景順投信 (IVZ) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to Invesco's first-quarter earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded. Now I'd like to turn the call over to Greg Ketron, Invesco's Head of Investor Relations. Thank you. You may begin.

感謝您的支持，歡迎參加 Invesco 第一季財報電話會議。（操作員指示）提醒一下，今天的通話正在被錄音。現在我想將電話轉給 Invesco 投資者關係主管 Greg Ketron。謝謝。你可以開始了。

Okay. Thanks, Cedric, and to all of you joining us on the 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, invesco.com. This information can be found by going to the Investor Relations section of the website.

好的。謝謝塞德里克，也感謝所有參加 Invesco 季度收益電話會議的人。除了今天的新聞稿之外，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 上查閱。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 the appropriate reconciliations to GAAP. 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.

我們今天的演示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 張投影片中有關這些報表和措施的揭露，以及與 GAAP 適當的對帳附錄。最後，景順不對第三方提供的收益電話會議記錄負責，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。

Andrew Schlossberg, President and CEO; and Allison Dukes, Chief Financial Officer, will present our results this morning. Then we'll open up the call for questions. I'll now turn the call over to Andrew.

總裁兼執行長 Andrew Schlossberg；財務長 Allison Dukes 將於今天上午公佈我們的業績。然後我們將開始提問。我現在將電話轉給安德魯。

Thank you, Greg, and good morning to everyone. I'm pleased to be speaking with you today. Not only about our Q1 results, but also the significant developments that we announced in our ongoing relationship with MassMutual, which we are very excited about. Allison and I will walk through the details of this new strategic product and distribution partnership and the $1 billion repurchase of preferred stock a little later in the call.

謝謝你，格雷格，大家早安。我很高興今天能和你交談。不僅關於我們第一季的業績，而且我們與 MassMutual 持續合作中宣布的重大進展，我們對此感到非常興奮。艾莉森和我稍後將在電話會議上詳細介紹這項新的策略產品和分銷合作夥伴關係以及 10 億美元優先股回購計畫。

In recent quarters, I've been commencing our earnings calls with a recap of our strategic focuses and advantageous market position, as seen on slide 3 of your presentation. During this period of uncertainty in capital markets and economies around the world, I cannot think of a more pertinent time to highlight our position and our steadfast focus. Our strategic priorities were conceived with conviction that regardless of near-term market volatility, cyclical, structural or fundamental developments, our focus would leverage the best of Invesco, ignite our growth engines and deliver durable results. The hallmarks of the global Invesco platform places us in a position of strength to navigate the current operating environment. Our geographic diversity and local presence is a differentiator across the Americas, EMEA and our significant and unique Asia Pacific profile.

最近幾個季度，我在收益電話會議上都回顧了我們的策略重點和有利的市場地位，正如您簡報的第 3 張幻燈片所示。在全球資本市場和經濟充滿不確定性的時期，我想不出還有比這更合適的時機來強調我們的立場和堅定的重點。我們的策略重點是基於這樣的信念：無論短期市場波動、週期性、結構性或基本面發展如何，我們的重點都將充分利用景順的優勢，點燃我們的成長引擎並實現持久的成果。全球景順平台的標誌使我們在應對當前營運環境方面處於有利地位。我們的地理多樣性和本地影響力是我們與美洲、歐洲、中東和非洲地區以及重要而獨特的亞太地區之間的差異化因素。

Furthermore, our broad range of public and private market portfolios and active and passive multi-asset range of capabilities provides the opportunity for us to stay closely connected to clients and capture expected reallocations in their portfolios. Furthermore, our diverse profile provides a more resilient asset flow revenue and profit growth profile. Our strategic clarity has helped us drive organic growth through various operating environments and continued to prove effective in the first quarter.

此外，我們廣泛的公共和私人市場投資組合以及主動和被動多資產能力為我們提供了與客戶保持密切聯繫並捕捉其投資組合中預期重新分配的機會。此外，我們多元化的投資組合提供了更具彈性的資產流收入和利潤成長狀況。我們的策略清晰度幫助我們在各種營運環境中推動有機成長，並在第一季繼續證明其有效性。

We generated $17.6 billion in long-term net asset inflows, or a 5.3% annualized growth rate. And we've delivered strong profitable growth, with adjusted operating income up 18% and operating margins expanding over 330 basis points when compared to the same quarter last year. Furthermore, against the backdrop of a turbulent start of the second quarter, our diversified platform provided some resilience in our asset flows and an ability to use our global scale for the benefits of our clients and our shareholders.

我們產生了176億美元的長期淨資產流入，年增長率為5.3%。我們實現了強勁的獲利成長，與去年同期相比，調整後的營業收入成長了 18%，營業利潤率擴大了 330 個基點以上。此外，在第二季動盪的背景下，我們多元化的平台為我們的資產流動提供了一定的彈性，並使我們能夠利用我們的全球規模為客戶和股東帶來利益。

Turning to slide 4. I'll cover our first quarter flow performance by investment capability and provide some additional context in which to think about the new uncertain operating environment that we've now entered. Before I begin, though, I want to point out a change we have made to the reporting of our investment capabilities to isolate the performance of our China JV and India business.

翻到幻燈片 4。我將按投資能力介紹我們第一季的流量表現，並提供一些額外的背景資訊來思考我們現在進入的新的不確定的營運環境。不過，在我開始之前，我想指出我們對投資能力報告所做的改變，以隔離我們在中國合資企業和印度業務的表現。

It's important to note that this line item now only represents products managed through our China JV and India business. The approximately $10 billion in other assets that were previously in the Asia Pacific managed capability but not managed directly through the JV or India are now allocated to the representative investment capabilities, with the majority being allocated to Fundamental Equities. We made this reporting change to better reflect how we view our business and the unique dynamics in the Asia Pacific region, where we are increasingly able to bring more international products managed outside of the region to our clients in these local markets.

值得注意的是，此項現在僅代表透過我們的中國合資企業和印度業務管理的產品。先前由亞太地區管理但未透過合資企業或印度直接管理的約 100 億美元其他資產現在分配給代表性投資能力，其中大部分分配給基本股票。我們做出這項報告變更是為了更好地反映我們如何看待我們的業務以及亞太地區的獨特動態，我們越來越能夠將更多在該地區以外管理的國際產品帶給這些本地市場的客戶。

A good example of this is our Global Equity Income Fund managed out of the UK, which has rapidly grown to $14 billion of assets under management, predominantly from clients in the Japanese market. We've provided an eight-quarter look back in the appendix of today's presentation to help you align to this adjustment.

一個很好的例子就是我們在英國管理的全球股票收益基金，該基金的管理資產已迅速成長至 140 億美元，主要來自日本市場的客戶。我們在今天簡報的附錄中提供了八個季度的回顧，以幫助您適應這項調整。

Currently, we'll continue to report our assets and flows sourced from clients and in each region, which you can see on page 5 of the presentation. The Asia Pacific and EMEA regions account for $276 billion each in assets under management, representing nearly a third of the overall company. And between them, they generated $15 billion in net long-term inflows in quarter one, a positive trend we've seen in the past several quarters. This further highlights the importance of our local profile in key markets around the world.

目前，我們將繼續報告來自客戶和每個地區的資產和流量，您可以在簡報的第 5 頁看到。亞太地區和歐洲、中東和非洲地區的管理資產總額分別為 2,760 億美元，占公司整體資產的近三分之一。他們在第一季創造了 150 億美元的長期淨流入，這是我們在過去幾季看到的積極趨勢。這進一步凸顯了我們在全球主要市場中本地形象的重要性。

Shifting to our recent business results. The year started with a risk on client sentiment, which shifted to a more cautious stance at the end of the quarter, continuing through April. By illustration, money markets for the industry recently topped $7 trillion, a record level for the asset class. Thus far in April, we've seen investors largely stay invested, but they remain more muted with new capital deployments as they rethink their asset allocations.

轉向我們最近的業務成果。今年年初，客戶情緒面臨風險，但到本季末，客戶情緒轉向更為謹慎的立場，並持續至四月。例如，該行業的貨幣市場最近突破了 7 兆美元，創下了該資產類別的最高水準。截至目前，四月份投資者基本上保持投資，但由於重新考慮資產配置，他們對新的資本部署保持謹慎。

Despite the volatility, we continue to see strong client activity in the first quarter, with significant growth across channels, asset classes, and product vehicles. A key headline for us was the funding of a $10 billion mandate to deliver a range of customized fixed income portfolios for The Peoples Pension fund, which is one of the largest master trusts in the United Kingdom. $6 billion of this mandate funded in the first quarter, with the incremental $4 billion funded during April. This is an important mandate as we continue to build Invesco's leadership in the retirement markets in the UK and globally.

儘管存在波動，但我們在第一季仍看到強勁的客戶活動，各個通路、資產類別和產品載體均實現了顯著成長。對我們來說，一個重要的頭條新聞是獲得 100 億美元的授權，為英國最大的主信託之一人民退休金基金提供一系列客製化的固定收益投資組合。其中，第一季已撥款 60 億美元，4 月又額外撥款 40 億美元。這是我們持續打造景順在英國和全球退休市場領導地位的重要任務。

Our Global ETF and Index platform continued to produce strong results, recording 13% annualized organic growth in the first quarter. More recently, in the March timeframe and continuing into April, ETF demand has cooled as global financial markets experienced increasing volatility. That said, we have continued to see our ETF flows broaden by asset class and factors across our clients in Americas, EMEA and Asia. Strong ETF growth in the US market was augmented by another solid quarter for growth in EMEA, where we saw $8 billion in net new ETF flows.

我們的全球 ETF 和指數平台持續取得強勁業績，第一季實現了 13% 的年化有機成長。最近，從 3 月到 4 月份，隨著全球金融市場波動加劇，ETF 需求有所降溫。話雖如此，我們仍然看到美洲、歐洲、中東和非洲地區以及亞洲客戶的 ETF 流量按資產類別和因素不斷擴大。歐洲、中東和非洲地區 (EMEA) 本季也實現了強勁成長，推動了美國市場 ETF 的強勁成長，該地區 ETF 淨流入達到 80 億美元。

Top net flowing products in the US were led by our QQQM, with a near record flow of $4 billion. Additionally, our Factor suite drove significant net flows as precision investments become an even more critical buying decision. We continue to innovate in the ETF space, launching three new active ETFs in the quarter, with plans for increased expansion this year. Further, our QQQ ETF was successfully listed on the Hong Kong Stock Exchange in February. This launch marks the first cross listing of Invesco QQQ outside of North America and represents a milestone in the expanding market for ETFs into Asia.

美國淨流量最大的產品是我們的 QQQM，流量接近創紀錄的 40 億美元。此外，隨著精準投資成為更關鍵的購買決策，我們的 Factor 套件推動了大量淨流量。我們繼續在 ETF 領域進行創新，本季推出了三隻新的主動型 ETF，並計劃今年進一步擴張。此外，我們的QQQ ETF於2月在香港證券交易所成功上市。此次上市標誌著 Invesco QQQ 首次在北美以外地區交叉上市，也是 ETF 市場向亞洲擴展的里程碑。

Shifting to fundamental fixed income. In the current environment of uncertainty and tight valuations, there is caution around risk taking. We saw this play out with our fixed income results, particularly during the back end of the quarter. But given our range and strength of our fixed income offering, we garnered $8 billion in net long-term inflows with an additional nearly $9 billion in global liquidity flows during the quarter. During the period, demand for investment grade and certain municipal bond strategies continued to be strong, and we also had net inflows into our ultra short duration strategies and saw a positive reversal in our stable value platform with net long-term inflows for the quarter, a trend line that has strengthened into April. Our retail SMA platform, which tends to be more focused on short duration, continued to capture flows and now stands nearly $30 billion in AUM. We have one of the fastest-growing SMA offerings in the US wealth management market with an annualized growth rate of 25%.

轉向基本固定收益。在當前不確定和估值緊張的環境下，人們對承擔風險持謹慎態度。我們從固定收益業績中看到了這一點，尤其是在本季末。但鑑於我們固定收益產品的範圍和實力，我們在本季獲得了 80 億美元的淨長期流入，另外還獲得了近 90 億美元的全球流動性流入。在此期間，對投資等級和某些市政債券策略的需求持續強勁，我們的超短期策略也出現淨流入，並且我們的穩定價值平台在本季度出現長期淨流入的積極逆轉，這一趨勢在 4 月份有所加強。我們的零售 SMA 平台更專注於短期投資，持續捕捉資金流，目前資產管理規模已接近 300 億美元。我們擁有美國財富管理市場上成長最快的 SMA 產品之一，年增率為 25%。

Shifting to private markets. In direct real estate, we recorded net inflows of $1.1 billion, driven by the funding of a large UK mandate as well as continued inflows into INCREF, which is our real estate debt strategy targeting the wealth management channel, where we continue to onboard new platforms and clients. Our real estate team remains very well positioned in the institutional markets with over $5 billion of dry powder to capitalize on emerging opportunities.

轉向私人市場。在直接房地產領域，我們錄得 11 億美元的淨流入，這得益於英國大型授權的資金以及 INCREF 的持續流入，INCREF 是我們針對財富管理管道的房地產債務策略，我們將繼續在該管道引入新的平台和客戶。我們的房地產團隊在機構市場中佔有非常有利的地位，擁有超過 50 億美元的資金來利用新興機會。

Our private credit capabilities recorded modest net outflows for the quarter as our market-leading bank loan ETF turned from a strong net inflow position at the beginning of the quarter to net outflows in March, which continued into April as recession fears have increased. Client interest in private markets remains high, and we expect to see continued activity in the key areas where we focus on real estate and alternative credit, including the advancements announced today with our partnership with MassMutual and Barings.

我們的私人信貸能力在本季度錄得適度的淨流出，因為我們市場領先的銀行貸款 ETF 從本季度初的強勁淨流入狀態轉變為 3 月份的淨流出，並且由於對經濟衰退的擔憂加劇，這種狀況持續到 4 月份。客戶對私人市場的興趣仍然很高，我們預計我們關注的房地產和另類信貸等關鍵領域將繼續活躍，包括今天宣布的與 MassMutual 和 Barings 合作的進展。

Moving to our China JV and India capability. We saw continued net long-term inflows of $2.2 billion, which was led by fixed income and augmented by continued growth in ETFs, which have been gaining traction in China. While six new products were launched in our China JV this quarter, our organic growth in this market was largely driven by existing products, which is a good sign for the strength of our platform. Furthermore, within these markets, we have seen resiliency thus far in April with continued positive organic flow growth in these local fund ranges.

轉向我們的中國合資企業和印度產能。我們看到長期淨流入持續達到 22 億美元，其中以固定收益為主，並受到在中國日益受到關注的 ETF 持續成長的推動。雖然本季我們的中國合資公司推出了六款新產品，但我們在這個市場的有機成長主要由現有產品推動，這對我們的平台實力來說是一個好兆頭。此外，在這些市場中，截至 4 月份，我們已經看到了彈性，這些本地基金範圍內的自然流量持續保持正成長。

Clearly, the most recent -- the heightened trade tensions have created an overhang for the domestic Chinese economy. The continued anticipated government stimulus, heightened domestic consumption, and reforms on social service will have an impact on the development of capital markets and the retirement system, both of which are benefits for our domestic-to-domestic business.

顯然，最近貿易緊張局勢加劇給中國國內經濟帶來了壓力。預期政府刺激政策的持續實施、國內消費的增加以及社會服務的改革將對資本市場和退休制度的發展產生影響，這兩者都對我們的國內對國內業務有利。

Turning to our multi-asset related capabilities. We saw net long-term outflows of $1.1 billion, driven by our global risk parity strategies. Finally, the relative pressure on Fundamental Equities has continued. We saw outflows in our global equities in developing market funds in the US region.

轉向我們的多元資產相關能力。受全球風險平價策略的推動，我們的長期淨流出量達到 11 億美元。最後，基本面股票的相對壓力仍在持續。我們發現美國地區發展中市場基金中的全球股票出現資金流出。

But importantly, by contrast in our EMEA and Asia Pacific regions, we had modest net inflows in Fundamental Equities, which is an important change in the trajectory. Overall, our focus will remain on delivering strong investment performance and gaining market share in key fundamental equity categories in which we compete.

但重要的是，相較之下，在我們的歐洲、中東和非洲地區以及亞太地區，基本面股票的淨流入量適中，這是軌跡上的重要變化。總體而言，我們的重點仍將是實現強勁的投資業績，並在我們競爭的關鍵基本股票類別中獲得市場份額。

Moving on to slide 5. As mentioned earlier, we provide an alternative aggregation of our AUM and our flows to provide additional context for our business results. I've covered most of the key highlights, but I will reiterate that the diversity of our asset flows across geography, channel, and investment style provide a balance to market conditions and an ability to meet a range of client needs, which is an important part of our organic growth potential through various market cycles.

移至投影片 5。如前所述，我們提供了 AUM 和流量的替代聚合，以便為我們的業務成果提供額外的背景資訊。我已經介紹了大部分關鍵亮點，但我要重申，我們跨地域、通路和投資風格的資產流動的多樣性可以平衡市場條件並滿足一系列客戶需求，這是我們在各種市場週期中有機成長潛力的重要組成部分。

Moving to slide 6, which shows our overall 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. Investment performance is key to winning and maintaining market share despite overall market demand. Achieving first quartile investment performance remains our top priority. Overall, roughly half of our funds are performing in the top quartile of peers across the three- and five-year time horizons. Further, over two-thirds of our AUM is beating its respective benchmarks over these measurement periods.

轉到幻燈片 6，它展示了我們相對於基準和同行的整體表現，以及我們在關鍵能力方面的表現，其中的資訊易於比較且對推動結果更有意義。儘管整體市場需求旺盛，但投資績效仍是贏得和維持市場份額的關鍵。實現第一四分位的投資績效仍是我們的首要任務。整體而言，我們大約一半的基金在三年和五年的時間範圍內表現位居同業前四分之一。此外，在這些測量期內，我們超過三分之二的 AUM 超過了各自的基準。

Moving on to slide 7. Two important strategic priorities for Invesco have been expanding our footprint in private markets, particularly with wealth management clients, and ensuring that we have balance sheet and capital management flexibility to continue to invest in our growth and deliver shareholder returns.

移至幻燈片 7。景順的兩個重要策略重點是擴大我們在私人市場的影響力，特別是財富管理客戶，並確保我們擁有資產負債表和資本管理彈性，以繼續投資於我們的成長並為股東帶來回報。

The partnership we announced today with MassMutual and Barings for private market product development and distribution in the US wealth management market and the repurchase of part of our preferred stock are exciting developments in driving these strategic priorities for the benefits of our clients and our shareholders, and it also demonstrates the commitment, strength and strategic nature of our relationship with MassMutual.

我們今天宣布與 MassMutual 和 Barings 建立合作夥伴關係，在美國財富管理市場進行私募市場產品開發和分銷，併回購部分優先股，這是推動這些戰略重點、造福我們的客戶和股東的令人振奮的進展，也表明了我們與 MassMutual 關係的承諾、實力和戰略性質。

The near-term focus of our partnership with Barings will be on delivering differentiated and industry-leading private credit-oriented income solutions and product structures suitable to reach a wide set of our US wealth management clients. We're going to leverage both Invesco and Barings capabilities in global private credit and public fixed income. The partnership is going to rely on Invesco's deep client relationships in the US wealth management channels for our distribution and the extensive product structuring and unique asset allocation capabilities of both firms.

我們與巴林銀行合作的近期重點是提供差異化、業界領先的私人信貸導向收入解決方案和產品結構，以涵蓋廣泛的美國財富管理客戶。我們將利用景順和巴林在全球私人信貸和公共固定收益方面的能力。此次合作將依靠景順在美國財富管理管道的深厚客戶關係來進行分銷，以及兩家公司廣泛的產品結構和獨特的資產配置能力。

We're also excited that MassMutual intends to support this initiative with an initial investment of $650 million in seed and co-investment capital to accelerate bringing these initial and innovative solutions to our clients. This augments MassMutual's previous commitments to Invesco's private market and other strategies, which has exceeded $3 billion in total.

我們也很高興 MassMutual 打算透過初始投資 6.5 億美元的種子和共同投資資本來支持這項舉措，以加速為我們的客戶提供這些初步的創新解決方案。這增強了 MassMutual 先前對 Invesco 私人市場和其他策略的承諾，總額已超過 30 億美元。

Today's announcement of this partnership with an institutional private markets leader like Barings complements nicely the existing strengths of our $130 billion private markets platform and will allow us to expand the existing real estate, alternative, and private credit strategies that we currently have in market for wealth management clients in the United States. It also demonstrates our ongoing commitment to look for opportunities to broaden our private market offerings to meet client needs across all market cycles and across the full spectrum of sectors and geographies.

今天宣布與巴林銀行這樣的機構私人市場領導者建立合作夥伴關係，很好地補充了我們 1300 億美元私人市場平台的現有優勢，並將使我們能夠擴展目前在美國財富管理市場上的現有房地產、另類和私人信貸策略。這也表明我們持續致力於尋找機會擴大我們的私人市場產品，以滿足所有市場週期、各個行業和地區的客戶需求。

With that, I'm going to turn the call over to Allison to discuss the important aspects of our announcement with MassMutual, including the details and benefits of the $1 billion repurchase of preferred stock and also our financial results for the first quarter. I look forward to your questions.

接下來，我將把電話轉給艾利森，討論我們與 MassMutual 宣布的重要方面，包括 10 億美元回購優先股的細節和好處，以及我們第一季的財務業績。我期待您的提問。

Thank you, Andrew, and good morning, everyone. I'll start on slide 8 with the strategic rationale and impact of the $1 billion repurchase of Invesco's preferred stock. We're very pleased that we were able to reach an agreement with MassMutual to repurchase 25% of the preferred stock which they hold. There are a number of advantages for Invesco in being able to repurchase the stock. We'll be funding the repurchase with committed floating rate three- and five-year bank term loans.

謝謝你，安德魯，大家早安。我將從第 8 張投影片開始介紹 10 億美元回購 Invesco 優先股的戰略原理和影響。我們非常高興能夠與 MassMutual 達成協議，回購其持有的 25% 優先股。能夠回購股票對 Invesco 來說有許多好處。我們將透過承諾的三年期和五年期浮動利率銀行貸款為回購提供資金。

They have a rate in the 5.5% to 5.75% range based on SOFR today or an after-tax cost in the 4.2% to 4.4% range. This compares favorably to the fixed 5.9% dividend rate on the preferred stock, which is not tax deductible. We expect the transaction, both the repurchase and financing, will close in May. The transaction will be earnings accretive in the second half of this year, and the accretion will increase over time as we pay down the term loans.

根據目前的 SOFR，其利率在 5.5% 至 5.75% 之間，或稅後成本在 4.2% 至 4.4% 之間。這與優先股固定的 5.9% 股息率相比更為有利，因為優先股的股息率不可免稅。我們預計回購和融資交易將於五月完成。該交易將在今年下半年增加收益，並且隨著我們償還定期貸款，收益將隨著時間的推移而增加。

Ultimately, once the loans are repaid, we expect the EPS accretion related to this transaction will reach $0.13 on a run rate basis. Based on our projected future cash flows, we expect to have the loans fully repaid by mid- to late 2029. We would also anticipate paying the loans off earlier, should cash flows provide the opportunity to do so. By repurchasing the preferred stock, we will save $59 million in annual preferred stock dividends that become earnings available to common shareholders. And while the initial annualized borrowing costs associated with the term loans will be in the $40 million to $45 million range after tax, this will decrease as the loans are paid down through future cash flows.

最終，一旦貸款償還，我們預計與此交易相關的每股收益增值將達到 0.13 美元（按運行率計算）。根據我們對未來現金流的預測，我們預計到 2029 年中後期將全部償還貸款。如果現金流允許的話，我們也預期會提前償還貸款。透過回購優先股，我們每年將節省 5,900 萬美元的優先股股息，這些股息將成為普通股股東可獲得的收益。雖然定期貸款的初始年度借貸成本稅後將在 4000 萬美元至 4500 萬美元之間，但隨著貸款透過未來現金流償還，這一成本將會降低。

The terms and conditions are similar to our floating rate revolving credit facility, and they're prepayable at any stage with no make-whole fees. There are no principal payments required for the first three years. The five-year term loan does have a principal amortization feature in years four and five at 10% per year. Our balance sheet flexibility will be enhanced by the repurchase in the sense that we are pulling forward a $1 billion reduction in the preferred stock that is otherwise noncallable until May of 2040. This will enable us to further deleverage and increase balance sheet flexibility nearer term.

其條款和條件與我們的浮動利率循環信貸額度類似，並且可以在任何階段預付，且無需支付補償費用。前三年無需支付本金。五年期貸款確實具有第四年和第五年以每年 10% 的利率攤提本金的功能。回購將增強我們的資產負債表彈性，因為我們將提前減少 10 億美元的優先股，否則這些優先股直到 2040 年 5 月才可贖回。這將使我們能夠進一步去槓桿並在近期內提高資產負債表的靈活性。

It's important to note that our capital deployment priorities remain intact. We anticipate ample cash flow capacity to repay the bank term loans and a $500 million senior note that matures in January of 2026 without restricting our current capital deployment priorities. These include continued investment in growth initiatives, regular share repurchases, and modest dividend increases as underscored by our announced common dividend increase today. We do expect that our cash and cash equivalents will remain near $1 billion going forward. It's also important to note that the repurchase agreement with MassMutual provides for discussions regarding future repurchases of the remaining $3 billion of preferred stock.

值得注意的是，我們的資本部署重點保持不變。我們預計有充足的現金流來償還銀行定期貸款和 2026 年 1 月到期的 5 億美元優先票據，而不會限制我們目前的資本部署重點。這些措施包括繼續投資於成長計劃、定期回購股票以及適度增加股息，正如我們今天宣布的增加普通股息所強調的那樣。我們確實預計，未來我們的現金和現金等價物將保持在 10 億美元左右。值得注意的是，與 MassMutual 達成的回購協議規定了有關未來回購剩餘 30 億美元優先股的討論。

On the next slide, we show the expected progression of the EPS accretion through time that the term loans are repaid in 2029 and the expected run rate EPS accretion after the term loans are fully repaid. There is a 15% premium being paid to MassMutual to repurchase the $1 billion of preferred stock based on the present value of 5.9% dividend rate being eliminated 15 years ahead of the first call date. The premium will be included in our second quarter GAAP results, but it will not impact our adjusted operating results. We also show the expected impact that repurchase will have on our leverage ratios and the progression of our debt by maturity.

在下一張投影片中，我們展示了 2029 年償還定期貸款後 EPS 成長的預期進程，以及定期貸款全部償還後的預期營運率 EPS 成長。根據 5.9% 股息率的現值，在首次贖回日前 15 年取消，MassMutual 需要支付 15% 的溢價來回購價值 10 億美元的優先股。該溢價將計入我們第二季的 GAAP 業績，但不會影響我們的調整後經營業績。我們也展示了回購對我們的槓桿率和債務到期進展的預期影響。

Looking at the leverage ratio, excluding the preferred stock, we do see a near-term increase in leverage from the term loans, but to a very manageable level near 1 times, followed by significant improvement as we repay the loan. The change to the leverage ratio, including the preferred stock, is not as impacted near term as we are effectively replacing the preferred stock with the term loans. However, with this transaction, we're able to meaningfully improve our leverage profile over the next five years in a way we could otherwise not attain without the repurchase. The leverage ratio shown here are pro forma, assuming no change in EBITDA from what we are reporting as trailing four-quarter EBITDA for the first quarter of this year.

從槓桿率來看，不包括優先股，我們確實看到定期貸款的槓桿率在短期內有所上升，但已經上升到了接近 1 倍的可控水平，隨著我們償還貸款，槓桿率將出現顯著改善。包括優先股在內的槓桿率變化在短期內不會受到太大影響，因為我們實際上是用定期貸款取代了優先股。然而，透過此交易，我們能夠在未來五年內顯著改善我們的槓桿狀況，而如果沒有回購，我們就無法實現這一目標。此處顯示的槓桿率是備考數據，假設 EBITDA 與我們報告的今年第一季過去四個季度的 EBITDA 相比沒有變化。

I'll move on to the first quarter financial results on slide 10. We continue to see strong growth in assets under management during the first half of the quarter before weaker markets set in during the second half of the quarter. Total AUM at the end of the quarter was $1.84 trillion, nearly flat to the end of the fourth quarter of '24 and $182 billion or 11% higher than the end of the first quarter of 2024. Average long-term assets under management were over $1.3 trillion, an increase of 1% over last quarter and 14% over the first quarter of last year.

我將繼續介紹第 10 張投影片上的第一季財務表現。在本季上半段，我們繼續看到資產管理規模的強勁成長，但在本季下半段，市場開始走弱。本季末的總 AUM 為 1.84 兆美元，與 2024 年第四季末基本持平，比 2024 年第一季末高出 1820 億美元，即 11%。平均長期管理資產超過 1.3 兆美元，比上一季成長 1%，比去年第一季成長 14%。

Growth in assets under management during the first quarter was mainly driven by net long-term inflows, net inflows into our QQQ ETF, net inflows into money market funds, and positive FX impact. The impact of market declines in the latter half of the first quarter offset this growth by quarter end.

第一季管理資產的成長主要得益於長期淨流入、QQQ ETF 淨流入、貨幣市場基金淨流入以及外匯的正面影響。第一季後半段市場下滑的影響在季度末抵消了這一增長。

Net long-term inflows drove an $18 billion increase in AUM during the quarter, representing an organic growth rate of over 5%. As Andrew noted, net inflows in our ETF and index capabilities, excluding the QQQ, were over $16 billion. Fundamental fixed income contributed $8 billion of net inflows, and the China JV and India added $2.2 billion of net inflows. Net outflows of $7 billion in fundamental equities partially offset these inflows.

淨長期流入推動本季資產管理規模增加 180 億美元，有機成長率超過 5%。正如安德魯所指出的，我們的 ETF 和指數能力（不包括 QQQ）的淨流入超過 160 億美元。基本固定收益貢獻了 80 億美元的淨流入，中國合資企業和印度增加了 22 億美元的淨流入。70億美元基本股票淨流出部分抵銷了這些流入。

Net revenues, adjusted operating income, and adjusted operating margin all improved from the first quarter of '24, while adjusted operating expenses continued to be well controlled. Adjusted diluted earnings per share increased by 33% to $0.44 for the first quarter versus prior year EPS of $0.33. We continue to strengthen the balance sheet during the first quarter, ending in a net debt position of $143 million, substantially better than the first quarter of 2024's net debt position of $362 million. We ended the quarter with only $74 million drawn on the credit facility below historical seasonal levels.

淨收入、調整後營業收入和調整後營業利潤率均較 24 年第一季有所改善，而調整後營業費用繼續得到良好控制。第一季調整後每股攤薄收益為 0.44 美元，較去年同期的每股收益 0.33 美元增長 33%。我們在第一季繼續加強資產負債表，最終淨債務狀況為 1.43 億美元，大大優於 2024 年第一季 3.62 億美元的淨債務狀況。本季結束時，我們的信貸額度僅為 7,400 萬美元，低於歷史季節性水準。

We also continued share repurchases in the first quarter, buying back $25 million. We intend to continue repurchasing shares at a similar level on a regular basis going forward. Our Board also approved an increase in our quarterly common stock dividend from $0.205 to $0.21 per share, reflective of our strong cash position and cash flows.

我們在第一季也持續回購股票，回購金額達 2,500 萬美元。我們打算在未來繼續定期以類似的水平回購股票。我們的董事會還批准將季度普通股股息從每股 0.205 美元增加到 0.21 美元，這反映了我們強勁的現金狀況和現金流。

Moving to slide 11. As we've noted in prior calls, secular shifts in client demand have altered our asset mix and net revenue yields as our broad set of capabilities has allowed us to capture evolving client product preferences. This dynamic has been increasingly reflected in our results. Client demand has led to continued diversification of our portfolio, a trend we have seen for a number of years now. As a result, concentration risk and higher fee fundamental equities and multi-asset products has been reduced.

移至投影片 11。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已經改變了我們的資產組合和淨收入收益率，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。這種動態已越來越多地反映在我們的業績上。客戶需求導致我們的投資組合不斷多樣化，這是我們多年來一直看到的趨勢。因此，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. Consistent with prior quarters, current net revenue yield trends are included on the slide. The ranges by capability are representative of where the net revenue yield has ranged over the past five quarters. We note the net revenue yield drivers and where in the range the yields have trended more recently.

該公司越來越有能力應對各種市場週期、事件和不斷變化的客戶需求。與前幾季一致，幻燈片涵蓋了當前淨收入收益率趨勢。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的驅動因素以及收益率近期的趨勢範圍。

To provide context for the net revenue yield trend during the first quarter, our overall net revenue yield was 23.5 basis points, including the impact of two fewer days in the first quarter compared to the fourth quarter, which accounted for 0.5 basis point or 0.05 basis point of the decline. Excluding the day count impact, the net revenue yield declined 0.06 basis point compared to the fourth quarter yield of 24.6 basis points. The exit net revenue yield at the end of the first quarter was 23.8 basis points, only 0.2 basis point lower than the day count adjusted net revenue yield for the first quarter of 24 basis points.

為了說明第一季淨收入收益率趨勢，我們的整體淨收入收益率為 23.5 個基點，其中包括第一季比第四季少兩天的影響，佔下降的 0.5 個基點或 0.05 個基點。不計入日數影響，淨收入收益率較第四季的 24.6 個基點下降 0.06 個基點。第一季末的退出淨收益率為23.8個基點，僅比第一季以天數調整後的淨收益率24個基點低0.2個基點。

Turning to slide 12. Net revenue of $1.1 billion in the first quarter was $55 million higher than the first quarter of last year, a 5% increase. Investment management fees were $59 million higher than last year. The increase was driven by higher average AUM, partially offset by the AUM mix shift previously noted. Higher performance and other fees were offset by lower service and distribution fees and higher third-party expense.

翻到第 12 張投影片。第一季淨營收11億美元，較去年第一季增加5,500萬美元，增幅5%。投資管理費比去年增加了5,900萬美元。這一增長是由平均 AUM 增加所推動的，但被之前提到的 AUM 組合變化部分抵消。更高的績效和其他費用被更低的服務和分銷費用以及更高的第三方費用所抵消。

Operating expenses continue to be well managed, with total adjusted operating expense only $2 million higher or 0.3% from the first quarter of last year. Sequential quarter adjusted operating expenses were $8 million lower despite seasonal expenses and compensation due to payroll tax and other compensation-related expense resets that typically occur in the first quarter.

營運費用持續良好管理，調整後的總營運費用僅比去年第一季增加 200 萬美元，即 0.3%。儘管有季節性費用以及由於工資稅和其他與薪酬相關的費用重置而產生的薪酬（這些費用通常在第一季度發生），但連續季度調整後的營運費用仍降低了 800 萬美元。

Declines in marketing, property, office and technology and G&A offset the increase in compensation expense on both a year over year and sequential quarter basis. We did have $7 million of nonrecurring expense benefits in the first quarter that mainly impacted G&A expenses.

行銷、房地產、辦公室和技術以及一般行政費用的下降抵消了薪酬費用同比和環比增長。我們在第一季確實有 700 萬美元的非經常性費用收益，這主要影響了 G&A 費用。

Alpha platform implementation costs of $13 million were in line with our expectations for the first quarter and consistent with the $14 million incurred in the fourth quarter. We did move a small first wave of AUM on the Alpha platform in the fourth quarter of 2024. Fees paid on the assets under management that were transitioned over in the first wave were nominal expense-wise in the first quarter. As the implementation continues, we expect Alpha-related onetime implementation cost to be in the $10 million to $15 million range next quarter.

Alpha 平台實施成本為 1,300 萬美元，符合我們對第一季的預期，與第四季的 1,400 萬美元一致。我們確實在 2024 年第四季在 Alpha 平台上轉移了第一波 AUM。第一季度，第一波轉移的管理資產所支付的費用只是名義上的支出。隨著實施的持續，我們預計下個季度與 Alpha 相關的一次性實施成本將在 1,000 萬至 1,500 萬美元之間。

Regarding operating expenses for 2025, we're focused on disciplined expense management. Given the recent market volatility, it's become more difficult to provide specific guidance on operating expenses, but we're managing it carefully day by day. In terms of expense flexibility, without any management intervention, our expenses are approximately 25% variable. With management intervention, some of which can take several quarters to fully realize the variability increases to 30% to 35%.

關於 2025 年的營運費用，我們專注於嚴格的費用管理。鑑於最近的市場波動，提供有關營運費用的具體指導變得更加困難，但我們每天都在謹慎地管理它。在費用彈性方面，在沒有任何管理幹預的情況下，我們的費用大約有 25% 是可變的。在管理幹預下，有些變化可能需要幾個季度才能完全實現，增加到 30% 到 35%。

First quarter year over year positive operating leverage was over 500 basis points, driving a $53 million or 18% increase in operating income and over a 330 basis point improvement in our operating margin to 31.5%. Effective tax rate was 24.4% in the first quarter. We estimate our non-GAAP effective tax rate will be between 25% to 26% for the second quarter of 2025, excluding any discrete items. A slight increase in the rate is driven by shift of income across tax jurisdictions. The actual effective rate can vary due to the impact of nonrecurring items on pretax income and discrete tax items.

第一季同比正營業槓桿超過 500 個基點，推動營業收入增加 5,300 萬美元或 18%，營業利潤率提高 330 個基點以上，達到 31.5%。第一季有效稅率為24.4%。我們估計，2025 年第二季的非 GAAP 有效稅率將在 25% 至 26% 之間（不包括任何單一項目）。稅率略有上升是由於跨稅收管轄區的收入轉移所致。實際有效稅率可能會因非經常性項目對稅前收入和單獨稅項的影響而有所不同。

I'll wrap up on slide 13. As I noted earlier, we continued to make progress on building balance sheet strength in the first quarter. We ended the quarter with a net debt position of $143 million, significantly better than the prior year first quarter net debt level of $362 million. We ended the first quarter with just $74 million drawn on our credit facility, substantially lower than what we have drawn historically, with the first quarter being a seasonally high cash usage quarter.

我將在第 13 張投影片上結束演講。正如我之前提到的，我們在第一季繼續在增強資產負債表實力方面取得進展。本季末，我們的淨債務狀況為 1.43 億美元，明顯優於去年第一季 3.62 億美元的淨債務水準。我們在第一季結束時僅提取了 7,400 萬美元的信貸額度，大大低於我們歷史上提取的金額，因為第一季是季節性現金使用量較高的季度。

Our leverage ratios continued to show improvement versus a year ago, with the leverage ratio excluding the preferred stock at 0.3 times versus 0.54 times a year ago and including the preferred going from 3.36 times a year ago to 2.77 in the first quarter. We expect continued share repurchases, buying back $25 million or 1.5 million shares during the quarter -- I'm sorry, we continued share repurchases buying back $25 million or 1.5 million shares during the quarter. And as noted earlier, our Board approved an increase in our quarterly common stock dividend.

我們的槓桿率與去年同期相比持續改善，不包括優先股的槓桿率為 0.3 倍，而去年同期為 0.54 倍；包括優先股的槓桿率從去年同期的 3.36 倍下降至第一季的 2.77 倍。我們預計將繼續回購股票，在本季度回購價值 2,500 萬美元或 150 萬股股票——抱歉，我們在本季度繼續回購股票，回購價值 2,500 萬美元或 150 萬股股票。如前所述，我們的董事會批准增加季度普通股股利。

We intend to continue a regular share repurchase program going forward, and we expect our total payout ratio, including common dividends and share buybacks, will move closer to 60% in 2025 as we continually evaluate our capital return levels. To conclude, the resiliency and strength of our firm's net flow performance is evident again this quarter, and we continue to make significant progress on building a stronger balance sheet, enhanced further by the $1 billion repurchase of the preferred stock. We remain committed to driving profitable growth, a high level of financial performance and enhancing the return of capital to shareholders.

我們打算繼續定期進行股票回購計劃，並且隨著我們不斷評估資本回報水平，我們預計到 2025 年，包括普通股股息和股票回購在內的總股息率將接近 60%。總而言之，本季度我們公司淨流量表現的彈性和實力再次顯現，我們在建立更強勁的資產負債表方面繼續取得重大進展，並透過 10 億美元的優先股回購進一步增強了這一進展。我們始終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。

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

這樣，我就請接線生開立問答專線。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作員指示）高盛的 Alex Blostein。

Congrats on the announcement this morning. So maybe starting with a strategic update, I would love to get your perspective on how you envision sort of the product and distribution opportunities develop with Barings and MassMutual. Is it more of a gradual product build, so it might take some time to scale? Or are there places where you guys could see more immediate impact on the business through either kind of a larger sub-advisory arrangement or something along those lines?

祝賀今天早上的公告。因此，也許從策略更新開始，我很想聽聽您對巴林銀行和 MassMutual 合作開發產品和分銷機會的設想。它是否更像是一種漸進式的產品構建，因此可能需要一些時間來擴展？或者你們可以透過更大規模的子諮詢安排或類似方式看到對業務的更直接影響？

Alex, thanks. It's Andrew. Let me take that one. the initial phases of this partnership are going to focus, as I mentioned, on areas of private credit. And we have a few capabilities mapped out that we intend to get to market in the next little while, but those need approvals, and we need to work through various details.

亞歷克斯，謝謝。我是安德魯。讓我來拿那個。正如我所提到的，這段合作關係的初始階段將重點放在私人信貸領域。我們已經規劃出一些功能，打算在不久的將來推向市場，但這些功能需要獲得批准，我們需要處理各種細節。

But we see that first phase kind of happening relatively quickly. And then we'll look at second and third phases over time as opportunities create themselves. We're really going to focus on these private credit opportunities in the US wealth management channel to start.

但我們看到第一階段進展相對較快。然後，隨著機會的出現，我們將逐步進入第二階段和第三階段。我們首先要關注美國財富管理管道中的這些私人信貸機會。

I got you. And then, Allison, one for you on the pref. Nice to see that done. So maybe just kind of a couple of comments on what ultimately got MassMutual over the hump to agree to this. And as you think about the remaining, I think, $3 billion, how are you guys thinking about opportunities to repurchase more?

我接到你了。然後，艾莉森，關於首選項，我想問你一個問題。很高興看到這一點。因此，也許我只是對 MassMutual 最終克服困難同意這一舉措的原因提幾點評論。當你考慮剩下的 30 億美元時，你們如何考慮回購更多股票的機會？

Sure. Well, look, I think you can tell from the variety of announcements today and just the partnership we've had with MassMutual over these last six years, they're a good partner. And while we do have a contract with them and the preferred is noncallable for another 15 years, they also recognize and understand some of the challenges that the preferred has created in terms of the perception overall in just the coupon itself. And so they've been great partners as we continue to look for opportunities and alternatives to make some progress with the preferred and also even bringing this product partnership to bear through the relationship with Barings.

當然。嗯，看，我想您可以從今天的各種公告以及過去六年我們與 MassMutual 的合作關係中看出，他們是一個很好的合作夥伴。雖然我們確實與他們簽訂了合同，並且優先股在未來 15 年內不可贖回，但他們也認識到並理解優先股在票面利率本身的整體認知方面所帶來的一些挑戰。因此，他們一直是我們出色的合作夥伴，我們將繼續尋找機會和替代方案，在優先股方面取得一些進展，甚至透過與巴林銀行的關係將這種產品夥伴關係發揮出來。

So I mean, it was really multifaceted. And I think a real testament to just the strength of the partnership and the commitment that we have to each other. As a reminder, they are an 18% common shareholder. So they're as invested as everybody else and really continuing to see the stock re-rate, and we think this is a positive improvement.

所以我的意思是，它確實是多方面的。我認為這真正證明了我們之間的夥伴關係的力量以及我們彼此的承諾。提醒一下，他們是 18% 的普通股股東。因此，他們與其他人一樣進行投資，並真正繼續看到股票重新評級，我們認為這是一個積極的改善。

In terms of opportunities we have around the remainder of the $3 billion, I think as we said, the repurchase agreement provides opportunities for us to continue to think about ways that we can reduce that in the future on terms that are mutually agreeable to both parties. The way we think about it, it's really going to depend on the nature of our cash flows, the opportunities we have with the free cash flow that we generate, the rate environment, which will be relevant to MassMutual and to ourselves and really looking at what's the organic and inorganic opportunity set that's out there.

關於我們對剩餘 30 億美元的機會，我認為正如我們所說的，回購協議為我們提供了機會，讓我們能夠繼續思考如何在未來以雙方都同意的條款減少這筆款項。我們對此的看法是，這實際上取決於我們的現金流的性質、我們產生的自由現金流所帶來的機會、利率環境，這些都與 MassMutual 和我們自己息息相關，並且真正關注存在的有機和無機機會集。

I think, look, this is a really strong first step, and we're all very optimistic that this provides opportunities for us to continue discussions in the future.

我認為，這是真正強有力的第一步，我們都非常樂觀，這為我們未來繼續討論提供了機會。

Yeah. And just one other thing I'd say is I don't want to have -- to get lost in this. The commitment from MassMutual to put up to $650 million of capital behind those initial couple of strategies that I mentioned in Phase 1 in this product partnership is not insignificant in helping us get to those US wealth platforms more swiftly.

是的。我還要說的是，我不想迷失於此。MassMutual 承諾為我在該產品合作第一階段提到的最初幾項策略投入高達 6.5 億美元的資金，這對於幫助我們更快地進入美國財富平台具有重要意義。

Yeah. No, that's great. Congrats to everyone involved.

是的。不，那太好了。祝賀所有參與者。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

My question is also on the MassMutual announcement relating to the Barings' US Wealth partnership. I'm curious, could this potentially be a first step in an Invesco Barings merger, especially given that your capabilities are complementary?

我的問題也與 MassMutual 宣布的與巴林銀行美國財富合作夥伴關係有關的消息有關。我很好奇，這是否可能是 Invesco Barings 合併的第一步，特別是考慮到你們的能力是互補的？

We've got a lot to do as two individual companies. And I think we found this opportunity after discussing ways to get into the US wealth space more productively together and have our complementary capabilities in this particular space come together to put a couple of products to market. And so we're going to focus exclusively on that going forward.

作為兩家獨立的公司，我們有很多事情要做。我認為，我們在討論瞭如何更有效地共同進入美國財富領域，並結合我們在這個特定領域的互補能力，將一些產品推向市場之後，找到了這個機會。因此，我們今後將專注於此。

Thank you, Andrew. And then this past quarter, we saw EQH take a larger stake in AllianceBernstein. And we're watching MassMutual sell part of their preferred. I'm wondering, are there any limitations to them increasing their 18% common equity stake or voting interest in Invesco in the future?

謝謝你，安德魯。上個季度，我們看到 EQH 收購了 AllianceBernstein 的更多股份。我們正在關注 MassMutual 出售其部分優先股。我想知道，他們將來增加在 Invesco 的 18% 普通股股份或投票權是否有任何限制？

There are some limitations. It's all filed in the shareholder agreement, which was initially filed with the closing of the Oppenheimer transaction back in 2019. I believe it limits them to 22.5%. There are a variety of kind of regulatory kind of considerations around that, why it's at that level. So there is some ceiling there in the shareholder agreement as it stands today.

有一些限制。所有這些都已在股東協議中備案，該協議最初是在 2019 年奧本海默交易完成時提交的。我相信它將比例限制在 22.5%。關於為什麼會達到這個水平，存在著各種各樣的監管考慮。因此，目前的股東協議存在一定的上限。

I don't think anyone should view their agreement for us to repurchase $1 billion of the preferred as anything other than just continued progress in the partnership on all sides, inclusive of, as Andrew said, the continued capital commitment on top of the $3 billion they've already committed and just their real willingness to continue to support Invesco's growth in a variety of facets.

我認為，任何人都不應將他們同意我們回購 10 億美元優先股視為其他任何事情，而應將其視為各方合作的持續進展，包括安德魯所說的在已承諾的 30 億美元基礎上繼續追加資本承諾，以及他們真正願意繼續在各個方面支持景順的增長。

Thank you, Allison.

謝謝你，艾莉森。

Mike Brown, Wells Fargo Securities. Mike, please check your headset.

富國證券的麥克布朗。麥克，請檢查你的耳機。

Sorry, can you hear me now?

抱歉，你現在聽得到我說話嗎？

Yes, we hear you.

是的，我們聽到了。

Okay. Great. So on the partnership announcement, just given Invesco and Barings' current capabilities, can you just expand on that $650 million? How will that be used specifically? Is that just to seed the new fund vehicle? Or is it also to kind of help add capabilities, for example, to maybe expand in the investment-grade private credit side a bit more? And then in terms of the vehicle is -- just to clarify, is the plan to launch like an interval fund type of structure with a public-private sleeve and that would then be targeting the below accredited threshold? Thank you

好的。偉大的。那麼，在宣布合作時，鑑於 Invesco 和 Barings 目前的能力，您能否將 6.5 億美元的具體金額進一步擴大？具體如何使用？這只是為了資助新的基金工具嗎？或者它是否也有助於增加能力，例如，可能在投資級私人信貸方面進一步擴大？然後就投資工具而言——只是為了澄清一下，計劃是否推出類似公私合作的定期基金類型的結構，然後瞄準低於認可的門檻？謝謝

Yeah. Let me try to address both questions. The initial seed capital is to launch and instigate the initial product or two that we'll bring to market exclusively. That's what it's meant to do. And just -- it's not new capabilities for either firm.

是的。讓我試著回答這兩個問題。最初的種子資金用於推出和啟動我們將獨家推向市場的一兩款初始產品。這就是它應該做的事情。這對兩家公司來說都不是新的能力。

And just to clarify, the strengths of Barings and the things that we're going to use in these capabilities include specialty finance and special situations in the higher upper end parts of direct lending where we, Invesco, really aren't today. And it's going to complement where we are today, which is in distressed credit, lower, mid- direct lending, bank loans, CLOs and real estate debt. So think of it truly as just complementary investment capabilities seeded with this initial capital or instigated with this initial capital and brought into a multi-asset type solutions to the marketplace.

需要澄清的是，巴林銀行的優勢以及我們將要利用的能力包括專業融資和直接貸款高端部分的特殊情況，而我們景順目前還沒有涉足這些領域。它將補充我們目前的狀況，即不良信貸、中低直接貸款、銀行貸款、貸款抵押債券 (CLO) 和房地產債務。因此，真正地將其視為以初始資本為基礎的互補投資能力，或以初始資本為基礎的互補投資能力，並引入市場上的多資產類型的解決方案。

In terms of structures and the like, not something we can get into today. They're not -- these products aren't filed and things like that. But do think of them as vehicles that will be relevant, credible and easy to attain by the wealth management platforms that we serve today and similar to strategies we have out there in market already in the real estate and alternative credit space.

就結構等方面而言，我們今天還無法深入討論。這些產品沒有歸檔之類的。但請將它們視為與我們今天服務的財富管理平台相關的、可信的、易於實現的工具，並且類似於我們已經在房地產和另類信貸領域的市場上採用的策略。

Okay. Great. And then, Allison, just on expenses, understanding the market volatility here makes it very challenging to kind of forecast where that could be for the year. But maybe if we consider markets stay flattish from here as that kind of a baseline, how should we think about what expenses could look like for the year? Could they be kind of flattish year over year?

好的。偉大的。然後，艾莉森，僅就費用而言，了解這裡的市場波動使得預測今年的費用水平變得非常具有挑戰性。但是，如果我們將市場從現在起保持平穩作為基準，那麼我們應該如何考慮今年的支出狀況呢？它們會不會逐年持平？

Does that variable component give you the ability for them to actually be a bit lower year over year? Just some helpful thoughts -- some thoughts there would be helpful. Thank you.

這個變數成分是否能夠使它們實際上逐年下降？只是一些有用的想法——一些想法可能會有所幫助。謝謝。

Yeah. Maybe I'll take maybe a couple of component pieces just to think through all of that. I'd say compensation, of course, is the most variable component of our expense base as you think about the revenue environment. I think our compensation as a percentage of revenue has been running in that 43% to 44% range. That's probably a reasonable expectation of a range as I think about the revenue environment for this year if revenue were to stay flat. So I think that gives you some sense around a pretty major element of our expense base.

是的。也許我需要一些組成部分來仔細思考這一切。當然，當你考慮到收入環境時，我想說薪酬是我們費用基礎中變化最大的部分。我認為我們的薪酬佔收入的百分比一直在 43% 到 44% 的範圍內。當我考慮今年的收入環境（如果收入保持不變）時，這可能是合理的預期範圍。所以我認為這能讓您對我們的費用基礎的一個相當重要的元素有一定了解。

Alpha expenses, keep in mind, we are continuing to implement Alpha. And as I said, we expect implementation costs to continue to be in that $10 million to $15 million range. And so that's sort of with or without any improvement or deterioration in the revenue environment. We do intend to continue moving forward in the implementation of Alpha. So that doesn't have a lot of variability to it.

Alpha 費用，請記住，我們正在繼續實施 Alpha。正如我所說，我們預計實施成本將繼續在 1000 萬美元至 1500 萬美元的範圍內。所以，這與收入環境是否有改善或惡化無關。我們確實打算繼續推動 Alpha 的實施。所以它沒有太多的變化。

Everything else, we're certainly looking at all of our expenses from a very disciplined perspective, as you would expect in this revenue environment. And I want to be careful to read too much into three weeks of volatility. It's been three pretty volatile weeks, but it remains to be seen how things will unfold from here.

對於其他一切，我們肯定會從非常嚴謹的角度來審視我們的所有支出，正如您在這種收入環境下所期望的那樣。我希望大家不要對過去三週的波動做出過度解讀。過去的三個星期相當動盪，但事態將如何發展仍有待觀察。

Nonetheless, we're being very thoughtful about every element of discretionary expenses we have. And think about it from everything from travel and entertainment to just slowing down hiring, all the things we can do to just really slow the growth of our expense base. So if revenue is flat from here, could expenses be flat? It's not an unreasonable expectation, but we're going to be looking at everything we can do to continue to pull forward some of the transformational opportunities. We've done a lot of work, as you know, over the last few years on our simplification of our organization.

儘管如此，我們對每一項可自由支配的開支都進行了非常慎重的考慮。想想從旅行和娛樂到減緩招募等各個方面，我們可以採取的所有措施都能夠真正減緩我們開支基礎的成長。那麼，如果收入從現在開始持平，支出也會持平嗎？這不是一個不合理的期望，但我們將盡一切努力繼續抓住一些轉型機會。如你所知，過去幾年我們在簡化組織方面做了大量工作。

We still -- we're working on that all the time. We came into this year continuing to make progress on that. We're going to stay focused and execute and accelerate with speed wherever we can so we can continue to recognize some real disciplined expense management, which we think has really become a hallmark of our operating performance for a number of years now.

我們仍然——我們一直在為此努力。今年我們將繼續在這方面取得進展。我們將保持專注，盡可能地執行和加速，以便我們能夠繼續認識到一些真正嚴格的費用管理，我們認為這已成為我們多年來經營業績的標誌。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Andrew, you talked about some of the trends in April. If you could talk more broadly, I think you mentioned China was positive. But as you think about other regions or client conversations in this type of market backdrop, how you're seeing things unfold and maybe also just from a backlog perspective, do you anticipate fundings to maybe be slowed as a result of all the uncertainty?

安德魯，您談到了四月份的一些趨勢。如果您能更廣泛地談論的話，我認為您提到的中國是積極的。但是，當您考慮這種市場背景下的其他地區或客戶對話時，您如何看待事態發展，也許只是從積壓的角度來看，您是否預計由於所有的不確定性，融資可能會放緩？

Yeah. Thanks, Dan. Look, we're three weeks into a relatively volatile month. And we're also three weeks away from releasing our April flows, and the facts, as you can imagine, continue to evolve. What I'd say thus far in April, though is that we've seen investors largely stay pretty well invested, but they are absolutely moving to a more defensive stance as it relates to their -- how they're deploying new capital as they're kind of rethinking asset allocations but also trying to assess the market environment.

是的。謝謝，丹。瞧，我們已經進入一個相對動盪的月份三週了。距離我們發布四月份的流量還有三週的時間，正如您所想像的，事實還在繼續發展。不過，我想說的是，四月份到目前為止，我們看到投資者基本上保持了相當不錯的投資，但他們絕對正在轉向更具防禦性的立場，因為這與他們如何部署新資本有關，因為他們正在重新考慮資產配置，同時也試圖評估市場環境。

As I mentioned in my comments earlier, I mean, this is where the diversified nature of our business is really helpful. And it puts us in a position to navigate the current operating environment and capture flows as investors gain clarity. What I would say is that in the fixed income, the focus really has remained more on the shorter duration side. And with equity strategies in the US facing headwinds, what we are seeing is a broadening, and in many instances, a more positive investment flow environment in places like Europe and in Asia, which is going to be a helpful mitigant for some of those headwinds in the US that you can see on a daily basis.

正如我之前在評論中提到的，我的意思是，我們的業務多元化性質確實有幫助。這使我們能夠應對當前的營運環境，並在投資者獲得清晰認知時捕捉資金流。我想說的是，在固定收益方面，重點實際上仍然放在較短的期限。在美國股票策略面臨阻力的情況下，我們看到歐洲和亞洲等地的投資流動環境正在擴大，在許多情況下，投資流動環境更加積極，這將有助於緩解美國每天都能看到的一些阻力。

I'd say on the institutional side of the business, we -- it remains pretty resilient and frankly, pretty positive. We funded the key retirement mandate that I mentioned in the UK, but also seeing strength in our US retirement platform in places like stable value and that resiliency and those commitments haven't changed.

我想說，在業務的機構方面，我們 - 它仍然相當有彈性，坦率地說，相當積極。我們為英國我提到的關鍵退休任務提供資金，但同時也看到我們美國退休平台在穩定價值和彈性等方面的優勢，這些承諾並沒有改變。

And then I think China, what I'd say is that given that our business is a fully domestic to domestic business, as you know, and that we're in very strong position in that marketplace, and known brand, we've seen a lot of resiliency in the region with actually positive organic flow growth into April and in April, which is helping to offset some of the market declines. So it's a mixed bag, and we'll see when we release in a couple of weeks where the month shakes out.

然後我想到中國，我想說的是，鑑於我們的業務完全是國內對國內業務，正如你所知，而且我們在該市場處於非常強勢的地位，並且是知名品牌，我們看到該地區具有很大的彈性，4 月份和 4 月份的有機流量實際上都實現了正增長，這有助於抵消部分市場下滑。所以這是一個混合體，我們將在幾週後發佈時看到本月的結果。

Great. That's helpful. And then, Allison, just one more on expenses. Just you mentioned a onetime benefit of $7 million in G&A. Can you also remind us how much of the seasonal kind of comp was in first quarter to try to get a sense of just the starting points of the jump-off points for 2Q?

偉大的。這很有幫助。然後，艾莉森，再問一個關於費用的問題。您剛才提到了 700 萬美元的一次性一般及行政費用福利。您能否提醒我們第一季的季節性比較情況如何，以便了解第二季的起點？

Sure. On the second question, seasonal comp usually runs about $15 million higher in the first quarter. And then again, I think about that comp as a percentage of revenue guidance in that 43% to 44% context tends to run on the higher side with revenue down and of course, lowers revenue increases. On the $7 million onetime, yes, it's predominantly in G&A. There was some in property, office and technology too.

當然。關於第二個問題，第一季的季節性薪資通常高出約 1,500 萬美元。再說一次，我認為在 43% 到 44% 的範圍內，當收入下降時，該比率往往會偏高，當然，收入增幅也會降低。是的，一次性 700 萬美元主要用於一般及行政費用。房地產、辦公室和科技領域也有一些。

And so as you think about those two-line items quarter over quarter, expect some increase just removing those one-timers as we roll into the second quarter.

因此，當您考慮逐季增加這兩項項目時，預計隨著我們進入第二季度，僅刪除那些一次性項目就會出現一些增長。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Congrats also on the partnership with MassMutual and Barings. And maybe just on that, can you talk a little bit about the economic participation for Invesco? Is it simply a matter of the assets that you are managing in the partnership and you're getting your fees for that for the economics? Or are there other sharing arrangements? And do you expect your asset management participation to commensurate with Barings. Or might it skew one way or the other?

也恭喜您與 MassMutual 和 Barings 建立合作關係。就此而言，您能否稍微談談 Invesco 的經濟參與？這僅僅是您在合夥企業中管理資產的問題，然後您從中收取財務費用嗎？或是有其他共享安排嗎？您是否預期您的資產管理參與度與巴林銀行相當？或者它可能會向某個方向傾斜？

And I don't know if there's any guideposts of how large you think this could end up being over the next, say, couple of years? Maybe it's too early for that one.

我不知道您是否有任何指導原則可以預測未來幾年內這一趨勢會發展到多大？也許現在說這個還太早。

Yeah. Thanks for the questions. The partnership is pretty straightforward, just to put a line under it. These are going to be Invesco products that we're going to bring to market into the US wealth management channel with parts of the assets managed by Barings and parts by Invesco, and we'll be sharing management fee revenues in an undisclosed way.

是的。感謝您的提問。這種合作關係非常簡單，只需劃一條線即可。這些將是景順的產品，我們將把它們推向美國財富管理管道，其中部分資產由巴林銀行管理，部分由景順管理，我們將以未公開的方式分享管理費收入。

So we didn't disclose the terms of the arrangement. But Invesco is going to be the distributor, Invesco is going to be the product operator will be compensated for that as well.

因此我們沒有透露協議的具體條款。但 Invesco 將成為經銷商，Invesco 將成為產品營運商，也將獲得報酬。

In terms of the growth, it's really too early to say. We think these are compelling -- going to be compelling offerings, private credit broadly in an allocated way across all elements of the spectrum that I described before, inclusive of things like real estate debt and being able to do that with all of the education that we have, all of the boots on the ground we have around wealth management is going to be a nice complement to the offering we already have, and we think accelerate our brand in private markets in the wealth channel as well as the capabilities that we can put forward to those advisers who are looking for things like this.

就成長而言，現在說還為時過早。我們認為這些都是引人注目的——將是引人注目的產品，私人信貸廣泛地以分配的方式涵蓋我之前描述的所有要素，包括房地產債務之類的東西，並且能夠利用我們擁有的所有教育來做到這一點，我們在財富管理方面的所有實地經驗將是對我們已有產品的良好補充，我們認為這將加速我們在財富渠道的私人市場中的顧問能力，以及我們可以向那些提供此類產品的諮詢能力。

So we'll continue to update you as this develops over the next several quarters, but too early to describe how big this could be.

因此，我們將在接下來的幾季中繼續向您通報事態發展，但現在描述事態發展程度還為時過早。

Yeah. That's helpful. And then maybe just to go to the global landscape, your local profile globally, both in China and really, across the world. How are you seeing -- or I guess, are you seeing any substantial differences within those local regions, given the -- all of the tariff negotiations that are going on and any kind of sentiment globally towards investment products and investment in US products?

是的。這很有幫助。然後也許只是為了放眼全球，放眼全球，包括中國乃至全世界。考慮到正在進行的所有關稅談判以及全球對投資產品和對美國產品投資的任何情緒，您如何看待——或者我想，您是否認為這些地方區域內存在任何實質差異？

Okay. Yeah, thanks. Maybe just before we discuss how it's looking right now, just a reminder, $550 billion of our assets are held by clients outside of the United States, and that's evenly dispersed between Asia Pacific and EMEA. And as I mentioned, Asia Pacific has been a fast grower for Invesco in a really differentiated position because we're so local and because we've been so long term in those markets. And the capabilities that are being brought to those markets are both domestic and international capabilities.

好的。是的，謝謝。在我們討論目前的情況之前，需要提醒一下，我們的 5500 億美元資產由美國以外的客戶持有，並且均勻分佈在亞太地區和歐洲、中東和非洲地區。正如我所提到的，亞太地區對於景順來說是一個快速增長的地區，並且具有真正差異化的地位，因為我們非常本地化，並且我們已經在這些市場深耕了很長時間。而這些市場所具備的能力既包括國內能力，也包括國際能力。

And then EMEA, where we've been for a long, long time, has started to show some very good growth over the last few quarters from an asset flow perspective, strong investment performance and a similar sort of local profile that I was mentioning around Asia. So we're really well positioned in those places and those businesses have been moving forward. So as the current market environment takes hold, that diversity, I think, we think, is really going to continue to pay off. And as people continue to invest internationally, but also invest in their domestic markets, this will be good for the resiliency of Invesco.

然後，我們已經在 EMEA 地區待了很長時間，從資產流動的角度來看，該地區在過去幾個季度開始顯示出非常好的增長，投資表現強勁，而且具有我在亞洲提到的類似的本地特徵。因此，我們在這些地方處於非常有利的地位，而且這些業務一直在向前發展。因此，隨著當前市場環境的逐漸穩定，我認為，這種多樣性將會繼續帶來回報。隨著人們繼續在國際上投資，同時也在國內市場投資，這將有利於景順的彈性。

As I mentioned on our April flows, it's still a little bit early to get a full picture of things. But we will say -- I will say in the short run, the markets outside of the US in terms of asset flow and resiliency have been better than the flows in the United States. But there's just so many moving parts right now that it's hard to call things a trend.

正如我在四月份的流程中提到的那樣，現在全面了解情況還為時過早。但我們會說——我會說在短期內，美國以外的市場在資產流動和彈性方面比美國境內的流動好。但目前有太多變動因素，很難稱之為趨勢。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Congrats on all the news today. Just maybe on the retirement market, sort of curious, there's an increasing focus for that market to potentially have great allocation to alternatives. I was wondering if you could talk a little bit about how you're positioned both maybe the opportunity set and if there are any threats to the extent that, that would move forward and sort of see a pickup in all allocations? Thank you.

祝賀今天的所有新聞。或許只是在退休市場上，有點好奇，人們越來越關注該市場對替代品的潛在大量配置。我想知道您是否可以稍微談談您的定位，可能是機會集，以及是否存在任何威脅，這些威脅會向前發展並看到所有分配的回升？謝謝。

Yeah. The retirement markets have been a focus for Invesco for a long time, and we're an investment only manager, meaning we don't record keep assets and we really are not a target date player, per se. So the opportunity is, I think they're endless really if and as alternatives in private markets can find their way into defined contribution plans in the US or around the world. We have active -- we have the active strategies to do that, that are stood up.

是的。退休市場長期以來一直是景順 (Invesco) 關注的重點，我們是一家純投資管理公司，這意味著我們不記錄保留資產，而且我們本質上並不是目標日期參與者。因此，我認為，如果私人市場的替代方案能夠進入美國或世界各地的固定繳款計劃，那麼機會將是無窮無盡的。我們有積極的——我們有積極的、已經實施的策略來做到這一點。

The partnership today could present even more opportunities for us to create product for that market. And we're going to utilize the relationships we have with plan sponsors and consultants and record keepers and other inputs into that market to find a way to be a part of, whether it's growth in target date for alternatives or some other vehicle types, we have all the requisite pieces to do it.

今天的合作可以為我們為該市場創造產品提供更多機會。我們將利用與計劃發起人、顧問、記錄員和其他投入該市場的關係來找到參與其中的方法，無論是替代品或其他車輛類型的目標日期的增長，我們都擁有實現這一目標的所有必要條件。

And I think that's not just a US phenomenon, that's a global phenomenon. And I think examples of -- that we talked about today of our growing retirement business in the United Kingdom or the advances were made in the United States or in the long run in Asia Pacific, if and as alternatives find their way into defined contribution, we'll be right there.

我認為這不只是美國的現象，而是一個全球現象。我認為，我們今天談到的例子，例如我們在英國不斷增長的退休業務，或者在美國或亞太地區長期取得的進展，如果替代方案能夠進入固定繳款模式，我們就會立即採取行動。

Okay. Thank you. And just as a follow-up, I think you mentioned in your prepared commentary and not surprising that the institutional decision make has been pushed off a little bit. I was wondering in those conversations that you are having with them, are allocation dynamics shifting? And if so, to where might they be shifting?

好的。謝謝。作為後續問題，我想您在準備好的評論中提到過，機構決策被推遲了一點，這並不奇怪。我想知道，在您與他們的對話中，分配動態是否發生了變化？如果是這樣，他們可能會轉移到哪裡？

Yeah. I mean it's really a bit early to say. I mean one of the key things is the fundings that we expected in April have happened. And so they're not stopping their fundings. I think during periods like this we've seen in the past and conversations we're having, they tend to pause a little bit in thinking about their future asset allocations.

是的。我的意思是現在說這個還為時過早。我的意思是，關鍵的事情之一是我們預計在四月到位的資金已經到位。所以他們不會停止提供資金。我認為，在我們過去所看到的這樣的時期以及我們正在進行的對話中，他們往往會暫停一下，思考未來的資產配置。

I think they're all trying to digest the same things we're all trying to digest. The conversations are really active. They're looking for consultation and they're looking for partners that can bring a range of solutions to them, custom or otherwise.

我認為他們都在試圖消化我們所試圖消化的同樣的東西。對話確實很活躍。他們正在尋求諮詢，正在尋找可以為他們帶來一系列解決方案的合作夥伴，無論是客製化的還是其他的。

And that's generally what we're seeing in the market. It's too early to say exactly where they're placing bets because they're not making those changes.

這就是我們在市場上看到的普遍情況。現在說他們究竟押注於何處還為時過早，因為他們還沒有做出那些改變。

Patrick Davitt, Autonomous Research.

戴維特（Patrick Davitt），自主研究。

I have a follow-up to Brian's question. Chatter -- I think he was trying to get to this, but chatter about like large institutions pulling money from US institutions for either ESG or just anti-American sentiment. I think you've guys actually won some of that money in motion to your point earlier.

我對 Brian 的問題有一個後續問題。閒聊——我認為他想表達這一點，但閒聊的內容是大型機構從美國機構撤資，要么是為了 ESG，要么只是為了反美情緒。我認為你們實際上已經贏得了部分資金，正如你們之前所說的那樣。

So could you speak to what extent you are hearing any of those conversations, how non-US investors are evaluating those issues? And to what extent you believe having that established local presence is enough to avoid being painted with the, quote-unquote, US manager tag? Thank you.

那麼，您能否談談您在多大程度上聽到了這些對話，非美國投資者如何評價這些問題？您認為在多大程度上建立本地影響力足以避免被貼上「美國經理」的標籤？謝謝。

Yeah. I mean, part of it you mentioned in your answer, I mean, we're winning mandates. So we really haven't seen that. And I -- we haven't heard any of that sort of anti-rhetoric. What I will say, though, is the broadening out of the markets and where people are looking at valuations in Europe or where they're looking at diversification into value or into domestic markets away from where money has predominantly just been very, very focused in the US equity markets, large cap growth.

是的。我的意思是，您在回答中提到的部分內容是，我們正在贏得授權。所以我們確實沒有看到這種情況。而且我——我們還沒有聽到任何此類反對言論。不過，我想說的是，隨著市場的擴大，人們開始關注歐洲的估值，或關注價值多元化或國內市場，而資金主要集中在美國股票市場和大盤股成長。

We're seeing people rethink those allocations, but we have not heard it's an anti-movement. It's a broadening out of markets. That's to the point of our local presence in these local markets, we'll -- we should do just fine in terms of capturing some of that sentiment of flows trying to even out. And frankly, it's a good thing for Invesco because we have just such a diverse book of assets. I don't know if you'd add anything, Allison.

我們看到人們正在重新考慮這些分配，但我們並沒有聽說這是一場反對運動。這是市場的擴大。這就是我們在這些本地市場中的本地存在，我們應該能夠很好地捕捉一些試圖平衡的流動情緒。坦白說，這對 Invesco 來說是一件好事，因為我們擁有如此多樣化的資產。我不知道你還有什麼要補充，艾莉森。

I mean, I think you've said it a few times, but I would just underscore our business in China, in particular, is a domestic-to-domestic business. And so it's very much viewed as a business that has started locally over 20 years ago, has grown organically this whole time. And that's really a testament to, I think, where -- how our business has grown across all continents. While we happen to be headquartered in the US, our business is very local on a number of levels, and our clients see us that way. And we've got that broad set of diversified capabilities.

我的意思是，我想你已經說過幾次了，但我只想強調我們在中國的業務，特別是國內對國內的業務。因此，它被視為一家 20 多年前在當地起步並一直在有機發展的企業。我認為這確實證明了我們的業務如何在各大洲發展。雖然我們的總部剛好位於美國，但我們的業務在許多層面上都非常本地化，我們的客戶也是這樣看待我們的。我們擁有廣泛而多樣化的能力。

And I think that's important as well as you think about some of the trends that are out there in the macro environment right now.

我認為這很重要，因為你需要考慮當前宏觀環境中的一些趨勢。

Yeah. I mean, seeing positive flows in that market in April is one good sign.

是的。我的意思是，四月看到該市場出現積極流動是一個好兆頭。

Okay. Helpful. Thanks. And obviously, you've been more focused on fixing the balance sheet, organic growth. But historically, big dislocations like this have opened up rare inorganic opportunities for asset managers. So could you update us on your willingness to do a larger transaction if something came up? And if so, what would be at the top of your wishlist for kind of a once-in-a-lifetime type deal? Thank you.

好的。很有幫助。謝謝。顯然，您更加重視修復資產負債表和有機成長。但從歷史上看，像這樣的大規模混亂為資產管理者帶來了難得的無機機會。那麼，如果有任何情況發生，您能否告訴我們您是否願意進行更大規模的交易？如果是的話，您最希望得到的千載難逢的交易是什麼？謝謝。

Well, I think nothing's changed in terms of our perspective around that and the way we've entered it probably for a few quarters, even a few years now. I mean, we're always looking. And so I would say our willingness has not changed. One of the things we are always focused on is overlap with existing capabilities and really needing to make sure we're being thoughtful about where we've got capability gaps. We have been consistent in saying, we probably don't have our suite of products that's fully built out as we would like in areas like private credit and infrastructure.

嗯，我認為就我們對此的看法以及我們進入這一領域的方式而言，可能幾個季度甚至幾年都沒有改變。我的意思是，我們一直在尋找。所以我想說我們的意願沒有改變。我們始終關注的事情之一是與現有能力的重疊，並且確實需要確保我們認真考慮我們的能力差距。我們一直在說，在私人信貸和基礎設施等領域，我們可能還沒有完全建立起我們所希望的產品套件。

I think the partnership today is good progress towards actually starting to build that out in a slightly inorganic way. It's a mix of an organic and inorganic, I would say, opportunity as you think about how we can continue to fill those gaps in.

我認為今天的合作關係取得了良好進展，實際上已經開始以一種略顯無機的方式建立這種合作關係。我想說，這是一個有機和無機的混合體，當你思考我們如何繼續填補這些空白時，這是一個機會。

So I don't think anything has changed in our willingness. The announcements we made today in terms of the balance sheet are designed to give us additional capacity. By pulling forward the $1 billion that we otherwise could not have done anything about for 15 years, it gives us an opportunity to fully transition that away over the next few years. It gives us increased flexibility and opportunity in our balance sheet to do something larger and more substantial on the inorganic side.

所以我認為我們的意願沒有任何改變。我們今天就資產負債表所做的公告旨在為我們提供額外的產能。透過提前撥付這 10 億美元（否則我們將在 15 年內無能為力），我們有機會在未來幾年內完全實現這一目標。它為我們的資產負債表提供了更大的靈活性和機會，讓我們在無機方面做更大、更實質的事情。

So I would say nothing's changed, if anything. The announcements today underscore our forward focus on making sure we've got the opportunity to be opportunistic.

所以我想說，如果有的話，什麼都沒改變。今天的公告強調了我們的前瞻性重點，即確保我們有機會抓住機會。

Yeah. And partnerships, like the one we announced today, and we've talked about in previous quarters, we really like, and we're really excited about this with MassMutual and Barings and the ability to do alliances and things like this, like we've done in geographic markets around the world are great opportunities, and we're going to continue to be looking to advance those opportunities.

是的。我們非常喜歡與 MassMutual 和 Barings 建立合作夥伴關係，我們也在前幾個季度討論過類似的合作夥伴關係，我們也對與 MassMutual 和 Barings 建立合作夥伴關係感到非常興奮，能夠與世界各地的地理市場建立聯盟等，這些都是絕佳的機會，我們將繼續尋求推進這些機會。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

So maybe first, Allison, you mentioned in the prepared remarks, the ability to make expenses more variable if needed. Is this largely comp? And how far can you take it? And given that the market volatility or market levels have been more recent, but deeper correction, have you already started to take the steps to adjust to the more challenging environment?

所以也許首先，艾莉森，你在準備好的發言中提到，如果需要的話，可以讓費用更有彈性。這在很大程度上是補償嗎？你能走多遠？鑑於市場波動或市場水平最近有所改善，但調整幅度卻更大，您是否已經開始採取措施來適應更具挑戰性的環境？

Yeah. Maybe kind of doubling back on that. So what we noted in the prepared remarks is that the variability in our expense base is there's no management intervention, it's about a 25% variable component. That's without us doing anything. And that primarily comes out of compensation.

是的。或許可以重複一遍。因此，我們在準備好的評論中指出，我們的費用基礎的變化是由於沒有管理幹預，其變化部分約為 25%。那是我們什麼也沒做。這主要來自於補償。

There are some other elements of operating expenses that are variable in nature, but it is largely driven by compensation. That's without any management intervention. When we start to actually take action, I think we can drive that to something that's more like 30% to 35%, as we noted.

營運費用中還有一些其他因素本質上是可變的，但主要受薪酬驅動。這無需任何管理幹預。當我們開始真正採取行動時，我認為我們可以將這一比例提高到 30% 到 35% 左右，正如我們所指出的。

And yes, as I said earlier, we have already started to take action. There are things we can be doing immediately like slowing down hiring and slowing down some of our plans there, slowing down things like internal travel. We are focused on clients. We're going to make sure we are putting that first in everything we do right now. But there are a number of other kind of discretionary decisions that get made every day that we can slow down to make sure we try to bend the curve on the expense base as meaningfully as possible and as quickly as possible in light of the volatility in the revenue line that we've seen just over the last few weeks.

是的，正如我之前所說，我們已經開始採取行動。我們可以立即採取一些措施，例如減緩招聘速度、減緩在那裡的一些計劃、減緩內部旅行等。我們專注於客戶。我們將確保在當前所做的每件事中都把這一點放在首位。但是，我們每天都會做出許多其他類型的自由裁量決定，我們可以放慢速度，以確保我們盡可能有意義地、盡快地改變費用基礎曲線，考慮到我們在過去幾週看到的收入波動。

But in addition to all of that, as I said earlier, we're going to stay focused on pulling forward some of the transformational opportunities that we have had underway for a number of years now. You've seen our expense base be very well managed over the last several years as we're constantly looking for opportunities to simplify our organization to create capacity, to reinvest that capacity, or perhaps in this environment, to delay reinvesting some of that capacity. And those are some of the ways in which we'll continue to manage the expense base.

但除此之外，正如我之前所說，我們將繼續專注於推動我們已經進行多年的一些轉型機會。您會發現，過去幾年我們的費用基礎管理得非常好，因為我們一直在尋找機會簡化組織以創造產能、重新投資該產能，或者在這種環境下推遲重新投資部分產能。這些是我們繼續管理費用基礎的一些方法。

Okay. On the wealth management side, with the announcement today, is what you plan to launch different from what you're seeing in the market already, either by structure, distribution or target customer? What we're seeing is maybe more success from the alternative managers sort of launching alternative products into the wealth management channel than traditional asset managers launching alternative product into the wealth channels. So if your products or focus is similar to what's already there, how do you frame what drives success for you when maybe some of your direct peers have not been as successful going along this path?

好的。在財富管理方面，根據今天的公告，您計劃推出的產品與您在市場上已經看到的產品在結構、分銷或目標客戶方面有何不同？我們看到，另類資產管理公司向財富管理管道推出另類產品可能比傳統資產管理公司向財富管道推出另類產品取得更大的成功。因此，如果您的產品或重點與現有的產品或重點相似，當您的一些直接同行可能還沒有沿著這條路走成功時，您如何定義推動您成功的因素？

Yeah. I mean, look, Invesco is a private market player. I mean we have $130 billion in assets. We've been serving institutions for a long time. What we've done over the last few years is bring those capabilities into interval-type vehicles and leverage our very, very strong US wealth management distribution relationships that we have.

是的。我的意思是，看，景順是一家私人市場參與者。我的意思是我們有 1300 億美元的資產。我們長期為機構提供服務。過去幾年我們所做的就是將這些能力引入間隔型投資工具，並利用我們在美國非常強大的財富管理分銷關係。

And we have been seeing success, in particular with our real estate debt strategy that we mentioned before, INCREF, working through those networks and channels. And we, going forward, expect to use capabilities like we described today with Invesco and Barings to bring similar type capabilities with all those same attributes of our distribution, our product structuring, all the education that we have and the success that we've started to build.

我們已經看到了成功，特別是我們之前提到的房地產債務策略 INCREF，透過這些網路和管道發揮作用。展望未來，我們期望利用我們今天在 Invesco 和 Barings 中描述的能力，透過我們分銷、產品結構、所有教育以及我們已開始建立的成功等所有相同屬性，帶來類似的能力。

And so we think those attributes differentiate managers that are going to win and those that aren't, going forward into the marketplace. And we think we have all those attributes, and we're going to continue to progress them.

因此，我們認為這些特質可以區分出哪些管理者將在市場上取得成功，哪些不會。我們認為我們具備所有這些特質，並且我們將繼續發展它們。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Just wanted to dig in for a moment on the SMA platform. It sounds like you guys are having some good traction and success there. I think you mentioned $30 billion of assets, 25% organic growth. Maybe just remind us how many strategies you guys offer in SMAs today, how you see that evolving? And if you could just talk about your ambitions, how you think about meaningfully scaling these capabilities as you look out the next couple of years?

只是想深入了解 SMA 平台。聽起來你們在那裡取得了一些很好的進展和成功。我想您提到了 300 億美元的資產和 25% 的有機成長。也許只是提醒我們你們今天在 SMA 中提供了多少策略，你們如何看待這些策略的發展？您能否談談您的抱負？展望未來幾年，您如何考慮有效擴展這些能力？

Yeah. The growth there has been almost exclusively on fixed income, and it's actually one of the reasons we've been able to grow is that we're pretty differentiated in the fixed income space, in particular. There are several dozen strategies. They're placed on all the well-known platforms.

是的。那裡的成長幾乎完全來自固定收益，實際上我們能夠成長的原因之一是我們在固定收益領域有相當大的差異化。有幾十種策略。它們被放置在所有知名的平台上。

A lot of that growth has been in short and intermediate duration, some taxable, mostly tax-free, but it's right in the sweet spot of growth for both SMAs as a vehicle into wealth, as well as fixed income being a little less represented by some of our competitors. And so that's where we've been able to pick up a lot of that growth, and we expect to continue.

大部分成長都是短期和中期的，有些需要納稅，大多數是免稅的，但它正好處於 SMA 作為財富工具的最佳成長點，而且固定收益在我們的​​一些競爭對手中代表性較低。這就是我們能夠實現大量成長的原因，並且我們預計這種成長將會持續下去。

On the equity side, we have several traditional fundamental equity strategies, but also tax-optimized strategies that we brought to market on some unique indexes. So it's pretty well placed, but I think it's hitting the sweet spot of two big trends which are more income-oriented strategies and the SMA vehicle. It scales well with deep technology, and we've made those investments in those technology platforms. We already have all the requisite distribution, and we'll continue to kind of invest behind the operational elements of it so that we can get -- continue to get incremental margin and profit expansion too.

在股票方面，我們有幾種傳統的基本股票策略，但也有一些我們根據一些獨特指數推向市場的稅收優化策略。所以它處於相當有利的位置，但我認為它擊中了兩大趨勢的最佳點，即更加註重收入的策略和 SMA 工具。它可以很好地與深度技術相容，並且我們已經在這些技術平台上進行了投資。我們已經擁有了所有必要的分銷，並且我們將繼續在其營運要素背後進行投資，以便我們能夠繼續獲得增量利潤和利潤擴張。

Great. Thank you. And then just a quick follow-up on the Alpha implementation. I think you mentioned, Allison, $10 million to $15 million range for the next quarter. Maybe you could just remind us how we should think about the cadence of that throughout the remainder of the year and into '26? And ultimately, how do we see the path of that and timing for that falling off?

偉大的。謝謝。然後只是對 Alpha 實施進行快速跟進。艾莉森，我想你有提到過，下一季的預算在 1000 萬到 1500 萬美元之間。也許您可以提醒我們，我們應該如何思考今年剩餘時間和 26 年的節奏？最終，我們如何看待這衰退的路徑和時間？

Yeah. So $10 million to $15 million is the implementation cost guidance. And in terms of timing of waves, as I noted, we moved a small wave over at the end of the fourth quarter. We are expecting to move a second wave of assets onto the platform sometime in the second half of the year. And then timing on the additional waves would progress into -- late into 2026.

是的。因此，實施成本指導價為 1,000 萬至 1,500 萬美元。至於波浪的時間，正如我所指出的，我們在第四季末移動了一小波波浪。我們預計將在今年下半年某個時候將第二波資產轉移到該平台上。然後，額外浪潮的時間將持續到 2026 年底。

It could even drag into that first quarter of '27. So I think we're really looking at '27 before we actually start to see kind of the benefit of reducing so

它甚至可能會延續到 27 年第一季。所以我認為我們真的要等到 27 年才能真正開始看到減少的好處

So that $10 million to $15 million continues until early '27. Is that right? And then trails off pretty quickly after that?

因此，1000 萬到 1500 萬美元的資金將持續到 27 年初。是嗎？然後很快就消失了？

That $10 million to $15 million we said was an expectation for this year, for 2025 for -- back in January, we gave the guidance of expect $10 million to $15 million a quarter for this year and reiterating that is a good guide for the second quarter. Beyond 2025, too hard to say. As you start to get waves behind you, the nature of the implementation changes. And so we'll update that guidance as we get later into this year.

我們所說的 1000 萬至 1500 萬美元是今年以及 2025 年的預期——早在 1 月份，我們就給出了今年每季度 1000 萬至 1500 萬美元的預期，並重申這對第二季度來說是一個很好的指導。2025 年以後就很難說了。當你開始獲得支持時，實施的性質就會改變。因此，我們將在今年稍後更新該指南。

Cedric, we have time for one more question.

塞德里克，我們還有時間再問一個問題。

Benjamin Budish, Barclays Capital.

巴克萊資本的本傑明·布迪什 (Benjamin Budish)。

Just one final follow-up perhaps on the Barings deal. Could you just maybe talk about the sort of distribution time line? You have the relationships already with a lot of the platforms, the wires, the RIAs. Once you sort of are able to file a registration statement, how long does it take to start getting the product available on the platform? When might we start to see some more meaningful inflows?

這或許只是對巴林銀行交易的最後一次跟進。您能否談談分發時間表？您已經與許多平台、通訊社和 RIA 建立了關係。一旦您能夠提交註冊聲明，需要多長時間才能開始在平台上提供該產品？我們什麼時候才能開始看到一些更有意義的資金流入？

And could you maybe provide some color on the investment required here in terms of adviser education, placement fees, anything like that? Thank you.

您能否詳細介紹這裡所需的投資，例如顧問教育、安置費等等？謝謝。

Yeah. Let me start on the back end. We have all of the -- we have everything built out in terms of the distribution, product structuring, distribution specialists, relationships. And so we're going to leverage off of that complete existing platform that we've developed with private market specialization. So that's -- those have already been made.

是的。讓我從後端開始。我們已做好一切準備—包括分銷、產品結構、分銷專家和關係。因此，我們將利用我們透過私人市場專業化開發的完整現有平台。所以這些都已經做好了。

In terms of timelines, it's difficult to speculate, I'll say, quarters from now. We're also going to look at ways to enhance existing strategies that we have. So some could be sooner than others, but it's going to be, I would think, quarters is the best way for you to think about that. And we'll look forward to giving everybody an update on the next quarterly call.

就時間表而言，很難推測，我想說，從現在起的幾個季度內。我們也將研究如何加強現有戰略。因此，有些可能比其他的要早，但我認為，季度是你思考這個問題的最佳方式。我們期待在下次季度電話會議上向大家通報最新情況。

Great. And thanks again for squeezing me in.

偉大的。再次感謝您抽空邀請我。

No problem. Okay. Well, thanks, everybody. And let me say in closing that we feel very well positioned to help clients navigate the impact of evolving market dynamics and the subsequent changes to their portfolios. As market sentiment has become more uncertain, it's important that we stay close with our clients. And while we do think that uncertainty creates challenges over the short term, we do believe over the long term that client convictions will strengthen and should create opportunities in the future for greater scale, performance, and improved profitability for Invesco.

沒問題。好的。好的，謝謝大家。最後，我想說，我們認為自己能夠很好地幫助客戶應對不斷變化的市場動態及其投資組合隨之發生的變化的影響。由於市場情緒變得更加不確定，與客戶保持密切聯繫非常重要。雖然我們確實認為不確定性會在短期內帶來挑戰，但從長遠來看，我們相信客戶的信念將會增強，並在未來為景順創造更大的規模、業績和獲利能力的機會。

Given all the work we've done to strengthen our ability to anticipate, understand and meet evolving client needs, we are very excited for the future of Invesco. I want to thank everybody for joining our call today. Please reach out to our Investor Relations team for any additional questions, and we very much appreciate your interest in Invesco and look forward to speaking with you all again soon.

鑑於我們為增強預測、理解和滿足不斷變化的客戶需求的能力所做的所有工作，我們對景順的未來感到非常興奮。我要感謝大家今天參加我們的電話會議。如有任何其他問題，請聯絡我們的投資者關係團隊，我們非常感謝您對 Invesco 的關注，並期待很快再次與您交談。

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

謝謝。今天的會議到此結束。此時大家可以全部斷開連線。