景順投信 (IVZ) 2024 Q3 法說會逐字稿

Good morning and welcome to Invesco's third quarter earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

早安，歡迎參加景順第三季財報電話會議。（操作員說明）謹此提醒，今天的通話正在錄音。

Now like to turn the call over to Greg Ketron, Invesco's Head of Investor Relations. Sir, you may begin.

現在請把電話轉給 Invesco 投資者關係主管 Greg Ketron。先生，您可以開始了。

All right. Thanks, Fredrik, and to all of you joining us on Invesco's quarterly earnings call. In addition to today's press release, we have provided a presentation that covers the topics we plan to address. The press release and presentation are available on our website at invesco.com. This information can be found by going to the Investor Relations section of the website.

好的。感謝弗雷德里克和大家參加景順的季度財報電話會議。除了今天的新聞稿外，我們還提供了涵蓋我們計劃討論的主題的簡報。新聞稿和簡報可在我們的網站 invesco.com 上取得。您可以透過造訪網站的投資者關係部分找到此資訊。

Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on slide 2 of the presentation regarding these statements and measures as well as the appendix for appropriate reconciliations to GAAP.

我們今天的演講將包括前瞻性陳述和某些非公認會計準則財務指標。請查看簡報第 2 投影片中有關這些聲明和措施的揭露資訊以及附錄，以與 GAAP 進行適當的調整。

Finally, Invesco is not responsible for and does not edit nor guarantee the accuracy of our earnings teleconference transcripts provided by third parties. The only authorized webcasts are located on our website. Andrew Schlossberg, President and CEO; and Allison Dukes, Chief Financial Officer will present our results this morning and then we'll open up the call for questions.

最後，景順不對第三方提供的收益電話會議記錄的準確性負責，也不編輯或保證其準確性。唯一授權的網路廣播位於我們的網站上。安德魯‧施洛斯伯格，總裁兼執行長；財務長艾莉森杜克斯 (Allison Dukes) 將在今天早上介紹我們的業績，然後我們將開始提問。

Now, I'll turn the call over to Andrew.

現在，我將把電話轉給安德魯。

Thanks, Greg, and good morning, everyone. Pleased to be speaking with you today. We continued our positive momentum this quarter executing across several strategically important areas of our business and finishing this quarter with record long-term AUM, continued robust net long-term inflows, improved operating leverage, a stronger balance sheet and higher return of capital to shareholders.

謝謝格雷格，大家早安。很高興今天與您交談。本季我們在多個具有戰略意義的重要業務領域繼續保持積極勢頭，並以創紀錄的長期資產管理規模、持續強勁的長期淨流入、改善的營運槓桿、更強勁的資產負債表和更高的股東資本回報率結束了本季。

We achieved this despite continued volatility globally. US markets ended the quarter with strong equity returns even though we saw high inter-quarter market fluctuations as ongoing geopolitical concerns coupled with mixed signals drove cautious investor sentiment.

儘管全球持續波動，我們還是實現了這個目標。美國市場本季以強勁的股票報酬率結束，儘管我們看到季度間市場波動較大，因為持續的地緣政治擔憂加上混合訊號推動了謹慎的投資者情緒。

Long awaited federal reserve cuts commenced by the end of the quarter and new stimulus in China was announced and Japanese policymakers struck a less hawkish town, all factors that helped us wage concerns and drive the rally into quarter end as investors began to rotate money off the sidelines and into some risk assets. As a result, we began to see some broadening of investor demand in both the equity and fixed income markets.

期待已久的聯準會在本季末開始降息，中國宣布了新的刺激措施，日本政策制定者對一個不那麼鷹派的城市進行了打擊，所有這些因素都幫助我們消除了擔憂，並推動股市反彈進入季度末，因為投資者開始將資金從美國轉出。結果，我們開始看到股票和固定收益市場的投資人需求擴大。

Conversely, the Chinese markets remain challenging for most of the period and fixed income appetite waned mid quarter due to a rebound in bond yields which drove industry redemptions. However, the recent stimulus drove a strong equity rally late in September with only a few trading days to have a material impact on our quarterly returns.

相反，中國市場在這段時期的大部分時間裡仍然充滿挑戰，由於債券殖利率反彈推動了產業贖回，固定收益偏好在季度中期減弱。然而，最近的刺激措施推動了 9 月底股市的強勁反彈，僅幾個交易日就對我們的季度回報產生了重大影響。

Turning to page 3. As we discussed last quarter, we maintain that our advantageous market position and clearly defined strategic focus gives us conviction in our ability to deliver enhanced operating performance and returns for our shareholders across various market conditions.

翻到第 3 頁。正如我們上季度所討論的，我們堅持認為，我們有利的市場地位和明確的戰略重點使我們相信我們有能力在各種市場條件下為股東提供更高的經營業績和回報。

I'll review specific areas of third quarter performance momentarily. But I first wanted to highlight a few of the areas of meaningful and measurable progress in relation to our strategic priorities and the key performance drivers noted on the right-hand side of this page.

我將立即回顧第三季業績的具體領域。但我首先想強調與我們的策略優先事項以及本頁右側指出的關鍵績效驅動因素相關的一些有意義且可衡量的進展領域。

First, this quarter, we leveraged our global client network, our extensive product suite and improving investment performance to drive strong net long-term inflows of $16.5 billion or 5.2% annualized organic growth rate. Importantly, we achieved positive long-term organic flow growth from each of our three regions led by Asia Pacific at 9%, EMEA at 5% and Americas at 4%.

首先，本季度，我們利用我們的全球客戶網絡、廣泛的產品套件和不斷改善的投資業績，推動了 165 億美元的強勁長期淨流入，年化有機增長率為 5.2%。重要的是，我們三個地區都實現了長期的有機流量正增長，其中亞太地區增長了 9%，歐洲、中東和非洲增長了 5%，美洲增長了 4%。

At the asset class of vehicle delivery levels, we continue to see strong flows and market share gains and scalable capabilities including fundamental fixed income, SMAs and ETF. In each of these areas, we continue to see opportunities to increase operating leverage and profitability. Additionally, within private markets, we're building momentum in wealth management channels, an extension of our historically strong institutional heritage.

在車輛交付水準的資產類別中，我們繼續看到強勁的流量和市場份額成長以及可擴展的能力，包括基本固定收益、SMA 和 ETF。在這些領域中，我們繼續看到提高營運槓桿和獲利能力的機會。此外，在私募市場內，我們正在財富管理管道方面建立勢頭，這是我們歷史上強大的機構傳統的延伸。

Second, we ended the period with a record setting $1.8 trillion of total AUM, an increase of 5% of our last quarter and a 21% increase from the prior year. Third, we again generated positive operating leverage in the quarter. We grew adjusted operating income by 4% and drove over 70 basis points of operating margin improvement from last quarter.

其次，本季結束時，我們的總資產管理規模達到創紀錄的 1.8 兆美元，比上一季成長 5%，比上年增長 21%。第三，我們在本季再次產生了正的營運槓桿。與上季相比，我們調整後的營業收入成長了 4%，營業利潤率提高了 70 個基點。

Fourth, we're improving the financial flexibility of the firm, strengthening the balance sheet, enhancing capital returns to shareholders. Specifically, we met our zero net debt goal and executed $25 million of share buybacks during the quarter. As you can see, we are acutely focused on our strategic priorities and driving profitable growth.

第四，我們正在提高公司的財務彈性，強化資產負債表，提高股東的資本報酬。具體來說，我們實現了零淨債務目標，並在本季執行了 2,500 萬美元的股票回購。正如您所看到的，我們高度關注我們的策略重點和推動獲利成長。

We have good reason to be optimistic given our performance of what was a choppy operating environment globally this quarter. As market reps and continues to gain its footing, we are exceedingly well positioned to benefit. We have the strategic and operational clarity required, an exceptional talent across the company to continue to execute quarter by quarter.

鑑於本季全球動盪的營運環境，我們有充分的理由保持樂觀。隨著市場表現並繼續站穩腳跟，我們完全有能力受益。我們擁有所需的策略和營運清晰度，以及整個公司的傑出人才，可以繼續按季度執行。

Moving on to slide 4. Let me expand a bit more on the third quarter asset flows results across our investment capabilities. Our growth continues to be led by our ETF platform which had organic long-term inflows of $17.7 billion or 16% on an annualized basis. This was among the highest ETF growth quarters in our history.

繼續看投影片 4。讓我詳細介紹一下我們投資能力的第三季資產流動結果。我們的成長繼續由我們的 ETF 平台引領，該平台的長期有機流入達到 177 億美元，年化成長率為 16%。這是我們歷史上 ETF 成長最高的季度之一。

Flows in the US market continue to be led by factor-based equity strategies, our equity Nasdaq innovation suite and fixed income bullet shares. We also saw strong growth from the EMEA region with nearly $5 billion of net inflows.

美國市場的資金流繼續以基於因子的股票策略、我們的納斯達克股票創新套件和固定收益子彈股為主導。我們也看到 EMEA 地區的強勁成長，淨流入近 50 億美元。

We continue to innovate in the quarter, launching five new products in the US and one in EMEA with a focus on extending our active ETF line up. We feel very well positioned to continue to gain market share and use our scale to drive profitability across both passive and active ETF strategies.

我們在本季繼續創新，在美國推出了五款新產品，在歐洲、中東和非洲推出了一款新產品，重點是擴大我們的主動 ETF 產品線。我們認為自己處於有利地位，可以繼續獲得市場份額，並利用我們的規模來提高被動和主動 ETF 策略的獲利能力。

Shifting to fundamental fixed income. We garnered nearly $6 billion in net long term inflows in the quarter or an 8% annualized organic growth rate, marking our best quarterly results in the past three years and 3 times our flow volume from last quarter.

轉向基本固定收益。本季我們獲得了近 60 億美元的長期淨流入，年化有機成長率為 8%，創下了過去三年來最好的季度業績，流量是上季度的 3 倍。

With the Fed now moving more aggressively, tail risks have declined, technicals have been strong and we have seen investors adding duration to lock in yields. Institutional flows were the main driver for us this quarter comprising 70% of our volume. We recorded sizable new investment rate mandates globally with particularly high demand in the Asia Pacific region.

隨著聯準會現在採取更積極的行動，尾部風險已經下降，技術面一直強勁，我們看到投資者增加了久期以鎖定收益率。機構資金流是我們本季的主要驅動力，佔流量的 70%。我們在全球範圍內記錄了大量新的投資利率指令，其中亞太地區的需求特別高。

US wealth management flows were also strong led by our municipal bond strategies. This was a large part driven across our SMA platform which continues to expand rapidly with AUM reaching nearly $27 billion or 45% increase over the past year.

在我們的市政債策略的帶動下，美國的財富管理流量也表現強勁。這在很大程度上是由我們的 SMA 平台推動的，該平台繼續快速擴張，資產管理規模 (AUM) 達到近 270 億美元，比過去一年增長了 45%。

With our continued strong investment performance across the fixed income risk and duration spectrum, we remain very optimistic about our ability to continue to capture fixed income flows and money increasingly rotating into these asset classes.

由於我們在固定收益風險和久期範圍內持續強勁的投資表現，我們對繼續捕獲固定收益流和資金越來越多地流入這些資產類別的能力仍然非常樂觀。

Shifting to private markets which in aggregate had flat flow growth in the quarter, leading the category though with our real estate capabilities which recorded positive net inflows of $1.2 billion in the quarter. Growth was led by [incraft] which is our real estate debt strategy targeting the wealth management channel.

轉向私人市場，該市場在本季度總體流量增長持平，儘管憑藉我們的房地產能力在該類別中處於領先地位，本季度錄得 12 億美元的正淨流入。成長由[incraft]引領，這是我們針對財富管理管道的房地產債務策略。

This fund was launched last year and has steadily gained momentum in the wealth space and is now distributed through several key platforms including adding one of the largest US wealth managers late in the third quarter. These developments complement our significant real estate presence in institutional markets. I'll also note that we have over [$5 billion] of dry powder to capitalize on emerging opportunities. With an alternative credit, we recorded net outflows driven by bank loans particularly in our ETF.

該基金於去年推出，在財富領域穩步成長，目前透過幾個關鍵平台進行分銷，包括在第三季末增加了美國最大的財富管理公司之一。這些開發項目補充了我們在機構市場上重要的房地產業務。我還要指出的是，我們擁有超過 [50 億美元] 的乾粉來利用新興機會。透過替代信貸，我們記錄了由銀行貸款驅動的淨流出，特別是在我們的 ETF 中。

Moving on to Asia Pacific. On a managed basis in the region, we recorded modest outflows of $800 million. Conversely, and as I mentioned earlier, flows sourced from Asia Pacific clients were quite strong at [$5 million] in the quarter. This highlights how we're leveraging our broad product suite globally to meet demand across this important region.

轉向亞太地區。在該地區的管理基礎上，我們記錄了 8 億美元的適度流出。相反，正如我之前提到的，本季來自亞太地區客戶的流量相當強勁，達到 [500 萬美元]。這凸顯了我們如何在全球範圍內利用我們廣泛的產品套件來滿足這一重要地區的需求。

Specifically, we had very strong inflows in Japan for the quarter, driven by continued success in our global equity and income strategy which generated $1.2 billion in net flows. It is among the top selling active retail funds in the growing Japanese asset management market.

具體來說，在我們的全球股票和收入策略持續成功的推動下，本季度我們在日本的資金流入非常強勁，產生了 12 億美元的淨流量。它是不斷成長的日本資產管理市場中最暢銷的主動零售基金之一。

Institutional activity was also strong in Japan with inflows in our investment grade fixed income products. This was offset by some outflows in locally managed Japanese equity strategies. In China, market volatility reigned for the third quarter particularly in fixed income where we recorded some outflows after a strong second quarter.

日本的機構活動也很強勁，資金流入我們的投資等級固定收益產品。這被本地管理的日本股票策略的一些資金外流所抵消。在中國，第三季市場波動較大，尤其是固定收益領域，繼第二季強勁之後，我們錄得一些資金外流。

During the period, we were pleased to launch four equity ETFs through our China JV. ETFs are a fast-growing part of our China business and build on our strength in the US and EMEA and we anticipate this vehicle type will continue to see strong demand.

在此期間，我們很高興透過我們的中國合資企業推出了四隻股票ETF。ETF 是我們中國業務快速成長的一部分，建立在我們在美國和歐洲、中東和非洲的實力之上，我們預計這種投資工具將繼續受到強勁需求。

At a macro level in China, we're encouraged by the government's recent focus on economic stimulus. We've seen some positive effects of this over the past few weeks and we believe that continued development should ultimately be very helpful for our business, particularly for equities even if there is some volatility in the near term.

在中國的宏觀層面，我們對政府最近對經濟刺激的關注感到鼓舞。在過去的幾周里，我們已經看到了這一點的一些積極影響，我們相信，持續的發展最終應該對我們的業務非常有幫助，特別是對股票，即使短期內出現一些波動。

Our business profile and our prospects in the Asia Pacific region remain very strong, led by our well-established China JV, our long presence in Japan and a recently announced JV in India.

在我們完善的中國合資企業、我們在日本的長期業務以及最近宣布的印度合資企業的引領下，我們在亞太地區的業務狀況和前景仍然非常強勁。

Turning to our multi asset related capabilities, we saw modest net inflows in the quarter driven by quantitative strategies. Finally, the relative pressure on fundamental equity flows continued in the third quarter. However, as I pointed out previously, we've seen some moderation over time in the important global international and emerging market segments.

談到我們的多元資產相關能力，我們看到在量化策略的推動下，本季出現了適度的淨流入。最後，基本面資金流動的相對壓力在第三季持續存在。然而，正如我之前指出的，隨著時間的推移，我們在重要的全球國際和新興市場領域看到了一些放緩。

Net outflows in these strategies have slowed during the past several quarters to approximately $1 billion to $2 billion per quarter, remaining marginally lower than 2022's quarterly peak outflows of $6 billion. Specifically, outflows in our emerging markets equity strategy have been particularly -- are partially offset by continued strong inflows into our aforementioned global equity and income strategy, as well as small cap equities across multiple markets.

這些策略的淨流出在過去幾季已放緩至每季約 10 億至 20 億美元，仍略低於 2022 年 60 億美元的季度高峰流出。具體而言，我們的新興市場股票策略的資金流出尤其被我們上述的全球股票和收入策略以及多個市場的小型股的持續強勁流入所部分抵消。

While asset flows in our fundamental equity capabilities remain below our long-term expectations, AUM has benefited from market gains and stands 15% higher than this time last year. Our investment leadership team continues to focus on driving high quality alpha, upgrading our talent bench and strengthening our risk management tools. Regardless of client demand, our focus remains on gaining market share in the fundamental equity categories in which we compete.

儘管我們的基本股權能力的資產流動仍低於我們的長期預期，但 AUM 受益於市場上漲，比去年同期高出 15%。我們的投資領導團隊繼續專注於推動高品質的阿爾法，升級我們的人才庫並加強我們的風險管理工具。無論客戶需求如何，我們的重點仍然是在我們競爭的基本股票類別中獲得市場份額。

Moving on to slide 5. We provide an alternative aggregation to our AUM and flows to provide additional context for our performance. I've covered most of the key highlights around the broad strength results of our diversified profile by geography, investment approach and channel.

繼續看投影片 5。我們為 AUM 和流量提供替代聚合，為我們的績效提供額外的背景資訊。我已經介紹了我們按地理位置、投資方式和管道劃分的多元化業務的廣泛實力成果的大部分關鍵亮點。

But one additional item that I will point out is at the bottom right section of the slide where you can see the continued positive net inflows coming into our institutional channel. We're beginning to see higher levels of money in motion, particularly in fixed income and greater overall client expansion across the firm.

但我要指出的另一項是幻燈片的右下部分，您可以在其中看到持續的正淨流入進入我們的機構管道。我們開始看到更高水準的資金流動，特別是在固定收益領域以及整個公司更大的整體客戶擴張。

Moving on to slide 6. This slide summarizes our overall investment performance relative to benchmarks and peers as well as our performance in key capabilities where information is readily comparable and more meaningful to driving results. Achieving first quartile investment performance is a top priority and we're making progress on this front.

繼續看投影片 6。這張投影片總結了我們相對於基準和同業的整體投資業績，以及我們在關鍵能力方面的表現，其中資訊易於比較並且對推動結果更有意義。實現第一四分位的投資績效是首要任務，我們正在這方面取得進展。

On a one and three year basis, we've increased the percentage of our AUM in the top quartile appears with over 50% of our funds now hitting that mark over one year and 43% over three years. Further, 71% of our AUM is beating its respective benchmark on a five year basis with 42% in the top quartile.

在一年和三年的基礎上，我們增加了資產管理規模在前四分之一的百分比，目前我們超過 50% 的基金在一年內達到了這一水平，在三年內達到了 43%。此外，我們 71% 的資產管理規模在五年內超過了各自的基準，其中 42% 位於前四分之一。

We continue to have excellent fixed income performance across nearly all capabilities in time horizons. This supports the conviction we have in our ability to track flows as investors deploy money into these strategies. Of note, 64% of our fundamental fixed income capabilities are in the top quartile of peers. On a one year basis with 70% beating the respective benchmarks. Over five years, 81% of our funds are in the top half of peers with three quarters beating their benchmarks.

在時間範圍內，我們幾乎在所有能力上都繼續擁有出色的固定收益表現。這支持了我們的信念，當投資者將資金投入這些策略時，我們有能力追蹤資金流向。值得注意的是，我們 64% 的基本固定收益能力在同業中名列前茅。以一年為基礎，70% 超過了各自的基準。五年來，我們 81% 的基金在同業中名列前茅，其中四分之三的基金超過了基準。

We're especially focused on improving fundamental equity performance and we continue to make incremental progress this quarter. We've improved the percentage of our AUM in the top quartile peers across each time period shown here with 28% in the top quartile for one and five years and 24% over three years. Additionally, on a five year basis, we now have 61% of our AUM in the top half of peers.

我們特別關注改善基本股票表現，並且本季持續取得漸進式進展。我們提高了此處顯示的每個時間段內前四分之一同行中資產管理規模的百分比，一年和五年內為 28%，三年內為 24%。此外，以五年為基礎，我們現在 61% 的資產管理規模處於同業前一半。

With that, I'm going to leave it here and turn the call over to Allison to discuss our financial results for the quarter, and I look forward to your questions.

說到這裡，我將把它留在這裡，並將電話轉給艾利森，討論我們本季度的財務業績，我期待您的提問。

Thank you, Andrew and good morning, everyone. I'm going to begin on slide 7. The third quarter financial results. Total assets under management at the end of the third quarter were $1.8 trillion or $80 billion and 5% higher than last quarter end and a record high for Invesco.

謝謝你，安德魯，大家早安。我將從幻燈片 7 開始。第三季財務業績。第三季末管理的總資產為1.8兆美元，即800億美元，較上季末管理的總資產為1.8兆美元，即800億美元，較上季末成長5%，創景順歷史新高。

We also had record high long-term assets under management of $1.3 trillion, an increase of 6% over last quarter. Higher markets accounted for $50 billion of the increase. While net long term inflows drove a $16.5 billion increase in assets under management during the quarter.

我們管理的長期資產也創歷史新高，達到 1.3 兆美元，比上季成長 6%。高端市場貢獻了 500 億美元的成長。長期淨流入推動本季管理資產增加 165 億美元。

Of the $50 billion increase due to higher market, $29 billion was driven by our ETF and index capabilities including $5 billion by the QQQ. Fundamental equity AUM increased $13 billion and fundamental fixed income AUM increased $6 billion as well due to higher markets.

在因市場走高而帶來的 500 億美元成長中，290 億美元是由我們的 ETF 和指數功能推動的，其中 50 億美元是由 QQQ 推動的。由於市場走高，基本股票資產管理規模增加了 130 億美元，基本固定收益資產管理規模也增加了 60 億美元。

As Andrew noted net long-term inflows were strong once again at $16.5 billion, which represented organic growth of over 5%. ETF and index capabilities excluding the QQQ led the way on long term net inflows totaling $18 billion in the third quarter.

正如安德魯指出的那樣，長期淨流入再次強勁，達到 165 億美元，有機成長超過 5%。不包括 QQQ 在內的 ETF 和指數功能在第三季的長期淨流入總額中處於領先地位，總計 180 億美元。

Fundamental fixed income capabilities generated $6 billion in net inflows, partially offsetting this with $6.3 billion in fundamental equity net outflows during the quarter. Average AUM increased $73 billion, a growth rate of over 4% quarter over quarter to $1.7 trillion at quarter end.

基本固定收益能力產生了 60 億美元的淨流入，部分抵消了本季 63 億美元的基本股票淨流出。平均資產管理規模增加 730 億美元，季末成長率超過 4%，達到 1.7 兆美元。

Net revenues adjusted operating income and adjusted operating margin all improved from the second quarter and I'll cover the drivers of that shortly. Adjusted diluted earnings per share with $0.44 for the third quarter versus prior quarter EPS of $0.43. We further strengthen the balance sheet during the third quarter.

淨收入、調整後營業收入和調整後營業利潤率均較第二季有所改善，我將很快介紹其驅動因素。第三季調整後稀釋每股收益為 0.44 美元，而上一季每股收益為 0.43 美元。我們在第三季進一步加強了資產負債表。

We ended the quarter in a net cash position with cash and cash equivalents exceeding debt better than our goal of zero net debt. We also resume share buy backs in the third quarter, repurchasing $25 million during the quarter and we expect to continue buying back shares on a regular basis going forward.

本季末，我們的淨現金狀況良好，現金和現金等價物超過債務，優於我們零淨債務的目標。我們也在第三季恢復了股票回購，本季回購了 2,500 萬美元，我們預計未來將繼續定期回購股票。

Moving to slide 8. As we've noted in prior calls, secular shifts in client demand have altered our asset mix and net revenue yield as our broad set of capabilities has allowed us to capture evolving client product preferences which has been increasingly reflected in our results. Our portfolio is better diversified today than five years ago and our concentration risk and higher fee fundamental equities and multi asset products has been reduced.

轉到投影片 8。正如我們在先前的電話會議中指出的那樣，客戶需求的長期變化改變了我們的資產結構和淨收入收益率，因為我們廣泛的能力使我們能夠捕捉不斷變化的客戶產品偏好，這越來越多地反映在我們的業績上。今天，我們的投資組合比五年前更加多元化，我們的集中風險和較高費用的基本股票和多資產產品已經降低。

The firm is increasingly better positioned to navigate various market cycles, events and shifting client demand. As we noted last quarter, we have included current net revenue yield trends on the slide. The ranges by capability are representative of where the net revenue yield has ranged over the past five quarters, and we note the net revenue yield drivers and where in the range the yields have trended more recently.

該公司越來越能更好地應對各種市場週期、事件和不斷變化的客戶需求。正如我們上季度所指出的，我們在幻燈片中納入了當前的淨收入收益率趨勢。按能力劃分的範圍代表了過去五個季度的淨收入收益率範圍，我們注意到淨收入收益率驅動因素以及最近收益率在該範圍內的趨勢。

We're seeking to provide you better visibility on current net revenue yield by capabilities. To provide context for the net revenue yield trend during the third quarter, our overall net revenue yield was 25.3 basis points. The exit net revenue yield was 25 basis points, [3/10] of a basis point lower due to continued mix shift during the quarter.

我們致力於讓您更了解目前按功能劃分的淨收益。為了提供第三季淨收入收益率趨勢的背景，我們的整體淨收入收益率為 25.3 個基點。由於本季持續的組合轉變，退出淨收入收益率為 25 個基點，下降了 [3/10] 個基點。

Turning to slide 9. Net revenue of $1.1 billion in the third quarter was $18 million higher than the second quarter, a 2% increase and slightly higher than the third quarter of last year. Investment management fees were $33 million higher than last quarter and $40 million higher than the third quarter of last year. The increases were driven by higher average AUM, partially offset by the AUM mix shift previously noticed.

轉到投影片 9。第三季淨營收為11億美元，較第二季增加1,800萬美元，成長2%，略高於去年第三季。投資管理費比上一季增加了 3,300 萬美元，比去年第三季增加了 4,000 萬美元。這一增長是由較高的平均資產管理規模所推動的，但部分被先前註意到的資產管理規模混合變化所抵消。

Performance fees were $14 million lower than the second quarter due to seasonality as we typically see a decrease in performance fees in the third quarter compared to the second quarter. Total adjusted operating expenses in the third quarter were $756 million, a slight increase of $6 million or less than 1% from the second quarter.

由於季節性原因，績效費比第二季低 1,400 萬美元，因為我們通常會看到第三季的績效費比第二季有所下降。第三季調整後營運費用總額為7.56億美元，比第二季小幅增加600萬美元，增幅不到1%。

This was also a slight increase over the prior year when taking into account the $39 million related to the organizational change expenses incurred last year. Compensation was $6 million lower than the prior quarter, mainly due to higher performance fee related compensation last quarter.

考慮到去年發生的 3,900 萬美元的組織變革費用，這一數字也比前一年略有增加。薪資比上一季減少 600 萬美元，主要是因為上季績效費相關薪酬較高。

As we reported in our GAAP operating results, we took a one time noncash acceleration of $148 million in expense resulting from changes to the retirement criteria related to vesting of currently outstanding long-term awards. This is a one time acceleration of compensation expense for outstanding long-term awards for employees that meet newly defined eligibility criteria for retirement.

正如我們在 GAAP 經營業績中報告的那樣，由於與當前未償長期獎勵的歸屬相關的退休標準發生變化，我們一次性非現金支出增加了 1.48 億美元。這是對符合新規定的退休資格標準的員工的突出長期獎勵的一次性加速補償費用。

The change will reduce the recent volatility we have experienced in compensation expense due to retirement. Over the prior six quarters, retirement expense related to the acceleration of long-term awards was nearly $60 million and it varied meaningfully quarter to quarter.

這項變更將減少我們最近因退休而經歷的補償費用的波動。在過去的六個季度中，與加速長期獎勵相關的退休費用接近 6,000 萬美元，每季都有顯著變化。

The changes to the criteria for retirement brings us more in line with the market for these types of plans and better aligns us with how most companies account for the expenses associated with the acceleration of long-term awards at retirement.

退休標準的變化使我們更符合此類計畫的市場，也使我們更了解大多數公司如何核算與加速退休時長期獎勵相關的費用。

G&A was $11 million higher than the prior quarter. Costs associated with our Alpha platform implementation increased from $12 million in the second quarter to $15 million in the third quarter and professional related fees were higher versus the prior quarter.

G&A 比上一季增加 1,100 萬美元。與我們的 Alpha 平台實施相關的成本從第二季的 1,200 萬美元增加到第三季的 1,500 萬美元，專業相關費用比上一季更高。

As the implementation of alpha continues to ramp up, we expect alpha related one time implementation cost to be closer to $15 million in the fourth quarter of 2024. We will continue to update our progress and related costs as we move forward with the implementation.

隨著 alpha 實施的不斷推進，我們預計 2024 年第四季與 alpha 相關的一次性實施成本將接近 1500 萬美元。隨著實施的推進，我們將繼續更新進度和相關成本。

Quarter over quarter positive operating leverage was 100 basis points driving a $13 million or 4% increase in operating income and a 70 basis point improvement in our operating margin to 31.6%. Our effective tax rate was 21.8% in the third quarter.

與上一季相比，正營運槓桿率為 100 個基點，營運收入增加 1,300 萬美元，即 4%，營運利潤率提高 70 個基點，達到 31.6%。第三季我們的有效稅率為21.8%。

We estimate our non-GAAP effective tax rate will be near the lower end of our historic range of 23% to 25% for the fourth quarter 2024. The actual effective rate can vary due to the impact of non-recurring items on pretax income and discrete tax items.

我們預計 2024 年第四季的非 GAAP 有效稅率將接近歷史範圍 23% 至 25% 的下限。由於非經常性項目對稅前收入和離散稅項的影響，實際有效利率可能會有所不同。

I'll wrap up on slide 10. As I noted earlier, we continue to make progress on building balance sheet strength in the third quarter. We ended the quarter in a net cash position with cash and cash equivalents exceeding debt by $155 million better than our goal of zero net debt. The end of the quarter with no draw on our credit facility.

我將在幻燈片 10 上結束。正如我之前指出的，我們第三季在增強資產負債表實力方面繼續取得進展。本季結束時，我們的淨現金狀況良好，現金和現金等價物超出債務 1.55 億美元，比我們零淨債務的目標好。本季末我們沒有動用信貸額度。

Our leverage ratios continue to improve and we're now down to a leverage ratio excluding the preferred stock of 0.26 times. A significant improvement over the past several years. We resumed share buybacks in the third quarter, buying back $25 million or 1.5 million shares during the quarter.

我們的槓桿率持續改善，目前不包括優先股的槓桿率已降至 0.26 倍。過去幾年有了顯著的進步。我們在第三季恢復了股票回購，在本季回購了 2,500 萬美元或 150 萬股股票。

We expect to continue a more regular share buyback program going forward, repurchasing around $25 million in the fourth quarter depending on market conditions. We further anticipate our total payout ratio including common dividends and share buybacks will move closer to 60% which we expect will continue in 2025 as we continually evaluate our capital return level.

我們預計未來將繼續實施更定期的股票回購計劃，根據市場狀況在第四季度回購約 2,500 萬美元。我們進一步預計，包括普通股股息和股票回購在內的總派息率將接近 60%，隨著我們不斷評估我們的資本回報水平，我們預計這一比例將在 2025 年持續下去。

To conclude the resiliency and strength of our firm's net flow performance is evident again this quarter and we continue to make progress on simplifying the organization building a stronger balance sheet while continuing to invest in areas of growth. We remain committed to driving profitable growth, high level of financial performance and enhancing return of capital to shareholders.

總而言之，本季度我們公司的淨流量表現的彈性和實力再次顯而易見，我們在簡化組織方面繼續取得進展，建立了更強大的資產負債表，同時繼續投資於成長領域。我們仍然致力於推動獲利成長、高水準的財務表現並提高股東的資本回報。

And with that, I'll ask the operator to open up the line for Q&A.

然後，我會請接線生開通問答線路。

(Operator Instructions) Brennan Hawken, UBS.

（操作員說明）Brennan Hawken，UBS。

Good morning. Thanks for taking my questions. Andrew, you spoke to the stimulus in China not really impacting the third quarter, but that you've seen some positive effects over the past few weeks. Could you maybe provide a bit more specificity to that? What have you seen? And how should we be thinking about the potential impact of the stimulus on IGW?

早安.感謝您回答我的問題。安德魯，你談到中國的刺激措施並沒有真正影響第三季度，但你在過去幾週看到了一些正面的影響。能否提供更多具體資訊？你看到了什麼？我們應該如何考慮刺激措施對 IGW 的潛在影響？

Hey, Brennan, thanks. Look, it's early days in China and we know how much volatility exists in that marketplace. The stimulus, I think, obviously we saw what happened in markets and that's good for our business. That's good for investor sentiment. I think what we've seen mostly is a mix shift going on.

嘿，布倫南，謝謝。看，現在中國還處於早期階段，我們知道該市場有多大的波動性。我認為，刺激措施顯然我們看到了市場上發生的事情，這對我們的業務有好處。這有利於投資者情緒。我認為我們看到的主要是混合轉變的發生。

So I think what had predominantly been earlier this year and the end of last year, a focus on fixed income is starting to shift a bit more towards the equity side of things or the fixed income plus we call it, which is a balanced portfolio.

因此，我認為今年早些時候和去年年底，人們對固定收益的關注開始更多地轉向股票方面，或者我們所說的固定收益，這是一個平衡的投資組合。

I think it's also important to remember that the mix of our business at IGW and in the Chinese market is more skewed towards fixed income and balance. So our IGW business is about 30% equities, 30% fixed income, 20% balance and 20% money market. So we expect to see, I think, demand improve, but it's early days to speculate too much.

我認為同樣重要的是要記住，我們在 IGW 和中國市場的業務組合更偏向固定收益和餘額。所以我們的IGW業務大約是30%股票、30%固定收益、20%餘額和20%貨幣市場。因此，我認為，我們預計需求會有所改善，但目前進行過多猜測還為時過早。

Got it. Thanks for that. That's helpful. And then Allison, you have effectively delivered the balance sheet really well. And it's certainly encouraging to see the buyback restart. But I'm curious if you considered rather than buying back common approach MassMutual to see whether or not you could do a buyback program for the preferreds.

知道了。謝謝你。這很有幫助。然後艾利森，您實際上很好地交付了資產負債表。看到回購重啟無疑是令人鼓舞的。但我很好奇，您是否考慮過而不是回購常見的方法 MassMutual，看看您是否可以為優先股實施回購計劃。

When you talk to investors, the preferreds were one of the big issues and executing on that type of buyback could effectively continue the delevering efforts that you guys have done so well in the past few years.

當你與投資者交談時，優先股是大問題之一，執行此類回購可以有效地繼續你們過去幾年做得很好的去槓桿化努力。

Thanks, Brennan. Yes, we have ongoing conversations with MassMutual about the preferred and it is a non-call instrument as you know, and they own 100% of it. So it is certainly negotiated conversation and one that given the duration of that piece of paper and the liabilities that they wrote against it, it's not a straightforward exercise to think about any opportunity that might exist to repurchase any element of that.

謝謝，布倫南。是的，我們正在與萬通互惠理財就首選工具進行對話，正如您所知，這是一種非看漲工具，他們擁有 100% 的股權。因此，這肯定是經過談判的對話，考慮到該文件的期限以及他們針對該文件所寫的負債，考慮是否存在任何可能存在的回購其中任何元素的機會並不是一個簡單的練習。

Certainly, top of mind for us and something we've been talking about for years now but not straightforward, not simple. And one that I think they certainly understand as well as they are as you know, our largest common shareholder and take quite a bit of attention to how that preferred impact us on both sides of the equation as well.

當然，這是我們最關心的問題，也是我們多年來一直在談論的事情，但它並不簡單，也不簡單。我認為他們當然了解我們最大的普通股東，正如你們所知，他們也非常關注這一偏好如何對我們的雙方產生影響。

In the meantime, our strategy has been and as you noted, successfully delever around that preferred instrument everywhere we can. And I think we've done a nice job doing that. We've got a little bit further to go. The next maturity isn't until 2026. In the meantime, we're really focused on continuing to build capital and liquidity and returning capital to our common shareholders.

同時，正如您所指出的，我們的策略是盡可能地圍繞首選工具成功地進行槓桿化。我認為我們在這方面做得很好。我們還有一點路要走。下一次到期要到 2026 年。同時，我們真正專注於繼續建立資本和流動性，並將資本回饋給我們的普通股東。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning. Allison, I wanted to follow up on the change in some of the accounting associated with the awards. You obviously took a charge this quarter, curious about the benefit, but as we think about things going forward, if there's anything to the adjusted results. And also, are you anticipating any change in the pace of retirements or is this to incent with some behavior internally as well?

謝謝。早安.艾莉森，我想跟進一些與獎項相關的會計變更。顯然，您本季接受了一項指控，對收益感到好奇，但當我們考慮未來的事情時，調整後的結果是否有任何影響。另外，您是否預期退休節奏會發生任何變化，或者這是否也會激勵內在的某些行為？

Sure. Thank you for the question. So a couple of things, one, we really have not had clear criteria around retirement in the past. And so, that is the motivation for this change and the benefits are really -- they're multiple benefits. One is it does put us more in line with how most companies handle retirement, recognizing everybody is going to retire eventually and creating clear criteria around it in terms of both age and years of service is very helpful. It provides clarity and transparency for our employees.

當然。謝謝你的提問。所以有幾件事，第一，我們過去確實沒有關於退休的明確標準。因此，這就是這項變革的動機，其好處確實是──它們是多重好處。一是它確實讓我們更符合大多數公司處理退休的方式，認識到每個人最終都會退休，並圍繞年齡和服務年限制定明確的標準非常有幫助。它為我們的員工提供了清晰度和透明度。

It also gives us an opportunity from an accounting perspective to really better plan for those events. And this acceleration is the acceleration of all of those employees that meet those eligibility requirements today and accelerating the awards that have already been issued. They will all be paid eventually, but it allows us to go ahead and accelerate the expense associated with that.

從會計角度來看，它也為我們提供了一個真正更好地規劃這些事件的機會。這種加速是今天所有符合這些資格要求的員工的加速，也是已經頒發的獎項的加速。它們最終都會得到支付，但這使我們能夠繼續並加速與之相關的費用。

The benefit is as I noted before, we just in the past few quarters, we've had about $60 million of retirement and without eligibility requirements, you can't recognize the acceleration of those awards until the day in which they tell you they're retiring and then you kind of take the full hit. So it creates volatility and uncertainty in our compensation expense and therefore in our earnings.

好處是正如我之前提到的，就在過去的幾個季度，我們已經有了大約6000 萬美元的退休金，並且沒有資格要求，直到他們告訴您的那一天，您才能意識到這些獎勵的加速發放。因此，這給我們的薪酬支出以及我們的收入帶來了波動性和不確定性。

And so, this really will reduce that volatility. You saw quite a bit of it last year as we announced some of those executive retirements and a lot of the repositioning. Had we had this criteria, you wouldn't have seen that kind of volatility in our earnings profile in 2023 because those that were already retirement eligible, those awards would have already been amortised over a shorter time frame.

因此，這確實會減少波動性。去年，當我們宣布一些高階主管退休和大量重新定位時，你就看到了很多這樣的情況。如果我們有這個標準，你就不會在 2023 年看到我們的收益狀況出現這種波動，因為那些已經符合退休資格的人，這些獎勵將已經在更短的時間內攤提。

Okay. Understood. And then Andrew just following up on fixed income, obviously a good quarter for you in terms of flows. Can you talk about the dialogue and where you see opportunity, particularly both, I guess in the US and globally and maybe in the context also, you guys used to give us a backlog of unfunded wins. Just curious how that sits today and the makeup of that in terms of the contribution of asset classes?

好的。明白了。然後安德魯只是跟進固定收益，就流量而言，這顯然是一個不錯的季度。您能談談對話以及您在哪裡看到機會嗎？ 尤其是在美國和全球範圍內，也許在這種情況下，你們過去常常給我們積壓一些無資金支持的勝利。只是好奇今天的情況如何以及其在資產類別的貢獻方面的構成？

Yeah. Thanks for the question. Let me start and Allison can chip in on the pipeline a little bit. From a fixed income perspective, as I noted, 70% of the volume we saw this quarter in flows came from institutions. And maybe the first thing I'll say is I think we're starting to see more money kind of move into motion partially with greater clarity around interest grade, but I think also with backlogs of mandate and reallocations that had kind of been put on hold and quarters delayed as we've talked about previously.

是的。謝謝你的提問。讓我開始吧，艾莉森可以為管道提供一點幫助。正如我所指出的，從固定收益的角度來看，本季我們看到的資金流量中有 70% 來自機構。也許我要說的第一件事是，我認為我們開始看到更多的資金開始投入使用，部分原因是利率等級更加清晰，但我認為還有積壓的任務和重新分配正如我們之前討論過的，暫停和季度推遲。

So in the institutional marketplace, I just think we're just sort of seeing a greater velocity in particular in fixed income. And then in the retail space, the wealth space, we continue to see positive flows largely for us in the municipal space. In the US, it has been quite strong and mostly active but some passive.

因此，在機構市場中，我認為我們只是看到了更快的速度，特別是在固定收益領域。然後在零售領域、財富領域，我們繼續看到主要在市政領域的積極流動。在美國，它相當強大，而且大多是主動的，但有些是被動的。

And then people using separately managed accounts in wealth management, again, particularly in the US, that's starting to increase more rapidly in fixed income in particular, where we have a competitive edge and a strength, and we were relatively early in that space. So volume is definitely picking up across the board for fixed income and you saw it in our flows this quarter.

然後，人們在財富管理中使用單獨管理的帳戶，尤其是在美國，固定收益領域的成長速度開始更快，我們在這方面擁有競爭優勢和實力，而且我們在這個領域相對較早。因此，固定收益的交易量肯定全面回升，您在本季的流量中看到了這一點。

With regard to the pipeline, Allison?

關於管道，艾里森？

Yeah. The pipeline continues to be -- it's pretty consistent quarter to quarter for the last three quarters. I'd say it hovers right around $15 billion. Sometimes some quarters a little higher; some quarters, a little bit lower. But we've just seen consistency there and hence the reason, we really didn't find it all that valuable either because when you look at our flows in any given quarter, about a third of our institutional flows come from the pipeline, but about two-thirds come from outside the pipeline.

是的。在過去的三個季度中，通路仍然非常穩定。我想說它徘徊在 150 億美元左右。有時有些季度會高一點；有些季度，稍微低一些。但我們只是看到了那裡的一致性，因此，我們確實沒有發現它那麼有價值，因為當你查看任何特定季度的流量時，我們的機構流量中約有三分之一來自管道，但大約三分之一三分之二來自管道外。

So it's an interesting barometer but it doesn't -- it isn't that great of a forward indicator. But it is around $15 billion. It's pretty balanced across our regions. And as Andrew noted we are starting to see a greater and greater interest on the fixed income side.

所以這是一個有趣的晴雨表，但事實並非如此——它並不是一個很好的前瞻性指標。但這大約是150億美元。我們各地區的情況相當平衡。正如安德魯所指出的那樣，我們開始看到人們對固定收益越來​​越感興趣。

We have about $350 billion of long-term fixed income. It's scaled platform, profitability will continue to improve. And in particular as people sort of go further out the duration curve, which is what we're seeing.

我們擁有約 3500 億美元的長期固定收益。其平台規模不斷擴大，獲利能力將持續提高。特別是當人們在持續時間曲線上走得更遠時，這就是我們所看到的。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Thank you very much for taking the questions this morning. So maybe a big picture question now that your balance sheet is more healed, there's been a significant amount of M&A around you, whether it be some nutritional managers trying to bulk up in the alts or your alt managers is trying to bulk up further into the alts space with a focus on driving opportunity to fix income replacement or retail democratization. I was wondering if you could talk a little bit about how you're positioned to participate in those trends, either de novo or perhaps inorganically. Thank you.

非常感謝您今天早上提出問題。因此，現在你的資產負債表已經痊癒了，這可能是一個大問題，你周圍有大量的併購，無論是一些營養經理試圖擴大替代品，還是你的替代品經理試圖進一步擴大規模alts 空間的重點是推動解決收入替代或零售民主化的機會。我想知道您是否可以談談您如何定位參與這些趨勢，無論是從頭開始還是無機地參與。謝謝。

Yeah. Hey, Bill, thanks. Look, the number one thing for us as you mentioned in terms of opportunity and growth is in the private market space and you can see as I mentioned, what's happening there in wealth management. For us, there's a ton of organic opportunity for us to continue to pursue, especially if we take our real asset capabilities and our alternative credit capabilities to that wealth management market.

是的。嘿，比爾，謝謝。聽著，正如您所提到的，就機會和成長而言，我們的首要任務是在私人市場領域，正如我所提到的，您可以看到財富管理領域正在發生的事情。對我們來說，我們有大量的有機機會可以繼續追求，特別是如果我們將我們的實際資產能力和替代信貸能力帶入財富管理市場。

And we're beginning to see sort of that pace pick up with our real estate debt strategy, in particular, the interest has been quite high in the US wealth management arena. We were added to another one of the largest platforms just at the end of the latter part of the third quarter.

我們開始看到我們的房地產債務策略的步伐有所加快，特別是美國財富管理領域的興趣相當高。就在第三季末，我們被添加到另一個最大的平台之一。

So I guess what I'm saying is we continue to see lots of organic opportunity to take private markets and the wealth management, but we have distribution strength, we have product origination capability. We've invested in already the specialized skills and tools you need to pull that through and create less friction in the marketplace.

所以我想我想說的是，我們繼續看到很多進入私人市場和財富管理的有機機會，但我們有分銷實力，我們有產品原創能力。我們已經投資了您所需的專業技能和工具，以實現這一目標並減少市場摩擦。

And we'll continue to look in organically if there's places where we can bolt on to that set of strategies. But we really do feel like we have a tremendous amount of opportunity right here in Invesco.

我們將繼續有機地研究是否有地方可以採用這組策略。但我們確實覺得景順擁有巨大的機會。

Okay. Thank you. Just as a follow up as you think about the go forward mix of the business. Sounds like at the edges, some of the higher fee products could have some incremental demand into a new quarter. But broadly speaking, it continues to be passing fixed income and SMA.

好的。謝謝。就像您考慮業務的未來組合時的後續行動一樣。聽起來像是在邊緣，一些收費較高的產品可能會在新季度產生一些增量需求。但總體而言，它繼續超過固定收益和 SMA。

So as you think about the interplay between the fee rate and operating leverage, I was wondering, can you continue to drive positive operating leverage if there's really no change to the underlying drivers to growth?

因此，當您考慮費率和營運槓桿之間的相互作用時，我想知道，如果成長的潛在驅動力確實沒有變化，您能否繼續推動正營運槓桿？

Yes, we can. I would say a couple of things and I'm hopefully slide 8 does help you and seeing some of this. I mean, we are certainly seeing good strong growth across a number of our investment capabilities. And we're seeing underlying, I would say, green shoots and positive dynamics just about everywhere.

是的，我們可以。我想說幾件事，希望幻燈片 8 能夠幫助您並看到其中的一些內容。我的意思是，我們確實看到了我們的許多投資能力的強勁增長。我想說，我們幾乎到處都看到了潛在的萌芽和積極的動態。

We're really focused on driving that positive operating leverage by driving growth, incremental progress in every single one of the investment capabilities. I mean, these are really the areas where we are deliberately chosen to compete. We are focused on strengthening our capabilities inside of each one, strengthening our investment performance, really driving broad distribution across both our retail and institutional clients.

我們真正專注於透過推動每項投資能力的成長和漸進進步來推動積極的營運槓桿。我的意思是，這些確實是我們故意選擇競爭的領域。我們專注於加強我們每個人內部的能力，增強我們的投資業績，真正推動我們的零售和機構客戶的廣泛分佈。

And it's incremental progress in each one that drive that positive operating leverage. I think notably, we're working very hard. I think we've demonstrated that strength around expense management and really demonstrating expense discipline and controlling our expenses so that we can generate that positive operating leverage with all incremental growth on the top line.

每一項的漸進進步都推動了積極的營運槓桿。我認為值得注意的是，我們工作非常努力。我認為我們已經展示了費用管理的實力，並真正展示了費用紀律和控制我們的費用，以便我們能夠在營收增量成長的情況下產生積極的營運槓桿。

So certainly, that revenue yield is just a mathematical output of how we grow across these investment capabilities. And our key focus is on revenue growth, and I think we demonstrated that again this quarter.

當然，收入收益率只是我們如何透過這些投資能力實現成長的數學輸出。我們的重點是收入成長，我認為我們本季再次證明了這一點。

Bill, just to further emphasize what Allison was saying. I mean, we're going to be we're focused in each of these areas on profitability quarter on quarter and continuing to show operating leverage. I think there's some other areas of growth across Asia Pacific and we've talked about that market beyond just China as really giving us some good positive growth in a place where we can continue to see revenues expand over time.

比爾，只是為了進一步強調艾莉森所說的話。我的意思是，我們將專注於這些領域中每一個季度的獲利能力，並繼續展示營運槓桿。我認為亞太地區還有其他一些成長領域，我們已經討論過中國以外的市場，因為這個市場確實為我們帶來了一些良好的正面成長，我們可以繼續看到收入隨著時間的推移而成長。

Glenn Schorr, Evercore.

格倫·肖爾，Evercore。

Hi. Thank you. Something like $107 billion in gross sales. So there's obviously huge brand and powerful distribution and so follow on to maybe Bill's question, if you don't have everything now that clients want. You can build organically, it takes a long time, you could buy stuff you commented on that.

你好。謝謝。總銷售額約 1,070 億美元。顯然，這裡有巨大的品牌和強大的分銷管道，如果你現在還沒有擁有客戶想要的一切，那麼接下來可能是比爾的問題。你可以有機地構建，這需要很長時間，你可以購買你評論過的東西。

Is there room in the repertoire? I'm curious how you think about the general concept of partnerships to lever your brand, leverage your distribution and strike while the iron's hot and client preferences are changing for some things that you might not have on the shelf?

劇目中有空間嗎？我很好奇，您如何看待合作夥伴關係的一般概念，以利用您的品牌、利用您的分銷，並趁熱打鐵和客戶偏好發生變化而對您可能沒有的一些東西進行打擊？

Yeah. Let me start. I mean, partnerships have been a part of our history and even our recent history with what we did in India with our joint venture. We're going to continue to look for ways to create partnerships and we'll continue to look for them geographically. We'll continue to look for them from a distribution standpoint and as well as investment capabilities.

是的。讓我開始吧。我的意思是，合作關係已經成為我們歷史的一部分，甚至是我們最近在印度合資企業所做的事情的一部分。我們將繼續尋找建立合作關係的方法，並且我們將繼續在地理上尋找它們。我們將繼續從分銷角度和投資能力的角度尋找他們。

And so, while there's nothing specific more to point out this quarter, just look to what we did in India, look to what we did in China, look at how we grow our ETF business over time. Just to indicate how much we see partnership being an avenue to our future growth,

因此，雖然本季沒有什麼具體需要指出的，但只要看看我們在印度所做的事情，看看我們在中國所做的事情，看看我們如何隨著時間的推移發展我們的 ETF 業務。只是為了表明我們在多大程度上認為合作關係是我們未來發展的途徑，

Maybe I'll stay on team and as a follow up on MassMutual. I feel like you come into plenty on the press issue, but there is a great opportunity to grow within their channel further penetrate their retail network and do more with them. Can you talk about some of the thing you're thinking about working on with them as a, obviously, big distribution partner, not just big owner.

也許我會留在團隊並作為萬通互惠理財的後續行動。我覺得你在新聞問題上接觸了很多，但有一個很好的機會在他們的管道內成長，進一步滲透他們的零售網絡並與他們一起做更多的事情。您能否談談您正在考慮與他們合作的一些事情，顯然，作為一個大的分銷合作夥伴，而不僅僅是大所有者。

Yeah. One of the -- there's several. We're starting at about a little over $13 billion, $14 billion of assets that we manage on behalf of MassMutual, either general account or the affiliated a distribution and what I say, one of the bigger opportunities is model portfolios into their broker dealer network, which we think is a huge growth area. It's a place where they've been successful.

是的。其中之一——有好幾個。我們的起始資產約為130 億美元多一點，我們代表MassMutual 管理140 億美元的資產，無論是普通帳戶還是附屬分配帳戶，我想說的是，更大的機會之一是將投資組合模型納入其經紀交易商網絡，我們認為這是一個巨大的成長領域。這是他們取得成功的地方。

We have a strong model's business and certainly lots of capabilities underneath to populate them alongside other players. The other is just as we continue to build out sub advised into their insurance products and capabilities and that could exist across equities and fixed income. So those are just a few of the things that we're working on regularly with MassMutual and I agree with you that that should continue and can be a powerful partnership.

我們擁有強大的模型業務，當然還有大量的能力可以將它們與其他參與者一起填充。另一個是我們繼續在他們的保險產品和能力中建立次級建議，這可能存在於股票和固定收益領域。這些只是我們與萬通互惠理財定期合作的一些事情，我同意您的看法，即這種合作應該繼續下去，並且可以成為強有力的合作夥伴關係。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hey, good morning, everyone. I had a question on Alpha. It looked like integration expenses rose $3 million sequentially in the quarter. So when should expenses peak? And when will you start to see a net quarter over quarter improvement in profits from Alpha? Especially because Alpha will save Invesco money over time?

嘿，大家早安。我有一個關於阿爾法的問題。本季整合費用似乎較上季增加了 300 萬美元。那麼支出什麼時候該達到高峰呢？何時會開始看到 Alpha 的利潤季淨改善？特別是因為隨著時間的推移，阿爾法將為景順節省資金？

Yeah. Thanks. Craig. I think as we noted last quarter, we expect to be transitioning our AUM on to the Alpha platform in a series of waves and we expect that first wave to be in the fourth quarter of this year and really run through 2025. And as we continue to test and learn with these ways even perhaps early in the 2026.

是的。謝謝。克雷格.我認為，正如我們上季度指出的那樣，我們預計將透過一系列浪潮將我們的 AUM 過渡到 Alpha 平台，我們預計第一波將在今年第四季進行，並真正持續到 2025 年。我們甚至可能在 2026 年初繼續用這些方法進行測試和學習。

We are incurring implementation costs as we go. We expect to -- we will be paying State Street fees on the AUM as we transition that AUM on. And so to your question, yes, it did. The implementation costs were up a little bit in the third quarter. We expect it to be relatively consistent here in the fourth quarter as implementation continues to ramp up.

我們正在承擔實施成本。我們預計，當我們過渡 AUM 時，我們將向道富銀行支付 AUM 費用。對於你的問題，是的，確實如此。第三季的實施成本略有上升。隨著實施力度的不斷加大，我們預期第四季的情況將相對穩定。

As we get into next year and we're paying State Street fees on the AUM as we're transitioning it over and we're still paying on some of the other platforms where we will be running parallel for some time. We expect overall costs to start to be next year and we'll be giving you more guidance around all of that as we get into 2025.

進入明年，我們將在 AUM 上向道富銀行支付費用，因為我們正在對其進行過渡，並且我們仍在其他一些平台上支付費用，我們將在這些平台上並行運行一段時間。我們預計整體成本將於明年開始，進入 2025 年時，我們將就所有這些問題為您提供更多指導。

And then in 2026, we expect to start to see the benefit of ramping some of those other systems off and really starting to extract the benefits of going to a single platform. It's been a long time coming and we're defensive testing and we're learning quite a bit. But we'll continue to give you guidance as we evolve into this one going into 2025.

然後到 2026 年，我們預計將開始看到逐步關閉其他一些系統的好處，並真正開始獲得使用單一平台的好處。已經過去很長時間了，我們正在進行防禦性測試，我們學到了很多東西。但隨著我們進入 2025 年，我們將繼續為您提供指導。

Thank you, Allison. And for my follow up on the ETF business, BulletShares flows were particularly strong in the quarter. So I was hoping you could talk about the key drivers and if you expect this to continue over the next few quarters, given that interest rates are somewhat declining now, which may benefit longer duration strategies?

謝謝你，艾莉森。對於我對 ETF 業務的跟踪，BulletShares 流量在本季尤其強勁。因此，我希望您能談談關鍵驅動因素，考慮到利率現在有所下降，您是否預計這種情況將在未來幾季持續下去，這可能有利於長期策略？

Yeah. I mean, the BulletShares are -- Thanks for pointing it out. I mean, BulletShares are a great franchise. And we have a very built out diverse range. And it's our leading fixed income franchise inside our ETF capabilities or one of them. And so, the same trends I mentioned before about investor demand happening in the wealth space and institutional, frankly apply to the BulletShares.

是的。我的意思是，BulletShares 是——感謝您指出這一點。我的意思是，BulletShares 是一個很棒的特許經營權。我們擁有非常多樣化的產品系列。這是我們 ETF 能力範圍內領先的固定收益專營權或其中之一。因此，我之前提到的關於財富領域和機構領域投資者需求的趨勢，坦率地適用於 BulletShares。

And so, it's not just been this past quarter, but the previous quarter, we saw good BulletShares growth, and I think I'd expect that to continue. There are maturities that happen every year in December that then get repopulated into the first quarter. So I continue to watch that where we feel great about the BulletShares range.

因此，不僅在上個季度，而且在上個季度，我們都看到了 BulletShares 的良好成長，我認為我預計這種情況將持續下去。每年 12 月都會有一些到期，然後會重新填充到第一季。因此，我繼續關注我們對 BulletShares 系列感到滿意的地方。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, everybody. Good morning. Thanks for the question. I was hoping to double click into the private real estate flows you highlighted in the prepared remarks and a couple of times in Q&A. So it sounds like the contribution was relatively healthy from maybe one of the platforms that got added towards the end of the quarter. Was that the bulk of the growth?

嘿，大家。早安.謝謝你的提問。我希望雙擊您在準備好的評論中以及問答中幾次強調的私人房地產流動。因此，聽起來可能是本季末添加的某個平台的貢獻相對健康。這是成長的主要部分嗎？

And is that come from almost kind of like a [1 time-ish] benefits since you just got added or the growth and the strength there has been a little bit more broad based. And I guess on the institutional side, could you update us on what the key and redemptions look like? It? Sounds like that's starting to ease a little bit for the industry. So I'm just curious if you've seen the same.

這是來自幾乎一種[1倍左右]的好處，因為你剛剛得到了增加，或者那裡的成長和實力已經有了更廣泛的基礎。我想在機構方面，您能否向我們介紹一下金鑰和兌換的最新情況？它？聽起來這個行業的情況開始有所緩解。所以我很好奇你是否也看過同樣的情況。

Yeah. Thanks for the question. And let me clarify a little bit on the real estate credit side. The platform that we got added to the large US wealth platform that happened at the end of the quarter doesn't come with flows, it just comes with opportunity. And so, none of the flows in the quarter really were materially related to that. So that's a maybe call it on the come.

是的。謝謝你的提問。讓我澄清一下房地產信貸方面的情況。我們在本季末加入美國大型財富平台的平台並沒有帶來流量，它只是帶來了機會。因此，本季的任何流量都與此無關。所以這可能是即將發生的事情。

The demand for our real estate debt strategy is where a significant part of the real estate flows for this quarter came from. Now that strategy has been out market for the better part of a year. It is already on one other large US wealth platform and several others that relate to the independent in [RA channel]. So we started to see that picked up and hopefully that flywheel continues as we get into to next year.

對我們房地產債務策略的需求是本季房地產流量的很大一部分來源。現在，該策略已經上市一年多了。它已經出現在美國另一家大型財富平台以及其他幾個與獨立金融機構相關的平台上。[RA頻道]。因此，我們開始看到這種情況有所回升，希望這種飛輪在進入明年時能繼續下去。

Allison, would you talk about the redemption.

艾莉森，你能談談救贖嗎？

Sure. I mean, I would just add maybe Alex to double down on that. While that product was a strong driver of the real estate. So it wasn't the only driver of our real estate. And so, we also saw really strong growth in our real state SMAs, and I think just improvement overall in demand for the asset class, which is really encouraging.

當然。我的意思是，我可能會添加亞歷克斯來加倍努力。雖然該產品是房地產的強勁推動力。所以它並不是我們房地產的唯一驅動力。因此，我們也看到了我們的實際狀態 SMA 的強勁成長，我認為該資產類別的需求總體有所改善，這確實令人鼓舞。

As it relates to the redemption queue, yes, I mean, the pressures have certainly started to moderate there a little bit which is the overall improvements. In the broader market, that has an impact on the denominator effect. Still maybe a little bit higher than they are through a normal cycle as we start to see a slow improvement.

由於它與贖回隊列有關，是的，我的意思是，那裡的壓力肯定已經開始有所緩解，這是整體的改善。在更廣泛的市場中，這會對分母效應產生影響。當我們開始看到緩慢的改善時，可能仍然比正常週期高一點。

But certainly, I would say some cautious views on that as people are really trying to get their arms around the path of interest rates and what that means for transaction activity overall. But certainly, seeing the pressure of rate there and overall, more encouraging signs in the private real estate business

但當然，我會對此發表一些謹慎的看法，因為人們確實在努力了解利率的變化及其對整體交易活動的影響。但可以肯定的是，看到那裡的利率壓力以及總體而言，私人房地產業務出現了更多令人鼓舞的跡象

And just to remind everybody of our real estate assets, the $70 billion or so, that's direct. Only about half of it are in funds and the rest are in separate accounts and closed in vehicles on a global basis.

只是為了提醒大家我們的房地產資產，大約 700 億美元，這是直接的。其中只有大約一半是基金形式，其餘的都在單獨的帳戶中，並在全球範圍內以車輛形式封閉。

Great, that's helpful. And Allison just a quick P&L question for you. The service and distribution fee looks like came down sequentially despite higher markets and higher AUM levels which tends to correlate. It's something that I think started to become a little more disconnected recently. And I guess at the same time, distribution expense increased sequentially.

太好了，很有幫助。艾莉森只是想問你一個簡短的損益問題。儘管市場較高且資產管理規模水平較高，但服務和分銷費用似乎連續下降，這往往是相關的。我認為最近開始變得更加脫節。我猜同時，分銷費用也隨之增加。

So the net effect of that on profitability continues to become a bigger drag. I know they're not perfect. There's a few things that go in there, but maybe just expand on kind of what drove the decline on the revenue side and kind of further creep up on the expense side.

因此，這對獲利能力的淨影響繼續成為更大的拖累。我知道他們並不完美。其中有一些因素，但可能只是擴大了收入方面下降的原因，以及費用方面進一步上升的原因。

Sure. I mean, just a couple of things. One there is a relationship between service and distribution fees and the third-party distribution contra revenue line item. Because there's an element of pass through between those categories. And so, you really do have to look at them together and you can then net them against management fees.

當然。我的意思是，只有幾件事。一是服務和分銷費用與第三方分銷相對收入項目之間存在關係。因為這些類別之間存在著傳遞的元素。因此，你確實必須將它們放在一起考慮，然後你可以將它們與管理費相抵銷。

And when you do that, you look over historical time period of the last few quarters, several years. For several years, it's really run historically in that 13% to 14% range as a percentage of management fees. But in more recent quarters, it's trending towards the higher end of that range. And that's really due to the product mix shift towards the higher ETF flows in these more recent quarters.

當你這樣做時，你會回顧過去幾季、幾年的歷史時段。多年來，它在管理費中所佔的百分比實際上一直在 13% 至 14% 的範圍內運作。但在最近幾個季度，它正趨向於該範圍的高端。這實際上是由於最近幾季產品組合轉向更高的 ETF 流量。

And ETFs just don't generate as much service and distribution fee revenue as mutual funds do. And there are third party expenses such as licensing fees. So it tends to make that ratio skewed slightly higher. So I think that mix shift is something obviously we're increasingly seeing as we're seeing not just in our own mix, but just across the industry that demand for ETF outstripping the demand for the mutual fund wrapper.

而且 ETF 產生的服務和分銷費收入不如共同基金那麼多。還有第三方費用，例如授權費。所以它往往會使這個比率稍微偏高。因此，我認為我們越來越多地看到這種組合轉變，因為我們不僅在我們自己的組合中看到，而且在整個行業中都看到對 ETF 的需求超過了對共同基金包裝的需求。

If you expect that to continue, then I'd say it's reasonable to expect that relationship to be closer to 14% than it has been historically 13%. So I know that was kind of a detailed answer there, but I think it's the way to really look at it the way we're wrapping our heads around it year to year, quarter to quarter right now.

如果您預計這種情況會持續下去，那麼我認為可以合理地預期這種關係會比歷史上的 13% 更接近 14%。所以我知道這是一個詳細的答案，但我認為這是真正看待它的方式，就像我們現在每年、每季都在思考的方式一樣。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking the questions. Wanted to first ask about the competitive dynamics in the fixed income business. In the prepared marks, you called out a number of factors, new investment grade mandates, US wealth management flows.

你好，早上好，感謝您提出問題。我想先詢問固定收益業務的競爭動態。在準備好的分數中，您指出了許多因素，新的投資等級要求，美國財富管理流程。

But just curious, I guess, I suppose you don't always know where the flows are coming from if they're from somewhere else. But is there an opportunity for share gains in that space? Was there anything you saw in the quarter? Do you see that as an opportunity for the fourth quarter? Or is this more money in motion rates coming down, more of a organic pick up?

但我想，我只是好奇，如果流量來自其他地方，你並不總是知道流量來自哪裡。但該領域是否有機會獲得份額成長？您在本季看到了什麼？您認為這是第四季的機會嗎？或者說更多的資金流動率正在下降，更多的是自然回升？

Yeah. It's a great question. It's also hard to parse it completely. I think the trends are -- what we're largely seeing is money that's in motion for the reasons that we mentioned before, fixing comes to competitive space. And so, you're largely also having to compete and take assets from competitors even as money is in motion could be growing. But also, it's takeover mandate.

是的。這是一個很好的問題。也很難完全解析它。我認為趨勢是——我們主要看到的是由於我們之前提到的原因而流動的資金，修復涉及競爭空間。因此，即使資金流動可能會成長，你在很大程度上也必須競爭並從競爭對手那裡奪取資產。而且，這是接管授權。

There's nothing in particular that we can point to from this quarter in that regard. I'd also say that a lot of the assets that are flowing into fixed income aren't just coming here in the United States. They're coming out of Asia, they're coming out of Europe as well. So it's really been a global phenomenon for us across global investment grade, corporates, even elements of EM, and then as I said before, municipals included in the United States.

在這方面，本季我們沒有什麼特別可以指出的。我還想說，許多流入固定收益的資產不僅流入美國。他們來自亞洲，也來自歐洲。因此，這對我們來說確實是一個全球現象，涵蓋全球投資等級、企業，甚至新興市場的各個部分，正如我之前所說，包括美國的市政當局。

Maybe one more follow up on the private well side, just you mentioned that you launched on a very large distributor. Just curious how would you describe your current distribution capabilities relative to kind of broader Invesco as it applies to just the private market's products. Thank you.

也許在私人方面還有一個後續行動，剛才你提到你推出了一家非常大的經銷商。只是好奇您如何描述您目前相對於更廣泛的景順的分銷能力，因為它僅適用於私人市場的產品。謝謝。

Yeah. So we have a generalist specialist model and how we take private markets both in the institutional and in the wealth space. Over the last several years, we've been strengthening that mix. And so, we've been adding specialists to the team to sit alongside our generalist in private markets, in particular in the US wealth space.

是的。因此，我們有一個通才專家模型，以及我們如何在機構和財富領域利用私人市場。在過去的幾年裡，我們一直在加強這種組合。因此，我們一直在團隊中增加專家，與我們在私募市場（尤其是美國財富領域）的多面手並肩作戰。

And we think that's working pretty well given the pickup that we're seeing. We've made those investments already. I don't expect to see us doing a whole lot more there in terms of investing behind those areas of distribution now. It's just a matter of taking the products that we have on platform and growing the volume and continuing to find a few new products that we can bring to that wealth space.

考慮到我們所看到的回升情況，我們認為這種做法非常有效。我們已經進行了這些投資。我不希望看到我們現在在這些分銷領域的投資方面做更多的事情。這只是利用我們平台上的產品並增加數量並繼續尋找一些我們可以為該財富空間帶來的新產品的問題。

I'd say we've also and we'll continue to invest in beyond just distribution. It's all the things that are required to minimize the friction that's in place in bringing mandates on servicing those mandates and the specialized things that are required in private market. So it's more in the product and distribution to win in private markets in the world space. We feel like we've made most if not all those investments.

我想說，我們也並將繼續在分銷之外的領域進行投資。這些都是為了最大限度地減少在執行服務這些任務的任務時所存在的摩擦所需的所有事情以及私人市場所需的專門事情。因此，要贏得全球私人市場，更重要的是產品和分銷。我們覺得我們已經做了大部分（如果不是全部）投資。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Thank you. Good morning. I was hoping you could talk a little bit more about the India JV that you set up. If you could maybe just elaborate a bit on the opportunity set that you see, how you see that marketplace opening up and talk about some of the steps that you're looking to take in your approach there and any sort of lessons learned looking back at the relationship that you've had over the years and how that may inform your approach here. Thank you.

謝謝。早安.我希望您能多談談您設立的印度合資企業。如果您可以詳細說明您看到的機會集，您如何看待該市場的開放，並談談您希望在該領域採取的一些步驟以及回顧過去所學到的任何經驗教訓多年來您之間的關係以及這種關係如何影響您在這裡的做法。謝謝。

Yeah. Thanks. So we're still working through regulatory approvals in that joint venture and the disposition of our portion of it. We're planning to have completed in the first quarter. But as it relates to opportunities and lessons learned, first, I think it's important you pick a good partner and we feel like we have a good partner in India that's going to -- that has captive distribution, that's bank oriented and that can really help us expand the clients we serve and help us continue to grow in India.

是的。謝謝。因此，我們仍在努力獲得該合資企業的監管批准以及我們部分的處置。我們計劃在第一季完成。但因為它涉及到機會和經驗教訓，首先，我認為選擇一個好的合作夥伴很重要，我們覺得我們在印度有一個好的合作夥伴，它擁有專屬分銷，以銀行為導向，並且可以真正提供幫助我們擴大我們服務的客戶並幫助我們在印度繼續發展。

We believe very much in the Indian market. Really, for us, it was less about India and more about really wanting to make sure we're focusing our attention and other in all the areas that that are critical to us that we've talked about and concentrating and consolidating our efforts.

我們非常看好印度市場。事實上，對我們來說，這不是關於印度，而是真正希望確保我們將注意力集中在我們已經討論過的對我們至關重要的所有領域，並集中和鞏固我們的努力。

So we're pleased to be able to participate in the Indian market as a minority investor in this JV and as a provider of investment capabilities behind that our JV partner and the company can take forward to the marketplace.

因此，我們很高興能夠作為該合資企業的少數投資者參與印度市場，並作為我們的合資夥伴和公司可以進入市場的投資能力提供者。

I look on the lessons learned, I just say back to the earlier question, partnerships are a great way for us to expand in certain markets around the world. And it'll continue to be a place that we look to for distribution and product going forward as well. And so, each partnership you learn something, but I think our appreciation of them is only growing.

我回顧了經驗教訓，我只是回到之前的問題，合作夥伴關係是我們在全球某些市場擴張的好方法。它也將繼續成為我們未來分銷和產品發展的地方。因此，每次合作你都會學到一些東西，但我認為我們對他們的欣賞只會與日俱增。

Great. Thanks. And then just a follow up question on the expense outlook. I was hoping you could maybe elaborate on how you see that taking shape here into the fourth quarter and next year? How you see expenses trending and if you could maybe help quantify how much the State Street Alpha fees on AUM?

偉大的。謝謝。然後是關於費用前景的後續問題。我希望您能詳細說明您如何看待第四季和明年的情況？您如何看待費用趨勢？

Might be how meaningful might that be next year. And as you think about scope for continued positive operating leverage as you look out from here, how much uplift in market data do you need to drive that positive operating leverage? Thank you.

明年可能會有多麼有意義。當您從這裡觀察時，考慮持續積極的經營槓桿的範圍，您需要多少市場數據的提升才能推動這種積極的經營槓桿？謝謝。

Okay. Let me actually take your last first. We can drive positive operating leverage without market data so long as we continue to drive good strong organic growth and maintain that expense discipline that I think we have been able to demonstrate over these last couple of years. Positive market beta is obviously tremendously helpful, but we're really focused on delivering operating leverage and operating income and margin improvement with or without the market gains.

好的。讓我先拿你的最後一個。只要我們繼續推動良好強勁的有機成長並保持我認為我們在過去幾年中已經能夠證明的支出紀律，我們就可以在沒有市場數據的情況下推動積極的營運槓桿。正的市場貝塔值顯然非常有幫助，但我們真正關注的是在有或沒有市場收益的情況下提供營運槓桿、營運收入和利潤率的提高。

And that's really fundamental to how we're planning for the company. And as we said several times before, our focus is on getting ourselves back to a mid-30s operating margin. And we've demonstrated two quarters of operating margin growth. We're pleased with that, but we're nowhere near where we want to be or intend to be. And so, our focus is on really building the, the business so that we can outperform at least deliver positive operating leverage with or without market improvement. It's not easy, but that's the focus.

這對我們如何規劃公司來說非常重要。正如我們之前多次說過的，我們的重點是讓自己的營運利潤率回到 30 多歲左右。我們已經展示了兩個季度的營業利潤率成長。我們對此感到滿意，但距離我們想要或打算達到的目標還差得很遠。因此，我們的重點是真正建立業務，以便我們能夠超越至少提供積極的營運槓桿，無論市場是否改善。這並不容易，但這就是重點。

Second in terms of -- I'm kind of going backwards on your questions, but as it relates to Alpha and the State Street fees, I can tell you the material for the fourth quarter, just given this is really based on the AUM that we move and we move it in waves. And it's certainly dependent on the level and the quantum of AUM in each way.

其次，我對你的問題有些倒退，但由於它與阿爾法和道富銀行費用有關，我可以告訴你第四季度的材料，因為這實際上是基於資產管理規模我們移動，我們以波浪的方式移動它。這當然取決於各方面 AUM 的水平和數量。

So as we're continuing to scope out those ways, it has a pretty material impact on the fees that we'll be paying next year in terms of the fourth quarter in material, less than $5 million. So it really -- TBD event next year as we continue to work through the wave and the quantum in each wave. So we'll give you more guidance as we continue to have certainty around that.

因此，當我們繼續探索這些方法時，這對我們明年將在第四季度支付的材料費用產生了相當大的影響，不到 500 萬美元。所以，這確實是明年的待定事件，因為我們將繼續研究波浪和每個波浪中的量子。因此，隨著我們繼續確定這一點，我們將為您提供更多指導。

As it relates to expenses in the fourth quarter, we always have some seasonality in the fourth quarter in terms of both marketing and G&A and compensation usually is a little bit higher in the fourth quarter, dependent on performance fees. So those are the three areas that I would love to and expect a little bit of seasonally higher expenses.

由於與第四季度的費用相關，我們在第四季度的營銷和一般行政費用方面總是有一些季節性，並且第四季度的薪酬通常會稍高一些，具體取決於績效費用。因此，這些是我想要的三個領域，並預計季節性費用會增加一些。

I would say overall, our expense base is trending pretty consistently for the year to the guidance we gave at the beginning of the year. We said we expect that our total expenses to be around $3 billion for 2024 without any market improvement. And we've certainly seen some revenue and market improvement since the beginning of the year.

我想說，總的來說，我們的支出基礎今年的趨勢與我們年初給出的指導相當一致。我們表示，在市場沒有任何改善的情況下，預計 2024 年我們的總支出約為 30 億美元。自今年年初以來，我們確實看到了一些收入和市場的改善。

And so, we would expect our expense base to be a bit higher than that. But on a year-to-date basis, you can see how that's trending and then I would expect some seasonally higher increases -- modestly higher in the fourth quarter.

因此，我們預計我們的費用基礎會比這個高一點。但從今年迄今的情況來看，你可以看到趨勢如何，然後我預計會有一些季節性的更高成長——第四季略有上升。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Thanks. Most of my questions have been answered. Maybe just a couple, maybe just one going back to the Great Wall JV. Andrew talked about this earlier in the presentation. But is there an opportunity for the fee rate to improve if we look at the contrasting elements of the fee cuts?

謝謝。我的大部分問題都得到了解答。也許只有一對，也許只有一個回到長城合資企業。安德魯在演講的早些時候談到了這一點。但如果我們看看費用削減的對比因素，費用率是否有機會提高？

And obviously the shift out of fixed income. But you're -- I think, correct me if I'm wrong, but you're thinking that we may see a positive mix shift into equities in the Great Wall coming in 4Q, maybe if you could just discuss that dynamic and whether we could see a rebound in that fee rate in as early as 4Q versus 3Q.

顯然，固定收益的轉移。但你——我想，如果我錯了，請糾正我，但你認為我們可能會在第四季度看到長城股票的積極組合轉變，也許你可以討論一下這種動態以及是否與第三季度相比，我們最早可以在第四季看到該費率的反彈。

Yeah. Thanks for the question. And as mentioned earlier, the dynamics that have occurred in the last several weeks, certainly have changed a lot in China and will have an impact. Both of them have had an impact on the market and certainly have an impact on our business.

是的。謝謝你的提問。正如前面提到的，過去幾週發生的動態肯定在中國發生了很大變化，並將產生影響。它們都對市場產生了影響，當然也對我們的業務產生了影響。

Equities, as I mentioned before is an important part of the business. It's 30%, just keep that in mind. But we certainly exited the month feeling a lot better than we did or exited the quarter a lot better than we did in inter quarter. And you continue to see what's happened in the marketplace since then.

正如我之前提到的，股票是業務的重要組成部分。是30%，記住這一點。但我們在這個月結束時的感覺肯定比我們之前的感覺好多了，或者在這個季度結束時的感覺比我們在季度間的感覺要好得多。從那時起，您將繼續看到市場上發生的事情。

With flows coming out of fixed income and more going into equity over time, both passive and active from a fee rate perspective, that's a generally good thing for our business. But again, lots of volatility in China. But we exited as you can see the, the quarter at some of the highest asset rates that we've seen in some time.

隨著時間的推移，資金流從固定收益中流出，更多的資金流向股權，從費率的角度來看，無論是被動的還是主動的，這對我們的業務來說總體上是一件好事。但同樣，中國也存在著很大的波動。但正如你所看到的，我們以一段時間以來所見過的最高資產率退出了本季。

Got it. Thanks. And then just on the on global liquidity, if you could just comment on that. I think we have the out outflows here in 3Q, maybe just if you can talk about any seasonality factors in 4Q and then do you expect liquidity flows to benefit from the rate cutting cycle or other dynamics that might pressure the flows?

知道了。謝謝。然後是全球流動性，請您對此發表評論。我認為我們在第三季度出現了資金外流，也許您可以談論第四季度的任何季節性因素，然後您是否預計流動性流動性將從降息週期或其他可能對流動性施加壓力的動態中受益？

Yeah. Thanks. On the cash liquidity business, just a reminder, most of our assets and liquidity business are institutionally oriented about 85% of them. And so, these institutions do have other tools that they can use outside of money market and our cash tools when interest rate pictures are changing. And I think that probably was the most material part of the impact in the third quarter and things were skewing a lot more towards the banks that have dominated that space going forward.

是的。謝謝。關於現金流動性業務，提醒一下，我們的大部分資產和流動性業務都是機構導向的，約佔85%。因此，當利率狀況改變時，這些機構確實擁有貨幣市場和我們的現金工具之外可以使用的其他工具。我認為這可能是第三季影響中最實質的部分，情況更傾向於未來主導該領域的銀行。

Our liquidity business is $170 billion. It's a profitable part of our company. It's a place that we're continuing to expect a lot out of and we have the scale. So I think time will tell here in the fourth quarter of what occurs. But do keep in mind, it's different than a lot of other asset managers given the institutional skew that we have.

我們的流動性業務規模為 1700 億美元。這是我們公司的獲利部分。這是一個我們繼續抱持著很大期望的地方，而且我們已經具備了規模。所以我認為時間會在第四季告訴我們會發生什麼。但請記住，考慮到我們的機構傾斜，它與許多其他資產管理公司不同。

Patrick Davitt, Autonomous Research.

派崔克戴維特，自主研究。

Thanks a lot. I just have a quick follow up on that last question. Obviously, a narrative a lot of people have been trying to push for a while now is this idea that cash on the sidelines will fuel the bond allocations. But we're seeing both funds and bond funds broadly with big inflows the last few months.

多謝。我只是對最後一個問題進行快速跟進。顯然，一段時間以來很多人一直試圖推動的一種說法是，場外現金將推動債券配置。但我們看到基金和債券基金在過去幾個月都有大量資金流入。

Do you have a sense of where in the allocation stack? I guess these strong bond flows are coming from you. Where it's rotating from within your client's allocations because it certainly doesn't appear to be money funds at this point. Thank you.

您知道分配堆疊中的位置嗎？我猜這些強勁的債券流動來自於你。它是從客戶的分配中輪換的，因為此時它肯定不是貨幣基金。謝謝。

Yeah. I mean, I'm not sure it's from our client allocation as much as from their own allocations. We're definitely seeing people go further out in duration. We're seeing that in our SMA business, which went really short to more intermediate. We're seeing that just in the core fixed income space, both in institutional and retail.

是的。我的意思是，我不確定這是來自我們客戶的分配還是來自他們自己的分配。我們確實看到人們在持續時間上走得更遠。我們在 SMA 業務中看到了這一點，該業務確實很短，變得更加中間。我們在機構和零售的核心固定收益領域都看到了這一點。

So we're definitely seeing both money come off the sidelines and money go up the duration curve as well. In terms of where it's coming from in our business as I said, it's not coming from our money fund business. That's a totally different dynamic. We think that it's coming from the sidelines or from competitors.

因此，我們肯定會看到資金從場外流出，資金也在久期曲線上上升。正如我所說，就我們業務的來源而言，它不是來自我們的貨幣基金業務。這是一種完全不同的動態。我們認為它來自場外或來自競爭對手。

Okay. And back to you, Mr. Schlossberg.

好的。回到你身上，施洛斯伯格先生。

Okay. Well, thanks operator. In closing, we are well positioned to help clients navigate the impact of evolving market dynamics and subsequent changes to their portfolios. As market sentiment improves, and client's convictions strengthen this should translate to even greater scale performance and improve profitability for Invesco as we've discussed today.

好的。嗯，謝謝運營商。最後，我們有能力幫助客戶應對不斷變化的市場動態及其投資組合的後續變化的影響。正如我們今天所討論的，隨著市場情緒的改善和客戶信念的增強，這應該會轉化為更大的規模表現並提高景順的獲利能力。

Given all the work that we have done to strengthen our ability to anticipate, understand and meet evolving client needs, I'm very excited for the future of Invesco. I really want to thank all my Invesco colleagues for their continued hard work. I'm proud of our collaboration with one another and our focus on our clients.

鑑於我們為加強預測、理解和滿足不斷變化的客戶需求的能力所做的所有工作，我對景順的未來感到非常興奮。我衷心感謝所有景順同事的持續辛勤工作。我為我們之間的合作以及我們對客戶的關注感到自豪。

Thanks everybody for joining the call today. Please reach out to our Investor Relations team for any additional questions and we appreciate your interest in Invesco and look forward to speaking with all of you again soon.

感謝大家今天加入電話會議。如有任何其他問題，請聯絡我們的投資者關係團隊，我們感謝您對景順的興趣，並期待很快與大家再次交談。

Thank you. That concludes today's conference. You may all disconnect at this time.

謝謝。今天的會議到此結束。此時你們都可以斷開連線。