富蘭克林資源 (BEN) 2021 Q4 法說會逐字稿

Welcome to Franklin Resources Earnings Conference Call for the quarter and fiscal year ended September 30, 2021.

歡迎參加截至 2021 年 9 月 30 日的季度和財政年度的富蘭克林資源收益電話會議。

Hello, my name is April, and I will be your call operator today.

您好，我的名字是 April，今天我將成為您的電話接線員。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

(Operator Instructions)

（操作員說明）

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

我現在想將會議轉交給您的主持人，富蘭克林資源公司投資者關係主管 Selene Oh。

Thank you.

謝謝你。

You may begin.

你可以開始了。

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

早上好，感謝您今天加入我們討論我們的季度和財政年度業績。

Please note that the financial results to be presented in this commentary are preliminary.

請注意，本評論中將提供的財務結果是初步的。

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.

本次電話會議上關於 Franklin Resources, Inc. 的陳述（非歷史事實）屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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

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

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

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

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

有了這個，我將把電話轉給我們的總裁兼首席執行官珍妮約翰遜。

Thank you, Selene.

謝謝你，賽琳娜。

Hello, everyone, and thank you for joining us today to discuss Franklin Templeton's results for our fourth quarter and fiscal year.

大家好，感謝您今天加入我們討論富蘭克林鄧普頓第四季度和財政年度的業績。

We're also very excited to announce the acquisition of Lexington Partners, and I am delighted to extend our warmest welcome to such a talented team.

我們也非常高興地宣布收購 Lexington Partners，我很高興向這樣一支才華橫溢的團隊表示最熱烈的歡迎。

Lexington's business provides us the exposure to a critical growth area in the alternative asset business, and we cannot be happier with this new partnership.

列剋星敦的業務讓我們接觸到另類資產業務的關鍵增長領域，我們對這種新的合作夥伴關係非常滿意。

We'll cover more on this transaction in a few minutes.

我們將在幾分鐘內詳細介紹此交易。

Matthew Nicholls, our CFO; and Adam Spector, our Head of Global Distribution, are on the call with me today.

我們的首席財務官 Matthew Nicholls；我們的全球分銷主管 Adam Spector 今天與我通話。

We're also joined by Tom Gahan, Head of Franklin Templeton Alternatives and Wil Warren, President of Lexington Partners, who will be available for questions after our prepared remarks.

Franklin Templeton Alternatives 負責人 Tom Gahan 和 Lexington Partners 總裁 Wil Warren 也加入了我們的行列，他們將在我們準備好的發言後接受提問。

I'll start by reviewing this year's milestones, then Matt will go through our financial results for the quarter and the fiscal year as well as spend some time discussing today's important transaction in greater detail.

我將從回顧今年的里程碑開始，然後馬特將介紹我們本季度和本財年的財務業績，並花一些時間更詳細地討論今天的重要交易。

Throughout Franklin Templeton's history, we have invested in our business to build a truly diversified and resilient organization that performs across market cycles with a commitment to serving our clients, employees and shareholders.

縱觀富蘭克林鄧普頓的歷史，我們一直投資於我們的業務，以建立一個真正多元化且具有彈性的組織，該組織在整個市場週期中表現出色，並致力於為我們的客戶、員工和股東提供服務。

The results that we announced today represent the first full fiscal year since we closed the Legg Mason acquisition, a transformational transaction that created a more balanced business across asset classes, client mix and geographies.

我們今天宣布的結果是我們完成收購 Legg Mason 以來的第一個完整財年，這是一項轉型交易，在資產類別、客戶組合和地域之間創造了更加平衡的業務。

We are pleased to report that the strategic and financial benefits from our acquisition of Legg Mason exceeded our goals, and we have added important growth opportunities.

我們很高興地報告，我們收購美盛所帶來的戰略和財務收益超出了我們的目標，並且我們增加了重要的增長機會。

Over the course of the year, we have created a management team consisting of key representation from Franklin Templeton, Legg Mason and our specialist investment managers.

在這一年中，我們組建了一支由富蘭克林鄧普頓、Legg Mason 和我們的專業投資經理的主要代表組成的管理團隊。

We have maintained our culture while invigorating collaboration and innovation across the firm.

我們在促進整個公司的協作和創新的同時保持了我們的文化。

Through the hard work and dedication of our employees, we've successfully brought 2 firms together to maximize our collective potential, one that successfully combines the attributes of global strength with boutique specialization.

通過我們員工的辛勤工作和奉獻，我們成功地將兩家公司聯合起來，以最大限度地發揮我們的集體潛力，一家成功地將全球實力的屬性與精品專業化結合在一起。

We've made strong progress and yet in so many ways, we're just getting started.

我們取得了長足的進步，但在很多方面，我們才剛剛開始。

Turning to investment performance.

轉向投資業績。

There's been an improvement in performance across a broad base of investment strategies.

在廣泛的投資策略基礎上，業績有所改善。

Through September, 71%, 69%, 72% and 77% of strategy composites outperformed their respective benchmarks across the 4 key time periods.

截至 9 月，71%、69%、72% 和 77% 的戰略組合在 4 個關鍵時間段的表現均優於各自的基準。

This quarter, we had 53% of mutual fund AUM in funds with 4- or 5-star ratings by Morningstar compared to 43% a year ago.

本季度，我們的共同基金資產管理規模佔晨星 4 星或 5 星評級的基金的 53%，而一年前這一比例為 43%。

During the year, we focused on updating our global distribution efforts by enhancing our generalist specialist model, reshaping client coverage and deepening relationships in each sales region, particularly with the largest global financial institutions.

在這一年中，我們通過加強我們的通才專家模式、重塑客戶覆蓋範圍和深化每個銷售區域的關係，特別是與最大的全球金融機構的關係，專注於更新我們的全球分銷工作。

Fiscal year long-term inflows doubled to $365 billion from the prior year, notably the U.S., which is our largest sales region with over $1.1 trillion in AUM was net flow positive for the year.

本財年的長期流入比上年翻了一番，達到 3650 億美元，尤其是美國，這是我們最大的銷售地區，資產管理規模超過 1.1 萬億美元，全年淨流入為正。

In terms of notable organic growth, we saw positive net flows in our core growth areas, including alternatives, SMAs, wealth management and ESG-specific strategies.

在顯著的有機增長方面，我們在核心增長領域看到了正的淨流量，包括替代品、SMA、財富管理和特定於 ESG 的策略。

We executed important acquisitions to further grow and diversify our business in alternative assets, customization and distribution of investment strategies.

我們執行了重要的收購，以進一步發展和多元化我們在另類資產、定制和投資策略分配方面的業務。

In terms of other accomplishments, our alternative asset strategies, an important area of focus for us, generated positive net flows in each quarter during the year and grew by 19% from the prior year to $145 billion in AUM with contributions from a diverse group of strategies, including real estate, infrastructure, private debt and hedge funds.

在其他成就方面，我們的另類資產戰略是我們關注的一個重要領域，在本年度每個季度都產生了正的淨流量，並且在來自不同群體的貢獻下，資產管理規模比上年增長了 19%，達到 1450 億美元。戰略，包括房地產、基礎設施、私人債務和對沖基金。

Several years ago, we announced our intention to create a full suite of alternative strategies, and we have been very deliberate in building our capabilities.

幾年前，我們宣布我們打算創建一整套替代策略，並且我們一直非常謹慎地建立我們的能力。

In 2018, the acquisition of Benefit Street Partners brought us a leading alternative credit manager.

2018 年，對 Benefit Street Partners 的收購為我們帶來了領先的另類信貸經理。

In 2020, we added a world-class real estate manager with Clarion Partners.

2020 年，我們與 Clarion Partners 一起增加了一位世界級的房地產經理。

This focus on alternatives led us to today's announcement of the acquisition of Lexington Partners, a leader in secondary private equity and co-investments.

這種對替代品的關注導致我們今天宣布收購 Lexington Partners，後者是二級私募股權和共同投資領域的領導者。

We now have top-tier specialist investment managers in all of the key alternative categories with Benefit Street Partners, Clarion Partners, Franklin Venture Partners, K2 and now Lexington Partners.

現在，我們在 Benefit Street Partners、Clarion Partners、Franklin Venture Partners、K2 和現在的 Lexington Partners 的所有關鍵替代類別中擁有頂級專業投資經理。

Specifically with the Lexington Partners transaction, I'm excited that Franklin Templeton will be partnering with such an outstanding firm that is led by an experienced and talented team immediately bringing us scale and capabilities in an attractive and growing global market.

特別是對於 Lexington Partners 的交易，我很高興富蘭克林鄧普頓將與這樣一家由經驗豐富且才華橫溢的團隊領導的傑出公司合作，立即為我們在一個有吸引力且不斷增長的全球市場帶來規模和能力。

There will be no changes to the team or its independent investment management process, and they will continue to operate autonomously as Lexington partners.

團隊或其獨立的投資管理流程不會發生任何變化，他們將繼續作為列剋星敦合作夥伴自主運作。

Upon the close of this transaction, we expect our alternative AUM to approach approximately $200 billion and over $1 billion in revenue, excluding performance fees, Matt will review the additional details of the transaction shortly.

在本次交易完成後，我們預計我們的替代資產管理規模將接近 2000 億美元，收入超過 10 億美元，不包括業績費用，馬特將很快審查交易的其他細節。

Another core growth area is our separately managed account business.

另一個核心增長領域是我們的獨立管理賬戶業務。

We are a top 3 provider in SMAs with $125 billion in assets under management, which is one of the fastest-growing segments in retail.

我們是 SMA 的前三名供應商，管理著 1250 億美元的資產，這是零售業增長最快的細分市場之一。

Our SMA business grew by 23% in AUM year-over-year and generated positive net flows in each quarter during the fiscal year.

我們的 SMA 業務的 AUM 同比增長 23%，並在本財年的每個季度產生了正的淨流量。

Our recently announced acquisition of O'Shaughnessy Asset Management and its custom indexing platform, Canvas, will take our existing strengths in SMAs to the next level enhancing our tax management factor-based and ESG customization capabilities.

我們最近宣布收購 O'Shaughnessy Asset Management 及其自定義索引平台 Canvas，將把我們在 SMA 方面的現有優勢提升到一個新的水平，增強我們基於稅收管理因素和 ESG 定制能力。

Canvas was launched in late 2019 and has seen strong growth since its inception and now represents $1.9 billion of the firm's total AUM of $6.3 billion as of September 30.

Canvas 於 2019 年底推出，自成立以來增長強勁，截至 9 月 30 日，該公司的總資產管理規模為 63 億美元，目前占公司總資產管理規模的 19 億美元。

The transaction will bring compelling benefits to the clients that both companies serve across multiple channels.

該交易將為兩家公司跨多個渠道服務的客戶帶來令人信服的利益。

There's no question that investors are more focused on ESG goals than ever before.

毫無疑問，投資者比以往任何時候都更加關注 ESG 目標。

Increasingly, there are 3 dimensions to ESG that investors consider: ESG factors, as understood risks in a portfolio; how ESG contributes to overall returns and the overall impact of ESG considerations to society and the environment.

投資者越來越多地考慮 ESG 的 3 個維度： ESG 因素，即投資組合中的已知風險； ESG 如何為整體回報做出貢獻，以及 ESG 考量對社會和環境的整體影響。

As an active manager, approximately 95% of our AUM represents strategies that consider ESG factors as part of the investment process and ESG-specific strategies representing over $200 billion in AUM were net flow positive in each quarter this fiscal year.

作為積極的管理人，我們大約 95% 的 AUM 代表將 ESG 因素視為投資流程的一部分的策略，而代表超過 2000 億美元 AUM 的 ESG 特定策略在本財年每個季度的淨流量為正。

All this being said, none of our accomplishments this past year would be possible, if it weren't for our employees.

綜上所述，如果不是我們的員工，我們在過去一年中取得的任何成就都是不可能的。

We are extremely fortunate to have such dedicated colleagues who are focused on achieving investment excellence, fostering enduring relationships and delivering superior service to our broad range of investors around the globe.

我們非常幸運擁有如此敬業的同事，他們專注於實現卓越投資、培養持久的關係並為我們在全球範圍內的廣大投資者提供卓越的服務。

Now I'd like to turn it over to our CFO, Matt Nicholls, who will review our financial results from the fourth quarter and fiscal year as well as take you through the specifics of the Lexington transaction.

現在我想把它交給我們的首席財務官馬特尼科爾斯，他將審查我們第四季度和財政年度的財務業績，並帶您了解列剋星敦交易的細節。

Matt?

馬特?

Thank you, Jenny.

謝謝你，珍妮。

Fourth quarter long-term net outflows were $9.9 billion, which were partially offset by the acquisition of Diamond Hill's high-yield focused U.S. corporate credit mutual funds, which added $3.5 billion in AUM and closed in July.

第四季度的長期淨流出為 99 億美元，部分被鑽石山以高收益為重點的美國企業信用共同基金的收購所抵消，該基金增加了 35 億美元的資產管理規模並於 7 月結束。

This quarter included the previously disclosed $5.4 billion 529 plan redemption, which included $4.7 billion of long-term assets, a $2 billion fixed income institutional redemption that had minimal impact to revenue and $800 million of fixed income outflows from the nonmanagement fee earning India credit funds that are in the process of liquidation.

本季度包括先前披露的 54 億美元的 529 計劃贖回，其中包括 47 億美元的長期資產、20 億美元的對收入影響最小的固定收益機構贖回以及來自印度信貸基金的非管理費的 8 億美元固定收益流出正在清算中。

Reinvested dividends were $2.3 billion this quarter.

本季度再投資股息為 23 億美元。

1% higher average assets under management of $1.55 trillion compared to the prior quarter plus $69 million of performance fees generated $1.66 billion in adjusted revenue for the fourth quarter.

與上一季度相比，平均管理資產增加 1%，達到 1.55 萬億美元，加上 6900 萬美元的績效費，第四季度調整後的收入為 16.6 億美元。

Investment management fees, excluding performance fees, were 3% higher compared to the prior quarter.

投資管理費（不包括績效費）與上一季度相比增長了 3%。

Adjusted operating expenses of $1.01 billion for the quarter were 3% lower due to lower compensation and lower G&A as a result of last quarter's upfront closed-end fund expenses.

本季度調整後的運營費用為 10.1 億美元，下降 3%，原因是上一季度的前期封閉式基金費用導致薪酬降低和 G&A 降低。

This led to an 8% increase in adjusted operating income of $647 million and an adjusted operating margin of 39%.

這導致調整後的營業收入增加了 8%，達到 6.47 億美元，調整後的營業利潤率為 39%。

Fourth quarter adjusted net income and adjusted diluted earnings per share increased 31% to $645 million or $1.26 per share.

第四季度調整後的淨收入和調整後的每股攤薄收益增長 31% 至 6.45 億美元或每股 1.26 美元。

These results include favorable discrete tax items of $155 million or $0.30 per share for the quarter.

這些結果包括本季度 1.55 億美元或每股 0.30 美元的有利離散稅收項目。

Turning to 2021 fiscal year financial results, which benefited from favorable market conditions and a full year of Legg Mason versus 2 months last year.

談到 2021 財年的財務業績，這得益於有利的市場條件和美盛的全年業績，而去年同期為 2 個月。

For the full year, adjusted revenues were $6.32 billion and adjusted operating expenses were $3.94 billion, an increase of 63% and 65%, respectively.

全年調整後收入為 63.2 億美元，調整後運營費用為 39.4 億美元，分別增長 63% 和 65%。

This led to fiscal year adjusted operating income of $2.38 billion, which was 60% higher compared to the prior year.

這導致本財年調整後的營業收入為 23.8 億美元，比上年增長 60%。

Our adjusted operating margin was 37.7%.

我們調整後的營業利潤率為 37.7%。

Compared to the prior year, fiscal year adjusted net income increased 46% to $1.92 billion and adjusted diluted earnings per share increased 43% to $3.74 per share, which included the impact of favorable discrete tax items of $175 million or $0.34 per share for the full year.

與上年相比，本財年調整後淨利潤增長 46% 至 19.2 億美元，調整後每股攤薄收益增長 43% 至每股 3.74 美元，其中包括 1.75 億美元或每股 0.34 美元的有利離散稅收項目的影響年。

As planned, we have achieved a run rate of 85% of our targeted merger-related cost synergies of $300 million this year.

按照計劃，我們今年實現了 3 億美元的目標合併相關成本協同效應的 85%。

We anticipate that 100% of these synergies will be achieved by the end of fiscal year 2022.

我們預計到 2022 財年末將實現 100% 的協同效應。

As a reminder, none of these cost efficiencies involved our specialist investment managers or investment teams.

提醒一下，這些成本效益均不涉及我們的專業投資經理或投資團隊。

Moving on to capital management.

繼續進行資本管理。

We believe our strong balance sheet continues to provide us with financial and strategic flexibility to evolve our business.

我們相信我們強大的資產負債表繼續為我們提供財務和戰略靈活性來發展我們的業務。

For the fiscal year ended September 30, we returned $782 million to shareholders through dividends and share repurchases.

在截至 9 月 30 日的財政年度，我們通過股息和股票回購向股東返還了 7.82 億美元。

During the year, we also prefinanced a large portion of legacy Legg Mason debt with lower cost of debt, reflecting our credit profile.

年內，我們還以較低的債務成本為大部分 Legg Mason 遺留債務進行了預融資，反映了我們的信用狀況。

Specifically, we issued $850 million of 1.6% senior notes due 2030 and $350 million, 2.95% notes due 2051.

具體來說，我們發行了 8.5 億美元、利率為 1.6%、2030 年到期的優先票據和 3.5 億美元、利率為 2.95%、2051 年到期的票據。

We redeemed $250 million 6.38% Legg Mason junior subordinated notes due 2056 on March 15, 2021, and $500 million of 5.45% Legg Mason junior subordinated notes due 2056 on September 15, 2021.

我們贖回了 2.5 億美元、利率為 6.38%、於 2021 年 3 月 15 日在 2056 年到期的美盛初級次級票據，以及 5 億美元、利率為 5.45%、於 2056 年到期的美盛初級次級票據，於 2021 年 9 月 15 日到期。

We ended the quarter with $6.93 billion of cash and investments.

我們在本季度結束時擁有 69.3 億美元的現金和投資。

We will continue to prioritize our dividend and intend to repurchase enough shares to at least offset our employee equity grants.

我們將繼續優先考慮我們的股息，並打算回購足夠的股票以至少抵消我們的員工股權贈款。

The remainder of our capacity will focus on continued investments in our business and acquisitions to further diversify and increase our sources of cash flow while positioning our firm for new growth opportunities as the industry continues to evolve.

我們剩餘的產能將專注於對我們的業務和收購的持續投資，以進一步多樣化和增加我們的現金流來源，同時隨著行業的不斷發展，為我們的公司提供新的增長機會。

Consistent with this, we are excited to share the specifics on the acquisition of Lexington Partners that we announced this morning.

與此一致，我們很高興分享我們今天上午宣布的收購 Lexington Partners 的具體細節。

As outlined in the transaction summary document, Lexington Partners is a global leader in secondary private equity and co-investments with current fee-based AUM of $34 billion.

正如交易摘要文件中所述，Lexington Partners 是二級私募股權和共同投資領域的全球領導者，目前的收費資產管理規模為 340 億美元。

Since its founding in 1994, Lexington has raised over $55 billion in aggregate capital commitments and currently has a team of 135 employees across 8 global offices.

自 1994 年成立以來，列剋星敦已籌集了超過 550 億美元的總資本承諾，目前在全球 8 個辦事處擁有 135 名員工。

It is expected to generate revenue of approximately $350 million and EBITDA of approximately $150 million in 2022.

預計到 2022 年將產生約 3.5 億美元的收入和約 1.5 億美元的 EBITDA。

With this acquisition, we now have strong and complementary capabilities in alternative credit, real estate, hedge fund solutions and PE-related activities.

通過此次收購，我們現在在替代信貸、房地產、對沖基金解決方案和私募股權相關活動方面擁有強大且互補的能力。

Given the overall size and growth of private equity and the likelihood of further private market expansion, having a specialist investment manager tied to this sector of alternative assets is a logical step in the diversification of our business.

鑑於私募股權的整體規模和增長以及進一步擴大私募市場的可能性，聘請與這一另類資產領域相關的專業投資經理是我們業務多元化的合乎邏輯的一步。

Furthermore, providing access diversified versions of higher returning investments will continue to increase in importance to meet savings and retirement goals of our broad group of clients.

此外，為實現我們廣大客戶群體的儲蓄和退休目標，提供更高回報投資的多樣化版本將變得越來越重要。

This could also be important in both our multi-asset solutions business and the continued development of our customization capabilities.

這對我們的多資產解決方案業務和我們定制能力的持續發展也很重要。

As Jenny mentioned earlier, this transaction takes us one important step further in creating a larger and more diversified alternative asset business and will result in pro forma fiscal year 2022 alternative asset AUM of approximately $200 billion, producing approximately $1 billion in annual management fee revenue excluding performance fees at a margin of approximately 40%.

正如 Jenny 之前提到的，這項交易使我們在創建更大、更多元化的另類資產業務方面邁出了重要的一步，並將導致 2022 財年備考另類資產資產管理規模約為 2000 億美元，每年產生約 10 億美元的管理費收入，其中不包括大約 40% 的保證金。

We intend to continue adding complementary business in both wealth management and asset management, including asset class and geographic expansion.

我們打算繼續在財富管理和資產管理方面增加互補業務，包括資產類別和地域擴張。

This will be both organic investment through allocating capital into our existing specialist investment managers and future acquisitions.

這將是通過將資金分配給我們現有的專業投資經理和未來收購的有機投資。

Given our global reach, financial flexibility, business model and experience in execution, we're able to attract highly talented teams and partnerships looking for a combination of independence, support and collaboration on a global and local scale to create new growth opportunities in what is a very large and expanding segment of the asset management industry.

鑑於我們的全球影響力、財務靈活性、商業模式和執行經驗，我們能夠吸引高素質的團隊和合作夥伴，尋求在全球和本地範圍內尋求獨立、支持和協作的結合，以創造新的增長機會。資產管理行業的一個非常大且不斷擴大的部分。

Turning to financial terms of the transaction.

轉向交易的財務條款。

We're acquiring 100% Lexington Partners for $1 billion in cash at closing plus a further $750 million in cash over the next 3 years.

我們將以 10 億美元的現金收購 Lexington Partners 100% 的股權，並在未來 3 年內再以 7.5 億美元的現金收購。

We have also structured this transaction to ensure continuity and strong alignment of interest with Lexington's clients, partners and employees over the long term.

我們還安排了這項交易，以確保與列剋星敦的客戶、合作夥伴和員工的長期利益保持連續性和強烈一致。

Consistent with this, we will be simultaneously issuing grants equal to 25% of Lexington to employees of Lexington, subject to 5 years vesting and establishing a performance-based cash retention pool of $338 million to be paid over the next 5 years.

與此一致，我們將同時向列剋星敦的員工發放相當於列剋星敦 25% 的贈款，授予期限為 5 年，並建立一個基於績效的現金保留池，在未來 5 年內支付 3.38 億美元。

The transaction is expected to close by the end of our fiscal second quarter subject to customary approvals.

該交易預計將在我們第二財季末完成，但須獲得慣例批准。

And now we would like to open the call up to your questions.

現在，我們想向您提出問題。

Operator?

操作員？

(Operator Instructions) Our first question is from Glenn Schorr with Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 Glenn Schorr。

So I like that you're using the cash to buy into good businesses.

所以我喜歡你用現金購買好的企業。

I think everything is accretive when you're earning nothing on cash.

我認為當您沒有現金賺取任何收入時，一切都是增值的。

So I'm a big fan of that.

所以我是那個的忠實粉絲。

If I took all the purchase price pieces and we can't see it all, it looks to me in the range of high teens to 20x EBITDA.

如果我把所有的購買價格都拿走了，我們看不到所有的東西，在我看來，它在十幾歲到 20 倍 EBITDA 的範圍內。

I'm just curious if that's about right?

我只是好奇這是否正確？

And what kind of ROI that kind of comes out to?

這種投資回報率是多少？

(technical difficulty)

（技術難度）

whether you take the $1.75 billion or whether you take the $1.75 billion plus in $338 million of additional and deferred compensation.

無論您是拿走 17.5 億美元，還是拿走 17.5 億美元加上 3.38 億美元的額外和遞延補償。

And maybe the 25% of the company also, right?

也許公司的 25% 也有，對吧？

Yes.

是的。

So yes, of course.

所以是的，當然。

Yes.

是的。

Well, yes, I mean, the multiples we just referred to assume 75% of the EBITDA numbers that we just announced.

嗯，是的，我的意思是，我們剛才提到的倍數假設了我們剛剛宣布的 EBITDA 數字的 75%。

So pretty simple just take 150x 75% divided by the amount we're paying.

非常簡單，只需將 150x 75% 除以我們支付的金額即可。

Got it.

知道了。

Okay.

好的。

And I'm curious on -- you are piecing as you went through, you're piecing together a bunch of interesting pieces of the alternative pie.

我很好奇——你正在拼湊，你正在拼湊一堆有趣的替代派。

So between Benefit Street, Lexington, Clarion and K2, what's the thought process on how you do or do not integrate?

那麼在 Benefit Street、Lexington、Clarion 和 K2 之間，關於如何整合或不整合的思考過程是什麼？

I noticed that you're forming and funding a specialist distribution team, but the historical Legg Mason never really integrated their boutiques.

我注意到你正在組建和資助一個專業的分銷團隊，但歷史悠久的美盛從未真正整合過他們的精品店。

So curious on how you're approaching the integration of all your alternative pieces?

對您如何整合所有替代作品感到好奇嗎？

I'll start and then have Tommy add to it.

我會開始，然後讓湯米加入。

So obviously, one of the differences when you acquire alternative managers is there's a lot of things that traditional asset managers can be shared across investment teams that isn't the case.

所以很明顯，當你獲得替代經理時，其中一個區別是傳統資產經理可以在投資團隊之間共享很多東西，但事實並非如此。

For example, an alternatives manager may want their own legal expertise as they're doing deals and things.

例如，備選方案經理在處理交易和事務時可能需要自己的法律專業知識。

And so there's a lot more of it sits within the independent specialized investment team in the alternatives world.

因此，在另類世界的獨立專業投資團隊中，還有更多的東西。

And in one of the changes that we've made with the acquisition of Legg Mason is having more institutional salespeople within the investment groups.

我們通過收購 Legg Mason 所做的改變之一是在投資集團中擁有更多的機構銷售人員。

So that's already part of an alternatives manager.

所以這已經是替代經理的一部分。

And what we are working hard to build as we believe the opportunity to democratize alternative assets in the more retail channel is that global distribution of alternatives.

我們正在努力建立的東西，因為我們相信在更多零售渠道中使替代資產民主化的機會是替代品的全球分銷。

Tom, do you want to add anything to that?

湯姆，你想補充什麼嗎？

No.

不。

Yes.

是的。

I mean, I think that's exactly it.

我的意思是，我認為就是這樣。

I mean I think we see opportunities in alternatives broadly defined, and you expect that to continue to grow at a really strong rate.

我的意思是我認為我們看到了廣泛定義的替代品中的機會，並且您預計它會繼續以非常強勁的速度增長。

And it's really sort of bringing the power of the platform to bear on the distribution alternatives, both institutional and retail.

它確實將平台的力量帶到了機構和零售的分銷選擇上。

And the joint venture that we've effectively created is first focusing on retail and then we'll look to expand it.

我們有效創建的合資企業首先專注於零售，然後我們將尋求擴大它。

But given the $200 billion now in AUM, we can afford to invest more in these types of products and services, which I think is going to be good for everybody.

但鑑於現在的 AUM 有 2000 億美元，我們有能力在這些類型的產品和服務上進行更多投資，我認為這對每個人都有好處。

And Glenn, just one other point.

還有格倫，只是另一點。

As we have tried to fill out our product breadth, we really believe the opportunity of multi-asset solutions.

當我們試圖填補我們的產品廣度時，我們真的相信多資產解決方案的機會。

That's where it gets knitted together as well, and that's kind of a -- requires the teams to be communicating, you're going to look at risk factors across as you're building additional products around that.

這也是它被編織在一起的地方，這有點——需要團隊進行溝通，在圍繞它構建其他產品時，你將要考慮風險因素。

Your next question is from Alex Blostein with Goldman Sachs.

您的下一個問題來自高盛的 Alex Blostein。

So maybe just building a little bit more on Lexington and kind of what that business looks like.

所以也許只是在列剋星敦建立更多的東西，以及那種業務的樣子。

I guess, first, pretty impressive growth in their funds over the last couple of vintages.

我想，首先，他們的資金在過去幾個年份中的增長相當可觀。

Maybe give us a sense what you are assuming in terms of growth for Lexington into '22 and '23 and what their earnouts are going to be based on?

也許讓我們了解一下您對列剋星敦 22 年和 23 年的增長的假設以及他們的收益將基於什麼？

let Wil take that answer.

讓威爾接受這個答案。

Thanks.

謝謝。

Yes, we've been able to raise significant capital in our areas of focus in secondaries, both our flagship funds, our middle market funds and then our co-investment business.

是的，我們已經能夠在我們的二級市場重點領域籌集大量資金，包括我們的旗艦基金、中間市場基金以及我們的共同投資業務。

So there's some structural drivers in each of those businesses that we think expand the market opportunity as we look forward.

因此，我們認為每一項業務都有一些結構性驅動因素，這些驅動因素在我們期待的過程中擴大了市場機會。

So we're excited to go after it with our new partners, and that's really it.

所以我們很高興能和我們的新合作夥伴一起去追求它，就是這樣。

Yes.

是的。

And I think, Alex, in terms of the -- what needs to be achieved to get to the hurdles on the various contingent consideration, we cannot talk about future fundraising on this call.

我認為，亞歷克斯，就需要實現什麼來克服各種或有考慮的障礙而言，我們不能在這次電話會議上談論未來的籌款活動。

But if you look at the past history, as the company and the timing around some of these things, we do have some growth built in, but I wouldn't say particularly aggressive growth for the future given the potential that we think we have together.

但如果你看看過去的歷史，作為公司和圍繞其中一些事情的時機，我們確實有一些增長，但考慮到我們認為我們共同擁有的潛力，我不會說未來特別激進的增長.

One of the very attractive things about Lexington Partners is, frankly, they're very successful on their own.

坦率地說，Lexington Partners 最吸引人的地方之一是，他們自己就非常成功。

So the forward-looking growth of Lexington standalone is very attractive to us.

所以列剋星敦獨立的前瞻性增長對我們非常有吸引力。

And then when you apply the additional growth potential through adding our resources with broader client base across high net worth and other distribution globally, we think it could actually add more to the numbers that we've highlighted today.

然後，當您通過將我們的資源添加到高淨值和全球其他分佈的更廣泛客戶群中來應用額外的增長潛力時，我們認為它實際上可以為我們今天強調的數字增加更多。

Great.

偉大的。

And my follow-up just around the balance sheet dynamics and pro forma for the deal.

我的後續行動只是圍繞資產負債表動態和交易的形式進行。

The deck as you guys have about $6 billion of cash and investments on a pro forma basis after the deal.

交易完成後，你們在備考基礎上擁有大約 60 億美元的現金和投資。

Can you give us a sense how much of the $6 billion is ultimately kind of unrestricted cash?

你能告訴我們這 60 億美元中有多少最終是不受限制的現金嗎？

If you wanted to do something when they're paying out tomorrow, what would that look like?

如果您想在他們明天付款時做某事，那會是什麼樣子？

And then how much of future funds do you expect Ben's balance sheet to participate in?

然後你預計 Ben 的資產負債表將參與多少未來的資金？

So in other words, like the co-investment or seed capital or whatnot, is it going to be 100% based on Franklin's balance sheet?

所以換句話說，就像共同投資或種子資本之類的，它是否會 100% 基於富蘭克林的資產負債表？

And how much of sort of resources do you think that's going to take on future fund raises?

您認為未來的籌資活動會佔用多少資源？

Yes.

是的。

Okay.

好的。

Thanks, Alex.

謝謝，亞歷克斯。

So a couple of things there.

所以有幾件事。

In terms of the sort of unrestricted cash that's available to do other things at the time that we close this transaction and we're assuming that we can close this transaction at the end of March, that number will probably be something like $1 billion.

就我們完成這筆交易時可用於做其他事情的無限制現金而言，我們假設我們可以在 3 月底完成這筆交易，這個數字可能會達到 10 億美元左右。

So that's question 1.

這就是問題1。

Question 2 on the GP commitment, there is very strong demand for the GP commitment from partners and employees, both at Lexington.

關於 GP 承諾的問題 2，Lexington 的合作夥伴和員工對 GP 承諾的需求非常強烈。

And I know that Franklin Templeton senior executives and other folks are looking forward to being part of that also.

而且我知道富蘭克林鄧普頓的高級管理人員和其他人也期待參與其中。

But you're right to highlight the fact that Franklin Templeton also, from a balance sheet perspective, be committing capital to support the GP level.

但是，您正確地強調了富蘭克林鄧普頓從資產負債表的角度來看，也將投入資金來支持 GP 水平。

So yes, we have a commitment to that.

所以，是的，我們對此有承諾。

We obviously can't say what the amount is because it depends on future fundraising.

我們顯然不能說金額是多少，因為這取決於未來的籌款情況。

Our next question is from Michael Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Congratulations on the deal announcement.

祝賀交易公告。

Matt, just a question for you just around the carry economics.

馬特，只是一個關於套利經濟學的問題。

So I was hoping maybe you could just elaborate on that?

所以我希望你能詳細說明一下嗎？

I don't think I heard that.

我不認為我聽到了。

I apologize if I missed it.

如果我錯過了，我深表歉意。

And then just on the equity that's granted to employees in Lexington, just curious the thought process around why not grant equity and shares of the parent and Franklin Templeton?

然後就授予列剋星敦員工的股權，只是好奇為什麼不授予母公司和富蘭克林鄧普頓的股權和股份的思考過程？

Yes.

是的。

So what was the first question again?

那麼第一個問題又是什麼？

Carry economics...

帶經濟...

Yes.

是的。

So carry, we're going to share in something like 20% of carry going forward.

所以隨身攜帶，我們將分享大約 20% 的套利。

The focus for us -- and then we haven't acquired any past carry either from previous funds.

我們的重點——然後我們沒有從以前的基金中獲得任何過去的利差。

The focus on us in this transaction was the very attractive management fee stream at a much higher fee rate than our average rate and the growth potential of that.

在這筆交易中，我們關注的重點是非常有吸引力的管理費流，其費率遠高於我們的平均費率和增長潛力。

We think, and I think investors believe and certainly collection partners, the alignment of interest through allocating the majority of carry to the producers in the company is very important.

我們認為，而且我認為投資者相信，當然也相信收款合作夥伴，通過將大部分利潤分配給公司的生產商來實現利益一致非常重要。

So that's what we focused on in terms of structuring the transaction, as you say.

正如你所說，這就是我們在構建交易方面所關注的。

What was the second question?

第二個問題是什麼？

The second part was just around the equity ownership.

第二部分只是圍繞股權。

Why not...

為什麼不...

Good question.

好問題。

So firstly, it may not surprise you to hear us say that we believe that BEN shares are quite undervalued.

因此，首先，聽到我們說我們認為 BEN 的股票被嚴重低估，您可能不會感到驚訝。

So we don't really like to dilute our shares.

所以我們真的不喜歡稀釋我們的股份。

We don't need to.

我們不需要。

But the more important answer to the question is that we think that the alignment of interest through providing equity in the actual business that the folks are operating in, you can't get a whole lot better than that.

但對這個問題更重要的答案是，我們認為通過在人們經營的實際業務中提供股權來實現利益一致，沒有比這更好的了。

We've got plenty of incentives across the firm to make sure people collaborate and coordinate to create more value.

我們在整個公司都有很多激勵措施，以確保人們協作和協調以創造更多價值。

The more that happens and that we create more revenue and EBITDA, the more Lexington will be worth in this case and the more Franklin will be worth.

發生的越多，我們創造的收入和 EBITDA 就越多，在這種情況下，列剋星敦的價值就越高，富蘭克林的價值就越高。

So we think that the 2 things align very well in this regard.

所以我們認為這兩件事在這方面非常吻合。

And frankly, it's probably better shareholder value for Franklin investors.

坦率地說，對於富蘭克林投資者來說，這可能是更好的股東價值。

Got it.

知道了。

And a follow-up question, if I could, just more bigger picture.

如果可以的話，還有一個後續問題，只是更大的圖景。

I think there was reference in the deck about opportunities to extend the Lexington business into private credit and into real estate.

我認為甲板上有關於將列剋星敦業務擴展到私人信貸和房地產的機會的參考。

I was just hoping you could elaborate a bit more on the opportunity set there?

我只是希望你能詳細說明一下那裡的機會？

How that might be accomplished?

那怎麼可能實現？

What sort of hurdles there might be with putting through that sort of extension in growth?

實現這種增長擴展可能會遇到什麼樣的障礙？

And just more broadly on the retail opportunity set, if you could talk a little bit about that because clearly, Franklin has strong retail distribution.

更廣泛地說，零售機會集，如果你能談談這一點，因為很明顯，富蘭克林有強大的零售分銷。

Tommy, why don't you or Wil take that question.

湯米，你或威爾為什麼不接受這個問題。

Well, look, I think that we have tremendous growth opportunities in each of the verticals, and we'll continue to look for opportunities to expand products organically as well as inorganically.

好吧，看，我認為我們在每個垂直領域都有巨大的增長機會，我們將繼續尋找有機和無機擴展產品的機會。

With respect to potential fundraising activity targeted at secondary real estate or private credit, I'd sort of push that back to Wil.

關於針對二級房地產或私人信貸的潛在籌款活動，我有點想把它推回威爾。

Yes.

是的。

So as I said earlier, we see structural growth in our core products that exist today, but there are also secondary markets developing in the areas you mentioned in private credit and certainly in real estate.

所以正如我之前所說，我們看到我們今天存在的核心產品的結構性增長，但在你提到的私人信貸領域，當然還有房地產領域也有二級市場發展。

So as the alternatives universe grows, one of the interesting things about this transaction is the ability to consider raising dedicated capital in those areas.

因此，隨著替代品領域的發展，這項交易的有趣之處之一是能夠考慮在這些領域籌集專門的資金。

So that will be something that we'll look at over the medium term, I'd say.

所以這將是我們將在中期考慮的事情，我會說。

Your next question is from the line of Ken Worthington with JPMorgan.

您的下一個問題來自摩根大通的 Ken Worthington。

So Franklin operates increasingly as a multi-brand and arguably the multi-boutique asset manager model, and you highlighted your intent to continue to acquire more.

所以富蘭克林越來越多地作為一個多品牌運營，可以說是多精品資產管理模型，你強調了你繼續收購更多的意圖。

I guess, other publicly traded multi-brand asset manager models command at discount.

我猜，其他公開交易的多品牌資產管理模型會打折。

So some questions on this.

所以對此有一些疑問。

So how does Franklin not get perpetually trapped into trading at a conglomerate or a multi-brand discount, particularly as you acquire more brands?

那麼，富蘭克林如何不永遠陷入以企業集團或多品牌折扣交易的困境，尤其是當您收購更多品牌時？

And then to Glenn's question in your response about solutions being the point of differentiation and knitting together the various products.

然後是 Glenn 在您的回答中提出的問題，即解決方案是差異化的重點，並將各種產品結合在一起。

Can you flesh out more how you're thinking about solution-based products and services on the alt side?

您能否詳細說明您是如何考慮替代方案的基於解決方案的產品和服務的？

It looks like, for example, the bigger alternatives are buying insurance companies to leverage their diverse product offerings and create a solutions-based offering set.

例如，看起來更大的選擇是購買保險公司，以利用其多樣化的產品並創建基於解決方案的產品集。

So more color, if you could, on the solutions road map.

如果可以的話，請在解決方案路線圖上添加更多顏色。

Yes.

是的。

So first of all, we look at it and say that, frankly, large asset managers with the broad capability that we have, we think, should be selling at a premium amount not a discount because the some of the parts -- if the some of the parts isn't greater than the discrete parts than we failed, so why is that?

因此，首先，我們看到它並說，坦率地說，我們認為擁有廣泛能力的大型資產管理公司應該以溢價而不是折扣出售，因為某些部分——如果某些部分零件的數量不大於我們失敗的離散零件，那為什麼呢？

If you look at -- starting with just our large partner clients, they are consolidating the number of firms to do business with and you have to have a broad breadth of capability to be able to make those lists.

如果你看一下——從我們的大型合作夥伴客戶開始，他們正在整合與之開展業務的公司的數量，你必須擁有廣泛的能力才能列出這些名單。

Number two, if you think about just what's happening today with technology and technology disruption, and I'll just start out with -- we talk about as an active manager.

第二，如果您考慮一下當今技術和技術中斷正在發生的事情，那麼我將首先開始-我們以積極的經理人的身份談論。

If you're not really good at leveraging data science and data analytics, ultimately, you're going to have a hard time competing in active management.

如果你不擅長利用數據科學和數據分析，最終你將很難在主動管理中競爭。

And data is expensive.

而且數據很昂貴。

Our approach is at the center.

我們的方法是中心。

We've created, for example, an investment data lake and our individual teams have data scientists in there so they can leverage that at their opt-in choice.

例如，我們創建了一個投資數據湖，我們的各個團隊在其中擁有數據科學家，因此他們可以根據自己的選擇來利用它。

But we can negotiate large vendor contracts and gain independent access to unique raw sources of data.

但我們可以協商大型供應商合同並獲得對獨特原始數據源的獨立訪問。

Those types of advantages, if executed well at the core, become a massive opportunity.

這些類型的優勢，如果在核心上得到很好的執行，就會成為一個巨大的機會。

And then there are things back to that kind of partner point, when you have a broad breadth of assets, you can do things like we have the Franklin Templeton Academy, which we built for emerging markets and find that partners in the developed markets want access to that kind of capability to do training of their teams.

然後回到那種合作夥伴的觀點，當你擁有廣泛的資產時，你可以做一些事情，比如我們為新興市場建立的富蘭克林鄧普頓學院，發現發達市場的合作夥伴想要進入以這種能力對他們的團隊進行培訓。

Thought leadership with the institution or the institute -- the Franklin Templeton institute is something that's sought after by our large partners.

機構或研究所的思想領導力——富蘭克林鄧普頓研究所是我們大型合作夥伴所追求的東西。

And then, of course, just a massive global distribution footprint that no individual manager could ever support, that kind of capability.

然後，當然，只是一個龐大的全球分銷足跡，沒有任何一位經理可以支持這種能力。

And so we think that, that brings a strong premium.

所以我們認為，這帶來了強大的溢價。

On your point on solutions, yes, I mean you see what's happening in the insurance business.

關於解決方案，是的，我的意思是你看到了保險業正在發生的事情。

It's probably that model will continue.

這種模式可能會繼續下去。

You'll see more of those kind of deals.

你會看到更多這樣的交易。

So there's a limited number.

所以數量有限。

Yes, if you have a good solutions team that can bring together and customize, that's an opportunity.

是的，如果您有一個優秀的解決方案團隊可以整合和定制，那就是一個機會。

And we look at where we can continue to grow that, but we also see it as an opportunity with our existing partners.

我們著眼於在哪裡可以繼續發展，但我們也將其視為與現有合作夥伴的機會。

And I know, Matt dying to add something here.

我知道，Matt 很想在這裡添加一些東西。

I would just say, kind of the highest level, we don't really see ourselves as a multi-affiliate asset management company from a model perspective.

我只想說，從模型的角度來看，我們並沒有真正將自己視為一家多附屬資產管理公司。

I wouldn't confuse the autonomy and independence of our teams with being a multi-affiliate asset management company.

我不會將我們團隊的自主性和獨立性與作為一家多附屬資產管理公司混為一談。

The brand strategy is because a number of our specialist investment managers are known very well for exactly what they do, and we don't want to dilute that in any way and that seems to resonate in the marketplace, both institutional and through other big distribution channels.

品牌戰略是因為我們的一些專業投資經理因其所做的事情而廣為人知，我們不想以任何方式淡化這一點，這似乎在市場上引起了共鳴，無論是機構還是通過其他大型分銷渠道。

That's number one.

那是第一名。

And number two, while the coordination and collaboration across the firm and some of the things that Jenny mentioned do not in any way dilute the independence autonomy of our specialized investment management companies, it is really good, the collaboration across the firm.

第二，雖然整個公司的協調和協作以及 Jenny 提到的一些事情並沒有以任何方式削弱我們專業投資管理公司的獨立自主權，但整個公司的協作真的很好。

And we're definitely seeing increased opportunities by that collaboration.

我們肯定會看到這種合作增加了機會。

And it's opt-in collaboration.

它是選擇性合作。

We don't force it across the firm.

我們不會在整個公司中強制它。

And you're seeing in an increasingly competitive environment across the industry that it's really energizing for the company and our specialist investment managers.

您會在整個行業競爭日益激烈的環境中看到，這確實為公司和我們的專業投資經理帶來了活力。

One thing we will have in common is we all want to grow, and we want to compete and we want to win and we're finding that this is a good strategy for us to be.

我們的共同點是我們都想成長，我們想競爭，我們想贏，我們發現這對我們來說是一個很好的策略。

It doesn't mean that other models don't work really well.

這並不意味著其他模型不能很好地工作。

Also, we have tremendous respect for our colleagues that have slightly different versions of our model.

此外，我們非常尊重我們的模型版本略有不同的同事。

In our opinion, we think of ourselves almost like as a hybrid of a model that you've referred to.

在我們看來，我們認為自己幾乎就像您提到的模型的混合體。

And in terms of the insurance piece, we study these things pretty carefully.

在保險方面，我們非常仔細地研究這些事情。

We have a pretty meaningful insurance angle ourselves, but it's an area that we're very interested in also.

我們自己有一個非常有意義的保險角度，但這也是我們非常感興趣的一個領域。

So it's one thing at a time, obviously, as we continue to build new opportunities for the company.

因此，顯然，隨著我們繼續為公司創造新的機會，這是一次一件事。

Our next question comes from Dan Fannon with Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Fannon。

So I know there's a lot of moving parts as we think about expenses for here.

因此，當我們考慮這裡的費用時，我知道有很多活動部分。

But maybe, Matt, if you could give us a framework to think about fiscal '22 in terms of either ex the transactions maybe on a core basis or we can think about expense growth or if you want to talk about them together, that would be helpful.

但也許，馬特，如果你能給我們一個框架來考慮 '22 財政年度的交易，要么是核心基礎上的交易，要么我們可以考慮費用增長，或者如果你想一起討論它們，那將是有幫助。

Yes.

是的。

Sure.

當然。

So including Lexington, assuming that we closed March 31 or around that date, April 1, say, I would just take the numbers we provided and the margin we provided and just divide it by 2 -- sorry, the margin won't be divided by 2, the revenue and EBITDA will be divided by 2. Just assume that's added in.

因此，包括列剋星敦，假設我們在 3 月 31 日或該日期（4 月 1 日左右）關閉，比如說，我只會將我們提供的數字和我們提供的保證金除以 2——抱歉，保證金不會被除以除以 2，收入和 EBITDA 將除以 2。假設已添加。

So putting that aside, on a standalone basis for the first quarter first -- obviously, we're very early to give guidance for the year.

因此，撇開這一點不談，在第一季度的獨立基礎上——顯然，我們為今年提供指導還為時過早。

But for the first quarter, excluding performance fees, we would expect our revenue to be approximately flat for the quarter and expenses to be down in the low single digits, let's say.

但是對於第一季度，不包括業績費用，我們預計我們的收入將在該季度大致持平，費用將以較低的個位數下降，比如說。

Because as you know, we do have some run rate expenses rolling through from last year from the merger-related synergies.

因為如您所知，我們確實從去年開始從與合併相關的協同效應中產生了一些運行費用。

So we've got that happening.

所以我們已經做到了。

So I think I would say that all else remaining equal, if markets remain stable, we expect our adjusted operating level to remain at current levels and adjusted operating expenses to be down low single digits compared to the fourth quarter.

所以我想我會說，如果市場保持穩定，其他一切都保持不變，我們預計調整後的運營水平將保持在當前水平，與第四季度相比，調整後的運營費用將下降個位數。

This is all excluding performance fees.

這都不包括表演費。

As you know, we have had elevated performance fees for the last 2 quarters with $102 million in the third quarter and $69 million in the fourth quarter, obviously, that does vary.

如您所知，我們在過去兩個季度的績效費用有所提高，第三季度為 1.02 億美元，第四季度為 6900 萬美元，顯然，這確實有所不同。

I would -- in terms of modeling on that one, I think there's been a little bit of confusion around how to think of that.

我會 - 就該模型的建模而言，我認為關於如何思考這一點存在一些困惑。

I would just think of half of that being comp and the other half being not comp -- the other half coming to the parent.

我只想到一半是補償，另一半不是補償——另一半是給父母的。

That's helpful.

這很有幫助。

That is.

那是。

And just to clarify the -- when you say that's percentage down for expenses quarter-over-quarter or...

只是為了澄清-當您說費用環比下降的百分比或...

Yes.

是的。

Sorry, low single-digit percentages.

對不起，低個位數百分比。

Great.

偉大的。

And then just in terms of the core business and gross sales and momentum in the prepared remarks, you talked about onboarding a wide range of product offerings with your largest global financial partners.

然後就準備好的評論中的核心業務和總銷售額和勢頭而言，您談到了與您最大的全球金融合作夥伴一起提供廣泛的產品。

So could you maybe expand upon -- I think you talked about Edward Jones last quarter, but maybe some other tangible examples of what products or channels are seeing that?

那麼您是否可以擴展-我認為您在上個季度談到了愛德華瓊斯，但也許還有其他一些具體的例子來說明哪些產品或渠道正在看到這一點？

And then also maybe if there are -- you've had some one-off redemptions that you've called out before, if there was anything to note for the fourth -- or I'm sorry, your fiscal first quarter that we should be aware of as well?

然後也許如果有 - 你以前曾呼籲過一些一次性贖回，如果第四季度有什麼需要注意的 - 或者對不起，你的第一財季我們應該也知道嗎？

Adam, do you want to take that?

亞當，你想拿那個嗎？

Sure.

當然。

So let's talk about the onboarding and I'll go back to what we said about the merger over a year ago and how complementary the 2 firms were.

因此，讓我們談談入職培訓，我將回到一年多前我們所說的合併以及兩家公司的互補性。

And if you think about the U.S. legacy, Franklin so much stronger in the regional and independent channel, Legg stronger in the wires outside of the U.S., Franklin much stronger in retail banking in markets like Germany, Italy with Legg Mason having a better presence in private banking.

如果你考慮一下美國的傳統，富蘭克林在區域和獨立渠道中的實力要強得多，萊格在美國以外的電匯領域更強大，富蘭克林在德國、意大利等市場的零售銀行業務方面更強大，而萊格梅森在私人銀行。

Each of those business segments really operate separate platforms.

這些業務部門中的每一個都真正運營著獨立的平台。

So Legg had its product on one set of platforms, Franklin on the other.

因此，Legg 的產品在一組平台上，Franklin 在另一組平台上。

Often, it takes a little bit of effort and work and sometimes formal agreements to be able to participate on those platforms.

通常，需要一些努力和工作，有時還需要正式的協議才能參與這些平台。

Since we had the platforms, we were able, over this year, to execute a strategy where we brought on Legacy Franklin product on the Legg Mason platforms and vice versa.

由於我們擁有這些平台，因此我們能夠在今年執行一項戰略，在 Legg Mason 平台上引入 Legacy Franklin 產品，反之亦然。

That means that we have far more funds in the U.S. than outside of the U.S. now available for sale.

這意味著我們現在在美國擁有的可供出售的資金比在美國以外的要多得多。

That process took several quarters to execute, and we're now in a position where we think we can sell significantly more next year because we are able to do that.

該過程需要幾個季度才能執行，我們現在處於我們認為明年可以銷售更多的位置，因為我們能夠做到這一點。

And I guess, Adam, in terms of the lumpy lumpiness, if you will, of numbers going into the fourth quarter.

我猜，亞當，如果你願意的話，就進入第四季度的數字而言。

We -- there are a couple of potential large increases because one of the things we haven't talked about since the announcement publicly is the O'Shaughnessey Asset Management acquisition, which was a very important acquisition in terms of customization capabilities and that's a tremendous team, and we're really excited about what that could bring for us.

我們 - 有幾個潛在的大幅增長，因為自公開宣布以來我們沒有談論的一件事是收購 O'Shaughnessey Asset Management，就定制能力而言，這是一項非常重要的收購，這是一個巨大的收購團隊，我們對這能為我們帶來什麼感到非常興奮。

That may close in our first quarter and that will add almost $7 billion under management.

這可能會在我們的第一季度結束，這將增加近 70 億美元的管理費用。

And then we also announced publicly, obviously, the acquisition of a team, a new team within fixed income in the LDI space that is expected to raise fairly quickly.

然後我們還公開宣布，顯然，收購了一個團隊，一個在 LDI 領域固定收益的新團隊，預計將很快籌集。

Again, it could be first quarter, second quarter, but that could be a few billion dollars that we will call out specifically at that time.

同樣，可能是第一季度，第二季度，但這可能是幾十億美元，我們屆時將特別提出。

And just to kind of put an exclamation mark on it, I mean, I think in the past, there are times where we were very concentrated on a few products.

只是在上面打一個感嘆號，我的意思是，我認為在過去，有時我們非常專注於一些產品。

Today, our top 10 funds represent only 19% of our AUM and 14 out of the top 20 funds by flows are not our largest funds.

今天，我們的前 10 名基金僅占我們 AUM 的 19%，而按流量計算的前 20 名基金中有 14 家並不是我們最大的基金。

I mean we are really not only diversifying our client base but also very much diversifying our product base.

我的意思是，我們實際上不僅在使我們的客戶群多樣化，而且也在使我們的產品基礎非常多樣化。

And in the case of something like OSAM we're excited about direct indexing, but we're also excited about the capabilities of that being a to deliver just our core active strategies as well down the road really enhancing the SMA portion of that.

對於像 OSAM 這樣的東西，我們對直接索引感到興奮，但我們也對它能夠提供我們的核心主動策略以及真正增強其中的 SMA 部分的能力感到興奮。

And Jenny, I would say that the diversification is equally true on the institutional side where we look at our pipeline there where no strategy, I think, is our kind of asset classes more than 17% of our pipeline at this point.

珍妮，我想說的是，在機構方面，多元化同樣如此，我們在那裡查看我們的管道，我認為目前沒有策略是我們的資產類別超過我們管道的 17%。

So really diversified on the institutional side as well.

因此，在機構方面也確實多樣化。

Our next question is from the line of Brennan Hawken with UBS.

我們的下一個問題來自瑞銀的布倫南霍肯。

Just a couple of follow-ups on the $150 million of EBITDA.

僅對 1.5 億美元的 EBITDA 進行了幾次跟進。

So Matthew, you said to just divide it by 2 for the 6 months, so I'm guessing that, that means there's no carry in that $150 million?

所以馬修，你說在 6 個月內將它除以 2，所以我猜，這意味著 1.5 億美元中沒有進位？

Yes.

是的。

Okay.

好的。

Great.

偉大的。

And then does that also mean that the 25% interest will sort of move with the vesting schedule?

那麼這是否也意味著 25% 的權益會隨著歸屬時間表而變化？

So 5 percentage points of interest going to that team per annum?

那麼每年有 5 個百分點的興趣流向那個團隊？

No, that will be immediate.

不，那將是立即的。

So that will run through -- we'll go through the -- we're obviously going to work through the best way to account for the transaction in the process of doing that.

所以這將貫穿 - 我們將貫穿 - 我們顯然將通過最佳方式來解決在此過程中的交易。

But I would look at it on a sort of an adjusted basis, you can expect to see 75% -- the impact will be 75% of those numbers that we've highlighted running through our P&L, basically, and then I would just apply our average tax rate to the EBITDA to get to a rough contribution level in terms of net income.

但我會在某種調整的基礎上看待它，你可以期望看到 75%——影響將是我們強調的貫穿損益表的那些數字的 75%，基本上，然後我會申請我們對 EBITDA 的平均稅率，以在淨收入方面達到粗略的貢獻水平。

We expect it to be probably mid to a little bit better single digits accretion immediately on an annualized basis.

我們預計，按年計算，它可能會立即以中等到更好的個位數增長。

Got it.

知道了。

And then when we think about the -- I know there's a $338 of performance have performance metrics tied to them.

然後當我們考慮 - 我知道有 338 美元的性能與性能指標相關聯。

But are there any other performance or retention components to the 25%?

但是這 25% 是否還有其他性能或保留成分？

In other words, is that transferable?

換句話說，這可以轉讓嗎？

Are there any performance pieces connected?

有沒有相關的表演作品？

How else is that linked in with Franklin over the long term?

從長遠來看，這與富蘭克林有何联系？

Yes.

是的。

And that's a really important question.

這是一個非常重要的問題。

It's something that obviously Wil was very focused on as well as us and the team, and we -- that 25% vests over a 5-year period and there are nonsolicit, noncompete all the things that you would expect around how you retain and incentivize senior employees that are equity holders in the company.

顯然，Wil 以及我們和團隊都非常關注這一點，而且我們 - 在 5 年的時間內授予 25% 的歸屬感，並且圍繞如何保留和激勵你所期望的所有事情都是非請求的、非競爭性的作為公司股權持有人的高級員工。

So we have all those things and it vests ratably over the 5 years.

因此，我們擁有所有這些東西，並且在 5 年內得到了可觀的回報。

And at the end of that 5-year period, there are basically options around who can acquire the equity.

並且在這 5 年期結束時，基本上有圍繞誰可以獲得股權的選擇權。

Franklin obviously is one that could acquire, but there's a lot -- there's going to be a lot of demand for that equity internally at Lexington, including through their own bonus pool.

富蘭克林顯然是可以收購的，但有很多——列剋星敦內部對這種股權的需求很大，包括通過他們自己的獎金池。

So that's something that Wil maybe want to comment on also in terms of the dialogue that we had, and then I'll go back to the contingent piece in a minute.

所以這也是 Wil 可能想就我們的對話發表評論的事情，然後我會在一分鐘內回到臨時問題。

Wil?

會？

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

I mean the opportunity to own a significant portion of our own business is something that we understand.

我的意思是有機會擁有我們自己的大部分業務是我們理解的。

The business has grown considerably since it was formed in 1994, and the opportunity through this partnership and structure with Franklin to broaden that ownership is really exciting for our employees.

自 1994 年成立以來，該業務已顯著增長，通過與富蘭克林的這種夥伴關係和結構來擴大所有權，這對我們的員工來說確實令人興奮。

So I think this is -- for us the chance to have a really powerful and exceptional new partner and at the same time, really bet on ourselves and our ability to continue to perform for our LPs.

所以我認為這是 - 對我們來說，有機會擁有一個非常強大和卓越的新合作夥伴，同時，真正押注我們自己以及我們繼續為我們的 LP 表演的能力。

Thank you, Wil.

謝謝你，威爾。

And then in terms of the performance-based cash awards, Brennan, that you talked -- that you asked about, they don't begin until the second year -- end of the second year and they run all the way through to the fifth year and they're tied to a number of revenue and AUM-based metrics that we anticipate over that period of time.

然後就基於績效的現金獎勵而言，布倫南，你談到的——你問過的，它們直到第二年才開始——第二年結束，它們一直持續到第五年年，它們與我們在這段時間內預期的許多收入和基於 AUM 的指標相關聯。

And then there is time-based payments on this also that we were very pleased to work on with the team.

然後還有基於時間的付款，我們很高興與團隊合作。

So we have $1 billion at closing, and we referenced $750 million over 3 years and that $750 million is split $250 million in the first year, $400 million at the end of the second year and $100 million at the end of the third year.

所以我們在結束時有 10 億美元，我們參考了 3 年的 7.5 億美元，這 7.5 億美元分為第一年的 2.5 億美元、第二年年底的 4 億美元和第三年年底的 1 億美元。

And then the $338 million is pretty much even.

然後3.38億美元幾乎是平的。

It's a little bit different numbers, but very evenly split between the second year right through to the fifth year.

這是一個有點不同的數字，但在第二年到第五年之間分佈得非常均勻。

So it's quite well balanced between 3 and 5 years.

所以 3 到 5 年是相當平衡的。

That's really helpful.

這真的很有幫助。

Just one clarifying point, is that

只有一個澄清點，是

(technical difficulty)

（技術難度）

Sorry, Brennan, you're cutting in and out.

抱歉，布倫南，你插進插出。

We can't hear you.

我們聽不見你的聲音。

Yes, we can't hear you.

是的，我們聽不到你的聲音。

Sorry, that's better now?

抱歉，現在好點了嗎？

Yes.

是的。

So the -- the 25% after 5 years.

所以——5年後的25%。

Does that have a chance to actually increase and Lexington employees participate in more, therefore, diluting frankly?

這是否有機會真正增加，列剋星敦員工參與更多，因此坦率地稀釋？

Is that what you had said?

那是你說的嗎？

I just want to make sure I understood that.

我只是想確保我明白這一點。

No, I meant within the 25%.

不，我的意思是在 25% 以內。

So within the 25%, it will either circulate within Lexington.

因此，在 25% 之內，它要么在列剋星敦內流通。

It will never go outside of Lexington, other than to Franklin.

除了富蘭克林，它永遠不會離開列剋星敦。

So it later within Lexington or Franklin will acquire more, but we expect it to stay within Lexington for the extended period.

因此，它稍後會在列剋星敦或富蘭克林獲得更多，但我們預計它會在較長時間內留在列剋星敦。

And I guess, just to complete the picture, even if -- in theory, even if Lexington partners decide to sell some of their equity to Franklin, there is a minimum amount of equity that needs to be held by the partners when they're actively employed with the company and it takes a number of years to sell down the equity.

而且我想，為了完整起見，即使 - 從理論上講，即使列剋星敦合夥人決定將他們的部分股權出售給富蘭克林，當合夥人在積極受僱於公司，出售股權需要數年時間。

And that's why we're confident at the circulation point.

這就是為什麼我們對流通點充滿信心。

Your next question is from Robert Lee with KBW.

您的下一個問題來自 Robert Lee 和 KBW。

First, maybe just sticking with some of the payout or earn-outs, is the -- I want to make sure I understand this, is the $750 million that you start paying, I guess, in years 1 through 3, is that subject to like an earn-out or performance?

首先，也許只是堅持一些支出或收益，是 - 我想確保我理解這一點，是你開始支付的 7.5 億美元，我猜，在第 1 年到第 3 年，是否受制於像賺錢還是表演？

Or is that just kind of delayed payments and not really, I'll call it, performance based?

或者這只是一種延遲付款，而不是真的，我稱之為基於績效的？

They're just time-based payments.

它們只是基於時間的付款。

They're just time-based.

它們只是基於時間的。

Okay.

好的。

Great.

偉大的。

And then just stepping back a second and maybe philosophically, the Lexington, I mean, certainly, there's huge value in having them own a piece of their business over time, Clarion, I believe, employees, partners there still own a piece of their business.

然後退後一步，也許在哲學上，列剋星敦，我的意思是，當然，隨著時間的推移，讓他們擁有自己的一部分業務具有巨大的價值，Clarion，我相信，那裡的員工，合作夥伴仍然擁有他們的一部分業務.

And I know something that legacy Legg struggled with was how to get more -- maybe move away somewhat from a revenue share, more towards having employees in Western and other affiliates own equity.

我知道 Legg 一直在努力解決的問題是如何獲得更多——也許在某種程度上擺脫收入分成，更多地轉向讓西方和其他附屬公司的員工擁有股權。

I mean, does this kind of create any, I don't know, internal pressure or whatnot?

我的意思是，這種方式是否會產生任何我不知道的內部壓力或其他什麼？

Whether it's Benefit Street or the other specialist sales to kind of revamp or reshape their structure and how much -- how they have equity versus revenue share?

無論是 Benefit Street 還是其他專業銷售，以改造或重塑他們的結構以及多少 - 他們如何擁有股權與收入份額？

Well, so first of all, the nature of which individual investment team structure is often is related to some historical acquisition and the beauty of the alternatives business is because there's the carry in there, often itself is a great retention tool.

好吧，首先，個人投資團隊結構的性質通常與一些歷史收購有關，而另類業務的美妙之處在於那裡有利差，通常它本身就是一個很好的保留工具。

And so that's built into all of our alternatives businesses.

因此，這已融入我們所有的替代業務。

And then when we did the acquisition, I mean, there were things that we were able to do in the acquisition of Legg Mason to ensure that incentives are aligned with the parent company and that everybody is rowing the boat in the same direction.

然後，當我們進行收購時，我的意思是，我們在收購 Legg Mason 時能夠做一些事情，以確保激勵措施與母公司保持一致，並且每個人都朝著同一個方向划船。

And as we talked about earlier, we've created an opt-in environment where we think there are some really good upsides to the teams by leveraging the core part of the business.

正如我們之前談到的，我們創建了一個選擇加入的環境，我們認為通過利用業務的核心部分可以為團隊帶來一些非常好的好處。

And what we've seen is a real desire.

我們看到的是一個真正的願望。

We had recently a CIO forum where the heads of all of our different investment teams got together, and I got to tell you, the engagement was outstanding.

我們最近舉辦了一個 CIO 論壇，我們所有不同投資團隊的負責人聚在一起，我得告訴你，參與度非常高。

Everybody really appreciated it and the conversations were very, very good.

每個人都非常欣賞它，談話非常非常好。

And so I think people recognized the benefit of being part of a greater organization.

所以我認為人們認識到成為更大組織的一部分的好處。

And also, Rob, just to add to Jenny's point, if you think of our alternative asset specialist investment managers, they all either have like Clarion's, for example, owns 18% parent.

此外，Rob，只是補充 Jenny 的觀點，如果你想想我們的另類資產專家投資經理，他們要么都像 Clarion 那樣擁有 18% 的母公司。

That's the same sort of partnership structures we have with Lexington.

這與我們與列剋星敦的伙伴關係結構相同。

And Benefit Street Partners, we have basically the equivalent of growth units.

和 Benefit Street Partners 一樣，我們的成長單位基本相當。

It's not equity, but it's very close to equity.

這不是公平，但它非常接近公平。

So in each -- and then in many other businesses, we have the same thing where you're basically, as Jenny mentioned, we're aligning interest.

所以在每一個 - 然後在許多其他業務中，我們基本上都有同樣的事情，正如珍妮所說，我們正在調整興趣。

It doesn't always have to be with equity, it can be a combination of equity and cash in terms of how it relates to certain specific growth objectives for that particular business -- growth targets for that business.

它並不總是必須與股權有關，它可以是股權和現金的組合，就其與特定業務的某些特定增長目標（該業務的增長目標）的關係而言。

So it's really a combination of things that works well for the specific teams, what we work on with them and what works for the parent company to make sure we get the right growth going.

因此，這實際上是對特定團隊有效的事情的組合，我們與他們合作的內容以及對母公司有效的內容，以確保我們獲得正確的增長。

Great.

偉大的。

And maybe if I could squeeze in one quick follow-up.

也許如果我可以快速跟進。

I mean the $34 billion of fee-paying AUM and fundraising was very good, I guess, last cycle.

我的意思是 340 億美元的付費 AUM 和籌款非常好，我猜，上個週期。

But is there a certain amount of dry powder that's not yet earning fees, I mean maybe some of those funds are drawdown structures?

但是是否有一定數量的干粉尚未賺取費用，我的意思是其中一些資金可能是提款結構？

So is there kind of -- as we look for is some kind of built-in fee growth already just from what they already have committed?

那麼，是否存在某種——正如我們所尋找的那樣，某種內置的費用增長已經來自他們已經承諾的內容？

So Wil, why don't we have you take that.

那麼威爾，我們為什麼不讓你拿走那個。

Happy to take it.

很高興接受它。

The answer is no on existing products.

現有產品的答案是否定的。

These are commitment fee-paying products.

這些是承諾付費產品。

Our next question comes from Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

Most of have been asked and answered.

大部分都被問及回答了。

Just a couple of clarifications on the deal first and then a longer-term question.

首先對交易進行一些澄清，然後是一個長期問題。

The AUM, the $200 billion pro forma includes the $55 billion from Lexington, but on the $1 billion of fees on that, should we be thinking of it on the fee-paying AUM contribution to more like $180 billion?

資產管理規模，2000 億美元的備考包括來自列剋星敦的 550 億美元，但就其 10 億美元的費用而言，我們是否應該將其考慮到對 1800 億美元以上的 AUM 的付費貢獻？

Then just to clarify on the $338 million, I think, Matt, you said that starts in the second year.

然後只是為了澄清 3.38 億美元，我想，馬特，你說從第二年開始。

So that would not impact fiscal year '22 whatsoever and the adjusted tax rate going forward that you're using?

所以這不會影響 '22 財政年度和你正在使用的調整後的稅率？

Yes.

是的。

So a couple of things there.

所以有幾件事。

Firstly, the -- could you just repeat your first question?

首先，你能重複你的第一個問題嗎？

I didn't fully follow what you said.

我沒有完全按照你說的去做。

Yes.

是的。

the $200 billion AUM is 145...

2000 億美元的資產管理規模是 145...

Yes.

是的。

Yes.

是的。

So firstly, that actually doesn't include $55 billion.

首先，這實際上不包括 550 億美元。

$55 billion is the amount that's being raised in terms of capital, since inception at Lexington, it only includes the $34 billion with an assumption of some modest growth.

550 億美元是從資本方面籌集的金額，自列剋星敦成立以來，它僅包括假設適度增長的 340 億美元。

But we've been growing 20% organically across other alternative asset So it includes some growth in those also.

但是我們在其他另類資產中一直在有機地增長 20% 所以它也包括了一些增長。

So it doesn't add just the $55 billion.

因此，它不僅增加了 550 億美元。

It adds to $34 billion and then the assumption of growth.

它增加了 340 億美元，然後假設增長。

So that's how you get to the $200 billion.

這就是你獲得2000億美元的方式。

We feel good about that.

我們對此感覺良好。

What was the second question?

第二個問題是什麼？

And that $200 billion at the end of March, basically -- just a couple on the second part of the question is the $338 million, I think that starts after fiscal year '22 and the go-forward tax rate that you're using?

3 月底的 2000 億美元，基本上——問題的第二部分中只有幾個是 3.38 億美元，我認為是在 22 財年和你使用的前進稅率之後開始的？

So the first contingent payment it starts in 2024, actually.

所以第一筆或有付款實際上是在 2024 年開始的。

So that's that.

就是這樣。

And then the other question you asked, sorry, question.

然後你問的另一個問題，對不起，問題。

The billion -- you asked -- well, I'll get to tax in a second.

十億——你問過——好吧，我馬上就去納稅。

You asked about the $1 billion of management fees, and yes, that's tied to the $200 billion, frankly, is quite conservative probably.

你問到 10 億美元的管理費，是的，這與 2000 億美元掛鉤，坦率地說，這可能是相當保守的。

And that's only management fee revenue.

這只是管理費收入。

It's not anything to carry or performance fees or anything like that.

這不是攜帶或表演費或類似的東西。

We think that's fairly conservative because already at Franklin standalone, we're probably at something like $700 million of management fees for 2021, for example and then plus the performance got us already quite close to $1 billion at that 40% margin that I mentioned to you.

我們認為這是相當保守的，因為已經在富蘭克林獨立，例如，我們在 2021 年的管理費可能約為 7 億美元，再加上業績已經讓我們以我提到的 40% 的利潤率接近 10 億美元你。

In terms of the tax rate, I would continue to use the 23% to 24% effective tax rate guidance on all of this.

在稅率方面，我將繼續使用 23% 至 24% 的有效稅率指導。

We realized that this quarter was unusual in terms of the reserve that we're able to release.

我們意識到，就我們能夠釋放的儲備而言，本季度是不尋常的。

So we do not expect any additional large reserves like that to happen, although I should point out on taxes that we've probably been able to benefit from about $150 million of the approximately $600 million of tax benefits obtained through the acquisition of Legg Mason, and we should be get a benefit from about another $200 billion in favorable tax attributes over the next 2 years and then the rest will be over probably 7 years at that point, 6 or 7 years, something like that.

因此，我們預計不會發生任何額外的大型儲備，儘管我應該指出稅收方面，我們可能已經能夠從通過收購 Legg Mason 獲得的約 6 億美元稅收優惠中的約 1.5 億美元中受益，在接下來的 2 年裡，我們應該會從另外 2000 億美元的稅收優惠中受益，然後剩下的可能會在那個時候超過 7 年，6 或 7 年，類似這樣。

And that's the cash tax rate as opposed to the 23% to 24%...

這就是現金稅率，而不是 23% 到 24%……

Yes.

是的。

That's right.

這是正確的。

Exactly.

確切地。

That's great.

那太棒了。

And then maybe just one on ESG, Jenny.

然後可能只是 ESG 上的一位，珍妮。

You mentioned, obviously, now you're up to about $200 billion.

你提到，顯然，現在你的資產高達 2000 億美元。

Maybe just classifying that between what you would consider like pure sustainable investments versus exclusionary products?

也許只是將其分類為您認為的純可持續投資與排他性產品？

I think before you said you sort of modeled it after Articles 8 and 9 in terms of classification.

我想在你說之前你在分類方面模仿了第 8 條和第 9 條。

So I just wanted to verify if that $200 billion is linked to Article 8 or 9 of Europe?

所以我只是想驗證一下，這 2000 億美元是否與歐洲第 8 條或第 9 條有關？

And maybe just what your view is of maybe potentially reclassifying changing prospectus, if you will, to in terms of the strategy of even raising that $200 billion?

也許你的觀點是，如果你願意的話，可能會將不斷變化的招股說明書重新歸類為甚至籌集 2000 億美元的戰略？

Well, so yes, it's Articles 8, 9. So that's the first part.

嗯，是的，這是第 8 條、第 9 條。所以這是第一部分。

And if you look at the flows in Europe, I mean, we saw something that says there's $2.2 trillion in AUM in 2020, and that's going to get up to $53 trillion by 2025.

如果你看看歐洲的流動情況，我的意思是，我們看到 2020 年的資產管理規模為 2.2 萬億美元，到 2025 年將達到 53 萬億美元。

I mean there's some Article 6 selling, but I got to tell you, the demand is Article 8, 9. So that's where the growth is.

我的意思是有一些第 6 條銷售，但我必須告訴你，需求是第 8 條、第 9 條。所以這就是增長所在。

We've got very good products there.

我們在那裡有非常好的產品。

I think we were very disciplined.

我認為我們非常有紀律。

Nobody is claiming greenwashing.

沒有人聲稱要洗綠。

On our part, we were very disciplined and have a rigorous compliance group reviewing any products before we declare them that way.

就我們而言，我們非常自律，並有一個嚴格的合規小組在我們以這種方式宣布任何產品之前對其進行審查。

We have more in the queue that are being reviewed internally, and we think that what's happening in Europe, it's going to happen in Asia and the U.S. as well.

我們有更多正在內部審查的隊列，我們認為歐洲正在發生的事情，亞洲和美國也會發生。

Adam, you want to add to that?

亞當，你想補充一下嗎？

I was just going to add that if you look at our pipeline, it's pretty incredible.

我只是想補充一點，如果你看看我們的管道，那真是太不可思議了。

About 20% of our flows are coming from 8 and 9 products in Europe, and it's about 40% of our pipeline.

我們大約 20% 的流量來自歐洲的 8 和 9 種產品，約占我們管道的 40%。

So while we've got a decent business there, it's just growing and growing more quickly than anything else we do.

因此，雖然我們在那裡有不錯的業務，但它的增長速度比我們所做的任何其他事情都快。

That is super helpful.

這非常有幫助。

Just if you're able to break it apart between sustainable and exclusionary, I don't know if that's possible?

只要您能夠將其區分為可持續和排他性，我不知道這是否可能？

I don't have it at my fingertips.

我沒有它在我的指尖。

Adam, I don't know if you do.

亞當，我不知道你有沒有。

I can tell you that.

我可以告訴你。

Why don't we get back to you with those exact numbers.

我們為什麼不用這些確切的數字回复你。

Great.

偉大的。

Well, I just want to thank you for participating in today's call today.

好吧，我只想感謝你參加今天的電話會議。

We are out of time.

我們沒時間了。

As you can hopefully tell, we've made a lot of exciting progress over the past 12 months.

正如您所希望的那樣，在過去的 12 個月中，我們取得了許多令人興奮的進展。

And yet in so many ways, we're just getting started.

然而，在很多方面，我們才剛剛開始。

So once again, we'd like to thank our employees for their hard work and remaining focused on our clients and each other, and we look forward to speaking to you again next quarter.

因此，我們再次感謝我們的員工的辛勤工作，並始終專注於我們的客戶和彼此，我們期待下個季度再次與您交談。

So thanks, everybody, and stay healthy.

所以謝謝大家，保持健康。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。