摩根士丹利 (MS) 2024 Q3 法說會逐字稿

Good morning. Welcome to Morgan Stanley's third-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. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at morganstanley.com.

早安.歡迎參加摩根士丹利 2024 年第三季財報電話會議。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。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。

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. 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.

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。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 thank you for joining us. In the third quarter, Morgan Stanley delivered strong revenues of $15.4 billion, $3 billion of net income and a 17.5% return on tangible. The results reflect top line growth across our businesses and demonstrate operating leverage. Year-to-date results reflect the firm's ability to generate consistent quarterly performance: $15 billion of revenues, sequential EPS of $2.02, $1.82 and $1.88 and year-to-date returns on tangible of 18%.

早安，感謝您加入我們。第三季度，摩根士丹利實現了 154 億美元的強勁營收、30 億美元的淨利潤和 17.5% 的有形回報率。結果反映了我們整個業務的營收成長並展示了營運槓桿。年初至今的業績反映了該公司實現穩定季度業績的能力：營收 150 億美元，環比每股收益分別為 2.02 美元、1.82 美元和 1.88 美元，年初至今的有形回報率為 18%。

Across the firm, we advance toward our strategic goals while continuing to invest in growth. We are delivering on asset aggregation by leveraging our unique platform and scale in wealth and investment management. Through the first nine months, we achieved $200 billion of organic growth. It's worth noting that over the last year, total client assets are up almost $1.4 trillion. Total client assets across wealth and investment management have now reached $7.6 trillion on the road to $10 trillion.

在整個公司，我們在繼續投資成長的同時，朝著我們的策略目標前進。我們利用我們獨特的財富和投資管理平台和規模來實現資產聚合。前 9 個月，我們實現了 2000 億美元的有機成長。值得注意的是，去年客戶總資產增加了近 1.4 兆美元。財富和投資管理領域的客戶總資產現已達到 7.6 兆美元，預計將達到 10 兆美元。

Our strategic investments across the integrated investment bank are reflected through share gains in our institutional franchise. The breadth and depth of our global team working seamlessly across all three regions was evident through the summer and post Labor Day as we helped clients navigate volatility against economic and policy uncertainty.

我們對綜合投資銀行的策略性投資透過我們機構特許經營權的份額收益得到體現。在整個夏季和勞動節後，我們的全球團隊在所有三個地區無縫合作的廣度和深度顯而易見，我們幫助客戶應對經濟和政策不確定性的波動。

As a whole, the integrated firm is achieving operating leverage with our year-to-date efficiency ratio improving by approximately 300 basis points to 72%. We have achieved this while continuing to thoughtfully invest across business and infrastructure priorities.

總體而言，該綜合公司正在實現營運槓桿，年初至今的效率比率提高了約 300 個基點，達到 72%。我們在實現這一目標的同時，繼續對業務和基礎設施優先事項進行深思熟慮的投資。

Institutional and individual clients are engaged. And we are well positioned to capture opportunities against different market condition backdrops. Strong fee-based flows in wealth and a strong performance in institutional securities speak to clients seeking Morgan Stanley's advice.

機構和個人客戶都參與其中。我們處於有利位置，可以在不同的市場條件背景下抓住機會。強勁的收費財富流動和機構證券的強勁表現對尋求摩根士丹利建議的客戶來說是有利的。

Improved underwriting markets combined with increasing participation among financial sponsors and corporates across investment banking support a constructive outlook. A broadening equity market and evolving interest rate policy are favorable backdrops for our markets businesses. Continued individual client focus on tax customization strategies are a tailwind for our parametric business inside investment management.

承銷市場的改善，加上金融贊助商和投資銀行企業參與度的提高，支持了建設性的前景。不斷擴大的股票市場和不斷變化的利率政策為我們的市場業務提供了有利的背景。個人客戶對稅務客製化策略的持續關注是我們投資管理內部參數化業務的推動力。

Now with three quarters of 2024 on the board, we are striking a cadence that we will execute against. Our team is unified across the four pillars of strategy, culture, financial strength, and growth. Morgan Stanley's strategy is to raise, manage, and allocate capital for institutions and individuals. We will continue to execute on a strategy with a culture of rigor, humility, and partnership. And with high levels of capital and liquidity, Morgan Stanley will continue to execute on a plan of durable growth across our integrated firm.

現在，2024 年已經過去了四分之三，我們正在敲定我們將要執行的節奏。我們的團隊在策略、文化、財務實力和成長四大支柱上保持團結。摩根士丹利的策略是為機構和個人籌集、管理和分配資本。我們將繼續以嚴謹、謙遜和夥伴關係的文化執行策略。憑藉高水準的資本和流動性，摩根士丹利將繼續在我們的綜合公司中執行持久成長的計劃。

Sharon will now take us through the quarter. Nice job, SY.

沙龍現在將帶我們回顧這個季度。幹得好，SY。

Thank you, and good morning. The firm produced revenues of $15.4 billion in the third quarter. Our EPS was $1.88, and our ROTCE was 17.5%. Results in the third quarter show the inherent strengths of our business model and our ability to grow revenues while also driving profitability.

謝謝你，早安。該公司第三季營收為 154 億美元。我們的 EPS 為 1.88 美元，ROTCE 為 17.5%。第三季的業績顯示了我們業務模式的固有優勢以及我們在增加收入的同時提高獲利能力的能力。

The firm's year-to-date efficiency ratio was 72%. In addition to strong revenue growth, efficiency gains are the result of disciplined prioritization of our controllable spend. An ongoing review of our real estate footprint as well as lower litigation and consulting spend contributed to this year's operating leverage while maintaining strong infrastructure to support ongoing growth.

該公司年初至今的效率率為 72%。除了強勁的收入成長之外，效率的提高也是我們對可控支出進行嚴格優先排序的結果。對我們房地產足跡的持續審查以及較低的訴訟和諮詢支出有助於提高今年的營運槓桿，同時保持強大的基礎設施以支持持續成長。

Now to the businesses. Institutional securities revenues were $6.8 billion. Notwithstanding advisory and equity underwriting markets remaining below historical averages, the segment's revenues represented a near-record third quarter.

現在到企業。機構證券收入為 68 億美元。儘管諮詢和股票承銷市場仍低於歷史平均水平，但該部門第三季的收入接近創紀錄水平。

Performance accelerated towards the end of the quarter and was driven by the benefits of scale and the global reach of our integrated investment bank. Activity outside the US drove the segment's outperformance relative to historical averages. Our global footprint positioned us well to capture share. As risk events around the world drove activity, including the Bank of Japan's monetary policy changes, shifting expectations around the size and the timing of the Fed's first rate cut and China's announced stimulus, we supported our clients.

在我們綜合投資銀行的規模效益和全球影響力的推動下，業績在本季末加速。美國以外的活動推動該細分市場的表現優於歷史平均值。我們的全球足跡使我們能夠很好地佔領市場份額。隨著世界各地的風險事件推動經濟活動，包括日本央行的貨幣政策變化、聯準會首次降息的規模和時間以及中國宣布的刺激措施的預期變化，我們為客戶提供了支持。

Investment banking revenues increased to $1.5 billion. The year-over-year improvement was driven by continued strength in underwriting led by debt underwriting and further aided by a pickup in advisory revenues.

投資銀行業務收入增至 15 億美元。年比改善的推動因素是債務承銷帶動的承銷持續強勁，以及諮詢收入的增加進一步推動了承銷業務的強勁成長。

Steady improvements in corporate and sponsor activity as well as our investments in talent and client relationships are yielding results. Advisory revenues of $546 million increased year-over-year on modestly higher completed M&A transactions in the quarter with particular strength in EMEA. Large fee events from closed deals in EMEA, including those involving financial sponsors, supported the strongest quarter in over a decade for the region.

企業和贊助商活動的穩定改善以及我們對人才和客戶關係的投資正在產生成果。由於本季完成的併購交易數量略有增加，諮詢收入年增 5.46 億美元，其中 EMEA 交易尤其強勁。歐洲、中東和非洲地區已完成的交易（包括涉及金融贊助商的交易）產生的大型費用事件支撐了該地區十多年來最強勁的季度表現。

Equity underwriting revenues were $362 million. While global market volumes remain well below historical trend lines, revenues were higher year-over-year with a notable pickup of activity in Asia driven by IPOs and follow-ons.

股票承銷收入為 3.62 億美元。儘管全球市場交易量仍遠低於歷史趨勢線，但營收同比有所增長，其中亞洲市場活動在首次公開募股和後續IPO的推動下顯著回升。

Fixed income underwriting revenues more than doubled versus the prior year to $555 million. Results were driven by strong non-investment grade issuance, supported by both refinancing and event-driven activity as well as a record third quarter volumes in the investment-grade market.

固定收益承保收入比前一年增長了一倍多，達到 5.55 億美元。業績受到強勁的非投資級發行的推動，再融資和事件驅動的活動以及投資級市場第三季度創紀錄的交易量的支持。

Pipelines are healthy and diverse. We continue to believe we are in the early stages of a multiyear capital markets recovery. Corporate activity is gaining momentum. And the desire among sponsors to transact is steadily materializing, not only domestically but also abroad. While we are cognizant of the broader macroeconomic risks at play, we are well positioned to deliver the integrated firm with a deliberate focus on comprehensive solutions for our global clients.

管道健康且多樣化。我們仍然相信，我們正處於多年資本市場復甦的早期階段。企業活動勢頭強勁。不僅在國內，在國外，贊助商的交易願望正在穩步實現。雖然我們認識到更廣泛的宏觀經濟風險，但我們有能力為全球客戶提供專注於全面解決方案的綜合公司。

Equity revenues were robust at $3 billion. The business navigated bouts of market volatility well and remain nimble as we supported clients. In particular, performance in the Americas and Asia was strong.

股權營收強勁，達 30 億美元。該業務很好地應對了市場波動，並在我們為客戶提供支援的過程中保持靈活性。尤其是美洲和亞洲的表現強勁。

Prime brokerage revenues were above historical averages as client balances once again reached a new peak driven by higher equity markets. Cash results improved versus the prior year, reflecting higher volumes across the regions. Derivative results were also up year-over-year, reflecting an increase in client activity coupled with an improved trading environment in Asia associated with China's announced stimulus in the final week of September.

由於股市上漲推動客戶餘額再次達到新高，大宗經紀業務收入高於歷史平均。現金業績較前一年改善，反映出各地區的交易量增加。衍生性商品業績也較去年同期成長，反映出客戶活動增加以及中國在 9 月最後一周宣布的刺激措施帶來的亞洲交易環境的改善。

Fixed income revenues were $2 billion driven by strength in macro, particularly rates, largely offset by results in commodities that were stronger in the prior year. Results reflect solid performance in EMEA and Asia as well as a coordinated global effort to support clients through periods of volatility.

在宏觀經濟尤其是利率的強勁推動下，固定收益收入達到 20 億美元，但很大程度上被上一年走強的大宗商品業績所抵消。業績反映了歐洲、中東和非洲和亞洲的穩健業績，以及全球協調努力支持客戶度過波動時期。

Macro revenues increased versus the prior year, attributed to higher client engagement as our rates business navigated the markets well amidst shifting expectations around the size and the timing of the Fed's first rate cut. Micro results were roughly flat year over year. Results in commodities declined compared to the strong prior year, which benefited from elevated volatility in energy markets.

宏觀收入較上年有所增長，這歸因於客戶參與度的提高，因為我們的利率業務在美聯儲首次降息的規模和時間預期發生變化的情況下很好地駕馭了市場。微觀業績較去年同期大致持平。與去年的強勁表現相比，大宗商品的業績有所下降，這得益於能源市場波動加劇。

Turning to ISG lending and provisions. In the quarter, ISG provisions were $68 million driven by portfolio growth, partially offset by an improved outlook. Net charge-offs were $100 million in the commercial real estate and corporate loans.

轉向 ISG 貸款和準備金。本季度，由於投資組合成長，ISG 撥備金額為 6,800 萬美元，但部分被前景改善所抵銷。商業房地產和企業貸款的淨沖銷額為 1 億美元。

Turning to wealth management. In the third quarter, the business produced a record revenue of $7.3 billion and record PBT, highlighting the model's strong operating leverage. Strength in wealth management reflects a combination of constructive markets and a disciplined execution of our strategy.

轉向財富管理。第三季度，該業務創造了創紀錄的 73 億美元收入和創紀錄的 PBT，凸顯了該模式強大的營運槓桿。財富管理的實力體現了建設性市場和嚴格執行我們策略的結合。

Client assets in wealth management reached $6 trillion. Fee-based flows were strong, demonstrating the power of our scaled and differentiated client acquisition funnel and the value of advice. Our multichannel model is driving durable long-term growth and profitability, benefiting from continued investments in our expanded offering and technology.

財富管理客戶資產達6兆美元。收費流量強勁，證明了我們規模化和差異化的客戶獲取管道的力量以及建議的價值。我們的多通路模式正在推動持久的長期成長和獲利能力，這得益於對我們擴大的產品和技術的持續投資。

Moving on to our business metrics. Pretax profits of $2.1 billion drove the margin to 28.3%. In the quarter, DCP negatively impacted the margin by approximately 90 basis points. Asset management revenues were $4.3 billion, up 18% year-over-year driven by the cumulative impact of positive fee-based flows and higher markets.

繼續我們的業務指標。 21 億美元的稅前利潤使利潤率達到 28.3%。本季度，DCP 對利潤率產生了約 90 個基點的負面影響。資產管理收入為 43 億美元，年增 18%，這得益於積極的收費流量和市場走高的累積影響。

Fee-based flows in the quarter were robust at $36 billion. And year-to-date flows are on pace to exceed last year, supported by an ongoing contribution of assets from adviser-led brokerage accounts to fee-based accounts. Clients are diversifying fee-based accounts to include fixed income and alternative products. Fee-based assets now stand at $2.3 trillion.

本季的收費流量強勁，達到 360 億美元。在顧問主導的經紀帳戶到收費帳戶的資產持續貢獻的支持下，今年迄今為止的資金流量預計將超過去年。客戶正在使收費帳戶多樣化，包括固定收益和另類產品。收費資產目前為 2.3 兆美元。

Net new assets were $64 billion, bringing year-to-date net new assets to $195 billion, which represents 5% annualized growth of beginning period assets. Net new assets in the quarter were supported by our adviser-led and workplace channels, with a notable contribution from new clients in the adviser-led channel.

新淨資產為 640 億美元，使年初至今的淨新資產達到 1,950 億美元，相當於期初資產年化成長 5%。本季的淨新資產得到了我們顧問主導通路和工作場所管道的支持，其中顧問主導通路中新客戶的貢獻顯著。

Transactional revenues were $1.1 billion. And excluding the impact of DCP, we're up 10% year over year. Overall, higher levels of client activity supported results.

交易收入為 11 億美元。排除 DCP 的影響，我們比去年同期成長了 10%。總體而言，較高水準的客戶活動支持了結果。

Loan growth was $4 billion for the second consecutive quarter driven by mortgages. Total deposits increased sequentially to $358 billion. While average sweeps were down slightly, the recent stabilization, particularly -- we've seen recent signs of stabilization, particularly as the Fed began cutting rates. This is encouraging.

在抵押貸款的推動下，貸款連續第二季增加 40 億美元。總存款連續增加至 3,580 億美元。雖然平均利率略有下降，但近期的穩定尤其明顯——我們看到了近期穩定的跡象，特別是在聯準會開始降息之際。這是令人鼓舞的。

Net interest income was $1.8 billion. Looking ahead to the fourth quarter, we would expect NII to be modestly down from the third quarter results largely on the back of lower rate expectations, consistent with the forward curve.

淨利息收入為18億美元。展望第四季度，我們預期NII將比第三季的結果小幅下降，這主要是由於利率預期較低，與遠期曲線一致。

We are committed to continuing to execute as the opportunity in front of us remains significant. We currently touch 19 million relationships, 1.3 million more than last year. Our expanded offering includes unique market access for high-net-worth clients across a broad range of alternative products and more recently, robust private market services, which continues to attract demand. We are investing in our intellectual capital, unique products and an integrated infrastructure to help our advisers serve their clients.

我們致力於繼續執行，因為我們面前的機會仍然很大。目前，我們接觸了 1,900 萬個關係，比去年增加了 130 萬個。我們擴大的產品範圍包括為高淨值客戶提供各種替代產品的獨特市場准入，以及最近不斷吸引需求的強大的私人市場服務。我們正在投資我們的智力資本、獨特的產品和綜合基礎設施，以幫助我們的顧問為他們的客戶提供服務。

Turning to investment management. Revenues of $1.5 billion increased 9% compared to the prior year. Results reflect higher asset management and related fees, which increased 5% year-over-year driven by higher average AUM.

轉向投資管理。營收為 15 億美元，比上年增長 9%。績效反映了資產管理和相關費用的增加，由於平均資產管理規模的提高，該費用同比增長了 5%。

Long-term net flows were approximately $7 billion. Inflows were primarily driven by continued demand in alternatives and solutions and were further supported by our fixed income strategies.

長期淨流量約 70 億美元。資金流入主要是由替代品和解決方案的持續需求所推動的，並得到我們的固定收益策略的進一步支持。

Since the acquisition of Eaton Vance within alternatives and solutions, parametric customized portfolios have been a consistent source of strength. Our multiyear investments into investment management's partnership with wealth management includes initiatives around adviser education on our tax-efficient product capabilities. This has helped drive steady demand from -- originating from our own wealth management clients as well as the broader retail base.

自從收購伊頓萬斯的替代品和解決方案以來，參數化客製化產品組合一直是我們持續的優勢來源。我們對投資管理與財富管理合作夥伴關係的多年投資包括圍繞顧問教育我們的節稅產品能力的舉措。這有助於推動來自我們自己的財富管理客戶以及更廣泛的零售基礎的穩定需求。

Liquidity and overlay services had inflows of $9.3 billion led by our parametric overlay strategies. Performance-based income and other revenues were $71 million. Results supported gains in infrastructure and real estate. (technical difficulty) total AUM now stands at $1.6 trillion.

在我們的參數疊加策略的帶動下，流動性和疊加服務流入了 93 億美元。基於績效的收入和其他收入為 7,100 萬美元。結果支持了基礎設施和房地產的成長。 （技術難度）目前總資產管理規模為 1.6 兆美元。

Our investments in customization and alternatives are showing returns, demonstrated by positive long-term flows this quarter. We continue to invest in secular growth products in order to meet global client demand.

我們在客製化和替代品方面的投資正在顯現回報，本季積極的長期資金流動就證明了這一點。我們持續投資長期成長產品，以滿足全球客戶的需求。

Turning to the balance sheet. Total spot assets grew to $1.3 trillion. Standardized RWAs increased sequentially to $490 billion as we actively supported clients. We accreted approximately $2 billion of common Tier 1 capital. Our standardized CET1 ratio stands at 15.1%.

轉向資產負債表。現貨資產總額增至 1.3 兆美元。由於我們積極支持客戶，標準化 RWA 連續增加至 4,900 億美元。我們累積了約 20 億美元的普通一級資本。我們的標準化 CET1 比率為 15.1%。

We continue to deliver on our commitment to the dividend, which we raised to $0.925 per quarter in this quarter, and we bought back $750 million of common stock during the quarter. Our year-to-date results serve as hard evidence that we are executing on the opportunity set, benefiting from being global and diversified with the resources to invest in growth.

我們繼續履行對股利的承諾，本季將股利提高至每季 0.925 美元，並在本季回購了 7.5 億美元的普通股。我們今年迄今的業績是確鑿的證據，表明我們正在抓住機遇，受益於全球化和多元化以及投資成長的資源。

Across wealth and investment management, we reached $7.6 trillion of total client assets. Expanding markets and increased client engagement should further support asset growth as we progress toward $10 trillion in client assets.

在財富和投資管理領域，我們的客戶總資產達到了 7.6 兆美元。隨著我們的客戶資產邁向 10 兆美元，不斷擴大的市場和增加的客戶參與度應該會進一步支持資產成長。

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

現在，我們將開始提問。

(Operator Instructions) Steven Chubak, Wolfe Research.

（操作說明）Steven Chubak，Wolfe Research。

Hi, good morning.

嗨，早安。

Hey good morning, Steve.

嘿早上好，史蒂夫。

Morning, Steve.

早安，史蒂夫。

Ted, hey Sharon, how are you both doing? So wanted to start off with just a question on op leverage. You noted that the management team has been very focused on driving more efficiency. We're definitely seeing now on the ISG side 75% incremental margins. Even in wealth, you're delivering 35% incremental margins. Just wanted to gauge the sustainability of some of those higher marginal margins just given some of the efforts you cited on the efficiency side while continuing to invest for growth.

特德，嘿莎倫，你們兩個怎麼樣？所以想從一個關於操作槓桿的問題開始。您注意到管理團隊一直非常注重提高效率。我們現在肯定會看到 ISG 方面的利潤率增加了 75%。即使在財富方面，您也能實現 35% 的增量利潤。只是想衡量一些較高邊際利潤的可持續性，只是考慮到您在繼續投資成長的同時在效率方面所做的一些努力。

Certainly. Thank you for the question and thank you for noting the progress. We have been really focused on this over the course of the year. And I'd say that it's not -- the intention has not been to be shortsighted, but rather to take a very long-term lens as we think about efficiency.

當然。感謝您提出問題並感謝您注意到進展。這一年來我們一直非常關注這一點。我想說的是，我們的目的並不是短視，而是在考慮效率時採取非常長遠的眼光。

Over the course of this spring, we began to look not only at one year budget, but really two- to three-year outlook, not just about revenues, but also understanding where are the efficiencies that we have to gain and where can we consolidate certain investments in order to make room for what would be investments in growth.

今年春天，我們開始不僅關註一年的預算，而且開始關注兩到三年的前景，不僅關注收入，還了解我們必須在哪些方面提高效率以及我們可以在哪些方面進行整合某些投資，以便為增長投資騰出空間。

I highlighted occupancy because that's one that's very notable in the SEC disclosures. You'll see that over the course of the year-to-date basis, that line item has really only increased about $11 million. And we've made a lot of room to invest in optimization of the space, but also investments of space. You think about data centers, you think about new buildings, you think about new technology and new places that you think need to be used for occupancy. So there is a way that we're thinking about self-funding.

我強調了入住率，因為這是 SEC 披露的一個非常值得注意的問題。您會發現，從年初至今，該訂單項實際上僅增加了約 1,100 萬美元。我們在空間優化和空間投資方面都投入了大量的空間。您會想到資料中心，您會想到新建築，您會想到您認為需要用於佔用的新技術和新場所。所以我們正在考慮一種自籌資金的方式。

Same goes for a decline in professional services. Some of that was related to -- remember, we were going through many years of integration. And while we stopped disclosing on an integration basis, there were still places that we thought that we could augment what we were looking at from a professional service basis and where we were thinking about long-term gains.

專業服務的下降也是如此。其中一些與——請記住，我們正在經歷多年的整合。雖然我們停止在整合的基礎上進行披露，但我們仍然認為我們可以在專業服務的基礎上增強我們所關注的內容以及我們正在考慮長期收益的地方。

On the other side of that, you've seen increases in places like BC&E because we have been in a position where we've been supporting our clients. We're also making space investing in the infrastructure as we think about the growth that we have going forward.

另一方面，您已經看到 BC&E 等地方的成長，因為我們一直處於支持客戶的位置。當我們考慮未來的成長時，我們還在基礎設施上進行空間投資。

Some of that just has to do with cyber resilience, thing that you would expect us to do as we grow the business going forward. But we're also looking at places where we're investing for FAs, new products, new technology that can give them space to go and prosecute new clients, which you see in our net new assets, of course, the course of the quarter.

其中一些與網路彈性有關，這是您期望我們在未來發展業務時所做的事情。但我們也在尋找投資 FA、新產品、新技術的地方，這些可以給他們空間去吸引新客戶，當然，你可以在我們的淨新資產中看到這一點，當然，在本季度。

And broadly, as you think about risk and controls, you need to make sure that you have all of the right, like I've said, infrastructure, really the foundation and the building blocks so that when you have growth, you're able to support it on a go-forward basis. So we've been looking at it for both sides, Steve. And it is a multiyear process, and we would continue to do that not just in this business cycle and this budget cycle, but as we go forward over multiple years.

從廣義上講，當你考慮風險和控制時，你需要確保你擁有所有權利，就像我所說的那樣，基礎設施，真正的基礎和構建塊，這樣當你實現增長時，你就能夠繼續支持它。所以我們一直在為雙方著想，史蒂夫。這是一個多年的過程，我們不僅會在這個商業週期和這個預算週期中繼續這樣做，而且隨著我們未來多年的發展，我們將繼續這樣做。

No. Thanks for all that perspective, Sharon. And maybe just for a quick follow-up on the wealth business. The KPIs were quite strong across the board, clearly reflects a very strong momentum in the third quarter, especially in September. Just wanted to better understand what -- if there were any idiosyncratic factors that maybe drove some of that strength. Inevitably, when you see that type of momentum, it begs the question as to how durable or sustainable some of those KPIs might be and especially focused on just the growth in sweep deposits, which was certainly a nice surprise.

不，謝謝你的觀點，莎倫。也許只是為了快速跟進財富業務。 KPI 全面強勁，明顯反映出第三季特別是 9 月的強勁勢頭。只是想更了解是否有任何特殊因素可能推動了這種力量。不可避免地，當您看到這種勢頭時，就會提出這樣的問題：其中一些關鍵績效指標的持久性或可持續性如何，尤其是集中在掃存存款的增長上，這無疑是一個不錯的驚喜。

Yeah. Specifically -- I'd say actually, all the KPIs and all the underlying is strong, sweeps being one that I called out as the deposit trends are certainly encouraging. Especially since the Fed began to cut rates, we've seen that over the back end of September and even as we look into the beginning of the fourth quarter on a relative basis in terms of expectations. So that has been positive.

是的。具體來說，實際上，我想說的是，所有關鍵績效指標和所有基礎指標都很強勁，我在存款趨勢肯定令人鼓舞的情況下指出了掃蕩。特別是自從聯準會開始降息以來，我們在 9 月底甚至在我們相對預期的第四季初都看到了這一點。所以這是積極的。

The underlying for me on all of the asset growth, both on NNA as well as fee-based assets, there's not one particular driver. But rather, you've seen the advice-based side really picking up. You've seen clients and FAs engage. There continues to be investments into markets on a monthly level from brokerage, from brokered sweeps, which you didn't see last year.

對我來說，所有資產成長的根本原因是，無論是 NNA 資產還是收費資產，都沒有一個特定的驅動因素。相反，您已經看到基於建議的方面確實在發展。您已經看到客戶和 FA 的互動。經紀業務和經紀掃蕩繼續每月對市場進行投資，這是去年你沒有看到的。

So needless to say, the markets are improving. You're seeing momentum in the economy. Uncertainties are lifting. And retail clients are engaged both from seeking advice but also coming to the platform as new clients, which I think is a particularly good trend to watch.

不用說，市場正在改善。你看到了經濟的勢頭。不確定性正在增加。零售客戶不僅會尋求建議，還會作為新客戶來到該平台，我認為這是一個特別值得關注的趨勢。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

Hey, Ebrahim.

嘿，易卜拉欣。

Hey good morning, Ted. I guess maybe just first question on capital priorities. Just talk to us in terms of how you're thinking about the capital ratio today in context of we are still waiting for the Basel III proposal. But more importantly, I think the history of the last 10 years has been excellent capital allocation, organic or inorganic. As you're looking at the world created, where are you deploying capital? Where are the best investment opportunities? Is it in market? Is it in wealth? Is it in international? Would love to get your perspective.

嘿早上好，泰德。我想也許只是關於資本優先事項的第一個問題。請與我們談談您今天如何看待資本比率，因為我們仍在等待巴塞爾協議 III 提案。但更重要的是，我認為過去十年的歷史是優秀的資本配置，無論是有機的還是無機的。當您審視所創造的世界時，您將資本部署在哪裡？最好的投資機會在哪裡？市面上有嗎？是在財富中嗎？是國際版的嗎？很想了解您的觀點。

Thanks for the question. As you know, we're at 15.1% CET1. The new number is 13.5%. So our buffer is 160 basis points. We like that buffer. It gives us room to operate.

謝謝你的提問。如您所知，我們的 CET1 為 15.1%。新數字為13.5%。所以我們的緩衝是 160 個基點。我們喜歡那個緩衝區。給了我們操作的空間。

You saw that we had some risk-weighted asset increase, but we still manage to keep the ratios at 15% plus. So there's a story here, which is to continue to price best-in-class financial strength along the lines of capital and liquidity, but also to lean into the businesses as the market opportunity affords.

您看到我們的風險加權資產增加，但我們仍然設法將比率保持在 15% 以上。因此，這裡有一個故事，那就是繼續根據資本和流動性來定價一流的財務實力，同時也要在市場機會提供的情況下向業務傾斜。

We did that clearly in both businesses. You saw it in the investment bank, where we gained share across the primary and both markets businesses. But you also saw it in wealth management, some of the technology spend that Sharon described.

我們在這兩項業務中都明確地做到了這一點。你在投資銀行看到了這一點，我們在一級市場和兩個市場業務中都獲得了份額。但你也可以在財富管理中看到它，莎倫描述的一些技術支出。

In the sort of forced hierarchy of what we would wish to do at any given moment around capital allocation, as we said before, it's the dividend first. That is sacrosanct, and we continue to grow it.

正如我們之前所說，在我們希望在任何給定時刻圍繞資本配置做的強制等級制度中，股息是第一位的。這是神聖不可侵犯的，我們將繼續發展它。

Second here because of the secular growth and where we are in the cycle, as Sharon just described, there is a good cause to be investing in all three segments: wealth management, investment management and the investment bank and to do so across the world. We're clearly seeing rates of equitization increasing in places like Japan and India and on the continent.

其次，正如莎倫剛才所描述的，由於長期成長以及我們所處的周期，有充分的理由投資於所有三個領域：財富管理、投資管理和投資銀行，並在全世界範圍內這樣做。我們清楚看到日本、印度等地以及非洲大陸的股票化率正在上升。

So having a global franchise and investing in that, we think, is existentially important. And then the buyback is opportunistic. We'll be buying back $3 billion-plus this year as that's an ongoing lever that we're going to pull.

因此，我們認為，擁有全球特許經營權並對其進行投資對於生存至關重要。然後回購就是機會主義的。今年我們將回購超過 30 億美元，因為這是我們要拉動的持續槓桿。

Of course, the Basel uncertainty likely last through the election, and we have our points of add. We can see that our -- aligned with the industry, but also those things that matter very much to Morgan Stanley specifically. And we're going to continue to make our case conservatively respectfully, and we'll see how it plays out after the election.

當然，巴塞爾的不確定性可能會持續到整個選舉，我們有補充的觀點。我們可以看到，我們的——與行業保持一致，但也與摩根士丹利特別重要的那些事情保持一致。我們將繼續以保守、尊重的方式闡述我們的觀點，我們將看看選舉後結果如何。

But as it stands now, 160 basis points of buffer on CET1, 5.5% SLR. We are investing in the business. We're achieving operating leverage. So these things are always a movable feast, but we are keeping a very close eye on it, and we're happy with how we're optimizing the allocation.

但就目前情況而言，CET1 緩衝 160 個基點，SLR 5.5%。我們正在投資這項業務。我們正在實現營運槓桿。因此，這些事情始終是一場可移動的盛宴，但我們正在密切關注它，並且我們對優化分配的方式感到滿意。

Got it. And one quick follow-up for you, Sharon, on sweep deposits, NII, all that good stuff. Just as we think about rate clients kind of maybe serving a bigger event for clients to reallocate how they invest, is the NII, give or take, close to a bottom because of a certain level of sort of -- I think you've talked in the past about cash balances that clients have maintained. Are we close to that? And if we get QT maybe before the end of the year, could those deposit balances potentially have one less headwind and as a result, grow looking into next year despite rate cuts?

知道了。莎倫，還有一個關於掃描存款、NII 以及所有這些好東西的快速跟進。正如我們認為評級客戶可能會為客戶提供一個更大的活動來重新分配他們的投資方式一樣，國家資訊基礎設施（NII），給予或接受，接近底部，因為某種水平 - 我想你已經談到了過去關於客戶維持的現金餘額。我們離那個很近了嗎？如果我們可能在年底之前獲得量化寬鬆，那麼這些存款餘額是否可能會面臨更少的阻力，從而在明年儘管降息的情況下仍會增長？

Sure. So let me take the last part of your question first, just to be clear, QT hasn't really been a driver for us. I'd say that's more for a commercial bank. So in either direction was -- I don't think it has to do with a decline or an increase.

當然。因此，讓我先回答您問題的最後一部分，需要明確的是，QT 並不是我們真正的驅動力。我想說這對商業銀行來說更是如此。因此，無論是哪個方向，我認為這都與下降或成長無關。

So I'd put that aside because our deposit base is just slightly different. When we look at where we've been and the types of language that we've used historically, I'd say that just to put it in context, the rate environment has changed. It's changed since the second quarter, and I'd say it's changed pretty materially.

所以我把它放在一邊，因為我們的存款基礎略有不同。當我們審視我們所處的位置以及我們歷史上使用的語言類型時，我想說，只是將其放在上下文中，匯率環境已經改變了。自第二季度以來它發生了變化，我想說它發生了相當大的變化。

So we don't have control, as we all know, in terms of where interest rates are going. What I can speak to is where we are from a deposit level. And as I said, the trends that we've seen are extremely encouraging.

因此，眾所周知，我們無法控制利率的走向。我能說的是我們的存款水準。正如我所說，我們看到的趨勢非常令人鼓舞。

If you think about where we've come from and where we are over the course of the last couple of weeks, especially where -- when the Fed -- ever since the Fed has cut interest rates. The near-term guidance that I gave is that we will likely be modestly down over the course -- on a quarter-over-quarter basis.

如果你想想過去幾週我們從哪裡來，現在又在哪裡，特別是自從聯準會降息以來，我們在哪裡。我給出的近期指導是，我們可能會在整個過程中逐季度適度下降。

And where we will be as we look into 2025, I think we will reevaluate based on where sweeps are, one, but more importantly, on the forward is likely where interest rates are, which will be a function of what does the Fed do in November, what does it do in December, and what is the path for '25 when we sit at the beginning of January.

展望2025年，我們將根據掃蕩的情況重新評估，但更重要的是，未來利率可能會在哪裡，這將取決於聯準會在2025年的行動。在1 月初時，25 的路徑是什麼。

But I just want to put a little bit of perspective around the conversations that we've had about sweeps and NII over the course of the last couple of years. I understand that it's been a very important topic for investors, especially when you think about sweeps in particular.

但我只是想就過去幾年我們關於掃描和 NII 的對話提出一些看法。我知道這對投資者來說是一個非常重要的主題，尤其是當你特別考慮掃蕩時。

But sweeps, as I said, have been, to some degree, stabilizing. And when you look at NII for Morgan Stanley on a relative basis, think about where we were last year in the third quarter. The delta between NII this quarter and last quarter is $175 million.

但正如我所說，掃蕩在某種程度上已經穩定下來。當你相對地看待摩根士丹利的NII時，想想我們去年第三季的情況。本季與上季 NII 之間的增量為 1.75 億美元。

We make $100 million a day in this business every single day. And so I think that we really need to begin to think about what is the model, what are we thinking about and how are we executing in the model.

我們每天在這項業務中賺取 1 億美元。所以我認為我們真的需要開始思考什麼是模型，我們在想什麼以及我們如何在模型中執行。

Asset management fee-based revenues, that increase this year is double the decline of NII. So we just need to gain a bit of perspective now that we see where sweeps are, that the markets are coming back and that we continue to see asset management fees rise. And that is the durable revenue and what we expect to see from this business model as we move forward.

今年以資產管理費為基礎的收入增幅是NII降幅的兩倍。因此，我們現在只需要了解一些觀點，看看掃蕩的情況，市場正在復甦，我們繼續看到資產管理費用上漲。這就是持久的收入，以及我們在前進過程中期望從這種商業模式中看到的東西。

Glenn Schorr, Evercore.

格倫·肖爾，Evercore。

Hey, Glenn.

嘿，格倫。

Hello, there. Okay. So with RWA up 10%, I had assumed that it was trading, and client led with PB balances at record highs. And it comes with a bar that's actually down a little bit. So I'm curious, do you think that ebbs and flows with just the environment? Or is there some of the -- your capital plan continue to feed this great client franchise across markets?

你好呀。好的。因此，當 RWA 上漲 10% 時，我假設它正在交易，並且客戶以 PB 餘額創歷史新高。它配備了一個實際上向下一點的酒吧。所以我很好奇，你認為潮起潮落只是取決於環境嗎？或者您的資本計劃會繼續為這個跨市場的偉大客戶提供特許經營權？

And I'll just ask the follow-up with it because I think it goes together better. With all of that, wealth and -- wealth hasn't -- now that you've made a lot of investments, wealth doesn't need a lot more capital infusion, if you will. Based on how you're going about your capital plan, do you envision any material shifts in literally business mix? We've gotten all very accustomed and used to a big percentage of this company being asset and wealth management. Thanks.

我只會問後續事宜，因為我認為它可以更好地結合在一起。有了這一切，財富——財富還沒有——既然你已經進行了大量投資，財富就不需要更多的資本注入，如果你願意的話。根據您的資本計劃的進展情況，您是否預期業務組合會發生重大變化？我們已經非常習慣了這家公司的很大一部分業務是資產和財富管理。謝謝。

Sure. Let me take them backwards, Glenn, just so I'll talk to wealth. Wealth sees a steady -- a very small but steady increase when you look back in history associated with RWAs. And a lot of that just has to do with the lending growth. And as we think about greater household penetration, greater usage of those products by FAs and offering that to our client base, that will probably -- that's kind of where you'll see that capital allocation as we move forward.

當然。讓我回顧一下，格倫，這樣我就可以談談財富了。當你回顧與 RWA 相關的歷史時，財富會穩定成長——雖然很小但穩定成長。其中很大一部分與貸款成長有關。當我們考慮更大的家庭滲透率、FA 更多地使用這些產品並將其提供給我們的客戶群時，這可能是我們前進時您會看到的資本配置的地方。

When you think about ISG though, and the RWAs has been implemented in the business there, if you look at the loans and lending commitments, you'll see that where we've actually seen a lot of the growth is really on corporates. And a lot of that underlying is corporates, and all of the assets are also the Fed secured lending.

不過，當你考慮 ISG 時，如果你看看貸款和貸款承諾，你會發現我們實際上看到很多成長確實來自企業。其中許多基礎資產都是企業，所有資產也是聯準會的擔保貸款。

That is inherent to the integrated investment bank and the integrated firm. We have said over the course of the last two years that we expect this to be an investment banking-led recovery. We've also said and we've invested in individuals.

這是綜合投資銀行和綜合公司所固有的。我們在過去兩年中曾說過，我們預計這將是投資銀行主導的復甦。我們也說過，我們已經對個人進行了投資。

And when you think about talent in terms of the investment bank more broadly, that's where you're seeing the RWAs being put to work. And that's actually also where you're seeing the results, right?

當您從更廣泛的角度考慮投資銀行的人才時，您會看到 RWA 發揮作用。這實際上也是您看到結果的地方，對吧？

That's where you're seeing an increase in DCM, an increase in different parts of the balance of fixed income coming from more lending durable financing revenue. So it's very much alongside what we're thinking about the stabilization and the durability of the investment bank rather than something that's necessarily more episodic. Of course, it will ebb and flow as you see deals and transactions and that environment for those corporates, but that's how I would think about it broadly.

這就是你看到 DCM 增加的地方，固定收益餘額的不同部分的增加來自於更多的貸款持久融資收入。因此，這與我們對投資銀行的穩定性和持久性的思考非常一致，而不是一些必然更偶然的事情。當然，當你看到交易和交易以及這些公司的環境時，它會潮起潮落，但這就是我廣泛思考的方式。

Yeah. What I'd add to that is what is important, too, as you look through the metrics, Glenn, is that the revenues in the investment bank are up 20% year-over-year and roughly flat down 2% sequentially. But in that same period, the trading bar, the value of risk across the investment bank is running flattish. And that is -- in fact, it's slightly down.

是的。我要補充的是，格倫，當你查看這些指標時，同樣重要的是，投資銀行的收入同比增長了 20%，與上一季度大致持平，下降了 2%。但在同一時期，從交易角度來看，整個投資銀行的風險價值卻持平。事實上，它略有下降。

So we were able to put up some real operating leverage without taking up the underlying measured risk in the business, which speaks to sort of the type of durable revenue model that Sharon described across our integrated investment bank.

因此，我們能夠在不承擔業務中潛在可衡量風險的情況下建立一些實際的營運槓桿，這說明了莎倫在我們的綜合投資銀行中描述的持久收入模式類型。

Devin Ryan, Citizens JMP.

Devin Ryan，公民 JMP。

Hi, Devin.

嗨，德文。

Hey good morning, Ted and Sharon. First question on NII and wealth. Obviously, a lot goes into that. But it would be great if you could maybe speak to some of the second order impacts of lower interest rates that we should be thinking about and maybe some that are a little bit less obvious like changes in margin utilization or securities lending or securities-based loans or even customer engagement with certain types of products or really anything else I'm missing there. Just love to kind of get some more flavor around the implications and how you guys are thinking about the second order impacts on NII as you look out over the next year or so.

嘿，早安，泰德和莎倫。第一個問題關於NII和財富。顯然，這涉及很多內容。但如果您能談談我們應該考慮的低利率的一些二階影響，以及一些不太明顯的影響，例如保證金利用率或證券借貸或基於證券的貸款的變化，那就太好了甚至是客戶對某些類型產品的參與度，或我所缺少的其他任何東西。只是想了解更多有關其影響的信息，以及你們在展望未來一年左右時如何思考對 NII 的二階影響。

Yeah. We continue -- as I mentioned, this is the second quarter that we've seen loan growth. I wouldn't -- we've seen stronger quarters. So this is just the beginning.

是的。我們繼續——正如我所提到的，這是我們看到貸款增長的第二個季度。我不會——我們已經看到了更強勁的季度。所以這只是一個開始。

Basically, there's been a steady increase in mortgages even though there's the rate hike cycle, where it is and the rates were higher. And over time, as rates would come down, you'd expect to begin to see refinancing activity, which will spur lending.

基本上，儘管存在升息週期，而且利率更高，但抵押貸款一直在穩步增長。隨著時間的推移，隨著利率下降，您預計將開始看到再融資活動，這將刺激貸款。

You'll also likely see as you get into tax cycles with asset levels where they are an increase also in SBL. So there's -- those lending products have been relatively muted versus the historical basis. And you -- it wouldn't be surprising to begin to see more and more of that activity on the forward.

您也可能會看到，當您進入資產水準的稅收週期時，SBL 也會增加。因此，與歷史基礎相比，這些貸款產品相對溫和。而你——開始看到越來越多的前鋒活動也就不足為奇了。

Okay, great. Thanks, Sharon. And then just want to come back to the really nice quarter you put up in net new assets in wealth. And you touched on a notable contribution from new clients in adviser led. And so I'm just curious if there's anything else you can highlight that supported that momentum with new clients, specifically, whether it's new products or if there's programs internally that you're running to support that because it sounds like it was a catalyst. I'm just curious if that could continue.

好的，太好了。謝謝，莎倫。然後只想回到你在財富淨新資產上投入的非常好的季度。您談到了顧問主導的新客戶的顯著貢獻。因此，我很好奇是否還有其他任何事情可以強調，以支持新客戶的勢頭，特別是，無論是新產品，還是您正在運行的內部計劃來支持這一點，因為這聽起來像是催化劑。我只是好奇這種情況是否可以繼續下去。

Sure. So specifically on new clients, Devin, I'd remind you a conversation that Jed had when he spoke publicly recently, which was really about what we're doing on stock plan and different ways that we're introducing FAs to new clients. We call them human referrals. It's a place where you begin to think about if someone's calling, for example, into a call center or they've come to a different event, and they'd like to actually be matched with a financial adviser.

當然。因此，特別是關於新客戶，Devin，我想提醒您 Jed 最近在公開演講時進行的一次對話，這實際上是關於我們在股票計劃方面所做的事情以及我們向新客戶介紹 FA 的不同方式。我們稱之為人工推薦。在這裡，您開始考慮是否有人打電話給呼叫中心，或者他們參加了不同的活動，並且他們實際上希望與財務顧問進行配對。

Remember, we're using technology, different parts of AI and different ways to begin to appropriately match individuals with FAs we think will suit them. That -- those human referrals are double and over 100,000 year-to-date versus what you've seen in the past.

請記住，我們正在使用技術、人工智慧的不同部分和不同的方式來開始將個人與我們認為適合他們的 FA 進行適當匹配。與您過去看到的相比，今年迄今為止，這些人工推薦數量翻了一番，超過 10 萬人。

So I think that, that's a place where we've invested in technology. We understand now how to better match and understand individuals and their needs. And we're giving them an opportunity to see the value of the advice on the forward, and that's what you're seeing in those numbers in terms of the net new assets. So it's really bearing fruit in terms of the investments we've made.

所以我認為，這是我們投資科技的地方。我們現在了解如何更好地匹配和了解個人及其需求。我們讓他們有機會看到遠期建議的價值，這就是你在淨新資產方面看到的數字。因此，就我們所做的投資而言，它確實取得了成果。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Morning, Dan.

早上好，丹。

Hey good morning. I was hoping you could expand upon some of the strength of activity outside the US. Some of the events you cited seem country specific, but can you talk to how you see the rest of the world participating and what you guys have said will be in investment Banking recovery? And certainly, we know the US is focused in terms of the potential cap market recovery, but curious as how you think about the broader base outside the US.

嘿早安。我希望您能擴展美國以外地區的一些活動優勢。您引用的一些事件似乎是針對特定國家的，但您能否談談您如何看待世界其他地區的參與以及您所說的對投資銀行業復甦的影響？當然，我們知道美國關注的是潛在的資本市場復甦，但很好奇您如何看待美國以外的更廣泛的基礎。

The integrated investment bank premise that we built over the last 10 years and really intensified over the last 5 years was that it takes a real local commitment to have a global investment bank. We've made real investments on the continent, for example, in Iberia, in Italy, in France. We continue to be the largest presence actually as tenancy matter in Canary Wharf, so in the UK. So our European commitment is real across both investment banking and increasingly in the markets business. That's in the investment bank.

我們在過去 10 年中建立並在過去 5 年中真正強化的綜合投資銀行前提是，要建立一家全球投資銀行，需要真正的在地承諾。我們在非洲大陸進行了真正的投資，例如在伊比利亞、義大利、法國。實際上，我們仍然是金絲雀碼頭乃至英國最大的租賃公司。因此，我們對歐洲的承諾在投資銀行業務和越來越多的市場業務中都是真實的。那是在投資銀行。

But also we have a thriving investment management business, LPs who are well sconced on the continent, and we're building that integrated capability with alternative solutions and the like. We have been strong, as you know, in Asia for really decades. And that spoke to the power of a global investment banking institution that when we had disruptive events, as Sharon alluded to, in Tokyo and then in China in the last couple of months leading into this quarter, it was important that we have a leading investment banking and markets presence, both in Japan and in Hong Kong and Mainland.

而且我們還擁有蓬勃發展的投資管理業務，有限合夥人在非洲大陸擁有豐富的經驗，並且我們正在透過替代解決方案等建立這種綜合能力。如你所知，我們在亞洲已經強大了幾十年。這體現了全球投資銀行機構的力量，正如莎倫所提到的那樣，在進入本季度的最後幾個月裡，在東京和中國發生了顛覆性事件，我們擁有領先的投資非常重要在日本、香港和內地的銀行和市場業務。

So here, the seamless execution will pay off as cross-border M&A intensifies as parts of the world outside of the US, where, of course, we have our concentrated bet as a regional matter to the point you were asking, you see good growth in revenues in both in Asia and in Europe. You saw year-over-year growth of almost 25% for the firm in EMEA, Europe, Middle East, Africa and then 30%-plus in Asia.

因此，隨著美國以外世界各地跨境併購的加劇，無縫執行將得到回報，當然，我們將集中賭注作為區域事務，正如您所問的那樣，您會看到良好的增長亞洲和歐洲的收入。您看到該公司在 EMEA、歐洲、中東、非洲的年增近 25%，而在亞洲則成長了 30% 以上。

That speaks to having a local presence such that when the investment banking cycle really kicks in and companies wish to engage in strategic activity, which includes obviously getting bigger or making a sale and potentially go public locally that we're going to have the kind of presence to transact. So running the global investment bank is going to pay for years to come.

這意味著當投資銀行週期真正啟動並且公司希望參與戰略活動（其中顯然包括擴大規模或進行出售並可能在當地上市）時，我們將擁有這樣的本地業務。因此，經營全球投資銀行將在未來幾年內獲得回報。

And I would add, by the way, that an important part culturally of what we've done at Morgan Stanley for many years which is bearing fruit is to mobilize some of our senior talent from one region to another, not just across businesses but across regions, which is important when you have 30 of your 80,000 people outside the United States that they're familiar with our operations in places like India and Budapest.

順便說一句，我想補充一點，我們在摩根士丹利多年來所做的工作中，一個重要的部分是將我們的一些高級人才從一個地區調到另一個地區，不僅是跨業務，而且是跨領域。

Great. That's helpful. And then just as a follow up, within investment management, longer brainstorm inflows, certainly a positive. But if we look at the backdrop, markets are up significantly year to date. Revenues have moved modestly but still have expenses.

偉大的。這很有幫助。然後，作為後續行動，在投資管理領域，更長時間的集思廣益資金流入，當然是積極的。但如果我們看看背景，就會發現今年以來市場大幅上漲。收入略有增長，但仍有支出。

So as you think about the asset mix that's coming in the door that's skewed more towards lower fee, whether that's within parametric or fixed income, how do you expect or how do you plan on improving the overall profitability of that segment as you think about the longer-term trends that are putting more pressure on fees?

因此，當您考慮即將出現的資產組合更傾向於降低費用時，無論是在參數收益範圍內還是在固定收益範圍內，您如何期望或計劃如何提高該細分市場的整體盈利能力給費用帶來更大壓力的長期趨勢是什麼？

I'll take that. So you're right to identify that there is a mix shift as we're seeing different types of flows. I'd also note, though, there are also investments being made when you think about just the expenses to help make sure that we're there to service the clients in terms of where we're seeing the secular growth trends.

我會接受的。因此，您正確地認識到存在混合轉變，因為我們看到了不同類型的流動。不過，我還要指出的是，當您僅考慮費用時，也會進行一些投資，以幫助確保我們根據我們看到的長期成長趨勢為客戶提供服務。

So it's an asset story on parametric. It's an asset story on alternatives. We're investing in both. Both of those are places we see secular growth trends, and we're making sure to be there with -- for our clients.

所以這是一個參數化的資產故事。這是一個關於另類資產的故事。我們對兩者都進行投資。這兩個領域都是我們看到長期成長趨勢的領域，我們確保為我們的客戶提供支援。

Now alternatives is going to be higher fees, just basic private credit, et cetera, will be higher fees than you might see in parametric. That being said, I don't see it simply as a fee sort of game, but rather the greater the assets, the more opportunity and the more to be the leader in the space and to continue to attract new capital to seek new opportunities.

現在，替代方案將是更高的費用，只是基本的私人信貸等，將比您在參數中看到的費用更高。話雖這麼說，我並不認為它只是一種收費遊戲，而是資產越大，機會就越多，就越能成為該領域的領導者，並繼續吸引新資本來尋求新機會。

So overall, I see it more as a strategy associated with asset building, aggregation, and being there to service our clients but also making sure that we have the capital there to invest. So things like parametric, you're going to need to spend money on more market data. You're going to need to build relationships with wealth. And that's going to cost money on margin in the short term, but it will give us the opportunity for growth as we move forward over the long term.

因此，總的來說，我更將其視為一種與資產建設、聚合以及為客戶提供服務相關的策略，同時也確保我們有足夠的資本進行投資。因此，像參數這樣的東西，你將需要花錢購買更多的市場數據。你需要與財富建立關係。這在短期內會增加利潤，但從長遠來看，這將為我們帶來成長的機會。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Morning, Brennan.

早安，布倫南。

Hey Ted, good morning. All right. So I'm willing to risk the wrath of Sharon here and ask a question on NII. And I totally appreciate it's just a part of the wealth business, right? So totally get that. But I thought it was really encouraging to see the end-of-period deposit costs tick down pretty decently quarter over quarter.

嘿，特德，早安。好的。所以我願意冒著激怒Sharon的風險在這裡提出一個關於NII的問題。我完全理解這只是財富業務的一部分，對吧？所以完全明白了。但我認為看到期末存款成本逐季大幅下降確實令人鼓舞。

So maybe is that driven by the fact that you've seen a lot of those deposits shift into like the higher cost and therefore, higher beta products? And so would that be sustainable? And then when we're thinking about a combination of that de facto higher beta, the potential for reinvestment tailwinds in the securities book and loan growth, is it too optimistic to think that NII could grow next year?

那麼，這可能是由於您看到很多存款轉移到成本更高、貝塔係數更高的產品這一事實推動的嗎？那麼這是否可持續呢？然後，當我們考慮事實上更高的貝塔值、證券帳簿再投資順風和貸款增長的潛力的組合時，認為NII明年可能增長是否過於樂觀？

Thank you, Brennan. I appreciate that you do understand the business, and you do understand that there are multiple drivers of this business. I think what you're hitting on is that there are a lot of places that you can still see growth that is not specific only to the deposit mix.

謝謝你，布倫南。我很感激您確實了解這項業務，並且您確實了解這項業務有多種驅動因素​​。我認為你想說的是，在很多地方你仍然可以看到成長，而不僅僅是存款組合的成長。

So yes, it's encouraging to see certain pieces. Now of course, you also had our Fed rate cut in there. So that will continue to bring the cost of certain types of deposits. You think about the beta, the beta will really depend, like you alluded to, also on products.

所以，是的，看到某些作品是令人鼓舞的。當然，現在聯準會也降息了。因此這將繼續帶來某些類型存款的成本。你想想測試版，就像你提到的那樣，測試版實際上也取決於產品。

So things like a savings product will have a much higher beta than something like a sweeps product, which will have a much lower beta. They just -- they are two different products with two different purposes in terms of the dynamics of what they're used for.

因此，儲蓄產品之類的貝塔值比掃款產品之類的貝塔值高得多，而掃款產品的貝塔值要低得多。它們只是——它們是兩種不同的產品，就其使用動態而言有兩種不同的目的。

Now on the forward, it will, of course, depend on the Fed rate path. There are so many changes that have taken place over the course of the last quarter that make it very difficult to say, well, where will the Fed be, and where will be those investment opportunities.

現在，展望未來，這當然取決於聯準會的利率路徑。上個季度發生瞭如此多的變化，因此很難說聯準會將在哪裡以及這些投資機會將在哪裡。

So where I would sort of point to is there are three pieces that we've always talked about that will drive NII. Two of them are encouraging. That's the growth on the asset side in terms of where you're seeing us being able to actually deploy the capital, where you're seeing people ask for lending opportunities, et cetera. It's growing. It's encouraging.

因此，我想指出的是，我們一直在談論的三個部分將推動 NII。其中有兩個令人鼓舞。這是資產方面的成長，你可以看到我們能夠實際部署資本，你可以看到人們尋求貸款機會，等等。它正在增長。這是令人鼓舞的。

Sweeps, what we know and what we've seen, especially since the first rate cut, is also very encouraging, particularly as historically, if you look back and I said this in the last quarter call, generally speaking, when you begin to see interest rate cuts, you do begin to see different parts of deposits rise. So again, an encouraging sign.

掃蕩，我們所知道的和我們所看到的，特別是自第一次降息以來，也非常令人鼓舞，特別是從歷史角度來看，如果你回顧過去，我在上個季度的電話會議中說過這一點，一般來說，當你開始看到隨著利率下調，你確實開始看到不同部分的存款上升。這又是一個令人鼓舞的跡象。

Where will it be when you think about reinvestment and the rest of NII? That in and of itself is really the Fed. And if we go back a quarter ago, no one -- it was a very low probability to see a 50 basis point rate cut, and lo and behold, we have one.

當您考慮再投資和 NII 的其餘部分時，它會在哪裡？這本身就是聯準會。如果我們回到一個季度前，沒有人——降息 50 個基點的可能性非常低，你瞧，我們有一個人。

So why don't we see where we are after the November and December meetings and then restate kind of where we think we'll be over the course of the year just from a rate perspective. But those three building blocks, you know what they are and you know that the two that are under our control or they have to do sort of, I wouldn't say, under our control, but rather have to do with what our clients are doing. I've told you what I'm seeing from our data, and it's all positive.

那麼，為什麼我們不看看 11 月和 12 月會議之後的情況，然後從利率角度重申我們認為今年的情況。但這三個組成部分，你知道它們是什麼，你知道這兩個在我們的控制之下，或者他們必須做某種，我不會說，在我們的控制之下，而是必須與我們的客戶有關正在做。我已經告訴你我從我們的數據中看到的情況，而且都是正面的。

Okay. Totally. That's helpful. Thanks, Sharon. And then for the follow-up, maybe shifting gears a little bit. You spoke to sponsor engagement. We've seen some sponsors actually start to hit the IPO market. Given your strength in ECM and the strong franchise you have there, what are you seeing on the IPO pipeline front? And how should we be thinking about that outlook into next year?

好的。完全。這很有幫助。謝謝，莎倫。然後對於後續行動，也許會稍微改變方向。您談到了贊助商參與度。我們已經看到一些保薦人實際上開始涉足 IPO 市場。鑑於您在 ECM 方面的實力以及您在那裡擁有的強大特許經營權，您對 IPO 管道有何看法？我們該如何思考明年的前景？

Well, as you know, the sponsors have roughly $1.3 trillion of dry powder. They have $3 trillion to $4 trillion of portfolio companies in the ground by some measures, 10,000 companies in the ground. And for the first time in close to 15 years there, the deployment is outpacing the fundraising.

嗯，如你所知，贊助商擁有大約 1.3 兆美元的乾粉。從某些衡量標準來看，他們擁有 3 兆至 4 兆美元的投資組合公司，即 10,000 家公司。部署速度超過了籌款速度，這是近 15 年來首次。

So there is a need for that group to move. And they act as a liquidity source, but they also act as a competitive player to our traditional corporate community. I think much has been said about the barriers to entry to be a highly regulated [Sarb-Ox] public company. But I would take the view that there are a whole bunch of great companies that are owned privately that do want to make their way into the public markets.

因此，該群體需要移動。它們充當流動性來源，但它們也充當我們傳統企業界的競爭者。我認為關於成為一家受到嚴格監管的 [Sarb-Ox] 上市公司的進入障礙已經說了很多了。但我認為，有很多偉大的私人公司確實希望進入公開市場。

That currency allows them to make acquisitions, to set up long-term compensation plans and like to go global. So what I'd expect to see are larger companies going public, having been private for some time, reaching a level that makes them a tougher sale on the private front.

這種貨幣使他們能夠進行收購、制定長期薪酬計劃以及走向全球。因此，我預計看到的是規模較大的公司在私有化一段時間後上市，達到一定程度，使它們在私人方面的銷售變得更加困難。

There are private alternatives, but the going-public phenomenon is not going away. And I made reference to this earlier, I think there is a going-public phenomenon that will exist around the world, whether it's select countries doing privatizations, whether it's exciting companies that for the first time are reaching global benchmarks.

私人企業也有其他選擇，但上市現象並沒有消失。我之前提到過這一點，我認為世界各地都會存在一種上市現象，無論是某些國家進行私有化，還是首次達到全球基準的令人興奮的公司。

So I think we're going to see the IPO market slowly work its way back, larger names coming to market. And then when they do, quite quickly needing the full service suite of a global investment bank, needing the treasury capabilities, needing hedging services, needing the kind of advice at a mid or large cap, mature company needs. And that, of course, on a global scale is right in our sweet spot.

因此，我認為我們將看到 IPO 市場慢慢回歸，更大的公司進入市場。然後，當他們這樣做時，很快就需要全球投資銀行的全套服務，需要財務能力，需要對沖服務，需要中型或大型成熟公司所需的建議。當然，在全球範圍內，這正是我們的最佳選擇。

So I'm bullish on IPOs and M&A coming back. It may take some time. And the size of the companies when they come will be likely larger. So there will be slower unit volume than the sort of the heyday of post-COVID stimulus and quick listings. But I think these are going to be global mature companies, which are going to very much need our advice.

因此，我看好首次公開募股和併購的回歸。這可能需要一些時間。當這些公司到來時，其規模可能會更大。因此，單位成交量將比新冠疫情後刺激措施和快速上市的鼎盛時期要慢。但我認為這些將是全球成熟的公司，它們非常需要我們的建議。

Christian Bolu, Autonomous.

克里斯蒂安·博盧，自治。

Morning, Christian.

早安，克里斯蒂安。

Morning, Ted and Sharon. On wealth management, really nice to see solid loan growth in the last two quarters. Just thinking a little bit looking forward here as rates come down, kind of how are you thinking about maybe longer-term growth? Do you think loan growth can maybe reaccelerate back to pre-COVID levels where we were seeing 20%-plus growth per year? Or is that business more mature today with less growth upside?

早安，泰德和莎倫。在財富管理方面，很高興看到過去兩季的貸款穩健成長。隨著利率下降，您對長期成長有何看法？您認為貸款成長可能會重新加速回到新冠疫情之前的水平（我們每年增長 20% 以上）嗎？或者該業務現在是否更加成熟，成長空間較小？

No, I actually -- thank you for the question. I don't think that it's more mature with less upside. I actually think there's more upside to go when you think about the penetration of FAs using those products.

不，實際上我——謝謝你的提問。我不認為它更成熟，但上升空間更少。事實上，我認為當你考慮使用這些產品的 FA 的滲透率時，還有更多的上升空間。

So we used to be sort of in the low double digits in terms of that penetration. That's moved up to somewhere in the teens. But we do think that there's opportunity to surpass that higher.

因此，就滲透率而言，我們曾經處於低兩位數的水平。這已經上升到十幾歲的時候了。但我們確實認為有機會超越這個更高的水平。

And if you look sort of at peers even in similar kinds of panels, so not lending through a commercial bank, but more on the wealth side, those numbers are higher. So there are certainly opportunities there, Christian. So that's why I appreciate you asking the question.

如果你看看同行，即使是類似類型的小組，所以不是透過商業銀行貸款，而是更專注於財富方面，這些數字會更高。所以克里斯蒂安，那裡肯定有機會。這就是為什麼我很感謝你提出這個問題。

I wouldn't say it's not just on the mortgage side. That certainly can come back. But SBLs have been relatively flat, and it's not surprising. We've talked a lot about the uses of those lines. And especially if rates are low, thinking about how to use those lines to pay taxes, for example, and think about what you're doing from an efficiency perspective with your portfolio as an individual investor.

我不會說這不僅僅是抵押貸款方面的問題。那當然可以回來。但 SBL 相對平穩，這並不奇怪。我們已經討論了很多關於這些線的用途。尤其是在利率較低的情況下，例如，考慮如何使用這些額度來納稅，並從效率的角度考慮作為個人投資者的投資組合正在做什麼。

Okay. Very helpful. Thanks. Maybe one more on deposits, wealth management and deposit again. I appreciate this is maybe a smaller issue now and (technical difficulty) way. But how are you thinking about just the philosophy around deposit pricing within wealth management, given some of the SEC scrutiny?

好的。非常有幫助。謝謝。也許再來一篇關於存款、理財和存款的話題。我明白這現在可能是一個較小的問題和（技術難度）方式。但是，考慮到 SEC 的一些審查，您如何看待財富管理中存款定價的概念？

And then maybe any data you can provide around how much of the sweep cash is in the advisory-related assets?

然後，也許您可以提供有關諮詢相關資產中有多少掃蕩現金的數據？

Sure. So why don't we just -- I'll take it to sort of, I guess, together but answer it slightly backwards, which is we talked about different pricing changes. And last quarter, we also said that, that was a small portion in terms of where the changes are going to be made.

當然。那麼，為什麼我們不——我想，我會一起考慮這個問題，但稍微倒退一下，我們討論了不同的定價變化。上個季度，我們還說過，就將要進行的更改而言，這只是一小部分。

So it's small. It's in the run rate. You saw it over the course of the quarter, and it was in the results. When we think about deposit pricing, we take a number of factors into consideration.

所以它很小。它在運行率中。您在整個季度中都看到了這一點，並且在結果中也看到了這一點。當我們考慮存款定價時，我們會考慮許多因素。

And one of the most important factors that we highlighted last quarter and we've been looking at even through this cutting cycle are competitive dynamics and where competitive pricing is. So that's -- it's the market, and it's also competition. It's the need for deposits and where that is on a relative value perspective. So all of those things that include the customer as well.

我們在上個季度強調的最重要因素之一是競爭動態以及有競爭力的定價，即使在這個削減週期中我們也一直在關注這一因素。所以這就是市場，也是競爭。這是對存款的需求，這是從相對價值的角度來看的。所以所有這些事情也包括客戶。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Morning, Gerard.

早上好，傑拉德。

Hi, Ted. Hi, Sharon. In your prepared remarks, you guys talked about your prime brokerage revenues were historical -- above historical averages as clients' balances reach new peaks. Can you share with us how much of that is driven by just existing clients or also you're expanding your client base where you're growing that as well? Can you compare the two areas of driving these numbers?

嗨，泰德。嗨，莎倫。在你們準備好的發言中，你們談到你們的主要經紀收入是歷史性的——隨著客戶餘額達到新的峰值，高於歷史平均水平。您能否與我們分享一下，其中有多少是由現有客戶推動的，或者您也在擴大客戶群，從而擴大客戶群？您能比較一下推動這些數字的兩個領域嗎？

Well, I think the question is an interesting one because the barriers to entry to scaling a new asset manager are quite high. But we host, as you're aware, our cap intro conference every January down in Breakers, have done that for decades and continue to draw enormous demand to try to get a slot. Because once you've made it, the platform economics of success and your ability to penetrate various distribution channels enables you to get big quite quickly.

嗯，我認為這個問題很有趣，因為擴展新資產管理公司的進入障礙相當高。但正如您所知，我們每年一月都會在 Breakers 舉辦帽子介紹會議，幾十年來一直這樣做，並繼續吸引巨大的需求來嘗試獲得席位。因為一旦你成功了，平台的成功經濟效益和你滲透各種分銷管道的能力使你能夠很快壯大。

So it's sort of tough to make it, but once you've made it, you can really scale into a large institution. By and large, though, the growth that we've seen across equities to hit the $3 billion mark over the last couple of quarters you've seen has not been consuming additional VARs, just staying close to our clients.

因此，做到這一點有點困難，但一旦你做到了，你就可以真正擴展到一個大型機構。不過，總的來說，您所看到的過去幾季中我們所看到的股票成長達到 30 億美元大關並沒有消耗額外的 VAR，只是與我們的客戶保持密切聯繫。

These results indicate that we've increased wallet with predominantly the existing base. We've done that around the world. And the leverage levels for a lot of these clients in the quantum platform space are actually run close to the typical range for that subgroup.

這些結果表明我們主要在現有基礎上增加了錢包。我們在世界各地都這樣做過。量子平台領域許多客戶的槓桿水平實際上接近該子群體的典型範圍。

So we've been able to interact with them in a productive way across not just prime brokerage, but cash and derivatives too and then importantly, across the markets business. So this is part of this integrated investment bank philosophy that you can have folks that are traditional players in one pocket moving across the asset spectrum.

因此，我們不僅能夠在大宗經紀業務上，而且在現金和衍生性商品業務上，以及更重要的是在整個市場業務上，以富有成效的方式與他們互動。因此，這是綜合投資銀行理念的一部分，即您可以讓傳統參與者在資產範圍內移動。

And the leadership in the market business has done a great job facilitating that, not just across underliers, but as I mentioned in the past quarter, across regions. And to the extent that there are spinouts or others, we have a vibrant business now in the Middle East too, in Abu Dhabi and in Scandinavia in Copenhagen. Those are the two offices we recently opened. And I mentioned them because they are not just great possibles for investment banking and for our investment management business, but they're also very interesting for our markets business, too.

市場業務的領導層在促進這一點方面做得非常出色，不僅是在下屬企業之間，而且正如我在上個季度提到的那樣，在各個地區也是如此。就分拆公司或其他公司而言，我們現在在中東、阿布達比和斯堪的納維亞半島和哥本哈根也擁有充滿活力的業務。這是我們最近開設的兩個辦事處。我提到它們是因為它們不僅對投資銀行和我們的投資管理業務來說是巨大的可能性，而且對我們的市場業務也非常有趣。

Very helpful. Thank you. And then just as a quick follow-up, I always appreciate your guys' insights and others that really don't have big exposures to credit. And so you mentioned that you had charge-offs of $100 million in commercial real estate and corporate loans. Can you give us any color, again, you're not a big lender like a JPMorgan or a Bank of America, so insights from folks like you, I think, are very helpful. Any color here?

非常有幫助。謝謝。然後，作為一個快速的後續行動，我一直很欣賞你們的見解以及其他真正沒有大量信用風險的人的見解。您提到您沖銷了 1 億美元的商業房地產和企業貸款。您能給我們任何顏色嗎？這裡有顏色嗎？

Sure. Those are largely provisioned for. And so I think what you've seen is that it's almost as though some of the credit changes have been working themselves through the market. If you look back over the course of the last two years, we've had a lot of conversations, Gerard, specifically talking about CRE.

當然。這些基本上都已做好準備。所以我認為你所看到的是，似乎有些信貸變化已經透過市場自行發揮作用。傑拉德，如果你回顧過去兩年，我們進行了很多對話，特別是關於 CRE 的對話。

You've had some great questions as it relates to that space. We're -- we saw that, that was happening. We provisioned for it. And over time, you will see that likely come through on the other side as charge-offs, and that's kind of where we are at this point in the cycle.

您提出了一些與該領域相關的重要問題。我們——我們看到了，這正在發生。我們為此做好了準備。隨著時間的推移，你會發現另一方可能會以沖銷的形式出現，這就是我們目前所處的周期。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Morning, Mike.

早上好，麥克。

Hi there. Good morning. Earlier, you talked about your tech efforts. And so, Ted, as you think about AI, is Morgan Stanley a leader or a close follower, you wait for others to do it? And then more specifically, what's going on with your partnership with OpenAI? I see a quote here from Morgan Stanley. OpenAI is perhaps the best example to date of empowering Morgan Stanley with the marriage of human device and technology. I think you're unique in using OpenAI. So any color you can provide would be great.

你好呀。早安.早些時候，您談到了您的技術工作。那麼，Ted，當你思考人工智慧時，摩根士丹利是領導者還是密切的追隨者，你會等待別人去做嗎？更具體地說，您與 OpenAI 的合作進展如何？我在這裡看到摩根士丹利的一句話。 OpenAI 也許是迄今為止透過人類設備與技術的結合來增強摩根士丹利能力的最佳例子。我認為您在使用 OpenAI 方面是獨一無二的。所以你能提供的任何顏色都會很棒。

Sure. I'll take it because we continue to do work with OpenAI. In terms of where we are overall on the technology side, Mike, you saw a lot of our products very early, say, almost 10 years ago at this point in time when we did our first tech expo. And we looked at tools that we were using AI and different types of machine learning, et cetera, to give our advisers tools to give them more time to prospect business.

當然。我會接受它，因為我們將繼續與 OpenAI 合作。就我們在技術方面的整體情況而言，麥克，您很早就看到了我們的許多產品，比如說，大約 10 年前，當我們舉辦第一次技術博覽會時。我們研究了我們使用人工智慧和不同類型的機器學習等的工具，為我們的顧問提供工具，讓他們有更多的時間來拓展業務。

As it relates specifically to that partnership, that partnership is going extremely well. We continue to look at new platforms and new applications that we can use with them.

由於它與該夥伴關係具體相關，因此該夥伴關係進展得非常順利。我們繼續尋找可以使用的新平台和新應用程式。

And there are new places that we're using AI that we've launched and we've discussed over the course of the last two quarters or so. One is we obviously do have a tool where FAs can use and speak to our research portal, so to speak, and understand that AI will basically read everything and then can help you answer different questions associated with what's already been published in terms of that volume of data.

在過去兩個季度左右的時間裡，我們已經推出並討論了一些使用人工智慧的新地方。一是我們顯然確實擁有一個工具，FA 可以使用該工具並與我們的研究門戶進行交流，可以這麼說，並了解人工智能基本上會閱讀所有內容，然後可以幫助您回答與該卷中已發佈內容相關的不同問題的數據。

In addition to that, as we've moved forward, we can have tools like debrief where an individual, of course, gaining permission in a meeting can use what they've heard in a meeting through AI translate languages, et cetera, summarize and then be able to send out e-mails as follow-ups based on the conversations had in those meetings with a draft.

除此之外，隨著我們的進步，我們可以擁有諸如匯報之類的工具，當然，在會議中獲得許可的個人可以透過人工智慧翻譯語言等使用他們在會議中聽到的內容，進行總結和總結然後能夠根據這些會議中的對話發送電子郵件作為後續內容和草稿。

Obviously, you have human interaction after in a human overlay, but just gives you the bare bones again to save time for the advisers as we move forward. We're doing that across the institution in different pockets and spaces as part of the -- if we think back to the efficiency work that we started this call with, there will be places where we can use AI to also think through efficiencies. So it's a balance of understanding where to invest and then how to use that to gain time back from a productivity standpoint as we move forward.

顯然，在人類覆蓋之後您可以進行人類互動，但只是再次為您提供了簡單的框架，以便在我們前進時為顧問節省時間。作為整個機構不同領域和空間的一部分，如果我們回想一下我們開始本次電話會議時的效率工作，就會發現在某些地方我們可以使用人工智慧來思考效率。因此，在我們前進的過程中，需要平衡了解在哪裡投資以及如何利用投資從生產力的角度贏得時間。

And I also like the -- I like the question because it suggests that there are going to be opportunities where being a fast follower is just fine, where you can take existing capability and make the digitization process easier on a straight cost effectiveness play, where to Sharon's comments, where we are really digging in as a, call it, proprietary matter is around the productive efficiency inside of wealth management.

我也喜歡——我喜歡這個問題，因為它表明，作為一個快速追隨者，會有一些機會，你可以利用現有的能力，並在直接的成本效益遊戲中使數位化過程變得更容易，其中根據莎倫的評論，我們真正深入探討的是，所謂的專有問題是圍繞財富管理內部的生產效率。

This entire -- we call it AIMS, as you know, AI at Morgan Stanley, the AI Morgan Stanley assistant is just the first chapter of what we're going to do across the financial adviser platform specific to our own offering with clients where we think we're going to have some real edge.

這整個——我們稱之為AIMS，如你所知，摩根士丹利的人工智慧，人工智慧摩根士丹利助理只是我們將在財務顧問平台上所做的第一章，具體針對我們自己為客戶提供的服務。

You say it's the first chapter of what just -- I know this is looking forward, but what could be some other chapters as it relates to AI?

你說這是第一章——我知道這是令人期待的，但是與人工智慧相關的其他章節可能是什麼？

At our place? Well, it's going to be a tool at the very least that is going to help inform FAs on what is relevant at any given moment under any different -- any given paradigm. They are going to have access to information across a whole bunch of data sets, ongoing conversations and interactions that are going to allow for crisper and more effective conversations with their clients.

在我們這裡？嗯，它至少會成為一個工具，幫助 FA 了解在任何特定時刻、任何不同的、任何給定的範式下什麼是相關的。他們將能夠存取大量資料集的資訊、持續的對話和交互，從而與客戶進行更清晰、更有效的對話。

I think that will take some time to play out. But when you think about it, extraordinarily effective in terms of the interactions when there will be heightened proclivity to activity between the client and the FA, whether it's around an exogenous event or a life event for the FA to be well equipped to know what types of products and services might be available down the road is something that we think will be part of the embedded offering.

我認為這需要一些時間才能發揮出來。但仔細想想，當客戶和 FA 之間的活動傾向增強時，在互動方面會非常有效，無論是圍繞外生事件還是生活事件，FA 都能夠很好地了解哪些類型我們認為，未來可能提供的產品和服務將成為嵌入式產品的一部分。

Saul Martinez, HSBC.

索爾·馬丁內斯，匯豐銀行。

Saul, good morning.

索爾，早安。

Good morning. You've had a pretty sustained, good fee-based asset flows for some time now. Maybe this quarter was a little bit outside. And Sharon, you mentioned the trends of adviser-led brokerage moving to fee-based, clients diversifying to alternatives and fixed income instruments or fixed income.

早安.一段時間以來，您已經擁有相當持續、良好的收費資產流動。也許這個季度有點不太正常。莎倫，您提到了顧問主導的經紀業務轉向收費的趨勢，客戶多元化到另類投資和固定收益工具或固定收益。

Can you just comment on the extent to which you think these dynamics have legs where we are in terms of these dynamics occurring, given the strength in asset prices and equities and rates coming down and what that might mean for your flow expectations and for fee rates?

考慮到資產價格和股票的強勢以及利率的下降，以及這對您的流量預期和費率可能意味著什麼，您能否評論一下您認為這些動態在多大程度上與我們發生的這些動態相關？ ？

Yeah. I actually really appreciate the question. I appreciate that you took note of the comments that I gave in the prepared remarks, which is what we've been focused on is really migration and understanding migration of assets. So we look at -- there's brokerage accounts and self-directed and there's brokerage accounts when you think about on the adviser side.

是的。我真的很感激這個問題。我感謝您注意到我在準備好的發言中提出的意見，這就是我們一直關注的真正遷移和理解資產遷移。所以我們看看——有經紀帳戶和自我指導，還有當你考慮顧問方面時的經紀帳戶。

You have an adviser, but you also have a brokerage count, and not everything is in fee-based. The numbers from brokerage is -- those numbers are increasing in terms of what's actually migrating into fee-based.

你有一個顧問，但你也有一個經紀計數，而且並不是所有東西都是收費的。來自經紀業務的數據是——這些數字在實際轉向收費業務方面正在增加。

And why I think that's important is we've always said that we would expect -- oftentimes the way you see net new assets come into the institution, they come in maybe under an adviser or not. But let's say you're in the adviser side, it comes into a brokerage account first. It doesn't go directly into fee-based.

為什麼我認為這很重要，因為我們總是說我們會期望 - 通常你看到淨新資產進入機構的方式，它們可能是在顧問的指導下進入的，也可能不是。但假設你在顧問這邊，它先進入經紀帳戶。它不會直接進入收費模式。

And so it's really the migration of assets coming in and then seeing that pick up, say, oh, I understand that there's a value to advice, and let me now figure out where I'd like to put it in what type of fee-based wrapper, so to speak, that is going.

所以這實際上是資產的遷移，然後看到這種情況的回升，比如說，哦，我明白建議是有價值的，現在讓我弄清楚我想把它放在什麼類型的費用中——基於包裝器，可以這麼說，那就是了。

If I go back sort of 10 years or so, it was really only in equities. That's where you saw most of those fee-based advice coming in. Now that has changed. Over time, we began to talk about fixed income. Remember that had to do some of -- we would talk about fee degradation. We'd say it's not fee degradation, but it's mix and a mix into fixed income. Now we're seeing that mix also into alternatives.

如果我回溯到 10 年前左右，我真的只專注在股票上。這就是您看到大部分收費建議的地方。隨著時間的推移，我們開始談論固定收益。請記住，必須做一些事情——我們會談論費用下降。我們會說這不是費用下降，而是混合和固定收益的混合。現在我們看到這種混合也融入了替代品中。

So that's what's interesting is that there are more products also being offered under the fee-based wrapper that people can begin to think about. And as those products increase, and we have more products than others, we have more tools, more opportunities to people -- for people to invest. We'll see more assets come in, there's more value to advice and there are more places to put it in when you think about the fee-based offering. So I think that it has momentum, and as you know, those are the durable revenue streams that we expect to gain over time.

有趣的是，人們可以開始考慮在收費包裝下提供更多產品。隨著這些產品的增加，我們比其他人擁有更多的產品，我們擁有更多的工具，為人們提供更多的投資機會。我們將看到更多的資產進入，建議更有價值，當你考慮收費產品時，會有更多的地方可以放置它。所以我認為它有動力，正如你所知，這些是我們期望隨著時間的推移而獲得的持久收入流。

Okay, that's helpful. Thanks a lot.

好的，這很有幫助。多謝。

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。您現在可以斷開連接並度過愉快的一天。