下降了約 2%。

Obviously, operating income impact will initially be higher -- this is to your point on margin -- will initially be higher because expenses are not able to be reduced at the same rate as revenue. But importantly, at Franklin Resources, we have areas that can help achieve some of the offsets over time such as, as we talked about on this call, the addition of Putnam, growth in alternative assets, ETFs, SMAs, Canvas, our large equities business, our other fixed income SIMs, international, and so on, in addition to the expense discipline and other levers that we have.

顯然，營業收入的影響最初會更高——這就是你所說的利潤率——最初會更高，因為費用無法以與收入相同的速度減少。但重要的是，在富蘭克林資源公司，我們有一些領域可以幫助隨著時間的推移實現一些抵消，例如，正如我們在本次電話會議上談到的那樣，普特南的加入、另類資產的增長、ETF、SMA、Canvas、我們的大型股票除了我們擁有的費用紀律和其他槓桿之外，我們的業務、我們的其他固定收益 SIM 卡、國際業務等等。

But look, this doesn't mean, for a second, that this is not important to us. It's very important to us. Western has hundreds of hard-working, long-term employees with families; a strong investment team with a long-term track record, as Jenny mentioned; together with producing good investment outcomes for clients. It's a team approach. And under CIO Mike Buchanan, they're very focused on investment performance and client service.

但是，這並不意味著這對我們來說不重要。這對我們來說非常重要。 Western 擁有數百名勤奮、長期工作的員工和家屬；正如珍妮所提到的，擁有長期業績記錄的強大投資團隊；並為客戶創造良好的投資成果。這是一種團隊方法。在資訊長 Mike Buchanan 的領導下，他們非常注重投資績效和客戶服務。

Our North star, if you will, has always been to achieve sustainable growth across our whole company and Western is important to this and this has certainly been a dent in that progress as you can see from the results that we're highlighting today. But as Jenny said, this is exactly why we're working with Western management on providing assistance, where possible, in particular, keeping the investment team in a good place while management works through this.

如果你願意的話，我們的北極星一直是在我們整個公司實現永續成長，而西方對此很重要，正如你從我們今天強調的結果中看到的那樣，這肯定會削弱這一進展。但正如珍妮所說，這正是我們與西方管理層合作提供援助的原因，在可能的情況下，特別是在管理層解決這一問題的同時，讓投資團隊保持良好的狀態。

So in summary, the economic arrangement that we have with Western over these five years, that's going to have to be adjusted to accommodate a decline in the revenue and the operating income. That's what we're working through right now.

總而言之，我們在這五年中與西方公司的經濟安排必須進行調整，以適應收入和營業收入的下降。這就是我們現在正在努力解決的問題。

And Bill, I would add one thing. You asked about institutional flows in general. We have really worked hard over the last two years to build better relationships with institutions around the globe. If you take a look at where we were last year, ex-Western last fiscal year, we raised $2.2 billion in the institutional channel. This year, that net number more than doubled to $5.6 billion. So we're feeling actually quite positive about the trajectory of that institutional business.

比爾，我想補充一件事。您詢問了整體的機構流動。在過去的兩年裡，我們確實非常努力地與全球各地的機構建立更好的關係。如果你看看我們去年的情況，不包括西方上個財年，我們在機構管道籌集了 22 億美元。今年，這一淨數字增加了一倍多，達到 56 億美元。因此，我們對該機構業務的發展軌跡實際上感到非常積極。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Hi. Good morning. And thank you for taking the question. Wanted to ask about one of your five-year targets, the $100 billion of fundraising across private markets. Could you unpack that a little bit? Just how much do you expect to come from, say, cross selling across the investment managers you've acquired in the last several years? How much is predicated on future M&A? How much do you think will come from the retail versus wealth channel? Any more details around that target would be appreciated. Thank you.

你好。早安.感謝您提出問題。我想問一下你們的五年目標之一，就是在私募市場籌集 1000 億美元的資金。你能稍微解開一下嗎？例如，您期望從過去幾年收購的投資管理公司的交叉銷售中獲得多少收益？有多少是基於未來的併購？您認為零售通路與財富通路的收入分別有多少？任何有關該目標的更多細節將不勝感激。謝謝。

Sure. So let me start. The focus on that is actually from our existing managers. And just to give you a perspective on the growth that we've had, since we acquired BSP, they've doubled in size. Clarion's up just under 40%. Lexington, I think, we've only owned them for about two years and they're up a little under 30%. So we've been successful in growing those and our projections of the $100 billion comes from really looking at what those opportunities are.

當然。那麼就讓我開始吧。對此的關注實際上來自我們現有的經理。只是為了讓您了解我們的成長情況，自從我們收購 BSP 以來，它們的規模已經翻了一番。 Clarion 的股價上漲了不到 40%。我想，列剋星敦我們只持有它們大約兩年，但它們的漲幅略低於 30%。因此，我們在這些方面取得了成功，我們對 1000 億美元的預測來自於對這些機會的真正研究。

Just to give you a little guidance for '25, so last year in '24, we gave a range of $10 billion to $15 billion in sales and achieved $14.8 billion. This year, we're saying we think it'll be between $13 billion and $20 billion in gross sales and that comes from real estate, secondaries, private credit, and venture. So all those are kind of bottoms up built in that. And the reason the range is fairly large is it will really depend on whether Lexington is able to do a first close of their flagship, once they decide on the timing of their Lexington flagship 11 fund.

只是為了給您 25 年提供一些指導，所以去年在 24 年，我們給了 100 億至 150 億美元的銷售額範圍，並實現了 148 億美元。今年，我們認為銷售額將在 130 億至 200 億美元之間，來自房地產、二級市場、私人信貸和創投。所以所有這些都是自下而上建構的。範圍相當大的原因是，一旦他們決定了 Lexington 旗艦 11 基金的時機，這實際上取決於 Lexington 是否能夠首次關閉其旗艦基金。

So far fund 10, they've been able to deploy it faster and at higher discounts than historical levels. So we're hopeful that they'll be in the market and do a first close. But that's obviously a big portion of that number. It also depends on real estate coming back in favor. We think the signs are all showing that the winter of real estate may be over and that we should see things picking back up next calendar year.

到目前為止，他們已經能夠以比歷史水平更高的折扣更快地部署 10 號基金。因此，我們希望他們能夠進入市場並進行首次交割。但這顯然佔了這個數字的很大一部分。它還取決於房地產的回歸。我們認為，所有跡像都表明房地產的冬天可能已經結束，我們應該會看到明年的情況會有所回升。

And we have some, I think, a really diverse set of offerings that are coming out in the market. So not only does Lexington have their flagship fund, but we think continuation vehicles are going to be more and more important area. We're launching a perpetual vehicle in the wealth channel, which is something very new. We think that opens up a lot of opportunities. They've obviously been doing their co-investment middle market.

我認為，我們在市場上推出了一些非常多樣化的產品。因此，列剋星敦不僅擁有旗艦基金，我們認為延續工具將成為越來越重要的領域。我們正在財富管道推出永續工具，這是非常新的東西。我們認為這帶來了很多機會。他們顯然一直在共同投資中間市場。

So Lexington is going to have a lot more offerings in market. We're also launching a real estate debt fund. If you look at private credit, there's probably a lot of areas that people would say private credit's getting pretty tight in some of the spreads. But it happens to be that BSP has a real expertise in real estate debt. They have about $10 billion or $9 billion that they manage there today. And we think, with the regional banks pulling back in this area, that that's going to be a really interesting opportunity. It's unclear whether it's going to be part of the real estate portfolio allocation or the private credit allocation. But we think that has a lot of great demand there.

因此，列剋星敦將在市場上提供更多產品。我們也推出了房地產債務基金。如果你看看私人信貸，可能會有很多領域的人會說私人信貸的某些利差變得相當緊張。但菲律賓央行恰好在房地產債務方面擁有真正的專業知識。他們現在管理著大約 100 億或 90 億美元。我們認為，隨著地區銀行在這一領域的退出，這將是一個非常有趣的機會。目前尚不清楚它是否會成為房地產投資組合配置或私人信貸配置的一部分。但我們認為那裡有很大的需求。

So if you think about just in '25 that, that ranges from $13 billion to $20 billion, we feel comfortable in the projection over the next five years to hit that $100 billion number.

因此，如果你考慮一下 25 年的情況，範圍從 130 億美元到 200 億美元，我們對未來五年達到 1000 億美元這個數字的預測感到滿意。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning. Matt, wanted to follow up just on the context of this year -- of fiscal 2025 and just the outlook for expenses. I know there's a lot of moving parts with the Western dynamics. But could you talk about core expense growth and either contextualize with or without Western in terms of what legal or unknowns might come through to think about the growth in the expense base for the core business?

謝謝。早安. Matt 想要跟進今年的背景——2025 財年以及支出前景。我知道西方動態中有很多變化的部分。但是，您能否談談核心費用成長，並結合有或沒有西方公司的背景，考慮核心業務費用基礎的成長可能會遇到哪些法律或未知因素？

Yeah. Morning, Dan.

是的。早上好，丹。

So look, obviously it's super early for the year. I gave guidance on the call -- sorry, prepared remarks for the quarter. But if I think through the year, if you normalize for a full year of Putnam and exclude performance fees and with the same caveats I gave in my prepared remarks around the Western situation, we would expect expenses to be quite similar to the last fiscal year. In general, we would expect revenue loss from Western to be made up from other areas of growth that justifies that expense base.

所以看，顯然今年還非常早。我在電話會議上提供了指導——抱歉，為本季準備了發言稿。但如果我回顧這一年，如果你將普特南全年正常化並排除績效費用，並且按照我在有關西方情況的準備好的評論中給出的相同警告，我們預計支出將與上一財年非常相似。總的來說，我們預期西方的收入損失將由其他領域的成長來彌補，這證明了這項支出基礎的合理性。

Obviously, if we experience a decline in any part of our business, well, that'll be offset by very careful expense management. We have a number of initiatives going on as we've already highlighted across our investment management platform, operations, certain levels of integration, all that help participate in our ability to pull certain levels to manage either expected or unexpected reductions in revenue or increase in investments that we need to make across the business.

顯然，如果我們業務的任何部分出現下滑，那麼，這將透過非常謹慎的費用管理來抵消。正如我們已經強調的那樣，我們正在實施許多舉措，涉及我們的投資管理平台、營運、一定程度的集成，所有這些都有助於我們提高一定水平的能力，以管理預期或意外的收入減少或收入增加。

So again, I'd say just very carefully and cautiously, all else remaining equal and normalizing for a full year of Putnam, excluding performance fees that -- plus the caveats I gave on my prepared remarks that we would expect our expenses to be substantially similar to the last fiscal year that we've just closed. And I think that's the best way of looking at it right now. So expense growth remaining very much in check.

所以，我再說一遍，我要非常小心和謹慎地說，普特南全年的所有其他條件都保持不變和正常化，不包括績效費——加上我在準備好的評論中提出的警告，我們預計我們的費用將大幅增加。我認為這是目前看待這個問題的最佳方式。因此，費用成長仍然受到很大控制。

Great. That's helpful. But just to clarify what would be one quarter of Putnam, just to think, so we can kind of normalize for the 9 to 12 months to kind of get to what is dollar amount.

偉大的。這很有幫助。但只是為了澄清普特南的四分之一是多少，想一想，這樣我們就可以對 9 到 12 個月進行標準化，以獲得美元金額。

One quarter of Putnam expenses would be -- wait, one second, like $125 million.

普特南的四分之一的開支是——等等，大約 1.25 億美元。

Michael Cyprus, Morgan Stanley.

麥可‧塞浦路斯，摩根士丹利。

Oh, hey. Good morning. Thanks for taking the question and thanks for the PowerPoint deck presentation disclosure there across. Appreciate that.

哦，嘿。早安.感謝您提出問題，也感謝您提供的 PowerPoint 簡報揭露。很欣賞這一點。

Just if we think about your targets and objectives over the next five years, just curious what that would translate into, in terms of revenue, operating income, and EPS is five years' time. And what sort of growth might that be when you sort of pull it all together? And then if maybe you could just remind us how much Western contributes to AUM revenues and operating income today. Thank you.

如果我們考慮您未來五年的目標和目的，只是想知道五年後的收入、營業收入和每股盈餘會轉化為什麼。當你把所有這些放在一起時，會是什麼樣的成長呢？然後，您是否可以提醒我們，西部集團今天對資產管理規模收入和營業收入的貢獻有多大。謝謝。

Yeah, I mean, Western's contribution is probably right now on a run rate basis around 9% -- 8%, 9% of our adjusted operating revenues. In terms of operating income, it's a little bit more than that. But as I mentioned, a moment ago, it's moved to being much closer to it.

是的，我的意思是，按運行率計算，Western 的貢獻目前可能約為我們調整後營業收入的 9% - 8%、9%。就營業收入而言，還不止於此。但正如我剛才提到的，它已經變得更加接近它。

So we're working through those things as we speak, as I mentioned earlier and as Jenny touched on. In terms of our organic growth trajectory, what we're hoping to achieve is to get into the low single-digits growth on average as a business. We're obviously not there now because of some of the issues we're working through on the Western side that we've been very transparent about.

因此，正如我之前提到的和珍妮談到的那樣，我們正在解決這些問題。就我們的有機成長軌跡而言，我們希望實現的是作為一家企業實現低個位數成長。我們現在顯然還沒有做到這一點，因為我們在西方方面正在解決一些我們一直非常透明的問題。

But also, look, you know, Mike, better than most the industry trends. And when you look at where we were five years ago and where we are today, we're a much more balanced business. I mean, five years ago, a very large portion of our business was in mutual funds retail distribution in the United States.

而且，你知道，麥克，比大多數行業趨勢都要好。當你看看我們五年前和今天的情況時，你會發現我們的業務更加平衡。我的意思是，五年前，我們的業務很大一部分是在美國進行共同基金零售分銷。

We're extremely different business now, but we still have to work through achieving scale in the areas of investment. So we've talked about ETFs. We talked about Canvas. We talked about alternative assets. We talked about other areas of the firm that we're growing.

我們現在的業務截然不同，但我們仍然必須努力在投資領域實現規模化。我們已經討論了 ETF。我們談論了畫布。我們討論了另類資產。我們討論了公司正在發展的其他領域。

A number of these things aren't really scaled yet to the degree that we expect them to be, given the investment we're putting in. That's why we put a five-year timeline on some of these things because it takes time to get there. Once we get there, we think it's very reasonable that notwithstanding some of the areas of shrinkage that we could be a low-single-digit growth business overall, the whole -- including the whole franchise.

考慮到我們投入的資金，其中許多事情還沒有真正達到我們預期的程度。一旦我們到達那裡，我們認為這是非常合理的，儘管在某些領域出現萎縮，但我們整體上、整個業務（包括整個特許經營業務）可能會成為一個低個位數成長的業務。

And obviously, taking out the Western situation, getting through that, and normalizing our revenue as it was before that, and then looking at the areas of growth versus the areas of shrinkage and the overall business that we have under the hood here. But I don't know whether, Jenny, do you want to add anything to that?

顯然，考慮到西方的情況，解決這個問題，使我們的收入像之前一樣正常化，然後看看成長領域與萎縮領域以及我們在這裡的整體業務。但我不知道，珍妮，你是否想補充什麼？

Well, I was just going to say, no, I think you hit it right. But just one addition. Without Western outflows, I think our organic growth rate runs at about 1.3%. And when you do the kind of acquisitions that we've done and you really try to put together a best athlete team, the reality is it takes time for distribution to settle in. Because even if you take, say the best, salesperson in a region, you're actually breaking relationships with some other people. So it takes time. And even with Putnam, we took on a lot of the Putnam team.

好吧，我只是想說，不，我認為你說得對。但僅補充一處。如果沒有西方資本外流，我認為我們的有機成長率約為 1.3%。當你進行我們已經完成的那種收購並且你真的試圖組建一支最好的運動員團隊時，現實是分配需要時間才能適應。人員，地區，你實際上正在與其他一些人斷絕關係。所以需要時間。即使有了普特南，我們也與普特南團隊的許多成員進行了較量。

And so part of this is kind of digesting that. And then as Matt said, you take our ETFs. We've talked about how over the last eight quarters, we had $1 billion. But actually, in the last two quarters, our ETFs had over $3 billion in net flows. And they're up 88%. But there's still only $31 billion.

所以這一部分就是消化這一點。然後正如馬特所說，你可以選擇我們的 ETF。我們已經討論過在過去八個季度中我們的收入達到了 10 億美元。但實際上，在過去兩個季度，我們的 ETF 淨流量超過 30 億美元。他們上漲了 88%。但仍只有 310 億美元。

So that's a fast-growing important area. We think we have a great team, great products. We were not late to the active ETF game. So we think we have good opportunities there. And then I look at it and say, if you think about the big trends that are so important, the fact that that we have the breadth of capabilities in the private markets as well as the capabilities we have on the traditional market, I don't think there's another asset manager that has that same kind of capability. And then you combine it with the fact that we have $500 billion sourced from clients outside the United States, we sell over $80 billion outside the US, which is tremendous. It takes decades to build those kind of relationships and reputation in various markets.

所以這是一個快速成長的重要領域。我們認為我們擁有優秀的團隊和優秀的產品。我們在活躍的 ETF 遊戲中並沒有遲到。所以我們認為我們在那裡有很好的機會。然後我看著它並說，如果你考慮到如此重要的大趨勢，事實上我們在私人市場上擁有廣泛的能力以及我們在傳統市場上擁有的能力，我不認為沒想到還有另一家資產管理公司具有同樣的能力。再加上我們從美國以外的客戶採購了 5,000 億美元的資金，我們在美國境外的銷售額超過 800 億美元，這是一個龐大的數字。在不同市場建立這種關係和聲譽需要幾十年的時間。

And then one thing that I think people don't fully understand is we're pretty unusual and unique in the local asset management capability. You go into a new market, and 80% of flows tend to go into domestic products. India, we are the first foreign manager, but we launched domestic products in India. We are viewed as a local player competing against local asset managers. And this year, we raised our largest equity fund there with -- and we haven't done it in 15 years.

我認為人們沒有完全理解的一件事是，我們在本地資產管理能力方面非常不尋常且獨特。當你進入一個新市場時，80%的流量往往會流向國內產品。印度，我們是第一個國外經理人，但是我們在印度推出了國內產品。我們被視為與本地資產管理公司競爭的本地參與者。今年，我們在那裡籌集了最大的股票基金——我們已經 15 年來沒有這樣做了。

Mexico, Middle East. In the Middle East, we've been there for 25 years. But interestingly, we're actually one of the largest Islamic finance managers, global asset managers for Shariah and Sukuk. And so as the Middle East becomes more and more important, we can serve both global products as well as local capabilities. And then we also have local asset management in places like Canada, the UK, Australia.

墨西哥、中東。在中東，我們已經在那裡工作了 25 年。但有趣的是，我們實際上是最大的伊斯蘭金融管理公司、伊斯蘭教法和伊斯蘭債券的全球資產管理公司之一。因此，隨著中東變得越來越重要，我們既可以提供全球產品，也可以提供本地能力。然後我們在加拿大、英國、澳洲等地也有本地資產管理。

So again, if you're a global provider, you tend to go with global products. But we've always also focused on this ability to deliver local. And we think international, when you look at the demographics of the emerging economies, to be considered a local player in these markets is really powerful. So I just wanted to add that on top of Matt's points.

同樣，如果您是全球供應商，您往往會選擇全球產品。但我們也一直關注這種在地化交付的能力。我們認為，當你觀察新興經濟體的人口統計數據時，在國際上被視為這些市場的本地參與者確實很強大。所以我只想在馬特的觀點之上補充這一點。

And Jenny, the only thing I would add to that is it's starting a little earlier. We now are building scale in a lot of areas that you mentioned, especially in things like private markets in the wealth channel. We started with the institutional quality managers. We built up all specialists to cover for that channel. That team is now 85 people strong, not only in the US but in EMEA, in APAC, and in the Americas. And when we go to market in those channels, we've learned it's important to come in scale. So now we have evergreen products in real estate, in private credit, in secondaries and all of those products are coming with scale, which will really allow us to accelerate our efforts in that channel.

珍妮，我唯一要補充的是，它開始得早一些。我們現在正在您提到的許多領域擴大規模，特別是在財富管道的私人市場等領域。我們從機構品質經理開始。我們組建了所有專家來負責該管道。該團隊目前擁有 85 名員工，不僅在美國，而且在歐洲、中東和非洲、亞太地區和美洲。當我們透過這些管道進入市場時，我們了解到擴大規模很重要。所以現在我們在房地產、私人信貸、二級市場都有常青產品，所有這些產品都在規模化，這將真正讓我們加快在該管道的努力。

Yeah. And actually, you just reminded me just one last thing is that -- we mentioned in the opening comments, but like the Franklin equity team has been doing late-stage venture in their mutual funds for over a decade. It actually is really a complicated thing to do. And so our ability -- as the world starts to converge with public and private products, our ability to do that with the capabilities, I think of it as the ingredients we have as a firm, I think, are really tremendous.

是的。事實上，你剛剛提醒我最後一件事是——我們在開場評論中提到，但就像富蘭克林股權團隊十多年來一直在其共同基金中進行後期風險投資一樣。實際上，這確實是一件複雜的事情。因此，當世界開始與公共和私人產品融合時，我們的能力，我認為，我們作為一家公司所擁有的要素，確實是巨大的。

John Dunn, Evercore ISI.

約翰‧鄧恩，Evercore ISI。

Hi. Thanks. Maybe just a quick one on wanting to double in the private wealth management. Has there been a change or could you describe the appetite for firms to join your platform and how aggressive do you think you'll be over the next several years?

你好。謝謝。也許只是想在私人財富管理領域加倍努力。是否發生了變化，或者您能否描述一下公司加入您的平台的興趣以及您認為未來幾年您將採取多大的積極性？

Yeah, I mean, if you think about -- sure, where we first started was with [CPRXA], a Clarion product. And we just had a very few partners in that space for that evergreen. We're now up to over 20 partners there. So we see that we're able to on board to far more platforms and that's really helping us.

是的，我的意思是，如果你想一下——當然，我們首先開始的是 [CPRXA]，一款 Clarion 產品。在這個常青樹領域，我們只有很少的合作夥伴。我們現在在那裡有超過 20 個合作夥伴。所以我們看到我們能夠加入更多的平台，這對我們確實有幫助。

The other thing we've been able to do in that that channel is to co-develop products with our wealth management partners, which means we have a little more backing, and we're able to get in the calendar earlier. That was bigger a lesson for us as well is getting on the calendar early.

我們在該管道中能夠做的另一件事是與我們的財富管理合作夥伴共同開發產品，這意味著我們有更多的支持，並且我們能夠更早進入日曆。這對我們來說也是一個更大的教訓，那就是儘早進入行程。

And finally, I would say, scale. In the mutual fund world, you can start smaller, work your way up. What we found in the private asset area was that it was important to come to market with scale from the beginning to be able to offer a diversified product. And that requires really sourcing significant AUM at the very beginning of the launch and we've been able to do all of those things. So feel good about the launch of our evergreen in the wealth management channel.

最後，我要說的是規模。在共同基金領域，您可以從小規模開始，逐步發展。我們在私人資產領域發現，從一開始就以規模進入市場，以便能夠提供多元化的產品，這一點非常重要。這需要在產品發布之初就獲得大量的資產管理規模，而我們已經能夠做到所有這些事情。所以我們對財富管理管道長青的推論感到很高興。

And Matthew, do you want to add anything there?

馬修，你想補充什麼嗎？

Yeah. The only thing I'll add is, I think, part of John's question may have been about Fiduciary Trust and our growth targets as it relates to our own wealth management business. And all I'd say, John, in that front -- on that front., yeah, Fiduciary is a full-scale platform. It's a great business. It's grown quite nicely over the last several years. And as we focus so much on building out our asset management business, we haven't really turned much attention to what else we could do with, with that very valuable platform that we have.

是的。我唯一要補充的是，我認為約翰問題的一部分可能是關於信託信託和我們的成長目標，因為它與我們自己的財富管理業務有關。約翰，我想說的是，在這方面——在這方面。這是一項偉大的事業。在過去的幾年裡，它的發展非常好。由於我們如此專注於建立我們的資產管理業務，我們並沒有真正關注我們可以利用我們擁有的非常有價值的平台做些什麼。

So our intention is, as Jenny mentioned in her prepared remarks, is to capitalize on that business that we have and spend more time attracting teams to join that platform. When we've done that, we've been quite successful doing it and the teams have done well on the platform and grown and help the overall business growth. So what we need to do is over the next year or two, really focus on how we can turn that into a natural sort of strategic operation, if you will, in terms of having people on the team, bringing new teams over and joining the platform so we can grow that out.

因此，正如珍妮在她準備好的演講中提到的那樣，我們的目的是利用我們現有的業務，並花更多時間吸引團隊加入平台。當我們做到這一點時，我們做得非常成功，團隊在平台上做得很好，不斷成長並幫助整體業務成長。因此，我們需要做的是在未來一兩年內，真正專注於如何將其轉變為一種自然的策略運營，如果你願意的話，在團隊成員、引入新團隊並加入團隊方面平台，以便我們可以將其發展壯大。

Got it. Thanks very much.

知道了。非常感謝。

It's got all the resources that any wealth manager would need to offer their clients.

它擁有任何財富管理機構為其客戶提供所需的所有資源。

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

謝謝。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。

Great. Well, everybody, thanks for participating in today's call. And I just again want to thank all of the Franklin Templeton employees for all their hard work and dedication as well as the Western employees who are in particularly working hard and focusing on their clients and delivering continuing improving and very good performance despite all the distractions. And I just will say we look forward to speaking to you next quarter. Thanks, everybody.

偉大的。好的，大家好，感謝您參加今天的電話會議。我想再次感謝所有富蘭克林鄧普頓員工的辛勤工作和奉獻精神，以及西方員工的辛勤工作和奉獻精神，他們在各種幹擾下，特別努力工作，專注於客戶，並提供持續改進和非常好的業績。我只想說，我們期待下個季度與您交談。謝謝大家。

Thank you. This concludes today's teleconference 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。