景順投信 (IVZ) 2025 Q4 法說會逐字稿

Welcome to the Invesco's fourth quarter earnings conference call. (Operator Instructions). Now, I would like to turn the call over to Greg Ketron, Invesco's Head of Investor Relations.

歡迎參加景順集團第四季財報電話會議。（操作說明）現在，我想把電話交給景順集團投資者關係主管格雷格‧凱特龍。

All right, thanks [Shirley] 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[雪莉]，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 上找到，您可以透過造訪網站的「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.

我們今天的報告將包含前瞻性陳述和某些非GAAP財務指標。請查看第 2 頁的披露信息，以及附錄中與 GAAP 進行相應調整的信息。

Finally, Invesco is not responsible for the accuracy of our earnings transcripts provided by third parties. The only authorized webcasts are located on our website. Andrew Schlossberg, President and CEO; and Allison Dukes, Chief Financial Officer will present our results this morning, then we'll open up the call for questions.

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。總裁兼執行長 Andrew Schlossberg 和財務長 Allison Dukes 將於今天上午公佈我們的業績，之後我們將開放問答環節。

I'll now turn the call over to Andrew.

現在我將把電話交給安德魯。

Okay. Thanks, Greg, and good morning to everyone. I am pleased to be speaking with you today. 2025 marked a year of significant milestones for Invesco we focus on our clients, transformed key aspects of our business, unlocked value across the organization, and accelerated strategic priorities to position the firm for continued profitable growth.

好的。謝謝你，格雷格，大家早安。很高興今天能與各位交流。 2025年是景順集團（Invesco）具有里程碑意義的一年——我們專注於客戶，改革了業務的關鍵環節，釋放了整個組織的價值，並加快了戰略重點的推進，以確保公司持續盈利增長。

In the evolving global asset management market, slide 3 of our presentation highlights several of our most impactful initiatives which are allowing us to streamline our business, drive profitability and margin expansion, and strengthen our balance sheet.

在不斷變化的全球資產管理市場中，我們的簡報第 3 頁重點介紹了我們幾項最具影響力的舉措，這些舉措使我們能夠簡化業務、提高盈利能力和擴大利潤率，並加強資產負債表。

Significant among these accomplishments is the recapitalization of our balance sheet. We have now pulled forward a total of $1.5 billion in preferred stock that was otherwise non-callable, enabling us to further deleverage, increase our balance sheet flexibility, and free up earnings available to common shareholders.

這些成就中最重要的是我們資產負債表的重組。我們現在已經提前提取了總計 15 億美元的不可贖回優先股，這使我們能夠進一步降低槓桿率，提高資產負債表的靈活性，並釋放可供普通股股東使用的收益。

Allison's going to provide more details on the progress we have made, recently with debt repayments, thus accelerating the earnings secretion of these transactions.

艾莉森將詳細介紹我們最近在償還債務方面取得的進展，從而加快這些交易的收益釋放。

We have also made substantial progress in our efforts to narrow our organizational focus. Following our April 2025 announcement that we were moving to a hybrid alpha investment platform, we have onboarded several waves of assets and are now on pace to finish by the end of this year.

我們在縮小組織關注範圍方面也取得了實質進展。繼我們在 2025 年 4 月宣布將轉向混合阿爾法投資平台之後，我們已經引入了幾批資產，目前正按計劃在今年年底前完成。

The hybrid platform will drive simplification, improve investment systems consolidation, and future cost avoidance. Also, in 2025 we took several strategic actions to focus and realign our resources across the company.

混合平台將推動簡化流程，改善投資系統整合，並避免未來的成本支出。此外，在 2025 年，我們採取了幾項策略行動，以集中和重新調整公司各部門的資源。

In the fourth quarter, we completed the sale of Intelliflo to Carlo, as well as the sale of a majority interest in our Indian asset management business to the Hinduja Group, establishing a local venture, joint venture in India. Our ongoing minority ownership structure in this JB will allow us to participate in the growth of the market and utilize the strength of our local partner while refocusing our resources accordingly.

第四季度，我們完成了將 Intelliflo 出售給 Carlo 的交易，以及將我們在印度的資產管理業務的大部分股權出售給 Hinduja 集團的交易，並在印度成立了一家本地合資企業。我們在JB的持續少數股權結構將使我們能夠參與市場成長並利用我們當地合作夥伴的優勢，同時相應地重新調整我們的資源。

Earlier this month, we also announced the decision to transform our Canadian business through a strategic partnership with CI Global Asset Management.

本月初，我們也宣布了透過與 CI Global Asset Management 建立策略合作夥伴關係來轉型我們在加拿大的業務的決定。

Through this transaction, CI GAM will acquire our entire Canadian mutual fund and ETF complex, which is comprised of 100 funds totalling approximately $19 billion in AUM. Importantly, we will continue as an investment sub-advisor for 63 of the funds.

透過此交易，CI GAM 將收購我們整個加拿大共同基金和 ETF 組合，該組合包含 100 檔基金，總資產管理規模約為 190 億美元。重要的是，我們將繼續擔任其中 63 檔基金的投資子顧問。

Totalling approximately $10 billion of the AUM, we're excited about the prospects of this ongoing relationship with CI.

我們對與CI持續合作的前景感到興奮，我們管理的資產總額約為100億美元。

The Canadian market has become increasingly concentrated and more vertically integrated, and we believe that CI is the right partner to address these market dynamics. As an ongoing investment subadvisor and strategic partner to CI, we will participate in the success of their growth, larger platform, and strong presence in the Canadian market.

加拿大市場日益集中，垂直整合程度也越來越高，我們相信 CI 是應對這些市場動態的合適合作夥伴。作為 CI 的持續投資子顧問和策略合作夥伴，我們將參與其發展壯大、平台擴大以及在加拿大市場建立強大影響力的成功進程。

Alison's going to detail the financial implications of these transactions later in the call, but I will note that these strategic actions are clear examples of how we are rethinking, refocusing, and unlocking value in innovative ways across Invesco.

Alison 將在電話會議的稍後部分詳細介紹這些交易的財務影響，但我要指出的是，這些策略行動清楚地表明了我們如何在景順集團內部以創新的方式重新思考、重新聚焦和釋放價值。

One of the key pillars of our strategy is to accelerate the growth of our $130 billion private markets platform. To that end, in 2025, we announced two strategic private markets partnerships targeting both the US wealth and the defined contribution markets.

我們策略的關鍵支柱之一是加速我們規模達 1,300 億美元的私募市場平台的成長。為此，我們在 2025 年宣布了兩項針對美國財富市場和固定繳款退休金市場的策略性私募市場合作計畫。

In the second quarter, we announced our partnership with Barings to launch two jointly managed credit strategies with $650 million in capital committed by MassMutual. We are pleased with the progress of this partnership as we recently brought our first co-managed product to the US wealth management market.

第二季度，我們宣布與 Barings 建立合作關係，推出兩項共同管理的信貸策略，MassMutual 承諾投入 6.5 億美元資本。我們對此次合作的進展感到滿意，因為我們最近將首款共同管理的產品引入了美國財富管理市場。

The second co-managed product is currently in development and expected to be launched later this year.

第二款合作開發的產品目前正在開發中，預計今年稍後推出。

In December, we also announced our second strategic partnership with LGT Capital Partners, who is a leading private market specialist. We're developing co-managed, total return growth-oriented multi-asset products that are targeting US wealth and defined contribution Investors. LGT Capital is also committing seed capital to support these new launches, which will begin later this year.

12 月，我們也宣布與領先的私募市場專家 LGT Capital Partners 建立第二個策略合作夥伴關係。我們正在開發以美國財富投資者和固定繳款退休金投資者為目標客戶的共同管理、以總回報成長為導向的多元資產產品。LGT Capital 也將投入種子資金來支持這些新產品的推出，這些產品將於今年稍後開始上市。

These two partnerships complement our investment strengths in real estate and alternative credit capabilities and the progress we have made with our existing evergreen funds in the markets, such as our rapidly growing real estate debt fund.

這兩項合作是我們房地產和另類信貸投資能力的補充，也鞏固了我們現有常青基金在市場上的進展，例如我們快速成長的房地產債務基金。

These partnerships and new product offerings are indicative of our commitment in private markets and our objective to bring more innovative solutions and education to wealth management and retirement investors, both in the United States and globally.

這些合作關係和新產品顯示了我們對私募市場的承諾，以及我們為美國乃至全球的財富管理和退休投資者帶來更多創新解決方案和教育的目標。

Finally, our 2025 transformative growth initiatives were capped off in late December with the modernization of our sizable QQQ ETF. We received the necessary votes and completed the conversion of the fund on December 20.

最後，我們在 12 月下旬完成了規模龐大的 QQQ ETF 的現代化改造，為 2025 年的轉型成長計畫畫上了圓滿的句號。我們獲得了必要的票數，並於 12 月 20 日完成了基金轉換。

Fund shareholders are now paying a lower fee, and we are earning revenue on the more than $400 billion of AUM in the fund.

基金股東現在支付的費用更低了，而我們從該基金超過 4000 億美元的資產管理規模中獲得了收入。

I hold deep gratitude for our team. What we collectively accomplished this past year was remarkable in bringing so many of these large scale initiatives to fruition, while also delivering exceptional operating performance, and I feel all of this bodes well for the future of Invesco.

我由衷地感謝我們的團隊。過去一年，我們共同取得的成就令人矚目，我們成功地完成了許多大規模項目，同時也取得了卓越的營運業績，我認為這一切都預示著景順集團的未來一片光明。

So turning now to slide 4 for a snapshot of our financial progress in 2025. We performed extraordinarily well against our key performance drivers, leveraging Invesco's unique position to deliver profitable growth in the highest opportunity regions, channels, and asset classes.

現在請看第 4 張投影片，了解我們 2025 年的財務進度。我們在關鍵績效指標方面表現出色，充分利用景順的獨特優勢，在最具發展機會的地區、通路和資產類別中實現了獲利成長。

We grew net revenues 6% in 2025 with several encouraging signs for the future trajectory of our top-line results.

2025 年，我們的淨收入成長了 6%，我們營收未來成長的趨勢出現了幾個令人鼓舞的跡象。

Our ETF and index investment capability produced record revenues and grew the topline by 22% as we continue to scale this business.

我們的 ETF 和指數投資能力創造了創紀錄的收入，隨著我們不斷擴大這項業務，總收入成長了 22%。

We also generated considerable revenue growth from our Asian and AUM regions where combined revenue was up 13% for the year.

我們在亞洲和資產管理規模 (AUM) 區域也實現了可觀的收入成長，全年總收入成長了 13%。

Fundamental equity revenue was flat to the prior year but up 4% from 2023. This is an encouraging data point as we consider the headwinds of client demand for fundamental equities and our work to stabilize this trend and focus on investment performance.

基本面股權收入與去年持平，但比 2023 年成長 4%。考慮到客戶對基本面股票的需求面臨不利因素，以及我們為穩定這一趨勢並專注於投資績效所做的努力，這是一個令人鼓舞的數據點。

On the expense side we continue to be disciplined, maintaining a relatively flat expense base while continuing to redeploy resources and invest in our business.

在支出方面，我們繼續保持自律，維持相對穩定的支出水平，同時繼續重新部署資源並投資於我們的業務。

This revenue growth and well managed expenses translated into a significant operating leverage and a 230 basis points increase in our operating margin 14% growth in our operating income and 19% improvement in earnings per share in 2025 as compared with the prior year.

收入成長和良好的費用管理轉化為顯著的經營槓桿效應，與前一年相比，2025 年我們的營業利潤率提高了 230 個基點，營業收入增長了 14%，每股收益提高了 19%。

Further, our clients continue to demonstrate that we have the right products in the right markets at the right time.

此外，我們的客戶不斷證明，我們在合適的時間、合適的市場擁有合適的產品。

We generated over $80 billion in net long-term inflows in 2025 or 6% organic growth. Importantly, nearly 40 products each generated at least $1 billion in net inflows, reflecting the diversity and breadth of our client offering.

到 2025 年，我們創造了超過 800 億美元的長期淨流入，相當於 6% 的有機成長。值得注意的是，近 40 種產品各自產生了至少 10 億美元的淨流入，這反映了我們為客戶提供的產品的多樣性和廣度。

Considering the work we have done on the balance sheet, our leverage ratio over the past year has also significantly improved. We will continue to see progress here as we actively manage our balance sheet while continuing to return capital to shareholders. Alison's going to outline our expectations in this regard for 2026.

考慮到我們在資產負債表方面所做的工作，過去一年我們的槓桿率也得到了顯著改善。我們將繼續積極管理資產負債表，同時不斷向股東返還資本，因此我們將繼續取得進展。艾莉森將概述我們在這方面對 2026 年的期望。

Finally, the advancements we have made on our strategic initiatives and our efforts to unlock value across the organization have yielded a significant increase in our total shareholder returns and resulted in Invesco having the highest TSR among our publicly listed peers.

最後，我們在策略性舉措方面取得的進展以及我們為釋放整個組織價值所做的努力，使我們的股東總回報大幅提高，並使景順在上市同行中擁有最高的股東總回報。

We're pleased with the overall strong results in 2025 and we will continue to stay focused on our highly defined growth strategy with an emphasis on relentless execution, client centricity, and teamwork across our firm.

我們對 2025 年的整體強勁業績感到滿意，我們將繼續專注於我們高度明確的成長策略，重點是堅持不懈地執行、以客戶為中心以及全公司範圍內的團隊合作。

So let's now pivot to slide 5 focusing on fourth quarter flows.

現在讓我們轉到第 5 張投影片，並專注於第四季度的流量。

We delivered another strong quarter of broad-based net inflows, resulting in an annualized long-term organic growth rate of 5%. Markets had strong momentum coming into the quarter, which continued as US and global capital markets remained resilient.

我們又迎來了一個強勁的季度，實現了廣泛的淨流入，從而實現了 5% 的年化長期有機成長率。市場在本季伊始勢頭強勁，而美國和全球資本市場也保持了韌性，使得這一勢頭得以延續。

Equities were robust through year end, fixed income rebounded with clear rate cut expectations, and we began to see broadening investor demand beyond technology stocks.

股市在年底前表現強勁，固定收益產品在明確的降息預期下反彈，我們開始看到投資人需求不再侷限於科技股。

Against that backdrop, we reached a record AUM of $2.2 trillion with strong net long-term inflows of $19 billion in the fourth quarter. Even more encouraging was the breadth of this growth, reflecting our diversified scale global platform.

在此背景下，我們的資產管理規模達到了創紀錄的 2.2 兆美元，第四季長期淨流入資金強勁，達到 190 億美元。更令人鼓舞的是，這種成長的範圍非常廣泛，反映了我們多元化的全球平台規模。

We had solid positive flows across several dimensions, including many of our strategically important investment capabilities in both our active and passive strategies in equity and fixed income and across wealth management and institutional channels.

我們在多個方面都實現了穩健的正向資金流入，包括我們在股票和固定收益的主動和被動策略以及財富管理和機構管道中許多具有重要戰略意義的投資能力。

Specifically, we were pleased to see continued strong flow growth in [AA] and Asia Pacific regions which together account for nearly $700 billion of our long-term AUM.

具體來說，我們很高興看到 [AA] 和亞太地區的資金流動持續強勁成長，這兩個地區的資金流動總額占我們長期資產管理規模的近 7,000 億美元。

We continue to scale our ETF and index capability, which now stands at a record $630 billion in AUM ex the QQQ. We had nearly $12 billion of net inflows during the quarter or 8% annualized organic growth.

我們不斷擴大 ETF 和指數業務能力，目前除 QQQ 外，資產管理規模已達到創紀錄的 6,300 億美元。本季我們實現了近 120 億美元的淨流入，相當於年化有機成長 8%。

Within our ETF range, we garnered net inflows across a diverse set of products in both equity and fixed income, despite a nearly $4 billion headwind from the bullet share redemption that happens annually in the fourth quarter.

儘管每年第四季都會出現近 40 億美元的贖回潮，導致我們的 ETF 產品線出現淨流入，但我們仍然在股票和固定收益等多種產品中實現了淨流入。

We also continue to build out our active ETF suite. With our most recent launches, we now have nearly 40 active ETFs across a range of asset classes. Bringing the depth of our active investment capabilities into the ETF wrapper has long been a part of our overall strategy and will continue to be as we innovate to meet evolving client demands.

我們也在不斷完善我們的主動型ETF產品線。隨著我們最近推出的產品，我們現在擁有近 40 隻活躍的 ETF，涵蓋各種資產類別。將我們強大的主動投資能力融入 ETF 產品一直是我們的整體策略的一部分，隨著我們不斷創新以滿足不斷變化的客戶需求，這項策略也將持續下去。

With our QQQ fund conversion on December 20, flows are now included in our long-term view. However, for the fourth quarter, that means we just had a fraction of the $13 billion in total QQQ net flows counted into our overall long-term flow number presented here.

隨著我們於 12 月 20 日完成 QQQ 基金轉換，資金流動現在已納入我們的長期展望。然而，就第四季度而言，這意味著我們在這裡展示的長期資金流動總額中，只有 130 億美元的 QQQ 淨流入的一小部分被計入其中。

The fund continues to attract strong demand, reaching a record high of $407 billion in AUM at quarter end.

該基金持續吸引強勁需求，截至季末，其資產管理規模達到創紀錄的 4,070 億美元。

Moving on to fundamental fixed income, where we garnered $2.2 billion in net long-term inflows, however, this only considers what is included in our fundamental fixed income strategies.

接下來是基本固定收益，我們獲得了 22 億美元的長期淨流入，但這只考慮了我們基本固定收益策略中包含的內容。

If you look more broadly at the asset class across all of our investment capabilities, that net flow number jumps to nearly $12 billion of inflows in the quarter with the inclusion of related ETF and China-based fixed income products.

如果更廣泛地審視我們所有投資能力中的資產類別，包括相關的 ETF 和中國固定收益產品，該季度的淨流入金額將躍升至近 120 億美元。

Fundamental fixed income flows were driven by continued strength and investment grade with institutional interest particularly strong from AMA and Asia Pacific. We also saw ongoing demand for a leading stable value product in the US defined contribution market.

基本面固定收益資金流動主要受持續走強和投資等級債券的推動，其中亞洲市場和亞太地區的機構投資者興趣尤為濃厚。我們也看到，美國固定繳款市場對領先的穩定價值產品的需求持續存在。

Additionally, our SMA platform in the US continued to help drive flows, particularly in municipal bond strategies. Our entire SMA platform, which also includes a portion of equity assets, now stands at $35 billion in AUM.

此外，我們在美國的SMA平台繼續推動資金流動，尤其是在市政債券策略方面。我們整個SMA平台（其中也包含一部分股權資產）目前的資產管理規模為350億美元。

We have one of the fastest growing SMA offerings in the US wealth market, generating an annualized organic growth rate of 7% this quarter.

我們在美國財富管理市場擁有成長最快的SMA產品之一，本季實現了7%的年化有機成長率。

Moving on to our China JV which now only reflects our domestic Invesco Great Wall business. Here we produced another exceptionally strong quarter, demonstrating that we are exceedingly well positioned for the shifting dynamics in this market.

接下來談談我們的中國合資企業，它現在只反映了我們在國內的景順長城業務。我們又取得了非常強勁的季度業績，這表明我們已做好充分準備，應對這個市場不斷變化的動態。

We reached a record high AUM of $132 billion delivering a robust $8.9 billion of net long-term inflows, marking one of our best quarters to date and representing a 36% annualized organic growth rate. Flows in the China JV were led by fixed income plus demand from both retail and institutional clients.

我們的資產管理規模達到創紀錄的 1,320 億美元，實現了強勁的 89 億美元長期淨流入，這是我們迄今為止業績最好的季度之一，年化有機成長率達到 36%。中國合資企業的資金流動主要由固定收益產品以及零售和機構客戶的需求所帶動。

This product line has industry-leading investment performance. And is benefiting from increased client risk appetite as these funds provide an effective means of balancing fixed income with enhanced equity exposure.

該產品線擁有業內領先的投資績效。由於這些基金能夠有效平衡固定收益和增強股票投資，因此受益於客戶風險承受能力的提高。

We're also seeing interest in pure equity strategies via passive funds as demand for standalone active equity has been slower to regenerate.

我們也看到，隨著對獨立主動型股票投資的需求恢復緩慢，人們對透過被動型基金進行純股票投資策略的興趣也日益濃厚。

We continue to innovate in our China JV to meet evolving client demand across active, passive, and multi-asset capabilities.

我們在中國合資企業中不斷創新，以滿足客戶在主動型、被動型和多資產能力方面不斷變化的需求。

We launched four new products in the JV this quarter, but it's important to note that existing products remain the predominant driver of organic growth, an indication of the breadth of our platform. We expect to continue to benefit in the China JV as both the secular and now cyclical tailwinds develop.

本季我們在合資企業中推出了四款新產品，但值得注意的是，現有產品仍然是內生成長的主要驅動力，這表明我們平台的廣度。我們預計，隨著長期利好因素和週期性利好因素的發展，我們將繼續從中國合資企業中受益。

Shifting to private markets where we posted $300 million of net inflows driven by direct real estate. INCRf, which is our real estate, debt strategy targeting the US wealth management channel, continues to generate net inflows and be onboarded with new platforms and clients.

轉向私人市場，我們實現了 3 億美元的淨流入，這主要得益於直接房地產投資。INCRf 是我們針對美國財富管理管道的房地產債務策略，它持續產生淨流入，並不斷與新平台和客戶接觸。

INCRP is now on three of the four major US wealth management platforms. Assets in this fund with leverage now total $4.7 billion after just over two years in the market.

INCRP 目前已入駐美國四大財富管理平台中的三個。該基金利用槓桿融資，上市兩年多後，資產總額已達 47 億美元。

In private credit, we had good activity during the quarter. We closed another US CLO bringing our issuance total to $2.5 billion across the US and Europe in 2025, and these products continue to offer meaningful value versus corporate bonds.

本季度，我們在私人信貸方面表現良好。我們完成了另一筆美國 CLO 的發行，使我們在 2025 年於美國和歐洲的發行總額達到 25 億美元，這些產品與公司債相比，繼續提供有意義的價值。

In direct lending, we launched our first European Long-Term Investment Fund or LTIF. This European upper middle market income fund was launched with the support from several anchor clients.

在直接貸款領域，我們推出了第一個歐洲長期投資基金（LTIF）。這支歐洲中高端市場收益基金是在幾位主要客戶的支持下推出的。

Private credit remains in a strong position. Despite a lower M&A environment, fundraising continues to be robust. However, deployment, challenges persist due to fewer transactions in the current environment. With rate cuts pending this year, it's anticipated that deal activity will pick up, particularly with indirect lending.

私人信貸依然保持強勁勢頭。儘管併購環境放緩，但融資活動依然強勁。然而，由於當前環境下的交易量較少，部署仍面臨挑戰。由於今年有望降息，預計交易活動將會增多，尤其是間接貸款。

CLOs are expected to benefit from increased allocation to broader fixed income, even as carry compresses. Furthermore, a real estate team remains well positioned in the institutional markets with $7 billion of dry powder to capitalize on emerging opportunities.

即使收益率下降，CLO 也有望受益於對更廣泛的固定收益資產配置的增加。此外，房地產團隊在機構市場仍佔據有利地位，擁有 70 億美元的可用資金，可以抓住新興機會。

As we look ahead, we are excited for our prospects in private markets driven by our organic growth opportunities and amplified by our partnerships with bearings and LGT Capital to further penetrate the wealth management and defined contribution markets.

展望未來，我們對私募市場的前景感到興奮，這得益於我們的內生成長機會，以及我們與 Bearings 和 LGT Capital 的合作，從而進一步滲透到財富管理和固定繳款市場。

Finally, in fundamental equities, we continued to see aggregate positive flows from our clients in AA and Asia Pacific, specifically for global and regional products.

最後，在基本面股票方面，我們繼續看到來自AA和亞太地區客戶的整體正資金流入，特別是全球和區域產品。

Ongoing momentum in these markets is headlined by our Global Equity Income Fund managed out of the UK which remains the top-selling retail active fund in the Japanese market and is gaining increased interest more broadly. This fund posted net inflows of $3 billion for the quarter, rapidly growing to $23 billion in AUM while generating a very favourable net revenue yield for Invesco.

這些市場的持續成長勢頭以我們由英國管理的全球股票收益基金最為突出，該基金仍然是日本市場最暢銷的零售主動型基金，並且正在獲得更廣泛的關注。該基金本季淨流入 30 億美元，資產管理規模迅速成長至 230 億美元，同時為景順集團創造了非常可觀的淨收入收益率。

Despite these positive fundamental equity flow highlights, we did record $5.5 billion in net outflows overall in this segment. Our results partially reflect the broader secular outflow trend in actively managed equities, particularly in the United States.

儘管基本面股權資金流動亮點積極，但我們在該板塊整體上仍錄得 55 億美元的淨流出。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。

This was compounded by the expected net outflows from developing markets funds which totalled $1.5 billion for the quarter. This was partially driven by our strategic decision to reposition this fund with a new internal portfolio management team this past summer.

雪上加霜的是，新興市場基金預計本季淨流出資金總額達 15 億美元。這部分原因是由於我們今年夏天做出了策略決策，組建了一支新的內部投資組合管理團隊，重新定位了該基金。

The outflow rate in this fund has moderated from the recent high we experienced last quarter. I will also point out that on a gross sales basis we had our best fundamental equity flow quarter since the beginning of 2022, giving us optimism of future prospects.

該基金的資金流出率已從上季的高點有所回落。我還要指出，以總銷售額計算，我們迎來了自 2022 年初以來最好的基本面權益流動季度，這讓我們對未來前景充滿樂觀。

Moving to slide 6, which shows our overall investment performance relative to benchmarks and peers, as well as our performance and key capabilities where information is readily comparable and more meaningful to driving results.

接下來是第 6 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，以及我們的業績和關鍵能力，其中資訊易於比較，對推動業績更有意義。

Investment performance is key to winning and maintaining market share regardless of overall market demand. As such, achieving first quartile investment performance remains a top priority for Invesco.

無論整體市場需求如何，投資績效都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。

Overall, 44% of our active funds are performing in the top quartile of peers on a three-year time horizon, with nearly half reaching that bar on a five-year basis. Further, 70% of our active AUM is beating its respective benchmark also on a five-year basis.

總體而言，我們 44% 的主動型基金在三年時間範圍內表現位居同類基金的前四分之一，其中近一半在五年時間範圍內達到了這一標準。此外，我們70%的活躍資產管理規模在過去五年中也跑贏了各自的基準。

With that, I'm going to take a pause and I'm going to turn the call over to Allison to discuss this quarter's financial results, and I look forward to your questions.

接下來，我將稍作停頓，把電話交給艾莉森，由她來討論本季的財務業績，期待大家的提問。

Thank you, Andrew, and good morning everyone. I'll start with the fourth quarter financial results on slide 7.

謝謝你，安德魯，大家早安。我將從第 7 頁的第四季財務表現開始講解。

Strong markets and net asset inflows drove assets under management to $2.2 trillion at quarter end. This was $45 billion or 2% higher than at the end of the third quarter and $324 billion or 18% higher than the end of the fourth quarter of 2024, with the QQQ conversion in late December, long-term AUM now includes the QQQ ETF.

強勁的市場和淨資產流入推動管理資產規模在季度末達到 2.2 兆美元。這比第三季末高出 450 億美元，增幅為 2%；比 2024 年第四季末高出 3,240 億美元，增幅為 18%。隨著 12 月底 QQQ 的轉換，長期資產管理規模現在包括了 QQQ ETF。

Ending long-term AUM increased significantly over prior periods due to the addition of the QQQ. Average long-term AUM, which includes the 12 days that the Q is classified as long-term, reached nearly $1.6 trillion an increase of 8% over last quarter and 21% over the same quarter last year.

由於納入了 QQQ，期末長期資產管理規模較前期顯著增加。平均長期資產管理規模（包括季度中被歸類為長期的 12 天）達到近 1.6 兆美元，比上一季成長 8%，比去年同期成長 21%。

Growth in total assets under management during the quarter was driven largely by net long-term inflows of $19 billion and market gains of $11 billion.

本季資產管理總額的成長主要得益於長期淨流入190億美元及市場收益110億美元。

Net revenues, adjusted operating income, and adjusted operating margin all significantly improved from last quarter and the fourth quarter of 2024, while adjusted operating expenses continued to be well managed, this drove meaningful positive operating leverage on both a sequential quarter and 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季和 2024 年第四季顯著提高，同時調整後營業費用繼續得到良好控制，這推動了季度環比和同比均實現顯著的積極經營槓桿。

On a sequential quarter basis, positive operating leverage was 340 basis points, delivering a 220 basis points operating margin improvement in the fourth quarter, improving to 36.4%.

第四季度，正向經營槓桿為 340 個基點，使營業利潤率提高了 220 個基點，達到 36.4%。

On a year over year basis, positive operating leverage was 440 basis points, delivering a 270 basis points improvement in the operating margin.

與去年同期相比，正向經營槓桿為 440 個基點，使營業利潤率提高了 270 個基點。

Adjusted diluted earnings per share was $0.62 for the fourth quarter. Our focus on strengthening the balance sheet continued during the quarter.

第四季調整後稀釋每股收益為0.62美元。本季我們繼續專注於強化資產負債表。

We repurchased an additional $500 million of preferred stock in December, bringing the total amount repurchased to $1.5 billion in 2025 and reducing the outstanding preferred stock from $4 billion to $2.5 billion at year end.

我們在 12 月回購了 5 億美元的優先股，使 2025 年回購總額達到 15 億美元，並將年底未償還優先股從 40 億美元減少到 25 億美元。

We also repaid the remaining $240 million of the three year term loan used to finance the preferred stock repurchase in May, meaning $500 million of the term loans used to finance the May repurchase are now repaid.

我們還償還了用於為 5 月份優先股回購提供資金的三年期貸款的剩餘 2.4 億美元，這意味著用於為 5 月份回購提供資金的 5 億美元定期貸款現已全部償還。

The $1.5 billion of preferred stock repurchased in 2025 is expected to generate a $0.20 EPS benefit once the associated debt to fund the repurchases is repaid.

預計在償還回購相關債務後，2025 年回購的 15 億美元優先股將產生 0.20 美元的每股盈餘。

Given that we've repaid half a billion dollars of the $1 billion in term loans earlier than projected, coupled with the benefit of replacing the higher cost preferred stock with lower cost floating rate debt, we've now captured $0.11 of the EPS run rate benefit on a go-forward basis.

鑑於我們已提前償還了 10 億美元定期貸款中的 5 億美元，再加上用成本較低的浮動利率債務取代了成本較高的優先股，我們現在已經獲得了未來每股收益運行率 0.11 美元的收益。

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, as our focus on deleveraging continues, we recently redeemed a $500 million senior note that matured on January 15.

剩餘的 5 億美元定期貸款將於 2030 年到期，其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，隨著我們繼續專注於去槓桿化，我們最近贖回了 1 月 15 日到期的 5 億美元高級票據。

Finally, we also continued common share repurchases, buying back $25 million for $1 million shares during the quarter.

最後，我們也繼續回購普通股，本季以每股 100 萬美元的價格回購了價值 2,500 萬美元的股票。

Moving to slide 8, the decline in our net revenue yield continued at a slower pace than a year ago. Client demand continues to drive diversification of our portfolio with strong growth in ETFs and index and fundamental fixed income capabilities, while demand for fundamental equities, particularly global equities, has been weaker.

翻到第 8 張投影片，我們的淨收入收益率下降的速度比一年前有所放緩。客戶需求持續推動我們投資組合的多元化，ETF、指數和基本面固定收益投資能力強勁成長，而對基本面股票（尤其是全球股票）的需求則較為疲軟。

While the concentration of higher fee fundamental equity for products has been reduced, our asset mix has shifted towards a higher degree of lower fee products, namely ETFs and index and fundamental fixed income capabilities.

雖然高收費基本面股票產品的集中度有所降低，但我們的資產組合已轉向更高比例的低收費產品，即 ETF 和指數及基本面固定收益產品。

The more balanced AUM profile better positions the firm to navigate various market cycles, events, and shifting client demand, but this has also resulted in a decline in the net revenue yield over time to provide context for the net revenue yield trend during the fourth quarter, our overall net revenue yield was 22.5 basis points.

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，但這同時也導致淨收入收益率隨著時間的推移而下降。為了更了解第四季的淨收入收益率趨勢，我們的整體淨收入收益率為 22.5 個基點。

This is similar to the sequential quarter decline that we've experienced in the prior two quarters, and the magnitude of the last three quarterly declines is notably lower than prior quarters, a sign we're closer to reaching a degree of stabilization in the yield.

這與前兩個季度的連續季度下降情況類似，而且最近三個季度的下降幅度明顯低於前幾季度，這表明收益率正接近穩定。

The future direction of asset mix shift will dictate the net revenue yield trajectory. The exit net revenue yield at the end of the fourth quarter was actually higher than the yield for the quarter at 22.7 basis points. Partly driven by the QQQ reclassification in late December.

資產組合未來變化的走向將決定淨收益收益率的走勢。第四季末的退出淨收入收益率實際上比該季度收益率高出 22.7 個基點。部分原因是受 12 月下旬 QQQ 重新分類的影響。

Turning to slide 9, net revenue of $1.3 billion in the fourth quarter was $102 million higher compared to the same quarter last year.

翻到第 9 張投影片，第四季淨收入為 13 億美元，比去年同期成長了 1.02 億美元。

The increase in net revenue was largely from investment management fees, mainly driven by higher average AUM and augmented by the QQQ reclassification in late December.

淨收入的成長主要來自投資管理費，這主要來自於平均資產管理規模的提高，並得益於 12 月下旬 QQQ 的重新分類。

Operating expenses continue to be well managed with an increase of $34 million versus the same quarter last year, mainly driven by higher employee compensation.

營運費用繼續得到良好控制，與去年同期相比增加了 3,400 萬美元，主要原因是員工薪酬增加。

The $17 million increase in G&A was largely due to a $13 million insurance reimbursement recognized in the fourth quarter of 2024.

一般及行政費用增加 1,700 萬美元，主要是因為 2024 年第四季確認了 1,300 萬美元的保險賠償。

On a sequential quarter basis, the increases in net revenues and operating expenses were driven by similar operating dynamics and net result was a substantial increase in positive operating leverage on both the year over year and sequential quarter basis.

從季度環比來看，淨收入和營運費用的成長是由類似的營運動態驅動的，最終結果是，無論從同比還是季度環比來看，正向營運槓桿都大幅提高。

The hybrid investment platform implementation costs were $13 million in the fourth quarter in line with our expectation and prior quarters.

第四季混合投資平台實施成本為 1300 萬美元，與我們的預期和前幾季的情況相符。

The incremental operating expense associated with AUM that has been moved onto the hybrid platform was $3 million in the fourth quarter. We continue to implement the hybrid approach with expected completion by the end of 2026.

第四季度，與轉移到混合平台的資產管理規模相關的新增營運費用為 300 萬美元。我們將繼續實施混合方法，預計將於 2026 年底完成。

Regarding the hybrid investment platform costs for 2026, we expect one-time implementation quarterly costs to start in the $10million to $15 million dollar range and trend more towards $15 million per quarter as implementation continues, with the push to have implementation completed by year end as we transition more AUM onto the platform throughout the year, the incremental expense related to AUM on the platform will build towards $10 million per quarter later this year.

關於 2026 年混合投資平台的成本，我們預計一次性實施的季度成本將從 1,000 萬美元到 1,500 萬美元不等，隨著實施的持續，成本將趨向於每季 1,500 萬美元。隨著我們全年將更多資產管理規模 (AUM) 轉移到該平台，力爭在年底前完成實施，與平台上的資產管理規模相關的增量支出將在今年稍後達到每季 1000 萬美元。

Expenses associated with the platform may fluctuate quarter to quarter due to timing comparing 2026 to 2025, we expect incrementally higher costs related to the hybrid platform with the combined implementation costs and expenses associated with AUM on the system to be $25million to $30 million higher in 2026 versus 2025.

由於時間安排不同，與該平台相關的費用可能會逐季度波動。與 2025 年相比，2026 年與混合平台相關的成本預計會逐步增加，加上實施成本和與系統資產管理規模 (AUM) 相關的費用，2026 年將比 2025 年增加 2,500 萬美元至 3,000 萬美元。

We'll provide further updates as the implementation progresses.

我們將隨著實施工作的進展提供進一步的更新資訊。

Regarding our overall operating expense outlook, level setting to fourth quarter AUM annualized operating expenses would be $3.2 billion which is a good base to start with for 2026. We still believe that our operating expense base is approximately 25% variable in relation to changes in net revenue, and this still holds.

關於我們的整體營運費用展望，將第四季資產管理規模年度化營運費用設定為 32 億美元，這將是 2026 年的一個好開始。我們仍然認為，我們的營運費用基數相對於淨收入的變化有大約 25% 是可變的，這一觀點仍然成立。

The results from dollars per quarter initially comprised of a $15 million to $20 million excuse me, comprised of a $15 million to $20 million reduction in net revenue per quarter and an operating expense reduction of $5 million to $10 million per quarter, we expect this will improve as the long-term growth benefits of the strategic partnership are realized, with net revenues growing while the operating expense benefit moves closer to $10 million per quarter in the future.

最初，每季的業績（以美元計）包括 1,500 萬至 2,000 萬美元的損失，抱歉，這包括每季淨收入減少 1,500 萬至 2,000 萬美元，以及每季營運支出減少 500 萬至 1,000 萬美元。我們預計，隨著策略夥伴關係的長期成長效益的實現，這種情況將會改善，淨收入將會增加，而營運支出效益在未來將接近每季 1000 萬美元。

As we've outlined, marketing associated with the QQQ will now be recognized in marketing operating expenses, starting in 2026 and we expect marketing expenses related to the QQQ will be near the midpoint of the $60 million to $100 million range we have previously disclosed.

正如我們之前概述的那樣，從 2026 年開始，與 QQQ 相關的行銷費用將計入行銷營運費用，我們預計與 QQQ 相關的行銷費用將接近我們之前披露的 6,000 萬美元至 1 億美元範圍的中點。

We're also making incremental changes to our retirement eligibility criteria for our long-term awards in 2026 that will result in a timing change on how we recognize retirement-related expenses. We expect the net impact of these changes will be an increase of approximately $10 million in compensation expense for the full year 2026.

我們也將於 2026 年逐步調整長期獎勵的退休資格標準，這將導致我們確認與退休相關的支出的時間發生變化。我們預計這些變化的淨影響將是 2026 年全年薪資支出增加約 1,000 萬美元。

With compensation expense being approximately $30 million in the first quarter, excuse me, with the compensation expense being approximately $30 million higher in the first quarter than fourth quarter of 2025, and then offset by lower compensation expense the remainder of the year, netting the total $10 million impact for the year.

第一季的薪資支出約為 3,000 萬美元，抱歉，第一季的薪資支出比 2025 年第四季高出約 3,000 萬美元，然後被今年剩餘時間較低的薪資支出所抵消，全年淨影響為 1,000 萬美元。

As a reminder, we typically see seasonally higher compensation expense in the first quarter due to payroll tax and other compensation related expense that resets that with other compensation related expense resets that total approximately $20 million.

提醒一下，由於工資稅和其他與薪酬相關的支出，我們通常會在第一季看到季節性較高的薪酬支出，而其他與薪酬相關的支出重置會抵消這些支出，總計約為 2000 萬美元。

And as I noted earlier, hybrid platform expenses are expected to be $25 million to $30 million higher in 2026. Effective tax rate for the quarter was 21%, below expectation due to the gain on sale of India being tax-free and other discrete items.

正如我之前提到的，預計到 2026 年，混合平台支出將增加 2,500 萬至 3,000 萬美元。本季實際稅率為 21%，低於預期，原因是出售印度業務的收益免稅以及其他一些特殊項目。

For the first 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 non-recurring items on pre-tax income and discrete tax items.

我們預計第一季非GAAP有效稅率（不包括任何特殊項目）將回落至25%至26%的區間。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。

I'll wrap up on slide 10.

我將在第十張投影片上結束講解。

As I noted earlier, we continue to make considerable progress on building balance sheet strength and improving our leverage profile.

正如我之前提到的，我們在增強資產負債表實力和改善槓桿狀況方面持續取得顯著進展。

In December we repurchased an additional $500 million of preferred stock held by MassMutual, bringing the total preferred stock repurchased in 2025 to $1.5 billion which will ultimately create a 20% run rate EPS benefit.

12 月，我們回購了 MassMutual 持有的 5 億美元優先股，使 2025 年回購的優先股總額達到 15 億美元，最終將帶來 20% 的年化每股盈餘收益。

And as I noted, we also repaid the remaining $240 million of the $500 million three-year term loan used to fund the first repurchase of preferred stock last year, leaving only $500 million in the five-year maturity term loan.

正如我之前提到的，我們還償還了去年用於首次回購優先股的 5 億美元三年期貸款中剩餘的 2.4 億美元，五年期貸款只剩下 5 億美元。

By repurchasing $1.5 billion of preferred stock, we have reduced the preferred dividend by $88.5 million annually, and this will now become earnings available to common shareholders in the future.

透過回購 15 億美元的優先股，我們每年減少了 8,850 萬美元的優先股股息，這筆錢將來將轉為普通股股東可獲得的收益。

We also continued common share repurchases in the fourth quarter, buying back $25 million or 1 million shares during the quarter.

第四季度，我們也繼續回購普通股，本季回購了價值 2,500 萬美元（100 萬股）的股票。

We intend to continue a regular common share repurchase program going forward and expect common share repurchases to increase to $40 million in the first quarter.

我們計劃繼續推行常規的普通股回購計劃，預計第一季普通股回購額將增至 4,000 萬美元。

We will continually evaluate our capital return levels as we target a total payout ratio, including common dividends and share buybacks, to be near 60% for 2026.

我們將持續評估我們的資本回報水平，目標是到 2026 年將包括普通股股息和股票回購在內的總股息率控制在 60% 左右。

The repurchase of the preferred stock and repayment of the three-year term loan improved our leverage ratio from 2.8 times a year ago to 2.2 times for the fourth quarter. The leverage ratio excluding the preferred stock remained well below 1 times at 0.73 times.

回購優先股和償還三年期貸款使我們的槓桿率從一年前的 2.8 倍改善至第四季的 2.2 倍。不計優先股的槓桿率仍遠低於 1 倍，為 0.73 倍。

We also redeemed the $500 million senior note that matured on January 15. Going forward, we expect further progress in our leverage profile as we repay revolving credit and term loan debt through operating cash flows.

我們也贖回了1月15日到期的5億美元優先票據。展望未來，隨著我們透過經營現金流償還循環信貸和定期貸款債務，我們預期槓桿率狀況將進一步改善。

To conclude, the strength of our net flows, performance, and diversity of our business is evident once again this quarter, and we delivered strong revenue growth. This combined with well-managed expenses resulted in significant operating leverage and a sizable improvement in our operating margin.

總之，本季我們淨流量、業績和業務多樣性的強勁勢頭再次得到體現，我們實現了強勁的營收成長。再加上良好的費用控制，帶來了顯著的營運槓桿效應，並使我們的營業利潤率大幅提高。

We also continue to make progress on building a stronger balance sheet. We're committed to driving profitable growth, a high level of financial performance, and enhancing the return of capital to our shareholders.

我們在建立更穩健的資產負債表方面也持續取得進展。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。

And with that, surely, we'll open up the operator for, sorry, we'll open up the line for Q&A.

那麼，接下來，我們就可以開通接線生的問答環節了。

(Operator Instructions) Bill Katz, TD Cowan.

（操作說明）比爾·卡茨，TD·考恩。

Great, thank you very much for taking the questions. Just maybe picking up where you left off, Alison, on the capital return. Clearly the extra $500 million of paid down with the Mass Mutual was a bit earlier than most people expected.

太好了，非常感謝您回答這些問題。艾莉森，或許我們可以繼續你之前的工作，進行資本回報的工作。顯然，向 Mass Mutual 額外償還的 5 億美元比大多數人預期的要早一些。

As you look ahead, can you talk a little bit about the priorities to bring down the remaining preferred and how you sort of thinking about capital deployment, more broadly and. Now that your balance sheets in a better spot, would you start to think about M&A as a potential use of capital rather than continue to repair the balance sheet? Thank you.

展望未來，您能否談談降低剩餘優先股比例的優先事項，以及您更廣泛地考慮資本部署的方式？既然你們的資產負債表狀況有所改善，你們是否會開始考慮將併購作為潛在的資本用途，而不是繼續修復資產負債表？謝謝。

Sure, good morning, Bill. So yes, as we think about our capital priors from here and the prep, I mean, look, we've, $1.5 billion repurchased in 2025. We were very pleased with that progress, $2.5 billion remaining. We did end the year with some balance on the revolver and of course then, redeemed another $500 million note in January.

當然，早上好，比爾。所以，是的，當我們考慮從現在開始的資本優先順序和準備工作時，我的意思是，你看，我們在 2025 年回購了 15 億美元。我們對這項進展非常滿意，還剩下 25 億美元。年底時，我們的循環信用額度還有些餘額，當然，之後在1月又贖回了5億美元的票據。

So as we think about the balance sheet from here, we've definitely got continued opportunity to, as I noted, using operating cash flows to work that revolver down and then, we've got the five-year term loan that matures in 2030.

所以，從現在來看資產負債表，正如我所指出的，我們肯定還有繼續利用經營現金流來減少循環貸款的機會，然後，我們還有一筆將於 2030 年到期的五年期定期貸款。

I think with that we're going to continue to make really good progress and we're getting the. Balance sheet into a place where we're quite pleased we do have the opportunity to continue discussions with MassMutual on repurchasing more of the preferred at some point, but we've got these near term maturities that we want to focus on as we continue to make good progress and I think freeing up nearly $90 million in capital that's now available to the common shareholder, we're very pleased with.

我認為有了這些，我們將繼續取得非常好的進展，並且我們正在獲得。資產負債表目前處於一個令我們非常滿意的狀態，我們有機會繼續與 MassMutual 討論在某個時候回購更多優先股，但我們還有一些近期到期的債務需要集中精力處理，同時我們繼續取得良好進展，我認為釋放近 9000 萬美元的資本現在可供普通股股東使用，我們對此感到非常高興。

So with that in mind and as we think about our capital priorities from here, I'd start with one, the increase in our share buybacks on the common side, to $40 million this quarter as we seek to get our payout ratio up closer to 60% this year.

因此，考慮到這一點，當我們考慮接下來的資本優先事項時，我會從第一點開始，那就是本季將普通股回購額增加到 4,000 萬美元，以期今年將派息率提高到接近 60%。

We want to make sure we are balancing our capital priorities with returning capital to our common shareholders and then as we think about M&A, I mean, look, we've always said we, our best opportunity is to continue to invest in ourselves and grow our own business, and I think you see the results of that over the last year. With the organic, flows that we had and the base, fee growth that we demonstrated in 2025, we've got tremendous, opportunity within our own.

我們希望確保在資本優先事項和向普通股股東返還資本之間取得平衡，然後，當我們考慮併購時，我的意思是，你看，我們一直說，我們最好的機會是繼續投資自己並發展我們自己的業務，我認為你們已經看到了過去一年的成果。憑藉我們擁有的自然流量和我們在 2025 年展現的基礎費用成長，我們自身擁有巨大的發展機會。

Business profile to grow organically and to do so in a really shareholder friendly manner and, we still see a lot of momentum behind that and we're going to continue to invest behind our own capabilities, and then we're leveraging that with the partnerships, that we discussed today as well and it gives us again a very capital efficient shareholder friendly way to continue to grow our capabilities.

業務概況將實現有機成長，並以真正對股東友善的方式成長。我們仍然看到這方面有很大的發展勢頭，我們將繼續投資於我們自身的能力，然後利用我們今天討論過的合作夥伴關係，這再次為我們提供了一種資本效率高、對股東友好的方式來繼續提高我們的能力。

So as we've always said, we'll never say never to M&A, it's just got a be the right fit, and we have a very, well diversified and Broad set of capabilities and so where there might be opportunities to tuck other capabilities and we're always, opportunistic there, but we're very pleased with the opportunities that we've had to invest in ourselves and just balance our capital priorities.

所以正如我們一直所說，我們永遠不會把話說死，不會排除併購的可能性，關鍵是要找到合適的合作夥伴。我們擁有非常多元化和廣泛的能力，因此，如果有機會整合其他能力，我們也會抓住機會。但我們對目前有機會投資自己並平衡資本優先事項感到非常滿意。

Yeah, the only, hey Bill, the only thing I'd add, picking up where Alison left off the not just the private market partnerships that we, structured last year, but also the Canadian and Indian partnerships or JVs in the case of India that we set up, we feel really good about, those as additional growth levers for the company.

是的，嘿，比爾，我唯一要補充的是，接續艾莉森的話題，不僅是我們去年構建的私人市場合作關係，還有我們在加拿大和印度建立的合作關係（或者在印度成立的合資企業），我們都感到非常滿意，這些都是公司額外的增長槓桿。

Great, just 11 follow-up. Thanks for all the extra detail on the expense outlook, and I appreciate we're seeing here in January of 2026. As you look into next year, can you talk a little bit about just the off-ramp on the implementation costs?

太好了，只需要11次後續跟進。感謝您提供的所有有關支出前景的額外細節，我很欣賞我們目前看到的是 2026 年 1 月的情況。展望明年，您能否談談如何降低實施成本？

I presume that should trend towards zero. And then how do we think about maybe the incremental spend on the platform, costs, and I would presume that would be more related to the equity book. Any color there as we think about '27 would be helpful? Thank you.

我估計這個數值應該會趨近於零。那麼，我們該如何考慮平台的增量支出、成本呢？我猜想這與股權帳簿的關係會更大。思考「27」這個主題時，任何顏色都會有所幫助嗎？謝謝。

Sure, so yes, you're correct that you should expect the implementation cost to trail off and then go away over the course of 2027. And as we get deeper into 2026, we'll give you, further guidance on that, but it is reasonable to assume that those implementation costs.

當然，所以，你說的沒錯，實施成本應該會在 2027 年逐漸下降並最終消失。隨著我們進入 2026 年，我們將就此提供進一步的指導，但可以合理地假設這些實施成本。

Do disappear over time and there will be additional savings as we decommission existing systems and continue to streamline processes. That is, you are correct, somewhat offset by the quantum of a as we continue to, progress with moving AUM onto these hybrid platforms, we will be giving additional guidance to that as we get deeper into 2026 and move into '27.

隨著時間的推移，這些成本將會消失，隨著我們逐步淘汰現有系統並持續簡化流程，也將節省更多成本。也就是說，您說得對，隨著我們繼續推進將資產管理規模轉移到這些混合平台，數量上會有所抵消，隨著我們深入到 2026 年並進入 2027 年，我們將對此提供更多指導。

Thank you.

謝謝。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

Good morning. Thanks for taking my questions. Would love to start out with the net revenue yield. Alison, you spoke to the exit rate at 22.7%. there were some moving pieces in the quarter for sure, not the least of which was the Qs vote that came in late.

早安.謝謝您回答我的問題。我想先從淨收益率入手。艾莉森，你提到了22.7%的退出率。這個季度確實有一些變數，其中最主要的就是遲遲未能公佈的季度投票結果。

So, what's the right way to think about all those moving pieces and the impact to net revenue yield on a go forward basis? I know it's a hard one to try to predict, but maybe based upon, what you know today, what would you say would be the further impact as we average in some of these factors that happened in the course? Thanks.

那麼，我們應該如何正確地思考所有這些變動因素以及它們對未來淨收入收益率的影響？我知道這很難預測，但根據你目前所了解的情況，如果我們把課程中發生的一些因素平均考慮在內，你認為會產生怎樣的進一步影響？謝謝。

Sure, you're absolutely correct. With the addition of the queues of revenue, it does create some differing dynamics, I think. Namely, it does create some level of stabilization in the net revenue yield just, as you start to see, just given the size of the QQQ, and as it converts into 6 basis points of net revenue yield, you will start to see that stabilize, I think the overall average in the mix there a bit more. It's very difficult to forecast net revenue yield, as and it certainly has lots of quarterly dynamics including things like day count and the market impact.

沒錯，你說得完全正確。我認為，收入隊列的加入確實創造了一些不同的動態。也就是說，正如你所看到的，考慮到 QQQ 的規模，它確實在淨收入收益率方面創造了一定程度的穩定性，並且當它轉化為 6 個基點的淨收入收益率時，你會開始看到它趨於穩定，我認為整體平均水平會更加穩定一些。淨收入收益率很難預測，因為它受到許多季度動態因素的影響，包括天數和市場影響等。

All things being equal though, we do think we're starting to see more and more stabilization, and the queues will offer even a further level of stabilization. I think as you're thinking about just how you model revenue overall and how you think about some of our revenue dynamics.

不過，總的來說，我們認為情況正在逐漸穩定下來，排隊現象將進一步促進局勢穩定。我認為，當你思考如何建立整體收入模型以及如何看待我們的一些收入動態時。

I do think it's important to look at third-party, plus distribution fees as a percentage of management fees which we've talked about a lot in the past and that that relationship is certainly changing with the addition of the queues and you've got 18 basis points of queues revenue that will run through management fees.

我認為，將第三方費用加上分銷費用作為管理費的百分比來考慮非常重要，我們過去經常談到這一點，而且隨著排隊功能的加入，這種關係肯定會發生變化，排隊收入的 18 個基點將計入管理費。

The licensing and custodial fees of 12 basis points run through third-party contra revenues. And so that relationship is really moving, higher, probably closer to the 22% to 23% range per quarter in 2026, which is quite a bit higher than where it had previously been around 13% or 14%. So, I think those are all important factors as you think about some of the dynamics that could change now.

12 個基點的授權費和託管費透過第三方抵銷收入支付。因此，這種關係確實在不斷發展，越來越高，到 2026 年可能會接近每季 22% 到 23% 的水平，這比之前每季度 13% 或 14% 的水平要高得多。所以，我認為這些都是重要的因素，因為你需要考慮一些現在可能會改變的動態因素。

Hey Brennan, it's Andrew. The one thing I'd add is that beyond the revenue yield, if you look at things like ETFs, fixed income, or cash business, these are all very at scale. And so thinking about the drive through to profitability is also, pretty critical.

嘿，布倫南，我是安德魯。我還要補充一點，除了收入收益率之外，如果你看看像 ETF、固定收益或現金業務之類的東西，這些都具有非常大的規模。因此，思考如何獲利也是至關重要的。

Got it. Okay, thanks for that. And then sort of related, I know there's a lot of moving pieces with the expenses. A little tricky to follow all those parts, but just focusing in maybe on one part to start out here.

知道了。好的，謝謝。另外，我也知道費用方面有很多變數。要理解所有這些部分有點棘手，但或許可以先集中精力關注其中一部分。

You've historically talked about a 38% to 42% comp ratio, and it looked like you were starting to get back into that, but how should we think about the impact of the cues and all the other moving pieces potentially impacting the comp ratio outlook.

你過去曾談到 38% 到 42% 的佣金率，而且看起來你又開始回歸這個水平了，但是我們應該如何看待各種因素以及所有其他可能影響佣金率前景的變動因素的影響呢？

I would think moving to the lower end or maybe even adjusting the historical frame of reference of the 38% to 42% might make sense, but we'd love to hear your thoughts on that and how we should think about the comp ratio going forward.

我認為降低薪酬比率，甚至調整 38% 到 42% 的歷史參考範圍可能更有意義，但我們很想聽聽您對此的看法，以及我們應該如何看待未來的薪酬比率。

Sure, good question, and there are a lot of moving pieces, to the expense guidance, and we recognize that, tried to be as clear as we could, but there are a lot of ins and outs as we continue to transform the business.

當然，問得好。費用指導涉及很多方面，我們認識到這一點，也盡力做到盡可能清晰明了，但隨著我們不斷推進業務轉型，其中有很多細節需要注意。

As it relates to the comp ratio that we point to is always a full year comp ratio. We really don't manage it quarter to quarter. We're always managing on a full year basis, and in 2025, the comp ratio ended at 42.7%. So again, above our historical guide of 38% to 42%.

至於薪酬比率，我們所指的始終是全年薪酬比率。我們真的無法按季度進行管理。我們始終以全年為基礎進行管理，到 2025 年，薪酬比率最終達到 42.7%。所以，再次高於我們以往 38% 至 42% 的指導值。

As I think about 2026, I think we will come back within that range. I think we'll be at the high end of that range, but, with the addition of the cus, it does help and it does start to stabilize the revenue base. The reason we got out of line with that guide in, some recent years is really as we saw a real pullback in revenue.

展望2026年，我認為我們會回到那個範圍內。我認為我們會達到這個範圍的高端，但是，加上客戶群確實有所幫助，並且確實開始穩定收入基礎。近年來，我們偏離該指導方針的原因實際上是因為我們看到了收入的真正下滑。

So that stabilization, and growing revenue back to where we needed to be, I think gives us the opportunity to pull the comp ratio back down, but it'll be on the high end of that range. As we think about long-term, like, we want to continue to invest in our business.

因此，我認為，隨著收入穩定並恢復到我們需要的水平，我們將有機會降低薪酬比率，但該比率仍將處於該範圍的較高水平。從長遠來看，我們希望繼續投資我們的業務。

We are continuing to remix our expense base, we are hiring in areas of growth, and not really, I think the addition of the Q's revenue gives us the opportunity to continue to make selective and strong investments in our hiring.

我們正在不斷調整支出結構，在成長領域招募人才，我認為，Q 的收入增加讓我們有機會繼續有選擇地、有力地投資於招募。

Thanks for taking my questions.

謝謝您回答我的問題。

Thanks for ask you this question.

感謝你提出這個問題。

Glenn Schorr, Evercore ISI.

Glenn Schorr，Evercore ISI。

Hi, thanks very much. I guess a big picture question on your private market strategy thought process going forward, you did a couple of interesting what I call capital light partnerships, get you into other geographies, other asset classes.

您好，非常感謝。我想問一個關於您未來私募市場策略思考的大問題，您進行了一些我稱之為「輕資本合夥」的有趣的合作，讓您進入了其他地區和其他資產類別。

So is the big picture game plan to piece together a full cross asset classes, offering and maybe through Capital LGT's for now and then if that's the case, I'm very curious on how branding is going to work in the wealth channel as you piece that together. Thanks so much.

所以，大局計畫是拼湊出一個完整的跨資產類別產品，也許目前會透過 Capital LGT 來實現，如果是這樣的話，我很好奇在你們拼湊這些產品的過程中，品牌推廣在財富管理管道中將如何運作。非常感謝。

Yeah, hey, let me start, thanks for the question. Yeah, the partnerships, are meant to complete and build out the product capability set. The ones with bearings we're focused on, income, and the partnerships with partnership with LGT a little more towards total return and growth that leaves us with other opportunities that we could look at with other partnerships to fill that out, but we're starting to get a pretty com complete product lineup.

好的，嘿，讓我開始吧，謝謝你的提問。是的，這些合作關係旨在完善和擴展產品功能集。我們關注的重點是與軸承相關的收入，以及與 LGT 的合作關係，這更有利於總回報和成長，也讓我們有機會與其他合作夥伴一起完善產品線，但我們的產品線正在逐步完善。

In particular, trying to reach the wealth management markets in the US and around the world in the defined contribution market in particular here in the US, those partnerships did come, as you said, with capital committed by our respective partners and that's a really great way to get these strategies launched into those markets.

特別是，為了打入美國乃至全球的財富管理市場，尤其是在美國的固定繳款退休金市場，正如您所說，這些合作關係確實帶來了我們各自合作夥伴承諾的資金，這對於將這些策略推向這些市場來說，確實是一個很好的方法。

So I think the combination of them plus our real estate offerings, our existing real estate offerings and our existing alternative credit offerings, do give us a pretty complete picture. We don't want to oversaturate, our product line either we want to stay focused. But you, we really like this partnership model and structure.

所以我認為，將它們與我們的房地產產品、我們現有的房地產產品和我們現有的替代信貸產品結合起來，確實能為我們提供一個相當完整的圖景。我們不想讓產品線過度飽和，我們希望保持專注。但是，我們真的很喜歡這種合作模式和結構。

They're going to be co-managed both by us and our partners, which is really critical, and they're going to be singularly distributed by us in those markets, in the US as we announced the branding will be pretty straightforward.

這些產品將由我們和我們的合作夥伴共同管理，這一點至關重要；而且，這些產品將由我們單獨在這些市場進行分銷，正如我們在美國宣布的那樣，品牌推廣將非常簡單明了。

It'll be our brand coupled with theirs, where it makes sense. But given that we're the exclusive distributor, we're really trying to avoid, and we'll avoid any kind of channel conflict, whatsoever that's critical to us too.

在合適的情況下，我們會將我們的品牌與他們的品牌結合。但鑑於我們是獨家經銷商，我們真的在努力避免，而且一定會避免任何形式的通路衝突，這對我們來說也至關重要。

That was great, Andrew. Appreciate it. Thanks a lot.

太棒了，安德魯。謝謝。多謝。

Thank you.

謝謝。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Thank you. Good morning. Just maybe another clean up on expenses be before I have my follow-up more on the strategic side, but. So Alison, appreciate lots of moving pieces here. Maybe it would be helpful just to kind of level set where you guys expect the total dollar amount of expenses to be for 2026, assuming sort of flat markets.

謝謝。早安.或許在進行後續的策略性工作之前，還需要再清理一下開支。所以艾莉森，你要明白這裡有很多環節在互動。或許我們可以先大致估算一下，在市場保持穩定的情況下，你們預期 2026 年的總支出金額是多少美元。

I heard you on the $3.2 billion jumping off point, but that's really just kind of annualizing Q4. There's a bunch of things that's going to come out. There's a bunch of things that's going to go in. So just to kind of level so it might be helpful to get your sense of where '26 expenses could shake out again, X beta.

我明白了你說的 32 億美元的起點，但這實際上只是第四季度的年化數據。有很多事情即將發生。有很多東西要放進去。所以，為了大致了解 2026 年的支出狀況，X beta 可能會有所幫助。

I think given all these moving parts and trying to land that would be probably not wise at this stage. I do think it's best to look at some of the moving parts given there's so much quarter to quarter fluctuation. I recognize it's rather. Frustrating. I find it, rather challenging myself, but I'll say a couple of things.

我認為考慮到所有這些不確定因素，在這個階段試圖達成協議可能並不明智。鑑於季度波動如此之大，我認為最好還是關註一下其中的一些變動因素。我承認這確實有點。令人沮喪。我覺得這對我來說是個不小的挑戰，但我還是想說幾點。

One, it's the right jumping off point. I do think it's important to remove the right revenues and the right expenses as we guided to as it relates to the sale of, India and the sale of Intelliflo. Of course, we add back in 40% of India, but that's below the line.

第一，這是一個正確的出發點。我認為，正如我們之前所指導的那樣，在出售印度業務和出售 Intelliflo 業務時，扣除正確的收入和支出非常重要。當然，我們還要把印度的 40% 人口加回去，但這部分已經低於總人口數了。

Important to look at some of what we were guiding to beginning in the second half of the year, beginning in the third quarter as it relates to Canada and the repositioning of that market. There will be impacts both revenue and expenses, and then of course there are some, all the alpha and the hybrid platform expense guides, those will fluctuate quarter to quarter.

重要的是要看看我們先前指導的一些內容，這些內容計劃從今年下半年開始，從第三季開始，與加拿大以及該市場的重新定位有關。收入和支出都會受到影響，當然，所有 alpha 和混合平台費用指南都會逐季波動。

I do you think the 25% sort of variable, expense assumptions the right one on the comp to rev again, kind of in that 38% to 42% range, but probably closer to 40%,41% is where I would be thinking about that. I think it'll get you pretty close to where we need to be, and we'll continue to give you guidance throughout, the year.

我認為，25% 的變動費用假設對收入比來說是正確的，大概在 38% 到 42% 的範圍內，但可能更接近 40%，41% 是我考慮的範圍。我認為這將使你們非常接近我們所需的目標，我們將在全年繼續為你們提供指導。

The one thing I want to point to is everything we're doing is with a focus towards operating margin expansion, and we have every expectation we will continue to grow operating margin this year everything we are doing is an, is with an eye towards creating that positive operating leverage and expanding operating margin, and I feel very confident we are on a good, strong trajectory to continue to expand operating margin this year on a full year basis.

我想強調的一點是，我們所做的一切都是為了提高營業利潤率，我們完全有信心今年將繼續提高營業利潤率。我們所做的一切都是為了創造積極的經營槓桿並擴大營業利潤率，我非常有信心，我們正處於一個良好、強勁的軌道上，能夠在今年全年繼續擴大營業利潤率。

There will be some quarter-to-quarter fluctuations, and we've said all along our objective is to get our operating margin into the mid-30s on a path back to the high 30s, and I think we will continue to make really good progress this year in our operating margin expansion objectives.

季度之間可能會有一些波動，我們一直以來的目標是讓營業利潤率達到 30% 左右，並逐步恢復到 30% 以上，我認為今年我們在提高營業利潤率方面將繼續取得非常好的進展。

Great, no, that's super helpful. Thank you, and I appreciate all the moon pieces as well, strategically, just one for you guys as well. So incredible year really over the last, 12 months, a number of big steps you guys made as you look forward, do you still see parts of the business that Are sort of sub subscale where you could do something similar where you exit them or GB them or kind of try to manoeuvre them to where sort of it makes sense or this sort of future strategic moves are likely to be more of kind of growth related partnerships like we've seen you guys do with Barrington perhaps some of the others.

太好了，這真的很有幫助。謝謝，我也很喜歡你們送的月亮碎片，特意也送了你們一塊。過去 12 個月真是令人難以置信的一年，你們取得了許多重大進展。展望未來，你們是否仍認為公司中存在一些規模較小的業務，可以採取類似的策略，例如退出或剝離，或嘗試調整其規模，使其更符合實際情況？或者，你們未來的策略性舉措更有可能是像與 Barrington 或其他公司一樣，建立與成長相關的合作關係？

Yeah, let me start with, and Alison should chip in as well. Look, we made a lot, thank you for your comments. We made a lot of moves this year. I think it also presents, or describes a lot of the creativity that I think is in the company to look for, alternative ways to grow, all different ways to grow, and I think we exhibited that.

是的，讓我先開始吧，艾莉森也應該參與其中。你看，我們做了很多，謝謝你們的評論。我們今年採取了很多行動。我認為它也展現或描述了公司裡蘊藏的許多創造力，例如尋找替代發展方式、各種不同的發展方式，我認為我們展現了這一點。

I would say from here, a lot of that foundational work has been done and the execution, now is, I think more clear and the resource alignment that we have towards these growth initiatives. Organically I think is more set things like, expanding out our ETF business and our SMA business and our models business as personalization takes hold.

我認為，從目前的情況來看，許多基礎性工作已經完成，現在的執行情況更加清晰，我們為這些成長計畫所投入的資源也更加充足。我認為，有機成長更多體現在諸如拓展我們的 ETF 業務、SMA 業務和模型業務等既定事項上，因為個人化正在逐漸普及。

We're taking these private market partnerships and really starting to generate the organic growth, in the retail markets in DC that we expect or the shift in to fixed income is cash comes off the sidelines. The real growth that we've, established in Asia and AMA now that those are 40% of the long-term AUM base.

我們正在進行這些私人市場合作，並真正開始在華盛頓特區的零售市場產生我們所期望的有機成長，或者說，隨著現金從場外流入固定收益市場，這種成長將會實現。我們在亞洲和亞洲市場實現了真正的成長，目前這些市場佔長期資產管理規模的 40%。

So just a few examples that we have a lot to build off of the foundational work that that we did. If we see opportunities, to align with others in partnerships or other JBs, we will, but we've really laid a lot of that foundation, I think, thus far.

所以，這裡舉幾個例子，說明我們有很多東西可以依賴我們所做的基礎工作。如果我們看到機會，可以與其他合作夥伴或聯合業務夥伴合作，我們會這樣做，但我認為到目前為止，我們已經為此奠定了許多基礎。

I think that's right. I mean, there's not a lot that's obviously subscale, but there's still a lot of opportunity, I think, for improvement in our performance overall, and that's really our focus in 2026 around execution and continuing to drive, a lot of these strategic initiatives all the way through.

我覺得是對的。我的意思是，雖然沒有太多明顯規模不足的地方，但我認為，我們的整體表現仍然有很多提升空間，而這正是我們 2026 年的重點，我們將圍繞執行和持續推進這些戰略舉措展開工作。

Some of these things are kind of announced but not yet executed, and we've got a lot of work to do to bring these partnerships to life, to close. The partnership with CI in the second quarter of this year and to really then drill even, deeper into the opportunity we have to improve execution overall.

有些事情已經宣布，但尚未執行，我們還有很多工作要做，才能使這些合作關係落地，最終達成協議。今年第二季與 CI 建立合作關係，是為了更深入地挖掘我們提升整體執行力的機會。

Andrew noted some of the strategic highlights that we see in our platform, but I don't want to leave anybody with the impression we kind of got all the fun things behind us. We now, we got a lot of big rocks done, and we cleared a lot of ground for us to now focus, I think, even deeper into the firm this year, and really refine our execution from here.

Andrew 指出了我們平台的一些策略亮點，但我不想讓任何人覺得我們已經完成了所有有趣的事情。現在，我們已經完成了許多大事，也為我們現在能夠更加深入地專注於公司今年的工作，並真正從這裡改進我們的執行力，掃清了很多障礙。

Great. Awesome. Thank you so much for both.

偉大的。驚人的。非常感謝你們兩位。

Thank you.

謝謝。

Daniel Fannon, Jefferies.

Daniel Fannon，傑富瑞集團。

Thanks. Good morning. So really strong flows from the China JB in the quarter. Was hoping you could discuss the outlook as we think about 2026 and maybe the diversity of some of the products that are driving that growth.

謝謝。早安.本季來自中國新寶集團的資金流入非常強勁。希望您能談談我們對 2026 年的展望，以及推動成長的一些產品的多樣性。

Yes, hey, Dan. Yeah, the growth in the China JB, really persisted throughout the entire year. I think we did, north of $20 billion, in flows, and it was each quarter, got successively better. A lot of that growth this year came in the balance strategies, they call it fixed income plus.

是的，嘿，丹。是的，中國新山地區的成長動能確實持續了一整年。我認為我們實現了超過 200 億美元的資金流入，而且每季都在逐年好轉。今年的大部分成長都來自平衡型策略，他們稱之為固定收益加強型策略。

Those strategies, I think, really demonstrated people starting in China, to get a little more confident in, both the fixed income markets, but in this case, Getting into the equity markets through these balanced funds. The stimulus and reforms that have happened in China, continue to, I think, stimulate, investors' interest, in the markets.

我認為，這些策略真正向中國投資者展示瞭如何增強他們對固定收益市場的信心，以及透過這些平衡型基金進入股票市場的信心。我認為，中國推出的刺激措施和改革將繼續刺激投資者對市場的興趣。

They're pushing up consumption, there's less emphasis on the property sector, there's continued to be programs emphasizing market participation, long-term retirement growth. And then the easing trade tensions with the US I think has helped interest grow domestically but also by Foreign Investors, in particular in Europe and Asia into those markets. So, the growth's been good. It's been pretty focused in those areas I mentioned and we're seeing our passive ETF business also pick up, which is good to see.

他們正在推動消費，對房地產行業的重視程度降低，並繼續推行強調市場參與和長期退休成長的計畫。我認為，隨著與美國的貿易緊張局勢緩和，不僅國內投資者對這些市場的興趣日益增長，外國投資者，特別是歐洲和亞洲的投資者，也對這些市場產生了興趣。所以，成長情況良好。公司一直比較專注於我提到的那些領域，我們看到被動型 ETF 業務也在成長，這令人欣慰。

Right, and it just as a follow-up, Alison one more just on expenses and the hybrid investment platform. Obviously those costs you said will roll off as we get into next year. But could you remind us, is this more about cost avoidance or we should actually see savings as we get into 2027?

好的，作為後續問題，艾莉森，再問一下費用和混合投資平台的問題。顯然，你提到的那些成本會隨著明年的到來而逐漸減少。但您能否提醒我們一下，這更多的是為了避免成本，還是到 2027 年我們實際上應該看到成本節約？

So let me, relative to 2026, yes, we will see savings in 2027, cost avoidance if we take it all the way back to the beginning of this, over multiple years, I mean, look, Invesco is an entirely different Invesco than we were five years ago when we started this, and the opportunity was always about simplifying.

所以，相對於 2026 年，是的，我們將在 2027 年看到節省，避免成本。如果我們追溯到最初，經過多年，我的意思是，你看，景順與五年前我們開始這項工作時完全不同了，而機會始終在於簡化。

The overall operating system and really tried to create future cost avoidance so it's hard to point to year over year savings going back to the beginning because our AUM is going to be almost double when we finish this from where we started, but the cost avoidance in the future as we think about the opportunities to garner the benefits of scale and the size of our AUM, I think we will be pleased in the long run.

整個營運系統都在努力避免未來的成本，因此很難指出從一開始到現在每年的節省情況，因為我們完成這項工作時，我們的資產管理規模將比開始時幾乎翻一番，但考慮到未來避免成本的機會，以及我們資產管理規模的增長，我認為從長遠來看，我們會對此感到滿意。

But '27 relative to '26, yes, there will absolutely be savings, namely the implementation expenses that have been running in that $10 million to $15 million range per quarter. Those will taper off as effectively construction costs go away, and then as we move a fully onto the hybrid platform and have the opportunity to dot. Mission systems on the other side, I think some of the operating expenses will improve in '27 relative to 26 as well.

但與 2026 年相比，2027 年肯定會節省開支，主要是節省了每季 1,000 萬至 1,500 萬美元的實施費用。隨著建設成本的逐步降低，這些需求將會減少，然後隨著我們完全轉向混合平台並有機會實現點對點。另一方面，我認為 2027 年任務系統的一些營運費用相對於 2026 年也會有所改善。

We're focused entirely right now on completing implementation in '26. As we get closer to that, we will also begin getting more and more focused on how we make we start to really drive the cost curve down in '27 and beyond.

我們現在全力以赴，爭取在 2026 年完成實施。隨著這一目標的臨近，我們將越來越關注如何在 2027 年及以後真正降低成本曲線。

Great. Thank you.

偉大的。謝謝。

Thanks.

謝謝。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great, thanks. Good morning, folks. Thanks for taking my questions. Just one more expenses just to clarify. So, Alison, I think that, if I could tally the things that you mentioned, that have, discrete impacts, to the, that $3.2 billion expense base in '26, I think I counted five different things, but it, they look like they mostly offset from things that, I know the timing is going to evolve throughout the year.

太好了，謝謝。各位早安。謝謝您回答我的問題。再補充一項費用，以作說明。所以，艾莉森，我認為，如果我能把你提到的那些對 2026 年 32 億美元支出基數產生獨立影響的事情統計一下，我想我數出了五件不同的事情，但它們看起來大多抵消了那些我知道時間安排會在這一年中發生變化的事情。

So, you did start the that part in your commentary about $3.2 billion being a good starting point. It sounds like, with those specific impacts, $3.2 billion is also a good starting point for 2026.

所以，你在評論中確實提到了32億美元是一個不錯的起點。聽起來，考慮到這些具體影響，32億美元也是2026年的一個好起點。

Obviously, we're going to be layering in, variable expenses and, investment in the business on top of that, but I just wanted to make, I just wanted to clarify if that's [$3.2 billion] is the right number to start with given the isolated impacts that you mentioned, for the different businesses including the Triple Q marketing budget.

顯然，我們還要在此基礎上增加可變費用和業務投資，但我只是想確認一下，考慮到您提到的對不同業務（包括 Triple Q 行銷預算）的個別影響，32 億美元是否是一個合適的起始數字。

It's the right number to start with, but you just highlighted a great one, yes, with the Triple marketing budget getting fully layered in in 2026, which was not present in 2025 or in the fourth quarter of that run rate that we start with.

這是一個合適的起點，但你剛才強調的這一點非常重要，沒錯，三倍行銷預算將在 2026 年全面落實，而這在 2025 年或我們最初設定的運行率的第四季度都不存在。

So it is absolutely the right number to start with. And then as you think about the puts and takes, I think it'll get you to something a bit higher than $3.2 billion, but also with, a revenue that's quite a bit higher than 2025 as well.

所以，這個數字絕對是正確的起始數字。然後，當你考慮好各種因素後，我認為最終結果會略高於 32 億美元，而且收入也會比 2025 年高出不少。

Yes, okay, great. And then, more strategically, can you talk about traction, maybe Andrew talk about traction in the, in defined contribution channel. What are you hearing from, different, potential plan sponsors in terms of their warming up to adding private markets, to 401ks and how do you view that positioning? And I know it's a great long-term opportunity, but are you seeing actual traction building here, this coming year?

好的，太好了。然後，從更具策略性的角度來看，您能否談談成長情況？安德魯，或許您可以談談退休金計畫（例如固定繳款退休金計畫）的成長情況。您從不同的潛在計劃發起人那裡聽到了什麼關於他們逐漸傾向於將私募市場納入 401k 計劃的信息？您如何看待這種態度？我知道這是一個很好的長期機遇，但你認為明年這裡會取得實際進展嗎？

Yeah, I mean, we've seen a lot of discussions, a little bit of traction in the United States, but what we're actually seeing more traction is in the United Kingdom and in places across Europe, where there's also retirement reform going on, and more private market participation and things like defined contribution plan.

是的，我的意思是，我們已經看到了很多討論，在美國也取得了一些進展，但我們實際上看到更多進展的是英國和歐洲各地，這些地方也在進行退休改革，更多的私人市場參與以及諸如固定繳款計劃之類的措施。

So we do think this is a long-term trend, private markets in the DC, we also would point out it's not just the US trend. And I think owing to the fact how diverse our portfolio is and how strong we are outside of the US too, that we view this as a kind of a multi-layered proposition.

所以我們認為這是華盛頓特區私人市場的長期趨勢，我們也要指出，這不僅僅是美國的趨勢。我認為，鑑於我們的投資組合非常多元化，而且我們在美國以外的地區也實力雄厚，我們將其視為多層次的方案。

We certainly have the product offering, to start to fill that out for institutions and plan sponsors, but we're also going to be, with the addition of the LGT partnership focusing on that with them as well, and they have a very strong reputation in the institutional markets.

我們當然有相應的產品，可以開始為機構和計劃發起人提供更多選擇，但隨著與 LGT 建立合作關係，我們也會更加專注於與他們合作，他們在機構市場享有非常高的聲譽。

Great thank you.

非常感謝。

Hey, operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Thank you. Ben Budish, Barclays.

謝謝。本·布迪什，巴克萊銀行。

Hi, good morning and thanks for fitting me in here. Maybe just a couple more housekeeping questions on Canada and some of the moving parts from this quarter. So Alison, you mentioned that we should see an operating income drag starting in the third quarter, but you expect it to ease over time.

您好，早安，謝謝您抽出時間接待我。或許還需要再問幾個關於加拿大以及本季一些變動事項的例行問題。艾莉森，你提到我們應該從第三季開始看到營業收入下滑，但你預計這種情況會隨著時間的推移而緩解。

Any more color in terms of, what assets we or what sort of asset groups we should see that come out of, any other sort of geography impacts we should be aware of? And then just what's your thoughts on the timeline for when you expect that to, start to grind more closer to breakeven or positive? Thank you.

關於我們應該關注哪些資產或哪些類型的資產組合，以及我們應該注意的任何其他地域影響，還有什麼需要補充說明的嗎？那麼，您認為何時才能開始逐步接近損益平衡或獲利？謝謝。

So, again, we don't expect to close that transaction until late in the second quarter, so we believe this will, start to impact results in the third quarter.

因此，我們預計要到第二季末才能完成這筆交易，所以我們認為這將在第三季開始對業績產生影響。

From a revenue perspective, you would see revenue, on a quarterly basis, decline by $15 million to $20 million net, on a net basis for the sale of those mutual funds, net of the sub-advisory, revenue that we expect to garner there on an expense basis, expect expenses to kind of start in the kind of $50 million to $10 million dollar range in terms of $5 million to $10 million lower beginning.

從收入角度來看，按季度計算，這些共同基金的銷售淨收入將減少 1,500 萬美元至 2,000 萬美元，扣除子顧問費用後，我們預計從這些基金中獲得的收入將減少 500 萬美元至 1,000 萬美元。

In the third quarter but trending higher towards that $10 million range over call it two to kind of four quarters as we get into 2027, so that net operating income impact of $5 million to $10 million starting on the high side of $10 million lower a quarter kind of trending lower as we get into 2027. When you think about those expenses and the $5 million to $10 million of expenses and the majority have to more of that is going to be on the compensation side, so that will actually take a little bit of time, to work down.

第三季度，但隨著我們進入 2027 年，淨營業收入將呈上升趨勢，預計在接下來的兩到四個季度內將達到 1000 萬美元的區間，因此淨營業收入的影響為 500 萬美元至 1000 萬美元，從 1000 萬美元的高位開始，每個季度略有下降，但隨著我們進入 200 萬美元的高位趨勢。當你考慮到這些開支，500萬到1000萬美元的開支，其中大部分甚至更多都將用於薪酬方面，所以實際上需要一些時間來解決這個問題。

As we continue to really, reposition, our overall workforce in Canada related to this transaction, but there's also some impact to property in office, as we will, have some, reduction in locations in Canada and some impact to G&A as well. So it's split between those three categories, with the majority in compensation.

隨著我們繼續調整在加拿大的整體員工隊伍以應對此交易，辦公物業也受到了一些影響，因為我們將在加拿大減少一些辦公地點，一般及行政費用也會受到一些影響。所以它分為這三類，其中大部分是薪酬。

Yeah, I mean, when you look at the strategy behind what we did in Canada and partnering with CI we'll be managing, as I mentioned, the sub-advised portion of the assets for all the global strategies, all the non-Canadian strategies with all of our existing teams.

是的，我的意思是，當你了解我們在加拿大所採取的策略以及與 CI 的合作時，正如我所提到的，我們將管理所有全球策略、所有非加拿大策略的子顧問資產部分，並由我們現有的所有團隊負責。

And as those, as demand and flows grow through CI that'll give us a good opportunity to continue to grow revenue through our existing investment teams. We'll no longer manage the Canadian portion of those funds that'll stay with CI.

隨著這些需求和資金透過 CI 不斷增長，這將為我們提供一個很好的機會，透過我們現有的投資團隊繼續增加收入。我們將不再管理這些資金中屬於加拿大的部分，這部分資金將留在CI。

So while there is some short-term operating income impact, we absolutely believe this is the long-term right strategic move for Canada and that as we get into the latter half of '27 and beyond that this will absolutely have been the right move.

因此，儘管短期內會對營業收入產生一些影響，但我們絕對相信，從長遠來看，這對加拿大來說是正確的戰略舉措，而且隨著我們進入 2027 年下半年及以後，這絕對將是一個正確的舉措。

We really do feel strongly that this partnership positions this business for better growth and we were going to be able to deliver on our own and in doing so we're going to take the opportunity to really look at our expense base and see where we can go even further as we get into 2027, related to all of our operations in Canada that gives us that opportunity to turn this into, I think a long-term really positive move for the firm.

我們真心認為，此次合作將使公司業務更好地發展，我們能夠獨立完成目標。同時，我們將藉此機會認真審視我們的支出基礎，看看到 2027 年，在加拿大所有業務方面，我們還能在哪些方面進一步發展，這讓我們有機會將此舉轉化為公司長期的積極舉措。

Understood. If I could just double check, are there any cash flow implications that any proceeds from the sale, or has that not been disclosed?

明白了。我想再次確認一下，出售所得款項是否會對現金流產生任何影響，或者這方面是否尚未披露？

It's pretty negligible relative to the cost that we will incur with some of the repositioning that we're referring to. So, it will, it will be immaterial.

相對於我們所說的某些重新定位將產生的成本而言，這筆費用微不足道。所以，這將無關緊要。

Understood. Thank you so much.

明白了。太感謝了。

Thank you.

謝謝。

Okay, so, just in closing here, we are really, want to stress that we're unlocking value across the organization for the benefit of our clients and for our shareholders. And as you can see, we made significant progress in 2025.

好的，最後我們想強調的是，我們正在為整個組織釋放價值，以造福我們的客戶和股東。正如你所看到的，我們在 2025 年取得了重大進展。

This includes looking at how we fundamentally operate and evaluating every opportunity as we strive to improve client outcomes, generate operating leverage and profitability, continue to build a strong balance sheet, enhance our ability to return capital to shareholders.

這包括檢視我們的根本營運方式，評估每一個機會，努力改善客戶成果，創造營運槓桿和獲利能力，繼續建立強大的資產負債表，增強我們向股東返還資本的能力。

We have resilient operating performance across many key value drivers, and our global platform has a significant and unique Asia-Pacific presence and a strong performing Asia business coupled with our scale and breadth of products, positions us really well to perform through shifting market dynamics.

我們在許多關鍵價值驅動因素方面都擁有穩健的營運業績，我們的全球平台在亞太地區擁有重要且獨特的地位，亞洲業務表現強勁，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。

We continue to demonstrate that we have durable performance and reason to be optimistic about the future. I want to thank everybody for joining the call today and please do reach out to our Investor Relations team for any additional questions, and we really appreciate your interest in Invesco and we look forward to speaking with all of you again soon.

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。感謝各位今天參加電話會議，如有任何其他問題，請隨時聯繫我們的投資者關係團隊。我們非常感謝您對景順的關注，並期待很快能再次與各位交流。

And this concludes today's conference. We thank you for your participation at this time you may disconnect your line.

今天的會議到此結束。感謝您的參與，現在可以斷開連接了。