摩根士丹利 (MS) 2022 Q1 法說會逐字稿

Good morning. On behalf of Morgan Stanley, I will begin the call with the following disclaimer. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at morganstanley.com. Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent.

早上好。代表摩根士丹利，我將以以下免責聲明開始電話會議。在今天的演示中，我們將參考我們的收益發布和財務補充，其副本可在 morganstanley.com 上獲得。今天的演示文稿可能包括前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果出現重大差異。請參閱我們關於收益發布中出現的前瞻性陳述和非公認會計原則措施的通知。未經我們同意，不得複製或複製本演示文稿。

I will now turn the call over to Chairman and Chief Executive Officer, James Gorman.

我現在將把電話轉給董事長兼首席執行官詹姆斯·戈爾曼。

Thank you. Good morning, everyone. Thanks for joining us. I know you have a very, very busy morning so we did our best to keep these earnings uncomplicated for you.

謝謝你。大家，早安。感謝您加入我們。我知道你有一個非常非常忙碌的早晨，所以我們盡最大努力讓這些收入對你來說並不復雜。

Heading into 2022, we anticipated, as everybody did, a more volatile market, and obviously, we saw that in the first quarter. The year started with rising inflationary pressures, accelerated expectations for tightening of monetary policy and most notably and sadly, the invasion of Ukraine. This backdrop injected significant uncertainty into the markets and further tested resiliency of our franchise.

進入 2022 年，我們和所有人一樣預計市場會更加動盪，顯然，我們在第一季度就看到了這一點。這一年開始於通脹壓力上升，貨幣政策收緊預期加速，最值得注意和可悲的是入侵烏克蘭。這種背景給市場帶來了巨大的不確定性，並進一步考驗了我們特許經營的彈性。

Against this quickly evolving market environment, our diversified business model again generated high returns. The firm produced revenues of $14.8 billion and an ROTCE of 20%. I'm pleased to report that our first quarter results continued to exemplify Morgan Stanley's strength and affirm our long-term strategy.

在瞬息萬變的市場環境下，我們多元化的商業模式再次產生高回報。該公司的收入為 148 億美元，ROTCE 為 20%。我很高興地報告，我們的第一季度業績繼續體現了摩根士丹利的實力並肯定了我們的長期戰略。

First, Institutional Securities delivered another very strong quarter with revenues of $7.7 billion, making it one of its highest performances ever. Compared to last year's record first quarter, we saw a different mix of businesses driving the strength of this segment. While underwriting was muted, advisory was a highlight. Equity and fixed income again delivered exceptional results particularly in Asia and Europe as we supported our global clients amid a turbulent backdrop.

首先，Institutional Securities 實現了另一個非常強勁的季度，收入為 77 億美元，成為有史以來最高的業績之一。與去年創紀錄的第一季度相比，我們看到不同的業務組合推動了這一細分市場的發展。雖然承銷不高，但諮詢是一大亮點。由於我們在動蕩的背景下為全球客戶提供支持，股票和固定收益再次取得了卓越的業績，尤其是在亞洲和歐洲。

Global balanced institutional businesses are complex. They require many years to build and an enormous amount invested in human capital. The breadth and depth of our franchise today is a competitive differentiator.

全球平衡的機構業務很複雜。它們需要多年的建設和大量的人力資本投資。今天我們特許經營的廣度和深度是一個競爭優勢。

Wealth Management showcased its resiliency in the quarter. Notwithstanding fluctuating market levels, the business generated a margin of approximately 28% excluding integration-related expenses. The E*TRADE integration continues to go very well, and given the current path we're on, a significant portion of the integration will be done by the end of this year. By the end of 2022, we expect to no longer separate our integration expenses.

財富管理在本季度展示了其彈性。儘管市場水平波動，但不包括與整合相關的費用，該業務的利潤率約為 28%。 E*TRADE 整合繼續進展順利，鑑於我們目前的路徑，整合的很大一部分將在今年年底完成。到 2022 年底，我們預計不再將整合費用分開。

Net new assets for the quarter were $142 billion. That included an asset acquisition. Nonetheless, organic growth in our existing business remained very strong. In a volatile market, this is very affirming of the model. Further, we saw our first rate hike of the year in the first quarter. And with our strong and growing deposit base, this will have a near immediate economic impact to our business and it supports our path to delivering the margins that we projected in excess of 30%.

本季度的淨新資產為 1420 億美元。這包括資產收購。儘管如此，我們現有業務的有機增長仍然非常強勁。在動蕩的市場中，這是對模型的非常肯定。此外，我們在第一季度看到了今年的首次加息。憑藉我們強大且不斷增長的存款基礎，這將對我們的業務產生近乎直接的經濟影響，並支持我們實現我們預計超過 30% 的利潤率。

In Investment Management, the increased diversification of the business supported results in a very choppy market. Fee-based asset management revenues, which were $1.4 billion in the quarter, have grown with the addition of Parametric, Calvert and the broadening of our alts and fixed income platforms. We've performed better with these franchises than we would have without them, and it has brought much more balance to our asset management business.

在投資管理方面，支持的業務日益多樣化導致市場非常波動。隨著 Parametric、Calvert 的加入以及我們的 alts 和固定收益平台的擴大，本季度收費資產管理收入為 14 億美元。與沒有它們相比，我們擁有這些特許經營權的表現要好得多，它為我們的資產管理業務帶來了更多的平衡。

And with respect to the Eaton Vance integration, it progresses very smoothly as well. The teams remain stable, and culturally, it's a terrific fit. Our markets continue to evolve. We remain confident about our position and the many opportunities ahead.

而關於伊頓萬斯的整合，進展也非常順利。團隊保持穩定，在文化上，這是一個非常合適的選擇。我們的市場不斷發展。我們仍然對我們的立場和未來的許多機會充滿信心。

Finally, a brief word on the Russian invasion of Ukraine. In managing a global business, particularly a markets-based global business, we must always remain vigilant about the potential for shocks or unexpected events. Obviously, the invasion of Ukraine is one such event. First of all and most importantly, our hearts go out to the Ukrainians and all those who have been impacted.

最後，簡要介紹一下俄羅斯入侵烏克蘭。在管理全球業務，尤其是基於市場的全球業務時，我們必須始終對潛在的衝擊或意外事件保持警惕。顯然，入侵烏克蘭就是這樣一個事件。首先，最重要的是，我們向烏克蘭人和所有受到影響的人表示同情。

As it relates to the business, apart from the volatility it's created, there's been very limited financial impact to Morgan Stanley. A few years ago, we decided to give up our banking license and we significantly scaled back operations in Russia. Further, as a result of these actions and the current war, we're not entering into any new business in the country and our activities are limited to helping global clients address and close out preexisting obligations. I'm very proud of how our team has managed through a difficult market backdrop, and going forward, we continue to navigate the turbulent markets and broader geopolitical environment with confidence.

由於它與業務相關，除了它造成的波動之外，對摩根士丹利的財務影響非常有限。幾年前，我們決定放棄銀行牌照，並大幅縮減在俄羅斯的業務。此外，由於這些行動和當前的戰爭，我們沒有在該國開展任何新業務，我們的活動僅限於幫助全球客戶解決和結清預先存在的義務。我為我們的團隊如何度過艱難的市場背景感到非常自豪，並且展望未來，我們將繼續充滿信心地駕馭動蕩的市場和更廣泛的地緣政治環境。

I will now turn the call over to Sharon to discuss the quarter in greater detail, and together, we'll take your questions.

我現在將把電話轉給 Sharon，以更詳細地討論本季度，我們將一起回答您的問題。

Thank you, and good morning. The firm produced revenues of $14.8 billion in the first quarter, representing the second highest quarter in our firm's history. Excluding integration-related expenses, our EPS was $2.06 and our ROTCE was 20.3%. The firm's first quarter efficiency ratio excluding integration-related expenses was 67.9% and reflects our expense discipline while continuing to invest in the businesses.

謝謝你，早上好。該公司第一季度的收入為 148 億美元，是我們公司歷史上第二高的季度。不包括與整合相關的費用，我們的每股收益為 2.06 美元，ROTCE 為 20.3%。該公司第一季度不包括與整合相關的費用的效率比率為 67.9%，這反映了我們在繼續投資業務時的費用紀律。

Results of the first quarter illustrate resiliency and durability. Equity and fixed income supported our clients while navigating volatile markets. Wealth Management proved resilient, and Investment Management benefited from diversification.

第一季度的結果說明了彈性和耐用性。股票和固定收益在波動的市場中為我們的客戶提供支持。財富管理被證明具有彈性，投資管理從多元化中受益。

Now to the businesses. Institutional Securities revenues of $7.7 billion represented the third highest quarter on record. Results declined 11% from the record set in the prior year. This quarter's performance again demonstrated the power of our global integrated investment bank. With balance across businesses and a strong presence across geographies, we remain a global diversified leader. Europe delivered its best quarter in over a decade while Asia saw its second highest result with strength in both equities and fixed income.

現在到企業。機構證券收入為 77 億美元，為有記錄以來的第三高季度。結果比上一年創下的記錄下降了 11%。本季度的業績再次彰顯了我們全球綜合投行的實力。憑藉跨業務的平衡和跨地域的強大影響力，我們仍然是全球多元化的領導者。歐洲實現了十多年來最好的一個季度，而亞洲的股票和固定收益均表現強勁，表現第二高。

Investment Banking revenues were $1.6 billion, led by strength in advisory. Compared to the prior year, revenues declined by 37%. Advisory revenues were $944 million, almost double the prior year's first quarter, reflecting higher completed M&A volumes.

投資銀行業務收入為 16 億美元，主要是諮詢業務。與上年相比，收入下降了 37%。諮詢收入為 9.44 億美元，幾乎是去年第一季度的兩倍，反映出已完成的併購交易量增加。

Equity underwriting revenues were $258 million, a meaningful decline from last year's elevated results, in line with market volumes. Heightened volatility led clients to delay issuance activity. Fixed income underwriting revenues were $432 million, down compared to the prior year as macroeconomic conditions contributed to lower bond issuances. Investment Banking pipelines remain healthy across sectors and regions. However, the conversion from pipeline to realized will be largely dependent on market conditions going forward.

股票承銷收入為 2.58 億美元，與去年的高收益相比顯著下降，與市場交易量一致。波動加劇導致客戶推遲發行活動。由於宏觀經濟條件導致債券發行量減少，固定收益承銷收入為 4.32 億美元，與上一年相比有所下降。跨行業和跨地區的投資銀行渠道保持健康。然而，從管道到已實現的轉換將在很大程度上取決於未來的市場狀況。

Equity revenues were $3.2 billion, reflecting broad-based strength in performance against the backdrop of volatile markets. We continue to be a global leader in this business. Cash revenues were solid, with particular strength in Europe, consistent with market volumes by geography. Derivative revenues were robust, and the business navigated the volatility well. Prime brokerage revenues were strong. While intra-quarter balances were impacted by uncertainty, we saw balances rebound alongside markets.

股票收入為 32 億美元，反映了在動蕩的市場背景下廣泛的業績表現。我們將繼續成為該業務的全球領導者。現金收入穩健，在歐洲尤為強勁，與按地域劃分的市場量一致。衍生品收入強勁，業務很好地應對了波動。大宗經紀業務收入強勁。雖然季度內餘額受到不確定性的影響，但我們看到餘額隨市場反彈。

Fixed income revenues of $2.9 billion were in line with the very strong prior year. In the quarter, commodities and macro, particularly foreign exchange, led the strength. Macro revenues increased meaningfully from the prior quarter. Clients remained engaged and the trading environment proved constructive. Micro results were strong but reflected lower revenues compared to the prior year. Commodities delivered a more diversified results with revenues notably higher than the previous first quarter, benefiting from the heightened levels of activity.

29 億美元的固定收益收入與去年的強勁表現持平。本季度，大宗商品和宏觀經濟，尤其是外匯，領漲。宏觀收入較上一季度顯著增加。客戶仍然參與其中，交易環境證明是建設性的。微觀結果強勁，但與去年相比收入有所下降。受益於活動水平的提高，大宗商品的業績更加多元化，收入明顯高於上一季度。

Turning to Wealth Management. Revenues were $5.9 billion. Declines in DCP negatively impacted the revenues by approximately $300 million. Excluding the impact related to DCP, revenues increased 6% versus the prior year's first quarter results. Results underscore the resilience of the franchise, the value offered to clients during uncertain times and the benefits of our scaled multichannel model.

轉向財富管理。收入為 59 億美元。 DCP 的下降對收入產生了大約 3 億美元的負面影響。排除與 DCP 相關的影響，收入與去年第一季度的業績相比增長了 6%。結果強調了特許經營的彈性、在不確定時期為客戶提供的價值以及我們規模化的多渠道模型的好處。

Retail clients remained invested, with allocations across asset classes consistent with last year. PBT was $1.6 billion, and the margin was 26.5% or 27.8% excluding integration-related expenses. These strong results should continue to be supported as we realize the benefits of rising rates. Asset management revenues were $3.6 billion, up 14% versus last year, benefiting from the growth in fee-based assets. This growth continues to reflect the investments we have made into the business over time and affirms our strategy is working.

零售客戶仍然有投資，資產類別的配置與去年一致。 PBT 為 16 億美元，不包括與整合相關的費用，利潤率為 26.5% 或 27.8%。隨著我們意識到利率上升的好處，這些強勁的結果應該會繼續得到支持。資產管理收入為 36 億美元，比去年增長 14%，受益於收費資產的增長。這種增長繼續反映我們隨著時間的推移對業務所做的投資，並肯定我們的戰略正在奏效。

Net new assets were $142 billion for the quarter. NNA was inclusive of an asset acquisition, which I will touch on shortly. Absent this asset acquisition, annualized growth was 5.4%. And despite the volatility, net new assets were generated from all channels. The adviser-led channel benefited from an even split of existing and new clients as well as positive net recruiting. Fee-based flows were also strong and inclusive of the asset acquisition were $97 billion.

本季度的淨新資產為 1420 億美元。 NNA 包括資產收購，我稍後會談到。如果沒有此次資產收購，年化增長率為 5.4%。儘管存在波動，但所有渠道都產生了淨新資產。顧問主導的渠道受益於現有客戶和新客戶的平均分配以及積極的淨招聘。基於費用的流量也很強勁，包括資產收購在內為 970 億美元。

Workplace continues to benefit from the establishment of companion accounts. Retention of assets also continued to rise as a result of incremental companion account adoption and the value of the platform. In the quarter, we added $75 billion of retirement assets through an asset acquisition of our institutional retirement -- of an institutional retirement consultant. We remain a platform of choice, and this is the second institutional retirement plan to join us in the last 9 months. We continue to view these asset acquisitions as incremental opportunities to reach the expanded audience through education and financial wellness. The acquired team's client base includes nearly 1 million of plan participants.

Workplace 繼續受益於同伴賬戶的建立。由於增加的同伴賬戶採用和平台的價值，資產保留率也繼續上升。在本季度，我們通過收購我們的機構退休人員——一家機構退休顧問的資產，增加了 750 億美元的退休資產。我們仍然是首選平台，這是過去 9 個月加入我們的第二個機構退休計劃。我們繼續將這些資產收購視為通過教育和財務健康接觸更多受眾的增量機會。收購團隊的客戶群包括近 100 萬計劃參與者。

Transactional revenues were $635 million. Excluding the impact of DCP, which is reflected in this line, revenues were strong. Although activity moderated from the prior year, self-directed daily average trades remained above $1 million in the quarter, over 3x E*TRADE's pre-asset acquisition record. We have also seen meaningful interest in our alternatives offering given our broad-based access to managers and their retail-oriented products.

交易收入為 6.35 億美元。不包括反映在這條線上的 DCP 的影響，收入很強勁。儘管活動較上年有所放緩，但本季度自主日均交易量仍保持在 100 萬美元以上，是 E*TRADE 資產收購前記錄的 3 倍以上。鑑於我們廣泛接觸經理及其面向零售的產品，我們也看到了對我們的替代產品的濃厚興趣。

Loan growth remained strong in the quarter with bank lending balances growing $7 billion, driven by securities-based lending and mortgages. We expect loan growth over the remainder of the year to be consistent with our prior guidance of approximately $5 billion per quarter. Deposits increased $6 billion in the quarter to $352 billion. The average rate on deposits declined to 9 basis points. We have completed the net runoff in wholesale deposits and do not anticipate further declines in deposit costs.

本季度貸款增長依然強勁，在證券貸款和抵押貸款的推動下，銀行貸款餘額增長了 70 億美元。我們預計今年剩餘時間的貸款增長將與我們之前每季度約 50 億美元的指導一致。本季度存款增加了 60 億美元，達到 3520 億美元。存款平均利率下降至 9 個基點。我們已經完成了批發存款的淨徑流，預計存款成本不會進一步下降。

Net interest income was $1.5 billion. Excluding prepayment amortization, NII increased 15% from the prior year driven by loan growth. Back in January, we indicated that the fourth quarter NII was a reasonable base to inform 2022 and that we would expect $500 million of incremental NII on the back of rising rates. Due to the further moves in rate expectations since January, we should see this benefit at least double if the forward curve and our modeled assumptions are realized over the remaining 9 months of the year.

淨利息收入為 15 億美元。剔除提前還款攤銷，受貸款增長推動，NII 同比增長 15%。早在 1 月份，我們就表示，第四季度 NII 是 2022 年的合理基礎，我們預計在利率上升的背景下， NII 將增加 5 億美元。由於自 1 月以來利率預期的進一步變動，如果遠期曲線和我們的模型假設在今年剩餘的 9 個月內實現，我們應該會看到這一收益至少翻倍。

Moving to Investment Management. My remarks will refer to quarter-over-quarter changes as the timing of the Eaton Vance acquisition makes the prior quarter a more relevant benchmark. Revenues were $1.3 billion. The sequential decline reflects the seasonally lower performance fees, which are mostly recognized in the fourth quarter, and a more challenging market environment. Despite headwinds, this business is benefiting from increased scale and a more diversified product offering.

轉向投資管理。我的評論將提到季度環比變化，因為收購伊頓萬斯的時機使上一季度成為更相關的基準。收入為 13 億美元。環比下降反映了季節性較低的績效費用（主要在第四季度得到認可）以及更具挑戰性的市場環境。儘管存在不利因素，但該業務仍受益於規模擴大和產品供應更加多樣化。

Total AUM of $1.4 trillion declined 8% quarter-over-quarter as a result of market declines and outflows. Long-term net outflows reflected approximately $9 billion of institutional outflows in our solutions business, including the expected redemption of a large asset manager who brought their equity trading implementation in-house. Equity strategies saw a giveback of some of the prior year's asset appreciation as the broader market experienced a rotation out of growth. This was partially offset by the continued strong flows into Parametric customized portfolios as well as our inflation-related and interest rate-sensitive products.

由於市場下跌和資金外流，總資產管理規模為 1.4 萬億美元，環比下降 8%。長期淨流出反映了我們解決方案業務中大約 90 億美元的機構資金流出，包括預期贖回的大型資產管理公司將其股票交易實施在內部進行。隨著更廣泛的市場經歷了輪轉增長，股票策略看到了上一年的一些資產升值的回饋。這部分被持續強勁流入參數定制投資組合以及我們的通脹相關和利率敏感產品所抵消。

Asset management and related fees decreased sequentially to $1.4 billion on the back of the aforementioned seasonality and market volatility. Performance-based income and other revenues were a loss of $53 million in the quarter, driven by markdowns in one of the Asia private equity funds, declines in deferred compensation plan investments and negative marks associated with legacy international real estate investments. Away from these specific markdowns, we saw broad-based gains across our alternatives platform, reflecting the strength and diversity of the platform.

由於上述季節性和市場波動，資產管理和相關費用依次下降至 14 億美元。本季度基於業績的收入和其他收入虧損 5300 萬美元，原因是其中一隻亞洲私募股權基金的減價、遞延薪酬計劃投資的下降以及與傳統國際房地產投資相關的負分。除了這些特定的降價之外，我們在替代品平台上看到了廣泛的收益，反映了平台的實力和多樣性。

Turning to the balance sheet. Total spot assets increased to $1.2 trillion. Our standardized CET1 ratio sequentially declined and now stands at 14.5%. Multiple factors contributed to this change. Standardized RWAs increased as client activity returned after the more moderated levels at the end of 2021 and volatility increased. OCI related to our available-for-sale securities portfolio reflected an increase of an unrealized loss of $2.4 billion as a result of higher interest rates. While this should earn back over time, it impacted our CET1 ratio by 50 basis points in the quarter.

轉向資產負債表。即期資產總額增至 1.2 萬億美元。我們的標準化 CET1 比率依次下降，目前為 14.5%。多種因素促成了這一變化。隨著客戶活動在 2021 年底更緩和的水平後恢復，並且波動性增加，標準化風險加權資產增加。與我們的可供出售證券組合相關的 OCI 反映了由於利率上升導致的未實現虧損增加了 24 億美元。雖然這應該會隨著時間的推移而獲得回報，但它在本季度對我們的 CET1 比率產生了 50 個基點的影響。

We continue to return capital to our shareholders. We are executing on our $12 billion buyback authorization as we repurchased $2.9 billion of stock in the quarter. We remain in a strong capital position. Our tax rate was 19% for the quarter. The vast majority of share-based compensation -- excuse me, share-based award conversions takes place in the first quarter, creating a tax benefit. We continue to expect our full year tax rate will be in line with full year 2021.

我們繼續向股東返還資本。我們正在執行我們 120 億美元的回購授權，因為我們在本季度回購了 29 億美元的股票。我們仍處於強大的資本地位。我們本季度的稅率為 19%。絕大多數基於股票的薪酬——對不起，基於股票的獎勵轉換發生在第一季度，創造了稅收優惠。我們繼續預計我們的全年稅率將與 2021 年全年一致。

The first quarter again tested the resiliency of our franchise. We are pleased with how our team navigated the volatile environment and stayed close to clients during times of uncertainty. While the outlook for the remainder of the year is difficult to predict, the second quarter has started constructively and clients remain engaged.

第一季度再次考驗了我們特許經營的彈性。我們很高興我們的團隊如何在動蕩的環境中駕馭並在不確定的時期與客戶保持密切聯繫。雖然今年剩餘時間的前景難以預測，但第二季度已經開始建設性地開始，客戶仍然參與其中。

With that, we will now open up the line to questions.

有了這個，我們現在將打開問題線。

(Operator Instructions) The first question is from Glenn Schorr with Evercore.

（操作員說明）第一個問題來自 Evercore 的 Glenn Schorr。

Maybe just to start off big picture. So putting up a 20% ROTCE, in this tape I'm sure, it is good performance and it is affirmation of the strategy and what you built. So my question is you have enough capital, you have a lot of earnings power, rates are going up, I'm curious how you think about -- is there a what's next? I mean what do you do with this higher earnings production, with all the capital that's being produced?

也許只是為了開始大局。因此，我敢肯定，在這盤磁帶中設置 20% 的 ROTCE，這是很好的表現，它是對戰略和你所建立的東西的肯定。所以我的問題是你有足夠的資本，你有很大的盈利能力，利率正在上升，我很好奇你是怎麼想的——接下來會發生什麼？我的意思是你如何處理這種更高的收益生產，以及所有正在生產的資本？

Do you continue to chip away and find bolt-on acquisitions? Are you thinking about a next act? Organic growth alone can power this, but I'm just curious, in the next couple of years, how you're thinking about that, James.

您是否繼續削減並尋找補強收購？你在考慮下一步行動嗎？僅有機增長就可以推動這一點，但我只是好奇，在接下來的幾年裡，詹姆斯，你是如何考慮的。

Glenn, it's a high-class problem and it's a great position to be in. We've been very protective of keeping a sort of buffer on a buffer because you never know in this world. And I think what we've experienced with the markets in the last quarter were extremely volatile, and you just have to -- you have to anticipate the worst and make sure you're prepared for that. We clearly have done that.

格倫，這是一個高級問題，這是一個很好的位置。我們一直非常保護在緩衝區上保留某種緩衝區，因為在這個世界上你永遠不知道。我認為我們在上個季度經歷的市場非常不穩定，你只需要 - 你必須預測最壞的情況並確保你為此做好準備。我們顯然已經做到了。

We've been chipping away at the excess capital. If you add back the OCI, we're running about 15% CET1. We were well above 16%. So clearly, we'll see where our CCAR results are. I think last year, they're around 13.2% or 13.3%. I'd be surprised if there's material changes, but let's see. So we're still sitting on a significant buffer.

我們一直在削減多餘的資本。如果加回 OCI，我們將運行大約 15% 的 CET1。我們遠高於 16%。很清楚，我們將看到我們的 CCAR 結果在哪裡。我認為去年，他們約為 13.2% 或 13.3%。如果有重大變化，我會感到驚訝，但讓我們拭目以待。所以我們仍然坐在一個重要的緩衝區上。

Listen, we're clearly going to keep pushing capital distribution through buyback and dividend to shareholders. That's clearly the case. We've just done 2 major acquisitions worth about $21 billion. We would do more deals if they fit with our strategy. We won't do things that take us off-line, off-piste. We want to stay true to our strategy and our strengths and our 3 core businesses.

聽著，我們顯然將繼續通過回購和向股東分紅來推動資本分配。情況顯然如此。我們剛剛完成了兩次價值約 210 億美元的重大收購。如果符合我們的戰略，我們會做更多的交易。我們不會做讓我們脫機、脫軌的事情。我們希望忠於我們的戰略、我們的優勢和我們的 3 個核心業務。

So yes, continued buyback but also a lot of investment in the business. I mean we're doing a lot on the tech side. Obviously, we want to stay completely compliant with our regulatory responsibilities, and we'll continue to invest to make sure we're best in class there. But a lot of investment in technology and a lot of investment around the retirement, workplace platform, which I think is sort of the next frontier. And we're just in baby steps. We're very early days of that, but I think that's a huge opportunity.

所以，是的，繼續回購，但也對業務進行了大量投資。我的意思是我們在技術方面做了很多工作。顯然，我們希望完全遵守我們的監管責任，並且我們將繼續投資以確保我們在那裡成為同類中的佼佼者。但是大量的技術投資和圍繞退休、工作場所平台的大量投資，我認為這是下一個前沿領域。我們只是在嬰兒的步驟。我們還處於早期階段，但我認為這是一個巨大的機會。

And finally, I do think that there are opportunities outside of the U.S. Even though we're long in the U.S. and that served incredibly well and I think will serve us very well for the next decade, but I think in the wealth and asset management spaces internationally, we punch below our waist. On Institutional Securities, we don't, and we had a very strong quarter in Europe and Asia in Institutional Securities. But I think there's clearly more we can do internationally, so sort of watch that space.

最後，我確實認為美國以外的地方也有機會。儘管我們在美國很長一段時間，而且服務非常好，而且我認為未來十年對我們的服務非常好，但我認為在財富和資產管理方面國際空間，我們在腰部以下打拳。在機構證券方面，我們沒有，而且我們在歐洲和亞洲的機構證券方面表現非常強勁。但我認為我們顯然可以在國際上做更多的事情，所以請注意那個空間。

Okay. I appreciate all of that. Maybe just one follow-up. Sharon, you mentioned alternatives on the Wealth Management platform. I think you're the largest in the world, but yet it's still -- in terms of distributor of alternative product, but there's -- it's still at a low level percentage-wise of client assets.

好的。我很感激這一切。也許只是一個後續行動。 Sharon，您提到了財富管理平台上的替代方案。我認為你是世界上最大的，但它仍然 - 就替代產品的分銷商而言，但它仍然處於客戶資產的低百分比水平。

So I'm curious. James mentioned building technology, building people. How much do you have to prepare the platform? Or is it there waiting for these deluge of products that's coming? I'm trying to get a window into what's coming in terms of alternative distribution on your platform.

所以我很好奇。詹姆斯提到建造技術，建造人。您需要準備多少平台？還是在等待這些即將到來的大量產品？我正在嘗試了解您平台上的替代分發方面的情況。

I think it's a great question. And we -- as you said, we continue to invest in it. We've obviously seen the alternative players creating more product. And you see that from peers, but you also even see that from our own, from MSIM as a secular growth trend and a place that we're investing.

我認為這是一個很好的問題。我們——正如你所說，我們繼續投資。我們顯然已經看到另類玩家創造了更多的產品。您從同行中看到了這一點，但您甚至從我們自己的 MSIM 中也看到了這一點，這是一種長期增長趨勢和我們正在投資的地方。

They've obviously created products now that are more appropriate or more suitable for retail, and our platform is there. We're working very closely together. There's clearly more that we can do. As James said, we're continuing to invest.

他們現在顯然創造了更適合或更適合零售的產品，我們的平台就在那裡。我們正在密切合作。顯然，我們可以做的還有更多。正如詹姆斯所說，我們將繼續投資。

But I agree with you that this is a place where we've seen an uptick. We noted it over the course of this quarter. It was interesting to us, as I know we've discussed it individually as well, Glenn. And I think it's a place where you'll just continue to see that kind of growth investment from both us and also on the product side.

但我同意你的觀點，這是我們看到上升的地方。我們在本季度注意到了這一點。這對我們來說很有趣，因為我知道我們也單獨討論過，格倫。而且我認為這是一個你將繼續看到我們以及產品方面的增長投資的地方。

Our next question is from Brennan Hawken with UBS.

我們的下一個問題來自瑞銀的布倫南霍肯。

So I had a question first on the wealth management deposits. And thanks, Sharon, for that indication of updating the NII outlook. But when we think about the deposits and the potential beta, what's your expectation for beta this time around? And what percentage of your deposits are actually on the self-directed platform?

所以我首先有一個關於理財存款的問題。並感謝 Sharon 對更新 NII 前景的指示。但是當我們考慮存款和潛在的測試版時，您對這次測試版的期望是什麼？您的存款中有多少百分比實際上是在自主平台上？

We get the asset percentages, but it's my sense that self-directed runs with a higher percentage of cash. So I'm guessing the percentage of deposits would be -- would skew higher than the assets do on that platform. And could that impact your beta this time around?

我們得到了資產百分比，但我的感覺是，自主經營的現金比例更高。所以我猜存款的百分比會比該平台上的資產偏高。這一次會影響你的測試版嗎？

Sure. I think it's a great question. I think about it as 2 parts, probably actually a bit separately. One with beta, beta for us is informed by the last rate hike cycle. So we've given you historically and we stand by sort of a 50 beta as an end state, but obviously, beta also moves through time as you see different rate cycles. And so that's sort of point A if you think about just where the beta is.

當然。我認為這是一個很好的問題。我認為它是兩部分，實際上可能有點分開。一個有貝塔，我們的貝塔是由最後一次加息週期通知的。因此，我們從歷史上為您提供了 50 貝塔作為最終狀態，但顯然，貝塔也會隨著時間的推移而變化，因為您會看到不同的利率週期。如果你考慮一下 beta 的位置，這就是 A 點。

Your point on deposits is also interesting. I think that we think about deposits as -- we look at the composition of the deposits. And obviously, what E*TRADE did and the self-directed channel did is it offered us more deposits from smaller accounts with smaller levels, and that might -- to your point, that might have a different beta. So there's a beta obviously holistically, but then there's a beta, as you've mentioned, that might depend on where you are within the size of the accounts and the stickiness that you might see associated with those deposits.

你關於存款的觀點也很有趣。我認為我們將存款視為 - 我們查看存款的組成。顯然，E*TRADE 和自主渠道所做的是，它為我們提供了來自較小賬戶的更多存款，而這可能 - 就您而言，這可能具有不同的 beta。因此，從整體上看，顯然存在一個貝塔，但正如您所提到的，它可能取決於您在賬戶規模內的位置以及您可能看到的與這些存款相關的粘性。

So we're looking at it from 2 ways: overall beta, the same. But the deposits themselves and the way that we think about the runoff of the deposits might be different this time around just given our own composition of the deposits as they've been acquired by E*TRADE.

所以我們從兩個方面來看待它：整體測試版，相同。但是，考慮到我們自己的礦床構成，因為它們已被 E*TRADE 收購，礦床本身以及我們考慮礦床徑流的方式可能會有所不同。

Great. That makes a lot of sense. And then for the follow-up, sticking with the rate sensitivity. SBL growth has been quite remarkable this -- for the past many years. When we think about what happened last rate hiking cycle, I went back and I looked through, and the interesting thing is the SBLs weren't often think -- thought of as rate sensitive but they continued to grow in the last rate hiking cycle.

偉大的。這很有意義。然後在後續行動中，堅持利率敏感性。在過去的許多年裡，SBL 的增長非常顯著。當我們考慮上一次加息週期發生的事情時，我回過頭來查看，有趣的是 SBL 並不經常被認為是利率敏感的，但它們在上一次加息週期中繼續增長。

So how do you think about -- this time around, the product is obviously mature but -- more mature and so maybe could be more subject to some rate sensitivity, but also like advisers and customers probably understand the value of the product better, too. And so there's a couple of cross currents, and I can't quite get my head around exactly how to think about it. What are your thoughts on that?

那麼您如何看待 - 這一次，產品顯然已經成熟，但是 - 更成熟，因此可能更容易受到某些利率敏感性的影響，而且顧問和客戶也可能更好地了解產品的價值.所以有幾個交叉流，我無法完全理解如何思考它。你對此有何看法？

Thanks for the question. I think when you -- your points are, I think, appropriate. You're looking at obviously, yes, it was nascent. What I'd say about our profile is we didn't have the same size of household penetration across lending products. Then and even today, there is still, I'd say, room to run in better understanding, educating products and educating our clients about the different products that are available to them.

謝謝你的問題。我認為當你——我認為你的觀點是恰當的。你顯然在看，是的，它是新生的。關於我們的概況，我想說的是，我們在貸款產品中的家庭滲透率並不相同。當時甚至在今天，我想說，在更好地理解、教育產品和教育我們的客戶了解他們可用的不同產品方面仍有空間。

Now of course, the pace may change, and that's not impossible given what we're seeing or what you might think could happen. That's not really the prediction. But the idea is there's still more education that can be done, and that's why I think we feel comfortable that even though we might see rates rise, the actual amount that we gave you as guidance from a lending perspective should continue, part of that obviously being SBL, part of that being mortgages. But when you look at the household penetration even 5, 6 years ago, you were in very low double digits for us and you've only reached that mid-teen numbers. So still a lot more to go, as I said, around the education of that product for clients where that's suitable.

當然，現在節奏可能會發生變化，鑑於我們所看到的或您可能認為可能發生的情況，這並非不可能。這不是真正的預測。但這個想法是還有更多的教育可以做，這就是為什麼我認為我們感到很舒服，即使我們可能會看到利率上升，我們從貸款的角度給你作為指導的實際金額應該繼續，這顯然是其中的一部分是 SBL，其中一部分是抵押貸款。但是，當您查看 5、6 年前的家庭普及率時，您對我們來說處於非常低的兩位數，而且您只達到了那個青少年的數字。因此，正如我所說，圍繞適合客戶的產品教育還有很多工作要做。

Our next question is from Dan Fannon with Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Fannon。

The $75 billion acquisition of AUM that you got within Wealth Management, this is the second transaction, I think, over the last 12 months. Can you talk about the capabilities that you're getting with this and how this is being integrated more broadly into the wealth platform? And also just thinking about the backdrop and strategy. Should we see more of this type of transactions going forward?

你在財富管理部門以 750 億美元收購 AUM，我認為這是過去 12 個月內的第二筆交易。您能否談談您從中獲得的功能以及如何將其更廣泛地集成到財富平台中？也只是考慮背景和策略。我們是否應該在未來看到更多此類交易？

So why don't I start with just saying we'll see more when it's appropriate for our -- we're obviously continuing to look at this space. What these are and as James said, when we're looking at retirement, we're looking at defined benefit, we're looking at understanding how workplace coincides with the FA/adviser-led space together. And the way that I would think of this is just an extension of our strategy. So the best kind of concept that you can say is yes, we had a proof point in the third quarter of last year.

那麼我為什麼不首先說我們會在適合我們的時候看到更多 - 我們顯然會繼續關注這個空間。這些是什麼，正如詹姆斯所說，當我們考慮退休時，我們正在考慮確定的福利，我們正在考慮了解工作場所如何與 FA/顧問主導的空間相吻合。我認為這只是我們戰略的延伸。所以你可以說的最好的概念是肯定的，我們在去年第三季度有一個證明點。

We're obviously in a situation where we've acquired a similar plan and group of advisers. The group of advisers covered defined benefit contribution plans. Those defined benefit contribution plans have corporations associated with them that may also have participants. Those -- in this case, we have 1 million participants that were added.

顯然，我們已經獲得了類似的計劃和顧問團隊。顧問小組涵蓋了固定福利供款計劃。這些固定收益供款計劃有與之相關的公司，也可能有參與者。那些——在這種情況下，我們增加了 100 萬參與者。

That -- those participants, if you go back to our strategy of the funnel, they're a top portion of that funnel that we begin to advise or educate or learn or teach people about financial wellness. We give them access to our services, particularly that we've already developed in the workplace channel. And so that educational content has a crossover. And as they now understand better what financial wellness is, they can say, "I'm interested in speaking to a financial adviser." So that's where the channels begin to converge and merge and where you're beginning to really think about the top of the funnel into potentially providing access and advice to clients over time.

那 - 那些參與者，如果你回到我們的漏斗策略，他們是我們開始建議或教育或學習或教導人們財務健康的那個漏斗的頂部部分。我們讓他們訪問我們的服務，尤其是我們已經在工作場所渠道開發的服務。因此，教育內容具有交叉性。由於他們現在更好地了解財務健康是什麼，他們可以說，“我有興趣與財務顧問交談。”因此，這就是渠道開始融合和合併的地方，也是您開始真正考慮漏斗頂部的地方，以便隨著時間的推移可能為客戶提供訪問和建議。

Got it. That makes sense. And you did talk about within the workplace, higher retention rates and more companion accounts. I don't know if you can give some stats around that. But maybe you also, I think, highlighted that the integration costs will be done with E*TRADE by the end of the year. So maybe what's left in terms of milestones with that? And then within the kind of workplace, some of the momentum and progress, any numbers would be helpful.

知道了。那講得通。你確實在工作場所談到了更高的保留率和更多的同伴帳戶。我不知道你是否可以提供一些統計數據。但我認為，也許您也強調了 E*TRADE 將在今年年底之前完成整合成本。那麼，就里程碑而言，也許還剩下什麼？然後在那種工作場所內，一些動力和進步，任何數字都會有所幫助。

Sure. So the companion accounts, what we've said is that by the end of this year, approximately 90% of U.S. stock participants will be in a position to access a companion account should they want to or should they have the stock to vest into the account. So that's the point there.

當然。所以同伴賬戶，我們所說的是，到今年年底，大約 90% 的美國股票參與者將能夠訪問同伴賬戶，如果他們想要或應該有股票歸屬於帳戶。所以這就是重點。

The question around the retention of assets, we had given that metric at the beginning of -- in the January deck. And we talked about aiming towards 30%, and we have made improvements from the 24% that we gave you at the end of the quarter. So all of those are milestones as you think about integration and integration-related expenses and also the points that James had made around the investment in our business, in technology and in the integration more broadly.

關於資產保留的問題，我們在一月份的一開始就給出了這個指標。我們談到了 30% 的目標，並且我們在本季度末給您的 24% 的基礎上進行了改進。因此，當您考慮集成和與集成相關的費用時，所有這些都是里程碑，以及詹姆斯圍繞我們的業務、技術和更廣泛的集成的投資所提出的觀點。

Our next question is from Steven Chubak with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steven Chubak。

So I wanted to start off with a question on NNA outlook. Organic growth has moderated granted versus what admittedly was a neck-breaking pace that we had seen last year. To what extent did the market volatility disrupt adviser movement across the wealth space? And have you seen any improvement in breakaway broker trends or just the recruiting backlog more broadly as volatility has started to moderate versus the level seen in Jan and Feb?

所以我想從一個關於 NNA 前景的問題開始。與我們去年看到的令人難以置信的速度相比，有機增長已經放緩。市場波動在多大程度上擾亂了整個財富領域的顧問流動？與 1 月和 2 月的水平相比，隨著波動性開始緩和，您是否看到突破性經紀人趨勢有任何改善，或者只是招聘積壓更廣泛？

Thanks for the question, Steve. So as it relates to net recruiting, still seeing inflows on the back of net recruiting. In fact, all 3 channels as you think about NNA were contributors to the net -- the NNA number excluding the asset retention, so if you just take that other piece -- or the asset acquisition.

謝謝你的問題，史蒂夫。因此，當它與淨招聘有關時，仍然看到淨招聘背後的資金流入。事實上，您認為 NNA 的所有 3 個渠道都是網絡的貢獻者——NNA 數字不包括資產保留，所以如果你只考慮其他部分——或者資產收購。

And if you look just at the adviser-led channel, a couple of factors. So one, net recruiting, positive. Two, on the actual adviser side, evenly split between existing accounts -- or existing clients and new clients, so continuing to see consolidation of assets held away as well as new client relationships going forward. And then we had a contribution from workplace, which is obviously impacted by both the companion accounts and also retention of assets, and self-directed. So really broad-based contributions from the different channels. And net recruiting, as I said, remains very -- in a good -- in a solid place.

如果你只看顧問主導的頻道，有幾個因素。所以一，淨招聘，積極。第二，在實際顧問方面，現有賬戶或現有客戶和新客戶之間平均分配，因此繼續看到資產整合以及新客戶關係的發展。然後我們有來自工作場所的貢獻，這顯然受到同伴賬戶和資產保留的影響，並且是自我導向的。所以來自不同渠道的真正廣泛的貢獻。正如我所說，淨招聘仍然非常 - 處於良好 - 穩固的位置。

Understood. And just for a follow-up, just trying to clarify some of the NII guidance. I was hoping you could provide, Sharon, an update on the loan growth outlook, whether you're still comfortable with the mid-teens loan growth you had guided to previously. And does the more than $1 billion NII benefit that you alluded to in your prepared remarks contemplate some continued loan growth? Or is that on a static balance sheet?

明白了。只是為了跟進，只是試圖澄清一些 NII 指導。 Sharon，我希望你能提供貸款增長前景的最新信息，無論你是否仍然對你之前指導的青少年貸款增長感到滿意。您在準備好的講話中提到的超過 10 億美元的 NII 收益是否考慮到一些持續的貸款增長？還是在靜態資產負債表上？

It's the same loan growth number that I gave you. So the percentage that you gave, if you take that and you think -- it was basically about $5 billion a quarter, so we just gave you in dollars this time around. So it's the same that I gave in January. And then that is what's the point around the -- I don't know if it was allusion. I actually gave you that it was double. So I said at least double in terms of the NII guidance increase. That really has to do with the realization of the forward curve and the change in the forward curve.

這與我給你的貸款增長數字相同。所以你給的百分比，如果你考慮一下，你認為 - 基本上每季度大約 50 億美元，所以這次我們只是給你美元。所以這和我在一月份給的一樣。然後這就是圍繞 - 我不知道這是否是典故的意義所在。我實際上告訴你它是雙倍的。所以我說在 NII 指導增加方面至少翻了一番。這確實與前向曲線的實現和前向曲線的變化有關。

Our next question is from Ebrahim Poonawala with Bank of America.

我們的下一個問題來自美國銀行的 Ebrahim Poonawala。

Just a quick couple of follow-ups. One, Sharon, if you could remind us in terms of the NII guide. How big is the money market waivers kind of coming back now that we've had the first Fed hike? And is there any additional improvement that we should expect if the Fed hikes by 50 bps in May?

只是幾個快速的跟進。一，Sharon，如果你能在 NII 指南方面提醒我們。既然我們已經進行了美聯儲的首次加息，那麼貨幣市場豁免的回歸幅度有多大？如果美聯儲在 5 月加息 50 個基點，我們是否應該期待任何額外的改善？

So our money market guidance we gave you was about plus 200. And we stand by plus 200, but I'd say it's for the full year. It's really based on 2 factors that are contributing into that. One is the balances as well as the industry and the waivers, how quickly those waivers roll off. So we're -- it's $200 million for the remainder of the year for the increase for Investment Management.

所以我們給你的貨幣市場指導大約是加 200。我們支持加 200，但我會說這是全年的。它實際上是基於兩個促成這一點的因素。一是餘額以及行業和豁免，這些豁免滾落的速度有多快。所以我們 - 在今年剩餘的時間裡，投資管理的增加是 2 億美元。

Understood. And just as a follow-up, when we think about -- it's a tougher question around the macro outlook when we think about M&A, IPOs coming back. Any sense in terms of -- when you look at the world, it feels like volatility is going to be high, which bodes well for trading. But how do you handicap just talking to sort of your corporate clients around appetite for deal making given just the current geopolitical backdrop? Any color would be helpful.

明白了。作為後續行動，當我們考慮 - 當我們考慮併購、IPO 回歸時，這是一個圍繞宏觀前景的更棘手的問題。任何意義上的——當你看世界時，感覺波動性會很高，這對交易來說是個好兆頭。但是，鑑於當前的地緣政治背景，您如何限制與您的企業客戶就交易的興趣進行交談？任何顏色都會有幫助。

So a couple of things first on the advisory pipeline in particular. Pipeline remains healthy and diversified. So taking a look at the underlying pipeline, still diversified across sectors, which I think is another healthy sign in terms of the marketplace.

因此，特別是關於諮詢管道的幾件事。管道保持健康和多樣化。因此，看看潛在的管道，仍然跨部門多樣化，我認為這是市場方面的另一個健康跡象。

As it relates to the underwriting calendar, that -- obviously, you do have deals that didn't necessarily come to market in the first quarter. They -- that pipeline to realize, that was associated really with the volatility and the uncertainty in the first quarter. As that recedes, to the extent that it does, that would move things from the pipeline state to the realized state.

由於它與承保日曆有關，那 - 顯然，您確實有一些交易不一定在第一季度上市。他們 - 要實現的管道，這與第一季度的波動性和不確定性有關。隨著這種情況的消退，在某種程度上，這會將事情從管道狀態轉移到已實現狀態。

Our next question is from Mike Mayo with Wells Fargo.

我們的下一個問題來自富國銀行的 Mike Mayo。

I have a question and then a follow-up. I guess no good deed goes unpunished. Going back to -- you said core net new asset growth for the quarter was 5.4%, if I got that right, excluding the deal. And so that is down from where you were before but it's certainly up from where you guys had been a few years ago. So where do you expect that to settle out? And what's the relative contribution, say, E*TRADE versus the other legacy businesses?

我有一個問題，然後是跟進。我想沒有一件好事會受到懲罰。回到 - 你說本季度的核心淨新資產增長率為 5.4%，如果我沒看錯的話，不包括交易。所以這比你們以前的水平要低，但肯定比你們幾年前的水平要高。那麼你希望它在哪裡解決呢？例如，E*TRADE 與其他傳統業務的相對貢獻是什麼？

We've given -- what I think we -- where we started, Mike, is we said, and James said it in January, 11% which we saw last year was exceptional and we didn't expect that to be repeated in the near term or we weren't sure and we wanted to see how the pipeline moved out and how these different channels work together. But what we did say is 3% to 4% is where we used to be and we weren't expecting to see that. Obviously, we're also at a higher base now, and so that's also something to bear in mind. So I think we feel very good about where we are, and this is well within that range that we had basically given you. And we said we would spend time better understanding the channels to provide guidance over time.

我們已經給出了 - 我認為我們 - 我們從哪裡開始，邁克，我們說過，詹姆斯在一月份說過，我們去年看到的 11% 是特殊的，我們沒想到會在近期或我們不確定，我們想看看管道是如何移出的，以及這些不同的渠道如何協同工作。但我們所說的是 3% 到 4% 是我們過去的水平，我們沒想到會看到這一點。顯然，我們現在也處於更高的基礎上，所以這也是需要牢記的。所以我認為我們對自己所處的位置感覺很好，這完全在我們基本上給你的範圍內。我們說我們會花時間更好地了解渠道，以便隨著時間的推移提供指導。

You asked another, the contribution from each of the channels. As I said, 3 different channels all contributed very, very nicely. We don't break it out into different pieces. But I would say that the integration is going well and the E*TRADE client and client usage is also doing well.

你問另一個，每個渠道的貢獻。正如我所說，3 個不同的渠道都做出了非常非常好的貢獻。我們不會把它分成不同的部分。但我想說，集成進展順利，E*TRADE 客戶端和客戶端使用情況也很好。

Okay. And my follow-up question is on the block trading investigation, which you guys highlighted in your filings. And I know you're limited about what you want to say. I know you can't and shouldn't give any expectations, but there might be some things that you could disclose around this.

好的。我的後續問題是關於大宗交易調查，你們在文件中強調了這一點。而且我知道你想說的話是有限的。我知道你不能也不應該給出任何期望，但你可能會在這方面透露一些事情。

This might wind up being a non-event. I mean there's investigations all the time, we get it. But every now and then, one of these investigations leads to something. I'm not saying that this is the case, but I just want to -- when investors ask me, "What do you think the impact of the block trading investigation at Morgan Stanley could be?" it'd be nice for me and investors to have that answer.

這可能最終成為非事件。我的意思是一直有調查，我們明白了。但時不時地，其中一項調查會導致一些事情。我並不是說情況就是這樣，但我只是想——當投資者問我，“你認為摩根士丹利大宗交易調查的影響可能是什麼？”對我和投資者來說，有這樣的答案會很好。

So with that big wind-up, how much do you make from block trading per year? And were these issues self-disclosed by Morgan Stanley to the regulators? Or did it come from an outside party?

那麼有了這麼大的收盤，你每年從大宗交易中賺了多少錢？這些問題是摩根士丹利自己向監管機構披露的嗎？還是來自外界？

Mike, I certainly preferred your first question about the net new money growth and high-class problems of not achieving 11% organic. 5.4% is generating something like $200 billion to $250 billion net a year so it's actually a great problem. And I think as Sharon said, the various channels there are going to continue to contribute.

邁克，我當然更喜歡你關於淨新資金增長和未實現 11% 有機增長的高級問題的第一個問題。 5.4% 每年淨產生 2000 億到 2500 億美元，所以這實際上是一個很大的問題。我認為正如 Sharon 所說，那裡的各種渠道將繼續做出貢獻。

My telling you all of this is to say I can't talk about ongoing investigations on block trades obviously, and we're not going to do that on an earnings call. But you can look at our equities business and how it performs generally and how it has done over many, many years and its current performance and draw whatever conclusions might be appropriate. But right now, we can't talk about ongoing investigations, and it doesn't matter whether it's this one or any other one from any authority. It's always the same rule.

我告訴你這一切是說我不能談論正在進行的大宗交易調查，而且我們不會在財報電話會議上這樣做。但是你可以看看我們的股票業務，看看它的總體表現，以及它多年來的表現以及目前的表現，並得出任何可能合適的結論。但是現在，我們不能談論正在進行的調查，無論是這個還是來自任何當局的任何其他調查都無關緊要。它總是一樣的規則。

Our next question is from Gerard Cassidy with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Gerard Cassidy。

Sharon, can you share with us -- when you take a look at the equities business as well as the FICC business and all the disruption we saw in the quarter, has there been any opportunity for you guys to grab market share from maybe some other competitors that are weaker and are unable to handle the volatility the way you guys did?

Sharon，您能否與我們分享一下——當您查看股票業務以及 FICC 業務以及我們在本季度看到的所有中斷時，你們是否有機會從其他人那裡搶占市場份額較弱且無法像你們那樣應對波動的競爭對手？

Thanks, Gerard, for the question. Actually, I know a lot of the peers have released this morning. So I haven't looked specifically at this quarter's number in terms of this -- the public market share, but what I can tell you is that we have seen increased share over time. I think we're really proud of the positions that we've made in both of the sales and trading franchises.

謝謝杰拉德的問題。其實我知道今天早上很多同行都發布了。因此，我沒有具體研究本季度的數字——公開市場份額，但我可以告訴你的是，隨著時間的推移，我們看到份額有所增加。我認為我們真的為我們在銷售和貿易特許經營權中所取得的地位感到自豪。

A lot of that has to do with what James discussed more directly in his script, which is building these -- investing in our people and talent, both geographically and also making sure that we have it across different functions. So all of these things are important. I think it's decades in the making rather than just 1 quarter. And we're really proud of the way that we thought about the continuous velocity of all of our resources to make sure that we can better and more efficiently support client flows.

這在很大程度上與詹姆斯在他的劇本中更直接地討論的內容有關，即構建這些——投資於我們的人員和人才，無論是在地理上，還是確保我們在不同的職能部門都有它。所以所有這些事情都很重要。我認為這是幾十年的發展，而不僅僅是一個季度。我們真的為我們考慮所有資源的持續速度的方式感到自豪，以確保我們能夠更好、更有效地支持客戶流。

And then a second -- following up on your commentary about your pipeline. And we all understand the volatility of what's going on out there. If the markets settle down but they settled down at lower valuations, in the underwriting area, do you still think that could come back? Or do we need higher valuations so that there's not basically down -- almost like a down round where private has to go public, if that's their intention, at a lower price than what they've raised money on the private side?

然後是第二個 - 跟進您對管道的評論。我們都了解那裡正在發生的事情的波動性。如果市場穩定下來，但他們在較低的估值下穩定下來，在承銷領域，你仍然認為這可能會回來嗎？或者我們是否需要更高的估值，這樣基本上就不會下跌——幾乎就像私人必須上市的下跌輪，如果這是他們的意圖，以低於他們在私人方面籌集資金的價格？

I think that will be very -- I think individual companies will make their own decisions in terms of where they have that from an advice-driven perspective.

我認為這將是非常 - 我認為個別公司將從建議驅動的角度根據他們擁有的地方做出自己的決定。

I just -- if you look at pipeline and you look at investment banking revenue through cycles, it's actually remarkably stable on an annual basis. On a quarterly basis, it's extremely volatile. I mean look at the change between fourth quarter ECM and first quarter ECM. But then look at what M&A did, the advisory business, I think, over $800 million. But if you go through the end of the year, I'm sure you'll find it's much more stable and reflective of what we've done in 2020, '21 period.

我只是 - 如果您查看管道並查看各個週期的投資銀行收入，它實際上每年都非常穩定。按季度計算，它非常不穩定。我的意思是看看第四季度 ECM 和第一季度 ECM 之間的變化。但再看看併購做了什麼，我認為諮詢業務超過 8 億美元。但是，如果您度過了今年年底，我相信您會發現它更加穩定，並且反映了我們在 2020 年 21 年期間所做的事情。

So I don't think that -- it's a very interesting question you raised, but I don't think that -- individual companies, they don't make their decisions obviously based on averages and what the market is. They make them based on what their own equity capital needs are or debt capital needs or M&A needs. And listen, we've got -- we have one of the best franchises in the world. It is global. So any cross-border deals, any global companies, we're in those. That won't change. It's just a question of is it Q1 or Q3. So I'm really unfazed by the volatility in banking on a quarterly basis.

所以我不認為 - 這是你提出的一個非常有趣的問題，但我不認為 - 個別公司，他們顯然不會根據平均值和市場情況做出決定。他們根據自己的股權資本需求或債務資本需求或併購需求來製定它們。聽著，我們有——我們擁有世界上最好的特許經營權之一。它是全球性的。因此，任何跨境交易，任何全球公司，我們都參與其中。那不會改變。只是Q1還是Q3的問題。因此，我對銀行業每季度的波動並不感到擔憂。

Our next question is from Jeremy Sigee with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Jeremy Sigee。

I wanted to talk about the lower transaction revenues in Wealth Management and not so much about what happened in the quarter but just looking at March and April. What's the state of mind in your Wealth Management clients? Is this an environment where they're going to stay active or become more active again? Or is this a sort of wait-and-see kind of mood among your clients?

我想談談財富管理中較低的交易收入，而不是本季度發生的事情，而只是看看 3 月和 4 月。您的財富管理客戶的心態如何？這是一個他們將保持活躍或再次變得更加活躍的環境嗎？或者這是您的客戶之間的一種觀望情緒？

So I'll -- actually, it's a really interesting question. Two things that struck me as we sort of went through and thought about the quarter. One is the fact that when you look at allocations of investors in the retail space in terms of where their positions were in equities, fixed income, cash, cash equivalents, et cetera, on a proportional basis, over the last year or 2, actually, they -- those percentages have actually also remained relatively stable. So the retail investor's investment is something that hasn't necessarily fluctuated. Based on the data that we have, that we've seen, those positions have remained there despite the fact that there's been volatility.

所以我會 - 實際上，這是一個非常有趣的問題。當我們經歷並思考這個季度時，有兩件事讓我印象深刻。一個事實是，當您查看過去一年或兩年內投資者在股票、固定收益、現金、現金等價物等方面的頭寸按比例分配時，實際上，他們——這些百分比實際上也保持相對穩定。所以散戶投資者的投資不一定是波動的。根據我們所擁有的數據，我們已經看到，儘管存在波動，但這些頭寸仍然存在。

The second point is -- specifically on self-directed is the E*TRADE. The fact that -- this is what I tried to mention in the script, was where we are from the daily average trade levels, still very, very high, 3x the high from when E*TRADE was a stand-alone company. And so I think it highlights the change that we've seen in the retail sentiment over the course of the last 2 or 3 years.

第二點是——特別是關於自我導向的是 E*TRADE。事實上——這就是我試圖在腳本中提到的，是我們在每日平均交易水平上所處的位置，仍然非常非常高，是 E*TRADE 是一家獨立公司時的 3 倍。因此，我認為它突出了我們在過去 2 或 3 年的過程中看到的零售情緒的變化。

I'd just add 2 points to that. Number one, the transaction revenue line in Wealth Management has the DCP impact in it, which was actually very big this quarter. That bounces around. And secondly, if you look at the P&L of Wealth Management, actually, the transaction revenues as a driver of the overall health of the business is relatively small. I mean much more important are the fee-based revenues, the net interest income, what we're doing in the banking side so -- and then some of the new issue stuff.

我只想加2分。第一，財富管理中的交易收入線有 DCP 影響，本季度實際上非常大。那個反彈。其次，如果您查看財富管理的損益表，實際上，交易收入作為業務整體健康狀況的驅動力相對較小。我的意思是更重要的是收費收入、淨利息收入、我們在銀行方面所做的事情——然後是一些新發行的東西。

So I just put that out there. It's -- again, it's one of these things that honestly, I'm not very fazed. I'm much more interested in asset growth, net new asset growth and what we're doing in the bank and the deposits. Transactions will bounce around given market volatility.

所以我把它放在那裡。這是 - 再說一次，這是其中之一，老實說，我不是很擔心。我對資產增長、淨新資產增長以及我們在銀行和存款中所做的事情更感興趣。鑑於市場波動，交易將反彈。

That's very helpful. Could I just ask a follow-up? I'm sitting in Europe. You mentioned Europe was strong. Could you talk about which bits were driving that? What was so great in Europe this quarter?

這很有幫助。我可以問一個後續嗎？我坐在歐洲。你提到歐洲很強大。你能談談是哪些位在推動這一點嗎？本季度歐洲有什麼大不了的？

I think that this is really based on the advice-driven model, right? Do you have uncertainty in Europe? There is a lot going on. Obviously, there are pieces of commodities, for example. It's very specific. But then you also just see client engagement as it relates to various parts of Europe and being able to service that advice is all part of this diversified model.

我認為這真的是基於建議驅動的模型，對吧？你在歐洲有不確定性嗎？有很多事情發生。顯然，例如，有一些商品。這是非常具體的。但是，您也只會看到與歐洲各個地區相關的客戶參與度，並且能夠為這些建議提供服務是這種多元化模式的一部分。

Our next question is from Devin Ryan with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Devin Ryan。

Question on the family office strategy. There was an interesting article recently, and I figured to dig in here a little bit more. I know it's always been a focus for Morgan Stanley, and really, the firm is uniquely positioned, in my opinion, to really take advantage of that. But I'm curious kind of what is new in the strategy and how you guys would maybe frame the evolution and kind of where the opportunity is accelerating.

關於家族辦公室策略的問題。最近有一篇有趣的文章，我想在這裡再深入一點。我知道這一直是摩根士丹利關注的焦點，而且在我看來，該公司確實具有獨特的定位，可以真正利用這一點。但我很好奇戰略中的新內容，以及你們將如何構建演變以及機會正在加速的地方。

Absolutely. I'm actually glad you asked the question. I think it's a really interesting space, and I think it's an example of connecting the dots.

絕對地。我真的很高興你問了這個問題。我認為這是一個非常有趣的空間，我認為這是一個連接點的例子。

So over the course of the last couple of years, what we've realized is there's a need for family offices to have access to services that we already offer Institutional Securities clients through our fund services platform. And so bringing together those conversations between what's happening in the Institutional Securities group and what strategy we're driving in Wealth Management is just an example of how the business is working more closely together to find those opportunities to service clients as family offices begin to feel more like institutional accounts. And that back and forth dialogue is really amongst the team, the leadership and then throughout the organization.

因此，在過去幾年中，我們意識到家族辦公室需要獲得我們已經通過我們的基金服務平台為機構證券客戶提供的服務。因此，將機構證券集團正在發生的事情與我們在財富管理領域推動的戰略之間的對話結合在一起，只是一個例子，說明隨著家族辦公室開始感受到，企業如何更緊密地合作以尋找為客戶提供服務的機會更像是機構賬戶。這種來回對話實際上是在團隊、領導層之間，然後是整個組織之間。

Okay. Great. Quick follow-up just on the digital asset strategy and maybe how you would frame where you are today both in GWM and institutional and what we could expect over the next year.

好的。偉大的。快速跟進數字資產戰略，也許您將如何構建您今天在 GWM 和機構中的位置以及我們對明年的預期。

Absolutely. As you know, we're obviously offering some -- we have some offerings for different qualified investors that we have. But in this space, we're obviously taking the lead from regulators as it relates to what we can and can't offer various clients.

絕對地。如您所知，我們顯然提供了一些 - 我們為我們擁有的不同合格投資者提供了一些產品。但在這個領域，我們顯然正在從監管機構那裡帶頭，因為它關係到我們可以和不能為各種客戶提供的服務。

There are no further questions at this time. Thank you, presenters.

目前沒有其他問題。謝謝各位主持人。

Ladies and gentlemen, this concludes today's conference call. Thank you again for participating, and have a wonderful day. You may all disconnect.

女士們，先生們，今天的電話會議到此結束。再次感謝您的參與，祝您有美好的一天。你們都可以斷開連接。