摩根士丹利 (MS) 2024 Q1 法說會逐字稿

Good morning, welcome to Morgan Stanley's First Quarter 2024 Earnings Call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimers. This call is being recorded.

早安，歡迎參加摩根士丹利 2024 年第一季財報電話會議。我將代表摩根士丹利在電話會議開始時提供以下資訊和免責聲明。此通話正在錄音。

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. Morgan Stanley does not undertake to update the forward-looking statements in this discussion.

在今天的演示中，我們將參考我們的收益發布和財務補充資料，其副本可在 morganstanley.com 上取得。今天的演示可能包含前瞻性陳述，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。摩根士丹利不承諾更新本次討論中的前瞻性陳述。

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.

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，不得複製或複製本簡報。

I will now turn the call over to Chief Executive Officer, Ted Pick.

我現在將把電話轉給執行長泰德·皮克。

Good morning and happy spring in New York. Thank you for joining us. We entered 2024 with optimism, encouraged by improving boardroom confidence and an increasingly positive tone from our institutional and wealth management clients. The quarter was strong. We generated $15 billion of revenue, a 71% efficiency ratio, $2.02 in earnings per share and a 20% return on tangible equity. In a relatively constructive environment, these results highlight the power of our clear and consistent strategy serving as trusted adviser to our clients, helping them raise allocate and manage capital.

早安，紐約春天快樂。感謝您加入我們。受到董事會信心增強以及機構和財富管理客戶日益積極的基調的鼓舞，我們以樂觀的態度進入 2024 年。本季表現強勁。我們創造了 150 億美元的收入、71% 的效率、2.02 美元的每股盈餘和 20% 的有形股本回報率。在相對建設性的環境中，這些結果突顯了我們作為客戶值得信賴的顧問的清晰而一致的策略的力量，幫助他們籌集、分配和管理資本。

During the quarter, higher asset prices and an improved economic backdrop supported confidence with our wealth management client base. We saw greater activity, both in the adviser based and self-directed channels, resulting in higher adjusted margins of 27%. Net new assets grew by $95 billion. Investment Management also generated positive long-term flows in the quarter. Across both Wealth and Investment Management, total client assets grew to $7 trillion, advancing toward our $10 trillion goal. As the new issue calendar returned for the first time in a number of quarters, it was great to see us regain our leadership position in equity capital markets.

本季度，資產價格上漲和經濟背景改善支撐了我們財富管理客戶群的信心。我們看到基於顧問的管道和自主管道的活動都更加活躍，導致調整後利潤率高達 27%。新資產淨值成長 950 億美元。投資管理本季也產生了積極的長期資金流入。在財富和投資管理領域，客戶總資產成長至 7 兆美元，朝向我們 10 兆美元的目標邁進。隨著新的發行日曆在多個季度中首次回歸，我們很高興看到我們重新獲得了在股權資本市場的領導地位。

More broadly, we saw building momentum in investment banking, both in our M&A and underwriting pipelines across corporate and financial sponsor clients. Institutional equities and fixed income both generated very solid results to round out a strong quarter in institutional securities. As ever, we remain focused on managing our resources, sweating the income statement and being judicious with our capital. Our CET1 ratio was 15.1%. Our excess capital position allows us to support our clients, invest in our businesses and return capital to our shareholders, particularly as regulators continue to evaluate Basel III endgame.

更廣泛地說，我們看到投資銀行業的勢頭正在增強，無論是在我們的併購還是企業和金融贊助客戶的承銷管道中。機構股票和固定收益都產生了非常穩健的業績，為機構證券帶來了強勁的季度表現。與以往一樣，我們仍然專注於管理我們的資源，精心編制損益表並明智地使用我們的資本。我們的CET1比率是15.1%。我們的超額資本部位使我們能夠支持客戶、投資我們的業務並向股東返還資本，特別是在監管機構繼續評估巴塞爾協議 III 結局的情況下。

Additional regulatory clarity and a sustained capital markets recovery should have a multiplier effect across our global franchise, further unlocking the unique power of our integrated firm. I wanted to touch on the topic of client onboarding and monitoring in the wealth business with 3 short observations. First, this quarter's wealth management results speak for themselves with record revenues and strong metrics across the board, including strong margins and very strong net new assets. We are really pleased with this terrific performance, and we are going to keep ongoing.

額外的監管透明度和持續的資本市場復甦應該對我們的全球特許經營權產生乘數效應，進一步釋放我們綜合公司的獨特力量。我想透過 3 個簡短的觀察來談談財富業務中的客戶引導和監控這個主題。首先，本季的財富管理業績不言自明，創紀錄的收入和全面的強勁指標，包括強勁的利潤率和非常強勁的淨新資產。我們對這次出色的表現感到非常滿意，我們將繼續努力。

Second, this is not a new matter. We've been focused on our client onboarding and monitoring processes for a good while. We have ongoing communications with our regulators as all the large banks do. As James said in January, we want to ensure we continue to be world-class in every aspect of this growing business. And third, to be clear, this is about processes. We have been spending time, effort and money for multiple years, and it is ongoing. We've been on it and the costs associated with this are largely in the expense run rate.

其次，這並不是新問題。一段時間以來，我們一直專注於客戶入職和監控流程。正如所有大型銀行一樣，我們與監管機構保持持續的溝通。正如詹姆斯一月份所說，我們希望確保我們在這一不斷增長的業務的各個方面繼續保持世界一流。第三，需要明確的是，這是關於流程的。多年來我們一直在花費時間、精力和金錢，而且這種情況仍在持續。我們一直在研究這個問題，與此相關的成本主要體現在費用運行率。

To conclude, the first quarter of 2024 aligns with the goals outlined in the January strategy deck, $15 billion of revenue, a 71% efficiency ratio, $2 of earnings, $7 trillion of client assets and a 20% return on tangible. We have strong backlogs and momentum in every part of the firm. While the pipelines are healthy, there remains a backdrop of economic and geopolitical uncertainty. Our job is to generate these kinds of durable results on a consistent basis. I'm very optimistic what lies ahead for Morgan Stanley. And on behalf of our 2,300 Managing Directors, and 80,000 employees, say, to those listening to the call, we will deliver an integrated firm to clients and shareholders that is unmatched in both its integrity and in its intensity.

總而言之，2024 年第一季與 1 月策略中概述的目標一致，即收入 150 億美元、效率比 71%、收益 2 美元、客戶資產 7 兆美元和有形回報 20%。我們公司的每個部門都有強大的積壓訂單和動力。儘管管道狀況良好，但經濟和地緣政治的不確定性仍然存在。我們的工作是在一致的基礎上產生這些持久的結果。我對摩根士丹利的未來非常樂觀。代表我們的 2,300 名董事總經理和 80,000 名員工，向那些聆聽這一呼籲的人們表示，我們將為客戶和股東打造一家在誠信度和強度方面都無與倫比的綜合性公司。

Now I'll turn it over to our excellent CFO, Sharon Yeshaya, to discuss the quarter in more detail.

現在我將把它交給我們優秀的財務長 Sharon Yeshaya，以更詳細地討論該季度。

Thank you, and good morning. In the first quarter, the firm produced revenues of $15.1 billion. Our EPS was $2.02 and and our ROTCE was 19.7%. Our model is working as intended. The first quarter results demonstrate the strength of our scaled business and an improving backdrop, benefits of durable revenues, particularly asset management fees in the wealth management business, stronger capital markets and a continued focus on managing the full income statement all contributed to results. The firm's first quarter efficiency ratio was 71%, illustrating the inherent operating leverage in the model and our ongoing efforts to consolidate our expense base following multiple years of integrations.

謝謝你，早安。第一季度，該公司營收 151 億美元。我們的 EPS 為 2.02 美元，ROTCE 為 19.7%。我們的模型正在按預期工作。第一季業績展示了我們規模化業務的實力和不斷改善的背景、持久收入的好處，特別是財富管理業務中的資產管理費、更強勁的資本市場以及對管理完整損益表的持續關注，所有這些都對業績做出了貢獻。該公司第一季的效率率為 71%，說明了該模型固有的營運槓桿，以及我們在多年整合後不斷努力鞏固我們的費用基礎。

Efforts are evidenced by the year-over-year reduction in professional services and marketing and business development spend. Lower legal expenses further supported the improvement in efficiency ratio.

專業服務以及行銷和業務開發支出的逐年減少證明了這些努力。法律費用的下降進一步支持了效率的提高。

Now to the businesses. Institutional Securities revenues of $7 billion were up 3% versus the prior year, reflecting strong performance across businesses. First quarter revenues underscore the power of the integrated firm as our cross-divisional collaboration positioned us to capitalize on market opportunities. The geographical breadth continues to distinguish our franchise and puts us at the center of client activity as the backdrop improves across regions.

現在到企業。機構證券收入為 70 億美元，較上年成長 3%，反映出各業務部門的強勁表現。第一季的收入凸顯了整合公司的力量，因為我們的跨部門合作使我們能夠利用市場機會。隨著各地區背景的改善，地理範圍繼續使我們的特許經營與眾不同，並使我們處於客戶活動的中心。

Investment banking revenues were $1.4 billion for the first quarter, up 16% from the prior year, a pickup in both equity and fixed income underwriting supported results, offsetting the year-over-year decline in advisory. Leading indicators continue to progress positively, including the preliminary reemergence of sponsor activity. Advisory revenues of $461 million reflected a decline in completed M&A transactions. Equity underwriting revenues of $430 million more than doubled versus the prior year as IPO markets reopened for most of the quarter, alongside conducive markets for follow-ons.

第一季投資銀行業務收入為 14 億美元，比上年同期增長 16%，股票和固定收益承保業績的回升支撐了業績，抵消了諮詢業務的同比下降。領先指標持續積極進展，包括贊助商活動的初步復甦。諮詢收入為 4.61 億美元，反映了已完成併購交易的下降。由於 IPO 市場在本季大部分時間重新開放，以及後續市場的有利市場，股票承銷收入達到 4.3 億美元，比上年增長了一倍多。

Our global reach supported our ability to lead cross-border transactions, and we regained our premier leadership position in equity underwriting league tables as global market volumes picked up. Fixed income underwriting increased year-over-year to $556 million. Results were driven by strength in investment-grade and noninvestment-grade bond issuance and as clients took advantage of tighter credit spreads.

我們的全球影響力支持了我們領導跨國交易的能力，隨著全球市場交易量的回升，我們重新獲得了在股票承銷排行榜上的首要領導地位。固定收益承保年增至 5.56 億美元。投資等級和非投資等級債券發行的強勁以及客戶利用了信貸利差收窄的優勢推動了業績。

Looking ahead, we expect the steady build of this business to continue, we are encouraged by the health of the advisory and underwriting pipelines. While the uncertainty of the rate path and geopolitical developments may impact the near-term conversion of pipeline to realize, conditions should improve over time. And the underlying trends suggest that confidence is increasing. We remain focused on expanding our reach through opportunistic hires, particularly as we continue to see diverse pipeline and increased sponsor activity.

展望未來，我們預計該業務將繼續穩步發展，我們對諮詢和承保管道的健康狀況感到鼓舞。雖然利率路徑和地緣政治發展的不確定性可能會影響管道的近期轉換，但隨著時間的推移，情況應該會有所改善。基本趨勢顯示信心正在增強。我們仍然專注於透過機會主義招募來擴大我們的影響力，特別是當我們繼續看到多樣化的管道和增加的贊助商活動時。

Turning to equity. We continue to be a global leader in this business. Revenues were strong, increasing 4% from the prior year to $2.8 billion. Results were supported by performance in derivatives and cash and the franchise benefited from the scale of our Prime Brokerage business. Cash revenues increased year-over-year, reflecting broad-based strength in equity markets across the regions. Performance in Japan was particularly strong, supported by higher volumes. Our increased coverage augmented by our long-standing and unique partnership with MUFG should be supportive over time.

轉向股權。我們仍然是該行業的全球領導者。營收強勁，較上年成長 4%，達到 28 億美元。衍生性商品和現金的表現支撐了業績，而特許經營權則受益於我們的大宗經紀業務的規模。現金收入較去年同期成長，反映出各地區股票市場的廣泛實力。在銷售量增加的支撐下，日本的表現尤其強勁。隨著時間的推移，我們與三菱日聯金融集團 (MUFG) 的長期且獨特的合作夥伴關係增強了我們的覆蓋範圍，這應該會為我們提供支援。

Derivative revenues were robust as the business navigated the market environment well, and client activity was strong. Prime brokerage revenues were solid as client balances increased back towards all-time highs on higher market levels. Results reflect the mix of client balances and narrower spreads. Fixed income revenues were $2.5 billion. Results declined slightly compared to the strong result last year. Recall, last year's results benefited from increased client engagement on the back of idiosyncratic events, including those related to the U.S. regional banks. Client demand for corporate solutions acted as a partial offset reflecting the strength of our integrated franchise.

由於業務順利應對市場環境且客戶活動強勁，衍生性商品收入強勁。隨著客戶餘額在更高的市場水準上回升至歷史高位，大宗經紀業務收入保持穩健。結果反映了客戶餘額和更窄利差的組合。固定收益收入為 25 億美元。與去年的強勁業績相比，業績略有下降。回想一下，去年的業績得益於特殊事件（包括與美國地區銀行相關的事件）導致客戶參與度的增加。客戶對企業解決方案的需求部分抵消了我們綜合特許經營的實力。

Macro and Micro revenues declined modestly year-over-year on lower volatility and client activity, which resulted in less transactional flow. Results in commodities increased year-over-year, supported by higher revenues in the North America power and gas business.

由於波動性和客戶活動減少，導致交易流量減少，宏觀和微觀收入較去年同期小幅下降。在北美電力和天然氣業務收入增加的支持下，大宗商品業績年增。

Turning to Wealth Management. The business delivered strong results across all key metrics, demonstrating the continued power and differentiation of the engine we have built. Record revenues increased from the prior year to $6. 9 billion, driven by record asset management fees from both a rising market and ongoing success in migrating clients to advisory relationships to better serve their needs. Transactional revenues, excluding DCP, were also strong as retail sentiment improved alongside institutional investors. Importantly, net interest income remained in line sequentially.

轉向財富管理。該業務在所有關鍵指標上都取得了強勁的業績，證明了我們所建造的引擎的持續動力和差異化。創紀錄的收入較前一年增加至 6 美元。 90 億美元，得益於不斷增長的市場帶來的創紀錄的資產管理費用以及將客戶遷移到諮詢關係以更好地滿足他們的需求方面的持續成功。由於散戶情緒與機構投資者一起改善，交易收入（不包括 DCP）也很強勁。重要的是，淨利息收入與上一季保持一致。

Pretax profit was $1.8 billion, and the PBT margin was 26.3%. Together, DCP and the FDIC special assessment impacted the margin by approximately 115 basis points. The results highlight the inherent operating leverage embedded in the business, particularly as revenues rise on the back of cumulative strong fee-based flows as clients invest more in higher beta assets and transactional activity rebounds.

稅前利潤為 18 億美元，稅前利潤率為 26.3%。 DCP 和 FDIC 特別評估共同影響了利潤率約 115 個基點。結果突顯了該業務固有的營運槓桿，特別是隨著客戶更多地投資於更高貝塔資產和交易活動反彈，在累積強勁的收費流量的支持下收入增加。

Net new assets for the quarter were strong at $95 billion with contributions from multiple channels, including our family office offering. Over time, our ability to deliver unique solutions to clients should continue to attract assets and lead to share capture. Fee-based flows of $26 billion were strong. Within fee-based flows this quarter, we saw particular strength from the migration of assets from the adviser-led brokerage accounts to fee-based accounts. This demonstrates that over time, assets migrate through the funnel into recurring revenue-generating accounts. Fee-based assets now stand at over $2 trillion. Asset management revenues were $3. $1 billion. And excluding the impact of DCP, were up 9% versus the prior year. The first quarter's results were driven by client engagement across products, including record activity in structured products. Investments in our platform allow us to support increased client demand.

本季的淨新資產強勁，達到 950 億美元，這得益於多個管道的貢獻，包括我們的家族辦公室產品。隨著時間的推移，我們向客戶提供獨特解決方案的能力將繼續吸引資產並導致份額獲取。 260 億美元的收費流量強勁。在本季的收費流量中，我們看到資產從顧問主導的經紀帳戶向收費帳戶的遷移尤其強勁。這表明，隨著時間的推移，資產會透過管道遷移到經常性創收帳戶。目前收費資產已超過 2 兆美元。資產管理收入為 3 美元。 10 億美元。排除 DCP 的影響，比上年增長 9%。第一季的業績是由客戶跨產品參與度推動的，包括結構性產品的創紀錄活動。對我們平台的投資使我們能夠支援不斷增長的客戶需求。

Bank lending balances were $147 billion, up slightly quarter-over-quarter, reflecting modest growth in mortgages. Total deposits of $347 billion were roughly flat quarter-over-quarter as the decline in sweet balances was offset by continued demand for savings offering. While sweep balances were down on a spot-to-spot basis, average sweeps were roughly in line with last quarter, broadly consistent with our modeled expectations. Net interest income was $1.9 billion, flat to the fourth quarter's results, consistent with our guidance. The moderate increase in average deposit cost was offset by several factors, including the reinvestments of assets at higher market rates.

銀行貸款餘額為 1,470 億美元，環比小幅增長，反映出抵押貸款的溫和增長。存款總額 3,470 億美元與上一季大致持平，因為甜蜜餘額的下降被儲蓄產品的持續需求所抵消。雖然逐期餘額有所下降，但平均掃描餘額與上季大致一致，與我們的建模預期基本一致。淨利息收入為 19 億美元，與第四季業績持平，與我們的指引一致。平均存款成本的適度成長被多種因素所抵消，包括以較高的市場利率進行資產再投資。

Looking ahead to the second quarter, the deposit mix will continue to be the primary driver of NII. Assuming the current forward curve and that our assumptions around client behavior materialize, we would expect NII in the second quarter to again be roughly in line with the first quarter. Our strategy is working. We have a clear path to $10 trillion in client assets across wealth management and Investment Management. We remain focused on supporting clients on their path to advice, deepening existing client relationships and using our scaled platform to achieve sustainable 30% pretax profits over time.

展望第二季度，存款結構仍將是NII的主要驅動力。假設目前的遠期曲線以及我們對客戶行為的假設成為現實，我們預期第二季的NII將再次與第一季大致一致。我們的策略正在發揮作用。我們在財富管理和投資管理領域擁有通往 10 兆美元客戶資產的明確路徑。我們仍然專注於支持客戶尋求建議、深化現有客戶關係，並利用我們規模化的平台隨著時間的推移實現可持續的 30% 稅前利潤。

Investment Management reported revenues of $1.4 billion, increasing 7% versus the prior year. Results reflect higher asset management revenues, which increased 8% year-over-year, driven by growth in average AUM on higher market levels. Total AUM increased to $1.5 trillion. Long-term net flows were strong at $7.6 billion. Inflows were driven by strength in alternatives and solutions and reflect the benefits of our diversified product offering.

投資管理公司公佈的收入為 14 億美元，比上年增長 7%。績效反映出資產管理收入增加，在較高市場水準的平均資產管理規模成長的推動下，較去年同期成長 8%。總資產管理規模增至 1.5 兆美元。長期淨流量強勁，達 76 億美元。資金流入是由替代方案和解決方案的實力推動的，反映了我們多元化產品供應的優勢。

Within alternatives and solutions, demand for Parametric customized portfolios was robust as retail clients, including our own wealth management clients, allocated investments to Parametric's equity-based products, underscoring the value of the integrated model. Flows were further supported by global interest in our active fixed income strategies. Liquidity and overlay services had outflows of $12.9 billion. Performance-based income and other revenues were $31 million. Gains in U.S. private equity and private credit offset lowered accrued carried interest in Asia private equity and real estate, demonstrating the benefits of a global diversified platform.

在替代方案和解決方案中，對 Parametric 客製化投資組合的需求強勁，因為零售客戶（包括我們自己的財富管理客戶）將投資分配給 Parametric 的股票產品，凸顯了整合模型的價值。全球對我們主動固定收益策略的興趣進一步支撐了資金流動。流動性和覆蓋服務流出 129 億美元。基於績效的收入和其他收入為 3100 萬美元。美國私募股權和私人信貸的收益抵消了亞洲私募股權和房地產的應計附帶權益的下降，反映了全球多元化平台的優勢。

We are seeing the benefits of ongoing investments in this business. We remain focused on customization, private credit and our global distribution. Parametric in particular, has allowed us to deliver the integrated firm evidenced by the ongoing demand from our Wealth Management client base.

我們看到了對該業務持續投資的好處。我們仍然專注於客製化、私人信貸和全球分銷。特別是參數化，使我們能夠提供綜合性公司，我們的財富管理客戶群的持續需求就證明了這一點。

Turning to the balance sheet. Total spot assets were $1.2 trillion. Our standardized CET1 ratio was 15.1%, down 14 basis points from the prior quarter. Standardized RWAs increased quarter-over-quarter as we actively supported our clients in more constructive markets. We continue to deliver our commitment to return capital to our shareholders, buying back $1 billion of common stock during the quarter.

轉向資產負債表。現貨資產總額為 1.2 兆美元。我們的標準化 CET1 比率為 15.1%，較上季下降 14 個基點。由於我們在更具建設性的市場中積極支持客戶，標準化 RWA 環比成長。我們繼續履行向股東返還資本的承諾，在本季回購了 10 億美元的普通股。

Our tax rate was 21% for the quarter. The vast majority of share-based award conversion takes place in the first quarter, resulting in a lower tax rate. We continue to expect our 2024 tax rate to be approximately 23%, which similar to prior years, will exhibit some quarter-to-quarter volatility. The first quarter is clear evidence that as the backdrop improves, our franchise is strategically positioned to capture upside as it was designed to do with client assets at a record of $7 trillion across Wealth and Investment Management, we are on strong footing. Our wealth management business continues to focus on growth as well as supporting our clients with advice in delivering our differentiated offering and our institutional franchise is supported by our scale and our global footprint.

本季我們的稅率為 21%。絕大多數股票獎勵轉換發生在第一季度，導致稅率較低。我們仍預期 2024 年的稅率約為 23%，與往年類似，將出現一些季度波動。第一季清楚地表明，隨著背景的改善，我們的特許經營權在策略上定位為捕捉上行空間，因為它旨在處理財富和投資管理領域創紀錄的7 兆美元客戶資產，我們站穩了腳跟。我們的財富管理業務繼續專注於成長，並為我們的客戶提供差異化產品的建議，我們的機構特許經營權得到了我們的規模和全球足跡的支持。

This combined with the build of the investment banking pipelines and market confidence provides us with momentum to deliver on our objectives over time.

這與投資銀行通路的建設和市場信心相結合，為我們提供了隨著時間的推移實現我們目標的動力。

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

現在，我們將開始提問。

(Operator Instructions)

（操作員說明）

We'll move to our first question from Glenn Schorr with Evercore.

我們將轉向 Evercore 的 Glenn Schorr 提出的第一個問題。

I appreciate you not running away from a sensitive subject. I'm going to push the envelope and just ask 1 follow-up, if possible, on the wealth matter. I wonder if you could size the non-U.S. wealth piece, whether it be in client assets or revenue for us. And correct me if I'm wrong, if that's the focus and then more importantly, do you think -- obviously, you had a pretty darn good quarter. So do you think this impacts any day-to-day or your ability to grow and onboard clients in the future? That's my real main question.

我很感激你沒有逃避敏感話題。如果可能的話，我將挑戰極限，就財富問題詢問 1 個後續行動。我想知道您是否可以衡量非美國財富的規模，無論是客戶資產還是我們的收入。如果我錯了，請糾正我，如果這是焦點，那麼更重要的是，你是否認為 - 顯然，你有一個非常好的季度。那麼您認為這會影響您的日常工作或您未來發展和吸引客戶的能力嗎？這是我真正的主要問題。

I think it's a great question, Glen. Happy to take that and just follow up on exactly what Ted said, which is, as you said, the results really speak for themselves. This is a phenomenal business. We had record revenues, and we're in a great position. We have strong margins, strong net new assets. And no, there are no strategic changes to our business. There is no changes in our ability to do business, and we're extremely confident in our ability to grow and to deepen the relationship with the breadth of firm offerings that we have to serve our clients. Specific to your question on the international business, it is small.

我認為這是一個很好的問題，格倫。很高興接受這一點，並按照特德所說的進行跟進，正如您所說，結果確實不言而喻。這是一門了不起的生意。我們的收入創歷史新高，而且我們處於有利地位。我們擁有強勁的利潤率和強勁的淨新資產。不，我們的業務沒有策略變化。我們開展業務的能力沒有變化，我們對發展和深化與我們為客戶提供的廣泛公司產品的關係的能力非常有信心。具體到你關於國際業務的問題，這個問題很小。

We'll move to our next question from Ebrahim Poonawala with Bank of America.

我們將轉向美國銀行 Ebrahim Poonawala 提出的下一個問題。

Maybe, Ted, for you, as we think about -- so it was a strong quarter point mission banking underwriting. There seems to be a fragility to the macro outlook based on what -- how rates have behaved on the back of inflation, geopolitics. Just give us a sentiment check of when you're talking to your corporate clients, like how resilient do you see the investment banking sort of trends and the sort of desire and appetite for corporates to engage in either DCM, ECM or M&A, large M&A activity as we look into sort of later in the year into the U.S. elections?

也許，泰德，對你來說，正如我們所想的那樣——所以這是一個強勁的四分之一點使命銀行承保。基於通膨和地緣政治背景下利率的表現，宏觀前景似乎存在脆弱性。只需在與企業客戶交談時向我們進行情緒檢查，例如您認為投資銀行趨勢的彈性如何，以及企業參與 DCM、ECM 或併購、大型併購的願望和胃口當我們在今年晚些時候研究美國大選時會發生什麼活動？

Thanks for your question. The pipeline is clearly growing. It's growing across sectors. It's growing on a cross-border basis. There are some who will be willing to take the regulatory risk at this point in the cycle and there is activity that we will see both from the financial sponsor community and the corporate community will effectively be bidding with and against each other for assets. This is a moment when most want to purify their business model or grow, and that scaling needs to take place now that the effects of COVID and supply chain are in front of us and geopolitics continue to be on our minds.

謝謝你的提問。管道明顯在成長。它在各個領域都在成長。它正在跨境發展。在周期的這個階段，有些人願意承擔監管風險，我們將看到金融贊助者群體和企業界將有效地相互競購資產。現在是大多數人想要淨化自己的商業模式或實現成長的時刻，而既然新冠疫情和供應鏈的影響就擺在我們面前，而且地緣政治也繼續困擾著我們，那麼就需要進行擴展。

It is not surprising that the C-suite wants to act. So I think we are in the early innings of a multiyear M&A cycle. On the back of that, we should continue to see all kinds of underwriting. What was interesting about this ECM quarter where we had real success was that it was a combination of IPOs from the Valley. Capital raises from industrial companies, regional trades, cross-border unlocks.

最高管理階層想要採取行動並不奇怪。因此，我認為我們正處於多年併購週期的早期階段。在此背景下，我們應該繼續看到各種承保。這個 ECM 季度的有趣之處在於，我們取得了真正的成功，這是來自矽谷的 IPO 的組合。工業企業融資、區域貿易、跨境解鎖。

It was the whole (inaudible) of offerings and we've also begun to see the beginning of event financing in the high-yield and leveraged loan market. So I'm feeling good about this being early to mid-cycle for the classic investment banking and capital markets business around the world. And as you know, we are very active in Japan where we think activity will be heightened for years to come.

這是整個（聽不清楚）產品，我們也開始看到高收益和槓桿貸款市場的活動融資的開始。因此，我對全球經典投資銀行和資本市場業務處於早期到中期的周期感到滿意。如您所知，我們在日本非常活躍，我們認為未來幾年該地區的活動將會加強。

That's good color. And just one quick follow-up, Sharon. On the wealth management NII and sweep deposits, I think the sense is that we're getting to a bit of a bottom on NII, is that an accurate characterization? And should we stop worrying about a big cliff event where NII declined meaningfully from where we .

這顏色真好啊莎倫，我只想快速跟進。關於理財NII和掃蕩存款，我認為我們的NII已經觸底了，這是一個準確的描述嗎？我們是否應該停止擔心 NII 從我們的水平大幅下降的大懸崖事件？

I welcome the day where I stopped getting questions on NII. I would characterize is it's now the third quarter in a row that I've said that our suite models and the client behavior is following client expectations. It does feel as though we are reaching that frictional level of cash. Of course, we'll have to wait and see how things play out. But broadly speaking, it feels as though, like I said, we are in a place where you have what we would say is intra-quarter volatility associated with things that might be T-bills maturing, people putting things in markets. But that, again, is frictional levels of cash rather than large changes or movements in real client behavior, which is what you saw -- 2 years ago in the summer, when we saw the large move in rates, which was a one-off event. And then you had, again, a very large event with the regional bank movements in the first quarter of last year. So those are very specific events that we can look at. And since then, like I said, we have been working with our modeled expectations.

我歡迎有一天我不再收到有關 NII 的問題。我想說的是，現在我已經連續第三個季度表示我們的套件模型和客戶行為符合客戶的期望。確實感覺我們已經達到現金摩擦水平了。當然，我們還得拭目以待，看看事情會如何發展。但從廣義上講，就像我說的那樣，我們正處於一個這樣的境地：我們所說的季度內波動與國債到期、人們將東西投入市場有關。但這又是現金的摩擦水平，而不是真實客戶行為的巨大變化或變動，這就是你所看到的——兩年前的夏天，當時我們看到利率的大幅變動，這是一次性的事件。然後，去年第一季又發生了一場關於地區銀行走勢的大型事件。所以這些都是我們可以關注的非常具體的事件。從那時起，就像我說的，我們一直在按照我們的預期模型進行工作。

We'll move to our next question from Steven Chubak with Wolfe Research.

我們將轉向 Wolfe Research 的 Steven Chubak 提出的下一個問題。

So maybe just starting off on the expense outlook. We saw some good progress on the expense front and the KPIs are encouraging. Headcount was down year-on-year. Comp and noncomp surprised positively in ISG and wealth. And I was hoping you could just speak to your efforts to rationalize or optimize the expense base and with IB and wealth fees expected to ramp consistent with the M&A commentary, Ted, you cited, how should we be thinking about incremental margins as these businesses and particularly fees start to grow?

所以也許只是從費用前景開始。我們在費用方面看到了一些良好的進展，KPI 令人鼓舞。員工人數較去年同期下降。比較公司和非比較公司在 ISG 和財富方面均表現出正面的表現。我希望您能談談您為合理化或優化費用基礎所做的努力，以及IB和財富費用預計將與併購評論一致，泰德，您引用的，我們應該如何考慮增量利潤，因為這些業務和特別是費用開始成長？

Certainly. Let's take just the expense big picture, and we obviously disclose the SEC drivers of expenses. I called them out. had multiple years now where we've been looking to integrate multiple acquisitions and as we've come out of that, we've been able to reevaluate our expense base. And I've talked about it in different pieces of our earnings call. Many times, I've mentioned space. You can see even in the lines around occupancy, in the actual disclosures. You could see bump ups in space where you're taking write-offs down in space and then it begins to trend down again.

當然。讓我們只看一下費用的整體情況，我們顯然揭露了 SEC 的費用驅動因素。我把他們叫出來。多年來，我們一直在尋求整合多項收購，當我們走出困境時，我們已經能夠重新評估我們的費用基礎。我在財報電話會議的不同部分都談到了這一點。我多次提到空間。您甚至可以在實際披露的入住情況中看到這一點。你可能會看到空間的上升，你在空間中沖銷，然後空間又開始下降。

So we're making big picture decisions around what do we actually need and where do we want to invest growth drivers as we move forward. So consolidating the marketing dollars and figuring out what is the best use of those marketing dollars, consolidating professional services how do we actually want to deploy full-time hires in those growth objectives.

因此，我們正在圍繞我們實際需要什麼以及我們在前進過程中希望在哪裡投資成長動力做出重大決策。因此，整合行銷資金並找出這些行銷資金的最佳用途，整合專業服務，我們實際上希望如何部署全職員工來實現這些成長目標。

So in my prepared remarks, we talked about 2 things. We talked about taking expenses down in certain line items, but we also discussed investments, right? I talked about the fact that we're looking at opportunistic hires in M&A. We've discussed a lot about investing in Parametric and technology. We've been giving technological tools to our advisers and investing in the business. It's a push pool, and it's making sure, as Ted said, that we're sweating the income statement, and we're thinking about our resources efficiently and durably as we move forward through the cycle.

因此，在我準備好的發言中，我們討論了兩件事。我們討論了降低某些項目的費用，但我們也討論了投資，對嗎？我談到了這樣一個事實：我們正在尋找併購中的機會主義員工。我們已經討論了很多關於參數化和技術投資的問題。我們一直在為我們的顧問提供技術工具並投資於業務。這是一個推動池，正如特德所說，它確保我們在損益表上精益求精，並且在我們在整個週期中前進時，我們正在有效和持久地考慮我們的資源。

What I'd add to that is if you just sort of had an intangible sense of what we talk about at our leadership meetings, our operating committee of a dozen people in the next group, the management committee of about 3 dozen and then their leadership teams. I think it's fair to say, Steve, over the last 5 years, a large chunk of time was spent talking about capital efficiency. How we can optimize those toggles and of course, with Basel III game pending and the annual CCAR process ongoing.

我要補充的是，如果你對我們在領導層會議上談論的內容有一種無形的感覺，我們下一組的十幾個人組成的運營委員會，大約三打的管理委員會，然後是他們的領導層團隊。我認為可以公平地說，史蒂夫，在過去 5 年裡，大部分時間都花在了談論資本效率。我們如何優化這些切換，當然還有巴塞爾 III 遊戲懸而未決和年度 CCAR 流程正在進行中。

We, of course, continue to dedicate time to that. But the sea change over the last number of quarters and it has accelerated now into '24 is we're actively talking about the income statement about delivering earnings growth, earnings momentum that obviously then ties into the returns on capital that we were able to generate this quarter. But we're looking to make investments, strategic investments in top human capital now and then when it comes about, but we're being pretty judicious about that.

當然，我們將繼續為此投入時間。但過去幾個季度發生的巨大變化，現在已經加速到 24 年，我們正在積極討論有關實現盈利增長的損益表，盈利勢頭顯然與我們能夠產生的資本回報率相關本季度。但我們時不時地尋求對頂級人力資本進行投資、策略性投資，但我們對此非常明智。

This is a great platform, and we have a great team, but we need to be running this thing super efficiently. And that is why reiterating the efficiency ratio of 70% in January was so important and that we put up 71% this quarter where it was a generally constructive environment. I think I called it a relatively constructive environment, but there's clearly more operating leverage to be had when you get to the higher brackets of ISG and then as you move to the funnel well. So the focus on generating that operating leverage and keeping the income statement really tight is very much on the minds of the leadership team.

這是一個很棒的平台，我們有一個很棒的團隊，但我們需要非常有效率地運行這個東西。這就是為什麼一月重申 70% 的效率如此重要，並且我們在本季的整體建設性環境中將效率比率定為 71%。我想我稱之為相對建設性的環境，但當你進入 ISG 的較高級別，然後當你進入漏斗井時，顯然會有更多的營運槓桿。因此，領導團隊非常關注產生營運槓桿並保持損益表真正嚴格。

That's great color. And just for my follow-up relating to the Wealth Management margins, unpacking some of the different component pieces given continued strong fee momentum, nice to see the inflection in NNA 2. It sounds like NII is close to stabilizing just given some of the key drivers and inputs and the focus on efficiency, just throwing all of that in the blender does suggest that this 26% is probably a reasonable jumping off point and you can build off that base, but I was hoping you could maybe provide some context around that.

那顏色真棒。就我與財富管理利潤率相關的後續行動而言，考慮到持續強勁的費用勢頭，我們對一些不同的組成部分進行了分析，很高興看到NNA 2 中的變化。 NII 已接近穩定驅動器和輸入以及對效率的關注，只是將所有這些都放入攪拌機中確實表明這26% 可能是一個合理的起點，您可以在此基礎上進行構建，但我希望您可以提供一些相關背景資訊。

Well, what I would say is that we put out our goals at the -- in the last strategy deck and we're obviously making progress towards those goals. And when you think about what gets you to 30%, the framework that we've offered in the investment community is that there is sort of 3 parts to it. The first is migration to advice. The second and really the monetization of the funnel will go through this. The second, when you think about is solutions and products that we're offering.

嗯，我想說的是，我們在最後的策略中提出了我們的目標，而我們顯然正在朝著這些目標取得進展。當你思考什麼能讓你達到 30% 時，我們在投資界提供的框架是，它分成 3 個部分。首先是轉向建議。第二個管道，也就是真正的貨幣化管道將經歷這個過程。第二個是我們提供的解決方案和產品。

And then the third is the benefits of scale. And what was encouraging about this quarter is that all 3 of those things happened. The first being the fee-based flows that we saw at $26 billion came from brokerage accounts. They came from people taking money that was already in a channel that we've said we'll eventually be deployed, and it is being deployed, and that's what you're seeing here.

第三是規模效益。本季令人鼓舞的是這三件事都發生了。第一個是我們看到的 260 億美元的收費流量來自經紀帳戶。它們來自於人們拿走的錢，這些錢已經在我們說過的最終將被部署的管道中，而且它正在部署，這就是你在這裡看到的。

If you look back, that particular transition that conversion is at a 2-year peak. Again, encouraging color, Steve. The second piece, solutions, products, differentiated offering. I called out structured products. People have interest in products, as Ted said, as markets begin to improve, those could be new issuance that can be derivatives that can be solutions through structured notes. That's what we're seeing beginning to happen here. So yes, again, an encouraging sign. And the third is that we continue to gain the benefits of scale and operating leverage. So all 3 things are working. Of course, there's room to run. What we're trying to do is make sure that we also have the right trade-offs between investing in the business, giving ourselves room for technology and being able to build a 30% margin for a sustainable business and durable revenues over time.

如果你回顧過去，這個特定的轉變正處於兩年來的高峰。再次鼓勵色彩，史蒂夫。第二塊，解決方案、產品、差異化產品。我提出了結構性產品。正如泰德所說，人們對產品感興趣，隨著市場開始改善，這些產品可能是新發行的產品，可以是衍生性商品，可以透過結構性票據作為解決方案。這就是我們在這裡看到的情況。所以，是的，這又是一個令人鼓舞的跡象。第三是我們繼續獲得規模和營運槓桿的好處。所以這三件事都在起作用。當然，還有奔跑的空間。我們正在努力做的是確保我們在業務投資、為自己提供技術空間以及能夠為永續業務和長期穩定收入建立 30% 的利潤率之間做出正確的權衡。

We'll move to our next question from Brennan Hawken with UBS.

我們將轉向瑞銀集團 (UBS) 的布倫南·霍肯 (Brennan Hawken) 提出的下一個問題。

I'd love to start with a question on NII. And I know I've asked this in the past, but we saw stability in the Wealth Management NII, which Sharon, you've spoken at length about both on the call and on the back. But we did see the firm-wide NII dip again, and it was the fourth quarter where the firm-wide NII declined. So could you explain how those diverged and maybe what caused some of that divergence?

我想先問一個有關 NII 的問題。我知道我過去曾問過這個問題，但我們看到了財富管理 NII 的穩定性，莎倫，您在電話會議和會議後都詳細談到了這一點。但我們確實看到全公司的 NII 再次下降，而且是在第四季度全公司的 NII 下降。那麼您能否解釋一下這些差異是如何產生的，以及是什麼導致了這種差異？

Sure. I think we talked about it before, Brennan, but I'm happy to talk about it again and highlight that the reason that we point you to the wealth management NII, it's a business-driven NII. When we look at the trading NII and we look at firm NII, it really depends on the products that you have where you're booking them, what you're using as your funding sources that falls into the various pieces of the trading revenue. So we focus you in from our disclosures really on the wealth management NII when that NII is being driven by a business concept rather than just where you might be booking certain trading traits.

當然。 Brennan，我想我們之前討論過這個問題，但我很高興再次討論這個問題，並強調我們向您介紹財富管理 NII 的原因，它是一個業務驅動的 NII。當我們查看交易 NII 和公司 NII 時，它實際上取決於您預訂的產品、您使用的資金來源（屬於交易收入的各個部分）。因此，當 NII 是由業務概念驅動而不是您可能預訂某些交易特徵時，我們從我們的披露中真正將您的注意力集中在財富管理 NII 上。

Okay. Got it. Is there something going on in institutional NII that would cause sort of steady declines and with those specific products that maybe might be a trend that we could explore a little bit?

好的。知道了。機構NII中是否發生了一些會導致穩定下降的事情，而對於那些特定的產品來說，這可能是我們可以探索一下的趨勢？

So I would really step you back and tell you that, that's not how we manage the business and the trading revenue is going to fall where the trading revenue falls based on the products that we transact in, in that quarter. And the wealth management revenue has given you the drivers with the deposits with interest rates, with spreads and with reinvestment. And there are really 2 separate things that you should be looking at.

因此，我真的想退後一步告訴您，這不是我們管理業務的方式，如果交易收入根據我們在該季度交易的產品而下降，那麼交易收入就會下降。財富管理收入為您提供了存款利率、利差和再投資的驅動力。您確實應該關注兩件不同的事情。

We'll move to our next question from Mike Mayo with Wells Fargo Securities.

我們將轉向富國銀行證券公司麥克梅奧提出的下一個問題。

You had big year-over-year growth in wealth management client assets up by about 20%, but the wealth management revenues increased by 5% and still decent growth, but it seems like a little disconnect there. So I'm wondering what kind of wealth management client assets you're growing.

理財客戶資產年增約20%，但理財收入成長了5%，成長仍然不錯，但似乎有點脫節。所以我想知道你們正在成長什麼樣的財富管理客戶資產。

Certainly. So when you're growing the wealth management client assets, it's going to be all sorts of places. Like I said, we begin to see assets. They can come in actually in the brokerage side. And over time, they will migrate or can migrate based on the client preferences into the advice side. Those different assets are going to have different fees associated with them. For us, it's about growing the funnel, Mike, and then beginning to see this movement towards advice. Now I'd also point out that once you're in the advice-led channel, even if you're in the fee-based channel, you might not directly be in the S&P. There's a composite. There might be preferences to be in fixed income products. There might be preferences to be in equity products. But for us, it's about building sustainable durable revenue over time. First, you bring in the clients and the participants. We've seen the participants grow. Then you bring in the assets. We've seen the assets grow. That then comes into the brokerage accounts, which eventually moves into the advice-based accounts, and we continue to see great trends in the advice-driven model in fee-based assets and the asset management revenues. The asset management revenues, Mike, are at a record high. So I would just highlight that as well as proof point that this model is working.

當然。因此，當你增加財富管理客戶資產時，它會涉及到各種各樣的地方。就像我說的，我們開始看到資產。他們實際上可以進入經紀業務。隨著時間的推移，他們將遷移或可以根據客戶偏好遷移到建議方面。這些不同的資產將有不同的相關費用。對我們來說，麥克，這就是擴大漏斗，然後開始看到這種向建議邁進的趨勢。現在我還要指出，一旦您進入以建議為主導的管道，即使您處於收費管道，您可能不會直接進入標準普爾指數。有一個複合的。固定收益產品可能會有偏好。股票產品可能會有偏好。但對我們來說，這是為了隨著時間的推移建立可持續的持久收入。首先，您引入客戶和參與者。我們看到參與者的成長。然後你引入資產。我們看到資產成長了。然後進入經紀帳戶，最終進入基於建議的帳戶，我們繼續看到收費資產和資產管理收入的建議驅動模型的巨大趨勢。麥克，資產管理收入創歷史新高。因此，我只想強調這一點，並證明模型正在發揮作用。

And then just one follow-up for Ted. Ted, I think your outlook for the industry capital markets was about as bullish as we've heard yet. I think you used the word (inaudible). IPOs in the Valley, cross-border by sector, financial sponsor, Japan, highest in years, event financing, Specifically, what are your backlogs? How do they compare with last quarter? And just 1 more time, the level of your conviction that this time is real because there's been a lot of small starts for the last 2 years.

然後是特德的一個後續行動。泰德，我認為您對行業資本市場的前景與我們所聽到的一樣樂觀。我認為您使用了這個詞（聽不清楚）。矽谷首次公開募股、按行業劃分的跨境、財務贊助商、日本，歷年來最高、活動融資，具體來說，您的積壓訂單是什麼？與上季相比如何？再一次，你相信這次是真實的，因為過去兩年裡有很多小的開始。

Yes, I think it's a reasonable question. The backlogs are all up. I think it will be a slow march back People are not going to jump into some of the speculative paper that we saw during the SPAC period, clearly. But the receptivity to recent IPOs that were high quality was quite impressive, quite broad interest among investors. The need to execute on cross-border M&A is here. It's -- for many companies, an existential reality. Their supply chains have been disrupted by 2 major global conflicts and they need to nearshore and make the trade-off, which means they need to potentially bolt-on piece of supply chain that's in front of them. They may need to take regulatory risk. There may need to be structuring and financing advice around that, so-called solutions where we think we're strong.

是的，我認為這是一個合理的問題。積壓的訂單全部滿了。我認為這將是一個緩慢的回歸，人們顯然不會跳入我們在 SPAC 期間看到的一些投機論文。但近期高品質首次公開募股的接受度令人印象深刻，投資者的興趣相當廣泛。執行跨境併購的需求就在這裡。對許多公司來說，這是一個存在的現實。他們的供應鏈因兩場重大全球衝突而中斷，他們需要在近岸進行權衡，這意味著他們需要潛在地固定他們面前的供應鏈。他們可能需要承擔監管風險。可能需要圍繞這個問題提供結構和融資建議，即我們認為自己強大的所謂解決方案。

The other motivating piece, Mike, is -- and I do think there's going to be growing consensus on this, the financial sponsor community is sitting on product that has a 3-, 4-, 5-year life as a private company ready to come out 1 way or the other, either through a public offering or to be sold in the private markets. That is the best way for the financial sponsor community to return capital to their LPs and keep the thing going with raising ever big funds. So there will be a competitive dynamic, I believe, between the financial sponsor and corporate community with respect to assets that are available, whether they are public or private, in order to continue to create value for their LPs or shareholders.

另一個激勵因素，麥克，是——我確實認為對此將會有越來越多的共識，金融贊助商社區正在坐擁擁有3 年、4 年、5 年壽命的產品，作為一家私營公司，準備好以一種或另一種方式出現，要么通過公開發行，要么在私人市場上出售。這是金融贊助商群體將資本返還給有限合夥人並繼續籌集巨額資金的最佳方式。因此，我相信，在可用資產（無論是公共資產還是私人資產）方面，金融贊助商和企業界之間將會存在競爭動態，以便繼續為其有限合夥人或股東創造價值。

The fact that the U.S. economy continues to grow, that China is weaker, the parts of Europe are weaker highlights the fact that people indeed want to get even more exposure to the U.S. With respect to Japan, what's interesting there is most of our client base are both buyers and sellers of assets, which is to say they're sitting on enormous yen denominated deposits, but they wish to grow the economy. So that is a market, obviously, where we're active in the financial sponsor and corporate communities, both in and out will continue to be. So I am quite bullish about the full investment bank capability for those that have a global reach. It could take several years and have some lumpiness along the way. But I think the next 3, 4, 5 years will be quite active.

美國經濟持續成長、中國較弱、歐洲部分地區較弱這一事實凸顯了這樣一個事實：人們確實希望更多地接觸美國。買家又是賣家，也就是說，他們坐擁大量以日圓計價的存款，但他們希望發展經濟。顯然，這是一個市場，我們在金融贊助商和企業界中都非常活躍，無論是內部還是外部，都會繼續如此。因此，我非常看好那些具有全球影響力的投資銀行的全面能力。這可能需要幾年的時間，並且一路上會有一些坎坷。但我認為未來3年、4年、5年將會相當活躍。

We'll move to our next question from Dan Fannon with Jefferies.

我們將轉向 Dan Fannon 和 Jefferies 提出的下一個問題。

Hoping you can provide an update on overall client cash levels within wealth and how do you think about the revenue opportunity as that cash is eventually redeployed?

希望您能夠提供有關財富範圍內的整體客戶現金水平的最新信息，以及您如何看待現金最終重新部署時的收入機會？

Sure. So we did see the percentage of client cash. So we've given you, I think, 22% in the advisory channel, is now down to, say, 21%, 20% levels depending on what channels that you're looking at. But that, I would say, is not a function of the actual cash levels coming down, but rather than the equity markets have risen. So just to be clear in terms of the actual mix. The reason I bring up those percentages is there's high relative to the pre-COVID historical levels of, say, 17%, 18% that we've given on previous calls. So there is still room to see the deployment of cash over time into the market.

當然。所以我們確實看到了客戶現金的百分比。因此，我認為我們在諮詢管道中為您提供了 22%，現在已降至 21%、20% 的水平，具體取決於您正在查看的管道。但我想說，這並不是實際現金水準下降的結果，而是股市上漲的結果。所以只是要清楚實際的組合。我提出這些百分比的原因是，相對於新冠疫情之前的歷史水準（例如我們在先前的電話會議中給出的 17%、18%）而言，該百分比較高。因此，隨著時間的推移，現金在市場上的配置仍有空間。

Understood. And as a follow-up, in the release, you mentioned about half of the flows came from your family office offering. I'm not sure we've heard that stat before or -- so I was hoping you could bring in some -- provide some context in terms of the size of that business for you? And then also just the mix of flows more broadly in terms of the channels if you could provide a few more specifics in terms of the percentage breakdown.

明白了。作為後續行動，在新聞稿中，您提到大約一半的資金來自您的家族辦公室產品。我不確定我們以前聽說過這個統計數據，或者——所以我希望你能提供一些——為你提供一些有關該業務規模的背景信息？如果您可以提供更多有關百分比細分的具體信息，那麼還可以更廣泛地了解渠道方面的流量組合。

Absolutely. I'm so glad you asked as it relates to the family office offering, because we have been talking about it for some time. We launched and we really formally enhanced our family office offering in 2021. We discussed it on some of our earnings calls as a place where you could begin to see the integrated firm. And by that, I mean a way to offer our wealth management clients different solutions from institutional securities. So our fund management products where we're actually able to look at your portfolio from a more integrated basis, the way that you would as an institutional client. As we begin to offer new solutions to our clients, is there more ways to get touch points with different and deepen different client relationships and bring them on board. So this is an example of that. The reason we pointed out is also to highlight to you that there are lumpy flows that come through these channels. And so when we say these flows can be lumpy. There are different sales channels across the offering, and those different channels have different sales cycles. And so therefore, you will see ins and outs of various pieces of NNA over time. But in this particular quarter and over the long-term history, we have seen a very diversified set of channels. We have the workplace. We obviously have the advice-based relationship, different pieces of stock plan, et cetera, that come in through the channel and there is diversification there.

絕對地。我很高興你問這個問題，因為這與家族辦公室的產品有關，因為我們已經討論了一段時間了。我們在 2021 年推出並正式增強了我們的家族辦公室產品。我指的是一種為我們的財富管理客戶提供與機構證券不同的解決方案的方法。因此，我們的基金管理產品實際上能夠從更全面的基礎上審視您的投資組合，就像您作為機構客戶一樣。當我們開始為客戶提供新的解決方案時，是否有更多的方法來與不同的客戶建立接觸點，加深不同的客戶關係並吸引他們加入。這就是一個例子。我們指出的原因也是為了向您強調，透過這些管道存在大量流動。因此，當我們說這些流動可能是不穩定的。該產品有不同的銷售管道，這些不同的管道有不同的銷售週期。因此，隨著時間的推移，您將看到 NNA 各個部分的來龍去脈。但在這個特定的季度和長期的歷史中，我們看到了非常多元化的管道。我們有工作場所。顯然，我們擁有基於建議的關係、不同的庫存計劃等，這些都是透過管道進入的，並且存在多元化。

What I'd add to that is, to Sharon's point, on integrated firm, we have this -- Sharon made this reference to this gem of a business that we have in the institutional equities division called Fund Services, which caters to alternative asset managers and effectively does their documentation work and effectively all of the release to their LPs. The question that has been asked over the last number of years is when some of these folks go on to open their family office and manage their own wealth. What about having a product that has the feel of an institutional product from when they were running their asset manager their family office or for related business. So the folks in fund services got together with the folks in wealth management, who run our outsourced CIO product, and they effectively came up with a mousetrap that gives the look of an institutional product for folks who are very much in the ultra-high net worth category. And this helps work towards a piece of the wealth bracket that we've all been focused on over the last number of years, which is the very high net worth space, which is very competitive. But in bringing together some of the capability and it from the equities business over to the wealth business and have them work together with the founder in her next life managing a family office.

我要補充的是，就莎倫的觀點而言，關於綜合公司，莎倫提到了我們在機構股票部門擁有的一項名為“基金服務”的業務，該部門為另類資產管理公司提供服務並有效地完成他們的文檔工作，並有效地將所有內容發佈給他們的有限合夥人。過去幾年人們提出的問題是，其中一些何時繼續開設家族辦公室並管理自己的財富。當他們經營資產管理公司、家族辦公室或相關業務時，擁有一種具有機構產品感覺的產品呢？因此，基金服務部門的人員與負責營運我們外包 CIO 產品的財富管理部門的人員聚集在一起，他們有效地想出了一個捕鼠器，為那些非常富有的人提供了機構產品的外觀價值類別。這有助於我們進入過去幾年我們一直關注的財富階層，即非常高淨值的領域，這是非常有競爭力的。但將一些能力和它從股票業務轉移到財富業務，並讓他們在創始人下輩子管理家族辦公室時與她一起工作。

It's actually a nice seamless way to keep the funds in-house and to deliver institutional style capability of the clients. So this is something we are putting our foot on the accelerator on and is a great example of our Equities division and the wealth management folks are working hand in glove to deliver something for clients.

這實際上是一種很好的無縫方式，可以將資金保留在內部並為客戶提供機構風格的能力。因此，這是我們正在加速的事情，也是我們股票部門和財富管理人員密切合作為客戶提供服務的一個很好的例子。

We'll move to our next question from Devin Ryan with [Citizens] JMP.

我們將轉向 [Citizens] JMP 的 Devin Ryan 提出的下一個問題。

Question just on trading. Obviously, results have just been incredibly resilient at a high level. And I know you all have spoken about those market share opportunities for Morgan Stanley, but then there's still this kind of expansion of the overall industry wallet. And so I'd love to maybe just hit on that second point. And when you think about that wallet opportunity, the expansion of the wallet, what are some of the biggest opportunities in kind of the growth algorithm I think a lot of us are sitting here saying results have been phenomenal. How can they continue to improve from here?

只是關於交易的問題。顯然，結果在高水平上具有令人難以置信的彈性。我知道你們都談到了摩根士丹利的市場份額機會，但整個行業的錢包仍然存在這種擴張。所以我想談談第二點。當你想到錢包的機會、錢包的擴展、成長演算法中最大的機會是什麼時，我想我們很多人都坐在這裡說結果是驚人的。他們如何從這裡繼續進步？

Sure. I'll take that. When you think about the expansion of the wallet and consider where we came from and where we are now. As more and more of the corporations and coverage of the corporations is becoming more integrated, there are many solutions that a bank such as ourselves, can offer, be that from a global perspective. If you think about where rates are as just a tangible example, interest rate hedging that you can offer corporations as they think about transactions.

當然。我會接受的。當你考慮錢包的擴張並考慮我們來自哪裡以及現在在哪裡。隨著越來越多的企業和企業的覆蓋範圍變得越來越一體化，像我們這樣的銀行可以從全球角度提供許多解決方案。如果您考慮利率只是一個具體的例子，那麼您可以在企業考慮交易時為其提供利率對沖。

There are different types of foreign exchange transactions that you could think about when you're looking at M&A or you're looking at other corporate deals that you have to do in-house for a global franchise. So there are corporate solutions that you see we expect to see growth in from a wallet perspective. And there's also financing where you have different types of markets and channels that are growing private credit being an example. We're different assets by different types of sponsors are places where we could see opportunities for a wallet share growth more broadly.

當您考慮併購或您必須在內部進行全球特許經營的其他公司交易時，您可以考慮不同類型的外匯交易。因此，您會看到我們希望從錢包的角度看到一些企業解決方案的成長。還有融資，有不同類型的市場和管道，私人信貸的成長就是一個例子。我們擁有不同類型贊助商的不同資產，在這些地方我們可以看到更廣泛的錢包份額成長機會。

What I would add to that is we're in the middle of the PE ecosystem with respect to M&A financing risk. If you ask a number of the asset managers, both real money and alternative asset managers, they would say we are a partner of choice, so opportunity exists within credit, where there's a big focus on the financing side. It's obviously stable revenue. And we're getting after some of the opportunities that lie across fixed income and inside of our new issue business to originate structure, finance credit, of course, a focus on private credit and then in equities to continue to expand our prime brokerage capability and to build out derivatives.

我想補充的是，就併購融資風險而言，我們正處於私募股權生態系統的中間。如果你問一些資產管理公司，包括真實貨幣和另類資產管理公司，他們會說我們是首選合作夥伴，因此信貸領域存在機會，其中融資方面受到重點關注。這顯然是穩定的收入。我們正在尋找固定收益和新發行業務內部的一些機會，以發起結構、融資信貸，當然，重點關注私人信貸，然後是股票，以繼續擴大我們的主要經紀能力和建立衍生品。

So this ecosystem around the financial sponsors who know our firm very well with all of all of the integrated firm capability. This is a space and a client base that we are focused on, along with, of course, our leading strategic clients on the corporate side.

因此，這個生態系統圍繞著財務贊助商，他們非常了解我們公司以及所有綜合公司的能力。這是我們關注的空間和客戶群，當然還有我們在企業方面的領先策略客戶。

Okay. Terrific color. And then a follow-up just on the debt capital market. outlook, obviously, a very strong quarter. We have heard a little bit about maybe some pull forward just on the year in terms of people front loading. And so just want to get a sense of whether you feel like that played out as well for Morgan Stanley? And then when you think about the pipeline for net debt underwriting, I appreciate that deals come to other quickly, so there's maybe not as much of a formal pipeline. But is the tone there similarly strong is what you're seeing for M&A and equity underwriting. And also appreciate there's probably some interconnectivity there as well.

好的。很棒的顏色。然後是債務資本市場的後續行動。顯然，前景非常強勁。我們聽說過一些關於今年在人員提前裝載方面可能會有所提前的消息。所以只是想了解一下您是否覺得摩根士丹利也經歷了同樣的情況？然後，當您考慮淨債務承銷的管道時，我很高興其他交易很快就會達成，因此可能沒有那麼多正式的管道。但你所看到的併購和股權承銷的基調是否也同樣強勁？並且也要感謝那裡可能也存在一些互連。

Yes. I would point you to, as you said, there is interconnectivity. Remember that I think many of the peers have also mentioned they're have been some pull forward that you saw. It's also been a market that's been open over the course of the last 2 years. So I wouldn't -- I don't -- I wouldn't draw the same parallel that you might have seen in M&A or in equity, where you have a real dearth of activity the last 2 years. But rather that market, especially in IG has been relatively open when you think about high yield and other non-IG kinds of concepts -- and of course, there is the event-related transactions. But from an IG market, that market has been well opened over the last 2 years.

是的。正如您所說，我想向您指出，存在互連性。請記住，我認為許多同行也提到他們對您所看到的東西有所推動。這也是一個在過去兩年中一直開放的市場。所以我不會——我不會——我不會像你在併購或股權領域看到的那樣進行類比，在過去的兩年裡，你在這些領域確實缺乏活動。但當你考慮高收益和其他非 IG 類型的概念時，這個市場，尤其是 IG 市場，已經相對開放——當然，還有與事件相關的交易。但從IG市場來看，這個市場在過去兩年已經開放得很好。

SP1-est move to our next question from Gerard Cassidy with RBC.

SP1-est 轉到 RBC 的 Gerard Cassidy 提出的下一個問題。

Ted, you had some very encouraging comments on the outlook for the capital markets, which is great. A question for you. You mentioned about the high-yield and leveraged loan market, you're starting to see event financing, which is good. How is the competition from the private credit side because they have made inroads, obviously in the last couple of years. Are you guys seeing that the traditional investment banks are getting some of that market share back?

泰德，您對資本市場的前景發表了一些非常令人鼓舞的評論，這很棒。有個問題想問你。您提到高收益和槓桿貸款市場，您開始看到活動融資，這是一件好事。來自私人信貸方面的競爭如何，因為他們顯然在過去幾年中取得了進展。你們是否看到傳統投資銀行正在奪回一些市場份額？

The competition is real. And we all need to adapt to stay relevant in the ecosystem. I think there's going to be room for folks in the private space to participate in deals, but I certainly do not believe as some seem to suggest that the global investment banks will not have a large role to play as underwriters of securities and all the benefits that, that brings to the issuer versus someone issuing private credit and potentially being the owner over time if things don't go well. So I think we're in a world where the ecosystem will time have many of the players acting as partners, sometimes we'll act as counterparties and at times, even competitors.

競爭是真實的。我們都需要適應才能在生態系統中保持相關性。我認為私人領域的人們將有參與交易的空間，但我當然不相信，因為有些人似乎認為全球投資銀行不會在證券承銷商和所有利益方面發揮重要作用這就導致了發行人與發行私人信貸的人之間的對抗，如果事情進展不順利，隨著時間的推移，可能會成為所有者。因此，我認為我們所處的世界中，生態系統有時會有許多參與者充當合作夥伴，有時我們會充當交易對手，有時甚至是競爭對手。

But I think the ecosystem has more than enough room on a global basis for both the emerging private credit space, but also the incumbents to continue to be able to do their thing. Very good. And just as a quick follow-up to that. Once again, your outlook is very encouraging. 10 years up again today, there's talk of it moving even higher. On the front end of the curve is talking about higher for longer. If we get into a really higher for longer rate environment, does that kind of weigh on some of the optimism of the outlook that you presented today? Or no, it doesn't really have a material impact on it?

但我認為，這個生態系統在全球範圍內擁有足夠的空間，既可以容納新興的私人信貸空間，也可以容納現有機構繼續進行自己的工作。非常好。作為對此的快速跟進。再一次，你的前景非常令人鼓舞。今天又上漲了 10 年，有人說它會進一步上漲。曲線的前端正在談論更長的更高時間。如果我們進入長期利率較高的環境，這是否會影響您今天提出的樂觀前景？或者不，它實際上並沒有產生實質影響？

Well, it's a great question. It depends on whether rates are higher because they are sustaining continued growth in the U.S. or if they are higher for a period of time and are followed by a tough landing, in which case, we're in recession and clearly then things will slow down. I think our view is that -- the U.S. economy continues to progress quite nicely that balance sheets amongst our client base are quite strong, both on the institutional side and on the wealth side and that there is plenty to do and that the higher rates that we see are in part, if not more than in part, dictated by a view that we continue to have some inflation and that the economy is in healthy shape and maybe asynchronously relative to other places in the world. But that again speaks to U.S. strength. And as you know, first and foremost, we have our activities in the U.S. But over time, there will be strength in places again like Japan and in Europe and then eventually in the China complex where we will be busy too. So my bullishness is not a mark-to-market on any given week or month. It's a view that corporate board rooms have been quiet for 3, 4 years, and that is not sustainable. They need to move. They're ready to move before the pandemic, and the pandemic came and then there were higher rates. Those higher rates seem to be well absorbed. Yes, now we need to have models that factor in appropriate cost of capital as we saw in prior regimes where cost of capital matter, and now in a period that comes after financial repression, where we'll have some inflation and some real rates and companies and financial sponsors will adapt and the strong companies will prosper.

嗯，這是一個很好的問題。這取決於利率是否因為美國維持持續成長而上升，或者利率是否會在一段時間內上升並隨後艱難著陸，在這種情況下，我們正處於衰退之中，顯然，經濟將會放緩。我認為我們的觀點是——美國經濟持續取得相當好的進展，我們客戶群的資產負債表相當強勁，無論是在機構方面還是在財富方面，而且還有很多事情要做，而且利率越高，我們看到，部分（如果不是更多的話）是由這樣一種觀點決定的：我們繼續存在一定程度的通貨膨脹，經濟狀況良好，但與世界其他地方相比可能不同步。但這再次證明了美國的實力。如你所知，首先也是最重要的是，我們在美國開展活動。因此，我的看漲並不是在任何特定的一周或一個月內按市值計價。人們認為，公司董事會已經安靜了三、四年了，這是不可持續的。他們需要搬家。他們在大流行之前就準備好採取行動，大流行來了，然後利率就更高了。這些較高的利率似乎被很好地吸收了。是的，現在我們需要有一個模型，將適當的資本成本考慮在內，正如我們在以前的製度中看到的那樣，資本成本很重要，而現在在金融抑制之後的時期，我們將出現一些通貨膨脹和一些實際利率，公司和金融贊助商將會適應，強大的公司將會繁榮。

So we are setting up for that, and we believe will be a multiyear cycle. And I would say finally that what we're most excited about, of course, is the model that we are working with both the institutional community, but also our wealth management clients to adapt and to optimize as we move into the next cycle.

因此，我們正在為此做好準備，我們相信這將是一個多年周期。最後我要說的是，我們最興奮的當然是我們與機構界以及我們的財富管理客戶合作的模式，以便在我們進入下一個週期時進行調整和優化。

There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. Thank you, everyone, for participating. You may now disconnect, and have a great day.

目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開連接，祝您有美好的一天。