富蘭克林資源 (BEN) 2025 Q1 法說會逐字稿

Welcome to Franklin Resources earnings conference call for the quarter ended December 31, 2024.

歡迎參加富蘭克林資源 2024 年 12 月 31 日止季度財報電話會議。

Hello.

你好。

My name is Matt and I'll be your call operator today.

我叫馬特，今天我將擔任您的接線生。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄音。

(Operator Instructions)

（操作員指令）

I'd now like to turn the conference over to your host, Selene Oh, Chief Communications Officer and Head of Investor Relations for Franklin Resources.

現在，我想將會議交給主持人、富蘭克林資源公司首席通訊官兼投資者關係主管 Selene Oh。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning and thank you for joining us today to discuss our quarterly results.

早安，感謝您今天加入我們討論我們的季度業績。

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.

本次電話會議上有關富蘭克林資源公司的非歷史事實的陳述屬於 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。

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

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

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

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

Now, I'd like to turn the call over to Jenny Johnson, our President and Chief Executive Officer.

現在，我想將電話轉給我們的總裁兼執行長珍妮·約翰遜。

Thank you, Selene.

謝謝你，Selene。

Welcome and thank you for joining us to discuss Franklin Templeton's first fiscal quarter results.

歡迎並感謝您加入我們討論富蘭克林鄧普頓第一財季的業績。

I'm here with Matt Nicholls, our CFO and COO; and Adam Spector, our Head of Global Distribution.

我和我們的財務長兼營運長 Matt Nicholls 一起在場；以及我們的全球分銷主管 Adam Spector。

We'll answer your questions shortly but first, I will review the quarter's highlights.

我們將很快回答您的問題，但首先，我將回顧本季的亮點。

Over the past few months, I've traveled across Europe, the Middle East and Asia and met with key clients ranging from wealth clients to institutions and sovereign wealth funds to other large asset owners.

過去幾個月裡，我走遍了歐洲、中東和亞洲，並會見了包括財富客戶、機構、主權財富基金和其他大型資產所有者在內的重要客戶。

What's clear to me from these conversations is that clients want deeper relationships with fewer asset managers that can meet more of their needs.

從這些對話中我可以清楚地看到，客戶希望與更少的資產管理者建立更深層的關係，以滿足他們的更多需求。

As one of the few global asset managers with extensive public and private market strategies, we believe we are well-positioned to be a trusted advisor to our clients around the world.

作為少數擁有廣泛公共和私人市場策略的全球資產管理公司之一，我們相信我們有能力成為全球客戶值得信賴的顧問。

In recent years, we have intentionally diversified our company across specialist investment managers, asset classes, vehicles, and geographies to benefit a broad range of clients through various market conditions and cycles.

近年來，我們有意實現公司多元化，涵蓋專業投資經理、資產類別、投資工具和地理，以便在各種市場條件和週期中為廣大客戶帶來利益。

Ever since we opened our first offices outside of North America 40 years ago, our global presence and perspective has been a strategic advantage, enabling us to reach new investors.

自從 40 年前我們在北美以外開設第一家辦事處以來，我們的全球影響力和視野一直是我們的戰略優勢，使我們能夠接觸到新的投資者。

Today, our global footprint includes offices in over 30 countries, serving clients in over 150 and represents approximately $475 billion in assets under management.

如今，我們的業務遍及全球 30 多個國家，為 150 多個客戶提供服務，管理的資產約為 4,750 億美元。

During our first fiscal quarter, market volatility ticked higher with geopolitical uncertainty.

在我們的第一個財政季度，市場波動因地緣政治的不確定性而加劇。

The US presidential election, central bank actions and inflation.

美國總統大選、央行行動和通貨膨脹。

Starting with public equity markets.

從公開股票市場開始。

Global equities fell by about 1% during the quarter while the S&P 500 posted a total return of 2.4% and the Nasdaq-100 notched a 5% gain.

本季全球股市下跌約 1%，而標準普爾 500 指數總回報率為 2.4%，納斯達克 100 指數上漲 5%。

The US equity markets saw positive returns while other regions like Europe, the UK, Japan, China and emerging markets faced pressure in part due to the US presidential election results, trade and tariff concerns and economic growth uncertainties.

美國股市取得了正回報，而歐洲、英國、日本、中國和新興市場等其他地區則面臨壓力，部分原因是美國總統大選結果、貿易和關稅擔憂以及經濟成長不確定性。

While equity markets’ returns were a bit more modest than the three previous quarters.

而股票市場的報酬率比前三個季度略低。

The major trends remained in place.

主要趨勢保持不變。

The US large caps outperforming US small caps driven by technology and communications services firms.

在科技和通訊服務公司的推動下，美國大型股表現優於美國小型股。

Growth stocks in the US outperformed value stocks for both the quarter and the year.

本季和全年，美國成長股的表現均優於價值股。

The largest gains came from tech and consumer while materials and healthcare lagged.

漲幅最大的是科技和消費領域，而材料和醫療保健領域則落後。

International equity markets stalled in Q4 but still delivered positive returns for the year.

國際股票市場在第四季度陷入停滯，但全年仍實現了正回報。

In the coming year, our investment management teams believe that earnings growth is likely to support higher valuations across global equity markets with the US continuing to lead the way.

在未來的一年裡，我們的投資管理團隊相信，獲利成長可能會支撐全球股票市場的更高估值，而美國將繼續引領這一趨勢。

We also believe that dispersion within global equity markets will continue to increase, meaning that top performers should come from more than just megacap tech companies.

我們也認為，全球股票市場的分散性將繼續增加，這意味著表現優異的股票不僅來自大型科技公司。

And we've seen signs of this starting to play out in the December quarter and more pronounced this week as DeepSeek raised questions about the race to capture value from AI.

我們在 12 月季度就看到了這種跡象，而本週這種跡象更加明顯，因為 DeepSeek 對如何競相從 AI 中獲取價值提出了質疑。

This dispersion favors active management and the ability to move quickly in today's dynamic markets.

這種分散有利於主動管理和在當今動態的市場中快速行動的能力。

Valuations are likely to come more into focus and skilled active managers can identify mispriced securities to generate alpha.

估值可能會更加受到關注，而熟練的主動型經理人可以識別錯誤定價的證券以產生阿爾法。

It's also a reminder that investors should focus on balance and diversification of their portfolios.

這也提醒投資人應注重投資組合的平衡和多樣化。

Meanwhile, turning to the rate market, investor focus is centered on two issues: the inflation picture and uncertainty surrounding the policies of the new US administration.

同時，轉向利率市場，投資者的注意力集中在兩個問題上：通膨前景和美國新政府政策的不確定性。

Following robust US growth numbers and relatively sticky inflation data, we expect the Fed to adopt a prudent pause in its easing over the next several months, something the markets may have overestimated.

在美國經濟數據強勁且通膨數據相對堅挺的情況下，我們預期聯準會將在未來幾個月內謹慎暫停寬鬆政策，而市場可能高估了這一點。

Early US government economic policy moves especially on regulations and tariffs could solidify expectations of sustained robust growth which in turn would point to some inflationary pressures.

美國政府早期的經濟政策舉措，特別是在法規和關稅方面的舉措，可能會鞏固持續強勁增長的預期，這反過來會帶來一些通膨壓力。

We see uncertainty remaining elevated for a while as markets try to anticipate US fiscal policy and distinguish between rhetoric and reality regarding proposed tariffs.

由於市場試圖預測美國的財政政策，並區分擬議關稅的言論和現實，我們看到不確定性在一段時間內仍會保持高位。

So what does this mean for fixed income markets?

那麼這對固定收益市場意味著什麼？

The yield curve continues to steepen and over time, investors will benefit from going up the curve.

殖利率曲線持續趨陡，隨著時間的推移，投資者將從殖利率曲線上升中獲益。

As the Fed's rate cutting cycle seems close to an end, traditional fixed income sectors are regaining their role as a primary source for yield.

隨著聯準會降息週期似乎接近結束，傳統固定收益產業正重新成為主要收益來源。

Given the still robust pace of activity and spread sectors, our fixed income managers continue to find opportunities at attractive yields even as spreads remain relatively tight.

鑑於活動和利差領域仍然強勁，即使利差仍然相對較小，我們的固定收益經理仍能繼續尋找具有吸引力收益率的機會。

Turning to the private markets.

轉向私人市場。

As valuations have reset from their 2021 levels, we believe that allocating capital in the coming year looks attractive across much of the private market ecosystem.

由於估值已從 2021 年的水平重置，我們相信，未來一年在大部分私募市場生態系統中配置資本看起來都具有吸引力。

Specifically, we see opportunities in secondaries, real estate equity and real estate debt.

具體來說，我們看到了二級市場、房地產股權和房地產債務的機會。

We believe funds that deploy capital in today's market environment can negotiate favorable pricing terms and covenants with product evolution making these investments more accessible to a larger group of investors.

我們相信，在當今市場環境下部署資本的基金可以協商出有利的定價條款和產品演變契約，使更多的投資者更容易進行這些投資。

And with more flexible features, financial professionals are increasingly allocating client assets in these versatile and valuable strategies.

而且隨著功能越來越靈活，金融專業人士越來越多地採用這些靈活且有價值的策略來分配客戶資產。

A tremendous opportunity exists with global money market assets at record highs of $8.9 trillion as of December 31 according to Morningstar.

據晨星公司稱，截至12月31日，全球貨幣市場資產達到創紀錄的8.9兆美元，蘊藏著巨大的機會。

Investors who have sat on the sidelines have not been able to capture significant returns over the past couple of years.

過去幾年裡，袖手旁觀的投資者未能獲得可觀的回報。

As one of the world's most comprehensive asset managers, our broad investment capabilities, extensive global distribution network and local asset management expertise continue to differentiate us in an increasingly competitive industry and allow us to be well-positioned to capture money in motion.

作為全球最全面的資產管理公司之一，我們廣泛的投資能力、龐大的全球分銷網絡和本地資產管理專業知識使我們在競爭日益激烈的行業中脫穎而出，並使我們能夠很好地捕捉資金動態。

In fact, just this week, we were appointed as trustee and manager of the National Investment Fund of Uzbekistan.

事實上，就在本週，我們被任命為烏茲別克國家投資基金的受託人和管理者。

We are pleased to partner with the government of Uzbekistan in support of the development of their local capital markets.

我們很高興與烏茲別克政府合作，支持其當地資本市場的發展。

For over 15 years, we have actively managed similar specialized emerging markets mandates including Fondul, a London and Bucharest listed Romanian closed-end fund.

15 年來，我們一直積極管理類似專業的新興市場基金，包括在倫敦和布加勒斯特上市的羅馬尼亞封閉式基金 Fondul。

Turning now to our business.

現在談談我們的業務。

Our first fiscal quarter results demonstrated progress across our key growth areas, enabling us to meet the needs of our clients amid heightened market volatility.

我們的第一財季業績顯示我們在主要成長領域取得了進展，使我們能夠在市場波動加劇的情況下滿足客戶的需求。

Our AUM continues to be well diversified across asset class, client type and region and ended the quarter at $1.58 trillion, a decrease from the prior quarter due to negative markets and long term net outflows from Western assets.

我們的資產管理規模在資產類別、客戶類型和地區之間繼續保持良好多元化，本季末達到 1.58 兆美元，較上一季下降，原因是市場表現不佳以及西方資產的長期淨流出。

Excluding reinvested distributions, long term inflows improved by 34% from the prior year quarter.

不包括再投資分配，長期流入量較去年同期增加了 34%。

Long term net outflows were $50 billion including $20 billion of reinvested distributions.

長期淨流出為 500 億美元，其中包括 200 億美元的再投資分配。

Excluding Western Asset Management, our long-term net inflows were approximately $18 billion and positive in every asset class.

除西方資產管理公司外，我們的長期淨流入量約為 180 億美元，且每個資產類別的淨流入量均為正值。

Three of our asset classes, equity, multi asset and alternatives generated a combined $17 billion in positive net flows.

我們的三大資產類別，即股票、多種資產和另類投資，共產生了 170 億美元的正淨流量。

Equity net inflows were $12.5 billion and included reinvested distributions of $16.5 billion.

股權淨流入量為 125 億美元，其中包括 165 億美元的再投資分配。

We saw positive net flows into large cap value, smart data quantitative, listed infrastructure and all cap core strategies.

我們看到大盤價值、智慧數據量化、上市基礎設施和全盤核心策略的淨流入為正。

Investment performance continues to be strong across all periods as investors return to risk assets.

隨著投資者重返風險資產，投資績效在各個時期均保持強勁。

Fixed income net outflows were $66.7 billion.

固定收益淨流出為 667 億美元。

Excluding Western, fixed income net inflows were positive into multisector, core bond and high yield strategies.

除西方外，固定收益淨流入多部門、核心債券和高收益策略的資金為正。

As highlighted in our previous calls, we benefit from our broad range of fixed income strategies with noncorrelated investment philosophies.

正如我們在先前的電話會議中所強調的那樣，我們受益於具有非相關投資理念的廣泛固定收益策略。

Brandywine Global and FT fixed income both generated positive net flows, totaling a combined $1 billion in fixed income strategies in the quarter.

Brandywine Global 和 FT 固定收益均產生了正淨流量，本季固定收益策略總額達到 10 億美元。

This past year has presented significant challenges for Western Asset Management, and we are committed to supporting them.

過去的一年對西方資產管理公司來說是巨大的挑戰，我們致力於為他們提供支援。

In the near term, we will integrate select corporate functions, creating efficiencies and giving access to broader resources while ensuring Western's investment team autonomy.

短期內，我們將整合精選的公司職能，提高效率並提供更廣泛的資源，同時確保西方投資團隊的自主權。

These enhancements will be seamless for clients.

這些增強功能對於客戶來說將是無縫的。

This quarter, fundraising and alternatives generated $6 billion of which private market assets totaled $4.3 billion.

本季，融資和另類投資共 60 億美元，其中私募市場資產總額為 43 億美元。

Aggregate realizations and distributions were $3.8 billion.

累計實現和分配金額為 38 億美元。

In January, we launched our first evergreen secondaries private equity fund, the Franklin Lexington Private Markets Fund designed for the wealth channel.

今年 1 月，我們推出了第一隻常青二級私募股權基金——專為財富管道設計的富蘭克林列剋星敦私募市場基金。

The fund achieved an initial fundraising cap of $900 million in assets under management.

該基金的初始募資上限為 9 億美元，管理的資產規模達到。

We have also launched a parallel product internationally.

我們也在國際上推出了平行產品。

Today, our evergreen funds are reaching an important milestone of nearly $1 billion in AUM for each of our alternative managers, Franklin Lexington Private Markets Fund in secondary private equity, BSP real estate debt and Clarion Partners Real Estate Income Fund.

今天，我們的常青基金正在達到一個重要的里程碑，即我們每個另類基金管理人的資產管理規模都接近 10 億美元，這包括二級私募股權領域的富蘭克林列剋星敦私募市場基金、BSP 房地產債務基金和 Clarion Partners 房地產收入基金。

These are semiliquid perpetual vehicles and we look forward to further capital subscriptions.

這些是半流動性永久債券載體，我們期待進一步的資本認購。

These are great examples of how our wealth management alternatives business Alternatives by Franklin Templeton has all the essential elements to win this space.

這些都是很好的例子，顯示我們的財富管理替代業務富蘭克林鄧普頓替代產品具備贏得這一領域的所有基本要素。

Over the past few years, we have focused on designing innovative suitable products, investing in client education and supporting wealth advisors.

過去幾年來，我們專注於設計創新合適的產品、投資客戶教育和支援財富顧問。

Our large local distribution coverage model is comprised of a dedicated alternative specialist team that works with our overall sales force.

我們的大型本地分銷覆蓋模式由與我們的整體銷售團隊合作的專業替代專家團隊組成。

The wealth channel is approximately 10% of our alternative AUM.

財富管道約占我們另類AUM的10%。

Looking ahead, as allocation to alternatives increase and we launch products in the channel, we expect wealth clients to gradually grow to represent 20% to 30% of our alternative capital raises.

展望未來，隨著另類投資配置的增加以及我們在該管道推出的產品，我們預計財富客戶將逐步成長，占我們另類資本籌集的 20% 至 30%。

Multi-asset net inflows were $3.4 billion led by Franklin Income Fund, our custom indexing platform, Canvas, and Franklin Templeton Investment Solutions.

多種資產淨流入量為 34 億美元，主要由富蘭克林收入基金、我們的客製化指數平台 Canvas 和富蘭克林鄧普頓投資解決方案領漲。

Income and yield continue to be top of mind for investors.

收入和收益依然是投資者最關心的問題。

Franklin Income Fund's flexible approach enables it to invest in dividend paying stocks, bonds and convertible securities and is a great example of a strategy in high demand across multiple geographies and in different vehicles.

富蘭克林收入基金採用靈活的方法，使其能夠投資於派息股票、債券和可轉換證券，是跨多個地區和不同投資工具高需求策略的典範。

The investment solutions team leverages a global network of investment teams across our specialist investment managers to offer innovative and diversified strategies including private strategies and ended the quarter with $88 billion in AUM.

投資解決方案團隊利用我們專業投資經理組成的全球投資團隊網絡，提供創新和多樣化的策略，包括私人策略，並在本季末實現了 880 億美元的資產管理規模。

Turning to investment vehicles.

轉向投資工具。

Clients showed interest in a diverse range of investment options including ETFs, retail SMAs and Canvas.

客戶對多種投資選擇表現出興趣，包括 ETF、零售 SMA 和 Canvas。

Our ETF business saw its 13th consecutive quarter of positive net flows, attracting $2.7 billion during Q1.

我們的 ETF 業務連續 13 個季度實現淨流入，第一季吸引了 27 億美元。

Nine of our ETFs now are over $1 billion in AUM.

我們目前有 9 檔 ETF 的資產管理規模超過 10 億美元。

From an asset class perspective, eight of these nine funds are equity strategies and the largest ETF being Franklin US core bond with $2.3 billion in assets.

從資產類別來看，這九檔基金中有八檔為股票策略，最大的 ETF 是富蘭克林美國核心債券，資產規模為 23 億美元。

Retail SMA AUM was $146 billion and excluding Western, had net inflows of $2.5 billion.

零售 SMA AUM 為 1,460 億美元，不包括西方，淨流入量為 25 億美元。

Canvas, a web-based software platform allows financial professionals to create personalized SMAs for their clients including tax managed, efficient products and has enhanced our leadership in SMAs.

Canvas 是一個基於網路的軟體平台，允許金融專業人士為其客戶創建個人化的 SMA，包括稅務管理、高效的產品，並增強了我們在 SMA 方面的領導地位。

Through the use of technology, we continue to partner closely with clients to develop personalized portfolio solutions.

透過運用技術，我們持續與客戶密切合作，開發個人化的投資組合解決方案。

Canvas had record net flows of $900 million with AUM of $10.5 billion, a 10% increase from the prior quarter.

Canvas 的淨流量達到創紀錄的 9 億美元，資產管理規模達到 105 億美元，較上一季成長了 10%。

At quarter end, our institutional pipeline of one but unfunded mandates increased by $2.3 billion to $18.1 billion in AUM and remains diversified across asset classes and specialist investment managers.

截至季末，我們的機構資產管理規模由一項但尚未獲得資金支持的授權增加了 23 億美元，達到 181 億美元，並且仍然保持著跨資產類別和專業投資經理的多元化。

Despite the challenges with Western, fixed income mandates have grown and now represent 45% of the pipeline.

儘管西方面臨挑戰，但固定收益業務仍成長，目前佔業務總量的 45%。

Before I turn to investment performance, I wanted to provide a brief update on Western Asset Management.

在談投資績效之前，我想先簡單介紹一下西方資產管理公司 (Western Asset Management) 的最新情況。

In the quarter, Western experienced significantly higher long term net outflows of $68 billion of which $38 billion of it occurred in the month of December.

本季度，西方國家的長期淨流出大幅增加，達到 680 億美元，其中 380 億美元發生在 12 月。

By December 31, Western Asset managed $272 billion in AUM across 88 marketed strategies.

截至 12 月 31 日，西方資產管理公司 (Western Asset) 透過 88 種行銷策略管理 2,720 億美元的資產管理規模。

While it's preliminary as we report January AUM inflows next week, Western's long term net outflows are expected to be approximately $17 billion for the month of January and had AUM of approximately $260 billion.

雖然我們下週將報告 1 月的 AUM 流入情況，但這還只是初步數據，預計西部資本管理公司 1 月的長期淨流出量約為 170 億美元，AUM 約為 2,600 億美元。

Excluding Western, we expect long term net inflows of approximately $4.5 billion.

除西方之外，我們預計長期淨流入約為 45 億美元。

Now, in terms of investment performance, our investment teams have remained true to their distinct disciplines and time-tested approaches and continue to produce competitive investment returns.

現在，就投資績效而言，我們的投資團隊始終堅持其獨特的紀律和久經考驗的方法，並繼續產生有競爭力的投資回報。

Mutual fund investment performance improved in the three and five year periods from the prior quarter across all asset classes, was unchanged for the 10 year period and the modest decline in the 1 year period was primarily due to US equity strategies.

所有資產類別的共同基金投資表現在三年和五年期內均較上一季度有所改善，在十年期內保持不變，而在一年期內略有下降主要歸因於美國股票策略。

Two-thirds of mutual fund AUM outperformed their respective peers over the three year period.

三年內，三分之二的共同基金 AUM 表現優於同業。

Compared to the prior quarter, composite investment performance improved in the three-year period, stayed relatively flat in the 10-year period and declined in the 1- and 5-year periods.

與上一季相比，三年期綜合投資績效有所改善，十年期綜合投資績效相對持平，一年期和五年期綜合投資績效有所下降。

More than half of the AUM in our strategy composites are beating their respective benchmarks for the 3- and 5-year periods and 63% in the 10-year period.

在我們的策略組合中，超過一半的 AUM 在 3 年期和 5 年期超過了各自的基準，在 10 年期則有 63% 超過了基準。

Turning briefly to financial results.

簡要談談財務結果。

Adjusted operating income was $412.8 million a decrease of 9% from the prior quarter and a decrease of 1% from the prior year quarter.

調整後營業收入為 4.128 億美元，較上一季下降 9%，較去年同期下降 1%。

In connection with Western and as a whole, we will be implementing additional cost savings initiatives during fiscal 2025 of which the benefits will be realized in fiscal 2026.

就西部公司及整個公司而言，我們將在 2025 財年實施額外的成本節約舉措，其收益將在 2026 財年實現。

We remain committed to our long-term vision of strategically investing in the business to best serve our clients while managing expenses and maintaining our focus on enhancing shareholder value.

我們始終致力於我們的長期願景，即對業務進行策略性投資，為客戶提供最好的服務，同時管理費用並繼續專注於提高股東價值。

Looking ahead, I'm excited about the many opportunities we have to drive growth and innovation.

展望未來，我對我們推動成長和創新的許多機會感到非常興奮。

With a clear vision and strong progress already underway, we're focused on elevating the performance of our investment strategies, outstanding client experience and continued growth in our most critical areas.

憑藉著清晰的願景和已經取得的強勁進展，我們專注於提升投資策略的績效、卓越的客戶體驗以及最關鍵領域的持續成長。

This month, we announced the launch of an exciting new US advertising campaign, Your trusted partner for what's ahead.

本月，我們宣布啟動一項令人興奮的全新美國廣告活動「您未來值得信賴的合作夥伴」。

This campaign highlights Franklin Templeton's rich legacy of evolving with our clients' needs while showcasing the breadth of our capabilities for financial professionals.

這項活動凸顯了富蘭克林鄧普頓隨著客戶需求而不斷發展的豐富傳統，同時展現了我們為金融專業人士提供的廣泛服務能力。

Some of the highlighted capabilities include our public and alternative investments, customized solutions, Canvas, ETF, and SMAs.

一些突出的功能包括我們的公共和另類投資、客製化解決方案、Canvas、ETF 和 SMA。

Finally, in December, Franklin Templeton was recognized again as one of the best places to work in money management by pensions and investments.

最終，在 12 月，富蘭克林鄧普頓再次被退休金和投資評為最佳資金管理工作場所之一。

I'm proud to lead such talented and dedicated employees who work tirelessly on behalf of our clients and I'd like to thank them for their hard work and dedication to our organization.

我很自豪能夠領導如此有才華和敬業精神的員工，他們為我們的客戶不知疲倦地工作，我要感謝他們為我們組織的辛勤工作和奉獻精神。

Now, let's open up the call to your questions.

現在，讓我們開始回答你們的問題。

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Since it’s only one per person for now, maybe we will start with Western.

因為目前每人只能吃一份，所以也許我們可以從西餐開始。

Appreciate the update on AUM and obviously outflows in January continues to be obviously a pretty challenging picture.

感謝 AUM 的更新，顯然 1 月的資金流出仍然是一個非常具有挑戰性的局面。

But can you help us frame the operating income and management fee contribution from Western and kind of where that stands today?

但是，您能否幫助我們了解西方的營業收入和管理費貢獻以及目前的情況？

And I guess more importantly, I know it's going to be hard to ring fence where this whole thing ultimately ends up in terms of size but what is kind of the strategic vision for Western however much smaller it gets from here?

我想更重要的是，我知道很難確定整個計畫最終的規模，但無論西方國家現在變得多小，它的戰略願景是什麼？

So I know you talked about integrating some of the selected corporate functions.

我知道您談到了整合一些選定的公司職能。

What kind of savings do you anticipate from that and just may maybe help us think about what the Western could look like over the next couple of quarters as things settle down.

您預計這會帶來什麼樣的節省？

Thanks, Alex.

謝謝，亞歷克斯。

I'll address a little bit on the strategic side and then turn over to Matt on kind of the financial framing.

我將稍微談一下戰略方面的問題，然後交給馬特來討論財務框架的問題。

Look, our model has always been that we support the independence of the investment teams and we integrate kind of the rest of the business at the center.

我們的模式一直是支援投資團隊的獨立性，並將其餘業務整合到中心。

And obviously, we've done a lot of acquisitions over the past five years, and it takes time to do that.

顯然，我們在過去五年中做了很多收購，這需要時間。

And as you know, Western was independent.

如你所知，西方是獨立的。

But that's what the initiative is, is to basically maintain the independence of that investment team and things like fund accounting, even the technology and other areas and we're looking at all this to integrate it into the broader firm so that we get greater scale.

但這就是我們的舉措，基本上是為了保持投資團隊的獨立性，以及基金會計、甚至技術和其他領域的獨立性，我們正在考慮將這一切整合到更廣泛的公司中，以便獲得更大的規模。

We can make investments in things like AI and data.

我們可以對人工智慧和數據等領域進行投資。

And so it's really a natural evolution of that and that work is underway.

因此，這實際上是一種自然演變，並且這項工作正在進行中。

And Matt, do you want to talk about the impact?

馬特，你想談談其影響嗎？

Yeah.

是的。

So in terms of financial impact of Western, I'll mention a couple of things, then put it into context of talking about the annual impact and through '25 and then into '26.

因此，就西方的財務影響而言，我會提到幾件事，然後將其置於討論年度影響以及 25 年和 26 年的背景中。

I think that's probably the most useful way of looking at it.

我認為這可能是最有用的觀察方式。

So in terms of financial impact, if you run rate the current revenue impact of Western outflows of approximately $120 billion, this is from August through to the end of January, it equates to about 30% of Western's full year '24 adjusted revenue.

因此，就財務影響而言，如果以西方資本流出約 1,200 億美元的當前收入影響計算，這是從 8 月到 1 月底的數據，相當於西方資本 24 年全年調整後收入的 30% 左右。

That equates to about 3%, 3% of Franklin's full year '24 adjusted revenue.

這相當於富蘭克林 1924 年全年調整後收入的 3% 左右。

The run rate remaining revenue of Western equates to about a 6% of Franklin's adjusted revenue.

西方公司的剩餘營業收入約相當於富蘭克林公司調整後收入的 6%。

The impact on operating income will obviously be greater as I mentioned in the last quarter for a period of time given that expenses need to catch up with revenue declines.

正如我在上個季度提到的那樣，由於支出需要趕上收入的下降，因此對營業收入的影響在一段時間內顯然會更大。

And we're being, as Jenny mentioned, supportive, methodical, but that shouldn't be confused with being -- not being disciplined.

正如珍妮所提到的，我們給予支持，並且有條不紊，但這不應與不守紀律相混淆。

We're being super disciplined about how we tackle this.

我們對如何解決這個問題非常嚴謹。

Top of mind though is to ensure continued excellence in terms of client experience with Western and obviously, with all of Franklin.

但首要任務是確保 Western 以及整個 Franklin 的客戶體驗持續卓越。

So specifically, as Jenny mentioned, Franklin Resources is assisting significantly by accelerating the end of our five-year autonomous agreement with Western which expires in July this year.

具體來說，正如珍妮所提到的，富蘭克林資源公司正在透過加速終止我們與西方公司的五年自主協議提供重大幫助，該協議將於今年 7 月到期。

This will enable us to implement the integration of certain corporate functions that Jenny referenced.

這將使我們能夠實現Jenny所提到的某些公司職能的整合。

That will result in Western being able to capture the benefits of a much larger scaled asset management operation while again, as Jenny mentioned, retaining investment team autonomy.

這將使 Western 能夠獲得更大規模資產管理業務的好處，同時又能保留投資團隊的自主權（如 Jenny 所提到的）。

I think in terms of the sort of margin impact, it's important to look at the year.

我認為，就利潤率的影響而言，關注年份很重要。

We do expect our expenses for the year to be if you normalize for a full year of Putnam and then exclude performance fees, we expect it to be roughly even with last year, very similar to last year's expenses, let's say, adjusted expenses.

我們確實預計，如果將普特南全年的支出標準化，然後排除績效費，我們預計今年的支出將與去年大致持平，與去年的支出非常相似，可以說是調整後的費用。

We continue to make important strategic investments and funding them with cost saved elsewhere in the business.

我們繼續進行重要的策略性投資，並利用業務其他部分節省的成本為其提供資金。

We expect the impact of our support on -- of Western and integration of certain functions of Western to reduce our margin by a little bit in the short term, let's say over the next quarter or so.

我們預計，對西方的支持以及西方某些職能的整合將在短期內（比如說在下個季度左右）略微降低我們的利潤率。

And then experience margin expansion again in fiscal 2026 remembering that starts for us in October, October 1.

然後在 2026 財年再次經歷利潤率擴大，記住這對我們來說是從 10 月，也就是 10 月 1 日開始。

For further perspective, which is why normally we wouldn't talk about 2026 but in this context, I think it's important to explain it.

從進一步的角度來看，這就是為什麼我們通常不會談論 2026 年，但在這種情況下，我認為解釋這一點很重要。

For further perspective, we expect our expense initiatives that we're working on now in 2025 to position us to enter fiscal '26 with the equivalent of about $200 million to $250 million of expense -- run rate expense reductions.

從更遠的角度來看，我們預計，我們目前正在進行的 2025 年費用計劃將使我們在進入 26 財年時，實現相當於約 2 億至 2.5 億美元的費用——運行率費用削減。

You asked about the effective fee rate of Western asset.

您詢問的是西方資產的實際費率。

It's currently 16.5 basis points in general.

目前一般為16.5個基點。

Obviously, look, we don't give revenue guides.

顯然，我們不提供收入指南。

All of this assumes flat markets.

所有這些都假設市場平穩。

But we do expect the lower fee revenue from Western to be replaced over time with other areas of growth which Jenny referenced on her prepared remarks.

但我們確實預計，西方較低的費用收入將隨著時間的推移被珍妮在準備好的發言中提到的其他成長領域所取代。

Franklin fixed income, alternatives, ETFs, Canvas solutions and even other pockets of growth within Western itself.

富蘭克林固定收益、另類投資、ETF、Canvas 解決方案，甚至西方國家自身的其他成長領域。

And that obviously will add to the margin recovery.

這顯然會促進利潤率的回升。

So this is sort of a two-pronged thing.

這是一種雙管齊下的事情。

You have obviously expense discipline and expense reductions that will happen -- start to begin in 2025.

顯然，您必須嚴格遵守費用紀律並削減費用，這將從 2025 年開始發生。

But the effect on our margin -- the positive effects on our margin expansion won't happen until you get into 2026.

但對我們的利潤率的影響——對我們的利潤率擴張的正面影響要到 2026 年才會顯現。

And then obviously, another layer of margin expansion is the -- on the revenue side that I just mentioned.

然後顯然，利潤率擴大的另一層因素就是我剛才提到的收入面向。

And then finally, we gave margin guidance or margin targets, let's say in our year end call and we referenced medium term target of 30%.

最後，我們給出了利潤率指導或利潤率目標，例如在我們的年終電話會議上，我們提到了 30% 的中期目標。

And that remains exactly the same, that we're not changing any of the targets that we talked about at year end.

而且，這一點始終沒有改變，我們不會改變年底時談到的任何目標。

And I'm just going to add one other thing, Alex, that you asked about kind of strategic, this is having nothing to do with the issues at Western at the moment.

我還要補充一點，亞歷克斯，你問到的關於戰略的問題，這與西方目前的問題無關。

It would be remiss in not acknowledging just how much the fixed income landscape has changed.

如果不承認固定收益格局已經發生了多大的變化，那將是一種疏忽。

And that may then trigger kind of a look over time at how you're structured.

這可能會引發你隨著時間的推移審視自己的結構。

So what do I mean by that?

那我這樣說是什麼意思呢？

What, let's face it, banks don't play the same traditional role.

讓我們面對現實吧，銀行不再扮演傳統的角色。

They're not obviously lending in the same way that they used to.

顯然，他們不再像以前那樣放款。

If you talk to private credit managers, often their number one focus is sourcing of deals as opposed to just raising money.

如果你與私人信貸經理交談，你會發現他們最關注的往往是尋找交易，而不是只籌集資金。

So if you think about that function becoming more important in private credit, you can imagine as you're building those sourcing relationships like BSP has a lot of relationships with middle market companies and obviously sponsor firms, IPO or PE firms.

因此，如果您認為該功能在私人信貸中變得更加重要，您可以想像，當您建立這些採購關係時，BSP 與中型市場公司以及顯然的贊助公司、IPO 或 PE 公司之間有很多關係。

As you build that, you can see how that evolves and the conversation becomes, well, if you want to do private, this is what the structure looks like.

當你建造它時，你可以看到它是如何演變的，對話變成了，好吧，如果你想要私密，這就是結構的樣子。

If you want to do traditional fixed income, this is what it looks like.

如果您想做傳統的固定收益，它看起來就是這樣的。

And so that is something that we are thinking about.

這就是我們正在思考的事情。

That is not a -- there's no kind of organizational impacts or things in '25 and maybe not even in '26.

那不是——在 25 年甚至 26 年都不會產生任何組織影響或影響。

But it is something that we are as we look at ourselves as a somewhere around a $500 billion fixed income manager with all these different groups, what should the right structure ultimately be.

但當我們把自己視為一個管理約 5,000 億美元資產的固定收益人士，面對著所有這些不同的群體時，我們會想，最終正確的結構應該是什麼樣子的。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞 (Jefferies)。

So a lot there in the first response.

第一個回應中有很多內容。

So just to follow up just to make sure I understand the $200 million to $250 million of additional savings, that is going to be beyond the flat including Putnam for fiscal 2025.

因此，只是為了跟進，以確保我理解 2 億至 2.5 億美元的額外節省，這將超出包括 Putnam 在內的 2025 財年的固定金額。

So as we think about 2026, you'll have natural growth plus that savings that should be for the full year?

那麼當我們想到 2026 年時，您將實現自然成長加上全年的儲蓄？

Right.

正確的。

But if you -- correct, but if you -- if we have flat markets from today, we're not going to increase our expenses.

但是如果你 - 正確，但是如果你 - 如果從今天開始我們的市場持平，我們不會增加我們的開支。

For 2025, it would be -- it'd be flat to down a little bit.

到 2025 年，這一數字將會持平或略有下降。

So the $250 million is incremental to that for 2026.

因此，2.5 億美元是 2026 年的增量。

And we would expect to have a full $250 million for 2026.

我們預計 2026 年將獲得 2.5 億美元。

In other words, the work to achieve those cost savings from a run rate perspective, we would expect that to be starting in October 1 in earnest.

換句話說，我們預計從運行率角度實現這些成本節約的工作將於 10 月 1 日正式開始。

And then just in the similar kind of vein, is there any other affiliate like Western that is not on a profit share?

那麼，同樣地，有沒有像 Western 一樣不進行利潤分成的附屬公司呢？

As you go through this integration and/or are there other integrations of smaller affiliates or recent deals that could be part of that improvement in efficiencies?

在你們進行這種整合的過程中，是否有其他較小的附屬公司的整合或最近的交易可以成為效率提高的一部分？

The only one that is, Matt, you could talk about the financial impact, but the only one that still -- first of all, the Alt managers, you don't get the same kind of scale by integration.

唯一的一個是，馬特，你可以談談財務影響，但唯一的一個仍然是——首先，Alt 經理，你無法透過整合來獲得同樣的規模。

The legal department and the ALTs manager is a deal team, not usually sort of a 40 Act kind of a team.

法律部門和 ALT 經理是一個交易團隊，通常不是那種 40 法案類型的團隊。

And so there's not -- those are really pretty standalone.

所以，它們並不是——它們實際上是相當獨立的。

As far as the traditional managers, Royce is still pretty independent and runs a lot of their own operations.

就傳統經理而言，Royce 仍然相當獨立並且經營著許多自己的業務。

But they're really the last one.

但他們確實是最後一個。

All the others, they all look a little bit different but have had -- either have been integrated or at various levels of integration that's happening.

所有其他的，它們看起來都有點不同，但要么已經集成，要么處於正在發生的不同程度的集成中。

Yeah.

是的。

Look, when we acquired Legg Mason, we quite purposely agreed to various levels of autonomy over set periods of time because it's not possible to integrate and consolidate operations in a quick methodical way that we believe is safe and sound.

你看，當我們收購 Legg Mason 時，我們特意同意在規定的時間內擁有不同程度的自主權，因為我們認為不可能以快速、有條不紊的方式整合和鞏固業務，而這種方式是安全可靠的。

So essentially, we had a set timeline over a period of five years over which these various operational scale initiatives were planned.

因此，從本質上講，我們有一個為期五年的時間表，在此期間計劃了各種規模的營運舉措。

At the end of the day, Western was the last one on the list because they're so big and scaled themselves with their own autonomous independent operation.

最終，西方石油公司排在了名單的最後一家，因為他們規模太大，而且透過自主獨立的運作擴大了規模。

That's the way it worked.

它就是這樣運作的。

However, looking forward, you could think of our company in a much more simplistic way.

然而，展望未來，您可以用更簡單的方式看待我們的公司。

On the public market side, we're going to have one scale operation supporting a series of investment teams, some of which have their own brands because they're synonymous with a certain style of investing and what our clients demand from us.

在公開市場方面，我們將進行一項規模運營，以支援一系列投資團隊，其中一些投資團隊擁有自己的品牌，因為它們代表著某種投資風格以及客戶對我們的要求。

And then the second part of the company is the alternative asset businesses that require very specialized operations to support them.

公司的第二部分是另類資產業務，這些業務需要非常專業化的營運來支援。

And so that's basically the way to look at it.

這就是基本上看待這個問題的方式。

The liquid sort of public markets business on the one hand, enjoying the scaled operation on a global level and then you have the alternative asset groups on the other.

一方面是流動性強的公開市場業務，享受全球層面的規模化運作；另一方面是另類資產集團。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

I just wanted to ask about Putnam.

我只是想問一下普特南的情況。

I think it's been about a year since you guys have closed the transaction there.

我認為你們完成那裡的交易已經有一年了。

I was hoping maybe you could just update us on the progress, the synergies there.

我希望您能向我們通報那裡的進展和協同作用。

The flow picture seems to be perhaps a lot better than people may have thought, perhaps the accretion as well.

流動影像似乎可能比人們想像的要好得多，吸積情況可能也是如此。

So just curious if you could update us on that as well as the strategic partnership that you have with Great-West and the scope for additional growth and flows there.

我很好奇您是否可以向我們介紹一下這一情況以及您與 Great-West 的戰略合作夥伴關係以及那裡進一步增長和流動的空間。

Yeah.

是的。

Why don't I do the first one?

我為什麼不做第一個呢？

Then Jenny and Adam will do the partnership with Great-West Life.

然後珍妮和亞當將與 Great-West Life 合作。

I mean it's not very often when you say an asset management lands when you do strategic transactions.

我的意思是，當你進行策略交易時，資產管理落地的情況並不常見。

They're quite complicated.

它們相當複雜。

Human capital issues happen, and you do your best when you enter into transactions and it's never, never perfect by any stretch.

人力資本問題時有發生，當你進行交易時你會盡最大努力，但無論如何都不可能完美。

But the Putnam acquisition for us has really been like the definition of a home run in many ways, both in terms of flows.

但對我們來說，收購普特南 (Putnam) 在許多方面都真正像是本壘打的定義，無論是在流量方面。

The flow trajectory has been very significant I think for the 12 months.

我認為過去 12 個月的流動軌跡非常重要。

And since we closed the transaction, I think the net new flows excluding reinvested dividends is something like $15 billion approximately and that's not the exact number.

自從我們完成交易以來，我認為不包括再投資股息的淨新流量約為 150 億美元，但這並不是確切的數字。

It's $12 billion, $15 billion.

是 120 億美元，150 億美元。

That -- it's been $1 billion a month pretty much net new flows.

也就是說，每個月的淨新增資金流幾乎達到 10 億美元。

The performance has been outstanding.

表現非常出色。

The team and the team fit culturally importantly has been a very good fit with the rest of Franklin.

從文化角度來看，這支球隊和團隊與富蘭克林的其他部分非常契合。

And culturally, they're an incredibly disciplined team have been through a lot together and it's a -- it meshed very, very well with Franklin.

從文化上講，他們是一支紀律性極強的團隊，共同經歷了很多事情，與富蘭克林的合作非常非常好。

And it's sort of a great combination where you've got an example of where when you've got something that really performs well with a team that's gelled well together combined with very powerful global distribution, when those two things when they come together can create, that's what we've done.

這是一個非常棒的組合，舉個例子，當你擁有一個表現出色的產品，並且擁有一個凝聚力極強的團隊，再加上非常強大的全球分銷能力，當這兩件事結合在一起時就能創造出來，這就是我們所做的。

In terms of the financial impact of the transaction, we had announced about 100 -- we were going to go from pretty much zero margin to 30% margin, which would have been $150 million of operating income on a 12 month level.

就交易的財務影響而言，我們已宣布了約 100%——我們的利潤率將從幾乎為零提高到 30%，這意味著 12 個月的營業收入為 1.5 億美元。

We're certainly a little bit ahead of that.

我們確實領先了一點。

We're probably $25 million or more ahead of that. $175 million, $180 million.

我們可能比這個領先 2500 萬美元甚至更多。 1.75 億美元，1.8 億美元。

Obviously, we're not reporting independent teams this way, but obviously, it's only been 12 months.

顯然，我們不會以這種方式報道獨立團隊，但顯然，這才過了 12 個月。

So we can load it more so we can give you that context.

因此我們可以載入更多內容，以便為您提供相關上下文。

So we're delighted with the team, delighted with the performance and very pleased both financially and how it's worked for our customers and from a distribution and product perspective.

因此，我們對團隊感到滿意，對其表現感到滿意，並且從財務狀況、為客戶服務以及分銷和產品的角度都感到非常滿意。

But Adam and Jenny, I think you want to comment on the rest of it.

但是亞當和珍妮，我想你們想對其餘部分發表評論。

Yeah.

是的。

I would say that the great thing about Putnam is it shows really what can happen when we bring a tremendous investment team that didn't necessarily have scaled distribution together with scale distribution.

我想說普特南的偉大之處在於它真正地展示了當我們召集一個龐大的投資團隊時會發生什麼，這個團隊不一定具有規模分佈，但又具有規模分佈。

And that's really what's happened.

而這也確實是發生的事實。

Their performance has remained really, really quite good.

他們的表現一直非常非常出色。

I think they have 89% outperforming in the one year, 91%, 89% and 90% with 87% of their assets four stars or better.

我認為，他們在一年內的表現優異率為 89%，91%、89% 和 90%，其中 87% 的資產獲得四星或更好的評級。

So really strong performance.

表現確實非常強勁。

But with scale distribution, if you take a look at this quarter versus a year ago, gross is up over 2 times, and their net is up over 7 times, and they had $13.6 billion of flow in the first quarter.

但從規模分佈來看，如果將本季與去年同期進行比較，毛利潤成長了 2 倍多，淨利潤成長了 7 倍多，第一季的流量為 136 億美元。

So just really strong results.

因此結果確實非常強勁。

The core sales there is also what's really important.

那裡的核心銷售也是真正重要的。

If we take a look how much of the regular sales and mutual fund sales are growing, that's what's driving things significantly.

如果我們看一下常規銷售和共同基金銷售的成長情況，就會發現這就是推動事態發展的重要因素。

You also asked, I think about the partnership with the Power Group.

您也問到，我想到與 Power Group 的合作關係。

That's going quite well.

一切進展順利。

We have a deep embedded relationship with Empower where we're building some new products together and seeing significant interest generated in some smaller plan retirement products.

我們與 Empower 有著深厚的合作關係，我們共同開發一些新產品，並且看到人們對一些小型計劃退休產品產生了濃厚的興趣。

We are beginning to build out with them outside of the US.

我們正開始與他們在美國以外地區合作。

We have a good general account relationship.

我們擁有良好的一般帳戶關係。

And then the other thing that Putnam really brought us with significant expertise in the retirement channel where we have a very scaled team who specialize in retirement, but importantly, also the right retirement products now with the target date suite, that's about $18 billion and a stable value product, that's about $17 billion with really stellar performance.

普特南也為我們帶來了退休管道的豐富專業知識，我們擁有一支規模龐大的團隊，專門從事退休業務，但重要的是，我們還有合適的退休產品，包括目標日期套件，價值約為 180 億美元，以及穩定價值產品，價值約為 170 億美元，表現非常出色。

And I think what -- one other thing we should have added and then I know Jenny is going to comment on the Great-West Life, the broader relationship is -- it's not just about the, Putnam has been terrific, but it's also helped with our work and strategic work around our other key teams in equities, Franklin Equity Group, Franklin Mutual Series, ClearBridge.

我認為我們應該補充一點，然後我知道珍妮 (Jenny) 將對 Great-West Life 發表評論，更廣泛的關係是 — — 這不僅僅是關於普特南 (Putnam) 的出色表現，而且還幫助我們開展工作以及圍繞其他關鍵股票團隊的戰略工作，包括富蘭克林股票集團 (Franklin Equity Group)、富蘭克林共同系列 (Franklin Mutual Series) 和富蘭克林。

These are all tremendous teams in of themselves.

這些團隊本身都是非常優秀的團隊。

And while they operate autonomously because we don't want to interfere with the various styles of investing.

因為它們不想干涉各種投資風格，所以它們自主運作。

And there's a benefit internally of sharing success stories and how things are working and how we can do better overall as a company across the firm, widely speaking, certainly, and how we get access to meetings and things like that with various high profile companies and such.

在公司內部分享成功案例、公司運作方式，以及公司整體如何做得更好，當然，從廣義上講，還有我們如何能夠與各種知名公司舉行會議等等，都是很有好處的。

So I think that also benefits the company.

所以我認為這對公司也有好處。

Yeah.

是的。

And I'll just say, look, it's a reminder that if you -- from -- we always talk about there's 3 times the money in motion across active managers than going into passive.

我只想說，看，這是一個提醒，如果你 — — 我們總是談論主動管理者的流動資金比被動管理者的流動資金多 3 倍。

If you're a good performing active -- a top performing active manager, you're going to see flows and they just demonstrated that, number one.

如果你是一個表現出色的主動型經理——一個表現頂級的主動型經理，你會看到流量，而他們剛剛證明了這一點，這是第一點。

Number two, when you have moments like DeepSeek, it reminds you why diversification matters and you're seeing more and more people on the institutional side talk about a desire to get back into more active management.

第二，當你擁有像 DeepSeek 這樣的時刻時，它會提醒你為什麼多樣化很重要，並且你會看到越來越多的機構人士談論希望重新進行更積極的管理。

And so that's important.

所以這很重要。

And then just two other points.

另外還有兩點。

As Adam talked about the gross sales and the benefits of true scale, that since the acquisition, Putnam's quarterly gross sales are up 68%, just to emphasize that number.

正如亞當談到總銷售額和真正規模帶來的好處時所說，自從收購以來，普特南的季度總銷售額增長了 68%，這只是為了強調這個數字。

And then it is not just in their open ended mutual funds, it's diverse across all vehicles including their ETF has had great flows as well.

而且這不僅存在於他們的開放式共同基金中，包括他們的 ETF 在內的所有投資工具都擁有龐大的流量。

Congrats on the success with Putnam.

祝賀普特南 (Putnam) 的成功。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen 公司。

I just want to clarify the guidance on expenses.

我只是想澄清有關費用的指導。

Just Matt, if you could just reiterate the '26, what I think I heard was you'd be flat to '25 if you strip out market action, performance fees and pre synergies.

馬特，如果你能重申 26 年的情況，我想我聽到的是，如果你剔除市場行為、績效費用和預協同效應，你的收入將與 25 年持平。

And so that would be an incremental to $250 million down.

因此這將是 2.5 億美元的增量。

A, is that correct?

答、對嗎？

And then against that, what is the revenue contribution you're assuming for Wamco?

那麼，您認為 Wamco 的營收貢獻是多少？

You mentioned I think about 6% residual exposure on the on the website.

您提到我認為網站上的殘留暴露量約為 6%。

Just are you assuming zero contribution or some component of that?

您是否假設貢獻為零，或假設貢獻中有一部分是零？

No.

不。

Certainly not zero.

當然不是零。

But we're not going to also estimate where we see the 6% going.

但我們不會預測 6% 會達到什麼水準。

We're obviously we're working very hard with Western and its clients.

我們顯然正在與 Western 及其客戶密切合作。

So they're working very hard with their clients on their current business, which is diversified across multiple fixed income strategies.

因此，他們正與客戶一起努力開展當前業務，該業務涉及多種固定收益策略。

And obviously, what we're going to do is we've committed to do with you as a community and obviously with our investors is to make sure we're transparent as much as we can in terms of the progress we're making.

顯然，我們要做的就是，我們致力於與你們社區以及我們的投資者一起，確保我們在所取得的進展方面盡可能透明。

Each month when we highlight our AUM, we will include a summary and an update on Western.

每個月當我們重點介紹我們的 AUM 時，我們都會提供一份摘要和有關 Western 的最新消息。

So you'll be able to see what direction that 6% is going and we've given you the effective fee rate.

因此您將能夠看到 6% 的走向，並且我們將為您提供有效的費率。

So you'll be able to calculate it on a month-to-month basis as we progress through the situation.

因此，隨著情況的進展，您將能夠按月進行計算。

You were right.

你是對的。

On the expense guidance, it is, think about the guide for 2025 being roughly flat excluding performance fees because you don't know where performance fees are going to be obviously in 2025 to normalize it.

關於費用指導，想想 2025 年的指導大致保持不變（不包括績效費），因為您不知道 2025 年的績效費顯然會達到什麼水平以使其正常化。

The performance fees and the extra quarter of Putnam and then minus $250 million from that $200 million to $250 million from that to get to that -- to get to the margin expansion that we expect.

績效費和普特南的額外季度，然後從 2 億美元中減去 2.5 億美元，再減去 2.5 億美元，就達到了我們預期的利潤率擴大。

Brennan Hawken, UBS.

瑞銀的布倫南‧霍肯 (Brennan Hawken)。

Matthew, I'd just like to ask about that last point you just made, the $200 million to $250 million.

馬修，我只想問你剛才提到的最後一點，也就是 2 億到 2.5 億美元。

Is that coming out of the full year and will that ramp through the year?

這是全年都會出現的情況嗎？

Right.

正確的。

Yes?

是的？

Okay.

好的。

And

和

--

--

So yes.

所以是的。

So we expect by run rate, what I meant is on day one of our fiscal 2026, we expect to be in a position where we are achieving those expense reductions for the full year 2026.

因此，我們預計運行率，我的意思是，在 2026 財年的第一天，我們預計將能夠在 2026 年全年實現這些費用削減。

So by the time you get to the end of 2026, we expect expenses to be lower by that amount, $200 million to $250 million.

因此，到 2026 年底，我們預計支出將減少 2 億至 2.5 億美元。

And then obviously, as we work through 2025, we will provide you with updates on that.

顯然，隨著我們進入 2025 年，我們將為您提供相關更新資訊。

So that's what we expect for 2026.

這就是我們對 2026 年的預期。

So the $200 million to $250 million is the exit rate of the fiscal year '26 and we'll see the progress of that through the year of 2026?

那麼 2 億到 2.5 億美元是 26 財年的退出率，我們將在 2026 年看到這項進展嗎？

Yes.

是的。

But by the time you get to the end of 2026, it will be $200 million to $250 million lower expenses versus 2025.

但到 2026 年底，支出將比 2025 年減少 2 億至 2.5 億美元。

On a run rate basis?

以運行率計算？

That's the way you should look at it.

你應該這樣看待它。

Yeah.

是的。

So then just two more related sort of to clarify.

因此，只需再澄清兩個相關內容。

If you could, please, maybe -- I know you said flat for the full year, but if you could maybe clarify starting point and what number we should be thinking about.

如果可以的話，請也許——我知道您說的是全年持平，但如果您可以澄清一下起點以及我們應該考慮的數字。

And then the -- is my sense that this is rather large especially vis-a-vis Western?

那麼——我的感覺是這個數字相當大，尤其是與西方相比？

So is this -- these efficiency efforts, do they transcend the whole organization or are they focused in any particular areas?

那麼，這些提高效率的努力是否超越了整個組織，還是只集中在某些特定領域？

So on that front, then I'll give -- I think you're asking for quarterly guidance.

因此在這方面，我會給出——我想您要求的是季度指導。

I'll give you that too in a second because I want to make sure that you have the updates for the quarter.

我馬上也會把這個給你，因為我想確保你獲得本季的更新資訊。

It transcends more than just Western.

它不僅超越了西方。

We're taking this as an opportunity to review the overall company.

我們以此為契機來審查整個公司。

We were frankly already doing that as we've announced and as you're used to us doing each year.

坦白說，我們已經在這樣做了，正如我們所宣布的，而且正如你們每年都習慣我們所做的那樣。

Yeah, for example, in the last 12 months, we've added almost 1,000 people to Franklin.

是的，例如，在過去的 12 個月裡，我們為富蘭克林增加了近 1,000 名員工。

And because obviously through a major acquisition.

而且顯然是透過重大收購。

And we've also invested heavily in new sales efforts across here.

我們也對這裡的新銷售工作投入了大量資金。

We now have 90 people in alternative assets management, wealth management channel coverage for example.

例如我們現在在另類資產管理、財富管理管道覆蓋方面有90人。

We have dozens of new salespeople in ETFs, specialized sales force.

我們在ETF領域有數十位新的銷售人員，專業的銷售團隊。

We've added significant resources across our distribution.

我們在整個分銷領域增加了大量資源。

This is why I think you're seeing the increase in sales across the organization.

我認為這就是你看到整個組織銷售額成長的原因。

While we've done that, the reason why our expenses have remained under control is because we remain relatively flat is because we're taking expenses out on the continuous effort to manage our margins as best we can.

雖然我們這樣做了，但我們的支出仍然得到控制，因為我們保持相對平穩，因為我們在不斷努力管理利潤率時，都會盡可能地減少支出。

Now sometimes, you're going to go through some courses where it was a bit lower and then we expect it to go higher, which is why we provided the five year outlook because that's where we see things going when we're out five years.

現在，有時你會經歷一些水平較低，然後我們預計它會走高，這就是我們提供五年展望的原因，因為這就是我們看到五年後的情況。

But I think we haven't witnessed in this industry as much strategic dialogue and change going on within just asset management in years.

但我認為，多年來我們還沒有見證過這個產業在資產管理領域發生如此多的策略對話和變革。

And we're right at the forefront of that.

而我們正處於這領域的最前線。

We're doing our very best to invest heavily in the business.

我們正在竭盡全力對該業務進行大量投資。

But while retaining the best margin we can get.

但同時我們也會保留盡可能好的利潤。

So I'd say in terms of the $250 million, I agree with you.

因此，就 2.5 億美元而言，我同意你的看法。

It's a large number and a lot of effort, but it is across an expense of $4.7 billion or so also.

這是一個很大的數目，需要付出很多努力，但同時也花費了約 47 億美元。

So that's -- and $5 billion if you include all the performance fees and such.

如果把所有的績效費等都算上的話，那就是 50 億美元。

So yeah, it's a meaningful reduction, but you got to look at it across the overall firm.

是的，這是一個很有意義的減少，但你必須從整個公司的角度來看它。

In terms of the quarterly guidance, we expect our effective fee rate to be in the mid to high 37s.

就季度指引而言，我們預計我們的有效費率將在 37% 至 37% 之間。

The reason for that is that we expect inflows into higher fee strategies to offset lower fee outflows that we expect.

原因是我們預期流入較高費用策略的資金將抵銷我們預期的較低費用流出。

So we expect an uptick from the low 37s to the mid high 37s.

因此，我們預計價格將從 37 度以下上漲至 37 度中高點。

Compensation of benefits, we expect to be $815 million to $820 million for the quarter.

我們預計本季的福利補償為 8.15 億美元至 8.2 億美元。

That assumes $50 million in performance fees and about a $10 million catch up on base salaries in 401(k) because we do that back to January in terms of the inflationary driven compensation increases.

這假設績效費用為 5,000 萬美元，401（k）計畫中基本薪資補足約 1,000 萬美元，因為我們從 1 月開始就考慮到通貨膨脹推動的薪資成長。

Information systems and technology, we expect that to remain at $150 million.

資訊系統和技術，我們預計這一數字將保持在 1.5 億美元。

That's notwithstanding the announcements we've made around Aladdin, which is all going on track.

儘管我們已經發布了有關阿拉丁的公告，但一切進展順利。

Occupancy, we expect to be between $70 million and $75 million, probably on the lower end of that.

我們預計入住率將在 7,000 萬美元至 7,500 萬美元之間，可能處於這個數字的較低水平。

We're starting to see a reduction in the double rent that we've talked about.

我們開始看到我們談論的雙重租金減少。

Most of the firm in New York has now moved into our new offices within New York City, which is the whole unification project that we talked to you about.

我們紐約公司的大部分員工現在都已經搬進了紐約市的新辦公室，這就是我們與您討論的整個統一項目。

And we've been paying double rent for a period of time and that's starting to drop off.

有一段時間，我們一直支付雙倍的租金，現在這筆錢開始減少了。

It'll fully drop off in later years, but most of it will be gone by the time you get to 2026.

它會在以後的幾年裡完全下降，但到 2026 年，大部分都會消失。

G&A will be a bit higher.

G&A 費用將會稍微高一些。

It will be around $190 million.

金額約為 1.9 億美元。

And that's due to the fact we're investing more in advertising, and we've got higher legal expenses associated with the -- mostly with the Western matter.

這是因為我們在廣告方面的投資增加了，而且與西方事務相關的法律費用也增加了。

And then from a tax perspective, we expect to be between 25% and 27% for the year.

從稅收角度來看，我們預計今年的稅率將在 25% 至 27% 之間。

Ben Budish, Barclays.

巴克萊銀行的本‧布迪什 (Ben Budish)。

Maybe moving over to the alternative side.

或許可以轉向另一邊。

During the prepared remarks, Jenny, you talked about wealth fundraising growing to 20% to 30% of total capital raises.

珍妮，在準備好的發言中，您談到財富融資佔總融資額的比例增長到 20％ 到 30％。

Just curious, how do you see that unfolding?

只是好奇，您認為事情會如何發展？

What's the sort of cadence?

什麼樣的節奏？

It sounds like you've obviously talked about investing a lot in distribution.

聽起來你顯然已經談到了在分銷方面進行大量投資。

There are new products in the market.

市面上有新產品。

Is this predicated on more sort of semi liquid democratized vehicles or retail participation in drawdown funds?

這是以更多半流動性民主化工具或零售參與提取基金為前提嗎？

So just curious if you could provide some more color on those expectations.

我只是好奇您是否可以提供更多關於這些期望的詳細資訊。

Sure.

當然。

I'll start and then Adam, feel free to add in.

我先開始，然後亞當，請隨意添加。

So remember when Lexington raised Fund 10, which they closed that I think $22.7 billion, 20% of it came from the wealth channel.

記得當列剋星敦籌集第 10 號基金時，我認為他們募集了 227 億美元，其中 20% 來自財富管道。

So we've demonstrated the ability to actually -- even on the traditional types of vehicles, to actually be pretty successful in the wealth channel.

因此，我們實際上已經證明了我們的能力——即使是在傳統類型的工具上，也能在財富管道上取得相當大的成功。

And again, that was years of working to build out and learning.

再說一遍，這需要多年的努力和學習。

I think the good news is our DNA actually is in the wealth channel.

我認為好消息是我們的 DNA 實際上存在於財富管道中。

And so learning actually how to then bring alternatives to that.

因此實際上學習如何為此提供替代方案。

And today, we have 90 people who are just dedicated to alternatives in wealth kind of across the globe to support all our distribution teams.

今天，我們在全球範圍內擁有 90 名致力於財富替代領域的員工，為我們所有的分銷團隊提供支援。

And then most recently, so we -- I think I mentioned in the opening remarks, the three, we call them like cornerstone perpetual products.

最近，我想我在開場白中提到過，這三種，我們稱它們為基石永久產品。

And so we have three perpetual products that cover real estate debt, secondaries and just real estate equity that are almost $1 billion.

因此，我們有三種永久性產品，涵蓋房地產債務、二級市場和房地產股權，總額接近 10 億美元。

In January, we had a period of time of kind of fundraising, but I'm not sure the words closed, but sort of had our first -- we raised funds with a couple of partners and had a secondary perpetual fund.

一月份，我們進行了一段時間的融資，但我不確定是否結束了，但我們進行了第一次融資——我們與幾個合作夥伴一起籌集了資金，並設立了二級永久基金。

So when we first launched it, we had to cap it at $900 million.

因此，當我們首次推出它時，我們必須將其限制在 9 億美元。

It actually could have been bigger.

事實上它本來可以更大。

Because the difference between the institutional channel and the wealth channel is the institutional channel, you can call capital as you need it.

因為機構通道與財富通道的差別就是機構通道，需要的話可以調用資本。

In the wealth channel, people make investments, and we were concerned about cash drag.

在財富管道中，人們進行投資，我們擔心現金拖累。

We wanted to be respectful of the pace in which we could do the secondary deals.

我們希望尊重進行二級交易的速度。

And so that fund will continue to fundraise this quarter.

因此該基金將在本季繼續籌集資金。

So in January, it raised $900 million.

因此在一月份，它籌集了9億美元。

So that was actually accumulation of a couple of months with $900 million and this quarter, it will continue to open up and be -- and raised.

所以這實際上是幾個月來累積的 9 億美元，本季它將繼續開放和增加。

Now we've also launched that on the international side.

現在我們也已經在國際層面推出了這項服務。

It would not surprise us if that is on the international side, the first raise is similar to what we're able to do in the US.

如果這是在國際層面上，我們不會感到驚訝，第一次加薪與我們在美國所做的類似。

So it just shows the kind of one, that when you bring the right products to the market in the wealth channel, there's a tremendous amount of interest there.

所以這表明，當你透過財富管道將合適的產品推向市場時，會引起巨大的興趣。

And then two, you have the skills around experts that can support your distribution teams, thought leadership, our Franklin Templeton Academy which educates advisors on how to think about alternatives in their portfolios.

其次，您擁有能夠為您的分銷團隊提供支援的專家技能、思想領導力，以及我們的富蘭克林鄧普頓學院，該學院可以教育顧問如何在他們的投資組合中考慮替代方案。

And then I think much further off, but I think it's a very real opportunity is in the retirement channel.

然後我認為還有很長的路要走，但我認為這是一個非常現實的機會是在退休管道。

We have launched a couple of products there, one of which we're doing with Apollo that has both real estate and some private credit in it.

我們在那裡推出了幾款產品，其中一款是我們與阿波羅合作推出的，其中包含房地產和一些私人信貸。

We have some of our own CITs.

我們有一些自己的 CIT。

The reality is the retirement channel is going to be slow it to have penetration.

現實情況是，退休管道的滲透速度會很慢。

It's actually the best place in the -- because you get natural cash flows in.

這實際上是最好的地方——因為你可以獲得自然的現金流。

So it deals with some of the liquidity nature of these vehicles.

所以它涉及這些工具的一些流動性質。

But because it's an incredibly litigious space because it's so focused on fees, and I always say the top performing ALTs managers aren't on sale.

但由於這是一個極其容易產生訴訟的領域，因為它過於注重費用，而且我總是說表現最好的 ALT 經理是不會被出售的。

And you don't want to put the lower performing ones in because you'd be better off in the liquid markets than a poor performing ALTs manager.

而且，您不想投入表現較差的 ALT，因為與表現不佳的 ALT 經理相比，您在流動性市場上的收益會更好。

And then finally, the infrastructure of the retirement platforms actually aren't fully ready to deal with the nature of this.

最後，退休平台的基礎設施實際上還沒有完全準備好應對這種情況。

But it's a massive opportunity that we see that will over time open up because I think there's a real desire to be able to bring this through to the retirement channel.

但我們認為這是一個巨大的機遇，隨著時間的推移，這個機會將會逐漸打開，因為我認為人們確實希望能夠將其帶入退休管道。

Adam, you want to add anything to that?

亞當，你還有什麼要補充嗎？

Sure.

當然。

I would add a few things.

我想補充幾點。

To your point about drawdowns versus perpetual, we think they both play a place in the wealth management channel and there's a difference between a regional broker dealer and a large global private bank.

對於您提到的提取與永久性的問題，我們認為它們都在財富管理管道中發揮作用，並且區域經紀交易商和大型全球私人銀行之間存在差異。

So we'll see different products play different roles.

所以我們會看到不同的產品發揮不同的作用。

But the fact is, as Jenny said, we now have three scaled perpetual vehicles that are each roughly about $1 billion in the private debt space in the real estate and in the secondary space.

但事實是，正如珍妮所說，我們現在有三隻規模龐大的永久投資工具，每隻投資在房地產和二級市場的私人債務領域，規模約 10 億美元。

That allows us to constantly be in market, talking to our partners.

這使我們能夠不斷地進入市場並與我們的合作夥伴進行交流。

That puts us in a very different position, and it allows us to be more effective when we do come to market with the drawdown fund.

這使我們處於一個非常不同的地位，當我們透過提取基金進入市場時，它使我們更有效率。

And as she said, we're doing that not just in the US, but in EMEA, in the Middle East, in Asia, and seeing success around the world.

正如她所說，我們不僅在美國這樣做，還在歐洲、中東和非洲地區、中東、亞洲等地區這樣做，並在世界各地取得成功。

We've also invested significantly not only in the 90 people in that team that's focused on selling, but also in our educational resources.

我們也不僅對專注於銷售的 90 名團隊投入了大量資金，而且還對教育資源投入了大量資金。

And we find that the more time we spend educating people on the benefits of alternatives, the better off we are.

我們發現，我們花越多的時間教育人們了解替代方案的好處，我們的情況就越好。

We also think that as we grow in alternatives, we want to make sure that we can service that business well.

我們也認為，隨著我們在替代品領域的發展，我們希望確保能夠很好地服務於該業務。

So again, one of the things we've been doing is cutting expenses where we can.

因此，我們一直在做的事情之一就是盡可能地削減開支。

We've reinvested and building out an investor services team so that we can make sure that we really make service all the business as it's coming in.

我們已經重新投資並組建了投資者服務團隊，以便我們能夠確保真正為所有業務提供服務。

We're finally, I would say, working better with major distributors to co-develop products.

我想說，我們最終與主要分銷商更好地合作，共同開發產品。

So instead of launching a product on our own, we're bringing it with a major partner at scale at the right time on that -- on their calendar.

因此，我們不會自行推出產品，而是與主要合作夥伴一起在適當的時間（按照他們的日程安排）大規模推出產品。

And we're planning those launches a year in advance and that's helped us tremendously as well.

我們提前一年規劃了這些產品的發布，這也對我們有很大的幫助。

And I'll -- you didn't ask the question, but I'll throw in just.

我會——你沒有問這個問題，但我就會插入這個問題。

We're reiterating.

我們重申。

We had given guidance last quarter that we thought we'd raise $13 billion to $20 billion in the -- in alternatives this year and that the higher end was dependent on Lexington's Fund 11 basically having its first close in September.

我們上個季度曾給出指引，認為今年我們將透過另類投資方式籌集 130 億至 200 億美元，而更高的金額取決於列剋星敦的第 11 號基金在 9 月首次關閉的情況。

So just to give an update on that, Lexington Fund 10 has committed 75% of their funds.

最新消息是，Lexington Fund 10 已經投入了 75% 的資金。

And that's usually kind of triggers when you start thinking about the next fund.

這通常會成為您開始考慮下一檔基金的觸發因素。

They would anticipate a first close sometime in the fall.

他們預計第一次交易將在秋季的某個時候完成。

Again, if it happens in September, it happens in this year.

再說一遍，如果它發生在九月份，那麼它就發生在今年。

If it happens October and November, it falls into next year.

如果發生在十月和十一月，則會落在明年。

And so that's where it's dependent kind of on whether we hit that higher range of $20 billion.

所以這取決於我們是否能達到 200 億美元這個更高的範圍。

This quarter, we raised $6 billion alternatives.

本季度，我們籌集了 60 億美元的替代資金。

Of that $6 billion, $4.3 billion was in private markets.

在這 60 億美元中，有 43 億美元流入私人市場。

So that's the part that is counted towards the $13 billion to $20 billion range.

所以這是算在 130 億美元到 200 億美元範圍內的部分。

And again, that does not include that $900 million that was raised in Lexington because that will be counted this quarter, $900 million in the perpetual.

再說一次，這還不包括在列剋星敦籌集的 9 億美元，因為這筆錢將在本季度計算，9 億美元是永久資金。

Patrick Davitt, Autonomous Research.

戴維特 (Patrick Davitt)，自主研究。

If I remember correctly, I don't think you include VA wins insurance, VA wins in your unfunded balance.

如果我沒記錯的話，我認為您沒有將 VA 獲勝保險和 VA 獲勝計入您的未付餘額中。

And there were a few very large, reported VA wins that I think funded in the quarter.

據報道，VA 在本季度獲得了幾項非常大的資助。

Could you give us an idea of how much of that added to the quarterly flows?

您能否告訴我們其中有多少增加了季度流量？

And secondly, if there's still more to come from those wins?

其次，這些勝利是否還能帶來更多收穫？

And then higher level, it seems that most of the large active managers in our coverage have been losing large VA mandates.

然後從更高的層次來看，我們報告中的大多數大型主動管理者似乎都已經失去了大量 VA 授權。

So maybe give some high-level thoughts on why you think Franklin is bucking that trend.

因此，也許您可以從高層次的角度思考為什麼您認為富蘭克林會逆轉這一趨勢。

Well, I think you probably refer -- go ahead, Adam.

嗯，我想你可能指的是──繼續，亞當。

Sorry, go ahead.

抱歉，請說。

I was going to say in general, one of the things we're trying to do is to become a more important partner to fewer players.

總的來說，我們正在嘗試做的事情之一就是成為更少參與者的更重要的合作夥伴。

And I think that's true, Patrick, in every segment we serve whether it's DB, DC, insurance.

帕特里克，我認為在我們服務的每個領域都是如此，無論是 DB、DC 還是保險。

And a number of the wins we've had have come from significantly expanded relationships with insurance companies who have multiple managers and they might have several dozen managers and they want shrink that to maybe three, four, five or six managers.

我們取得的許多勝利都來自於與保險公司顯著擴展的關係，這些保險公司有多名經理，可能有幾十名經理，他們希望將經理人數縮減為三、四、五或六名。

But they need to do that with the firm that can cover all of the major asset classes and support them in the field and sell.

但他們需要與能夠涵蓋所有主要資產類別並在現場為他們提供支援和銷售的公司合作。

There are very few firms who can do that with the right expertise.

很少有公司能夠憑藉適當的專業知識做到這一點。

We're one of them.

我們就是其中之一。

So when we see that consolidation, we tend to be on the winning side of it.

因此，當我們看到這種整合時，我們傾向於站在勝利的一方。

It was definitely true this quarter.

本季確實如此。

And we've got a number of similar conversations in place right now.

我們目前已經進行了許多類似的對話。

And that's very much part of our strategy is to winning those consolidation deals.

這正是我們的策略的重要組成部分，即贏得這些合併交易。

And I think the big one, Adam, was Venerable.

我認為大人物亞當是可敬的。

And I'm trying to remember, did it fund this quarter, or I think it was September, October.

我試著回憶一下，它是否為本季提供了資金，或者我想是九月或十月。

So but yes, that has funded.

是的，資金已經到位。

But we continue to have more conversations with these partners.

但我們仍繼續與這些合作夥伴進行更多對話。

And there's a couple of others that we haven't disclosed the details about potentially as Adam said doing more because they are trying to reduce the number of firms that they work with and requiring more of those firms.

還有一些其他公司我們還沒有透露細節，正如亞當所說，他們可能會做更多，因為他們正試圖減少與他們合作的公司數量，並且需要更多的公司參與。

So they want a breadth of capability.

因此他們希望擁有廣泛的能力。

They want education.

他們想要教育。

They want so things like our academy become very important in this space.

他們希望我們的學院這樣的機構在這個領域變得非常重要。

And they like the expertise -- specific expertise on insurance.

他們喜歡專業知識——保險方面的專業知識。

So we think there'll be more to come there.

因此我們認為未來還會有更多。

This concludes today's question-and-answer session.

今天的問答環節到此結束。

I'd now just turn the call over to Jenny Johnson, Franklin's President and CEO for final comments.

現在，我將把電話轉給富蘭克林總裁兼執行長珍妮·約翰遜，請她發表最後的評論。

Well, I just want to thank everybody for attending the call.

好吧，我只想感謝大家參加電話會議。

And again, we're a people business.

我再說一遍，我們是一家以人為本的企業。

We're only as good as our folks at Franklin Templeton who work hard every day to serve our clients.

我們的優秀程度取決於富蘭克林鄧普頓的員工，他們每天努力工作，為客戶提供服務。

And so I just want to thank them for all their hard work and dedication, and we look forward to speaking with all of you next quarter.

因此，我只想感謝他們所有的辛勤工作和奉獻精神，我們期待下個季度與大家交談。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you again for your participation.

再次感謝您的參與。