道富銀行 (STT) 2023 Q3 法說會逐字稿

Good morning, and welcome to State Street Corporation's Third Quarter 2023 Earnings Conference Call and Webcast. Today's discussion is being broadcasted live on State Street's website at investors.statestreet.com. This conference call is also being recorded for replay. State Street's conference call is copyrighted and all rights are reserved. This call may not be recorded for rebroadcast or distribution in whole or in part without the expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street website. Now I would like to introduce Ilene Fiszel Bieler, Global Head of Investor Relations at State Street.

早安，歡迎參加道富銀行 2023 年第三季財報電話會議及網路廣播。今天的討論將在道富銀行網站 Investors.statestreet.com 上進行現場直播。這次電話會議也被錄音以供重播。道富銀行的電話會議受版權保護，並保留所有權利。未經道富公司明確書面授權，不得對本次通話進行全部或部分錄音或轉播或散佈。本次電話會議的唯一授權廣播將在道富銀行網站上進行。現在我想介紹道富銀行投資者關係全球主管艾琳‧菲澤爾‧比勒(Ilene Fiszel Bieler)。

Good morning, and thank you all for joining us. On our call today, our CEO, Ron O'Hanley, will speak first. Then Eric Aboaf, our CFO, will take you through our third quarter 2023 earnings slide presentation, which is available for download in the Investor Relations section of our website, investors.statestreet.com. Afterwards, we'll be happy to take questions.

早安，感謝大家加入我們。在今天的電話會議上，我們的執行長 Ron O'Hanley 將首先發言。然後，我們的財務長 Eric Aboaf 將向您介紹我們的2023 年第三季收益幻燈片簡報，該投影片簡報可在我們網站Investors.statestreet.com 的投資者關係部分下載。之後，我們將很樂意回答問題。

During the Q&A, please limit yourself to 2 questions and then re-queue.

在問答過程中，請限制自己提出 2 個問題，然後重新排隊。

Before we get started, I would like to remind you that today's presentation will include results presented on a basis that excludes or adjusts one or more items from GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our slide presentation, also available on the IR section of our website.

在我們開始之前，我想提醒您，今天的演示將包括在排除或調整 GAAP 中的一項或多項項目的基礎上呈現的結果。這些非 GAAP 衡量標準與最直接可比較的 GAAP 或監管衡量標準的調整可在我們投影片簡報的附錄中找到，也可以在我們網站的 IR 部分找到。

In addition, today's presentation will contain forward-looking statements. Actual results may differ materially from those statements due to a variety of important factors, such as those factors referenced in our discussion today and in our SEC filings, including the risk factors in our Form 10-K. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them even if our views change. Now let me turn it over to Ron.

此外，今天的演示將包含前瞻性陳述。由於各種重要因素，例如我們今天的討論和 SEC 文件中提到的因素，包括我們 10-K 表格中的風險因素，實際結果可能與這些陳述有重大差異。我們的前瞻性聲明僅代表今天的情況，即使我們的觀點發生變化，我們也不承擔任何更新這些聲明的義務。現在讓我把它交給榮恩。

Thank you, Ilene, and good morning, everyone. Earlier today, we released our third quarter financial results. As we issue these results, the world has witnessed a surprise and unconscionable terrorist attack on innocent Israeli citizens and the resulting enormous human toll in Israel and Gaza. These terrible events have shocked the world and created further global geopolitical uncertainty. State Street stands with the people of Israel and we are united with all those impacted.

謝謝艾琳，大家早安。今天早些時候，我們發布了第三季財務業績。當我們發布這些結果時，世界目睹了針對無辜以色列公民的意外和不合理的恐怖攻擊，並在以色列和加薩造成了巨大的傷亡。這些可怕的事件震驚了世界，並進一步造成了全球地緣政治的不確定性。道富銀行與以色列人民站在一起，我們與所有受影響的人團結在一起。

Now turning to the third quarter. Global financial market performance was mixed as a positive start for equity markets in July turned decisively negative as the quarter progressed. Against the backdrop of softening economic data, market sentiment was negatively impacted by continued global central bank rate hikes and investor concerns of a higher for longer interest rate environment and an economic hard landing. As a result, equities fell, while global bond yields continued climbing around the world, reaching levels not seen for many years with the U.S. 10-year yield reaching its highest level since 2007.

現在轉向第三季。全球金融市場表現好壞參半，隨著本季的進展，股市 7 月的積極開局轉為負面。在經濟數據疲軟的背景下，全球央行持續升息以及投資者對長期較高利率環境和經濟硬著陸的擔憂，對市場情緒產生了負面影響。結果，股市下跌，而全球債券殖利率持續攀升，達到多年來未見的水平，其中美國10年期公債殖利率達到2007年以來的最高水平。

Despite these factors, the third quarter continued to be characterized by relatively low currency market volatility.

儘管有這些因素，第三季貨幣市場波動仍然相對較低。

Turning to Slide 3 of our investor presentation, I will review our third quarter highlights before Eric takes you through the quarter in more detail. Beginning with our financial performance. Third quarter earnings per share was $1.25 or $1.93, excluding a loss on sale from an investment portfolio repositioning, which was a notable item in 3Q. EPS growth year-over-year, excluding notable items, was driven by our significant common share repurchases during the period, coupled with a 3% increase in total fee revenue. This fee revenue growth reflects higher servicing and management fees, better front office software and data fees and an increase in other fee revenue.

轉向我們投資者簡報的幻燈片 3，我將回顧我們第三季度的亮點，然後埃里克將向您詳細介紹該季度。從我們的財務表現開始。第三季每股收益為 1.25 美元或 1.93 美元，不包括投資組合重新定位造成的出售損失，這是第三季的一個值得注意的項目。每股盈餘年增（不包括顯著項目）是由我們在此期間進行的大量普通股回購以及總費用收入成長 3% 所推動的。這項費用收入的成長反映了更高的服務和管理費、更好的前台軟體和數據費用以及其他費用收入的增加。

Taken together, the benefit of share repurchases and the improvement in fee revenue more than offset lower NII, market headwinds within trading businesses as well as the impact of year-over-year expense growth. That said, we are pleased with our ongoing transformation and productivity initiatives, which help us to contain that expense growth while allowing us to continue to invest in our businesses.

總而言之，股票回購的好處和費用收入的改善足以抵消NII下降、貿易業務中的市場阻力以及費用同比增長的影響。也就是說，我們對正在進行的轉型和生產力措施感到滿意，這有助於我們控制費用成長，同時使我們能夠繼續投資我們的業務。

Turning to our business momentum. Within Investment Services, total AUC/A increased to $40 trillion at quarter end, and we recorded $149 billion of new asset servicing wins during the third quarter, largely driven by wins in official institutions and private markets. The estimated annual new servicing fee revenue to be recognized in future periods associated with 3Q asset servicing wins amounted to $91 million, which is the highest level of quarterly new servicing fees in over 2 years, demonstrating our ability to achieve our ambition of driving stronger sales performance.

轉向我們的業務動力。在投資服務領域，AUC/A 總額在季末增至 40 兆美元，第三季我們錄得 1,490 億美元的新資產服務收益，這主要是由官方機構和私人市場的收益所推動的。與第三季資產服務贏得相關的預計未來年度新服務費收入將達到 9,100 萬美元，這是兩年多來季度新服務費的最高水平，這表明我們有能力實現推動更強勁銷售的雄心表現。

Encouragingly, Alpha's momentum continued in 3Q. We deepened relationships with existing mandates and recorded 2 new Alpha mandate wins, including our first Alpha for private markets mandate for one of the world's most influential investors.

令人鼓舞的是，阿爾法的勢頭在第三季得以延續。我們加深了與現有委託的關係，並贏得了兩個新的 Alpha 委託，其中包括為世界上最具影響力的投資者之一贏得的第一個私募市場 Alpha 委託。

During the third quarter, we outlined a number of strategic focus areas for our investment services franchise as we aim to drive opportunities across key regions and product areas and realize the full potential of our State Street Alpha value proposition. Importantly, we are taking actions aimed at gaining market share and reinvigorating revenue growth. We are executing against our plan to improve core back-office custody sales performance as it is our largest revenue pool, installed quickly, has significant scale and drives high-margin ancillary revenues.

在第三季度，我們概述了投資服務特許經營權的一些策略重點領域，因為我們的目標是在關鍵地區和產品領域推動機會，並充分發揮道富阿爾法價值主張的潛力。重要的是，我們正在採取旨在獲得市場份額和重振收入成長的行動。我們正在執行提高核心後台託管銷售業績的計劃，因為它是我們最大的收入池，安裝速度快，規模龐大，可帶來高利潤的輔助收入。

As an illustration of our custody sales momentum in the power of Alpha, in the third quarter, State Street in Vontobel, a premier global asset manager headquartered in Switzerland, entered into an agreement to expand our existing front and middle office relationship by providing back-office services subject to the necessary approvals. State Street had no relationship with Vontobel until discussions began in 2020 around Alpha, resulting in the adoption of our front, middle and now back office services.

作為阿爾法力量下我們託管銷售勢頭的例證，第三季度，總部位於瑞士的頂級全球資產管理公司馮托貝爾的道富銀行簽署了一項協議，通過提供後台服務來擴大我們現有的前台和中台關係。辦公服務須經必要的批准。道富銀行與 Vontobel 沒有任何關係，直到 2020 年開始圍繞 Alpha 進行討論，最終採用了我們的前台、中台和現在的後台服務。

Key client wins such as Vontobel demonstrate how Alpha can establish, broaden and deepen client relationships, further positioning State Street as our clients' essential partner. It illustrates the value of the Alpha proposition and confirms our strategic rationale of how Alpha can grow and tie together the full breadth and depth of State Street's capabilities in a true One State Street solution for our clients from front to back.

Vontobel 等關鍵客戶的成功展示了 Alpha 如何建立、擴大和深化客戶關係，進一步將道富銀行定位為客戶的重要合作夥伴。它說明了 Alpha 主張的價值，並證實了我們的策略原理，即 Alpha 如何發展並將道富銀行能力的全部廣度和深度結合在一起，為我們的客戶提供真正的 One State Street 解決方案。

Accelerating the Alpha sales cycle and implementation time line, particularly back office services remains important strategic priorities to drive even more fee revenue growth.

加快 Alpha 銷售週期和實施時間線，特別是後台服務，仍然是推動費用收入進一步成長的重要策略重點。

Turning to our front office software and data businesses. CRD continues to perform well and has a strong pipeline. By the end of the third quarter, annual recurring revenue for our front office software and data business increased by 12% year-over-year to $299 million. At Global Advisors, assets under management reached $3.7 trillion at quarter end, supported by a record $41 billion of net cash inflows in 3Q. Importantly, our cash business gained market share in an expanding market, driven by strong investment performance, coupled with the higher yield environment. In aggregate, Global Advisors gathered $10 billion of total net inflows in 3Q. Record quarterly flow performance in cash was partially offset by outflows in the institutional business, coupled with the impact of risk off market sentiment in our ETF business in 3Q.

轉向我們的前台軟體和數據業務。 CRD 繼續表現良好，並擁有強大的管道。截至第三季末，前台軟體和數據業務的年度經常性收入年增12%，達到2.99億美元。在第三季創紀錄的 410 億美元淨現金流入的支撐下，Global Advisors 管理的資產在季末達到 3.7 兆美元。重要的是，在強勁的投資績效以及較高的收益率環境的推動下，我們的現金業務在不斷擴大的市場中獲得了市場份額。總的來說，Global Advisors 第三季的淨流入總額為 100 億美元。創紀錄的季度現金流量表現被機構業務的流出以及第三季 ETF 業務避險情緒的影響部分抵消。

While our ETF franchise saw modest net outflows in aggregate in 3Q, our U.S. low-cost SPDR ETF franchise continued to be a bright spot, generating $7 billion of net inflows, gaining further market share. To drive continued growth in 3Q, we reduced the price on 10 low-cost SPDR portfolio ETFs, demonstrating our commitment to delivering institutional quality investment solutions at competitive price points.

雖然我們的 ETF 業務在第三季總體出現小幅淨流出，但我們的美國低成本 SPDR ETF 業務仍然是亮點，產生了 70 億美元的淨流入，進一步獲得了市場份額。為了推動第三季的持續成長，我們降低了 10 隻低成本 SPDR 投資組合 ETF 的價格，體現了我們以具有競爭力的價格提供機構優質投資解決方案的承諾。

Lastly on business momentum, I am proud to highlight that State Street's foreign exchange business has once again been recognized as the industry leader. After being ranked #1 FX provider to asset managers by Euromoney Magazine in 2022, this year, Euromoney Magazine 2023 FX awards, named State Street as the winner across 4 categories including Best FX Bank for Real Money Clients, Best FX Bank for Research, Best FX Venue for Real Money Clients and Best FX Bank Sales.

最後關於業務勢頭，我很自豪地強調，道富銀行的外匯業務再次被公認為行業領導者。繼2022 年被《歐洲貨幣雜誌》評為資產管理公司第一大外匯提供商之後，今年，《歐洲貨幣雜誌》2023 年外匯獎項將道富銀行評為4 個類別的獲獎者，包括最佳真實貨幣客戶外匯銀行、最佳研究外匯銀行、最佳外匯銀行真實貨幣客戶及最佳外匯銀行銷售的外匯場所。

Turning to our financial condition. State Street's balance sheet liquidity and capital positions remain strong. Our CET1 ratio was a strong 11% at quarter end, well above our regulatory minimum. This strength has enabled us to deliver against our goal of capital return to our shareholders. In 3Q, we returned $1.2 billion of capital, buying back $1 billion of our common shares and declaring over $200 million of common stock dividends. This means that cumulatively, over the last 4 quarters to the end of September, we have returned approximately $5.6 billion of capital to our shareholders through a combination of share repurchases and common stock dividends.

轉向我們的財務狀況。道富銀行的資產負債表流動性和資本部位依然強勁。截至季末，我們的 CET1 比率高達 11%，遠高於我們的監管最低水準。這種優勢使我們能夠實現股東資本回報的目標。第三季度，我們返還了 12 億美元的資本，回購了 10 億美元的普通股，並宣布了超過 2 億美元的普通股股息。這意味著，在截至 9 月底的過去 4 個季度中，我們透過股票回購和普通股股息的結合，累計向股東返還了約 56 億美元的資本。

As we look ahead in the fourth quarter, it remains our intention to continue common share repurchases under our existing authorization of up to $4.5 billion for 2023, subject to market conditions and other factors.

展望第四季度，我們仍然打算在 2023 年根據現有授權繼續進行普通股回購，回購金額高達 45 億美元，具體取決於市場狀況和其他因素。

To conclude, amidst the challenges of the market environment in 3Q, we remain dedicated to driving stronger business momentum and improving fee growth. To that end, in the third quarter, we outlined our sharpened execution plan for the Investment Services business, underpinned by a number of actions aimed at accelerating sales and revenue growth while simultaneously improving the discipline and accountability for this execution.

總而言之，在第三季市場環境的挑戰下，我們仍然致力於推動更強勁的業務動能並改善費用成長。為此，我們在第三季概述了投資服務業務的密集執行計劃，該計劃以一系列旨在加速銷售和收入成長的行動為基礎，同時改善執行的紀律和問責制。

Our laser focus on expense discipline also remains high. We have a well-established track record of re-engineering our processes and transforming our operations to improve our efficiency and realize productivity growth. In the third quarter, we reduced expenses quarter-over-quarter and announced another step in our multiyear productivity efforts aimed at improving our operating model, while enabling even greater investment in our business.

我們對費用紀律的高度關注也仍然很高。我們在重新設計流程和改造營運以提高效率並實現生產力成長方面擁有良好的記錄。在第三季度，我們環比減少了開支，並宣布了我們多年生產力努力的又一步，旨在改善我們的營運模式，同時增加對我們業務的投資。

As part of our ongoing transformation and productivity initiatives, we are streamlining our operations in India and have now assumed full ownership of one of our joint ventures in the country. This consolidation will continue the transformation of State Street's global operations and enabled us to achieve productivity savings as part of our plans to deliver positive fee operating leverage in 2024.

作為我們正在進行的轉型和生產力計劃的一部分，我們正在簡化我們在印度的業務，現在已經完全擁有我們在該國的合資企業。此次整合將繼續道富銀行全球業務的轉型，並使我們能夠實現生產力節省，這是我們在 2024 年實現積極的費用營運槓桿計畫的一部分。

Now let me hand the call over to Eric, who will take you through the quarter in more detail.

現在讓我將電話轉交給艾瑞克，他將帶您更詳細地了解本季。

Thank you, Ron, and good morning, everyone. I'll begin my review of our third quarter results on Slide 4. We reported EPS of $1.25, which was down year-on-year due to the impact of the $294 million loss on sale in connection with the repositioning of our investment portfolio, which will benefit NII in future periods. EPS was up year-on-year at $1.93, excluding the repositioning, which you can see on the right-hand side of the page.

謝謝你，羅恩，大家早安。我將在投影片 4 上開始回顧我們的第三季業績。我們報告的每股收益為 1.25 美元，同比下降，原因是與投資組合重新定位相關的 2.94 億美元銷售損失的影響，這將有利於NII未來的發展。每股收益年增至 1.93 美元，不包括重新定位（您可以在頁面右側看到）。

Turning to the core business. As you can see on the left panel of the slide, total fee revenue grew by 3% year-on-year, driven by growth in our front, middle and back-office investment services business as well as solid management fee performance at Global Advisors. This performance enabled us to offset some of the industry-wide headwinds we saw in our global markets business as well as lower NII given the mixed macroeconomic backdrop in the quarter.

轉向核心業務。正如您在幻燈片左側面板中看到的那樣，在我們前、中、後台投資服務業務的增長以及 Global Advisors 穩健的管理費業績的推動下，總費用收入同比增長了 3% 。這一業績使我們能夠抵消我們在全球市場業務中看到的一些全行業不利因素，以及考慮到本季度宏觀經濟背景好壞參半的情況下較低的NII。

Lastly, we remain focused on managing costs in the current operating environment, limiting expense growth to just 3% this quarter and achieving productivity savings as part of our plans to deliver a positive fee operating leverage in 2024.

最後，我們仍然專注於當前營運環境下的成本管理，將本季費用成​​長限制在 3%，並實現生產力節省，作為我們在 2024 年實現正費用營運槓桿計畫的一部分。

Turning now to Slide 5. We saw a period-end AUC/A increase by 12% on a year-on-year basis and 1% sequentially. Year-on-year, the increase in AUC/A was largely driven by higher period end equity market levels and net new business. Quarter-on-quarter, AUC/A increased primarily due to client flows and net new business. While net new business was positive, long-term flows in the asset management industry have been muted, as you can see on the bottom right of the slide. This risk loss settlement leads to the current headwind across the servicing industry.

現在轉向投影片 5。我們看到期末 AUC/A 年比成長 12%，環比成長 1%。與去年同期相比，AUC/A 的成長主要是由於期末股票市場水準和淨新業務水準較高所致。環比而言，AUC/A 的成長主要得益於客戶流量和淨新業務。儘管淨新業務為正，但資產管理行業的長期流量一直疲軟，正如您在幻燈片右下角看到的那樣。這種風險損失結算導致了目前整個服務業的逆風。

At Global Advisors, period-end AUM increased 13% year-on-year and was down 3% sequentially. Relative to the period a year ago. The increase was primarily driven by higher quarter end market levels and inflows of $10 billion. Notably in the quarter, our cash franchise continued to perform strongly, generating a record $41 billion of net inflows as our competitive performance contributed to market share gains. Quarter-on-quarter, AUM increased mainly due to lower quarter end market levels.

Global Advisors 的期末資產管理規模年增 13%，季減 3%。相對於一年前的時期。這一增長主要是由較高的季度末市場水平和 100 億美元的資金流入所推動的。值得注意的是，在本季度，我們的現金特許經營權繼續表現強勁，由於我們的競爭性表現促進了市場份額的增長，淨流入創紀錄地達到了 410 億美元。資產管理規模較上季成長主要是由於季末市場水準較低。

Turning to Slide 6. On the left side of the page, you'll see third quarter servicing fees up 1% year-on-year, primarily from higher average equity markets, net new business and the impact of currency translation, partially offset by lower client activity and adjustments, normal pricing headwinds and a previously disclosed client transition.

轉向投影片 6。在頁面左側，您將看到第三季服務費年增 1%，主要來自平均股票市場的上漲、淨新業務以及貨幣換算的影響，但部分抵消了客戶活動和調整減少、正常的定價阻力以及先前揭露的客戶轉換。

Sequentially, total servicing fees were down 2%, primarily as a result of the lower client activity and adjustments and the previously disclosed client transition, partially offset by higher average equity markets.

隨後，總服務費下降了 2%，主要是由於客戶活動和調整減少以及先前披露的客戶轉換，但部分被較高的平均股票市場所抵消。

As I've mentioned over the past year, we continue to see lower levels of client activity inflows, all of which impact transactional volumes, leading to a 2 to 3 percentage point headwind on servicing fees year-to-date. Part of this is the cyclical nature of the servicing business. The full year effect has ranged from minus 2% to plus 1 percentage point impact over the last 5 years.

正如我在過去一年中提到的，我們繼續看到客戶活動流入水平較低，所有這些都會影響交易量，導致今年迄今為止的服務費下降 2 到 3 個百分點。部分原因是服務業務的周期性。過去 5 年全年影響範圍為負 2% 到正 1 個百分點。

Within servicing fees, back office services were generally consistent with total servicing fees. Middle office services, which is part of the Alpha proposition, had another quarter of good growth. On a year-over-year basis, middle office fees were up 3% and up 1% sequentially, largely driven by net new business.

在服務費用中，後台服務費用與總服務費用基本一致。中台服務是 Alpha 主張的一部分，又一個季度實現了良好的成長。與去年同期相比，中台費用分別上漲 3% 和 1%，這主要是由淨新業務推動的。

On the bottom panel of this page, we highlight the business momentum we saw in the quarter. We won $149 billion of new AUC/A. We onboarded roughly $250 billion of AUC/A in the quarter, primarily in the asset management client segment. And importantly, as Ron mentioned, we achieved new annual servicing fee revenue wins of $91 million this quarter, which will be recognized in future periods. These servicing wins underscore the progress we're making towards stronger sales performance.

在此頁面的底部面板上，我們重點介紹了本季的業務動能。我們贏得了 1,490 億美元的新 AUC/A。本季我們新增了約 2,500 億美元的 AUC/A，主要集中在資產管理客戶領域。重要的是，正如 Ron 所提到的，我們本季實現了 9,100 萬美元的新年度服務費收入，這將在未來的時期得到認可。這些服務勝利凸顯了我們在實現更強勁銷售業績方面所取得的進展。

While we've historically only described wins in AUC/A terms, we recently expanded our disclosure to indicate that a healthy level of annual servicing sales is in the $300 million range this year. You can measure us against this benchmark. We now have about $2.3 trillion of assets to be installed and about $255 million of servicing fee revenue to be installed as well.

雖然我們歷來僅以 AUC/A 術語描述勝利，但我們最近擴大了揭露範圍，表明今年年度服務銷售額的健康水準在 3 億美元範圍內。您可以根據這個基準來衡量我們。我們現在有大約 2.3 兆美元的資產有待安裝，還有大約 2.55 億美元的服務費收入有待安裝。

Turning to Slide 7. Third quarter management fees were $479 million, up 1% year-on-year, primarily reflecting higher average equity market levels, partially offset by a previously described shift of certain management fees into NII. Quarter-on-quarter, management fees were up 4% as a result of higher equity market levels and record quarterly cash net inflows.

轉向投影片 7。第三季管理費為 4.79 億美元，年增 1%，主要反映平均股市水準較高，部分被先前描述的某些管理費轉入 NII 所抵銷。由於股市水準較高且創紀錄的季度現金淨流入，管理費較上季成長 4%。

As you can see on the bottom right of the slide, our investment management franchise remains well positioned with very strong and broad-based business momentum across each of its businesses. In ETFs, we had neutral overall flows but saw positive net inflows and consistent market share gains in the SPDR portfolio low-cost suite. As you know, we strategically dropped the fees on about 1/3 of our low-cost suite of products and expect more growth in the coming quarters from this action.

正如您在幻燈片右下角所看到的，我們的投資管理業務仍然處於有利地位，每項業務都擁有非常強勁和廣泛的業務勢頭。在 ETF 中，我們的整體流量呈中性，但 SPDR 投資組合低成本套件出現了正的淨流入和持續的市場份額成長。如您所知，我們策略性地降低了約 1/3 低成本產品套件的費用，並預計此行動將在未來幾季實現更多成長。

In our Institutional business, notwithstanding net outflows of $30 billion in the quarter, which were primarily driven by client in-sourcing, both our defined contribution and index fixed income products continue to drive strategic momentum.

在我們的機構業務中，儘管本季淨流出 300 億美元（主要由客戶內包推動），但我們的固定繳款和指數固定收益產品繼續推動戰略勢頭。

Lastly, across our Cash franchise, we saw record quarterly cash net inflows of $41 billion as we captured some of the cyclical movement of cash in the financial system. I'll just remind you that cash flows can be volatile quarter-to-quarter.

最後，在我們的現金業務中，由於我們捕捉了金融體系中現金的一些週期性流動，我們看到了創紀錄的季度現金淨流入 410 億美元。我只是提醒您，現金流可能會按季度波動。

Turning now to Slide 8. Third quarter FX trading services revenue was down 2% year-on-year, while up 3% sequentially. Relative to the period a year ago, the decrease was mainly due to lower direct FX spreads and lower FX volatility, partially offset by higher volumes. Quarter-on-quarter, the growth primarily reflects higher volumes. Industry volatility is down 25% to 40% across developed markets and emerging markets relative to the period a year ago and down 5% to 10% sequentially which is presenting fewer trading opportunities and lower spreads.

現在轉向投影片 8。第三季外匯交易服務營收年減 2%，而季增 3%。與去年同期相比，下降的主要原因是直接外匯利差下降和外匯波動性下降，但部分被交易量增加所抵消。環比成長主要反映了銷量的增加。與去年同期相比，已開發市場和新興市場的行業波動性下降了 25% 至 40%，環比下降了 5% 至 10%，這導致交易機會減少和利差降低。

Securities finance revenues were down 6% year-on-year due to lower special activity and lower agency balances. Sequentially, revenues were down 12%, primarily as a result of seasonally lower activity and the recent industry drop-off of U.S. equity shorting activity and specials.

由於特殊活動減少和機構餘額減少，證券金融收入較去年同期下降 6%。隨後，收入下降了 12%，主要是由於季節性活動減少以及近期美國股票賣空活動和特價商品的行業減少。

Third quarter software and processing fees were up 2% year-on-year, but down 15% sequentially, largely driven by CRD, which I'll turn to shortly. Other fee revenue increased $49 million year-on-year, primarily due to the tax credit investment accounting change and the absence of negative market-related adjustments.

第三季軟體和處理費用年增 2%，但環比下降 15%，這主要是由 CRD 推動的，我很快就會談到這一點。其他費用收入較去年同期增加 4,900 萬美元，主要是由於稅收抵免投資會計變更以及沒有出現與市場相關的負面調整。

Moving to Slide 9. You'll see on the left panel that front office software and data revenue increased 2% year-on-year, primarily as a result of higher growth in our more durable software-enabled and professional services revenue as we continue to convert and implement more clients to the SaaS environment, which now accounts for about 60% of our clients, partially offset by fewer on-premise renewals.

前往投影片 9。您將在左側面板中看到，前台軟體和數據收入同比增長了 2%，這主要是由於我們繼續推進更持久的軟體支援和專業服務收入的更高增長。將更多客戶轉換並實施到SaaS 環境，目前該環境約占我們客戶的60%，部分被內部部署續約的減少所抵消。

Sequentially, front office software and data revenue was down 20% primarily driven by lower on-premise renewals, partially offset by higher software-enabled revenues. Our sales pipeline continues to grow and remains strong for our Charles River development from an Office Solutions products.

隨後，前台軟體和數據收入下降了 20%，主要是由於本地續訂量減少，但軟體收入的增加部分抵消了這一影響。我們的銷售管道持續成長，並透過 Office 解決方案產品開發 Charles River，保持強勁勢頭。

Turning to some of the other Alpha business metrics in the right panel. We are pleased we had 2 more mandate wins in the quarter for Alpha. Most notably, we also had our first Alpha for private markets win. We also meaningfully advanced CRD's institutional fixed income capabilities.

轉向右側面板中的其他一些 Alpha 業務指標。我們很高興在本季度為 Alpha 贏得了另外 2 項授權。最值得注意的是，我們還贏得了私募市場的首個 Alpha 勝利。我們也有意義地提升了 CRD 的機構固定收益能力。

Turning to Slide 10. Third quarter NII decreased 5% year-on-year and 10% sequentially to $624 million. The year-on-year decrease was largely due to the continued mix shift from noninterest-bearing deposits to interest-bearing and lower average deposit balances, partially offset by higher interest rates. Sequentially, the decline in NII performance was primarily driven by lower average deposit balances in the deposit mix shift, partially offset by the benefit of higher interest rates, including international Central Bank hikes and our investment portfolio repositioning.

轉向投影片 10。第三季 NII 年減 5%，季減 10%，至 6.24 億美元。年比下降主要是由於無利息存款向有息存款的持續轉變以及平均存款餘額下降，但部分被利率上升所抵消。隨後，NII 表現的下降主要是由於存款結構轉變中平均存款餘額下降所致，但部分被利率上升的好處所抵消，包括國際央行升息和我們的投資組合重新定位。

The NII results were somewhat better than expected due to noninterest-bearing deposit levels coming down slightly less than expected and the portfolio repositioning, partially offset by client repricing, some of which will be delayed and will impact fourth quarter instead.

由於無息存款水準下降略低於預期以及投資組合重新定位，國家資訊基礎設施結果略好於預期，部分被客戶重新定價所抵消，其中一些將被推遲並影響第四季度。

On the right of the slide, we show our average balance sheet during the third quarter with average deposits declining 4% quarter-on-quarter. Cumulative U.S. dollar client deposit betas were 73% since the start of this recent cycle, while cumulative foreign currency deposit betas for the same period continue to be much lower in the 25% to 50% range.

在投影片右側，我們顯示了第三季的平均資產負債表，平均存款較上季下降 4%。自最近週期開始以來，累計美元客戶存款貝塔值為 73%，而同期累計外幣存款貝塔值繼續低得多，在 25% 至 50% 的範圍內。

Finally, as I mentioned earlier, last month, we executed an NII accretive and capital accretive investment portfolio repositioning exercise to take advantage of both higher yields and spreads, which all else equal, should drive NII towards the higher end of the previously disclosed range of $550 million to $600 million per quarter next year.

最後，正如我之前提到的，上個月，我們執行了一項NII增值和資本增值投資組合重新定位活動，以利用更高的收益率和利差，在其他條件相同的情況下，應該會推動NII向先前披露的範圍的高端移動。明年每季 5.5 億至 6 億美元。

Turning to Slide 11. Third quarter expenses, excluding notable items, increased 4% year-on-year. Sequentially, third quarter expenses were down 1% as we actively manage expenses and continued our productivity and optimization savings efforts, all while carefully investing in the strategic elements of the company, including Alpha, private markets and technology and operations automation.

轉向投影片 11。第三季支出（不包括顯著項目）年增 4%。隨後，第三季費用下降了 1%，因為我們積極管理費用並持續提高生產力和優化節約工作，同時仔細投資於公司的策略要素，包括 Alpha、私人市場以及技術和營運自動化。

On a line-by-line basis, year-on-year, compensation and employee benefits increased 4%, primarily driven by salary increases associated with wage inflation, higher headcount and the impact of currency translation. Sequentially, however, we brought headcount down and we also reduced incentive compensation this quarter, in line with our year-to-date performance.

以產業來看，薪資和員工福利年增 4%，主要是因為薪資上漲、員工人數增加以及貨幣換算影響帶來的薪資上漲。然而，我們隨後減少了員工人數，並減少了本季的激勵薪酬，這與我們今年迄今的業績保持一致。

Information systems and communications expenses increased 3%, mainly due to higher technology and infrastructure investments, partially offset by the benefits from ongoing optimization efforts, in-sourcing and vendor savings initiatives. Transaction processing increased 6%, mainly reflecting higher sub-custody vendor costs. Occupancy increased 4% as we relocate our headquarters building and other expenses were up 4%, mainly reflecting higher marketing spend and professional fees.

資訊系統和通訊支出增加了 3%，主要是由於技術和基礎設施投資增加，但部分被持續優化工作、內包和供應商節省措施帶來的收益所抵消。交易處理量增加 6%，主要反映分託管供應商成本上升。由於我們搬遷總部大樓，入住率增加了 4%，其他費用增加了 4%，主要反映了行銷支出和專業費用的增加。

Moving to Slide 12. On the left side of the slide, we show the evolution of our CET1 and Tier 1 leverage ratios followed by our capital trends on the right side of the slide. As you can see, we continue to navigate the operating environment with very strong capital levels, which remain above both our internal targets and the regulatory minimum. As of quarter end, our standardized CET1 ratio of 11% was down 80 basis points quarter-on-quarter, largely driven by the continuation of our share repurchases and modestly higher RWA, partially offset by retained earnings.

轉向幻燈片 12。在幻燈片左側，我們展示了 CET1 和一級槓桿率的演變，以及幻燈片右側的資本趨勢。正如您所看到的，我們繼續以非常強勁的資本水準駕馭營運環境，該水準仍然高於我們的內部目標和最低監管水準。截至季度末，我們的標準化 CET1 比率為 11%，環比下降 80 個基點，這主要是由於我們繼續進行股票回購和 RWA 略有上升，部分被留存收益所抵消。

Our LCR for State Street Corporation was a healthy 109% and 120% for the State Street Bank and Trust.

我們對道富銀行 (State Street Corporation) 的 LCR 為 109%，對道富銀行信託 (State Street Bank and Trust) 的 LCR 為 120%。

In the quarter, we were quite pleased to return roughly $1.2 billion to shareholders, consisting of just over $1 billion of common share repurchases and over $200 million in common stock dividends. Over the last year, ending September 30, we repurchased approximately 12% of shares outstanding.

本季度，我們非常高興地向股東返還了約 12 億美元，其中包括略高於 10 億美元的普通股回購和超過 2 億美元的普通股股息。去年，截至 9 月 30 日，我們回購了約 12% 的已發行股票。

Finally, a few brief closing thoughts before turning to outlook. Our third quarter performance was solid with fee revenue growth of 3% year-on-year. We executed on our plan to improve sales capacity and reported $91 million in new servicing fee wins in the quarter as we look towards our goal of $350 million to $400 million in servicing fee wins in 2024. And as you have seen us do for the last 4 years, we again demonstrated expense discipline while continuing to invest in the business.

最後，在轉向展望之前，有一些簡短的結論。我們第三季的業績表現穩健，手續費營收年增 3%。我們執行了提高銷售能力的計劃，並報告在本季度贏得了9100 萬美元的新服務費，我們期待著2024 年贏得3.5 億至4 億美元的服務費目標。正如您所看到的，我們在過去所做的4年來，我們在繼續投資業務的同時再次展現了費用紀律。

Next, I'd like to provide our current thinking regarding the fourth quarter. At a macro level, our interest rate outlook is broadly in line with the current forwards. We currently assume global equity markets will remain flat from now to quarter end, which implies the daily average is down about 3% quarter-on-quarter. Bond markets are also expected to be down about 3% on average quarter-on-quarter.

接下來，我想介紹一下我們目前對第四季的看法。從宏觀層面來看，我們的利率前景與當前的前景大致一致。我們目前假設全球股市從現在到季末將保持平穩，這意味著日均指數環比下跌約 3%。債券市場預計季後平均下跌約3%。

Regarding fee revenue in 4Q on a year-over-year basis, we expect overall fee revenue to be flat to up 1% year-over-year with servicing fees approximately flat and management fees to also be flattish as we expect the year-on-year business driver similar to what we saw this quarter. We do expect fourth quarter sales momentum to be similar to the strong sales performance we saw in the third quarter.

關於第四季度的費用收入同比，我們預計整體費用收入將持平，同比增長 1%，其中服務費大致持平，管理費也將與我們預計的同比持平。年業務驅動因素與我們本季度看到的類似。我們確實預計第四季度的銷售動能將與我們在第三季看到的強勁銷售業績類似。

We also expect that our markets businesses will be down modestly year-over-year, given lower volatility and we expect software and processing fees to be up 10% to 12%, largely due to the timing of on-prem renewals and the expected new SaaS installations. And we expect the other revenue line to come in at around $30 million to $40 million in the fourth quarter.

我們還預計，鑑於波動性較低，我們的市場業務將同比小幅下降，並且我們預計軟體和處理費用將上漲 10% 至 12%，這主要是由於本地續訂的時間和預期的新業務SaaS 安裝。我們預計第四季其他營收線將達到 3,000 萬至 4,000 萬美元左右。

Regarding NII, we now expect 3Q NII -- we now expect 4Q NII to be towards the middle of the $550 million to $600 million range we previously mentioned. This includes continued expected rotation of about $3 billion to $4 billion out of noninterest-bearing deposits and the impact of deposit pricing, which we previously noted, but with more stability in the total deposit averages.

關於NII，我們現在預計第三季NII——我們現在預計第四季度NII將接近我們之前提到的5.5億美元至6億美元範圍的中間位置。這包括預計約 30 億至 40 億美元的無息存款持續輪動以及我們之前提到的存款定價的影響，但總存款平均值更加穩定。

Turning to expenses. We remain focused on controlling costs in this environment and expect to maintain relatively flat expenses in 4Q quarter-over-quarter. As always, this is on an ex notables basis, and in this regard, we are keeping an eye on the likely FDIC assessment. And we expect our adjusted effective tax rate for 4Q will be around 22%. And with that, let me hand the call back to Ron.

轉向開支。在這種環境下，我們仍然專注於控製成本，並預計第四季的支出將保持相對穩定。像往常一樣，這是在前知名人士的基礎上進行的，在這方面，我們正在密切關注 FDIC 可能的評估。我們預計第四季度調整後的有效稅率將在 22% 左右。接下來，讓我把電話轉回給羅恩。

Thanks, Eric. Operator, we can now open the call for questions.

謝謝，埃里克。接線員，我們現在可以開始提問。

(Operator Instructions) Your first question comes from Mr. Alex Blostein from Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的Alex Blostein 先生。

Ron, Eric, I was hoping maybe we can touch on your comments earlier around positive fee operating leverage into 2024, which is definitely very encouraging to hear after a couple of years of very good cost management already. So as you think about the revenue uncertainty between the markets and customer flows, I guess, what is the range of outcomes you're assuming for fees as you look out into '24? And if revenues proved to be more challenging other than the base case, is there enough room to still deliver that positive fee operating leverage.

羅恩、艾瑞克，我希望我們可以早些時候談談你們對2024 年積極費用營運槓桿的評論，在已經進行了幾年非常良好的成本管理之後，聽到這絕對是非常令人鼓舞的。因此，當您考慮市場和客戶流之間的收入不確定性時，我想，當您展望 24 世紀時，您假設的費用結果範圍是多少？如果事實證明收入比基本情況更具挑戰性，是否還有足夠的空間來提供正的費用營運槓桿。

Yes, Alex, it's Ron. I mean, we're facing that comment largely on 2 things. One is we feel like we've got quite good visibility around what we're doing from a cost perspective. So we feel like we've got a series of initiatives underway that will continue into 2024 on managing our costs while also continuing the investment program that we've got in place. That investment program includes some investments that will drive revenues in 2024 and beyond.

是的，亞歷克斯，是榮恩。我的意思是，我們主要在兩件事上面臨這樣的評論。一是我們覺得從成本角度來看我們對正在做的事情有很好的了解。因此，我們認為我們已經採取了一系列舉措，這些舉措將持續到 2024 年，以管理我們的成本，同時繼續實施我們已經實施的投資計畫。該投資計劃包括一些將在 2024 年及以後推動收入的投資。

But also, the second thing it's based on is some of the actions we've taken around strengthening our sales and sales effectiveness. And just pointing to the results we had in Q3, the note that Eric just made to you in terms of the visibility we have on '24. So those 2 things are confidence in expenses and what we believe is a nicely developing pipeline and a set of sales capabilities and processes.

而且，它所基於的第二件事是我們為加強銷售和銷售效率所採取的一些行動。就我們在第三季的結果而言，埃里克剛剛向您指出了我們在 24 年的可見度。因此，這兩件事是對費用的信心，以及我們相信良好發展的管道以及一套銷售能力和流程。

I mean, obviously, markets could turn everything upside down, but based on a reasonable market forecast and not necessarily one that's going to be necessarily a tailwind. We do believe we can achieve positive fee operating leverage.

我的意思是，顯然，市場可能會扭轉一切，但基於合理的市場預測，而不一定會帶來順風。我們確實相信我們能夠實現正的費用營運槓桿。

That's great. And I appreciate the new disclosure on the backlog and the revenue backlog, definitely helpful. So maybe within that, can you help us maybe understand the cadence of how quickly some of that $255 million of backlog will sort of get converted into service and fee revenues. Is that expected largely over the course of '24, some of that is going to spill into '25. And then ultimately, do you think that's going to be enough to offset some of the BlackRock related outflows and revenues that you still expect?

那太棒了。我很欣賞關於積壓和收入積壓的新披露，這絕對有幫助。因此，也許在此範圍內，您能否幫助我們了解 2.55 億美元積壓訂單中的一部分轉化為服務和費用收入的節奏。這主要是在 24 年期間發生的，其中一些會蔓延到 25 年。最後，您認為這足以抵消您仍然預期的一些與貝萊德相關的資金流出和收入嗎？

Alex, it's Eric. Let me answer that from a couple of different directions to give you some texture because as we think about go-forward fee revenues, right, part of what matters is installing the backlog. Part of what matters is new sales, right, sort of maintaining the third quarter momentum to the fourth quarter and into next year because some of those sales actually come through in the subsequent few quarters.

亞歷克斯，這是埃里克。讓我從幾個不同的方向回答這個問題，以便給您一些幫助，因為當我們考慮前進費用收入時，對吧，重要的一部分是安裝積壓。重要的是新銷售，對吧，將第三季度的勢頭維持到第四季度並進入明年，因為其中一些銷售實際上是在接下來的幾個季度中實現的。

And then as we talked about back in September, making sure that we're very effective on our retention activity. So every one of those matters.

然後，正如我們在 9 月談到的那樣，確保我們的保留活動非常有效。因此，每一項都很重要。

In terms of the backlog, we said there's a $255 million of revenues in the backlog on the servicing fees and north of $2 trillion on an AUC/A basis. The implementation is a little bit different in each the regards. In terms of revenues, we think about 5%, 10% of that will come through specifically in the fourth quarter. So that's included in our guide. We expect 50% to 60% of the $255 million to come through next year and then the balance in 2025. So it's kind of a good mix and aligned with what we'd like. The AUC/A implementation is a little more -- a little quicker. Just sometimes that happens, it's quicker, sometimes it's slower. That's a little closer to 30% in the fourth quarter and around 60% next year. But those will move around as they play out. But we've got good visibility now.

就積壓而言，我們表示積壓的服務費收入為 2.55 億美元，以 AUC/A 計算，收入超過 2 兆美元。每個方面的實作都略有不同。就營收而言，我們認為其中 5%、10% 將在第四季具體實現。所以這包含在我們的指南中。我們預計 2.55 億美元中的 50% 至 60% 將在明年完成，然後在 2025 年完成餘額。因此，這是一個很好的組合，並且符合我們的期望。 AUC/A 的實現要快一些。只是有時會發生這種情況，有時會更快，有時會更慢。第四季接近 30%，明年約 60%。但這些會隨著比賽的進行而改變。但我們現在能見度很好。

And what we've been particularly pleased with on our third quarter sales in particular, but a lot of that was around back office services. And back office services, as you know, are one of the fastest to onboard and implement, and that's going to provide some momentum into the first half of 2024.

我們對第三季的銷售特別滿意，其中很大一部分是圍繞後台服務的。如您所知，後台服務是啟動和實施最快的服務之一，這將為 2024 年上半年提供一些動力。

And your next question comes from Mr. Ken Usdin from Jefferies.

您的下一個問題來自 Jefferies 的 Ken Usdin 先生。

Eric, just one follow-up at the fourth quarter NII, you're expecting to be in that middle of that kind of $575 million zone and then you're talking to the upper end for next year. I just wanted to ask you to walk us through that direction of travel. Like what are the factors that start to turn to perhaps positive as you exit the year into next year with regard to either left side repricing or just deposits getting to the right zone? Just kind of walk us through the moving parts.

Eric，只是在第四季度 NII 的一個後續行動，您預計會處於 5.75 億美元區域的中間位置，然後您將談論明年的高端。我只是想請你帶我們走那個方向。例如，當您從今年退出到明年時，無論是左側重新定價還是存款進入正確區域，哪些因素開始變得可能是正面的？請帶我們了解活動的部分。

Yes, Ken, it's Eric. As you summize, there are a number of factors that matter, especially at this point in the cycle as we transition from declining NII to some level of stabilization, and we see a good rationale for some uptick from fourth quarter into the first quarter of next year. So let me just go through them, right? There's a continued amount of rotation of NIB, noninterest-bearing deposits. We still expect some in the fourth quarter, but we expect that, that starts to flatten out the beginning of next year. We'll see exactly how much when. It's hard to call and It moves around. We've got quite a bit of visibility into our repricing, especially for our largest and most sophisticated clients, I described that last year.

是的，肯，是艾瑞克。正如您總結的那樣，有許多因素很重要，特別是在周期的此時點，因為我們從NII下降過渡到一定程度的穩定，並且我們看到從第四季度到明年第一季有所上升的良好理由年。讓我簡單介紹一下，對吧？ NIB、無利息存款的輪換量持續存在。我們仍然預期第四季會出現一些情況，但我們預計明年年初情況會開始趨於平緩。我們將確切地看到什麼時候。很難打電話，而且它會四處移動。我們對重新定價有相當多的了解，特別是對於我們最大和最複雜的客戶，我去年曾經這樣描述過。

And then we're through a good bit of that. We have -- we executed on some -- more of it in the third quarter. We expect and we have very good visibility in the fourth quarter. And so kind of the repricing effects and the catch up is kind of a bubble that works its way through.

然後我們就經歷了很多這樣的事情。我們在第三季執行了更多的工作。我們預計第四季的前景非常好。因此，重新定價效應和追趕就像一種泡沫，會逐漸破滅。

On the tailwind side, we then have the investment portfolio rolling through and the investment portfolio matures $4 billion or $5 billion of bonds a quarter. You've got the new bonds come on roughly at 2 -- sometimes 300 basis points higher than the ones that are maturing. And so that's what's giving us a positive trajectory. And so it's really those 3 factors plus a little bit of lending growth and some of our other actions that we can control that we think starts to shape stabilization of NII as we get from fourth quarter to the first quarter.

從順風的一面來看，我們的投資組合會滾動，投資組合每季到期 40 億美元或 50 億美元的債券。新債券的利率大約比到期債券高 2 個基點，有時甚至高出 300 個基點。這就是為我們帶來正向發展軌跡的原因。因此，我們認為，從第四季度到第一季度，這實際上是這三個因素加上一點貸款成長和我們可以控制的其他一些行動開始塑造NII的穩定性。

But it will depend. There will be some movements. And as you know, we update all of you as frequently as we are in public, and we'll continue to do that. But those are the trajectories and our expectations at this point.

但這要看情況。會有一些動作。如您所知，我們會像在公開場合一樣頻繁地向大家通報最新情況，並且我們將繼續這樣做。但這些是目前的軌跡和我們的期望。

Understood. And my second one is just the costs were, I think, a little better than you had thought and you're flat to 4Q also, probably a little better than the market thought and a slower implied year-over-year rate of growth. Just wondering, have you done anything incremental to slow the organic growth rate of expenses? And is that something we should think about as we go forward as well.

明白了。我的第二個問題是，我認為成本比你想像的要好一點，第四季也持平，可能比市場想像的好一點，隱含的年成長率也較慢。只是想知道，您是否採取了任何增量措施來減緩費用的有機成長率？這也是我們在前進過程中應該考慮的事情。

Yes, Ken, it's Ron. I mean, there's a number of initiatives underway as we, I think, always talked to you about, we've really got an ongoing productivity set of actions underway that is comprehensively looking throughout the organization.

是的，肯，是羅恩。我的意思是，我們正在採取許多舉措，我想，我們一直在與你們談論，我們確實正在採取一系列持續的生產力行動，全面審視整個組織。

Some of the things that are underway now, we mentioned what's going on in India. And this India JV, bringing that inside, I mean this JV goes back to our early days in India before we had our own center of excellence there. It's going to enable us to eliminate redundancy and eliminate a lot of oversight activities, so we'll be able to take down costs there, take down repetitive costs. We've got a comprehensive look at operating models throughout the business, which is -- will start to yield results into next year as we're looking at some -- where work gets done throughout the world and are there places where we can move and combine things, create more end to end.

現在正在進行的一些事情，我們提到了印度正在發生的事情。這家印度合資企業，將其帶入內部，我的意思是，這家合資企業可以追溯到我們在印度的早期，當時我們在那裡沒有自己的卓越中心。這將使我們能夠消除冗餘並消除大量監督活動，因此我們將能夠降低成本，降低重複成本。我們對整個業務的營運模式進行了全面的審視，這將在明年開始產生結果，因為我們正在研究一些工作在世界各地完成的工作以及我們可以轉移到的地方並將事物結合起來，創造更多的端到端。

So it's a series of things. Some of them -- a lot of the easy work has already been done. So some of these things have been -- the work has been underway for a while, and we'll start to realize the benefits of it. But we see visibility such that we can make the statements that we are that notwithstanding that we continue to make significant investments in the business that we feel we can keep our cost in reasonable check.

所以這是一系列的事情。其中一些——許多簡單的工作已經完成。其中一些工作已經進行了一段時間，我們將開始意識到它的好處。但我們看到了可見性，因此我們可以做出聲明，儘管我們繼續在業務上進行大量投資，但我們認為我們可以合理控製成本。

And Ken, I'd just add that the other thing that we have beared down on effectively that we talked about over the last quarter or so is our hiring freeze. I mean what we found is we've got outstanding individuals and people in our team and part of what we need to do is we reinvest in different features of the business or different areas. We actually need to reallocate some of that talent to those areas. And actually, at the same time, we need to find efficiencies in others. And so that's been while it is hard work, it's been an effective way to actively manage our team and our human resources. It still means we invest in all that we need to do for new products, functionality, regulatory requirements and so forth. But the reallocation that's born from the -- from this sort of freeze is actually a very effective tool for us at this stage in the cycle.

肯，我想補充一點，我們在上個季度左右討論過的另一件有效的事情是凍結招聘。我的意思是，我們發現我們的團隊中有優秀的個人和人員，我們需要做的一部分就是對業務的不同功能或不同領域進行再投資。我們實際上需要將一些人才重新分配到這些領域。事實上，同時，我們需要找到其他人的效率。因此，雖然這是一項艱苦的工作，但它是積極管理我們的團隊和人力資源的有效方法。這仍然意味著我們對新產品、功能、監管要求等所需的一切進行投資。但這種凍結所產生的重新分配實際上對我們在周期的現階段來說是一個非常有效的工具。

Yes. Ken, what I would add to this, I think what we're talking about now is the continuation of what we started going back to 2019. That was rudely interrupted by COVID and everything that occurred coming out of COVID. The disruption, the great resignation, the issues that arose out of that with service quality and where we needed to overinvest to make up for some of the turnover that we were seeing that led to the kind of cost increase that you saw. That's all been normalized. Service quality has stabilized. And so I would say that we're back on the path that we started back in 2019 and overcome what we saw in the kind of '21, '22 period.

是的。肯，我想補充一點，我認為我們現在討論的是我們從 2019 年開始的事情的延續。這一過程被新冠病毒和因新冠病毒而發生的一切粗暴地打斷了。混亂、重大辭職、服務品質引起的問題以及我們需要過度投資以彌補我們所看到的導致成本增加的部分營業額的地方。這一切都已正常化。服務品質趨於穩定。所以我想說，我們又回到了 2019 年開始的道路上，並克服了我們在 21、22 時期所看到的情況。

And your next question comes from Brennan Hawken from UBS.

您的下一個問題來自瑞銀集團的布倫南·霍肯。

One question on your expectations for 4Q, Eric. Encouraging to hear that you still are expecting noninterest-bearing to find a stable point here in the beginning of next year. But when you think about your fourth quarter expectations, are you thinking that the typical seasonality that we see in deposits will come through? And is that embedded within the middle of that range of 550 to 600 for NII?

艾瑞克，一個關於你對第四季的期望的問題。令人鼓舞的是，您仍然期望無息利率在明年初找到一個穩定點。但是，當您考慮第四季度的預期時，您是否認為我們在存款中看到的典型季節性將會出現？ NII 是否位於 550 到 600 範圍的中間？

Brennan, it's Eric. Yes, broadly, but with the asterix of the seasonality that we've seen has moved around a bit, sometimes a little stronger or sometimes it's a little weaker than typical. So we do see a bit of an uptick in the normalization in total deposits. And so we'll -- we've guided to stabilization, maybe we'll see an uptick, we'll see. But this is based on really quite deep analysis of our client deposit base.

布倫南，我是埃里克。是的，從廣義上講，但是隨著我們所看到的季節性星號的變化，有時比典型情況強一點，有時弱一點。因此，我們確實看到總存款正常化上升。因此，我們已經引導穩定，也許我們會看到上升，我們拭目以待。但這是基於對我們客戶存款基礎的非常深入的分析。

Remember, we manage it on a U.S. dollar, we manage each of the foreign currencies. We have -- just in NIB, for example, I think we have 30,000 accounts, right? The average account size is $1 million. We've seen the trends in the largest, most sophisticated clients and largest accounts come down quite a bit. The smaller ones tend to have a flatter line and evolution.

請記住，我們以美元管理，我們管理每種外幣。例如，僅在 NIB，我想我們就擁有 30,000 個帳戶，對嗎？平均帳戶規模為 100 萬美元。我們已經看到最大、最複雜的客戶和最大帳戶的趨勢大幅下降。較小的往往有更平坦的線條和進化。

So the guide is based on that plus a little bit of the seasonality. And we'll just update as we go. But I think we started to see some amount of inflection here. But we want to be careful, right? There's still some amount of rotation playing out. There's some amount of balances and pricing coming through. A good bit of which we have visibility into, but it'll take a little time to just work through it in the next few months and quarters.

因此，該指南是在此基礎上加上一點季節性因素的。我們會隨時更新。但我認為我們開始在這裡看到一些變化。但我們要小心，對吧？仍有一定程度的輪換在進行。存在一定數量的餘額和定價。我們已經了解了其中的一部分，但在接下來的幾個月和幾季中需要一些時間來完成它。

Okay. Okay. Great. And then maybe following up a little bit on Ken's question. I'm sure at this point, you're going through the budgeting process for 2024. Do you have any preliminary expectations for what you could be looking at for expense growth -- operating expense growth here in the next year?

好的。好的。偉大的。然後也許可以對肯的問題進行一些跟進。我確信此時您正在製定 2024 年的預算流程。您對明年的費用成長（營運費用成長）有任何初步預期嗎？

Brennan, it's early to do that. We -- I think what gives us confidence and actually the feel of necessity on fee operating leverage is we need to run the business in a way that is healthy for our shareholders and our various stakeholders at the same time. And we need to find a way through that. we've certainly gone through a strategic planning exercise. We do that through the summer, July, August and September, and we've got a path forward, we believe, both on the top line and on expenses.

布倫南，現在這樣做還為時過早。我認為，是什麼讓我們有信心，實際上讓我們感受到收費營運槓桿的必要性，是我們需要以一種同時對我們的股東和各個利害關係人有利的方式經營業務。我們需要找到解決方法。我們當然已經進行了策略規劃工作。我們在整個夏天、七月、八月和九月都這樣做，我們相信，無論是在營收還是支出方面，我們都有前進的道路。

It's a little soon to get into that, but we're working through that. And part of what we're doing now is actually making sure that we have detailed plans, business by business, function by function. We have -- we run alternative scenarios. We even developed contingency plans and we also -- we are careful about metering out our spend next year. What we do add to spend. We're going to do that with stage gate. So there's a lot going on right now, and we'll come back with kind of a full set of guidelines and guidance in January.

現在討論這個問題還為時過早，但我們正在努力解決這個問題。我們現在所做的一部分實際上是確保我們有詳細的計劃，逐一業務、逐個功能。我們有——我們運行替代方案。我們甚至制定了應急計劃，而且我們也會謹慎地計算明年的支出。我們所做的事情增加了支出。我們將用舞台門來做到這一點。所以現在發生了很多事情，我們將在一月份帶著一整套的指導方針和指導回來。

But I think we're confident that we'll -- we've got a path forward here that will be healthy and fee operating leverage is a very good way for us to think about it and for -- I think, for you guys as well.

但我認為我們有信心——我們在這裡有一條健康的前進道路，費用運營槓桿是我們思考這個問題的一個非常好的方式——我想，對你們來說以及。

The next question comes from Glenn Schorr from Evercore.

下一個問題來自 Evercore 的 Glenn Schorr。

So we've discussed over time and today that the lower client flows from the market, the whole access to passive trend, and that's how this advantages kind of all of us. Can you talk about what you're seeing in all the private markets, both from a servicing standpoint and you sprinkled in a little comment about outlook for private markets like bring this to life a little bit. Could this be a growth industry for the next handful of years? Just curious on that.

因此，隨著時間的推移和今天，我們已經討論了來自市場的較低客戶流量，整個進入被動趨勢，這就是這對我們所有人的優勢。您能否從服務的角度談談您在所有私人市場中看到的情況，並且您對私人市場的前景發表了一些評論，例如將其變為現實。這會成為未來幾年的成長產業嗎？只是對此感到好奇。

Glenn, it's Ron. Obviously, you know the kind of growth that the private markets have seen whether it's private equity and more recently, private credit infrastructure, and we see none of that abating. Private equity may be taking a bit of a pause, but all of the fundamentals point to those industries increasing. And in fact, many of the large -- if you look at some of the large multi asset managers, a lot of their growth is actually coming from privates.

格倫，是羅恩。顯然，你知道私募市場所看到的成長，無論是私募股權還是最近的私人信貸基礎設施，而且我們看到這些成長都沒有減弱。私募股權可能會稍微暫停，但所有基本面都表明這些行業正在成長。事實上，如果你看看一些大型多元資產管理公司，你會發現，許多大型公司的成長其實來自私人企業。

Much of that business today remains in-sourced. And there's very few standards in the business. A lot of it gets serviced in very expensive locations and is not a very good experience for the ultimate LP investors. So it's a very fast growth area for us and it becomes more important for the sponsors, for the actual firms to actually get their arms around this because the average ticket size is going down. 10, 15 years ago, the LP investors -- typical LP investor, it was an institution. It was a pension fund, a sovereign wealth gun.

如今，大部分業務仍是內包業務。而且行業中的標準很少。其中許多服務都是在非常昂貴的地點提供的，對於最終的有限合夥人投資者來說並不是一個很好的體驗。因此，這對我們來說是一個非常快速成長的領域，對於贊助商來說變得更加重要，對於實際的公司來說，真正抓住這一點變得更加重要，因為平均門票金額正在下降。 10、15年前，LP投資者－典型的LP投資者，它是一個機構。這是一個退休基金，一把主權財富槍。

Today, the average investor is some affluent person that's in some kind of a pooled fund. And so getting this all right is actually quite important. And the demand is very high for us. We're investing a lot in it, a lot of technology in it. And increasingly, as these firms become multi-asset, not just focused on in one area. The idea of an Alpha front-to-back kind of thing and all that's associated with it -- with data becomes very important, both as providers, but also as investors. So the opportunity here is not just the big private providers, but also the big private investors, the sovereign wealth funds and asset owners here. So yes, we see it as a very significant opportunity for us.

如今，普通投資者是一些持有某種集合基金的富裕人士。因此，做好這件事其實非常重要。我們的要求非常高。我們在其中投入了大量資金，投入了大量技術。而且，隨著這些公司變得越來越多資產，而不僅僅是專注於一個領域。 Alpha 從前到後的想法以及與之相關的所有內容——數據變得非常重要，無論是作為提供者，還是作為投資者。因此，這裡的機會不僅是大型私人提供者，還有大型私人投資者、主權財富基金和資產所有者。所以，是的，我們認為這對我們來說是一個非常重要的機會。

And Glenn, just to add a little bit of the kind of quantitative elements of this. The private markets broadly defined around the world. From a servicing fee standpoint are growing in the 9%, 10% a year. We described our performance, which is -- which has been quite strong in that area. And based on our client base and our pipeline, our expectation is that we should be growing in the 15% range next year.

格倫，只是加入一點定量元素。私人市場在世界各地都有廣泛的定義。從服務費的角度來看，每年以9%、10%的速度成長。我們描述了我們的表現，在該領域表現相當強勁。根據我們的客戶群和管道，我們預計明年的成長率應該在 15% 範圍內。

Part of that is because we serve so many large global asset managers who have a wide range, both in traditional products and in privates, right? So they're coming to us and partly because increasingly, we're serving the classic, alternative and private organizations, right, who increasingly want to focus on what their core investment processes as opposed to processing. And so we see more and more outsourcing and opportunities for us from that segment as well.

部分原因是我們為許多大型全球資產管理公司提供服務，他們的業務範圍廣泛，無論是傳統產品還是私人產品，對嗎？因此，他們來到我們這裡，部分原因是我們越來越多地為經典、另類和私人組織提供服務，對吧，他們越來越希望專注於其核心投資流程而不是處理。因此，我們也看到該領域有越來越多的外包和機會。

Maybe just one follow-up to all that detail. You were early on the -- a lot of the offshore outsourcing. You were early on hedge fund outsourcing and it helps you on your growth rate over time. Do you have a sense that you're early here? Do you think you have a head start in competitive edge on this private front? We just don't see the same competitive landscape. So I'm curious on your thoughts.

也許只是對所有這些細節的一個後續行動。您很早就參與了許多離岸外包。您很早就開始對沖基金外包，隨著時間的推移，它可以幫助您提高成長率。你有沒有感覺自己來得太早了？您認為您在私人方面的競爭優勢是否處於領先地位？我們只是沒有看到相同的競爭格局。所以我很好奇你的想法。

It's a little bit hard to tell, Glenn. I think that we -- certainly amongst the traditional asset servicers, we think that we're early. You've got some of the very focused fund administrators that do some narrow kinds of activities in there. And certainly, in terms of offering a full front-to-back solution that includes data, as far as we can tell, we're the only ones out there. So yes, we think in general, we're early.

這有點很難說，格倫。我認為我們——當然在傳統資產服務商中，我們認為我們還處於早期階段。一些非常專注的基金管理人在那裡從事一些狹隘的活動。當然，就提供包含資料的完整的從前到後的解決方案而言，據我們所知，我們是唯一的。所以，是的，我們認為總的來說，我們還早。

Your next question comes from Ryan Kenny from Morgan Stanley.

您的下一個問題來自摩根士丹利的瑞安·肯尼。

So the industry has been seeing servicing fee rate pressure for a while. Can you update us on what you're currently seeing in terms of fee rate repricing? And are the newer wins coming in at a lower fee rate than your existing contracts or a higher fee rate?

因此，該行業一段時間以來一直面臨服務費率壓力。您能否向我們介紹一下您目前在費​​率重新定價方面看到的最新情況？新合約的費率是比現有合約更低還是更高？

Ryan, it's Eric. The overall cadence of fee repricings have been stable for us, I think for the industry the last couple of years. As you know back in 2019, we went through a phase of higher repricings, but they've been relatively consistent in that kind of 2% or so headwind level, which is not that different from what it was over the last 5, 10 years. So that's been relatively stable.

瑞安，我是埃里克。我認為過去幾年該行業的費用重新定價的整體節奏對我們來說一直是穩定的。如你所知，早在 2019 年，我們經歷了一個較高的重新定價階段，但它們相對穩定在 2% 左右的逆風水平，這與過去 5 年、10 年沒有太大不同。所以一直比較穩定。

What we have seen is very good fee rates on new business. And part of that is the discussion we just had in privates, where just because of the nature of the activity, the servicing, it tends to be a manual-intensive process. The fee rates are multiples of the average fee rate for our business. And in fact, the last couple of quarters, we've seen fee rates on new business comfortably above the average that we've seen. You can just do a little bit of comparison and we'd be cautious about doing it for every quarter, but take the last few quarters of AUC/A wins, the last few quarters of fees wins. And you kind of -- you get to that view.

我們看到新業務的費率非常好。其中一部分是我們剛剛私下進行的討論，由於活動和服務的性質，它往往是一個手動密集型過程。費率是我們業務平均費率的倍數。事實上，在過去的幾個季度中，我們發現新業務的費率明顯高於我們所看到的平均值。您可以做一點比較，我們會謹慎對待每個季度的情況，但以最後幾季的 AUC/A 勝利、最後幾季的費用勝利為例。你就會看到這樣的觀點。

And we've mentioned that in ways in our quarterly reports this year, in particular. So I think in some ways, what we've been able to find is that with Alpha, we bring more to a client across the AUC/A base, right? So we have fees on the front office side, which we disclosed separately, but both the middle and the back office, we have complex clients. And so that's been quite fruitful for us. And then the alternatives and privates is a very -- is a much higher fee rate area just by virtue of that industry. And that together is what gives us some of the revenue kind of momentum that we've seen into the third quarter of this year, and we expect in the fourth quarter as well.

我們在今年的季度報告中特別提到了這一點。所以我認為在某些方面，我們已經發現，透過 Alpha，我們可以為 AUC/A 基地的客戶帶來更多，對嗎？因此，我們在前台方面有費用，我們單獨披露了這些費用，但無論是中台還是後台，我們都有複雜的客戶。這對我們來說是非常有成效的。然後，另類投資和私人投資是一個非常高的費率領域，僅憑藉該行業。這些共同為我們帶來了一些收入動力，我們在今年第三季看到了這一點，我們預計第四季也會如此。

That's helpful. And if we look at the quarter, it looks like the servicing fee rate over average AUC/A did come down a bit. Was there anything driving that? Is that just a function of lower volatility and timing? Or is there anything else in that number that we should think about?

這很有幫助。如果我們看一下這個季度，看起來平均 AUC/A 的服務費率確實有所下降。有什麼東西在推動嗎？這僅僅是波動性較低和時機選擇的函數嗎？或者這個數字還有什麼我們應該考慮的嗎？

No. If you just look at the aggregates, remember, you've got this kind of effect where when equity markets are up, right, you kind of have this natural sitting in the fee rate just because of how the fee schedules are structured, right and they're not quite like they are in the asset management business. So that's been fairly -- that was expected and in line with the ranges that we've been seeing.

不。如果你只看總量，請記住，你會得到這種效果，當股票市場上漲時，對吧，你會自然地坐在費率上，只是因為費用表的結構，是的，他們與資產管理業務不太一樣。所以這是相當的——這是預期的，並且符合我們所看到的範圍。

Your next question comes from Brian Bedell of Deutsche Bank.

您的下一個問題來自德意志銀行的布萊恩·比德爾。

Just actually to follow on, on that last one, Eric, and just doing the math, just -- and if you can confirm if I'm correct on this, the $91 million over the $149 billion is the appropriate way to look at that, and that would be 6 basis points as opposed to the $255 million of servicing revenue to be installed over the $2.3 trillion representing more than just like a basis point or so. So I guess, first of all, is that -- are we -- am I looking at that correctly? And is it all characterized as servicing fee revenue, and I guess what's driving that -- is that differential sort of a sustainable type of new revenue in run rate for, I guess, some private market types of business?

實際上，埃里克，最後一個，只是做一下數學計算，如果你能確認我的說法是否正確，那麼 1,490 億美元中的 9,100 萬美元是正確的看待這一問題的方式，這將是6 個基點，而2.3 兆美元的服務收入將達到2.55 億美元，這不僅僅是一個基點左右。所以我想，首先，我們的觀點是否正確？這是否都是服務費收入的特徵，我猜是什麼推動了這一點——我想，對於某些私人市場類型的業務來說，這種差異化的運行率是一種可持續的新收入類型嗎？

Brian, it's Eric. I'm really glad you asked that question because with new disclosure comes, sometimes very simple answers and sometimes more textured ones. So what you've done is an analysis if you look at our fee wins provided by our new AUC/A wins, which, on average, over time, I'll stress that will approximate the rates that -- of the wins.

布萊恩，我是艾瑞克。我真的很高興你問了這個問題，因為隨著新的披露的到來，有時答案非常簡單，有時答案更有質感。因此，如果您查看我們新的 AUC/A 獲勝所提供的費用勝利，那麼您所做的就是進行分析，平均而言，隨著時間的推移，我會強調這將接近獲勝的比率。

The challenge is in any one quarter, remember some of what we win is on existing AUC/A business. So Ron mentioned one of the global asset managers, we added back office to that relationship. Those AUC/As were already in our base. Why? Because we had already been doing both front and middle office processing for them. So in a way, those fees wins in the quarter cannot be compared to any of the new AUC/A. That's kind of apples and oranges.

任何一個季度都會面臨挑戰，請記住我們贏得的一些勝利是在現有的 AUC/A 業務上。所以羅恩提到了一位全球資產管理公司，我們在這種關係中增加了後台。那些 AUC/As 已經在我們的基地了。為什麼？因為我們已經為他們進行了前台和中台處理。因此，在某種程度上，本季獲得的這些費用無法與任何新的 AUC/A 進行比較。那是蘋果和橘子。

On the other hand, sometimes the opposite happens, right, where we're -- we might be adding a AUC/A and a fee that's quite high, one that's quite low because we're just adding a small service, and we've had some of those over the last couple of quarters. So I'd just be cautious about the quarter-by-quarter math. I'd encourage you over time, we can look at that through time. But I think what we'd encourage you to do is take a look at the revenue, the wins on a revenue basis against the base of servicing fees, right, $91 million in a quarter against the $5 billion of servicing fees is a very healthy amount of revenue. And our ability to maintain that momentum gives you an indication of the kind of sales effectiveness and the growth dynamic that we can create net of the retention rates that we need to manage to.

另一方面，有時會發生相反的情況，對吧，我們可能會添加 AUC/A 和相當高的費用，而費用相當低，因為我們只是添加一項小型服務，而且我們'在過去的幾個季度裡我們已經經歷了其中一些。因此，我對逐季度的數學計算持謹慎態度。隨著時間的推移，我會鼓勵你，我們可以隨著時間的推移來考慮這一點。但我認為我們鼓勵您看一下收入，以收入為基礎相對於服務費基礎的勝利，對吧，一個季度的 9100 萬美元相對於 50 億美元的服務費是非常健康的收入金額。我們保持這種勢頭的能力可以讓您了解我們可以創造的銷售效率和成長動力（扣除我們需要管理的保留率）。

So I'd encourage you to spend the most time. There you can do a little bit of AUC/A wins versus the AUC/A base, that gives you another indication. But I'd encourage you to do it in that direction because you'll get a better indication, I think, of our momentum.

所以我鼓勵你花最多的時間。在那裡，您可以對 AUC/A 基礎進行一些 AUC/A 勝利，這給了您另一個指示。但我鼓勵你朝這個方向去做，因為我認為你會更了解我們的勢頭。

Okay. That's super helpful. And then the follow-up would be on the deposit beta, the differentials between the U.S. and non-U.S. And we've heard this from the other custodians as well in terms of non-U.S. deposit betas being significantly lower than U.S. And just maybe some thoughts on as we move into this -- into 2024 and potentially Europe maybe even higher for longer versus U.S. potentially? And should we see more aggressive or I'd say more incremental deposit bata moving through the non-U.S. markets to sort of almost catch up to the U.S. or not so much?

好的。這非常有幫助。然後後續行動將是存款貝塔值，即美國和非美國之間的差異，我們也從其他託管人那裡聽到了這一點，非美國存款貝塔值明顯低於美國，也許當我們進入2024 年時，歐洲可能會比美國在更長時間內走得更高？我們是否應該看到更多的存款增量通過非美國市場，幾乎趕上美國，或者不是那麼多？

Our current indication, and we're well through the cycle in the U.S., at least we think so, we'll see. It feels like there's a little more to go on the international side, and it started later, so it's harder to read. We do see that there are some structural differences in the markets around deposit betas between the U.S. currency and the non-dollar even for the same clients in some cases. And part of that is just the -- you've got this noninterest-bearing versus interest-bearing construct in the U.S. and internationally, you tend to have just an interest-bearing deposit construct. So it's a little more -- it's a little more straightforward.

我們目前的跡象表明，美國已經很好地度過了這個週期，至少我們是這麼認為的，我們拭目以待。感覺國際方面還多了一點，而且開始得比較晚，所以比較難讀。我們確實看到，即使在某些情況下對於相同的客戶，美元貨幣和非美元貨幣之間的存款貝塔市場也存在一些結構性差異。其中一部分是──在美國和國際上，你有這種無息與有息結構，你往往只有有利息存款結構。所以它更簡單一些。

So as I've described, we have cumulative deposit betas in the U.S. in 70% to 75% range. We expect that will float up a little more as we kind of -- as the cycle , let's say, finishes. Could go up another 5, 10 percentage points, but it's starting to level off. In Europe, we're in the 25% to 50% range of cumulative beta. And it can go up another 10 points, maybe 15 points, we'll see. But it's not going to reach the same levels that you have in the U.S. based on the indications we have. And the way we -- both we price and we see others competitively priced in the market.

正如我所描述的，我們在美國的累積存款貝塔值在 70% 到 75% 的範圍內。我們預計，當我們的周期結束時，這個數字會稍微上升一點。可能會再上升 5、10 個百分點，但已經開始趨於平穩。在歐洲，我們的累積貝塔值處於 25% 到 50% 的範圍內。它還能再上漲 10 個點，也許 15 個點，我們拭目以待。但根據我們掌握的跡象，它不會達到美國的水平。我們的定價方式以及我們看到其他人在市場上具有競爭力的定價的方式。

So fairly different between the U.S. and the international currencies. In some ways, that plays to -- that's good for us. We know how to manage in both U.S. and non-U.S. currencies. We've continued to have some tailwinds in NII in the international currencies. We obviously need to make sure that we share some of that with clients. But given the international composition of our balance sheet, that's one of the areas that continues to be supportive of our -- in a positive way of our NII trajectory.

美元和國際貨幣之間存在很大差異。在某些方面，這對我們有好處。我們知道如何管理美元和非美元貨幣。以國際貨幣計價的NII繼續受到一些推動。顯然，我們需要確保與客戶分享其中的一些內容。但考慮到我們資產負債表的國際組成，這是繼續以積極的方式支持我們的國家資訊基礎設施軌蹟的領域之一。

Your next question comes from Ebrahim Poonawala from Bank of America.

您的下一個問題來自美國銀行的 Ebrahim Poonawala。

Just a couple of quick follow-ups. One on capital, I think heard you regarding completing your up to $4.5 billion in buybacks for the year. Just give us a sense with the CET1 at 11% close to your target. How are you thinking about capital management going into next year? Would you rather operate with some amount of excess capital as you look forward to some of the macro uncertainties relative to just continuing buybacks and paying out any excess.

只需幾個快速跟進。關於資本，我想您聽到了有關完成今年高達 45 億美元的回購的消息。請給我們一個感覺，CET1 接近您的目標 11%。您對明年的資本管理有何看法？您是否願意使用一定數量的過剩資本進行操作，因為您期待與繼續回購和支付任何過剩資本相關的一些宏觀不確定性。

Let me start on that, Ebrahim. We -- it's Eric. Capital is one of the most important elements of the balance sheet. And we spend a lot of time thinking about what are the levels of capital, how to manage. And it is based on facts and circumstances, right, the economic environment, the uncertainty, our confidence in earnings and earnings momentum, what we can see in the strength of our balance sheet, right? We're incredibly liquid, and we have a very upmarket lending book, which is quite high quality. So many things come together.

讓我開始吧，易卜拉欣。我們——這是埃里克。資本是資產負債表中最重要的要素之一。我們花了很多時間思考資本水準如何，如何管理。它是基於事實和情況，對吧，經濟環境、不確定性、我們對盈利和盈利勢頭的信心，我們可以從資產負債表的實力中看到什麼，對吧？我們的流動性令人難以置信，而且我們擁有非常高檔的貸款簿，品質相當高。很多事情聚集在一起。

I think what we've laid out on the page on capital in the materials is that our minimum requirement is 8%. We tend to run with a very healthy buffer above that. We've got a target range in the 10% to 11%. And we've been way above that range, partly because of a little bit of history over the last 2 years and we bring that down. But in both at pace and also in a thoughtful way.

我認為我們在材料中的資本頁面上列出的是我們的最低要求是 8%。我們傾向於在一個非常健康的緩衝區之上運行。我們的目標範圍是 10% 到 11%。我們已經遠遠超出了這個範圍，部分原因是過去兩年發生了一些歷史事件，我們將其降低了。但既要保持節奏，又要經過深思熟慮。

I think what you'll see us do, and again -- I say this is given what we know today because we're going to be careful. If markets disrupt, then you slow a little bit. If you've got a lot of confidence in market fees and there's confidence that you might go in the other direction. But the middle of that range is a good place for us to aim towards, partly because you want to keep a little bit of extra, that's still 2.5 percentage points above the requirements. On the other hand, there are some uncertainties in the world and doesn't feel like we should run down to the lower end of that range right now, right? That feels like it would be -- it wouldn't be appropriate.

我想你會看到我們會做什麼，再說一次——我說這是根據我們今天所知道的情況，因為我們會小心謹慎。如果市場擾亂，那麼你就會放慢一點。如果您對市場費用很有信心，並且有信心您可能會朝另一個方向發展。但這個範圍的中間是我們瞄準的好地方，部分原因是你想保留一點額外的，這仍然比要求高 2.5 個百分點。另一方面，世界上存在一些不確定性，我們現在不應該跌到該範圍的下限，對嗎？感覺就像——這是不合適的。

So there's a range for a reason, I guess, is what I'd say. We've been returning capital at pace in the last few quarters, $1 billion or more. We certainly like to continue to return capital at pace. You can kind of do the math of 11%, go down to the middle of the range.

所以我想，有一個範圍是有原因的。過去幾個季度，我們一直在快速返還資本，達到 10 億美元或更多。我們當然希望繼續快速返還資本。你可以算一下 11%，降到範圍的中間。

You've got to remember there's pull-to-par that matters from the AFS portfolio that provides a tailwind and capital accretion. There's earnings. And then there's the RWA management. You saw RWA tick up a little bit this quarter. Our goal is obviously to continue to optimize RWA and turn that into an advantage as well. So we see quite a healthy buyback going into the fourth quarter. We've got authorization, plenty of authorization to deliver on that. We know it's important to our shareholders and have, I think, a good path forward.

您必須記住，AFS 投資組合中的拉動效應很重要，可以提供順風和資本增值。有收益了然後是 RWA 管理。本季 RWA 略有上升。我們的目標顯然是繼續優化 RWA 並將其轉化為優勢。因此，我們看到第四季將出現相當健康的回購。我們已經獲得授權，足夠的授權來實現這一目標。我們知道這對我們的股東很重要，我認為有一條好的前進道路。

That's helpful. And just a follow-up quick question around NII or, I guess, as you're thinking about [ALCO] management, is there -- as things reprice on the asset side within the securities book, are we kind of holding duration relative to where the back book is, will at any point the thought process evolved to adding duration. I'm just wondering how you're thinking about the [indiscernible] cycle, the environment we might be for the next few years and how that informs the duration you're willing to take on?

這很有幫助。關於 NII 的一個後續快速問題，或者，我想，當您考慮 [ALCO] 管理時，是否存在 - 隨著證券賬簿中資產方面的重新定價，我們的持有期限是否相對於後面的書在哪裡，思考過程會在任何時候演變為增加持續時間。我只是想知道你如何看待[音頻不清晰]週期、我們未來幾年可能面臨的環境以及這如何決定你願意接受的持續時間？

Ebrahim, the answer is all the above. So every one of those factors matter. If we get more steepness to the yield curve, right, that would encourage us to add some duration. At the right time, we want to -- we may need a little more duration to protect against falling rates, right? That's what you want, to ideally be ahead of that. On the other hand, rates could move upwards further, and so you want to be careful. I think we're careful in how we've configured the portfolio. You saw us do some of the repositioning. We unwound $4 billion or $5 billion of bonds, we've reinvested towards the middle of the curve, but also at the front end, right? We have -- so it's not just an average duration position that we are focused on. But where are the points across the curve. And then there's a whole window of work that we do around the U.S. curve, the euro curve and then the other foreign currencies. And then there's also a mix of duration -- clean duration we put on through treasuries and some of the convexity products like the agency MBS.

易卜拉欣，答案就是以上全部。因此，這些因素中的每一個都很重要。如果我們的殖利率曲線變得更加陡峭，對吧，這將鼓勵我們增加一些久期。在適當的時候，我們可能需要更長的期限來防止利率下降，對吧？這就是你想要的，理想情況下是領先的。另一方面，利率可能會進一步上升，因此您要小心。我認為我們在配置投資組合時非常謹慎。您看到我們做了一些重新定位。我們解除了 40 億或 50 億美元的債券，我們已經向曲線的中間進行了再投資，但也在前端，對吧？我們有——所以我們關注的不僅僅是平均持續時間頭寸。但曲線上的點在哪裡？然後我們圍繞著美國曲線、歐元曲線以及其他外幣進行了整個工作窗口。然後還有一個混合久期——我們透過國債和一些凸性產品（如機構MBS）提供的乾淨久期。

So there's a wide range, but it's an active discussion, I'd say, at [ALCO] and one that we think will both be -- we think of it both on an economic basis but also on a risk management and protective basis that we'll have, I think, quarter-to-quarter.

因此，範圍很廣，但我想說，在[ALCO]，這是一場積極的討論，我們認為這兩者都會是——我們既從經濟角度考慮，也從風險管理和保護角度考慮，我認為，我們將按季度進行。

Your next question comes from Steven Chubak from Wolfe Research.

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

Eric, I want to ask a follow-up on the new revenue disclosure. In the past, you spoke about the level of gross asset flows that would be needed to offset natural attrition in the business. In a similar vein, I was hoping you could frame the level of gross revenue wins that are required to offset natural attrition, recognizing for -- I think it was Brian's earlier question that fee rates will certainly vary depending on new wins. But any way you could frame it in that context would be really helpful.

艾瑞克，我想詢問有關新收入揭露的後續情況。過去，您談到了抵銷業務自然損耗所需的總資產流動水準。同樣，我希望您能夠制定抵消自然損耗所需的總收入水平，並認識到——我認為這是布萊恩之前的問題，即費率肯定會根據新的勝利而變化。但在這種背景下建造它的任何方式都會非常有幫助。

Yes. Here's what I described. In the past, we talked about AUC/A wins, we had talked about got $1.5 trillion of AUC/A wins a year. That's kind of volumetric benchmark. And as some of the discussions we've had, typically, we winning on average higher than the current fee rate, and so you can kind of work through that.

是的。這是我所描述的。過去，我們談論 AUC/A 勝利，我們談論每年獲得 1.5 兆美元的 AUC/A 勝利。這是一種體積基準。正如我們所進行的一些討論，通常我們獲勝的平均費用高於當前的費率，因此您可以解決這個問題。

On the fee revenue side, and this is really around servicing fees, our goal for this year, 2023 is to deliver about $300 million of servicing fee wins. And you can compare that to the $5 trillion of -- sorry, $5 billion of servicing fees for the year, and that kind of gives you a sense for, I'll call it, gross revenue wins. As Ron described, we've got a series of initiatives, some of which are already playing through around adding to sales capacity, sales effectiveness, product feature functionality and so forth. And part of the disclosure that we provided just last month was that while $300 million of servicing fee wins is appropriate for this year, we'd like to get closer to $350 million to $400 million next year. And again, you can kind of compare that to the $5 billion of servicing fees. And that kind of gives you a sense of gross fee revenues.

在費用收入方面，這實際上是圍繞服務費而言的，我們今年（即 2023 年）的目標是實現約 3 億美元的服務費收入。你可以將其與今年 5 兆美元——抱歉，50 億美元的服務費進行比較，這會讓你感覺到，我稱之為總收入勝利。正如羅恩所描述的，我們已經採取了一系列舉措，其中一些已經在圍繞增加銷售能力、銷售效率、產品功能等方面發揮作用。我們上個月剛披露的部分內容是，雖然今年贏得 3 億美元的服務費是合適的，但我們希望明年能接近 3.5 億至 4 億美元。同樣，您可以將其與 50 億美元的服務費進行比較。這樣您就可以了解總費用收入。

I think the follow-on work you want to do is just think about the other drivers of servicing fee revenue growth on a net basis, right? There is typically some amount of attrition. We said we'd like to have retention at 97%. So we can think about 3% servicing fee attrition. That's about $150 million a year is a way to compare the gross wins versus the gross losses. And then there's some amount of fee headwinds, which is about 2% a year that we've described. So what we're trying to do is create clarity for all of you on the elements of that growth, kind of the growth algebra, I'll say it in an analytic manner so that you can see where we're really focused.

我認為您要做的後續工作只是考慮服務費收入淨增長的其他驅動因素，對吧？通常存在一定程度的磨損。我們說過我們希望保留率達到 97%。所以我們可以考慮 3% 的服務費損耗。每年約 1.5 億美元是比較總獲利與總虧損的一種方法。此外還有一定程度的費用阻力，如我們所描述的，每年約為 2%。因此，我們要做的就是讓大家清楚地了解成長的要素，例如成長代數，我會以分析的方式來說明，這樣你們就可以看到我們真正關注的焦點。

And every one of those levers matter. We have [tense] efforts on each one of those. But it's that mix of activity and the sales, the servicing fee, sales in particular that will help us then deliver a core organic growth from year to year to year and a good way for, I think, us internally to be clear about what we need to accomplish and externally with you all as to what the bar is for good organic growth and success.

這些槓桿中的每一個都很重要。我們在每一項上都付出了[緊張的]努力。但正是活動和銷售、服務費、特別是銷售的結合，將幫助我們逐年實現核心有機增長，我認為，這是我們內部明確我們的目標的好方法。需要在外部與大家一起完成關於良好有機成長和成功的標準是什麼。

And if I could just squeeze in one more clarifying question. There was a lot to unpack in the response to Ebrahim around capital management. It does appear given the 4Q buyback level, assuming you execute on the $4.5 billion in its entirety, that you'll be at the lower end of that 10% to 11% range of CET1, recognizing there'll be a pull-to-par benefit, but should we be anchoring to the 80% to 100% payout that you guys have managed to in the past? Just recognizing that there's not as much excess if you're going to run at those levels?

如果我能再提出一個更澄清的問題。在對易卜拉欣的回應中，有許多關於資本管理的內容需要解釋。考慮到第四季度的回購水平，假設你全額執行 45 億美元，你將處於 CET1 10% 至 11% 範圍的下限，認識到將會出現拉動-面值收益，但我們是否應該像你們過去那樣，將支付率固定在80% 到100% 的水平？只是認識到如果你要在這些水平上跑步，就沒有那麼多多餘的東西了嗎？

I think for the rest of this year, the analytics I'd encourage you to do is to think about where we ended third quarter kind of the middle of the range, and that's not necessarily a point, but [there's a range] to the middle of the range. For fourth quarter, there's pull-to-par, there's RWA management. That gives us quite a healthy amount of buyback. And I think the continuation of something that's quite accretive to shareholders that is substantial in terms of capital return.

我認為在今年剩下的時間裡，我鼓勵你做的分析是考慮我們第三季結束時的範圍中間位置，這不一定是一個點，但是[有一個範圍]範圍的中間。第四季度，有拉平，有 RWA 管理。這為我們帶來了相當可觀的回購量。我認為，這種對股東來說非常有增值作用的事情的持續，在資本回報方面是可觀的。

I think once we get to the middle of the range, then we're more likely to be the -- that over 80% level of earnings but I think -- and that will be probably how we think about next year. But that's next year. I think there's -- I think we have good visibility into a good and healthy amount of capital return and comfortably over what we've committed to, I'll call it, in the medium term.

我認為，一旦我們達到這個範圍的中間，那麼我們更有可能達到——超過 80% 的盈利水平，但我認為——這可能是我們明年的想法。但那是明年的事了。我認為——我認為我們對良好且健康的資本回報有很好的了解，並且對我們所承諾的（我稱之為）中期目標感到滿意。

Your next question comes from Mike Brown of KBW.

您的下一個問題來自 KBW 的 Mike Brown。

Okay. Great. So multipart question here on the asset management business. So first, it was just great to see the money fund flows come in this quarter, and you mentioned that you believe there was some market share gains there. Can you just touch on what contributed to those gains and maybe some thoughts on the coming quarters? And then I look at the equity side and consistent with the industry, there was pressure there on the flows. What's your thoughts on maybe when investor sentiment could improve and flex there?

好的。偉大的。這是關於資產管理業務的多部分問題。首先，很高興看到本季出現貨幣基金流動，並且您提到您相信那裡的市場份額有所增長。您能否談談促成這些收益的因素以及對未來幾季的一些想法？然後我看看股票方面，與產業一致，資金流動面臨壓力。您對投資者情緒何時能夠改善和彎曲有何看法？

And then just last part here, when you take a step back and you look at SSGA today, is there anything strategically that could be interesting to you from an M&A perspective to help bolster the asset mix or accelerate some of the future growth potential in the business.

最後一部分，當您退後一步，看看今天的 SSGA 時，從併購的角度來看，是否有任何策略性的事情可能會讓您感興趣，以幫助加強資產組合或加速未來商業。

Mike, it's Ron. So there's a lot there in your question. I think on the Cash business, I mean, this is a core competency that we've had for a long time. And it's also -- we've built up the capability both on the investment side and really on the distribution and channel side. So we've got distribution and if you will, kind of hooks in the water in many different pools. And that's including, by the way, lots of connectivity into the core custody business.

麥克，是羅恩。所以你的問題有很多內容。我認為在現金業務上，這是我們長期以來擁有的核心能力。我們也建立了投資方面以及分銷和通路方面的能力。所以我們已經有了分佈，如果你願意的話，可以在許多不同的水池中的水中放置一些鉤子。順便說一下，這包括與核心託管業務的大量連接。

So as you've seen for example, rotation from deposits. We've captured some of that in the money market business. But the -- a lot of it -- most of it's been external. Most of it's been around investment performance and kind of being where the money is flowing. The other areas that are also growing, D.C. is growing and has been growing for a while. Share has continued to grow there in the D.C. investment only. And that's been very much product and product innovation-driven. SSGA was one of the first to figure out how to put an annuity product into a target date fund, did it actually before it got the broad regulatory go-ahead to do that, and that's actually now a source of real growth. So we see that as a growth area. As the defined benefit just goes away and people realize that longevity protection is something that people need. I think that combination of a target date fund with some kind of insurance longevity product will be important, and we've got real distinctive expertise in that.

正如您所看到的，存款的輪換。我們已經在貨幣市場業務中抓住了其中的一些機會。但其中很多都是外部的。其中大部分都是圍繞著投資績效和資金流動的地方。其他地區也在成長，其中華盛頓特區正在成長，並且已經成長了一段時間。僅在華盛頓特區的投資份額持續增長。這在很大程度上是產品和產品創新驅動的。 SSGA 是最早弄清楚如何將年金產品放入目標日期基金的公司之一，在獲得廣泛的監管批准之前實際上就這樣做了，而這實際上是現在真正增長的來源。所以我們將其視為一個成長領域。隨著固定福利的消失，人們意識到長壽保護是人們所需要的。我認為目標日期基金與某種長壽保險產品的結合非常重要，我們在這方面擁有真正獨特的專業知識。

In terms of the growth areas, I mean there's -- we are really for the most part, an institutional shop. We've built out the product capabilities in the retail and the intermediary space. Yie-Hsin Hung, who joined us as the CEO as late last year. She's got a lot of expertise there, too. So some of it will be just moving and expanding share in the retail intermediary space. And then there's a real move into blending the line between public and private markets and the belief that those lines really don't make sense and the blended products where you've got sufficient liquidity, but enable those that don't need the liquidity to take advantage of the illiquidity premium. So some of this will be in product design, whether that's organic or inorganic, I mean we think there's opportunities in both.

就成長領域而言，我的意思是——我們實際上在很大程度上是一家機構商店。我們已經在零售和中介領域建立了產品能力。 Yie-Hsin Hung，去年年底加入我們擔任執行長。她在那裡也有很多專業知識。因此，其中一些只是轉移和擴大零售中介領域的份額。然後，真正的舉措是混合公共市場和私人市場之間的界限，並相信這些界限確實沒有意義，而混合產品則具有足夠的流動性，但使那些不需要流動性的人能夠利用非流動性溢價。因此，其中一些將在產品設計中，無論是有機的還是無機的，我的意思是我們認為兩者都有機會。

And there's -- the team's got lots of product development going on. So we're fully committed to that business. We see lots of growth in that business and excited about the prospects there.

該團隊正在進行大量產品開發。因此，我們完全致力於該業務。我們看到該業務的巨大成長，並對那裡的前景感到興奮。

The next question comes from Mike Mayo of Wells Fargo Securities.

下一個問題來自富國銀行證券公司的麥克梅奧。

Well, it's been a long journey for you guys to get the front-to-back solutions in Alpha. And I'm just trying to figure out how much traction that has and where we're seeing that in the financial results. On the one -- I hear your excitement and you have alternatives now part of that program, and you're guiding for positive 2024 fee operating leverage and you have all these new mandates. On the other hand, I look at the fee growth this quarter, it wasn't that great, right? And so are we seeing evidence of the front-to-back momentum in the results? Is it something that you expect to see? Or is it simply such a long sales cycle that we should be thinking 2, 3, 4 years out?

好吧，對於你們來說，在 Alpha 中獲得從前到後的解決方案是一段漫長的旅程。我只是想弄清楚它有多大的吸引力，以及我們在財務表現中看到了什麼。一方面，我聽到了你們的興奮，你們現在有了替代方案，這是該計劃的一部分，你們正在指導 2024 年積極的費用運營槓桿，你們有所有這些新的任務。另一方面，我看看本季的費用成長，並不是那麼好，對吧？那麼我們是否在結果中看到了從前到後的勢頭證據？這是你期望看到的嗎？還是銷售週期太長，我們應該考慮 2、3、4 年？

Mike, let me just start and maybe address the journey here because this was not something that you bought off the shelf. This was actually something that nobody had ever done before. So there was an awful lot of development that we need to do, and I think we signaled that at the beginning. I mean, Charles River was an important acquisition. But to be clear, that was the front and in itself needed some investment, particularly in the fixed income area.

麥克，讓我開始，也許可以談談這裡的旅程，因為這不是你現成的東西。這實際上是以前沒有人做過的事情。因此，我們需要做大量的開發工作，我認為我們在一開始就發出了信號。我的意思是，Charles River 是一項重要的收購。但需要明確的是，這是前沿，本身需要一些投資，特別是在固定收益領域。

So much of what we've been doing over the last several years is selling and developing. Many of the early -- particularly some of the early large ones were explicit development partners. We targeted them. They targeted us and came in as development partners with the idea that they would help us to build this out. They've been -- it's purposely taken longer because they're the ones that are actually helping to shape what the overall thing will look like. This has been a very, very big year. Eric alluded to it in terms of some of the features and functionality, particularly around fixed income and getting up to not just par but to a market-leading position in terms of fixed income capability.

過去幾年我們所做的大部分工作都是銷售和開發。許多早期的——尤其是一些早期的大型企業——都是明確的發展夥伴。我們瞄準了他們。他們瞄準了我們，並作為發展夥伴加入，希望能夠幫助我們實現這一目標。他們故意花了更長的時間，因為他們實際上正在幫助塑造整體的外觀。這是非常非常重要的一年。艾瑞克（Eric）在一些特性和功能方面提到了它，特別是在固定收益方面，並且在固定收益能力方面不僅達到了標準水平，而且達到了市場領先地位。

So in terms of just getting the program up and running, we're actually quite pleased with where we are. I don't think we would have thought back in 2018, 2019 when we launched this, that we'd have the number of clients that we do now.

因此，就程式的啟動和運行而言，我們實際上對目前的情況非常滿意。我認為，在 2018 年、2019 年推出此產品時，我們不會想到我們會有現在這樣的客戶數量。

The other thing that we we're convinced of, but we had to prove it to ourselves was that this could be a tool to actually generate new clients, that it wasn't just a way to solidify existing relationships, but it was a way to actually grow share and ship share. And that's what we're starting to see now. Vontobel was one, there's others in the pipeline. So it's a journey that we believe will see revenue growth at an accelerated rate. And maybe I'll leave it there.

我們確信但必須向自己證明的另一件事是，這可以成為真正產生新客戶的工具，它不僅僅是鞏固現有關係的一種方式，而且是一種方式真正增加份額和運輸份額。這就是我們現在開始看到的情況。馮托貝爾就是其中之一，還有其他人正在醞釀中。因此，我們相信這是一個收入加速成長的旅程。也許我會把它留在那裡。

And Mike, it's Eric. On the financials, it's a very fair question. I'll just remind you the context for the current year because there is some other large movements on servicing fees. So if you think about it, we recorded a 1% growth in overall servicing fees. But there were tailwinds and headwinds away from the kind of organic new business creation that's important that we need to demonstrate year after year.

麥克，是埃里克。就財務而言，這是一個非常公平的問題。我只是提醒您今年的情況，因為服務費還有其他一些大幅變動。因此，如果你想一想，我們的整體服務費增加了 1%。但是，對於我們需要年復一年地展示的有機新業務創造來說，存在著順風和逆風。

The market tailwind for year-on-year for this quarter was about 4 percentage points of servicing fees. So you'd say, hey, where is that? Part of that was about 3 percentage points of headwind came from lower client volumes and activity, right, a little bit of what we described as we've seen less trading activity out there, which is -- which comes and goes, tends to be cyclical. And then the other thing we did see this year and this quarter is that previously disclosed client exit was worth almost 2 percentage points as well.

本季市場年增的推動因素是服務費約 4 個百分點。所以你會說，嘿，那是哪裡？部分原因是大約 3 個百分點的逆風來自客戶量和活動的減少，對吧，我們所描述的一點是，我們看到那裡的交易活動減少了，這就是——來來去去，往往是周期性的。今年和本季我們確實看到的另一件事是，先前披露的客戶退出也增加了近 2 個百分點。

So there are, I think, some larger [indiscernible] of headwinds and tailwinds, in particular, flowing through the financials. Net new business, right? If we just want to take a look at that was a positive 2 percentage points year-on-year this quarter, and that's where we'd like to see the value of Alpha, the value of traditional servicing fee sales, the value of private servicing fee sales. And part of the reasons why we're adding to our disclosures to make that more apparent to everyone over time.

因此，我認為，特別是在金融領域，存在一些更大的[難以辨別的]逆風和順風。淨新業務，對嗎？如果我們只想看一下，本季同比增長了 2 個百分點，這就是我們希望看到 Alpha 的價值、傳統服務費銷售的價值、私人服務的價值。服務費銷售。這也是我們增加揭露內容的部分原因，以便隨著時間的推移讓每個人都更加清楚這一點。

And then just one follow-up, Eric, and then Ron, just the exit of that large client. What inning are you in as far as that's concerned? And then, Ron, as it relates to accelerating revenue growth from the long journey of Alpha timing, are we thinking quarter, year, several years?

然後只有一個後續行動，埃里克，然後是羅恩，只是那個大客戶的退出。就這一點而言，你處於第幾局？然後，羅恩，因為這關係到從 Alpha 計時的漫長旅程中加速收入成長，我們是否在考慮季度、年度、幾年？

Yes, on the previously disclosed client, we're out 30% through that very roughly. The bulk of that will come through next year. And then there's another -- there's -- just because of how year-on-year comparisons were, you'll get a tail into 2025.

是的，在之前披露的客戶端上，我們粗略地完成了 30%。其中大部分將在明年完成。然後還有另一個——有——僅僅因為同比比較，你就會在 2025 年看到尾巴。

Yes. And Mike, just can you clarify the question? I just want to make sure I'm on (inaudible).

是的。麥克，你能澄清一下這個問題嗎？我只是想確保我在（聽不清楚）。

My initial question was fees aren't growing that much, and Eric identified some headwinds to that. But you talked about the financial benefits from Alpha, the increased activity to result in accelerating revenue growth. I was just wondering a time frame around that statement that revenue growth should accelerate due to the benefits of Alpha.

我最初的問題是費用沒有成長那麼多，而艾瑞克發現了一些不利因素。但您談到了 Alpha 帶來的財務收益，即增加的活動導致收入加速成長。我只是想知道由於阿爾法的好處，收入成長應該加速的聲明的時間框架。

Yes. So I mean, as we signaled, I think, at the beginning, I think probably -- I think it was out my answer to Alex, the -- we're telling you that we believe we're going to achieve positive fee operating leverage. There's revenues there and there's expenses there on the revenue side, we believe we've got a program in place that includes Alpha that's going to enable us to do that.

是的。所以我的意思是，正如我們所暗示的那樣，我認為，一開始，我認為這可能是我對亞歷克斯的回答，我們告訴你，我們相信我們將實現正收費營運槓桿作用。收入方面有收入，也有支出，我們相信我們已經制定了一個包括 Alpha 在內的計劃，這將使我們能夠做到這一點。

Some of that is driven by Alpha. Some of that's driven by actions that we're taking, some of which have been implemented, others that will be implemented this quarter and into next in terms of strengthening sales and revenue-related capabilities. So what you should be hearing from us is confidence around our revenue growth generating capability related to the core business.

其中一些是由阿爾法驅動的。其中一些是由我們正在採取的行動推動的，其中一些已經實施，另一些將在本季度和下個季度實施，以加強銷售和收入相關能力。因此，您應該從我們這裡聽到的是對我們與核心業務相關的收入成長能力的信心。

And what you should also -- and the point we normally don't go into a client example that we did there, but it's such a pure example of the strength -- the Vontobel example is such a pure illustration of the strength of Alpha because it's an institution we had no relationship with. We began the relationship with front and middle office. And then we brought along the back office, which it felt as you know, Mike, as well as anybody generates other kinds of ancillary revenues. So this is -- that's an illustration of how Alpha is enabling us, we believe, to pick up share that we wouldn't otherwise be able to pick up and to do it in a way that's distinctive from our competitors.

你還應該做什麼——我們通常不會進入我們在那裡所做的客戶端示例，但它是一個純粹的強度示例——Vontobel 的示例是 Alpha 強度的純粹說明，因為這是一個與我們沒有關係的機構。我們開始與前台和中台建立關係。然後我們帶來了後台辦公室，正如你所知，麥克，以及任何人都產生其他類型的輔助收入。我們相信，這說明了阿爾法如何使我們能夠獲得原本無法獲得的份額，並以一種與競爭對手不同的方式做到這一點。

Your next question comes from Gerard Cassidy of RBC.

您的下一個問題來自加拿大皇家銀行的傑拉德·卡西迪。

Eric, can you share with us -- I know you're -- I'm not asking you to go into details on your budget for the upcoming year. But could you frame out for us though the outside factors that influence the budgeting process on expenses such as wage inflation or other types of inflation? Do you feel like there's less pressure going into 2024 versus this time last year when you were doing your '23 budget?

艾瑞克，你能和我們分享一下嗎——我知道你——我並不是要求你詳細說明來年的預算。但您能否為我們列出影響支出預算過程的外部因素，例如薪資通膨或其他類型的通膨？您是否覺得 2024 年的壓力比去年這個時候制定 23 年預算時的壓力更小？

Gerard, it's Eric. Yes, the headwinds have lessened. They're still there, but they've lessened. If you think about it, when we were doing the budget for 2023, it was the fall of 2022, we actually, at that point, had done 2 formal merit increases that year, some of which we're going to then play through on a carryover basis for '23. So that was partly a headwind. And then we had a larger than probably typical merit increase by a little bit in the spring of this year in '23.

傑拉德，我是艾瑞克。是的，不利因素已經減少。它們仍然存在，但已經減少了。如果你想一想，當我們制定 2023 年預算時，那是 2022 年秋天，實際上，當時我們在那一年已經進行了 2 次正式的績效加薪，其中一些我們將在之後進行'23 的結轉基礎。所以這在某種程度上是一種逆風。然後，23 年春季，我們的績效增幅比典型情況大一些。

So that's -- we're not in that environment anymore. We certainly want to reward our employees with annual merit increases, but much more in line with what we've done over the last 5 or 10 years as opposed to something that was much higher. So that's on the kind of wage side benefits. We're actually continuing to see some amount of inflationary activity, medical claims, dental, et cetera, as you'd expect. I think that's pretty broad-based. So -- but that's probably similar to prior years.

所以，我們已經不再處於那種環境了。我們當然希望透過每年加薪來獎勵我們的員工，但更符合我們過去 5 或 10 年所做的事情，而不是更高的東西。這就是薪資方面的福利。正如您所期望的，我們實際上繼續看到一定程度的通貨膨脹活動、醫療索賠、牙科等等。我認為這是非常廣泛的。所以——但這可能與前幾年相似。

And then I think the interesting area where we're doing a lot of work on is all the non-personnel spend, right, our various partners and vendors and software licenses, cloud computing costs, right? Every one of those is an area for us to think about what's appropriate. And so we have -- we've been having those discussions this summer and this fall, and we'll continue to have them into the winter around next year. We're seeing inflationary increases the way we were a year ago there. A little bit less so, but I think we're still seeing higher than we'd like, inflationary increases there.

然後我認為我們正在做大量工作的有趣領域是所有非人員支出，對吧，我們的各種合作夥伴和供應商以及軟體許可證，雲端運算成本，對吧？其中每一個都是我們思考什麼是合適的領域。所以我們在今年夏天和今年秋天一直在進行這些討論，我們將繼續在明年冬天進行這些討論。我們看到通貨膨脹率與一年前一樣增加。稍微少一點，但我認為我們仍然看到通貨膨脹率上升的程度高於我們的預期。

And so important questions are how do we offset them. How do we use technology if it is a little more expensive to drive increasing process engineering and automation. How do we partner with fewer suppliers in some cases and get the benefits of our scale. So there's a number of initiatives that we're working through, but that's one that takes some more in a way. That's part of what we do during the budget process.

因此重要的問題是我們如何抵消它們。如果推動製程工程和自動化程度提高的成本稍高一些，我們該如何使用技術呢？在某些情況下，我們如何與更少的供應商合作並獲得規模效益。因此，我們正在實施許多舉措，但從某種程度上來說，這還需要更多的努力。這是我們在預算過程中所做的一部分。

Very good. And then as a follow-up, obviously, our industry, the world has gone through an incredible turmoil in the last 3 or 4 years with the pandemic and such. And now we're in this interest rate environment that we have not seen since prior to the financial crisis. And if we assume that the Fed is higher for longer, let's say, it's 4% to 5% for an extended period of time versus the 0 to 25 bps that you all had to operate and the industry operated at on post financial crisis going into where we are today, how is that -- or is it changing some of the strategies you may pursue now that the rate environment is not -- possibly not going back to the 50 basis points that we were accustomed to. Does that change the way you approach the business or approach your customers that you couldn't do because rates were at this level 3 or 4 years ago?

非常好。顯然，作為後續行動，我們的行業、世界在過去的三、四年裡經歷了一場令人難以置信的動盪，因為大流行等。現在我們正處於自金融危機爆發以來從未見過的利率環境中。如果我們假設聯準會在較長時間內保持較高水平，那麼在較長一段時間內為 4% 至 5%，而金融危機後，產業的運作則為 0 至 25 個基點。我們今天所處的位置，情況如何——或者說它是否改變了你現在可能採取的一些策略，因為利率環境可能不會回到我們習慣的50 個基點。這是否會改變您處理業務或處理客戶的方式，而您由於 3 或 4 年前的費率水平而無法做到這一點？

Gerard, it's Eric. I think it has several impacts on us, which actually in aggregate tend to be positive for how we manage and engage on our business, very tactically, higher rates and especially some steepness in the yield curve we talked about earlier, gives us some ability to add duration and feel like that's valuable. So there's some tactical effects there.

傑拉德，我是艾瑞克。我認為這對我們有幾個影響，實際上總的來說，這對我們管理和參與業務的方式往往是積極的，非常有策略地，更高的利率，特別是我們之前談到的收益率曲線的一些陡度，使我們有能力增加持續時間並感覺這很有價值。所以那裡有一些戰術效果。

I think more broadly, with higher rates, the value of cash in our ecosystem, we described $1 trillion of cash in our ecosystem across deposits, money market and cash sweeps and our asset management business, our repo activity, our platform sweep activities is $1 trillion. To us, cash is valuable for our clients to keep, especially in risk on versus -- or especially in risk-off versus risk-on environment. And they want to be rewarded for it, but it also means there's a whole cash wallet out there that for us is a way to engage with clients, right? We as a bank who've got not only the banking offering of deposits but the capital markets offering of repo, the money management offering of money markets and cash management. To us it's a way to deepen our relationships with clients.

我認為更廣泛地說，隨著利率的提高，我們的生態系統中的現金價值，我們描述了我們生態系統中存款、貨幣市場和現金掃描以及我們的資產管理業務、我們的回購活動、我們的平台掃描活動中的1 兆美元現金為1 美元兆。對我們來說，現金對我們的客戶來說是有價值的，特別是在風險承受與風險承受的環境中。他們希望因此獲得獎勵，但這也意味著有一個完整的現金錢包，對我們來說這是與客戶互動的一種方式，對嗎？我們作為一家銀行，不僅提供銀行存款服務，也提供資本市場回購服務、貨幣市場的資金管理服務和現金管理服務。對我們來說，這是加深與客戶關係的一種方式。

So I think over time, you'll see us add to our product offering. Some of that's quite broad today, but we'll think about how else do we integrate cash into, say, the Alpha proposition is a way to consider it, how do we think about it in terms of our platforms and our market activities. A number of those are important cash generators.

所以我認為隨著時間的推移，你會看到我們增加我們的產品供應。其中一些內容在今天相當廣泛，但我們會考慮如何將現金整合到，比如說，Alpha 命題是一種考慮它的方式，我們如何從我們的平台和市場活動的角度來考慮它。其中許多是重要的現金來源。

And then I think at the most senior levels with our clients, the C-suite actually cares about cash today. They care about who they keep it with, how it's managed, how they are remunerated, how it's safe, but also how it can be redeployed. And so it's become a real C-suite discussion in a way that we think can strengthen both our relationships given our broad offering, but also one that becomes more and more of a business activity and a business growth activity over time.

然後我認為，在我們客戶的最高層，最高管理層實際上關心的是現金。他們關心由誰保管、如何管理、如何獲得報酬、如何安全，以及如何重新部署。因此，它已成為真正的高管層討論，我們認為這種討論既可以加強我們在提供廣泛產品的情況下的關係，而且隨著時間的推移，這種討論也將越來越成為一項業務活動和業務增長活動。

Thank you. There are no further questions at this time. I will hand over the conference to Ron O'Hanley. Please proceed.

謝謝。目前沒有其他問題。我將把會議交給羅恩·奧漢利。請繼續。

Thank you, operator, and thanks to all on the call for joining us.

謝謝您，接線生，也感謝所有參與通話的人加入我們。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。