Federated Hermes Inc (FHI) 2025 Q3 法說會逐字稿

Greetings. Welcome to the Federated Hermes Q3 2025 analyst call and webcast. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Federated Hermes 2025 年第三季分析師電話會議和網路直播。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Ray Hanley, President of Federated Investors Management Company. You may begin.

現在我將把會議交給主持人，聯邦投資者管理公司總裁雷漢利。你可以開始了。

Good morning, and welcome. Leading today's call will be Chris Donahue, CEO and President, Federated Hermes; and Tom Donahue, Chief Financial Officer; and participating in the Q&A are Saker Nusseibeh, the CEO of Federated Hermes Limited and Debbie Cunningham, our Chief Investment Officer for Money Markets.

早安，歡迎。今天的電話會議將由 Federated Hermes 執行長兼總裁 Chris Donahue 和財務長 Tom Donahue 主持；參與問答環節的有 Federated Hermes Limited 執行長 Saker Nusseibeh 和我們的貨幣市場首席投資長 Debbie Cunningham。

During today's call, we may make forward-looking statements, and we want to note that Federated Hermes' actual results may be materially different than the results implied by such statements. Please review the risk disclosures in our SEC filings. No assurance can be given as to future results, and Federated Hermes assumes no duty to update any of these forward-looking statements.

在今天的電話會議中，我們可能會發表一些前瞻性聲明，但我們想指出，Federated Hermes 的實際業績可能與此類聲明所暗示的業績有重大差異。請查閱我們提交給美國證券交易委員會（SEC）文件中的風險揭露資訊。對於未來的業績無法做出任何保證，Federated Hermes 不承擔更新任何前瞻性聲明的義務。

Chris?

克里斯？

Thank you, Ray. Good morning. I will review Federated Hermes business performance. Tom will comment on the financial results. We ended the third quarter with record assets under management of $871 billion, led by gains from our money market and equity strategies.

謝謝你，雷。早安.我將對 Federated Hermes 的業務表現進行評估。湯姆將對財務表現發表評論。第三季末，我們的管理資產規模達到創紀錄的 8,710 億美元，這主要得益於貨幣市場和股票策略的收益。

Equity assets increased by $5.7 billion or 6% from the prior quarter due mainly to market gains. Q3 equity net sales were slightly negative $130 million, as solid net fund sales of $1.4 billion were offset by about $1.5 billion of separate account net redemptions driven by one client at all their CIT strategies moving to passive ETFs.

權益資產較上一季增加 57 億美元，增幅 6%，主因是市場上漲。第三季股票淨銷售額略微為負 1.3 億美元，原因是穩健的基金淨銷售額 14 億美元被約 15 億美元的獨立帳戶淨贖回所抵消，而這主要是由於一位客戶將其所有 CIT 策略都轉向被動型 ETF 所致。

And another client where pension funds were merged and the surviving plan happens to use private strategies -- passive strategies. Interestingly, we are also seeing other clients interested in moving from passives into our MDT strategies, which have had several RFPs come in from investors considering this switch.

還有一位客戶，其退休基金合併後，倖存的計畫恰好採用了私人策略——被動策略。有趣的是，我們也看到其他客戶對從被動投資轉向我們的 MDT 策略感興趣，我們已經收到了幾份來自考慮進行這種轉變的投資者的 RFP。

The MDT fundamental quant strategies produced solid results again in the third quarter. MDT equity strategies had Q3 net sales of $2 billion. Looking at MDT fund performance rankings as of September 30, seven of the eight MDT equity mutual fund strategies are in the top performance quartile of their Morningstar categories for the trailing one and three years. And all eight are top quartile for the trailing 5 and 10 years. And four of these strategies are in the top decile for the trailing three years.

MDT的基本面量化策略在第三季再次取得了穩健的表現。MDT股票策略第三季淨銷售額為20億美元。從 MDT 基金截至 9 月 30 日的業績排名來看，MDT 八種股票型共同基金策略中有七種在過去一年和三年的晨星評級類別中均位列前四分之一。這八家公司在過去 5 年和 10 年的排名均位列前四分之一。其中四項策略在過去三年中均名列前10%。

We had net sales in 20 equity fund strategies during the third quarter including, obviously, a variety of the MDT offerings and the Asia ex Japan fund leading the pack. We are actively developing distribution opportunities outside of the US and are finding considerable interest from institutions, intermediaries and others. For example, the MDT US equity UCITS fund, that means it's registered for us in Dublin, launched in June, is off to a great start. We are seeing strong demand from clients outside of the US and have already had $340 million in net sales from inception through last week.

第三季度，我們在 20 種股票基金策略中實現了淨銷售額，其中顯然包括 MDT 的各種產品，而除日本以外的亞洲基金則遙遙領先。我們正在積極開發美國以外的分銷機會，並發現機構、中介機構和其他方面對此表現出了相當大的興趣。例如，MDT 美國股票 UCITS 基金（這意味著它已在都柏林註冊）於 6 月推出，目前開局良好。我們看到來自美國以外客戶的強勁需求，自公司成立至上週，淨銷售額已達 3.4 億美元。

Now looking at our equity fund performance at the end of Q3 and using Morningstar data for trailing three years, 53% of our equity funds were beating peers and 33% were in the top quartile of their category. For the fourth quarter through October 24, combined equity funds and SMAs had net sales of $580 million.

現在，根據晨星公司過去三年的數據，我們查看了第三季末的股票基金業績，其中 53% 的股票基金跑贏了同行，33% 的股票基金位列同類基金的前四分之一。截至 10 月 24 日的第四季度，股票基金和 SMA 的淨銷售額合計為 5.8 億美元。

Now turning to fixed income. Assets increased by $3.1 billion from the prior quarter to reach a record high of $101.8 billion at the end of Q3. Fixed income total net sales improved by $4.1 billion, as we had $1.7 billion of net sales in the third quarter compared to net redemptions of $2.4 billion in the second quarter.

現在轉向固定收益。第三季末，資產較上一季增加 31 億美元，達到創紀錄的 1,018 億美元。固定收益總淨銷售額成長了 41 億美元，第三季淨銷售額為 17 億美元，而第二季淨贖回額為 24 億美元。

Q3 net sales included about $1.4 billion from two large public entities that have regular sizable inflows and outflows. We had 24 fixed income funds with net sales in the third quarter, led by the three ultrashort funds with $579 billion combined, and the sustainable global investment-grade usage fund about $240 million.

第三季淨銷售額包括來自兩家大型上市實體的約 14 億美元，這兩家實體有定期的大量資金流入和流出。第三季度，我們有 24 檔固定收益基金實現了淨銷售額，其中三隻超短期基金合計規模達 5,790 億美元，可持續全球投資級用途基金規模約為 2.4 億美元。

Regarding performance at the end of the third quarter, using Morningstar data for the trailing three years, 44% of our equity fixed income funds were beating peers and 15% were in the top quartile of their category. For Q4, through October 24, combined fixed income funds and SMAs had net redemptions of about $250 million. This was occasioned by positives in Ultrashorts and Total Return Bond Fund that were overcome by negatives in high-yield bonds.

關於第三季末的業績，根據晨星公司過去三年的數據，我們44%的股票固定收益基金跑贏了同行，15%的基金位列同類基金的前四分之一。截至 10 月 24 日的第四季度，固定收益基金和 SMA 合計淨贖回額約為 2.5 億美元。這是由於超短線和總回報債券基金的利多被高收益債券的利空所抵銷所致。

In the alternative private markets category, assets decreased by about $1.7 billion from the prior quarter, mainly due to a $1.1 billion in real estate fund transactions from -- that we have previously discussed, the restructuring of the UK Property Trust in the third quarter. This fund was successfully managed by us for many years. It was specifically designed for defined benefit clients. There are very few of these left. The liquidity was an important factor. The decision was made to move it to one of the last remaining managers of this type of DB fund for which we received financial consideration that Tom will address.

在另類私募市場類別中，資產較上一季度減少了約 17 億美元，這主要是由於我們之前討論過的 11 億美元的房地產基金交易，以及第三季度英國房地產信託基金的重組。多年來，我們一直成功管理這筆基金。它是專門為固定收益型退休金客戶設計的。這些已經所剩無幾了。流動性是一個重要因素。我們決定將其轉移給目前僅存的幾家此類 DB 基金的管理公司之一，並為此支付了費用，湯姆將對此進行說明。

Real estate also had net redemptions of $446 million from separate accounts in Q3 due mainly to property sales that were driven by a client's change to their asset composition. The MDT market-neutral alternative strategy had net sales of $173 million in Q3 and now stands with assets of about $1.7 billion. We are currently in the market with European Direct Lending 3, the third vintage of our European direct lending fund.

第三季度，房地產也從獨立帳戶中淨贖回了 4.46 億美元，這主要是由於客戶資產組成變化而導致的房產出售。MDT 的市場中性替代策略在第三季淨銷售額為 1.73 億美元，目前資產約為 17 億美元。我們目前正在市場上推出歐洲直接貸款基金 3，這是我們歐洲直接貸款基金的第三期。

To date, we've closed on about $680 million. For information, EDL raised $300 million and EDL 2 raised about $640 million. We are also in the market with our global private equity co-investment, which is the sixth vintage of the PEC series. To date, we've closed on approximately $318 million and PECs 1 through 5 raised approximately $400 million to $600 million in each fund.

截至目前，我們已完成約 6.8 億美元的交易。據了解，EDL 籌集了 3 億美元，EDL 2 籌集了約 6.4 億美元。我們也透過我們的全球私募股權共同投資進入市場，這是 PEC 系列的第六期。迄今為止，我們已完成約 3.18 億美元的募資，而 PEC 1 至 5 的每個基金都籌集了約 4 億至 6 億美元。

We're also in the market with the European real estate debt fund, which is a new pooled debt equity fund -- a debt fund and marketing will continue here into 2026. We're also actively working on Energy Solutions product development plans following the Q2 acquisition of a majority interest in Rivington. Last week, we announced the agreement to purchase a controlling interest in FCP, a US-based real estate investment manager with $3.8 billion of assets under management as of June 30.

我們目前也在歐洲房地產債務基金市場開展業務，這是一檔新的集合債務股權基金——一檔債務基金，市場推廣將持續到 2026 年。繼第二季收購 Rivington 的多數股權後，我們也積極制定能源解決方案產品開發計畫。上週，我們宣布達成協議，收購 FCP 的控股權。 FCP 是一家總部位於美國的房地產投資管理公司，截至 6 月 30 日，其管理的資產規模達 38 億美元。

The acquisition will facilitate Federated Hermes entrance into the US real estate market at a time when the US multifamily sector where FCP concentrates its efforts, enjoys strong fundamentals and significant growth opportunities.

此次收購將有助於 Federated Hermes 進入美國房地產市場，而此時 FCP 重點關注的美國多戶住宅領域正處於強勁的基本面和巨大的成長機會之中。

FCP has a strong experienced management team who have led the firm's growth through changing market conditions for over 25 years. We believe that FCP will be an excellent complement to our US-based real estate business. There, with more than 40 years of experience, our UK-based team has more than 55 professionals managing $5.5 billion as of the end of Q3.

FCP 擁有一支經驗豐富的強大管理團隊，在過去 25 年多的時間裡，他們帶領公司在不斷變化的市場環境中實現了成長。我們相信，FCP 將成為我們美國房地產業務的絕佳補充。憑藉 40 多年的經驗，我們位於英國的團隊擁有 55 多名專業人員，截至第三季末，管理著 55 億美元的資產。

Now back on FCP, we're planning to close the purchase around the end of the first quarter of 2026. Across our long-term investment platform, we began Q4 with about $2.1 billion in net institutional mandates yet to fund, in both funds and separate accounts. Let's delve into that. Approximately $1.6 billion is expected to come into private market strategies, which include direct lending over $800 million, private equity, a little over $650 million and trade finance at $100 million.

現在回到 FCP，我們計劃在 2026 年第一季末完成收購。在我們的長期投資平台上，第四季初，我們還有約 21 億美元的淨機構委託資金尚未到位，這些資金既包括基金也包括獨立帳戶。讓我們深入探討一下。預計將有約 16 億美元流入私人市場策略，其中包括超過 8 億美元的直接貸款、略高於 6.5 億美元的私募股權和 1 億美元的貿易融資。

Equities are expected additions of $1.2 billion, with about $875 million into MDT and about $365 million into international and global equity strategies. Fixed income is expected to have net redemptions of about $650 million, with wins of about $380 million in high yield and short duration offset by a single $1 billion high-yield redemption.

預計股票投資將增加 12 億美元，其中約 8.75 億美元將投入 MDT，約 3.65 億美元將投入國際和全球股票策略。預計固定收益淨贖回額約為 6.5 億美元，其中高收益和短期債券的收益約為 3.8 億美元，但將被一筆 10 億美元的高收益債券贖回所抵消。

Moving on to money markets. We reached another record high at the end of Q3 for total money market assets, which increased by $18 billion to reach $653 billion. Money market fund assets increased by $24.7 billion or 5% in Q3 to reach a record high of $492.7 billion. Money market separate accounts decreased by $6.3 billion in Q3, reflecting seasonal patterns.

接下來談談貨幣市場。第三季末，貨幣市場總資產再創新高，增加了 180 億美元，達到 6,530 億美元。第三季貨幣市場基金資產增加 247 億美元，成長 5%，達到創紀錄的 4,927 億美元。第三季貨幣市場獨立帳戶減少了 63 億美元，反映了季節性規律。

Market conditions remain favorable for cash as an asset class. In addition to the appeal of the relative safety and periods of volatility. Money market strategies present opportunities to earn attractive yields compared to alternatives like bank deposits, direct investments in T-bills and commercial paper.

市場環境依然對現金這種資產類別有利。除了相對安全性和波動性帶來的吸引力之外。與銀行存款、直接投資國庫券和商業票據等其他投資方式相比，貨幣市場策略提供了獲得可觀收益的機會。

We're also developing money market funds and share classes available in tokenized form and working with parties on digital asset infrastructure. These efforts include a planned GENIUS Act compliant money market fund designed to serve as collateral for stable.

我們也正在開發以代幣化形式提供的貨幣市場基金和份額類別，並與各方合作建立數位資產基礎設施。這些努力包括計劃設立符合 GENIUS 法案的貨幣市場基金，旨在作為穩定資產的抵押品。

Last week, we announced that we have made two of our UCITS money market funds, our Sterling Prime and US dollar Prime available in tokenized form through our checks. Our checks is a well-known digital assets operator in the UK, having launched in 2018 and become the first FCA-regulated digital Securities Exchange broker-dealer and custodian.

上週，我們宣布已透過支票以代幣化形式提供我們的兩個 UCITS 貨幣市場基金，即英鎊 Prime 和美元 Prime。Our Checks 是英國知名的數位資產營運商，於 2018 年成立，並成為首家受 FCA 監管的數位證券交易所經紀交易商和託管機構。

This represents a Federated Hermes initial non-US digital asset initiatives. The -- relationship complements our digital efforts, where we are the sub-adviser for the superstate short-duration US government securities fund, a private tokenized fund with about $735 million in assets. We will also participate in the launch of a collaborative initiative between BNY and Goldman that will use blockchain technology to maintain a record of their customers' ownership of select money market funds. A significant step towards enhancing the utility and transferability of existing money market fund shares.

這代表了 Federated Hermes 在美國以外的首批數位資產計劃。這種關係補充了我們的數位化努力，我們是超級州短期美國政府證券基金的子顧問，該基金是一個擁有約 7.35 億美元資產的私人代幣化基金。我們還將參與 BNY 和高盛之間的合作計劃，該計劃將利用區塊鏈技術來維護其客戶對特定貨幣市場基金的所有權記錄。這是提高現有貨幣市場基金份額的實用性和可轉讓性的重要一步。

We are exploring numerous other additional digital asset opportunities. We are committed to the digital space where we expect ongoing innovation and growth. Our estimate of money market mutual fund market share, including sub-advised funds remained at about 7.11% at the end of the third quarter.

我們正在探索其他眾多數位資產投資機會。我們致力於數位化領域，並期待在那裡不斷創新和發展。截至第三季末，我們對貨幣市場共同基金（包括子顧問基金）市佔率的估計仍約為 7.11%。

Now looking at recent asset totals as of a few days ago. Managed assets were approximately $865 billion, including $645 billion in money markets, $96 billion in equities, $102 billion in fixed income, $19 billion in alternatives, private markets, $3 billion in multi-asset. Money market mutual fund assets stood at $486 billion.

現在來看看幾天前的最新資產總額。管理資產約為 8,650 億美元，其中包括 6,450 億美元的貨幣市場資產、960 億美元的股票資產、1,020 億美元的固定收益資產、190 億美元的另類投資和私募市場資產以及 30 億美元的多元資產。貨幣市場共同基金資產規模為4,860億美元。

Tom?

湯姆？

Thanks, Chris. For Q3 compared to the prior quarter, total revenue increased $44.6 million or 10%. Revenue from higher money market assets provided $17.6 million of this increase, while higher equity assets added $14.8 million. An extra day in the quarter added $4.9 million, higher performance fees added $2.4 million and the Rivington acquisition added $1.2 million. Q3 revenue also included a termination fee of $4.6 million from the restructure of the UK property trust, and this is about -- was about one year of revenue from that mandate.

謝謝你，克里斯。第三季總營收比上一季成長了 4,460 萬美元，增幅達 10%。貨幣市場資產增加帶來的收入貢獻了 1,760 萬美元的成長，而權益資產增加帶來的收入貢獻了 1,480 萬美元的成長。本季多出的一天帶來了 490 萬美元的收入，更高的績效費帶來了 240 萬美元的收入，收購 Rivington 帶來了 120 萬美元的收入。第三季收入還包括英國房地產信託重組的 460 萬美元終止費，這大約是該委託一年的收入。

Total Q3 carried interest and performance fees were $3.6 million compared to $1.4 million last quarter, approximately $733,000 of the Q3 fees were offset by nearly the same amount of compensation expense. Q3 operating expenses increased by $32.2 million or 10% from the prior quarter due mainly to higher distribution expense from higher fund assets of $14.2 million. We had about $2 million in transaction costs from the FCP acquisition in Q3 in the professional service fees line.

第三季業績分成和績效費總額為 360 萬美元，而上一季為 140 萬美元，第三季約有 73.3 萬美元的費用被幾乎相同數額的薪酬支出抵消。第三季營運支出較上一季增加 3,220 萬美元，增幅達 10%，主因是基金資產增加 1,420 萬美元，導致分銷支出增加。第三季度，我們在專業服務費項下因收購 FCP 而產生了約 200 萬美元的交易成本。

In other expense line items, FX and related expense increased by $9.4 million in Q3 compared to the prior quarter. These expenses were $3.7 million in Q3 compared to a credit of $5.7 million for Q2 as the pound weakened against the dollar in Q3.

在其他費用項目中，第三季外匯及相關費用比上一季增加了 940 萬美元。由於英鎊在第三季對美元走弱，第三季這些支出為 370 萬美元，而第二季則為 570 萬美元的收益。

The other expense line item for Q3 also included $2.8 million related to a US withholding tax matter on certain non-US funds. The effective tax rate was 24.4%. The tax rate was impacted by $1.6 million related to R&D tax credits. At the end of Q3, cash and investments were $647 million. Cash investments excluding the portion attributable to noncontrolling interests were $610 million. We expect to use about $216 million in cash and about $23 million in FHI Class B stock for the upfront purchase price of FCP controlling interest acquisition.

第三季的另一項支出項目還包括與某些非美國資金相關的美國預扣稅事宜的 280 萬美元。實際稅率為24.4%。研發稅收抵免相關的 160 萬美元對稅率產生了影響。第三季末，現金及投資為 6.47 億美元。不包括歸屬於少數股東權益的部分，現金投資為 6.1 億美元。我們預計將使用約 2.16 億美元現金和約 2,300 萬美元的 FHI B 類股票作為收購 FCP 控股權的預付款。

During Q3, the company paused its open market share repurchase, as we entered exclusive negotiations with FCP. We expect to be active again in Q4 and repurchase shares in the open market.

第三季度，該公司暫停了公開市場股票回購，因為我們與 FCP 進行了獨家談判。我們預計在第四季再次活躍起來，並在公開市場回購股票。

And Holly, we'd like to open the call up for questions now.

霍莉，現在我們開始接受提問。

(Operator Instructions) Ken Worthington, JP Morgan.

（操作說明）肯‧沃辛頓，摩根大通。

Hi, good morning. This is Michael Cho for Ken. Thanks for taking my questions today. So my first question, I just wanted to touch on MDT franchise. I mean there's clearly some growing momentum there. You called out some new RFPs, a pretty sizable pipeline as well as some initiatives to expand distribution more notably outside the US.

您好，早安。這是麥可喬為肯報上名。謝謝您今天回答我的問題。所以我的第一個問題是，我想簡單談談MDT系列遊戲。我的意思是，這方面顯然正在形成一股發展動能。您提到了一些新的 RFP、相當大的專案儲備以及一些旨在擴大分銷管道（尤其是在美國以外）的舉措。

I mean, how do we think we should kind of frame the potential sizing and maybe the pace of AUM or flows growth of the overall MDT franchise as you continue to scale and as the non-US distribution starts to pro. I'm just trying to get a sense of how we should frame that opportunity set.

我的意思是，隨著MDT業務規模的不斷擴大以及非美國分銷業務的逐步成熟，我們應該如何看待MDT整體業務的潛在規模以及資產管理規模或資金流動增長速度？我只是想了解我們應該如何建構這些機會。

I think you should frame it with enthusiasm and optimism. If you look at the sales to date through this time frame, they're still running net sales of -- up through October 24 of about $660 million so the pipeline continues.

我認為你應該以熱情和樂觀的態度來看待這件事。如果從這段時間的銷售額來看，截至 10 月 24 日，他們的淨銷售額仍然約為 6.6 億美元，所以銷售管道仍在繼續。

But for us, the exciting thing is the fact that we were able to sell these mandates across the globe. And if you look at where they're coming from, they're coming from different countries, in different ways and in different of the mandates exactly on MDT. I can't get into exactly who the clients are. But in those pipeline numbers is a great variety of client types and geographies.

但對我們來說，最令人興奮的是我們能夠將這些授權賣到世界各地。如果你看看它們來自哪裡，它們來自不同的國家，以不同的方式，並且受到不同的MDT授權。我不能透露客戶的具體身分。但這些潛在客戶涵蓋了各種各樣的客戶類型和地理。

Thanks, understood. And then if I could just ask a quick follow-up on expenses. Just broader over the year ahead. You have a number of initiatives. You called out a bunch today. Clearly, alternatives and the FCP acquisition is ahead, but you also have a number of things happening within money market and blockchain, digital assets and clearly, kind of extension of some of your key franchises.

謝謝，明白了。然後，我可以再問一下費用方面的後續狀況嗎？展望未來一年，範圍會更廣。你們有很多舉措。你今天喊了很多次號。顯然，替代療法和 FCP 收購是未來的發展方向，但貨幣市場、區塊鏈、數位資產以及一些關鍵特許經營權的擴展領域也正在發生很多事情。

So I just think about the expense base and over the next 12 months or so, how should we kind of think about the trajectory there as you can continue to invest organically and inorganically across the business?

所以我一直在考慮支出基礎，以及在接下來的 12 個月左右的時間裡，隨著企業繼續進行有機和非有機投資，我們應該如何看待這方面的發展軌跡？

Okay. Mike, well, the first thing, FCP, we closed that near the end of the first quarter, then of course, those expenses will come in. But we've kind of factored that in -- on last week's discussion about our view of after transaction costs, it would be an accretive thing, and also in 2017, much more accretive based on our estimates of what we think is going to happen there. So of course, revenue go up and the expenses will go up.

好的。麥克，嗯，首先，FCP，我們在第一季末就完成了那項工作，然後當然，那些費用也會隨之而來。但我們已經把這一點考慮進去了——在上週關於交易後成本的看法的討論中，我們認為這將是一件好事，而且根據我們對 2017 年將發生的事情的估計，這將帶來更大的收益。所以，收入增加，支出自然也會增加。

And in terms of -- you're calling out a few things. Obviously, the digital things and money market stuff and other expansions. I don't see outsized expenses coming in here. And if they do, we would fully expect them to come with revenue shortly thereafter.

至於——你提到了一些事情。顯然，包括數位產品、貨幣市場以及其他方面的擴張。我沒看到會有巨額開銷。如果他們真的這麼做了，我們完全可以預期他們很快就會帶來收益。

And if you want me to go through the -- not for the year, but for the next quarter, a few comments on the line items. I'd expect comp and related to go up, as sales are increasing and therefore, incentive comp is going up, and investment management performance is causing us to increase the incentives there.

如果你想讓我詳細解釋一下——不是針對全年，而是針對下一個季度——我對各項明細做一些評論。我預期薪酬及相關福利會上漲，因為銷售額正在成長，因此激勵性薪酬也在成長，而投資管理績效的提升也促使我們提高了這方面的誘因。

And on the corporate side, we're also increasing the incentive. These are all positive success items. On the distribution line item, we expect that to go up as you look at average assets, distribution line item and other success item goes up.

在企業方面，我們也在加大激勵力道。這些都是正面的成功因素。在分配項方面，我們預期隨著平均資產、分配項和其他成功項的增加，該項也會增加。

On the professional service fees are looking at it today, we already said we'd expect some more FCP closing costs in Q4, but we had a couple of million, as I mentioned, in Q3, so maybe we have $3 million more and the change. And then the other line has effects in it, and that has that tax payment that we talked about and what's going to happen in FX we will see. But those are all comments on a quarterly, not a yearly basis.

關於專業服務費，我們今天正在研究，我們已經說過預計第四季度會有一些 FCP 成交費用，但正如我提到的，我們在第三季度有幾百萬美元，所以也許我們會有 300 萬美元左右的額外費用。另一條線也會產生影響，其中包含我們討論過的稅款支付，至於外匯市場會發生什麼變化，我們拭目以待。但這些都是按季度而非按年度發表的評論。

Great, thank you.

太好了，謝謝。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Good morning. This is Robin Holby on for Bill Katz. Heading into 2026, what are you hearing from your institutional investors on allocations, where are you seeing opportunities? And how are you thinking about the pace of deployment for the institutional pipeline?

早安.這裡是羅賓霍爾比，代比爾卡茨為您報道。展望 2026 年，您從機構投資者那裡了解到哪些關於資產配置的資訊？您認為哪些方面存在投資機會？您如何看待機構人才培育體系的部署速度？

The institutional pipeline, I tried to hint at this a few minutes ago, is very, very strong. As we told you, we've got over $2 billion in it. And if you look into that, the pipeline is to see performance and different countries. So I was a little more general the last time, but we have a Belgium all-cap core, MDT big mandate that we've won. In Canada, it's an international leaders mandate that we've won; in the UK, a global equity mandate; in South Korea, a blended MDT; another UK client came into the all-cap core MDT. We have an MDT win in the Mid East as well.

我幾分鐘前曾暗示過，機構人才儲備非常非常充足。正如我們之前所說，我們在這方面投入了超過20億美元。如果你深入研究一下，你會發現這條管道是為了查看不同國家的表現。上次我的說法比較籠統，但我們擁有比利時全大寫字母核心，MDT 的大力支持，我們贏得了這場勝利。在加拿大，我們贏得了一項國際領導者委託；在英國，我們贏得了一項全球股票委託；在韓國，我們贏得了一項混合型MDT委託；另一位英國客戶加入了全市值核心MDT。我們在中東也贏了一場 MDT 比賽。

So it's across the board of performance-oriented activity. And then if you look at the style box security of the various MDT offerings, you get a sense that people are looking at it that way. And then I did hint that we are seeing some clients is not an -- don't go writing big harry articles that people are looking at what they really own inside a passive or indexed situation and are thinking that maybe they need to look at some of the MDT mandates as alternatives.

所以，這適用於所有以績效為導向的活動。然後，如果你看一下各種 MDT 產品的樣式盒安全性，你會感覺到人們是這樣看待這個問題的。然後我暗示說，我們看到一些客戶——別寫大驚小怪的文章——正在審視他們在被動投資或指數投資中真正擁有的資產，並考慮或許應該考慮一些 MDT 授權作為替代方案。

And Robin, on in terms of the pace of the funding of the pipeline, about two-third of it, we expect to fund here in the fourth quarter with the equity and fixed income equity inflows, fixed income outflows happening this quarter and about half of the up funding happening this quarter. The alts usually have a longer tail, so they will continue to fund through the first half of next year, Q1 and Q2 pretty evenly.

羅賓，就管道融資速度而言，我們預計其中約三分之二的資金將在第四季度到位，包括股票和固定收益股票的流入，以及本季度發生的固定收益資金流出，大約一半的資金將在本季度到位。其他投資項目通常具有較長的生命週期，因此它們將繼續在明年上半年（第一季和第二季）獲得資金，資金供應將相當平衡。

Okay. Holly, we must go to the next question.

好的。霍莉，我們必須進入下一個問題了。

We have reached the end of the question-and-answer session. And I will now turn the call over to Ray for closing remarks.

問答環節到此結束。現在我將把電話交給雷，請他作總結發言。

Okay. Well, thank you for joining us. That concludes our call.

好的。謝謝您的參與。通話到此結束。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。