Northern Trust Corp (NTRSO) 2025 Q4 法說會逐字稿

Good day, and welcome to the Northern Trust Corporation fourth-quarter 2025 earnings conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jennifer Childe, Director of Investor Relations. Please go ahead.

大家好，歡迎參加北方信託公司2025年第四季財報電話會議。今天的會議正在錄影。此時，我謹將會議交給投資者關係總監 Jennifer Childe 主持。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Northern Trust Corporation's fourth-quarter 2025 earnings conference call. Joining me on our call this morning is Michael O'Grady, our Chairman and CEO; Dave Fox, our Chief Financial Officer; John Landers, our Controller; and Trace Stegeman from our Investor Relations team.

謝謝接線員，大家早安。歡迎參加北方信託公司2025年第四季財報電話會議。今天早上和我一起參加電話會議的有：我們的董事長兼首席執行官邁克爾·奧格雷迪；我們的首席財務官戴夫·福克斯；我們的財務總監約翰·蘭德斯；以及我們投資者關係團隊的特雷斯·斯特格曼。

Our fourth-quarter earnings press release and financial trends report are both available on our website at northerntrust.com. Also on our website, you will find our quarterly earnings review presentation, which we will use to guide today's conference call. This January 22 call is being webcast live on northerntrust.com. The only authorized rebroadcast of this call is the replay that will be made available on our website through February 22.

我們的第四季獲利新聞稿和財務趨勢報告均可在本公司網站 northerntrust.com 上查閱。此外，您還可以在公司網站上找到季度獲利回顧演示文稿，我們將以此為指導今天的電話會議。本次1月22日的電話會議將在northerntrust.com網站上直播。本次電話會議的唯一授權重播方式是提供錄音回放，並將於2月22日前在我們的網站上提供。

Northern Trust disclaims any continuing accuracy of the information provided in this call after today. Please refer to our Safe Harbor statement regarding forward-looking statements in the back of the accompanying presentation, which will apply to our commentary on this call.

北方信託公司聲明，在今天之後，本次電話會議中提供的資訊的準確性將不再具有任何保證。請參閱隨附簡報背面的「安全港」聲明，該聲明涉及前瞻性陳述，並將適用於我們對本次電話會議的評論。

(Event Instructions) Thank you again for joining us today. Let me turn the call over to Mike O'Grady.

（活動須知）再次感謝您今天參加我們的活動。讓我把電話交給麥克‧奧格雷迪。

Thank you, Jennifer. Let me join in welcoming you to our fourth-quarter 2025 earnings call. Turning to slide 4. In 2025, we made significant progress executing on our One Northern Trust strategy, delivering strong and improving financial performance and providing solid momentum going into 2026.

謝謝你，珍妮弗。讓我代表全體成員歡迎各位參加我們2025年第四季財報電話會議。翻到第4張投影片。2025 年，我們在執行「一個北方信託」策略方面取得了重大進展，實現了強勁且不斷改善的財務業績，並為進入 2026 年提供了堅實的動力。

In the fourth quarter, compared to the prior year, trust fees grew 7%, net interest income increased 14% and revenue was up 9%, excluding notables. For the sixth consecutive quarter, we delivered positive trust fee and total operating leverage while continuing to invest meaningfully in the business. Excluding notables, pretax margin expanded to 33% and EPS grew 19%.

第四季度，與去年同期相比，信託費用增加了 7%，淨利息收入增加了 14%，不計重要事項，收入增加了 9%。我們連續第六個季度實現了正的信託費用和總營運槓桿，同時繼續對業務進行大量投資。剔除特殊因素後，稅前利潤率擴大至 33%，每股盈餘成長 19%。

For the full year, revenue rose 7% and expenses grew 5%, delivering over 2 points of operating leverage and a 30% pretax margin, 14.8% return on equity, and 17% EPS growth, all excluding notables. We returned $1.9 billion to shareholders in 2025, including a record $1.3 billion of share repurchases, which reduced share count by 5%.

全年來看，收入成長了 7%，支出成長了 5%，實現了超過 2 個百分點的經營槓桿，稅前利潤率為 30%，股本回報率為 14.8%，每股收益增長了 17%（不包括重要項目）。我們在 2025 年向股東返還了 19 億美元，其中包括創紀錄的 13 億美元股票回購，使股票數量減少了 5%。

These results reflect strong market conditions and demonstrate the strength of our One Northern Trust strategy, which serves as our road map to becoming a consistently high-performing company that delivers meaningful value for clients, partners, and shareholders.

這些結果反映了強勁的市場狀況，並證明了我們「一個北方信託」策略的強大。該策略是我們成為一家持續高績效公司，為客戶、合作夥伴和股東創造有意義價值的路線圖。

Turning to slide 5. We've made significant strides across each of our strategic pillars. Starting with optimized growth. We advanced several initiatives at both the enterprise and business unit levels, resulting in deepened client relationships and expanded market share in key areas.

翻到第5張投影片。我們在各個策略支柱領域都取得了顯著進展。從優化成長開始。我們在企業和業務部門層面推動了多項舉措，從而加深了客戶關係，並在關鍵領域擴大了市場份額。

We broadened our private markets footprint across the enterprise and further enhanced our capital markets and banking penetration, which now contributes more than one-third of enterprise revenue. These firm-wide efforts improve collaboration across our businesses, allowing us to bring the full capabilities of Northern Trust to our clients while accelerating the pace of product development and innovation.

我們擴大了私募市場在整個企業中的覆蓋範圍，並進一步提高了資本市場和銀行業務的滲透率，目前這兩項業務貢獻了企業收入的三分之一以上。這些全公司範圍的努力提高了我們各業務部門之間的協作，使我們能夠將北方信託的全部能力帶給我們的客戶，同時加快產品開發和創新的步伐。

Turning to productivity. We initiated significant changes to enhance and scale our operations. Our client-centric capability operating model provides a unified and consistent way of working across the company, standardizing core processes, increasing spans of control, reducing organizational layers and empowering the broad adoption of AI-driven automation, inclusive of our AI platform and

轉向提高生產力。我們啟動了重大變革，以提升和擴大我們的營運規模。我們以客戶為中心的營運模式為公司內部提供了一種統一且一致的工作方式，實現了核心流程的標準化，擴大了管理幅度，減少了組織層級，並促進了人工智慧驅動的自動化技術的廣泛應用，包括我們的人工智慧平台。

For example, the Chief Operating Officer's organization, which encompasses more than half of our workforce, increased managerial spans and control by over 35%, while reducing management layers by over 20%. This is improving speed, accountability, and efficiency across the firm, creating a leaner, more agile operating structure, and fostering enhanced collaboration. Our accelerated deployment of AI across high-volume activities such as digitizing documents and automating manual tasks is driving efficiency gains while improving quality and consistency across key workflows.

例如，營運長的組織涵蓋了我們一半以上的員工，管理幅度及控制力增加了 35% 以上，而管理階層減少了 20% 以上。這將提高整個公司的速度、責任感和效率，打造更精簡、更靈活的營運結構，並促進更緊密的合作。我們在數位化文件和自動化手動任務等高容量活動中加速部署人工智慧，從而提高了效率，同時提升了關鍵工作流程的品質和一致性。

Overall, we increased productivity savings last year, representing more than 4% of our expense base. We strategically reinvested these savings into growth and resiliency initiatives fueling our future performance.

總體而言，我們去年提高了生產力，節省了開支，占我們支出基數的 4% 以上。我們將節省下來的資金策略性地再投資於成長和增強韌性的舉措，以推動我們未來的業績成長。

For 2026, we plan to raise our productivity target by 10%, supported by maturing initiatives, further structural and workforce improvements, and broader AI deployment. On resiliency, we strengthened the firm's risk technology and operational foundations. We advanced cybersecurity, upgraded our data environment, expanded cloud adoption, modernized key software platforms and enhanced core risk and control processes. These initiatives help future-proof the company.

到 2026 年，我們計劃將生產力目標提高 10%，這得益於各項舉措的成熟、結構和勞動力方面的進一步改進以及人工智慧的更廣泛部署。在韌性方面，我們加強了公司的風險技術和營運基礎。我們提升了網路安全水平，升級了資料環境，擴大了雲端採用範圍，實現了關鍵軟體平台的現代化，並加強了核心風險和控制流程。這些舉措有助於公司面向未來發展。

Turning to our business unit performance, starting with Wealth Management on slide 6. We delivered strong momentum in the fourth quarter, particularly in our upper tier segments, continuing to deepen our leadership position in global family office and the ultra-high net worth market. GFO achieved record new business in 2025, surpassing last year's high watermark with strong contributions from both domestic and international markets, the latter up 15%.

接下來我們來看看業務部門的業績，首先是第 6 頁的財富管理部分。我們在第四季度取得了強勁的成長勢頭，尤其是在高端細分市場，繼續鞏固我們在全球家族辦公室和超高淨值市場的領先地位。GFO 在 2025 年取得了創紀錄的新業務，超過了去年的最高紀錄，這得益於國內和國際市場的強勁貢獻，其中國際市場成長了 15%。

Last year, we launched family office solutions, extending our world-class GFO platform to families with more than $100 million in net worth to serve as their outsourced family office. FOS exceeded its goals for clients and assets last year, and we're scaling this proven model across all markets. Together, GFO and FOS position us exceptionally well to meet the needs of the most complex segment of the market.

去年，我們推出了家族辦公室解決方案，將我們世界一流的 GFO 平台擴展到淨資產超過 1 億美元的家族，作為他們的外包家族辦公室。去年，FOS 在客戶和資產方面都超額完成了目標，我們正在將這種行之有效的模式推廣到所有市場。GFO 和 FOS 的強強聯合，使我們能夠更好地滿足市場中最複雜細分領域的需求。

Another area of focus is talent. In 2025, we unified sales across GFO and the regions, strengthened coverage models, and enhanced pipeline rigor and win rate expectations. We will continue to invest in high-performing growth-oriented front office talent, while sharpening incentives around new client acquisition and organic growth.

另一個重點領域是人才。2025 年，我們統一了 GFO 和各區域的銷售，加強了覆蓋模式，提高了銷售管道的嚴謹性和成交率預期。我們將繼續投資於高績效、以成長為導向的前台人才，同時加強對新客戶獲取和內生成長的激勵措施。

The third area of focus is expanding our suite of investment solutions. Alternatives remain a key priority in 2025, as we more than doubled the number of funds launched on the platform and tripled assets raised, broadening client choice across strategies. We also made the fund launch and distribution process more scalable, which will support a faster cadence in 2026, including our first Evergreen Fund.

第三個重點領域是擴展我們的投資解決方案組合。2025 年，另類投資仍然是我們的重點，我們在平台上推出的基金數量增加了一倍多，籌集的資產增加了兩倍，從而擴大了客戶在各種策略上的選擇。我們也讓基金的發行和分銷流程更具可擴展性，這將有助於在 2026 年加快節奏，包括我們的首個常青基金。

Finally, we will enhance our client acquisition strategies across segments, geographies, and channels, including deeper engagement with centers of influence and intensified digital engagement initiatives to generate more high-quality leads. Across each of these areas, we are simplifying processes, upgrading platforms, and applying AI to reduce friction and service delivery. These steps will enhance both the client and partner experience and strengthen wealth management growth.

最後，我們將加強在各個細分市場、地理和管道的客戶獲取策略，包括與有影響力的人士進行更深入的互動，以及加強數位化互動舉措，以產生更多高品質的潛在客戶。在這些領域，我們正在簡化流程、升級平台並應用人工智慧來減少摩擦和服務交付。這些措施將提升客戶和合作夥伴的體驗，並加強財富管理業務的成長。

Turning to Asset Servicing on slide 7. Overall, we ended the year with improved organic growth and profitability, driven by our strategic focus on scalable growth in core product areas. Capital markets performed particularly well in 2025, ending the year with robust FX trading and integrated trading solutions activity in the fourth quarter.

請參閱第 7 頁的「資產服務」部分。整體而言，在策略上專注於核心產品領域的可擴展成長，推動了我們全年有機成長和獲利能力的提升。2025 年資本市場表現尤為出色，第四季度外匯交易和綜合交易解決方案活動強勁，為這一年畫上了圓滿的句號。

Private markets were another highlight, with wind-related revenue up 18% over prior year, further solidifying our leading position with global hedge fund managers and UK LTAS. We will build on the success in 2026 by further scaling core fund administration and depository services while increasing cross-sell of capital markets activities. Led by our industry-leading front office solutions offering, which continues to be a key differentiator, we will further expand our global asset owner franchise, building on the over 100 new mandates in 2025.

私募市場是另一個亮點，風能相關收入比上一年增長了 18%，進一步鞏固了我們在全球對沖基金經理和英國長期資產管理公司中的領先地位。我們將以 2026 年的成功為基礎，進一步擴大核心基金管理和託管服務，同時增加資本市場活動的交叉銷售。憑藉我們業界領先的前台解決方案（這仍然是我們的一項關鍵差異化優勢），我們將進一步擴大我們的全球資產所有者業務，並在 2025 年新增 100 多項委託業務。

Finally, we will sharpen our focus on selectively enhancing the products and services we offer such as growing ETF servicing in the US, expanding European transactional banking, and building out our digital asset capabilities. Asset servicing enters the year with solid tailwinds and a clear path to accelerate profitable growth.

最後，我們將更加專注於選擇性地提升我們提供的產品和服務，例如在美國發展 ETF 服務、擴大歐洲交易銀行業務以及建立我們的數位資產能力。資產服務業在新的一年擁有強勁的順風，並有明確的路徑加速實現獲利成長。

Turning to Asset Management on slide 8. NTAM delivered another solid year and is well positioned to continue executing on its growth initiatives. Liquidity was particularly strong with the fourth quarter marking the 12th consecutive quarter of positive flows and liquidity AUM reaching nearly $340 billion. We continue to broaden our successful liquidity franchise by leveraging digital capabilities, including introducing a tokenized share class of one of our money market funds. Building on last year's strong alternatives fundraising, we will continue to expand our product capabilities and strengthen distribution across wealth and institutional channels.

接下來請看第 8 頁的資產管理部分。NTAM 又度過了穩健的一年，並已做好充分準備繼續執行其成長計劃。流動性尤其強勁，第四季標誌著資金連續第 12 季實現正流入，流動性資產管理規模接近 3,400 億美元。我們不斷利用數位化能力拓展我們成功的流動性業務，包括推出我們其中一隻貨幣市場基金的代幣化份額類別。在去年另類投資募資強勁的基礎上，我們將持續擴大產品能力，並加強在財富和機構通路的分銷。

On the product innovation front, we maintained a high velocity cadence last year, doubling product launches year over year, including 11 new ETFs, meaningful expansion of our SMA fixed income suite and the rollout of multiple custom solutions across alternatives.

在產品創新方面，我們去年保持了高速的節奏，產品發布數量同比增長了一倍，其中包括 11 只新的 ETF，大幅擴展了我們的 SMA 固定收益產品線，並在另類投資領域推出了多種客製化解決方案。

NTAM will maintain an elevated new product base and work closely with Northern Trust Wealth Management to codevelop tailored solutions, building on the first of their kind distributing later ETFs and introduced in 2025. Direct indexing and customized SMAs remain areas of strong client demand, supported by $5 billion of net organic flows in our tax-advantaged equity suite in 2025.

NTAM 將維持較高的新產品基礎，並與 Northern Trust Wealth Management 密切合作，共同開發客製化解決方案，以首創的後續 ETF 分銷為基礎，並於 2025 年推出。直接指數化和客製化SMA仍然是客戶需求強勁的領域，2025年我們享有稅收優惠的股票產品組合將實現50億美元的淨有機流入，這為直接指數化和定制化SMA提供了支持。

We will extend this momentum through the launch of a long-short tax-advantaged equity strategy and expanded customized fixed income SMAs, reinforcing our position as a top three industry provider. Together, these priorities strengthen our growth trajectory, deepen our client engagement and expand our ability to deliver differentiated high-demand investment solutions.

我們將透過推出具有稅收優惠的多空股票策略和擴大客製化固定收益SMA來延續這一勢頭，鞏固我們作為行業前三名供應商的地位。這些優先事項共同鞏固了我們的成長軌跡，加深了我們與客戶的互動，並擴大了我們提供差異化、高需求投資解決方案的能力。

Turning to slide 9. The execution of our One Northern Trust strategy over the last two years is translating into improved financial performance. Productivity and expense discipline are driving positive operating leverage, reducing our expense to trust fee ratio and improving pretax margin levels, while ROE has been at the high end of our target range and EPS have grown at a double-digit pace for the past two years.

翻到第9張投影片。過去兩年，我們「北方信託一體化策略」的執行正在轉化為財務表現的改善。生產效率和費用控制正在推動積極的營運槓桿，降低我們的費用與信託費用比率，提高稅前利潤率，同時淨資產收益率一直處於我們目標範圍的高端，過去兩年每股收益以兩位數的速度增長。

Turning to slide 10. As we move forward, we're doing so with a clear vision, good momentum, and a resolute commitment to consistently deliver on our strategic pillars, producing financial performance that rewards shareholders. With the goal of generating attractive returns on capital and double-digit EPS growth through cycles, we have a conviction to boost two of our medium-term financial targets. In addition to targeting expense to trust fees below 110%, we're now targeting a pretax margin of 33% and return on equity in the mid-teens.

翻到第10張投影片。展望未來，我們擁有清晰的願景、良好的發展勢頭和堅定的承諾，將持續推進我們的策略支柱，創造能夠回報股東的財務表現。為了實現可觀的資本回報和週期內兩位數的每股盈餘成長，我們有信心提高其中期財務目標中的兩個目標。除了將信託費用支出目標設定在 110% 以下外，我們現在的目標是稅前利潤率達到 33%，股本回報率達到 15% 左右。

To wrap up, this progress is only possible as a result of the exceptional efforts of my fellow Northern Trust colleagues. I want to thank them for their commitment to delivering for our stakeholders.

總而言之，這項進展完全得益於北方信託公司同事們的卓越努力。我要感謝他們為我們的利害關係人所做的努力。

With that, Dave will take you through our fourth quarter and full-year financial results.

接下來，戴夫將帶您了解我們第四季和全年的財務表現。

Thanks, Mike. Let me join Jennifer and Mike in welcoming you to our fourth-quarter 2025 earnings call. Let's discuss the financial results of the quarter, starting on slide 12. This morning, we reported fourth quarter net income of $466 million, earnings per share of $2.42 and our return on average common equity was 15.4%. Our fourth-quarter results reflect another quarter of solid progress toward achieving our financial objectives and enhancing the durability of our financial model.

謝謝你，麥克。讓我和珍妮佛、麥克一起歡迎各位參加我們2025年第四季財報電話會議。讓我們從第 12 張投影片開始討論本季的財務表現。今天早上，我們公佈了第四季度淨收入為 4.66 億美元，每股收益為 2.42 美元，平均普通股股東權益回報率為 15.4%。我們第四季的業績反映了我們在實現財務目標和增強財務模式的持久性方面又取得了穩步進展。

Relative to the prior year, currency movements favorably impacted our revenue growth by approximately 90 basis points and unfavorably impacted our expense growth by approximately 140 basis points. Relative to the prior period, currency movements were immaterial to both revenue and expense growth.

與前一年相比，匯率波動對我們的收入成長產生了約 90 個基點的有利影響，對我們的支出成長產生了約 140 個基點的不利影響。與上期相比，匯率波動對收入和支出成長均無重大影響。

Trust, investment, and other servicing fees totaled $1.3 billion, a 3% sequential increase and a 7% increase compared to last year. Net interest income on an FTE basis was up 10% sequentially to $654 million, a new record, and up 14% from a year ago.

信託、投資和其他服務費總計 13 億美元，季增 3%，比去年增長 7%。以全職員工人數計算的淨利息收入較上季增加 10% 至 6.54 億美元，創歷史新高，比去年同期成長 14%。

Our assets under custody and administration were up 3% sequentially and up 11% compared to the prior year. Our assets under management were up 2% sequentially and up 12% year over year. Overall, our credit quality remains very strong with all key credit metrics in line with historical standards. We recorded an $8 million release of the credit reserve in the fourth quarter, largely reflecting refinements to factors used to estimate losses for the C&I portfolio.

我們的託管和管理資產環比成長 3%，年增 11%。我們的管理資產較上季成長 2%，較去年同期成長 12%。整體而言，我們的信貸品質依然非常強勁，所有關鍵信貸指標均符合歷史標準。第四季度，我們釋放了 800 萬美元的信貸儲備，這主要反映了用於估算工商業組合損失的因素的改進。

Our effective tax rate was 26.5% in the fourth quarter, up 310 basis points over the prior year's rate, largely as a result of higher tax impacts from international operations. We expect the effective tax rate in 2026 to be approximately 26% to 26.5%.

第四季我們的實際稅率為 26.5%，比上年同期上升了 310 個基點，主要是由於國際業務的稅收影響增加。我們預計 2026 年的實際稅率約為 26% 至 26.5%。

Our results included $69 million in net unfavorable notable items, including $19 million in expenses associated with our Visa swaps recognized within other operating income; $59 million in severance-related expense, primarily recognized within compensation expense; and a $10 million release of our FDIC special assessment reserve, recognized within our other operating expense.

我們的業績包括 6,900 萬美元的淨不利重大項目，其中包括與 Visa 互換相關的 1,900 萬美元支出（計入其他營業收入）；5,900 萬美元的遣散費相關支出（主要計入薪資支出）；以及 1,000 萬美元的 FDIC 特別評估準備金釋放（計入其他營業支出）。

Relative to the prior year period and excluding notable items, revenue was up 9%, expenses were up 5%, and our pretax margin was up 250 basis points to 33.2%. We generated over 4 points of positive operating leverage. Earnings per share increased 19% and our average shares outstanding decreased by 5%.

與去年同期相比，不計特殊項目，營收成長 9%，支出成長 5%，稅前利潤率成長 250 個基點至 33.2%。我們實現了超過 4 個百分點的正向經營槓桿。每股盈餘增加了 19%，平均流通股數量減少了 5%。

Turning to our Wealth Management business on slide 13. Wealth Management had a good quarter with strength in both GFO and the regions. GFO won three of its largest wins of the year in the quarter. Priority Markets delivered their best overall quarter of the year, and the Regions posted their best quarter for flows.

接下來，請看第 13 頁，了解我們的財富管理業務。財富管理業務本季表現良好，全球財務營運和區域業務均表現強勁。GFO在本季度取得了今年以來最大的三場勝利。重點市場實現了今年以來最佳的整體季度業績，各區域的資金流動也創下了今年以來的最佳季度業績。

Assets under management for our wealth management clients were $507 billion at quarter end, up 13% year over year. We saw healthy incremental flows late in the quarter, including $5 billion within GFO. Trust, investment and other servicing fees for wealth management clients were $578 million, up 6% year-over-year, primarily due to strong equity markets as the favorable flows occurred late in the quarter.

截至季末，我們財富管理客戶的資產管理規模為 5,070 億美元，年增 13%。本季末我們看到了健康的增量資金流入，其中包括 GFO 的 50 億美元。財富管理客戶的信託、投資和其他服務費為 5.78 億美元，年增 6%，主要原因是強勁的股票市場，有利的資金流入發生在季度末。

Trust fees within the regions were up 5% year over year in the quarter and were up 6% for the full year, with strength mostly attributable to favorable equity markets as strong advisory fee growth was mostly offset by continued product pressure. Within GFO, trust fees were up 6% in the fourth quarter relative to the prior year, showing healthy improvement from the third quarter's more muted performance. They were up 5% for the full year.

本季各地區的信託費用年增 5%，全年同比增長 6%，這主要歸功於有利的股票市場，因為強勁的諮詢費用增長基本上被持續的產品壓力所抵消。GFO 中的信託費用在第四季度比去年同期成長了 6%，較第三季較為平淡的表現有了顯著改善。全年成長率為 5%。

Wealth management average deposits were up 5% sequentially, reflecting year-end portfolio repositioning coupled with new business momentum. Average loans were down 4%, reflecting the repayment of a large GFO loan. Including severance charges of $15.2 million, Wealth Management's pretax profit decreased 3% over the prior year period's record levels and the pretax margin contracted by 300 basis points to 38.9%. Excluding these charges, the pretax margin was down 120 basis points.

財富管理平均存款環比增長 5%，反映了年底投資組合的重新調整以及新業務的成長動能。平均貸款額下降了 4%，這反映了 GFO 大額貸款的償還。在計入 1,520 萬美元的遣散費後，財富管理業務的稅前利潤較上年同期創紀錄水準下降了 3%，稅前利潤率下降了 300 個基點至 38.9%。剔除這些費用後，稅前利潤率下降了120個基點。

Moving to Asset Servicing results on slide 14. Our Asset Servicing business also had a very strong finish to the year. Transaction volumes accelerated, capital markets activities were robust, while new business generation continued to be healthy and margin accretive. Assets under custody and administration for asset servicing clients were $17.4 trillion at quarter end, reflecting an 11% year-over-year increase.

第 14 頁，進入資產服務結果部分。我們的資產服務業務在年底也取得了非常強勁的業績。交易量加速成長，資本市場活動強勁，新業務拓展持續健康，利潤率不斷提高。截至季末，資產服務客戶的託管和管理資產規模為 17.4 兆美元，年增 11%。

Asset servicing fees totaled $730 million, reflecting an 8% increase over the prior year. Custody and fund administration fees were $496 million, up 9% year over year, reflecting the impact from strong underlying equity markets, net new business and favorable currency movements. Assets under management for asset servicing clients were $1.3 trillion, up 12% over the prior year.

資產服務費總額為 7.3 億美元，較上年增加 8%。託管和基金管理費為 4.96 億美元，年增 9%，反映了強勁的股票市場、新增業務和有利的匯率走勢的影響。資產服務客戶的管理資產規模為 1.3 兆美元，較上年成長 12%。

Investment management fees within asset servicing were $166 million, up 6% year over year, largely due to favorable markets. Asset servicing average deposits increased 3% sequentially, reflecting normal seasonal patterns and were up 6% year over year. Loan volume increased 6% from third quarter levels, but remained down 8% year over year, albeit off a small base.

資產服務中的投資管理費為 1.66 億美元，較去年同期成長 6%，主要原因是市場狀況良好。資產服務平均存款較上季成長 3%，反映了正常的季節性模式，較去年同期成長 6%。貸款金額較第三季成長 6%，但年減 8%，儘管基數較小。

Asset servicing pretax profit grew 23% over the prior year, or 40%, excluding severance charges. The pretax margin expanded 210 basis points year-over-year to 25.5% and increased 550 basis points, excluding severance. The segment level margin benefited from the NII associated with the seasonally strong deposit levels; the pivot in our new business approach, including our focus on cross-selling high-margin capital markets; and other adjacent products and services, which translated to a pretax margin on our new business that was above 30%; as well as our efforts to streamline our operations.

資產服務稅前利潤較上年增長 23%，若不計遣散費，則增長 40%。稅前利潤率年增 210 個基點至 25.5%，若不計遣散費，則擴大 550 個基點。分部利潤率受惠於季節性強勁存款水準所帶來的淨利息收入；我們新業務模式的轉變，包括我們專注於交叉銷售高利潤率的資本市場和其他相關產品和服務，這使得我們新業務的稅前利潤率超過 30%；以及我們精簡營運的努力。

Moving to slide 15 and our balance sheet and net interest income trends. Average earning assets were up 3% on a linked quarter basis, as higher deposits drove an increase in cash held at the Fed and other central banks and in our securities portfolio. We issued $1.25 billion in new debt in November, $500 million in senior and $750 million in sub-debt.

接下來請看第 15 張投影片，了解我們的資產負債表和淨利息收入趨勢。平均收益資產環比增長 3%，原因是存款增加推動了聯準會和其他中央銀行以及我們證券投資組合中現金持有量的增加。我們在 11 月發行了 12.5 億美元的新債務，其中 5 億美元為優先債務，7.5 億美元為次級債務。

The debt was swapped to floating, and proceeds were invested in floating rate securities at a positive carry. As a result, the fixed percentage of the securities portfolio dropped to 52% from 54% in the third quarter, including the impact of swaps. The duration of the securities portfolio dipped slightly to 1.48 at the end of the quarter, and the duration of our total balance sheet continued to be under one year.

債務置換為浮動利率，所得款項投資於浮動利率證券，獲得正收益。因此，包括互換交易的影響在內，證券投資組合的固定百分比從第三季的 54% 下降到 52%。季度末，證券組合的久期略微下降至 1.48，而我們整體資產負債表的久期繼續保持在一年以下。

Average deposits were $119.8 billion, up 3% compared to third quarter levels, reflecting normal seasonality. Deposits performed largely as expected throughout the quarter, and we saw a higher-than-usual surge in the last two weeks. We expect deposit levels to normalize in the first quarter.

平均存款額為 1,198 億美元，比第三季成長 3%，反映了正常的季節性變化。本季存款表現基本上符合預期，我們在最後兩週看到了高於往常的激增。我們預計存款水準將在第一季恢復正常。

Within the deposit base, interest-bearing deposits increased 2% sequentially and noninterest-bearing deposits increased by 10%, climbing to 15% of the overall mix. Net interest income on an FTE basis was $654 million, up 10% sequentially and up 14% compared to the prior year.

在存款基礎中，計息存款較上季成長 2%，不計息存款較上季成長 10%，佔總存款的 15%。以全職員工人數計算的淨利息收入為 6.54 億美元，季增 10%，年增 14%。

Sequentially, NII was favorably impacted by higher deposit levels, a greater proportion of noninterest-bearing deposits and the ongoing impact from deposit pricing actions we've taken outside of rate cuts. Our net interest margin increased sequentially to 1.81%, reflecting the favorable deposit pricing actions taken, coupled with a more favorable deposit mix shift.

從順序來看，淨利息收入受到存款水準上升、無利息存款比例增加以及我們在降息之外採取的存款定價措施的持續影響的有利影響。我們的淨利差較上季成長至 1.81%，這反映了我們採取的有利的存款定價措施，以及存款結構更有利的轉變。

Turning to our expenses on slide 16. Expenses increased 9% year over year in the fourth quarter. But excluding the notables listed on the slide, they were up 5% over the prior year. Excluding both notables and unfavorable currency movements, expenses were up just 3.8% in the quarter and 4.3% for the full year. This translated to an expense to trust fee ratio of 110.8%, excluding notables, and our sixth consecutive quarter of year-over-year improvement.

接下來請看第 16 頁的支出狀況。第四季支出較去年同期成長9%。但若不計入幻燈片上列出的知名人士，則比前一年增長了 5%。剔除重大事件和不利的匯率波動，本季支出僅成長 3.8%，全年成長 4.3%。這意味著，在不計入重大事項的情況下，信託費用與支出之比為 110.8%，並且我們連續第六個季度實現了同比增長。

Turning to slide 17 and our full-year results. Including notable items listed on the slide, full year revenue decreased 2% and EPS declined by 11%. Our ROE was 14.4% and we returned 111% of our earnings to shareholders. Relative to 2024, currency movements favorably impacted our revenue growth by approximately 50 basis points and unfavorably impacted our expense growth by approximately 60 basis points.

接下來請看第 17 張投影片，了解我們的全年業績。包括幻燈片上列出的重要項目在內，全年收入下降了 2%，每股收益下降了 11%。我們的淨資產收益率為 14.4%，我們將 111% 的收益返還給了股東。與 2024 年相比，匯率波動對我們的收入成長產生了約 50 個基點的有利影響，對我們的支出成長產生了約 60 個基點的不利影響。

Our full-year results included $69 million in net unfavorable notable items, all reported in the fourth quarter. 2024 results included $536 million in net favorable notables recorded in quarters one through three, including an $878 million gain related to the Visa B share monetization. Excluding notable items in both periods, 2025 revenue was up 7%; expenses were up 4.9% or 4.3%, excluding unfavorable currency impacts. Our pretax margin was up 160 basis points to 30%. We delivered over 200 basis points of positive operating leverage and earnings per share increased 17%.

我們的全年業績包含6,900萬美元的淨不利重大項目，全部計入第四季。 2024年的業績包含5.36億美元的淨有利重大項目，計入第一至第三季度，其中包括與Visa B股變現相關的8.78億美元收益。在剔除兩個時期的重大項目後，2025 年營收成長 7%；支出成長 4.9% 或 4.3%（剔除不利的匯率影響）。我們的稅前利潤率上升了160個基點，達到30%。我們實現了超過 200 個基點的正向經營槓桿，每股盈餘成長了 17%。

Turning to slide 18. Our capital levels and regulatory ratios remained strong in the quarter, and we continue to operate at levels well above our required regulatory minimums. Our Common Equity Tier 1 ratio under the standardized approach increased by 20 basis points on a linked-quarter basis to 12.6%, driven by capital accretion and a decrease in RWA.

翻到第18張幻燈片。本季我們的資本水準和監管比率保持強勁，我們繼續以遠高於監管要求最低水準的水準運作。在資本增加和風險加權資產 (RWA) 下降的推動下，我們採用標準化方法計算的普通股一級資本充足率環比增長 20 個基點，達到 12.6%。

Our Tier 1 leverage ratio was 7.8%, down 20 basis points from the prior quarter, driven by our larger balance sheet. At quarter end, our unrealized after-tax loss on available-for-sale securities was $401 million. For the fourth quarter, we returned $522 million to common shareholders through cash dividends of $152 million and stock repurchases of $370 million. For the full year, we returned $1.9 billion, including a record $1.3 billion in share repurchases. This reflected a 113% payout ratio in the fourth quarter and 111% for the full year.

我們的一級槓桿率為 7.8%，比上一季下降了 20 個基點，這主要得益於我們更大的資產負債表。截至季末，我們可供出售證券的未實現稅後虧損為 4.01 億美元。第四季度，我們透過現金分紅 1.52 億美元和股票回購 3.7 億美元，向普通股股東返還了 5.22 億美元。全年來看，我們返還了 19 億美元，其中包括創紀錄的 13 億美元股票回購。這反映出第四季派息率為 113%，全年派息率為 111%。

Turning to our guidance on slide 19. As I've been signaling, we're moving away from an expense growth target and instead focusing on positive operating leverage, which is our North Star. We want to maintain the flexibility to opportunistically invest in growth initiatives when top line growth is more favorable and dampen expense growth when the market environment is more muted.

請參考第 19 頁投影片上的指導說明。正如我一直以來所強調的，我們正在放棄以支出成長為目標的做法，轉而專注於積極的經營槓桿，這才是我們的北極星。我們希望保持靈活性，以便在營收成長更有利時抓住機會投資成長計劃，並在市場環境較低迷時抑制支出成長。

But generally speaking, I can assure you that the direction of travel for expense growth will be down. As shown on the slide, we now expect full year 2026 NII to grow by low to mid-single digits over the prior year, which is up from our previous guidance. This assumes current market implied forward curves and relatively stable deposit mix. We expect to generate more than 100 basis points of positive operating leverage, and we expect to return more than 100% of our earnings to shareholders.

但總的來說，我可以向你保證，支出成長的方向將會下降。如幻燈片所示，我們現在預計 2026 年全年淨利息收入將比上一年實現個位數低至中等的成長，這比我們之前的預期要高。這假設當前市場隱含遠期曲線和相對穩定的存款結構。我們預計將產生超過 100 個基點的正向經營槓桿，並預計將超過 100% 的收益返還給股東。

And with that, operator, please open the line for questions.

接線員，現在可以開始接受提問了。

(Operator Instructions) Brennan Hawken, BMO Capital Markets.

（操作員說明）Brennan Hawken，BMO 資本市場。

Really encouraging to see the targets moved higher in the medium term and actually, what looks like really some encouraging ambition in the targets. Can you speak to your conviction in driving change across the organization? And like when you think the timing of some of this traction could start to come through in the financial results?

令人鼓舞的是，中期目標有所提高，而且這些目標看起來確實展現了一些令人鼓舞的雄心壯志。您能否談談您在推動組織變革方面的決心？那麼，你認為這些成長動能何時才能開始在財務表現中反映出來呢？

So I would say, Brennan, that we have a high level of conviction that we're seeing the change transmit through the entire company. I talked about in my comments there just the fact that this is an effort on the part of all of our employees, all of our partners to do this.

所以我想說，布倫南，我們非常有信心，我們看到這種變化正在整個公司蔓延開來。我在評論中提到過，這是我們所有員工和所有合作夥伴共同努力的成果。

And I think you're seeing what I think, I'll call it, the early days of the results from a financial perspective and that to the extent we continue to maintain that conviction and execute on the strategy, we'll continue to see consistently high performance like we did this quarter, and that's why we had the confidence to move the targets up in the medium term, which we look at as kind of a three to five-year time frame. And if you just think about what Dave has said even for the year that we're in right now, trying to generate more positive operating leverage, that will take us in the direction towards those targets.

我認為你們現在看到的，我稱之為財務業績的早期階段，只要我們繼續保持這種信念並執行策略，我們就會像本季度一樣繼續看到持續的高業績，這就是為什麼我們有信心在中期內提高目標，我們把中期期視為三到五年的時間框架。如果你仔細想想戴夫所說的，即使是針對我們現在所處的這一年，努力產生更多積極的經營槓桿，那將帶領我們朝著這些目標前進。

Right. Okay. And definitely really encouraging to see it. It was great. Maybe one on the balance sheet. So the deposit cost trends were encouraging here in the quarter. Can you speak to what drove the lower cost on the IB side? We saw the NIBs, the noninterest-bearing, balances move higher, but sometimes that's seasonal. So you spoke to, I think, stable deposits in the outlook for the NII. Does that mean that -- does that include maybe the IB composition normalizing? And how sustainable is the ability to drive down the interest-bearing deposit costs?

正確的。好的。看到這個消息真的令人鼓舞。太棒了。或許資產負債表上會有一項。因此，本季存款成本趨勢令人鼓舞。您能談談是什麼因素導致了IB方面的成本降低嗎？我們看到非計息餘額（NIB）有所上升，但有時這是季節性的。所以，我認為，您談到了NII前景中的穩定存款。那是否意味著──是否包含IB課程的規範化？降低計息存款成本的能力究竟有多強的永續性？

Yeah. So there's a lot to unpack in that question. I would say, generally speaking, the fourth-quarter growth, in NIB particularly, I think you had a lot of factors, definitely seasonal. But also keep in mind that the government was closed for 43 days during the quarter. And I do think there was some cash stockpiling during that period because of the lack of economic data. So I think it may have been a little inflated because of that.

是的。所以這個問題裡面有很多值得探討的內容。總的來說，我認為第四季的成長，特別是NIB的成長，受到許多因素的影響，當然也包括季節性因素。但也要記住，本季政府部門關閉了 43 天。而我認為，由於缺乏經濟數據，那段時間確實存在一些現金囤積現象。所以我覺得它可能因此被稍微誇大了。

Going forward into Q1, you should expect the seasonality of that to fall. Too soon to say when and how. Usually, it happens sort of after audit season when the fund admin companies decide that they've spent all their money for that particular quarter. So it will normalize at some point during Q1. So I would just say that Q4 is definitely not a jumping off point for NII going forward into Q1. It will -- Q1 will definitely be lower in terms of total NII.

進入第一季度，預計季節性因素會有所下降。現在說何時以及如何進行還為時過早。通常情況下，這種情況發生在審計季之後，因為基金管理公司會認為他們已經花光了該季度的所有資金。因此，它會在第一季某個時候恢復正常。因此，我認為第四季絕對不是NII進入第一季的起點。第一季淨利息收入總額肯定會下降。

In terms of the deposit pricing, we continue to spent a lot of time through our liquidity solutions efforts to look at our deposit pricing, and we still have a lot of tools in our tool shed to continue to lower that going forward. We also had in the quarter though some expensive wholesale funding that rolled off and we didn't need to replace it, and so because of that, more stability there, we're able to bring down our deposit costs accordingly.

在存款定價方面，我們繼續透過流動性解決方案投入大量時間來研究存款定價，我們仍然有許多工具可以用來繼續降低存款價格。不過，本季我們也有一些昂貴的批發融資到期，我們不需要進行替換，因此，由於資金更加穩定，我們能夠相應地降低存款成本。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I guess, maybe if you could just start on the fee growth side? And just talk to us, I mean, I appreciate you don't want to sort of pin down the guidance, but if we assume a relatively sort of a steady-state macro backdrop. One, what does that imply for fee growth this year? And then just talk to us in terms of like one or two areas you think drives strength. You talked about GFO ending '25 on a strong note. Would love to get some color around sort of the two or three drivers of growth that you're seeing on the fee side for 2026?

我想，或許你可以先從費用成長方面著手？請和我們談談，我的意思是，我知道您不想給出明確的指導意見，但如果我們假設宏觀經濟背景相對穩定的話。第一，這對今年的費用成長意味著什麼？然後請您談談您認為哪些方面能夠增強我們的優勢，例如一兩個方面。你曾說過GFO在2025年以強勁的勢頭結束。很想了解您認為2026年費用方面有哪些兩三個成長驅動因素？

Yeah. So the way we look at '26, and we just finished our planning period, is if the market conditions as the way you described, we would think that we would be around mid-single digits in revenue growth and trust fee and revenue growth, maybe revenue growth a bit higher, but around mid-single digits.

是的。所以，我們展望 2026 年的方式是，我們剛剛結束了規劃期，如果市場狀況如您所描述的那樣，我們認為我們的收入增長和信託費用收入增長將達到個位數中段，收入增長可能會更高一些，但應該在個位數中段左右。

And that would also give you an implication in terms of where we want to solve for our expense growth for the year as well. So that's sort of how we're thinking about it going into '26. In terms of the fee growth, as you know, in GFO, the business there can be very lumpy. And when you win, you usually win very large amounts. And so the traction and win rate in GFO really picked up in Q3. And because of the quarter lag, you saw a lot of it in Q4.

這也就能說明我們希望在哪些方面解決今年的支出成長問題。所以這就是我們對2026年的想法。就費用成長而言，如您所知，在 GFO 領域，業務波動可能非常大。而且，如果你贏了，通常會贏得非常多的錢。因此，GFO 的用戶成長速度和勝率在第三季顯著提升。由於季度滯後，你在第四季度看到了很多這種情況。

But we even had additional inflows in GFO of another $5 billion in Q4, which you're going to see primarily in Q1. So that's driving a lot of the growth. The other thing I would say, and Mike can comment on this as well, is the traction we're getting in the ultra-high net worth segment around from the -- or the family office solutions, which really we're finding our win rate and our traction in our backlog in that particular area of the $100 million-plus that don't have a family office has really picked up considerably.

但我們在第四季還有 50 億美元的 GFO 額外流入，這主要將在第一季體現出來。所以這推動了大部分成長。我還要補充一點，Mike 也可以就此發表評論，那就是我們在超高淨值客戶群中，尤其是在家族辦公室解決方案方面，取得了顯著進展。我們發現，在資產超過 1 億美元且沒有家族辦公室的客戶群中，我們的成交率和積壓訂單量都大幅成長。

Yeah, I would just add beyond wealth management that in the asset servicing business, again, with our strategy focused on moving upmarket, just meeting some of the larger, more complex asset owners, where we had the success in the wins in 2025, some of those are being onboarded now.

是的，除了財富管理之外，我還想補充一點，在資產服務業務方面，我們的策略重點是向高端市場發展，與一些規模更大、業務更複雜的資產所有者接洽，我們在 2025 年取得的成功中，其中一些客戶現在正在加入我們的業務。

So you'll see some of the strength in the fee growth in '26 and that's both in the Americas, but also UK and more broadly. And on the asset management front, we've, as you've heard, continued to have strong flows in liquidity. And in many respects, that's been offset from a flow perspective by outflows on the index side.

因此，你會看到 2026 年費用增長強勁，這不僅體現在美洲，也體現在英國以及更廣泛的地區。在資產管理方面，正如您所聽到的，我們的流動性持續強勁。從資金流動的角度來看，許多方面都被指數的資金流出所抵銷了。

To the extent that, that slows down, that, that drag goes away and we still have the strength and liquidity, that will add a boost on the asset management front.

如果這種情況有所緩解，這種拖累消失了，而我們仍然擁有實力和流動性，那將對資產管理方面起到推動作用。

Got it. I guess, maybe just sticking with asset management. So this leadership changes 18 months ago, we're seeing the results in terms of the targets. When we think about on a go-forward basis, the capital position that you have, where the stock trading, are there opportunities in asset management to bolster that business inorganically via tuck-in deal or something larger? Just give us a sense of kind of how you're thinking about that business over the next year or two.

知道了。我想，或許還是繼續做資產管理比較好。這次領導層變動發生在 18 個月前，從目標完成情況來看，我們已經看到了成效。當我們展望未來時，考慮到您目前的資本狀況以及股票交易情況，資產管理方面是否有機會透過收購交易或其他更大規模的交易來增強該業務的非有機成長？請您大致談談您對未來一兩年內該業務的發展規劃。

Sure. Yeah. So -- and as you heard in my opening comments there, the strategy is pretty focused in asset management. And so looking to continue to execute on that from an organic perspective. And to the extent that we can accelerate it with inorganic opportunities, whether that's acquisitions or partnerships, we're certainly open and looking to do that.

當然。是的。所以——正如你在我的開場白中所聽到的，該策略相當側重於資產管理。因此，我們將繼續從自然發展的角度來推進這項工作。如果可以透過非有機成長機會（無論是收購還是合作）來加速這一進程，我們當然持開放態度，並希望這樣做。

If you think about where those might be on the capability side, you've heard about the success we've had in alternatives, but it is an area that continues to grow. And so that's an area that we certainly look at ways to increase our exposure there.

如果你思考這些能力方面可能在哪裡，你可能聽說過我們在替代方案方面取得的成功，但這是一個仍在不斷發展的領域。因此，我們肯定會考慮如何增加我們在該領域的曝光。

And then on the other side, opportunities to expand our distribution. The majority of NTAM product is distributed through the partners in the business through wealth management and through the asset servicing side and quite well. But anything we can do to expand to third-party intermediary, which we do, but it's right now a smaller portion than we'd like to see long term.

另一方面，我們也有機會擴大分銷管道。NTAM 的大部分產品都是透過財富管理和資產服務方面的合作夥伴進行分銷的，而且分銷情況相當不錯。但是，我們盡一切努力拓展到第三方中介機構，我們也確實在這樣做，但目前這部分所佔比例比我們希望長期看到的要小。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

What is it about now that gives you the confidence to increase your pretax return targets? And three to five years, I guess, that would be somewhere between 2029 and 2031, I'm reading that correctly?

是什麼讓您現在有信心提高稅前收益目標？我猜三到五年，也就是2029年到2031年之間，我理解得對嗎？

Yeah. And Mike, I would say it's a few things, and they're aligned with the strategy and with what we're seeing. So from the first perspective is we've talked about optimized growth and we've talked about it now for a few years here. And the whole point on that was focusing on scalable growth, focusing on profitable growth.

是的。麥克，我認為這包含幾個方面，而且與戰略和我們所看到的情況相符。所以從第一個角度來看，我們已經討論了優化成長，而且我們已經討論這個問題好幾年了。而這一切的關鍵在於專注於可擴展的成長，並專注於獲利性成長。

And that has a couple of dynamics to it. One is just the mix overall for the company. So the emphasis on growing the wealth management business faster in asset management, and those two businesses have higher margins. So just the mix shift that we'd like to see as we grow those businesses.

這其中包含一些動態因素。一是公司的整體成分股。因此，重點是加速財富管理業務和資產管理業務的成長，而這兩個業務的利潤率都更高。所以，隨著這些業務的發展，我們希望看到這種組合轉變。

And then even within Asset Servicing, focusing on, again, scalable opportunities and where we've built out our capabilities in those specialized areas or segments where we have the scale to not only compete effectively, but do so in a profitable way. So we're seeing that work. So that's the first thing I'll say that gives us confidence as we go forward.

即使在資產服務領域，我們也同樣專注於可擴展的機會，以及我們在那些專業領域或細分市場中建立的能力，在這些領域或細分市場中，我們不僅有規模有效地參與競爭，而且還能以盈利的方式參與競爭。所以我們看到這種方法奏效了。所以，這是我要說的第一點，它給了我們前進的信心。

The second is around productivity. Again, you heard me mention our productivity for 2025 was about 4% of our expense base. And this year, we bumped that up. It's going to be closer to 5%. And a lot of that is because of the impact we're seeing of AI.

第二點是關於生產力。我再次提到，我們預計 2025 年的生產力將達到支出基數的 4% 左右。今年，我們提高了這個數字。應該接近5%。這很大程度上是因為我們看到了人工智慧的影響。

It lends itself to a lot of our activities across the company, but I would say particularly in asset servicing and in the COO organization, so that makes the business more scalable as what we're seeing. A long way to go, but that's why I'll say the three to five-year time frame makes sense to see that.

它適用於公司內的許多活動，但我認為尤其適用於資產服務和首席營運長組織，因此，正如我們所看到的，這使得業務更具可擴展性。路還很長，但正因如此，我認為三到五年的時間框架是觀察這結果的合理時間。

And then the third is on returns. We have a strong capital position. We always want to have a strong capital position. So we feel good about the level that we're at. And as you saw, we repurchased more than 100% of our net income this year.

第三點是關於回報。我們擁有雄厚的資本實力。我們始終希望擁有雄厚的資本實力。所以我們對目前的水準感到滿意。正如你所看到的，我們今年回購了超過100%的淨收入。

Dave mentioned, we'll be somewhere in that neighborhood next year -- or excuse me, 2026. So that is a demonstration of just the level of capital we think we need in the business. But also, I would say the clarity and stability on the capital regime and regulations around that also gives us more confidence in that level. So you put that together and also just trying to raise the bar to make sure that we're doing everything we can to meet the financial expectations of our shareholders.

戴夫提到，明年——或者抱歉，是 2026 年——我們會在那附近。這就足以說明我們認為公司需要多少資金。但同時，我認為資本製度及其相關法規的清晰度和穩定性也讓我們對這個水準更有信心。所以，你要把這些因素綜合起來，同時也要努力提升標準，確保我們盡一切努力滿足股東的財務期望。

And there's still the lingering question about would Northern combined with another bank. I assume your Board saw these revised targets approved them. So I guess that puts a fork in the idea of you doing anything other than this organic growth through the medium term. And -- but if you can confirm that, but also as far as you pursuing acquisitions, I mean, you've seen some of your peers do some smaller deals.

還有一個懸而未決的問題，那就是北方銀行是否會與其他銀行合併。我假設董事會已經看過並批准了這些修訂後的目標。所以，我想這說明你除了在中期內實現這種有機成長之外，其他任何想法都行不通了。而且——但是如果你能確認這一點，還有，就你尋求收購而言，我的意思是，你也看到一些同行進行了一些規模較小的交易。

Sure. So as we've said consistently, we have to earn our independence. And so yes, that involves having strong financial performance like that. And so that is absolutely our strategy and our intention. And as always, the Board also takes its fiduciary duties very seriously and has to always consider what would be best for our stakeholders and for our shareholders. So that is absolutely the plan.

當然。正如我們一直強調的，我們必須靠自己的努力贏得獨立。所以，是的，這需要有強勁的財務業績。所以，這絕對是我們的策略和意圖。一如既往，董事會也非常重視其受託責任，必須始終考慮什麼是對我們的利害關係人和股東最有利的。這就是全部計劃。

And yes, to your point, we'll look at acquisitions. We do look at acquisitions, but we're primarily focused on organic growth and generating these types of results. If we see opportunities that we think can help in those areas that I mentioned along the strategy, that's when we would look to deploy capital where we think we can get an attractive return on it that will help us further meet those targets.

是的，你說得對，我們會考慮收購。我們確實會考慮收購，但我們主要專注於內生成長和創造這類業績。如果我們發現一些我們認為有助於實現我之前提到的策略目標的機會，我們就會考慮將資金投入到我們認為能夠獲得可觀回報的地方，以幫助我們進一步實現這些目標。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

So maybe to start just on the expense to trust fee ratio. When we think about the improvement in margins that are contemplated in the medium-term guidance, given some of the enhanced focus on improved profitability, at what expense of trust ratio are you underwriting new business today? And does the mid-single-digit revenue growth that's contemplated in the guide for earnings this coming year assume any revenue attrition from shedding less profitable business? Just trying to gauge how the enhanced focus on profitability might impact some of that through the cycle revenue growth?

所以或許可以先從費用與信任費的比率開始。當我們考慮到中期指導中所設想的利潤率提升，以及對提高盈利能力的重視程度提高時，您今天承保新業務的信任比率會受到多大影響？而明年獲利預期中預期的個位數中段營收成長，是否考慮到了剝離獲利能力較弱的業務所造成的營收下滑？我只是想評估一下，更重視獲利能力可能會對週期性收入成長產生怎樣的影響？

So the answer to the first part of your question is, yes, when we price new business, we absolutely look at that expense to trust fee ratio. But that's at A, I'll call it, high level. Just meaning that it really depends on the nature of the business as to what the right expense to trust fee ratio is. So you can just imagine certain relationships, the fee portion of that relationship is going to be higher or lower relative to other businesses, other relationships that you're looking to price.

所以，對於你問題的第一部分，答案是肯定的，當我們為新業務定價時，我們絕對會考慮費用與信任費的比率。但那隻是A級，我稱之為高級水平。也就是說，合適的費用與信託費用比率實際上取決於業務性質。所以你可以想像，某些合作關係中的費用部分相對於其他業務、其他你要定價的合作關係來說，會更高或更低。

So that's one important factor. Second is it gets broken down even further as to the types of expenses as a percentage of those fees. So it's very much -- the expense to trust we use is the broader metric, it breaks down much further by business, by product and by client type on that front.

所以這是個重要因素。其次，它也會進一步細分為各類費用佔這些費用的百分比。所以，信任成本是一個非常重要的指標，我們使用的指標是更廣泛的衡量標準，它還可以進一步按業務、產品和客戶類型細分。

And I would just say that to the second part of your question, yes, we continually look at client profitability. That's something that we view is a part of good relationship management. It's something where we don't want to have relationships that are not value generating for both partners, meaning ourselves and our clients.

至於你問題的第二部分，我的回答是，是的，我們會持續關注客戶的獲利能力。我們認為這是良好關係管理的一部分。我們不希望建立對雙方（包括我們自己和我們的客戶）都沒有價值的關係。

And we look to address those relationships in a way that we can get improved profitability as opposed to just necessarily exiting relationships. But from time to time, if it's not aligned, that's when we have to take those types of actions. I wouldn't say there's anything dramatic in there, but it is just something we do on a continual basis.

我們希望透過改善獲利能力的方式來處理這些關係，而不是只是選擇退出。但有時，如果兩者不協調，我們就必須採取這類行動。我不會說這裡面有什麼驚天動地的大事，但這只是我們一直在做的事情。

That's great. And for my follow-up, just on the NII and maybe the NIM outlook more specifically. NIM in the quarter reached post-GFC high. You guys have been very focused on optimizing the balance sheet. I was hoping you can unpack, as we think about the glide path towards a 33% margin, how much of that is a function of continued benefit from rate tailwinds versus volume? Just trying to gauge what's going to -- how you're thinking about sustainable NII growth over the next couple of years, so beyond 2026?

那太棒了。至於我的後續問題，就 NII 和 NIM 的前景而言，更具體地說是。本季淨利差達到全球金融危機後的最高水準。你們一直非常注重優化資產負債表。我希望你能分析一下，當我們考慮如何實現 33% 的利潤率時，其中有多少是利率順風帶來的持續收益，又有多少是成交量帶來的收益？我只是想了解未來幾年，也就是2026年以後，您對可持續淨利息收入成長的看法是什麼？

Yeah. So a couple of things. The NIM in the quarter, of course, was artificially boosted by about 3 points because of the FTE true-up that we did. So think more high 170s than 181. The second thing would be that as we go forward, we have a lot of levers we can pull, both on the asset and the liability side. And we don't see a lot of compression in the NIM until we get to much lower interest rates.

是的。有兩件事。當然，由於我們進行了 FTE 調整，本季的淨利差人為地提高了約 3 個百分點。所以，想想170多分而不是181分。第二點是，隨著我們不斷前進，我們在資產和負債兩方面都有很多可以利用的手段。只有當利率大幅下降時，我們才能看到淨利差大幅壓縮。

And so from our perspective, we think during the course at least of '26, I would never want to do an estimate of '27 at this point. But in '26, we think we can keep the NIM pretty stable during the course of the year in the 170s, and that's how we're looking at it going forward.

因此，從我們的角度來看，我們認為至少在 2026 年期間，我目前絕不想對 2027 年的情況進行預測。但我們認為，在 2026 年，我們可以將淨利潤率保持在 170 左右，而我們也是這樣看待未來的。

So obviously, deposit growth is something that we're looking at quite carefully and in particular, in the wealth management business there is an effort going on to get our loan-to-deposit ratio higher within that business. And so from that perspective, we're trying to drive more deposit growth.

顯然，存款成長是我們正在密切關注的問題，尤其是在財富管理業務方面，我們正在努力提高該業務的貸款存款比率。因此，從這個角度來看，我們正在努力推動存款成長。

But we're also looking at both sides, asset and liability side, to make sure we have offsetting measures. And we really feel like we have a lot we can still do. I would also tell you to keep in mind that a lot of the deposit pricing actions that we took, we took in the middle to the end of last year. And so we haven't lapped those yet. So as we go into the first and second quarters, it gives us more confidence around our NII guide and our ability to continue to kind of grow that line going forward.

但我們也同時關注資產和負債兩方面，以確保我們有相應的抵銷措施。我們真的覺得我們還有很多事情可以做。我還要提醒大家，我們採取的許多存款定價措施都是在去年年中到年末採取的。所以，我們還沒有超越他們。因此，隨著我們進入第一季和第二季度，這讓我們對淨利息收入預期更有信心，也讓我們有能力繼續實現這一目標。

Betsy Graseck, Morgan Stanley.

摩根士丹利的貝齊·格拉塞克。

Just one follow-up on the deposit question here. I know you indicated there was a bit of a boost in the quarter with the government shutdown. And when I look at the balance sheet, it looks like most of that boost came from non-US offices and interest-bearing. Should I just anticipate that the QoQ increase that we got there around $7 billion comes out over the course of the quarter as you've been discussing, it's going to take some time to flow out. Is that the level about that you see as being unusually high from the government shutdown?

關於存款問題，我還有一個後續問題。我知道你曾表示，政府停擺導致本季業績成長。當我查看資產負債表時，發現大部分成長都來自美國以外的辦公室和計息資產。我是否應該預期，正如你一直在討論的那樣，我們獲得的約 70 億美元的季度環比增長將在本季度逐步實現，這需要一些時間才能完全釋放出來。你認為政府停擺導致的感染水準異常高就是這個程度嗎？

No. I mean I think the increase in the noninterest-bearing was around $3 billion. I do think there was a lot of new business as well that we grow with new business. But I think there was also some cash hoarding, as I mentioned previously, because of the lack of economic data. So I wouldn't take out the entire $7 billion. A lot of that was just normal growth that we would have in the quarter.

不。我的意思是，我認為無息貸款的增加額約為 30 億美元。我認為我們也拓展了許多新業務，我們隨著新業務的成長而成長。但我認為，正如我之前提到的，由於缺乏經濟數據，也存在一些現金囤積現象。所以我不會把全部70億美元都拿出來。其中很多都是本季正常的成長。

Okay. Perfect. And then a follow-up question here is on the buyback. You indicate over 100% payout ratio. And I just wanted to understand what's the governor on the buyback? Which capital ratios are you thinking about with regard to how high and how long you let that over 100% ride?

好的。完美的。那麼，接下來還有一個關於回購的問題。你們表示賠付率超過100%。我只是想了解州長對股票回購的看法？關於允許超過 100% 的資本充足率維持多高以及維持多長時間，您考慮的是哪些資本充足率？

It's a good question and the variables -- the number of variables in that decision are many. It's regulatory capital, it's earnings power, it's ROE, loan growth, dividends, M&A, you go through the entire menu of what you're looking at, and then share price, obviously, has a role. But at the end of the day, if we feel there's an opportunity to reinvest in the business, that's also compelling. But right now, we feel as if we'll have that ability going forward into 2026 in sort of the same way we did in 2027. That's how we're looking at it.

這是一個很好的問題，而且影響這個決定的變數有很多。監管資本、獲利能力、淨資產收益率、貸款成長、股息、併購，你要把所有你關注的因素都考慮進去，然後股價顯然也起到了一定的作用。但歸根結底，如果我們覺得有機會對業務進行再投資，那也是很有吸引力的。但就目前而言，我們感覺我們將在 2026 年繼續保持這種能力，就像我們在 2027 年所做的那樣。我們就是這麼看的。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Let's start with an easy one. FX trading was strong, better than peers. In the text, you talked about lower FX swap activity on your part. Could we just break down what's you driven versus client driven and just so we can get our expectations going forward?

我們先從簡單的開始。外匯交易表現強勁，優於同業。文中您提到貴方外匯掉期交易活動減少。我們能否分別分析哪些是您驅動的，哪些是客戶驅動的，以便我們更好地明確未來的預期？

Yes. So obviously, volatility and volumes will help us quite a bit in the quarter, but we also added quite a few new clients. And one of the things we don't talk about a lot, as it relates to foreign exchange flows, is the integrated trading solutions business or the outsourced business we have in both FX and brokerage. And we've seen a much greater adoption as clients start to realize that they can offload middle and back office functions on an agency basis to us.

是的。顯然，波動性和交易量將在本季對我們有很大的幫助，但我們也新增了不少客戶。而我們很少談及與外匯流動相關的一件事，就是我們在外匯和經紀業務方面擁有的綜合交易解決方案業務或外包業務。隨著客戶開始意識到他們可以以代理方式將中後台職能外包給我們，我們看到這種模式得到了更廣泛的應用。

And as a result of that, we get more flows because of it. So the growth in that ITS business has really been strong and continues to be strong. So I would say it's a combination of volume, but I'd also say it's also a lot to do with the traction we've gotten in our integrated solutions business and outsourcing going forward.

因此，我們獲得了更多的流量。因此，ITS業務的成長一直非常強勁，這種強勁勢頭還將持續下去。所以我認為這是業務量成長的綜合因素，但我也認為這與我們未來在整合解決方案業務和外包方面取得的進展有很大關係。

And just to add to that, Glenn, that level of activity that Dave is talking about is more consistent than what comes through the FX line there because of that swap activity. And so this quarter, just the nature of the swap activity resulted in more of that showing up in the FX line and less even though the actual level of activity was not that much greater than the previous quarters.

格倫，我還要補充一點，戴夫所說的這種交易活躍度比外匯交易線上的交易活躍度更加穩定，因為存在掉期交易活動。因此，本季度，由於掉期交易活動的性質，外匯交易中此類交易的佔比有所增加，而實際交易量有所減少，儘管實際交易量並沒有比前幾季度高出多少。

Okay. I don't want to put words in your mouth, but does that mean this quarter is as good as we got as a jumping off point, obviously, volume dependent on the markets?

好的。我不想替你說話，但這是否意味著本季是我們能得到的最好的起點？當然，銷量取決於市場情況。

Yeah. I mean, volatility is going to play a huge role there. But I do think it's going to steadily tick up because of the additional clients we're bringing in. So I would just say that in that business, generally, there's more traction than just waiting around for clients to make a decision around their hedging. There's proactive sourcing of new business going on as well.

是的。我的意思是，波動性將在其中發揮巨大作用。但我認為，隨著我們不斷吸引新的客戶，這個數字會穩定上升。所以我想說的是，在這個行業裡，通常來說，與其坐等客戶做出對沖決定，不如主動出擊，這樣更有動力。公司也積極主動地尋找新業務。

Ken Usdin, Autonomous Research.

Ken Usdin，自主研究。

This is (inaudible) in for Ken. I heard you guys talking about growing the wealth and asset management businesses, which helps the PTM. How do you guys just think about the split between the two businesses? Do you still envision high 20s for the asset servicing, while wealth grows at current PTM margins?

這是（聽不清楚）給肯的。我聽你們在討論發展財富和資產管理業務，這對PTM很有幫助。你們怎麼看待兩家公司分拆這件事？您是否仍預期資產服務利潤率能達到 20% 以上，同時財富成長仍能維持目前的 PTM 利潤率？

Yeah. So I would say that with the asset servicing business, it had a good quarter from a margin perspective, but there's still more work that needs to be done in order to get consistently at the level of margins that we expect for that business in the high 20s. And with the wealth management business, it already has very attractive margins. We're looking to grow that business faster.

是的。因此，我認為資產服務業務從利潤率的角度來看，本季表現不錯，但要持續達到我們預期的20%以上的利潤率水平，還有更多工作要做。而且，就財富管理業務而言，它的利潤率已經非常可觀了。我們希望加快這項業務的發展速度。

And to the extent that, that came at some margin dilution, if you will, that would be okay if we were getting the growth that's creating more value on that side. So it's in the right range, but not something where we operate that business in order to just maintain high margins.

如果這樣做會導致利潤率下降，那麼如果我們能夠獲得成長，從而創造更多價值，那也是可以接受的。所以它處於適當的範圍內，但我們經營這項業務的目的並非僅僅為了維持高利潤率。

Got it. And just in terms of just organic growth trends within each business, what was the organic growth rate for this quarter? And how do you envision that to pick up over the next few years? Any color on that would be great.

知道了。就各業務的自然成長趨勢而言，本季的自然成長率是多少？您認為未來幾年這種情況會如何發展？任何顏色都行。

Sure. So within the wealth management business, the organic growth rate was somewhere in the -- for the year, which is also consistent with the quarter, kind of the 1% to 2% range. As Dave talked about earlier, there are different parts of the business that are growing faster or slower within that. So a GFO, for example, is at a higher organic growth rate; the business, the ultra-high net worth, so think about families with net worth above $10 million, growing faster.

當然。因此，在財富管理業務方面，全年的有機成長率大約在 1% 到 2% 之間，這與季度數據也基本一致。正如戴夫之前提到的那樣，公司內部不同的業務部門成長速度也各不相同。例如，GFO（全球金融企業）的有機成長率較高；這類企業面向超高淨值人群，例如淨資產超過 1,000 萬美元的家族，其成長速度較快。

And then also the advisory component of what we do has a higher organic growth rate right now, whereas the product portion of the fee has been flat. And so as we go forward, we expect that combination to increase, and that's why the strategies that I talked about are focused on that.

此外，我們業務中的諮詢部分目前的自然成長率較高，而產品部分的費用則保持不變。因此，隨著我們不斷前進，我們預計這種組合將會增加，這也是我剛才談到的策略都集中於此的原因。

In Asset Servicing, it had strong organic growth rate in the fourth quarter, closer to kind of 2%, 3%. And as we've talked about before, very focused on making sure that that's scalable, profitable growth for us. So it's at an attractive level for us at this point.

在資產服務方面，第四季度實現了強勁的內生成長率，接近 2% 或 3%。正如我們之前討論過的，我們非常注重確保實現可擴展、獲利性的成長。所以目前這個價位對我們來說很有吸引力。

David Smith, Truist Securities.

David Smith，Truist Securities。

I was wondering if you could help us frame out how the degree of operating leverage might move depending on the revenue backdrop? I think this past year, for example, you did about 7% revenue growth and got closer to 200 points of operating leverage. If the revenue environment ends up being similar next year, is that 200 basis points like plus or minus a decent way to think about how you might keep the expense growth moving?

我想請您幫我們分析一下，經營槓桿程度會如何隨著收入環境的變化而改變？例如，我認為去年你們的營收成長了約 7%，經營槓桿率接近 200 點。如果明年的收入環境與去年類似，那麼以正負 200 個基點來衡量支出成長是否是合理的方法呢？

And on the flip side, how painful with the revenue environment have to be for you to feel like you would be better served going below 1 point of operating leverage in order to keep all the investments that you still want to make for the longer-term health of the business?

另一方面，收入環境究竟要糟糕到什麼程度，才會讓你覺得為了維持所有你仍然想為企業長期健康發展而進行的投資，而將經營槓桿率降至 1 點以下會更好呢？

Yeah. I think the way I would have you guys this year focus on the expense line in particular and in the operating leverage that comes out of that is the fact that our planning process this year is a little bit different than it was last year; in that, we start with productivity. We don't start with, I got this much last year in expenses, and I'm going to increase it by X or Y.

是的。我認為今年我希望大家能專注於費用支出，以及由此產生的營運槓桿。今年的規劃流程與去年略有不同；今年，我們從生產力開始。我們不會一開始就說，我去年支出了這麼多，然後我要增加 X 或 Y。

We start with productivity. And then we look at that number relative to the investments we want to make during the course of the year, and that implies an expense growth rate. And you kind of go back and forth on that until you sort of land where you think you should land. And so from our perspective, keeping that 1% is critical in any environment.

我們先從提高生產力開始。然後，我們將這個數字與我們一年內想要進行的投資進行比較，這便意味著支出成長率。然後你會在這個問題上反覆斟酌，直到找到你認為最適合的落腳點。因此，從我們的角度來看，在任何環境下，保持這 1% 的優勢至關重要。

And the idea is, from my perspective, not to be attached to a particular expense growth number, but to know that we have the discipline built in, in the muscle memory developed within the company to flex up or flex down if we need to. We don't want to starve our businesses of growth opportunities. And right now, we're seeing a lot of really interesting growth opportunities organically within the company.

在我看來，關鍵在於不要執著於某個具體的支出成長數字，而是要知道，公司內部已經形成了相應的紀律和肌肉記憶，可以根據需要靈活調整支出。我們不想讓企業失去發展機會。目前，我們看到公司內部有許多非常有趣的自然成長機會。

And so to the extent that the environment lets us do that, we want to maintain the one point of operating leverage, but at the same time, be able to invest in those businesses. So we don't sell for one, two, three, four, we sell for greater than one, right? And so -- and then we look at every quarter, in terms of the relative investments we want to make, and we balance that against what we're seeing in the following quarter as well.

因此，在環境允許的範圍內，我們希望維持單一的經營槓桿點，但同時也能夠投資這些企業。所以我們不賣一、二、三、四，我們賣的價格大於一，對吧？因此——然後我們會審視每個季度，根據我們想要進行的相對投資，並將其與下一季的情況進行權衡。

Okay. I mean just in your base case, though, if you're doing about 5 points of efficiency and net expenses are growing something like 4% of those 9% of like gross expense growth approximately, could you break it down for us, how much of that would be volume and revenue related versus new investments to grow the bank?

好的。我的意思是，就你的基本情況而言，如果你提高了大約 5 個百分點的效率，而淨支出增長了大約 4%，佔總支出增長的 9% 左右，你能否為我們細分一下，其中有多少是與業務量和收入相關的，又有多少是用於發展銀行的新投資？

Well, and obviously, a large part of our expense base is compensation, right? And then it's going to be our technology spending. And if you look at equipment and software, as an example of that, depreciation is two-thirds of that. So when you think a little bit about the additional investment we're going to be making in the course of the year, a lot of that is going to be growth investment, right, from the business perspective.

很顯然，我們支出的大部分是薪酬，對吧？接下來就是我們的技術支出了。以設備和軟體為例，折舊就佔了其中的三分之二。所以，當你稍微考慮一下我們今年將要進行的額外投資時，你會發現其中很多都是成長投資，對吧，從商業角度來看。

So that's really what I'm talking about is the growth investments. So if we're able to free anything up during the course of the year, it's going to go towards the business growth, not towards the operate the bank growth, for example. We feel like we've got a very good handle on our tech expenses, on our modernization expenses at this point. So that additional dollar flow would go into those growth levers.

所以，我真正想說的是成長型投資。因此，如果我們在一年中能夠騰出任何資金，這些資金將用於業務成長，而不是用於銀行營運成長等。我們感覺目前我們對技術支出和現代化支出已經掌握得非常好了。這樣一來，額外的資金流入就會用來推動經濟成長。

Gerard Cassidy, RBC Capital Markets.

Gerard Cassidy，加拿大皇家銀行資本市場。

At the risk of being called again like I was morning your peer calls earlier in the week. Can you guys -- the setup for yourselves, your peers, the banking initiative is very positive going into 2026. And we always are looking at both the positives and risks. Can you share with us, aside from the geopolitical environment that we're all dealing with, when you look around corners, what are you guys watching for is that you got to make sure we don't get surprised by as 2026 unfolds?

冒著再次被叫住的風險，就像我本週早些時候接到同行的電話一樣。各位，你們為自己、為同業、為銀行業發展所做的準備，對於2026年來說都非常積極。我們總是會同時考慮正面因素和風險。除了我們目前面臨的地緣政治環境之外，你們在展望未來時，還有哪些方面需要關注，以確保我們在 2026 年不會措手不及？

Sure. So as you know, Gerard, that can be either incredibly complex or relatively simple. And I would say we look around all the corners as best we can. We worry about everything. But if you boil your question down to, okay, what can have a very negative impact on the environment, which, to your point, right now, is very positive?

當然。如你所知，傑拉德，這件事可能非常複雜，也可能相對簡單。我想說，我們會盡力仔細觀察每個角落。我們什麼都擔心。但如果你把問題簡化為：什麼會對環境產生非常負面的影響？而正如你所說，目前環境是非常正面的。

Certainly, on one front, if interest rates change dramatically, that is more difficult for us and for other financial institutions to adjust. We've seen that in the past. When interest rates go up 500 basis points in a year, that is a challenge to the financial models of financial institutions. So that can be up. Certainly, one direction, it creates big issues. And also down. When you think about the impact on zero rates, when you have waivers on money market funds, things like that. So that's where like big impact.

當然，從某種意義上來說，如果利率發生劇烈變化，我們和其他金融機構將更難做出調整。我們以前就見過這種情況。一年內利率上漲 500 個基點，這對金融機構的金融模式來說是一個挑戰。所以這可以實現了。當然，從某個角度來看，這會造成很大的問題。而且也是向下。當你考慮到零利率的影響，以及貨幣市場基金的豁免等因素。所以這就是它產生重大影響的地方。

The second, obviously, is the market. Much of what we do is priced on AUM levels, AUC levels, AUA levels that are based on the market. And a lot of our growth that we've had this year is based on those strong market levels. So anything that obviously causes the markets to go down almost like regardless of what it is, is concerning, and will have a big financial impact to us.

第二個因素顯然是市場。我們所做的很多事情都是根據市場情況，以資產管理規模 (AUM)、資產使用量 (AUC) 和資產管理規模 (AUA) 來定價的。我們今年取得的許多成長都得益於強勁的市場水準。所以，任何明顯導致市場下跌的事情，無論是什麼，都令人擔憂，並且會對我們的財務狀況產生重大影響。

And then the last thing I would just say is when you have challenging operational environment, just given the nature of our business, the pandemic certainly an example of that, where it's extreme and how you have to be able to operate the business to continue to provide the services to your clients.

最後我想說的是，當面臨充滿挑戰的營運環境時，考慮到我們業務的性質，疫情就是一個例子，情況非常極端，你必須能夠經營業務，才能繼續為客戶提供服務。

And once again, hard to predict those. We try to do a lot to prepare for them, to anticipate them. And you've seen in the last few years, invest to be able to deal with those types of environments as well. So trying to do everything we can. I can't predict it, but hope for the best.

而且，這些情況也很難預測。我們努力做好充分的準備，盡可能預見和應對這些情況。過去幾年，我們也看到了，需要投資才能應對這些類型的環境。所以我們會盡一切努力。我無法預測結果，但願一切順利。

And there are no further questions in the queue at this time. I'd like to turn the conference back to Jennifer Childe for any additional or closing remarks.

目前隊列中沒有其他問題了。我想把會議交還給珍妮佛·柴爾德，讓她作補充或總結發言。

Thanks for joining us, and we look forward to speaking with you again soon.

感謝您的參與，我們期待很快再次與您交流。

And this concludes today's call. We appreciate your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。