景順投信 (IVZ) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to Invesco's third quarter earnings conference call. [Operator Instructions] As a reminder, today's call is being recorded. Over to Greg Ketron, Invesco's Head of Investor Relations. Sir, you may begin.

感謝您的耐心等待，歡迎參加景順集團第三季​​財報電話會議。【操作員說明】提醒您，今天的通話將會被錄音。接下來請景順投資人關係主管格雷格·凱特龍發言。先生，您可以開始了。

All right. Thanks, Cedric, and to all of you joining us today. In addition to the 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，也謝謝今天所有到場的各位。除了新聞稿之外，我們還提供了一份演示文稿，其中涵蓋了我們計劃討論的主題。新聞稿和簡報可在我們的網站invesco.com上查閱。您可以在網站的「投資者關係」部分找到這些資訊。

Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on Slide 2 as well as the appendix for the appropriate reconciliations to GAAP. Finally, Invesco is not responsible for the accuracy of our earnings transcripts provided by third parties. The only authorized webcast are located on our website.

我們今天的報告將包含前瞻性陳述和某些非GAAP財務指標。請查閱第 2 頁投影片上的揭露資訊以及附錄，以了解與 GAAP 的適當調節情況。最後，景順不對第三方提供的收益證明的準確性負責。唯一授權的網路直播位於我們的網站上。

Andrew Schlossberg, President and CEO; and Allison Duke, Chief Financial Officer, will present our results this morning, and 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 和財務長 Allison Duke 將於今天上午公佈我們的業績，之後我們將開放問答環節。現在我將把電話交給安德魯。

Okay. Thank you, Greg, and good morning to everybody. I'm pleased to be speaking with you today. We continue to perform remarkably well against our strategic priorities, which are centered on emphasizing the intersection of market size and secular change while leveraging our unique position to drive growth in the highest opportunities, regions, channels and asset classes.

好的。謝謝你，格雷格，大家早安。很高興今天能和您交談。我們在策略重點方面繼續表現出色，這些重點是強調市場規模和長期變化的交匯點，同時利用我們獨特的地位，在最具機會的地區、通路和資產類別中推動成長。

We delivered another strong quarter of broad-based progress, and we continue to generate significant operating leverage while executing on initiatives to unlock value across the organization to deliver for both clients and shareholders. If you turn to Slide 3 of the presentation, which highlights some of our most recent high-impact initiatives over the past several months.

我們又一個季度取得了全面而強勁的進展，我們繼續創造顯著的營運槓桿，同時執行各項舉措，釋放整個組織的價值，為客戶和股東創造價值。如果您翻到簡報的第 3 張投影片，其中重點介紹了我們在過去幾個月中一些最具影響力的舉措。

In aggregate, these initiatives will help to streamline our business, drive profitability and margin expansion, build a stronger balance sheet and continue to enhance shareholder returns. Significant among these efforts is the strengthening of our capital management through the recapitalization of our balance sheet. Here, we have improved flexibility, enabling us to continue to further deleverage.

整體而言，這些措施將有助於簡化我們的業務，提高獲利能力和利潤率，建立更強大的資產負債表，並繼續提高股東回報。這些努力中最重要的是透過重組資產負債表來加強我們的資本管理。在此，我們提高了靈活性，使我們能夠繼續進一步去槓桿化。

We have already repaid approximately 25% of the term loans used for the $1 billion preferred stock repurchase announced earlier this year, accelerating the expected earnings accretion from that transaction and paving a path for future redemptions. We have also made substantial progress in our efforts to simplify and hone our organizational focus. Of note is the implementation of our hybrid investment platform which we announced in May, would be shifting to a combined Alpha and Aladdin program.

我們已經償還了今年稍早宣布的 10 億美元優先股回購計畫所用定期貸款的約 25%，加快了該交易預期收益的成長，並為未來的贖回鋪平了道路。我們在簡化和完善組織架構方面也取得了實質進展。值得注意的是，我們在 5 月宣布的混合投資平台將轉變為 Alpha 和 Aladdin 計畫的結合。

Progress continues in our conversion. During the third quarter, we launched the second wave of significant equity AUM onto the Alpha platform. This entire hybrid implementation, which is on track to be complete by the end of 2026 will drive simplification, improved investment system consolidation and future cost avoidance. Also under the banner of simplifying our business and focusing on improving performance, earlier in the quarter, we realigned our fundamental equities, global international and regional investment teams.

我們的轉換工作持續取得進展。第三季度，我們向 Alpha 平台推出了第二波規模龐大的股票資產管理規模。整個混合實施方案預計將於 2026 年底完成，這將推動簡化流程、改善投資系統整合並避免未來的成本增加。此外，為了簡化業務並專注於提高業績，我們在本季稍早調整了基礎股、全球國際和區域投資團隊。

We have consolidated capabilities under a single CIO for these particular asset classes and made portfolio management changes to our U.S. developing markets and aspects of our international and regional equity strategies. This consolidated global related equity platform mirrors our already established global fixed income structure and as part of our ongoing efforts to strengthen our investment returns in this important area for the firm. The single platform also allowed us to elevate our top investment talent and use our scale advantages to gain efficiencies.

我們已將這些特定資產類別的能力整合到一位首席投資長 (CIO) 的領導下，並對我們的美國新興市場以及國際和區域股票策略的某些方面進行了投資組合管理調整。這個綜合性的全球相關股權平台反映了我們已經建立的全球固定收益結構，也是我們持續努力加強公司在這一重要領域的投資回報的一部分。單一平台也使我們能夠提拔頂尖的投資人才，並利用我們的規模優勢來提高效率。

Investment performance does take time to turn around, but we are beginning to see progress on this front. Further advancing our efforts to simplify and streamline our focus, we announced in late summer, our decision to sell Intelliflo, which is our cloud-based practice management software subsidiary. This sale will generate net cash of approximately $100 million at closing, which is expected in the fourth quarter, and it could also generate up to $65 million in additional future potential earn-outs.

投資績效的扭轉需要時間，但我們已經開始看到這方面的進展。為了進一步簡化和精簡我們的工作重點，我們在夏末宣布了出售 Intelliflo 的決定，Intelliflo 是我們的雲端診所管理軟體子公司。此次出售預計將在第四季度完成，屆時將產生約 1 億美元的淨現金，並且未來還有可能產生高達 6,500 萬美元的額外收益。

Finally, we are accelerating growth through a number of recently announced business development initiatives noted on the bottom of Page 3. I'm pleased to report that we have made significant progress with our Barings private markets partnership, launching our first joint product together earlier this month. The speed at which we have been able to execute is notable. Together, we have come to market with the jointly managed Invesco Dynamic Credit Opportunity Fund within just a few months of our announced partnership.

最後，我們正在透過最近宣布的一系列業務發展舉措來加速成長，這些舉措已在第 3 頁底部列出。我很高興地報告，我們與 Barings 私募市場合作取得了重大進展，並於本月初共同推出了我們的首個聯合產品。我們執行的速度非常顯著。從我們宣佈建立合作關係到共同推出 Invesco Dynamic Credit Opportunity Fund，僅僅花了幾個月的時間。

This product strategy is an interval fund targeting the US wealth management market that dynamically allocates across the full spectrum of private corporate credit. By combining our 2 firms complementary strengths, we're accelerating our ability to meet client demand for income-oriented solutions in this rapidly evolving market. This represents the first milestone of the broader private market strategic product and distribution partnership with Barings, which MassMutual will intend to support with a total of $650 million of capital.

該產品策略是一種針對美國財富管理市場的區間基金，它會在所有私人企業信貸領域進行動態配置。透過結合我們兩家公司的互補優勢，我們正在加快滿足客戶在這個快速變化的市場中對以收入為導向的解決方案的需求的能力。這標誌著與霸菱銀行更廣泛的私募市場策略產品和分銷合作夥伴關係的第一個里程碑，MassMutual 將為此提供總計 6.5 億美元的資金支持。

A second co-managed fund is currently in development and is expected to be in market at the beginning of next year. These new strategies will complement our existing private real estate offerings that are targeting U.S. wealth management clients and have seen significant organic traction over the past several quarters. Also in the category of accelerating our growth, we are in the final stages of selling a majority interest in our Indian business to the Hinduja Group and jointly establishing a local joint venture. We believe that the combined benefits of our existing Indian asset management business with Hinduja's domestic financial institution and local expertise will enhance the growth of that business.

第二支共同管理的基金目前正在籌備中，預計明年初上市。這些新策略將與我們現有的面向美國財富管理客戶的私人房地產產品形成互補，這些產品在過去幾個季度中已取得了顯著的自然增長。此外，為了加速成長，我們即將完成將我們在印度的業務的大部分股權出售給印度教集團，並共同成立當地合資企業。我們相信，我們現有的印度資產管理業務與印度教集團的國內金融機構和本地專業知識相結合，將促進該業務的成長。

Our ongoing minority ownership structure will allow us to participate in the Indian market development, while also refocusing our resources accordingly. We expect this transaction to close in the fourth quarter and Allison will detail the financial implications and anticipated timing of these transactions later in the call. Finally, as you are all well aware, a significant transformative growth initiative is underway as we seek to modernize the structure of our sizable QQQ ETF.

我們目前的少數股權結構將使我們能夠參與印度市場的發展，同時相應地重新調整我們的資源。我們預計這筆交易將在第四季度完成，Allison 將在稍後的電話會議中詳細說明這些交易的財務影響和預期時間。最後，如大家所知，我們正在進行一項意義重大的變革性成長計劃，以期實現我們規模龐大的 QQQ ETF 結構的現代化。

We are in the process of soliciting shareholder approval, and we are pleased to report that we have seen strong participation and momentum in the proposals outlined in the proxy and votes casts are overwhelmingly in favor of the proposals. We are getting close to the vote totals needed and to allow for additional time to solicit the votes needed to pass the proposals.

我們正在徵求股東批准，我們很高興地報告，股東們對委託書中概述的提案表現出了強烈的參與度和支持勢頭，而且投票結果絕大多數都讚成這些提案。我們即將達到所需的票數，因此需要更多時間來爭取通過提案所需的選票。

Last week, we announced that the special meeting of the QQQ shareholders has been adjourned until December 5. Our scheduled time to complete the solicitation process is not an all uncommon. And given the sheer size of this fund and its large retail shareholder base, it is not unexpected. We are proud of the progress on these significant initiatives highlighted on Page 3.

上週，我們宣布 QQQ 股東特別會議延至 12 月 5 日舉行。我們完成招標流程的預定時間並非異常情況。考慮到該基金的規模之大及其龐大的散戶股東群體，這種情況並不令人意外。我們為第 3 頁重點介紹的這些重要措施所取得的進展感到自豪。

We believe they are indicative of the exceptionally hard work of our Invesco colleagues to drive these and other efforts to completion, while continuing to seek incremental opportunities to unlock value. I am grateful for all that has been done and the ongoing disciplined focus on delivering to our clients and our shareholders.

我們相信，這些都體現了景順同事們為完成這些以及其他工作所付出的非凡努力，同時他們也不斷尋求更多機會來釋放價值。我感謝大家所做的一切，以及大家一直以來為客戶和股東創造價值的專注和嚴謹的工作態度。

So let's pivot now to Slide 4 for our third quarter business highlights. We had strong momentum coming into the quarter, which continued as key market indices reached new highs and increasing investor confidence was bolstered with the Fed rate cut in September. These dynamics are leading to some broadening out of investor demand, which is a welcome shift in the asset management landscape and one that we are beginning to see reflected in our results.

現在讓我們轉到第 4 張投影片，了解我們第三季的業務亮點。本季開始，我們便擁有強勁的成長勢頭，隨著主要市場指數創下新高，以及聯準會在9月降息提振了投資人信心，這一勢頭得以延續。這些動態正在導致投資人需求擴大，這是資產管理領域的可喜轉變，我們已經開始在績效中看到這種轉變。

We reached a record AUM of $2.1 trillion with exceptionally strong net long-term inflows of nearly $29 billion or an 8% annualized organic growth which is our best flow quarter since 2021. Even more encouraging with the breadth of these flows, reflecting our diversified scaled global platform. We had strong growth on many dimensions, including across most of our strategically important investment capabilities. It also included positive flows in aggregate in both our active and passive products, the retail and institutional channels and across the Americas, EMEA and Asia Pacific regions.

我們實現了創紀錄的 2.1 兆美元資產管理規模，淨長期資金流入異常強勁，接近 290 億美元，年化有機成長率達 8%，這是我們自 2021 年以來最好的季度資金流入。更令人鼓舞的是，這些資金流動範圍之廣，反映了我們多元化、規模化的全球平台。我們在許多方面都實現了強勁成長，包括我們大多數具有戰略意義的投資能力。它還包括我們主動型和被動型產品、零售和機構通路以及美洲、歐洲、中東和非洲以及亞太地區的整體正向資金流動。

Nearly 40% of our long-term AUM is now from clients outside of the U.S. and 2/3 of our net inflows this quarter were from EMEA and Asia Pacific regions. In the quarter, we continued to scale our ETF platform, gaining market share and launching products to meet client demand. When considering the entirety of our ETF and index offerings across all investment capabilities and including the QQQ, we recently reached an important milestone of $1 trillion in AUM.

我們近 40% 的長期資產管理規模來自美國以外的客戶，本季我們 2/3 的淨流入資金來自歐洲、中東和非洲以及亞太地區。本季度，我們持續擴大 ETF 平台規模，獲得市場份額，並推出產品以滿足客戶需求。考慮到我們所有投資能力範圍內的所有 ETF 和指數產品，包括 QQQ，我們最近達到了 1 兆美元的資產管理規模這一重要里程碑。

This was among our best-performing quarters for our increasingly profitable ETF and index investment capability with an annualized organic growth of 15%. We garnered record net inflows in a diverse set of products for our U.S. range, including the QQQ M, several ETFs within our S&P Factor suite, the China technology ETF. And in EMEA, we generated strong flows in our use of QQQ ETF and our synthetic product suite.

這是我們獲利能力不斷增強的 ETF 和指數投資能力表現最好的季度之一，年化有機成長率達到 15%。我們在美國系列產品中獲得了創紀錄的淨流入資金，其中包括 QQQ M、標普因子系列中的幾隻 ETF 以及中國科技 ETF。在歐洲、中東和非洲地區，我們透過使用 QQQ ETF 和我們的合成產品系列，產生了強勁的資金流入。

We continue to innovate and evolve our ETF lineup to offer investors new ways to access our in-house, high-quality active strategies. Notably, 65% of our ETF launches this year have been active. Our 5 new active ETFs launched during the third quarter brings our total to 36 months. The development is not only a U.S. trend. We now have 10 active UCIT ETFs, extending our smart beta range of products in the EMEA region.

我們不斷創新和改進我們的 ETF 產品線，為投資者提供新的方式來獲取我們內部高品質的主動投資策略。值得注意的是，我們今年推出的 ETF 中有 65% 是活躍交易。我們在第三季推出了 5 檔新的主動型 ETF，使我們的 ETF 總數達到了 36 個月。這種發展趨勢並非美國獨有。我們現在有 10 隻活躍的 UCIT ETF，擴展了我們在歐洲、中東和非洲地區的智慧貝塔產品系列。

Our ending active ETF AUM firm-wide stands at $16 billion. However, when including our active teams engaged in our passive and index capabilities, it elevates that total AUM to nearly $30 billion. Bringing the depth of our investment capabilities into the ETF wrapper has long been part of our overall strategy and will continue to be as we innovate to meet client demand.

我們公司截至目前為止的總主動式 ETF 資產管理規模為 160 億美元。然而，如果將我們積極參與被動投資和指數投資的團隊也算在內，總資產管理規模將接近 300 億美元。將我們深厚的投資能力融入 ETF 產品一直是我們整體策略的一部分，隨著我們不斷創新以滿足客戶需求，這項策略也將持續下去。

Shifting to fundamental fixed income where we garnered over $4 billion in net long-term inflows in the third quarter. However, this only considers what's included in our fundamental fixed income capability. Looking more broadly at the fixed income asset class across all of our investment products, the third quarter net long-term flow number jumps to nearly $13 billion with the inclusion of our fixed income ETFs and China JV-based fixed income assets.

轉向基本面固定收益，我們在第三季獲得了超過 40 億美元的長期淨流入。然而，這僅僅考慮了我們基本固定收益能力所包含的內容。從更廣泛的角度來看，在我們所有投資產品中的固定收益資產類別，第三季淨長期資金流入量躍升至近 130 億美元，其中包括了我們的固定收益 ETF 和基於中國合資企業的固定收益資產。

Here again, the strength of our geographic profile is evident with more than half of our overall fixed income inflows coming from clients outside the United States. Though overall recent client demand trends remained largely intact this quarter in fixed income, we did begin to see a measured extension from ultrashort and short-term fixed income to the intermediate and longer end of the curve. We saw institutional interest for investment-grade bonds with strong demand in Asia, driving net inflows.

同樣，我們的地理分佈優勢也顯而易見，超過一半的固定收益資金流入來自美國以外的客戶。儘管本季固定收益市場的整體近期客戶需求趨勢基本上保持不變，但我們確實開始看到超短期和短期固定收益市場向中長期固定收益市場的逐步擴展。我們看到機構投資者對投資等級債券的興趣濃厚，亞洲需求強勁，推動了資金淨流入。

Further, we saw demand for our leading United States defined contribution focused, stable value capability, and we are exiting the quarter with a healthy pipeline for this product. Additionally, our U.S. Wealth Management SMA platform continued to help drive fixed income flows, particularly in municipal bond strategies. Our entire SMA platform which also includes a portion of equity assets continued to capture market share, and it now stands at nearly $34 billion in AUM.

此外，我們看到市場對我們領先的美國固定繳款型、穩定價值型保險產品有需求，且我們本季末該產品的銷售管道狀況良好。此外，我們的美國財富管理SMA平台持續推動固定收益資金流動，尤其是在市政債策略方面。我們的整個SMA平台（其中也包括一部分股權資產）持續擴大市場份額，目前其資產管理規模已接近340億美元。

We have one of the fastest-growing SMA offerings in the U.S. wealth management market with an annualized organic growth rate of 19%. Moving to our China JV and Indian capabilities where we produced exceptionally strong results this quarter. Our broad product suite and scale position in China is empowering us to perform as well as dynamic shift in this market. We reached a record high AUM in our China JV of $122 billion, reflecting a 16% increase over last quarter. We delivered a robust $8.1 billion of net long-term inflows in these capabilities, marking one of our best quarters to date, $7.3 billion of that total came from our China JV which represents a 34% annualized organic growth rate.

我們在美國財富管理市場擁有成長最快的SMA產品之一，年化有機成長率達19%。接下來，我們將目光轉向我們在中國的合資企業和印度的業務，我們在本季取得了非常強勁的業績。我們豐富的產品線和在中國市場的規模優勢，使我們能夠很好地適應這個市場的動態變化。我們在中國的合資企業資產管理規模達到創紀錄的1,220億美元，比上一季成長了16%。我們在這些能力方面實現了強勁的 81 億美元長期淨流入，這是我們迄今為止最好的季度之一，其中 73 億美元來自我們的中國合資企業，年化有機成長率達 34%。

Flows during the quarter in our China JV were led by Fixed Income Plus and our ETF funds. Institutional investors are favoring fixed income plus strategies as they provide an effective means of enhancing equity exposure. We are also beginning to see interest in pure equity strategies, particularly in passive funds, as demand for active equity is slower to regenerate. We are exceedingly well positioned for the near and longer-term trends developing in the onshore China market.

本季度，我們中國合資企業的資金流入主要來自固定收益增強基金和我們的ETF基金。機構投資者更傾向於固定收益加股票策略，因為這些策略能夠有效增加股票投資曝險。我們也開始看到人們對純股票策略，特別是被動型基金的興趣，因為對主動型股票的需求恢復速度較慢。我們已做好充分準備，迎接中國境內市場近期和長期的發展趨勢。

We continue to innovate to meet client demand across both active and passive capabilities. Of note, we launched 12 new products this quarter in our China JV, including our first fixed income ETF. We believe that in time, demand for fixed income products will shift towards those offered in the ETF wrapper. We also launched equity index funds to capture increasing demand for these growth-oriented products.

我們不斷創新，以滿足客戶在主動和被動投資方面的需求。值得一提的是，本季我們在中國合資企業推出了 12 款新產品，其中包括我們的首支固定收益 ETF。我們相信，隨著時間的推移，對固定收益產品的需求將轉向以 ETF 形式提供的產品。我們也推出了股票指數基金，以滿足市場對這類成長型產品的日益增長的需求。

While we continue to launch innovative products to meet current and future client demand in our China JV, existing products have been the more significant driver of our organic growth, an indication of the strength of our platform. We expect our China JV to continue to benefit as both the secular and now cyclical tailwinds develop in the world's second biggest economy.

雖然我們不斷推出創新產品以滿足中國合資企業當前和未來客戶的需求，但現有產品已成為我們有機成長的更重要驅動力，這表明我們平台的實力。我們預計，隨著世界第二大經濟體長期發展趨勢和週期性利好因素的共同作用，我們的中國合資企業將繼續受益。

Shifting to private markets where we posted $600 million of net inflows driven by private credit and direct real estate. Private credit had nearly $1 billion of net inflows with strong CLO demand during the quarter in both the U.S. and EMEA as these products continue to offer meaningful value versus corporate bonds. We launched 3 new CLOs during the quarter, 2 in Europe and 1 in the United States.

轉向私人市場，我們實現了 6 億美元的淨流入，這主要得益於私人信貸和直接房地產投資。本季度，美國和歐洲、中東及非洲地區的私募信貸淨流入近 10 億美元，CLO 需求強勁，因為這些產品相對於公司債繼續提供有意義的價值。本季我們推出了 3 隻新的 CLO，其中 2 隻在歐洲，1 隻在美國。

Direct real estate contributed nearly $100 million of net inflows. INCREF, which is our real estate debt strategy targeting the U.S. wealth management channel continues to generate net inflows, and we continue to onboard platforms and clients. INCREF is now on 3 of the 4 major U.S. wealth management platforms. Assets in this fund with leverage now total over $4 billion after just 2 years in the market.

直接房地產投資貢獻了近 1 億美元的淨流入資金。INCREF 是我們針對美國財富管理管道的房地產債務策略，持續產生淨流入，我們也不斷吸引平台和客戶加入。INCREF 目前已入駐美國四大財富管理平台中的三家。該基金利用槓桿管理的資產規模在上市僅兩年後就已超過 40 億美元。

Our real estate team also remains well positioned -- the institutional markets, with $7 billion of dry powder to capitalize on emerging opportunities. And as I outlined earlier, EMEA and Asia Pacific, specifically for global and regional equities and headlined by our Global Equity Income Fund managed out of the United Kingdom. This fund posted record net inflows of $3.8 billion during the quarter predominantly from clients in the Japanese market, where it ranked first among retail active funds and has rapidly grown to $20 billion in AUM and has a very favorable net revenue yield to the firm.

我們的房地產團隊也仍然佔據有利地位——在機構市場，我們擁有 70 億美元的可用資金，可以掌握新興機會。正如我之前概述的那樣，歐洲、中東和非洲地區以及亞太地區，特別是全球和區域股票，以我們由英國管理的全球股票收益基金為首。該基金本季淨流入資金創下 38 億美元的紀錄，主要來自日本市場的客戶。該基金在日本零售主動型基金中排名第一，資產管理規模迅速成長至 200 億美元，並為該公司帶來了非常可觀的淨收入收益率。

This is a compelling representation of our ability to have the right products in the right markets at the right time. Despite these positive flow highlights, we did record overall net outflows in fundamental equities of $5 billion in the quarter. Our results partially reflect the broader secular outflow trend in actively managed equities, particularly in the United States. This was compounded by the expected acceleration of net outflows from our developing markets fund, which totaled $4.5 billion for the quarter.

這有力地證明了我們有能力在適當的時間將合適的產品推向合適的市場。儘管出現了這些積極的資金流動亮點，但我們在該季度還是錄得了基本面股票的50億美元淨流出。我們的研究結果部分反映了主動式管理股（尤其是美國股票）更廣泛的長期資金外流趨勢。此外，我們新興市場基金的淨流出預計加速，本季淨流出總額達 45 億美元，這進一步加劇了上述情況。

Given our strategic decision to reposition the fund to a new internal portfolio management team, this wasn't wholly unexpected. We are confident that the aforementioned fundamental equity platform changes that have been recently implemented sharpen our focus on investment performance and risk management as we continue to identify areas of demand within fundamental equities and mitigate redemptions at a better rate than the market.

鑑於我們已做出策略決定，將基金重新調整為新的內部投資組合管理團隊，這並非完全出乎意料。我們相信，上述近期實施的基本股票平台變革將使我們更加專注於投資績效和風險管理，因為我們將繼續在基本股票領域尋找需求，並以優於市場的速度緩解贖回。

Moving on to Slide 5, which shows our overall investment performance relative to benchmark 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. As such, achieving first quartile investment performance remains a top priority for Invesco. Overall, more than half of our funds are performing in the top quartile of peers on a 3-year time horizon with 45% reaching that bar on a 5-year basis. Further, nearly 70% of our AUM is meeting its respective benchmarks over those measurement periods.

接下來是第 5 張投影片，其中顯示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，這些能力的資訊易於比較，並且對推動業績更有意義。儘管市場整體需求旺盛，但投資績效仍是贏得和維持市場份額的關鍵。因此，實現投資績效位居前25%仍是景順集團的首要任務。總體而言，超過一半的基金在 3 年的時間範圍內表現位居同類基金的前四分之一，其中 45% 的基金在 5 年的時間範圍內達到了這一標準。此外，近 70% 的資產管理規模在這些衡量期間達到了各自的基準。

Of note, we saw significant improvements in some of our fundamental equity performance with more than half of our funds beating benchmark on a 3-year basis and 39% in the top quartile on a 5-year basis. Continuing to strengthen our investment performance is key to reducing redemption rates in these critically important equity strategies. Fixed Income continues to have strong performance with nearly half of our funds performing in the top quartile on a 3-year basis and nearly 2/3 beating their benchmarks.

值得注意的是，我們的一些基本面股票表現有了顯著改善，超過一半的基金在 3 年內跑贏了基準，39% 的基金在 5 年內位列前四分之一。持續提升投資績效是降低這些至關重要的股票策略贖回率的關鍵。固定收益基金持續保持強勁表現，近一半的基金在三年業績中位列前四分之一，近三分之二的基金跑贏了基準指數。

So with that, let me turn the call over now to Allison to discuss the quarter's financial results, and I look forward to your questions.

那麼，現在我將把電話交給艾莉森，讓她來討論本季的財務業績，我期待大家的提問。

Thank you, Andrew, and good morning, everyone. I'll start with the third quarter financial results on Slide 6. Strong markets and net asset inflows drove assets under management to a record level for Invesco in the third quarter. Total AUM exceeded $2.1 trillion at quarter end. This was $123 billion or 6% higher than at the end of the second quarter and $329 million or 18% higher than the end of the third quarter of 2024.

謝謝你，安德魯，大家早安。我將從幻燈片 6 上的第三季財務業績開始。強勁的市場和淨資產流入推動景順集團第三季​​資產管理規模達到創紀錄水準。截至季末，總資產管理規模超過2.1兆美元。這比第二季末高出 1,230 億美元，增幅為 6%；比 2024 年第三季末高出 3.29 億美元，增幅為 18%。

Average long-term assets under management were $1.46 trillion, an increase of 9% over last quarter and 16% over the same quarter last year. Growth in total assets under management during the quarter was driven by market gains of $99 billion and net long-term inflows of $29 billion.

平均長期資產管理規模為 1.46 兆美元，比上一季成長 9%，比去年同期成長 16%。本季資產管理總額的成長主要得益於市場收益 990 億美元和長期淨流入 290 億美元。

Net revenues, adjusted operating income and adjusted operating margin all significantly improved from last quarter and the third quarter of 2024, while adjusted operating expenses continued to be well managed. This drove meaningful operating -- this drove meaningful positive operating leverage on both a sequential quarter and a year-over-year basis.

淨收入、調整後營業收入和調整後營業利潤率均較上一季和 2024 年第三季顯著提高，而調整後營業費用繼續得到良好控制。這推動了有意義的營運槓桿效應——這推動了季度環比和同比均實現了有意義的積極營運槓桿效應。

On a sequential quarter basis, positive operating leverage was 480 basis points delivering a 300 basis point improvement in the third quarter operating margin to 34.2%. On a year-over-year basis, positive operating leverage was 410 basis points delivering a 260 basis point improvement in operating margin. Adjusted diluted earnings per share was $0.61 for the third quarter. We continue to strengthen the balance sheet during the quarter through the repayment of $260 million of the 3-year bank term loan.

與上一季相比，正向經營槓桿為 480 個基點，使第三季營業利潤率提高了 300 個基點，達到 34.2%。與去年同期相比，正向經營槓桿為 410 個基點，使營業利潤率提高了 260 個基點。第三季調整後稀釋每股盈餘為0.61美元。本季度，我們透過償還 2.6 億美元的 3 年期銀行定期貸款，繼續加強資產負債表。

We also ended the quarter with no draws on our revolving credit facility. Given the level of operating cash generation going into the fourth quarter, we are in a position to repay the remaining $240 million of the 3-year term loan by the end of this month. When we announced the repurchase of $1 billion of preferred stock in April funded with $1 billion in term loans, we indicated that once the loans will repay, the EPS run rate benefit would reach $0.13 annually.

本季末，我們的循環信貸額度沒有被提取任何資金。鑑於第四季度的經營現金流水平，我們有能力在本月底前償還剩餘的 2.4 億美元 3 年期貸款。今年 4 月，我們宣布用 10 億美元的定期貸款回購 10 億美元的優先股，當時我們表示，一旦貸款償還完畢，每股收益將每年增加 0.13 美元。

Given that we will have repaid $500 million, up to $1 billion in term loans earlier than projected, we will have captured approximately 60% of that EPS run rate benefit on a go-forward basis. The magnitude of the potential reduction in the remaining $500 million term loan that matures in 2030 will depend on the level of cash flow we generate going forward. Additionally, we have a $500 million senior note that we intend to redeem when it matures this coming January of 2026.

鑑於我們將比預期提前償還 5 億美元至 10 億美元的定期貸款，我們將獲得未來每股收益運行率收益的約 60%。2030 年到期的剩餘 5 億美元定期貸款的潛在減少幅度，將取決於我們未來產生的現金流量水準。此外，我們還有一筆 5 億美元的優先票據，我們打算在 2026 年 1 月到期時贖回。

Finally, we continued common share repurchases, buying back $25 million or 1.2 million shares during the quarter. Moving to Slide 7, a slide most of you are familiar with by now is we've been including this update for a number of quarters, and hopefully, you have found this helpful in analyzing our net revenue and net revenue yield dynamics. Client demand continues to drive diversification of our portfolio.

最後，我們繼續回購普通股，本季回購了價值 2,500 萬美元或 120 萬股的股票。接下來是第 7 張投影片，相信大家對這張投影片已經比較熟悉了。我們已經連續幾個季度更新了這一信息，希望大家覺得這有助於分析我們的淨收入和淨收入收益率動態。客戶需求持續推動我們投資組合的多元化。

And as a result, concentration risk and higher fee fundamental equities and multi-asset products has been reduced while our portfolio reflects a higher mix of ETFs, index and fundamental fixed income capabilities. Our more balanced AUM profile better positions the firm to navigate various market cycles, events and shifting client demand. The ranges by capability are representative of where the net revenue yield has trended over the past 5 quarters, and we know where in the range yields have trended more recently.

因此，集中風險和較高費用的基本面股票和多元資產產品有所減少，同時我們的投資組合反映了 ETF、指數和基本面固定收益產品更高的組合。我們更均衡的資產管理規模結構使公司能夠更好地應對各種市場週期、事件和不斷變化的客戶需求。按能力劃分的範圍代表了過去 5 個季度淨收入收益率的趨勢，我們知道最近收益率在該範圍內的趨勢。

To provide context for the net revenue yield trends during the third quarter, our overall net revenue yield was 22.9 basis points. This is similar to the sequential quarter decline that we experienced in the second quarter. The magnitude of the last 2 quarterly declines is notably lower than prior quarters. And maybe aside, we're closer to reaching a degree of stabilization in the net revenue yield, but this will be dependent on the future direction of asset mix shift. The exit net revenue yield at the end of the third quarter was 22.8 basis points near the adjusted net revenue yield for the quarter.

為了更了解第三季的淨收入收益率趨勢，我們的整體淨收入收益率為 22.9 個基點。這與我們在第二季度經歷的季度環比下滑情況類似。最近兩個季度的跌幅明顯低於前幾季。另外，或許我們離淨收入收益率的穩定性更近了一步，但這取決於未來資產組合變化的方向。第三季末的退出淨收入收益率為 22.8 個基點，接近該季度的調整後淨收入收益率。

As Andrew noted earlier, last week, we announced a special meeting of QQQ shareholders have been adjourned until December 5 to allow for additional time to solicit votes. We did want to note that under the new structure, the revised fee allocation would work similar to how we currently recognize fees on most of our ETFs. The 18 basis point fee will be recognized as investment management fees, approximately 12 basis points, which is principally for the licensing fee and administrative custody and transfer agency services will be recognized as third-party distribution, service and advisory expense.

正如安德魯上週早些時候指出的那樣，我們宣布 QQQ 股東特別會議已延期至 12 月 5 日，以便有更多時間徵集投票。我們想指出，在新架構下，修訂後的費用分配方式將與我們目前對大多數 ETF 確認費用的方式類似。18 個基點的費用將確認為投資管理費，其中約 12 個基點主要用於支付許可費和行政託管及過戶代理服務費，將確認為第三方分銷、服務和諮詢費用。

Under the current structure, marketing expenses associated with the QQQ are included a third-party expense. Upon finalization and filing of the definitive proxy statement, reflecting comments from the SEC and further accounting review, it would determine that the marketing expenses associated with the QQQ should be included in the marketing expense line item versus third-party expense.

根據目前的結構，與 QQQ 相關的行銷費用被計入第三方費用。在最終確定並提交最終委託書後，將反映美國證券交易委員會的意見和進一步的會計審查，並確定與 QQQ 相關的行銷費用應計入行銷費用項目，而不是第三方費用。

This is solely a reclassification of where the marketing expenses are reported and the expected overall net impact to adjusted operating income of approximately 4 basis points of QQQ AUM and is unchanged from what we previously disclosed.

這只是行銷費用報告方式的重新分類，預計對調整後營業收入的整體淨影響約為 QQQ AUM 的 4 個基點，與我們先前揭露的內容相同。

Now turning to Slide 8. Net revenue of $1.2 billion in the third quarter was $82 million higher as compared to the same quarter last year. The increase in net revenue was largely from investment management fees, which were $102 million higher than last year and mainly driven by higher average AUM. Operating expenses continue to be well managed with the increase of $24 million, partially driven by variable employee compensation related to higher revenue.

現在請看第8張投影片。第三季淨收入為 12 億美元，比去年同期成長 8,200 萬美元。淨收入的成長主要來自投資管理費，比去年增加了 1.02 億美元，這主要是由於平均資產管理規模 (AUM) 的提高所致。營運費用繼續得到良好控制，增加了 2,400 萬美元，部分原因是與收入增加相關的可變員工薪酬。

On a sequential quarter basis, the increases in net revenue and operating expenses were driven by similar dynamics as the year-over-year changes. And that result is a substantial increase in positive operating leverage on both the year-over-year and sequential quarter basis. The Alpha hybrid platform implementation costs of $11 million were below our expectations for the third quarter, but near the range of prior quarters.

以季度環比來看，淨收入和營運支出的成長與年比變化的驅動因素類似。結果是，無論從同比或環比來看，經營槓桿均大幅提高。Alpha 混合平台實施成本為 1,100 萬美元，低於我們對第三季的預期，但與前幾季的範圍接近。

We launched the second wave of equity AUM onto the Alpha platform during the third quarter. We will continue to implement the hybrid approach we announced earlier this year. We expect the overall implementation to be completed by the end of 2026. Regarding implementation costs going forward, we expect onetime implementation costs to continue in the $10 million to $15 million range for the fourth quarter as we transition more AUM onto the platform.

我們在第三季向 Alpha 平台推出了第二波股票資產管理規模。我們將繼續實施今年稍早宣布的混合模式。我們預計整個實施工作將於 2026 年底完成。關於未來的實施成本，我們預計第四季度一次性實施成本將繼續維持在 1,000 萬美元至 1,500 萬美元之間，因為我們將更多的資產管理規模轉移到該平台上。

This amount in future quarters may fluctuate to a degree due to timing as we work towards completion by the end of 2026. We'll provide further updates as the implementation progresses throughout next year. As disclosed in August, we reached an agreement with Carlyle to sell Intelliflo, our cloud-based practice management software subsidiary.

由於我們正努力在 2026 年底前完成項目，未來幾季的金額可能會因時間安排而有所波動。我們將隨著明年實施工作的進展提供進一步的更新資訊。正如我們在 8 月所揭露的那樣，我們與凱雷集團達成協議，出售我們的雲端診所管理軟體子公司 Intelliflo。

We moved Intelliflo to held for sale in the third quarter and the noncash impairment charge of $36 million was recorded in other gains and losses, somewhat lower than the $40 million to $45 million that we had indicated previously. We expect to close this transaction in the fourth quarter and then the annual net operating impact of Intelliflo is insignificant to the overall Invesco operating results.

第三季度，我們將 Intelliflo 轉為待售資產，並將 3,600 萬美元的非現金減損費用計入其他損益，略低於我們先前預測的 4,000 萬至 4,500 萬美元。我們預計將在第四季度完成這項交易，屆時 Intelliflo 的年度淨營運影響對 Invesco 的整體營運業績而言微不足道。

Given Intelliflo is the U.K. subsidiary, the loss is not a taxable event. As such, we anticipated the effective non-GAAP tax rate for the third quarter to be closer to 29%. The effective tax rate for the quarter was 11.2% as we were subsequently notified late in the quarter of a favorable resolution of a certain tax matter, including the reversal of a reserve for uncertain tax positions which had a significant impact on our third quarter non-GAAP effective tax rate.

鑑於 Intelliflo 是英國子公司，因此該虧損不屬於應稅事件。因此，我們預計第三季的實際非GAAP稅率將接近29%。由於我們在本季末收到有關某項稅務事項的有利解決方案的通知，包括衝回不確定稅務事項的準備金，這對我們第三季度的非GAAP實際稅率產生了重大影響，因此本季度的實際稅率為11.2%。

For the fourth quarter, we estimate our non-GAAP effective tax rate will move back to the 25% to 26% range, excluding any discrete items. The actual effective rate can vary due to the impact of nonrecurring items on pretax income and discrete tax items. Andrew also noted that the sale of a majority interest in our India asset management business is expected to occur in the fourth quarter, potentially at the end of October.

我們預期第四季非GAAP有效稅率將回落至25%至26%的區間，不包括任何特殊項目。實際有效稅率可能會因非經常性項目對稅前收入的影響以及個別稅務項目而有所不同。安德魯也指出，我們印度資產管理業務的多數股權預計將在第四季度出售，可能在 10 月底。

Post closing, given we will retain a minority interest India's AUM, which is near $15 billion and future asset flows will not be reported in our results. In addition, India's operating results will no longer be reported as part of Invesco's overall operating results including the associated revenues and expenses.

交易完成後，鑑於我們將保留對印度資產管理規模（接近 150 億美元）的少數股權，未來的資產流動將不會在我們的業績中報告。此外，印度的經營業績將不再作為景順整體經營績效的一部分進行報告，包括相關的收入和支出。

Our 40% share of the joint venture's net income will be reported in equity and earnings of unconsolidated affiliates going forward. We currently expect $140 million to $150 million in cash proceeds from the sale. I'll wrap up on Slide 9. As I noted earlier, we continue to make considerable progress on building balance sheet strength.

今後，我們將把合資企業淨收入的 40% 份額計入未合併聯營公司的權益和收益中。我們目前預計此次出售將獲得 1.4 億美元至 1.5 億美元的現金收益。我將在第9張投影片上結束我的講解。正如我之前提到的，我們在增強資產負債表實力方面持續取得顯著進展。

During the third quarter, we repaid $260 million of the $1 billion in bank term loans used to fund the $1 billion repurchase of preferred stock held by MassMutual earlier this year. The $260 million repayment reduced the 3-year term left to $240 million. And as I noted earlier, we're in a position to repay the remaining balance by the end of this month, leaving only $500 million in the 5-year maturity term loan.

第三季度，我們償還了 2.6 億美元，這筆款項是今年稍早 MassMutual 回購其持有的 10 億美元優先股時所使用的 10 億美元銀行定期貸款的一部分。償還 2.6 億美元後，剩餘的 3 年期限縮短至 2.4 億美元。正如我之前提到的，我們有能力在本月底前償還剩餘餘額，屆時5年期定期貸款只剩下5億美元。

The full impact of the $14.8 million reduction in the preferred dividend was realized in the third quarter and the go-forward run rate preferred dividend is $44.4 million per quarter. The $14.8 million reduction is now earnings available to common shareholders. We also continued common share repurchases and the third quarter buying back $25 million or 1.2 million shares during the quarter.

1,480萬美元優先股股利減少的全部影響在第三季顯現，未來優先股股利的運作率為每季4,440萬美元。這1480萬美元的減少額現在將成為普通股股東可獲得的收益。我們也繼續回購普通股，第三季回購了價值 2,500 萬美元（120 萬股）的股票。

We intend to continue a regular common share repurchase program going forward and expect our total payout ratio, including common dividends and share buybacks to be near 60% this year as well as in 2026 as we continually evaluate our capital return levels. The partial repayment of the bank term loan improved our leverage ratios for the quarter with the leverage ratio, excluding and including the preferred stock, improving to 0.63x and 2.5x, respectively.

我們計劃繼續定期進行普通股回購計劃，預計今年以及 2026 年，包括普通股股息和股票回購在內的總股息率將接近 60%，我們將持續評估我們的資本回報水平。部分償還銀行定期貸款改善了我們本季的槓桿率，不包括優先股和包括優先股在內的槓桿率分別改善至 0.63 倍和 2.5 倍。

Going forward, we expect this ratio to continue to improve as we repay the term loan and redeem the $500 million senior note maturing in January. To conclude, the strength of our net flow performance and diversity of our business is evident again this quarter, driving strong revenue growth. This, combined with well-managed expenses resulted in significant operating leverage and a sizable improvement in our operating margin.

展望未來，隨著我們償還定期貸款並贖回將於 1 月到期的 5 億美元高級票據，我們預計這一比率將繼續改善。總之，本季我們淨流量表現強勁，業務多元化，再次證明了這一點，推動了強勁的營收成長。這一點，再加上良好的費用控制，帶來了顯著的經營槓桿效應，並大幅提高了我們的營業利潤率。

We're pleased with our progress on building a stronger balance sheet. And we are committed to driving profitable growth, a high level of financial performance and enhancing the return of capital to shareholders. With that, operator to open up the line for Q&A.

我們對在建立更穩健的資產負債表方面取得的進展感到滿意。我們致力於推動獲利成長，實現高水準的財務業績，並提高股東的資本回報。隨後，接線員開通了問答環節。

[Operator Instructions] And the first question comes from Bill Katz, TD Cowen.

[操作員說明] 第一個問題來自 TD Cowen 的 Bill Katz。

Excuse my voice this morning. So maybe on the QQQs, I'm sort of curious if you could maybe put any kind of meat on the bone a little bit around where you are relative to the quorum or the approval rate and the development with the SEC in terms of recategorizing and reclassifying where you're going to account for the marketing spend, does that raise the probability of getting to the required vote to make the shift?

請原諒我今天早上嗓子不太好。所以，關於 QQQ，我很好奇您能否詳細說明一下，您目前在法定人數或批准率方面的情況，以及與美國證券交易委員會在重新分類和重新確定營銷支出用途方面的進展，這是否會提高獲得所需投票以進行轉變的可能性？

We can't give you details on where we are relative to the quorum or the approval rate. But as we noted in our disclosures, we're very pleased with the progress, and it's an overwhelming majority that's voting in favor of fee change.

我們無法向您提供關於我們目前在法定人數或批准率方面的具體情況。但正如我們在揭露文件中指出的那樣，我們對目前的進展非常滿意，絕大多數人都投票贊成費用變更。

So we're pleased. It's not unexpected that these things take a lot of time, especially for a fund as large and widely held as this one. So it takes a little more time to get to the quorum, but we're pleased with the progress we're making. On the second question, as it relates to the marketing expenses, no, there's nothing in that, that really changes anything, to be frank. I mean this is entirely related to the comments from the SEC on the proxy, some of the language changes, putting that back through an accounting review.

所以我們很高興。這些事情需要花費大量時間並不奇怪，特別是對於像這樣規模龐大、持有範圍廣泛的基金。因此，達到法定人數還需要一些時間，但我們對目前的進展感到滿意。關於第二個問題，也就是行銷費用方面，坦白說，不，這方面沒有任何事會真正改變任何事情。我的意思是，這完全與美國證券交易委員會對委託書的評論、一些措辭上的改變以及重新進行會計審查有關。

And we determined this is the most accurate and appropriate place to reflect those marketing expenses. And so going forward, I don't think it really has any impact whatsoever on how people are thinking about the proposal. There's no change at all to operating income. Again, it's still approximately 4 basis points and the way marketing expense will work is as disclosed in the proxy filing, which is a discretionary amount of marketing expense within the range that we provided in the proxy.

我們認為這裡是反映這些行銷費用的最準確、最合適的地方。因此，我認為今後這不會對人們如何看待這項提案產生任何影響。營業收入沒有任何變動。再次強調，這仍然大約是 4 個基點，行銷費用的運作方式如委託書中披露的那樣，即在委託書中規定的範圍內酌情決定的營銷費用金額。

Our next question comes from Brennan Hawken, BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Brennan Hawken。

Just a follow-up on Bill's question. I understand that you guys are using a proxy voting firm to help drive participation. I just want to confirm, is that considered a marketing expense of the fund? And is there any sort of spend threshold where over that, it starts to become an operating expense for Invesco?

我來補充一下比爾的問題。我知道你們正在使用代理投票公司來幫助提高投票率。我想確認一下，這是否屬於基金的行銷費用？是否存在某種支出門檻，超過該門檻後，支出就會變成景順的營運費用？

Yes, we are using a proxy solicitation firm, and it is considered a marketing expense of the fund. So those expenses are accrued in the fund. I don't foresee that happening with those expenses bleeding over into operating expenses for Invesco.

是的，我們聘請了代理徵集公司，這被視為基金的行銷費用。因此，這些費用會累積到基金中。我不認為這些支出會轉嫁到景順的營運支出。

There can be some timing differentials in terms of how we accrue within the fund month-to-month and versus just timing, I would say, on fund expenses versus operating expenses for Invesco.

就基金每月累積費用的方式而言，可能會有一些時間上的差異，而且就基金費用與景順營運費用而言，也存在一些時間上的差異。

Right now, I do not see that as being a risk to Invesco's operating expenses, especially if we continue on the path to the meeting on December Fed that's scheduled.

目前，我不認為這會對景順的營運費用構成風險，尤其是在我們繼續按計畫推進到12月聯準會會議的情況下。

Got it. Okay. And then this might be a little granular, but I'm going to give it a shot anyway. I understand that there's 3 proposals in the proxy vote. Are all 3 proposals progressing similarly? Or is there any divergence in between 1, 2 or 3?

知道了。好的。這可能有點過於細緻，但我還是想試試看。我了解到代理投票中有 3 項提案。這三項提案的進展是否相似？或者，1、2 或 3 之間是否存在任何差異？

No, there's no divergence. They're all progressing similarly. I think that is a very granular question. There's one in particular, everybody is focused on. But fair question. And no, I think it's all progressing consistently. .

不，沒有分歧。他們的進展都差不多。我認為這是一個非常細緻的問題。其中有一個人，大家的注意力都集中在他身上。但這個問題問得好。不，我認為一切都在穩步發展。。

The next question comes from Glenn Schorr, Evercore.

下一個問題來自 Evercore 公司的 Glenn Schorr。

So your fixed income flows have been pretty good. Your performance is very good. But there's obviously been some volatility around the potential of lower rates and the potential of credit issues rising. So it's been a while since any of the channels had to deal with that. But curious what you saw in October and things like bank loans, just -- and then more importantly, in general, given the global nature of your flows, what you expect on a go-forward basis just across the fixed income platform?

所以你的固定收益收入一直都相當不錯。你的表現非常出色。但很顯然，圍繞利率可能下降和信貸問題可能加劇的市場波動一直存在。所以，已經很久沒有哪個頻道遇到這種情況了。但我很好奇您在 10 月看到了什麼，以及銀行貸款等情況——更重要的是，考慮到您資金流動的全球性，您對未來固定收益平台的發展有何預期？

Sure. Let me start. So we did not see any material implications from some of the events you described in October. We're continuing to see real strength in our fixed income business. It's a $680 billion platform. It's up from $625 billion at the start of the year and that's come through mostly organic growth. So we've had over $30 billion in platform-wide fixed income flows. We mentioned in the prepared comments that's really been broad-based.

當然。我先開始。因此，我們沒有看到您在十月描述的一些事件產生任何實質影響。我們的固定收益業務持續保持強勁勢頭。這是一個價值 6800 億美元的平台。這一數字高於年初的 6,250 億美元，而且主要來自內生成長。因此，我們平台範圍內的固定收益資金流入已超過 300 億美元。我們在事先準備好的評論中提到過，這種情況確實非常普遍。

Our SMA platform in the US has probably been the strongest piece here in the United States. But overseas, we've seen good movement out of some shorter-duration strategies into some longer duration strategies, global bonds, investment-grade bonds. And we're seeing that pick up materially in Asia and EMEA.

我們在美國的SMA平台可能是我們在美國最強大的部分。但在海外，我們看到一些短期策略朝向一些長期策略、全球債券、投資等級債券的良好轉變。我們看到這種情況在亞洲和歐洲、中東及非洲地區顯著增加。

So we continue to go from strength to strength. I'd say some of the bank loan flows were a little weaker at the back end of the quarter, but it continues -- we continue to be a leader in that space and continue to do well in the bank loans and also in CLOs. Anything you want to add?

因此，我們不斷取得更大的進步。我認為本季末部分銀行貸款業務略有疲軟，但整體而言，我們仍然是該領域的領導者，在銀行貸款和CLO方面都繼續保持良好勢頭。您還有什麼要補充的嗎？

No. I mean I'd say no surprise and no secret. I mean, market has been a little bit jittery on the credit side in the month of October. And so I do think we see some softening, maybe somehow on the bank loan side in the month of October. We'll see how this plays out as we continue to try to evaluate this rather specific risk or something broader based.

不。我的意思是，這沒什麼好驚訝的，也沒什麼秘密可言。我的意思是，10月份信貸市場一直有些動盪。所以我認為，10月份銀行貸款方面可能會出現一些疲軟的跡象。我們將繼續評估這項具體風險或更廣泛的風險，看看事態將如何發展。

So, I would say nothing notable and overall, we continue, as Andrew said, to see things perform pretty well, in particular, the strength in our CLO platform and some of the launches across the third quarter and the demand coming into the fourth quarter still remains high.

所以，我認為沒有什麼特別值得注意的地方，總的來說，正如安德魯所說，我們繼續看到各項業務表現良好，特別是我們的 CLO 平台實力強勁，第三季度的一些產品發布也很成功，而且進入第四季度的需求仍然很高。

And investment performance is pretty strong across the whole platform. So as demand picks up, as some of this cash starts to potentially move off the sidelines, we should be well positioned. .

整個平台的投資表現都相當強勁。因此，隨著需求回升，隨著部分資金開始可能從觀望狀態轉向投資，我們應該能夠佔據有利地位。。

Operator Our next question comes from Alex Blostein, Goldman Sachs.

接線生：下一個問題來自高盛的 Alex Blostein。

I was hoping you could maybe unpack the 2 divestitures you made earlier that you mentioned, both on the Teleflow side as well as the JV in India. Maybe one, with the use of proceeds, obviously, you guys have been deleveraging, and there's more to do there. But maybe talk a little bit about capital return priorities as you look out over the next 12 to 18 months. And then as we start to look out into 2026, what are the implications maybe for expense growth on the back of those divestitures?

我希望您能詳細解釋一下您之前提到的兩項資產剝離，一項是 Teleflow 方面的剝離，另一項是印度合資企業的剝離。或許可以考慮利用收益，顯然你們一直在降低槓桿率，但還有更多工作要做。但展望未來 12 至 18 個月，或許可以稍微談談資本回報的優先事項。那麼，當我們開始展望 2026 年時，這些資產剝離可能會對支出成長產生什麼影響呢？

Sure. Maybe I'll take that in a couple of different directions. So let me start with India. So India, as we noted, we're expecting proceeds there of $140 million to $150 million. Maybe just a little bit of color getting to kind of what's the impact on some of the expense and I'll say operating income trajectory from there. India is a business that from a revenue perspective, runs around $13 million a quarter, expenses run around $7 million a quarter. So call it, operating income of roughly $6 million a quarter. As we noted, that will come out of our operating income results, and we will reflect that 40% ownership below the line and equity and earnings going forward.

當然。或許我會從幾個不同的方向來探討這個問題。那麼，就讓我先從印度說起。正如我們之前提到的，我們預計在印度的收益將達到 1.4 億美元至 1.5 億美元。或許可以稍微具體分析一下對某些費用的影響，然後我會從中分析營業收入的走勢。從收入角度來看，印度業務每季營業額約 1,300 萬美元，每季支出約 700 萬美元。因此，可以這樣算，每季營業收入約 600 萬美元。正如我們所指出的，這將從我們的營業收入中體現出來，我們將在下方反映這 40% 的所有權，並在未來反映在權益和收益中。

The AUM of about $15 million in the flows will no longer be reported in those results either. In Teleflow, we're expecting, as I noted, about $100 million in proceeds. That's before any potential future earnouts. We expect that one to close later in the fourth quarter. That one runs -- operating income runs anywhere from breakeven to $1 million or million or $2 million loss a quarter. So call it, very negligible to results overall that would be removed entirely from our results.

這些業績報告中也不會再報告約 1,500 萬美元的資產管理規模 (AUM)。正如我之前提到的，我們預計 Teleflow 計畫將獲得約 1 億美元的收益。這還不包括任何潛在的未來收益。我們預計該交易將在第四季晚些時候完成。那家公司營運狀況是──營業收入每季可能盈虧平衡，也可能虧損 100 萬美元、100 萬美元或 200 萬美元。所以可以這樣說，它對整體結果的影響非常小，完全可以從我們的結果中剔除。

The total proceeds of around $240 million, $250 million. In terms of our capital priorities, they remain balanced. We remain focused on improving the balance sheet, returning about 60% of our capital to shareholders and investing in our own growth capabilities. So we're getting to a place where we're starting to create more and more capacity for ourselves. We're pleased with the progress we're making on the balance sheet.

總收益約 2.4 億美元至 2.5 億美元。就我們的資本優先事項而言，它們保持平衡。我們將繼續專注於改善資產負債表，將約 60% 的資本返還給股東，並投資於我們自身的成長能力。所以，我們正在逐步提升自身的能力。我們對資產負債表方面的進展感到滿意。

I don't think we're totally where we want to be yet. We are seeking to continue to improve that leverage ratio, particularly while we have the strong operating cash flows that we have, very pleased with the ability. We have to pay down the remainder of the 3-year term loan by the end of this month, and that's all from operating cash flow and before any of these proceeds.

我認為我們還沒有完全達到我們想要的狀態。我們正在尋求繼續改善槓桿率，尤其是在我們擁有強勁的營運現金流的情況下，我們對此感到非常滿意。我們必須在本月底前償還剩餘的 3 年期貸款，而這一切都來自經營現金流，不包括任何收益。

So these proceeds give us the flexibility to continue to launch new products going into next year. We're highly focused on our capital planning for 2026 and working with our teams across the firm as we think about what's going to drive revenue most aggressively going forward.

因此，這些收益使我們能夠靈活地在明年繼續推出新產品。我們高度重視 2026 年的資本規劃，並與公司各團隊合作，思考未來哪些因素將最有效地推動營收成長。

So gives us flexibility to keep doing all of those things, investing in ourselves, creating flexibility on the balance sheet, managing the debt levels lower and returning capital to shareholders. In terms of expenses next year, I'd say expect them to continue to be really well managed, and we'll certainly be giving you more color as we get into 2026.

這樣一來，我們就能靈活地繼續做所有這些事情，投資於自身，在資產負債表上創造靈活性，降低債務水平，並將資本返還給股東。至於明年的開支，我認為預計會繼續得到良好的控制，到了 2026 年，我們肯定會提供更詳細的資訊。

Operator Our next question comes from Dan Fannon, Jefferies.

接線生：下一個問題來自傑富瑞集團的丹‧範農。

Great. So I guess another question on expenses, just with regards to the Alpha platform and integration. We've got $10 million to $15 million, I guess, in the fourth quarter of ongoing implementation costs. But can you talk to next year in terms of the pace versus what we've seen this year?

偉大的。所以我想再問一個關於費用的問題，只涉及 Alpha 平台和整合方面。我估計，第四季持續實施成本將達到 1,000 萬至 1,500 萬美元。但您能否談談明年的節奏與今年相比會有什麼變化？

Then ultimately, I think it's about reducing future cost growth, but can you give us kind of the end state as you think about what this integration will do in terms of how to think about long-term expense growth?

最終，我認為這關乎降低未來的成本成長，但您能否給我們介紹一下，在您看來，這種整合將如何影響長期支出成長方面，最終會是什麼樣子？

Yes. So, as we noted, we are highly focused through the hybrid platform implementation on completing this by the end of 2026. So there are -- there's aggressive planning underway right now. And so we do expect the pace of implementation and implementation costs to remain high throughout 2026 as we seek to move all of our assets onto the collective platform by the end of the year.

是的。因此，正如我們所指出的，我們高度重視透過混合平台實施，力爭在 2026 年底前完成這項工作。所以，目前正在進行積極的規劃。因此，我們預計在 2026 年全年，實施速度和實施成本將保持在高位，因為我們力求在年底前將所有資產轉移到集體平台。

So I would say, as we think about '26, and again, we'll give you more color as we get closer, we would expect some of the cost to modestly increase related to Alpha and the hybrid platform implementation. That gives us the opportunity to then start to look at what do we decommission, how do we streamline our operating systems. I wish we could be turning up more along the way, but we have to complete a lot of these things.

所以我想說，當我們考慮 2026 年的時候，隨著時間的臨近，我們會提供更多細節，我們預計與 Alpha 和混合平台實施相關的一些成本會略有增加。這樣我們就有機會開始考慮要淘汰哪些系統，如何簡化我們的作業系統。我希望我們能多來幾次，但是我們還有很多事情要做。

And before we can actually decommission and stop renewing certain other aspects of our overall operating platform. So that really becomes the 2027 opportunity. I'd say it's certainly early to be giving guidance around 2027. But what I will say is I expect these run rate expenses that are associated with the hybrid implementation to peak in '26 and then we will begin aggressively planning for how we streamline our operating platforms going into '27.

在我們真正能夠退役並停止續訂我們整體營運平台的某些其他方面之前。所以，這其實成了2027年的機會。現在就對 2027 年的情況給出指導意見肯定為時過早。但我可以肯定的是，我預計與混合實施相關的這些運行費用將在 2026 年達到峰值，然後我們將開始積極規劃如何在 2027 年簡化我們的營運平台。

Against that backdrop, and I'll reiterate this, I think you can look back over the last few years and see our overall expense space has been extremely well managed even while we've been putting in the systems, and it has been a heavy lift, and there has been cost associated with it, but we've really been able to improve operating margin significantly against this.

在此背景下，我要重申一點，回顧過去幾年，我們可以看到，即使在引入這些系統的同時，我們的整體支出控制也做得非常好。雖然這是一項艱鉅的任務，也產生了一定的成本，但我們確實能夠大幅提高營運利潤率。

Revenue growth has helped, no question, but the expense base, in particular, has been very well managed along the way. And we're not going to take our foot off the gas there. We've got real opportunity to continue to manage that going into the next few years.

收入成長無疑起到了幫助作用，但尤其值得一提的是，支出基礎在過程中得到了很好的控制。我們不會在這方面放鬆警戒。未來幾年，我們確實有機會繼續管理好這件事。

Yes. And we're really pleased with the progress of the implementation on the hybrid solution since announcing the change in the spring, we brought on a pretty significant piece of of the equity business onto the platform, things are going well in terms of the implementation and the teams working together. .

是的。自春季宣布變革以來，我們對混合解決方案的實施進展感到非常滿意，我們已將相當一部分股權業務引入該平台，實施和團隊合作方面進展順利。。

Our next question comes from Benjamin Budish, Barclays.

下一個問題來自巴克萊銀行的本傑明·布迪什。

Maybe just another follow-up on the expense side. It looks like markets are constructive. Your flow profile has been looking increasingly healthy. If the QQQ vote goes through as it sounds like you're optimistic it does, there's going to be kind of even more flowing to the bottom line. So I guess, maybe just kind of -- again, following up on the last couple of questions. How are you thinking about variable expenses going into '26 and '27? Obviously, there's the ports of pieces you can control. But how are you thinking about opportunities to drive more operating leverage given the -- what looks like a healthy backdrop top line revenues?

或許還需要就費用方面做些後續跟進。市場看起來走勢良好。您的血流量狀況一直越來越好。如果 QQQ 投票像你樂觀地認為的那樣獲得通過，那麼最終的收益將會更多。所以我想，也許只是──再一次跟進前幾個問題。您如何看待 2026 年和 2027 年的變動支出？顯然，你可以控制各個​​部件的連接埠。但考慮到目前看似健康的營收狀況，您如何看待提高營運槓桿的機會？

Sure. I'll take that. I mean variable expenses, as we've noted in the past, they run about 25% for us. So that certainly is the first port of call, if you see pullback in revenue and it is where we see expenses really moving up as we see increases in revenue. So as we think about what that means going forward, I mean our focus is really on how do we keep managing, maybe we fixed expense base because the variable in many respects is what it is, and we're pleased for that to fluctuate up and down.

當然。我接受。我的意思是可變費用，正如我們之前提到的，對我們來說大約佔 25%。所以，如果收入出現下滑，這當然是首先要關注的問題；而隨著收入的成長，支出也隨之大幅上升。所以，當我們思考這對未來意味著什麼時，我的意思是，我們的重點實際上是如何繼續管理，也許我們可以固定支出，因為在很多方面，可變因素就是這樣，我們樂於看到它上下波動。

The fixed expense base is where we spend a tremendous amount of time really looking at how do we continue to unlock value there and taking a hard look at every aspect of it. I think a lot of the work we've been doing over the last couple of years, and you're seeing the fruits of that is the simplification work.

在固定支出方面，我們投入了大量時間，認真研究如何繼續從中釋放價值，並仔細審視其各個方面。我認為過去幾年我們所做的許多工作，以及你現在看到的成果，就是簡化工作。

And where we can reduce redundancies and simply our operating platform across all of our investment capabilities by unifying teams by looking at where we can be more global as a firm and a little less regional reducing some of the duplication that came with some of that structure in the past. Those are the opportunities we've had to continue to interrogate our fixed cost expense base, and we will continue to do that.

我們可以透過整合團隊來減少冗餘，簡化我們所有投資能力的營運平台，同時考慮如何使公司更加全球化，減少區域性，從而減少過去某些結構帶來的重複工作。我們有機會繼續審視我們的固定成本支出基礎，我們將繼續這樣做。

That's really a part of our rigor now. And so as contracts mature, as opportunities arise, as people leave the firm as markets change, we really look at how do we continue to simplify and collaborate better and collapse some of our platforms perhaps together so that we can go to market in a single fashion. And that's going to be -- that's work that -- it's in our blood now it's in our DNA, and it's the work we're going to continue going into the next couple of years.

這確實是我們現在嚴謹工作的一部分。因此，隨著合約的成熟、機會的出現、以及市場的變化導致人員的離職，我們認真思考如何繼續簡化流程、更好地協作，並將一些平台合併，以便我們能夠以單一的方式進入市場。而這將會是──這項工作──它已經融入我們的血液，融入我們的DNA，也是我們未來幾年將繼續從事的工作。

Yes, I think we -- clarifying our strategic priorities that we've shared with you over the past year or 2 has been helpful to energize the firm towards those. And while managing expenses in a very disciplined way, as Allison mentioned, also investing in the business, whether that's been the product line, our private market capabilities and distribution efforts, what we're doing in our ETF platform, we've been able to invest over the last 18 months on a net basis as well. .

是的，我認為我們——明確了過去一兩年我們與您分享的策略重點，這有助於激發公司朝著這些目標前進的動力。正如艾莉森所提到的那樣，我們在以非常嚴謹的方式管理支出的同時，也對業務進行了投資，無論是產品線、我們的私募市場能力和分銷工作，還是我們在 ETF 平台上所做的工作，在過去的 18 個月裡，我們也實現了淨投資。。

Really helpful. Maybe just one separate follow-up if I may. Andrew, I think you addressed one of the questions around credit more broadly. Just curious with the launch of this new fund with MassMutual, any specific feedback on that one? I know there's a healthy component of direct lending in there. And just in terms of distribution, maybe remind us what the sort of rollout looks like, whether it's wires versus RIA, how should we see things start to flow in?

真的很有幫助。如果可以的話，或許我可以再補充一點。安德魯，我認為你已經就更廣泛的信貸問題回答了一個問題。我很好奇MassMutual推出的這支新基金，您有什麼具體的回饋嗎？我知道其中有相當一部分是直接貸款業務。就分銷而言，或許可以提醒我們一下分銷方式是什麼樣的，無論是透過電匯或 RIA，我們該如何看待分銷管道的運作？

Yes, no problem. The fund -- we repurposed a legacy fund that has about $250 million in assets in it, and we'll get an infusion for MassMutual as well. So, it's starting with a decent asset base, it has a good record. And it's going to be targeting all of those US wealth management clients that you mentioned.

好的，沒問題。該基金——我們重新調整了現有基金的用途，該基金擁有約 2.5 億美元的資產，我們還將為 MassMutual 注入資金。所以，它擁有不錯的資產基礎，而且業績良好。它的目標客戶正是您所提到的那些美國財富管理客戶。

So traditional financial advisers, RIAs, et cetera. We've only been in market for a couple of weeks. So it's a little too early to say with regard to where progress is. But I will say the notion of it being dynamic meaning it cuts across all sides of the credit spectrum, the ability for it to leverage both the strengths of Barings and Invesco. And it's well priced and relatively liquid.

所以，傳統的財務顧問、註冊投資顧問等等。我們進入市場才幾個星期。所以現在判斷進展還為時過早。但我要說的是，它的動態意味著它涵蓋了信貸領域的各個方面，並且能夠利用巴林銀行和景順銀行的優勢。而且價格合理，流動性也相對較好。

I think those are all attributes that we've heard soundings from the wealth management marketplace that they're looking for a little more of a one-ticket solution. And that's how we're putting it into the marketplace and we'll report on it as we go forward, and we're already working on product too.

我認為這些都是我們從財富管理市場聽到的聲音，他們正在尋找更方便的一站式解決方案。這就是我們將其推向市場的方式，我們將隨時報告進度，而且我們已經在著手產品研發了。

Our next question comes from Patrick Davitt, Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Patrick Davitt。

Another follow-up on the expense question. Sorry if I missed this and all the discussion. But I think non-comp, but particular was still well below expectations in 3Q. So is that a good run rate to think about how things are tracking in 4Q at least?

關於費用問題，還有一點要跟進。如果我錯過了這條訊息和所有的討論，請見諒。但我認為，第三季非競爭性，尤其是特殊情況，仍然遠低於預期。那麼，這個運行速度是否足以讓我們至少在第四季評估各項工作的進度呢？

Yes. Thanks. I would say I think probably a little low in the third quarter. It could be a touch higher in the fourth quarter. I think we typically do see some seasonality when you think about marketing expenses and the professional services, some of the things that come in there at year-end. So it's not significantly higher, but I think I would expect noncomp to be modestly higher in the fourth quarter very modestly. I think comps are well, is probably compensation expense as you think about compensation as a percentage of revenue, it's probably the one that's maybe a bigger driver as you think about just the fourth quarter and the overall year compensation is highly dependent on revenue.

是的。謝謝。我認為第三季可能有點低。第四節可能會略高一些。我認為，在考慮行銷費用和專業服務時，我們通常會看到一些季節性因素，通常在年底才會出現。所以雖然沒有顯著成長，但我認為第四季非同業拆借收入會略有成長，只是增幅非常小。我認為，薪酬支出，如果你把薪酬看作是收入的百分比，那麼它可能就是更大的驅動因素，因為如果你只考慮第四季度和全年的薪酬，薪酬都高度依賴於收入。

We'll see how the fourth quarter shapes up. But it's probably -- so far this year, we're accrued to about 43% to 0.4% year-to-date. We really manage it on a full year basis. I think it's probably something in the 43% context. It could be a touch under 43%. That's how I would think about fourth quarter expenses overall.

我們拭目以待第四季的比賽狀況。但今年到目前為止，我們的累積收益率約為 43% 比 0.4%。我們確實是按全年計劃進行管理的。我認為這可能與 43% 這個數字有關。可能略低於 43%。這就是我對第四季整體支出的看法。

Great. And then as a quick broader follow-up, I guess you mentioned a bunch of active ETF launches. Any sense of AUM into those kind of products more coming from existing products or existing wrappers, cannibalizing existing wrappers or do you sense that it's actually new AUM in the system? .

偉大的。然後，作為更廣泛的後續問題，我想您提到了很多活躍的 ETF 發行。您是否覺得這類產品的資產管理規模更來自現有產品或現有包裝，蠶食了現有包裝，還是說實際上系統中出現了新的資產管理規模？。

Yes. I mean, it's a couple of billion dollars. So, it's not unmeaningful. It's hard to tell exactly where it's coming from. I'd say the strategies we brought forward have been a combination of new strategies and some that are existing strategies in another format. So -- and most of it has been actually in new strategies. So I think it's incremental growth, quite frankly. It's similar advisers, though. So the higher net worth advisers that we work with across private markets and ETFs in general are interested in those active ETFs, too.

是的。我的意思是，那可是幾十億美元啊。所以，這並非毫無意義。很難確切地說出它的來源。我認為我們提出的策略是新策略和現有策略的另一種形式的結合。所以——而且大部分其實都體現在新戰略中。所以坦白說，我認為這是一種漸進式成長。不過，顧問團隊是類似的。因此，我們在私募市場和 ETF 領域合作的高淨值顧問們也對這些主動型 ETF 感興趣。

But our expectation is that this is very early and it will develop over time and that it's not just a U.S. phenomenon. I think this is something that the world is kind of acknowledging that the ETF vehicle has some significant benefits. And it's a good vehicle for both passive strategies and active strategies and things that are hybrids of the 2, which I think will come in time.

但我們認為這只是早期階段，它會隨著時間的推移而發展，而這不僅僅是美國的現象。我認為世界正在逐漸認識到，ETF這種投資工具具有一些顯著的優勢。它既適用於被動策略，也適用於主動策略，以及兩者的混合策略，我認為這些策略遲早會出現。

The next question comes from Brian Bedell, Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·貝德爾。

Great. Maybe just write along that -- the last question from Patrick on the ETFs. As you expand those strategies and the move more of that or I should say, as RIAs in particular, adopt the strategies. Are you -- is that moving that factoring into fundamental equity fees?

偉大的。或許可以把這個寫下來——這是派崔克關於 ETF 的最後一個問題。隨著您擴展這些策略，並且更多地採用這些策略，或者更確切地說，特別是作為註冊投資顧問 (RIA)，採用這些策略。您是否認為－這種變動會影響到基本股權費用？

Yes. I mean, look, at the statement, it's -- we're seeing a lot of growth in the past in the index side of the business. The active side is kind of just getting going. I think you'll see it across the piece. And I don't think it's just going to be ETF wrapper. I think you're also going to see the SMA wrapper that we have outlined whether it's fundamental equity, fundamental fixed income and ultimately, maybe some of the alternative private assets, too. So I think you'll see it both in the vehicles that I mentioned being the expansive view vehicles and I think across the capabilities. Fixed income has been a place where we've seen a good amount of growth in our ETF lineup, both passive and active.

是的。我的意思是，你看，從這份聲明來看——我們看到過去指數業務方面取得了很大的成長。主動方目前才剛起步。我想你會在整篇文章中看到這一點。我不認為它只是ETF的包裝產品。我認為你也會看到我們概述的SMA投資組合，無論是基本面股票、基本面固定收益，最終可能還會包括一些另類私募資產。所以我認為，無論是在我提到的那些視野開闊的車輛中，還是在各種功能方面，你都會看到這一點。固定收益領域是我們 ETF 產品線（包括被動型和主動型 ETF）成長較為顯著的領域。

So equity is probably the one that needs to -- will pick up the pace here as we go forward. But fixed income has predominantly been where the flows have come.

因此，公平問題可能是我們需要加快步伐的領域，而且隨著我們不斷前進，公平問題的發展速度也會加快。但資金主要流入了固定收益市場。

Great. And [Audio Gap] Conversion to happen to the P&L, is it right, subsequent to that? Or do we have to get through more approvals and that's beginning of next year?

偉大的。之後，音頻缺口轉換是否會影響損益表？或者我們還需要通過更多審批，那要等到明年年初？

Sure. So, on your first question on the India AUM, that shows up on the China and India -- sorry, that shows up on the China JV in India category. So you expect to see that $50 million -- $15 billion. That would convert immediately following the shareholder meeting. So assuming we have the quorum which we have a quorum and the shareholder vote requires both in that meeting, then it would convert effectively the next day. .

當然。所以，關於你第一個關於印度資產管理規模的問題，它出現在「中國和印度」類別中——抱歉，它出現在「中國在印度的合資企業」類別中。所以你預計會看到 5000 萬美元到 150 億美元。股東會結束後，協議將立即生效。因此，假設我們達到了法定人數（我們確實達到了法定人數），並且股東投票需要該次會議同時達到法定人數和股東投票的法定人數，那麼它將在第二天有效地生效。。

Operator Our next question comes from Michael Cyprys, Morgan Stanley.

接線生：下一個問題來自摩根士丹利的邁克爾·西普里斯。

Want to circle back to India. I was hoping you could speak to the sale of a majority interest. Just curious if you could elaborate what to that decision. It's a major market where many are quite bullish on the long-term prospects. So why reduce the stake. Maybe you can elaborate a bit on your partner and just blend how you decided to partner with them, how you see them helping drive accelerated growth from here? .

想再回印度看看。我希望您能談談出售多數股權的問題。我只是好奇您能否詳細解釋一下做出這個決定的原因。這是一個重要的市場，許多人對它的長期前景非常看好。那麼，為什麼要降低賭注呢？或許您可以詳細介紹一下您的合作夥伴，並結合您當初決定與他們合作的原因，以及您認為他們將如何幫助推動公司未來的加速發展？。

Yes. Thanks for the question. We've had great success with partnerships and alliances and JVs, notably the one we have in China over the last 22 years. And so we look at the Indian market and it's growth, but we also look at [Audio Gap] for that in both financial institution as well as a large brand and a well-known local operator in the Hinduja Group was just a good combination and marriage together.

是的。謝謝你的提問。我們在合作、聯盟和合資方面取得了巨大成功，尤其是在過去 22 年裡，我們與中國的合作取得了顯著成效。因此，我們關注印度市場及其成長，同時也關注 [Audio Gap]，因為無論是金融機構還是大型品牌，與印度教集團 (Hinduja Group) 這樣的知名本地運營商的合作，都是一個很好的組合和結合。

It will allow us, as Allison said, to participate in the growth from a profitability standpoint, but it will also allow us to see that business grow and for us to participate hopefully with sub-advising assets into it, especially those assets that will be beyond the local Indian managed assets.

正如艾莉森所說，這將使我們能夠從盈利的角度參與增長，同時也將使我們能夠看到該業務的增長，並希望我們能夠參與其中，為該業務提供次級諮詢服務，特別是那些超出當地印度管理資產範圍的資產。

So I think as global equities or global bonds come into that market and Invesco will be hopefully, the underlying manager of those strategies, and that's the expectation of the partnership. So it really was just a classic sort of 1 plus 1 plus 3 and an ability for us, as we mentioned, to really focus our resources and energy on a full basis in other areas and participate in the Indian market as it grows and develops.

所以我認為，隨著全球股票或全球債券進入該市場，景順有望成為這些策略的底層管理人，這也是雙方合作的預期。所以這實際上就是一個經典的 1+1+3 的組合，正如我們所提到的，這使我們能夠將資源和精力完全集中在其他領域，並參與印度市場的成長和發展。

Great. And then just a follow-up question on China, where you're seeing quite robust flows. I was hoping you could elaborate on the success that you're seeing there, the steps that you've taken to drive this improved momentum? What sort of demand are you seeing for passive versus active in China? Maybe remind us of the complexion of the business today.

偉大的。然後還有一個關於中國的後續問題，您認為中國的資金流動相當強勁。我希望您能詳細說明您在那裡的成功，以及您為推動這種良好勢頭所採取的措施？您認為中國市場對被動投資和主動投資的需求有何不同？或許可以提醒我們一下現今商業的現況。

Yes, sure. So Look, I think some of our success in China is a function of us being there for 22 years and staying committed and focused on developing a full-fledged retail asset management business there, which we have. And so the $122 billion in assets that we have under management there is an established platform, one of the larger ones in the market, a well-known brand, well thought of for its compliance and investment integrity.

當然可以。所以你看，我認為我們在中國取得的一些成功，是因為我們22年來一直致力於在中國發展成熟的零售資產管理業務，而我們也確實做到了。因此，我們管理的 1,220 億美元資產是一個成熟的平台，是市場上規模較大的平台之一，是一個知名品牌，因其合規性和投資誠信而備受推崇。

And so as markets improved and as demand has started to improve from those retail investors in the market, we're seeing the benefits of that. The business is pretty diverse. So as a reminder, it's about 30% equities, 30% bonds, 20% balanced and 20% money markets.

因此，隨著市場好轉，散戶的需求也開始改善，我們正在看到這些變化帶來的好處。這個行業涉及的領域相當廣泛。再次提醒一下，投資組合大約是 30% 股票、30% 債券、20% 平衡型基金和 20% 貨幣市場基金。

And to your question on ETFs, I think it's around $12 billion or $13 billion now of ETF. It's a business we only -- or the JV only started in the last few years. The growth has been still largely in the active part of the business, but we're seeing a pickup in the ETF flows as well. And we're trying to meet that demand by launching new product, as I mentioned. So I think the ETF part will continue to develop as will their models area as will the traditional equity business, it's really evolved over the course of those 22 years. And so as we're getting a little more favorable outputs from China in terms of the easing signals from the government or the pushing forward of consumption, less reliance on the property sector.

至於你問的ETF問題，我認為目前ETF的規模大約在120億到130億美元之間。這是我們（或者說合資企業）在最近幾年才開始涉足的業務。成長主要仍來自活躍交易業務，但我們也看到 ETF 資金流入增加。正如我剛才提到的，我們正在透過推出新產品來滿足這種需求。所以我認為ETF部分會繼續發展，他們的模型領域也會繼續發展，傳統的股票業務也會繼續發展，這22年來它確實發生了很大的變化。因此，隨著中國政府釋放出更寬鬆的貨幣政策訊號，推動消費成長，我們對房地產產業的依賴程度降低，我們也從中國獲得了更多有利的產出。

And importantly, for us, the development in time of a retirement market there and a more robust capital market, we think that JV should continue to go from strength to strength. And just as a reminder, it's a domestic-to-domestic business exclusively.

對我們來說，更重要的是，隨著當地退休市場的發展和資本市場的日益穩健，我們認為合資企業應該會繼續蓬勃發展。再次提醒，這僅限國內業務。

Our last question comes from Ken Worthington, JPMorgan.

最後一個問題來自摩根大通的肯‧沃辛頓。

Okay. Great. And we so M&A is back in investor dialogue, given Trient offer for Janus as you sort of reflect on Invesco in the industry, where has consolidation been successful and where has it fallen short? And given your balance sheet is strong, your fundamentals are strong, is it a good or a bad time for Invesco to think about M&A to further strengthen your position and kind of get to your strategic priorities more quickly?

好的。偉大的。因此，併購再次成為投資者討論的話題，Trient 向 Janus 提出了收購要約。正如你反思 Invesco 在行業中的地位時所看到的那樣，整合在哪些方面取得了成功，在哪些方面又有所不足？鑑於貴公司的資產負債表穩健，基本面強勁，對於景順而言，現在是考慮併購以進一步鞏固自身地位並更快地實現戰略重點的好時機還是壞時機？

Yes, thanks. We're -- we've been very focused on all the organic opportunities that we have inside the company. And hopefully, we demonstrated throughout this call in the last few quarters, of the progress that we're making. And we still think there's quite a bit of progress we can continue to make in time organically. The business is global. It's diverse. It's in the asset classes where there's demand and we continue to believe we can grow that organically.

好的，謝謝。我們一直非常專注於公司內部所有有機成長的機會。希望透過這次電話會議，我們已經向大家展示了過去幾季以來我們所取得的進展。我們仍然認為，隨著時間的推移，我們可以繼續以自然的方式取得相當大的進步。這家公司是全球性的。它很多元化。我們專注於那些有需求的資產類別，我們仍然相信我們能夠實現有機成長。

I think Allison mentioned the priorities that we have for our use of capital and what our focuses are at the moment. We want to continue to invest in ourselves, and we want to continue to improve our balance sheet. We'll keep our eye on M&A. We'll continue to keep our eye in particular in places like the private markets areas where we have a strong business today with $130 billion in assets but also expectations for future growth. So, I don't think it changes much our focus and our dedication as a company.

我認為艾莉森提到了我們目前在資金使用方面的優先事項和重點。我們希望繼續投資自身，並繼續改善我們的資產負債表。我們會密切關注併購活動。我們將繼續密切關注私募市場等領域，我們目前在這些領域擁有強大的業務，資產規模達 1300 億美元，並且對未來的成長也抱持預期。所以，我認為這不會對我們公司的關注點和專注度產生太大影響。

Okay. And back to you, Mr. Schlossberg.

好的。現在把鏡頭交還給您，施洛斯伯格先生。

Okay. Well, thank you. And in closing, we are unlocking value across the organization for the benefit of clients and shareholders. This includes looking at how we fundamentally operate leaving no opportunity unexamined as we strive to improve client outcomes generate operating leverage and profitability, continue building a strong balance sheet and enhancing our ability to return capital to shareholders.

好的。謝謝。最後，我們正在為整個組織釋放價值，以造福客戶和股東。這包括檢視我們的基本營運方式，不放過任何機會，努力改善客戶成果，提高營運槓桿和獲利能力，繼續建立強大的資產負債表，並增強我們向股東回報資本的能力。

We have resilient operating performance across many key value drivers. Our global footprint with a significant and unique Asia Pacific presence and a strong performing EMEA business, coupled with our scale and breadth of products positions us well to perform through shifting market dynamics. We continue to demonstrate that we have durable performance and reason to be optimistic about the future.

我們在許多關鍵價值驅動因素方面都展現出了穩健的營運績效。我們擁有全球佈局，在亞太地區擁有顯著且獨特的業務，在歐洲、中東和非洲地區擁有強勁的業務表現，再加上我們的規模和產品範圍，使我們能夠很好地應對不斷變化的市場動態。我們不斷證明我們擁有持久的業績，並且有理由對未來保持樂觀。

We want to thank everybody for joining the call today, and 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 you all again soon.

感謝各位今天參加電話會議，如有任何其他疑問，請聯絡我們的投資者關係團隊。感謝您對景順的關注，期待能盡快與您再次交流。

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。現在你們都可以斷開連結了。