道富銀行 (STT) 2024 Q3 法說會逐字稿

Good morning, and welcome to State Street Corporation's third-quarter 2024 earnings conference call and Webcast. Today's discussion is being broadcasted live on State Street's website at investors.statestreet.com.

早安，歡迎參加道富銀行 2024 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。

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.

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。

The only authorized broadcast of this call will be housed on the State Street website. Now I would like to introduce Elizabeth Lynn, Global Head of Investor Relations at State Street.

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人關係全球主管Elizabeth Lynn。

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 2024 earnings presentation which is available for download on 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 2024 年第三季收益演示文稿，該簡報可在我們網站 Investorstreet.com 的投資者關係部分下載。之後，我們將很樂意回答問題。

Before we get started, I'd 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 presentation. In addition, today's call will include forward-looking statements.

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。我們簡報的附錄中提供了這些非公認會計準則衡量標準與最直接可比較的公認會計準則或監管衡量標準的對帳。此外，今天的電話會議將包括前瞻性陳述。

Actual results may differ materially from those statements due to a variety of important factors, such as those referenced in our discussion today and in the SEC filings, including the Risk Factors section of 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.

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，包括我們表格 10-K 的風險因素部分，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。

Now let me turn it over to Ron.

現在讓我把它交給榮恩。

Thank you, Liz, and good afternoon, everyone. Our third quarter results, which we released earlier this morning, demonstrate the accelerating financial performance and strong business momentum we are achieving this year, which in turn positions State Street well for future growth.

謝謝你，莉茲，大家午安。我們今天早上早些時候發布的第三季度業績表明，我們今年實現了不斷加速的財務業績和強勁的業務勢頭，這反過來又為道富銀行未來的成長奠定了良好的基礎。

We achieved robust fee and total revenue growth and generated positive fee and total operating leverage in 3Q, which when combined with increased capital return quarter-on-quarter, drove strong earnings growth for our shareholders on both a year over year and sequential basis, with quarterly EPS reaching the highest on record.

我們實現了強勁的費用和總收入成長，並在第三季度產生了正的費用和總營運槓桿，再加上季度資本回報率的增加，推動了我們股東的同比和環比強勁盈利增長，季度每股收益創歷史新高。

In addition to strong 3Q results, our year-to-date results also highlight the strength of our franchise and financial performance in three quarters of the way through the year. with solid fee and total revenue growth and good expense discipline driving better-than-expected positive fee and positive total operating leverage as well as strong earnings growth relative to the same period in 2023 and excluding notable items.

除了強勁的第三季業績外，我們今年迄今的業績還突顯了我們今年三個季度的特許經營實力和財務業績。穩健的費用和總收入成長以及良好的費用紀律推動了好於預期的正費用和正總營運槓桿以及相對於 2023 年同期的強勁盈利增長（不包括值得注意的項目）。

The operating environment in the third quarter was dynamic. While global equity and fixed income markets moved notably higher, the world's investors faced a number of risk-off events in 3Q and including fears of a US recession, the unwinding of the carry trade, concerns over tech valuations and continued geopolitical tensions. These events drove bouts of negative market sentiment and significant market volatility.

第三季的經營環境充滿活力。儘管全球股票和固定收益市場顯著走高，但全球投資者在第三季度面臨一系列避險事件，包括對美國經濟衰退的擔憂、套利交易的平倉、對科技估值的擔憂以及持續的地緣政治緊張局勢。這些事件引發了一系列負面的市場情緒和嚴重的市場波動。

However, these market dislocations prove to be short-lived with markets taking comfort from a host of subsequently dovish central bank pivots, including the first rate cut from the Federal Reserve in four years, as well as improved economic data in the US.

然而，這些市場混亂被證明是短暫的，市場從隨後一系列溫和的央行轉向中得到了安慰，包括聯準會四年來的首次降息，以及美國經濟數據的改善。

We supported clients and navigated well through this market backdrop, delivering strong business and financial performance. We remain laser focused on successfully executing against our key strategic priorities to drive better results, which I will now discuss.

我們為客戶提供支持，並在這一市場背景下順利度過，實現了強勁的業務和財務表現。我們仍然專注於成功執行我們的關鍵策略優先事項，以取得更好的成果，我現在將對此進行討論。

Turning to slide 2 of our investor presentation. Our third-quarter EPS was $2.26 as compared to $1.25 in the year ago period. Excluding notable items, we delivered strong earnings growth of 17% year over year, with record quarterly EPS.

轉向我們投資者簡報的幻燈片 2。我們第三季的每股盈餘為 2.26 美元，去年同期為 1.25 美元。排除值得注意的項目，我們的獲利年增 17%，季度每股收益創歷史新高。

And while 3Q ROE was a strong 12%. Relative to the year ago quarter and excluding notable items, fee and total revenue growth was robust at 7% and 9%, respectively and, in turn, driving margin expansion. All areas of our business contributed to this year-over-year revenue growth and NII was significantly higher.

而第三季 ROE 則高達 12%。與去年同期相比，排除值得注意的項目，費用和總收入成長強勁，分別為 7% 和 9%，進而推動利潤率擴張。我們的所有業務領域都對收入同比增長做出了貢獻，NII 顯著提高。

Servicing fees increased 3% year-over-year, and we are pleased by the sales momentum we continue to see within the investment services business as we execute well against the sharpened strategy that we outlined last year.

服務費年增 3%，我們對投資服務業務持續保持的銷售動能感到高興，因為我們很好地執行了去年概述的強化策略。

At the same time, expenses remained well controlled despite increases in revenue-related costs. We continue to drive transformation and productivity savings, which are funding significant investments in our business this year. As a result, while 3Q expenses increased by 6% year over year. On a year-to-date basis, expenses increased by just 3%, excluding notable items relative to the same period in 2023.

同時，儘管收入相關成本有所增加，但支出仍受到良好控制。我們繼續推動轉型和生產力節省，這為我們今年的業務重大投資提供了資金。因此，第3季費用年增6%。年初至今，扣除與 2023 年同期相比的顯著項目，費用僅增加 3%。

Turning to our business momentum, which you can see in the middle of the slide, we achieved a great deal in the third quarter. Our business performance indicators, including wins, clearly illustrate the effectiveness of our strategy and positioning State Street to support our clients, compete better and gain share. Within investment services in 3Q, we generated strong AUC/A wins of $466 billion, with new servicing fee revenue wins of $84 million, the highest quarter this year.

談到我們的業務勢頭，您可以在幻燈片中間看到，我們在第三季度取得了巨大的成就。我們的業務績效指標（包括勝利）清楚地說明了我們策略的有效性以及道富銀行為客戶提供支援、更好地競爭並贏得市場份額的定位。在第三季的投資服務中，我們取得了 4,660 億美元的強勁 AUC/A 收益，新增服務費收入達 8,400 萬美元，為今年最高季度。

3Q provided another clear demonstration of the power of State Street Alpha, which brings together the full depth and breadth of our servicing and software solutions. Alpha is a clear competitive advantage, which strategically positions us to retain business at even higher levels win new long-term relationships and as evidenced this quarter, deepened existing relationships in a meaningful way.

3Q 再次清楚地展示了 State Street Alpha 的力量，它匯集了我們服務和軟體解決方案的全部深度和廣度。 Alpha 是一種明顯的競爭優勢，它在策略上使我們能夠將業務保持在更高的水平，贏得新的長期關係，正如本季度所證明的那樣，以有意義的方式深化了現有關係。

We reported two new alpha mandates in 3Q with Alpha accounting for the vast majority of our AUC/A wins this quarter as State Street was awarded a significant mandate by a premier large global asset manager. This win illustrates the compelling value proposition of our front-to-back solution for clients. What started as a front office Charles River client will now extend to include a host of middle and back-office services, including custody, all underpinned by our Alpha data platform and data services.

我們在第三季報告了兩項新的 alpha 授權，其中 Alpha 占我們本季 AUC/A 收益的絕大多數，因為道富銀行被一家頂級大型全球資產管理公司授予了重要授權。這場勝利證明了我們為客戶提供的前後解決方案具有令人信服的價值主張。 Charles River 最初是前台客戶，現在將擴展到包括託管在內的一系列中後台服務，所有這些服務都以我們的 Alpha 數據平台和數據服務為基礎。

We are also very pleased with the momentum of Global Advisors this quarter. Our cash ETFs and institutional businesses all had positive net flows, including record quarterly flows in cash and strong ETF flows. In aggregate, quarterly total net flows of $100 billion in quarter-end assets under management of $4.7 trillion, both reached record levels in 3Q.

我們對本季 Global Advisors 的發展動能也感到非常滿意。我們的現金 ETF 和機構業務均擁有正淨流量，包括創紀錄的季度現金流量和強勁的 ETF 流量。整體而言，季末淨流量總額為 1,000 億美元，季末管理資產規模為 4.7 兆美元，第三季均創歷史新高。

Importantly, we expanded our market share in a number of key product areas and geographies. For example, we improved our institutional money market fund ranked this quarter while Spider also gained share in both US low-cost and commodities as well as in the EMEA region. We also continue to innovate and strategically expand global advisers' capabilities and client solutions.

重要的是，我們擴大了在許多關鍵產品領域和地區的市場份額。例如，我們提高了本季度機構貨幣市場基金的排名，而Spider也增加了美國低成本和大宗商品以及歐洲、中東和非洲地區的份額。我們也持續創新並策略性擴展全球顧問的能力和客戶解決方案。

For example, Global Advisors launched 20 new ETFs in 3Q, including three actively managed digital asset-focused ETFs. We also announced a new relationship with Apollo Global Management that will aim to expand investor access to private market opportunities.

例如，Global Advisors 在第三季推出了 20 檔新 ETF，其中包括 3 隻主動式管理數位資產 ETF。我們也宣布與 Apollo Global Management 建立新的合作關係，旨在擴大投資者獲得私募市場機會的機會。

Turning to our markets businesses. stronger client volumes in both FX trading services and securities finance helped to drive revenues higher, both sequentially and year over year. I was particularly pleased to see State Street named as a leader in the four categories by Euromoney Magazine in its 2024 FX awards, including the world's best FX bank for client service as well as research which underscores the value clients place in our markets franchise.

轉向我們的市場業務。外匯交易服務和證券融資方面的客戶量增加有助於推動收入環比和年增長。我特別高興地看到道富銀行在《歐洲貨幣》雜誌2024 年外匯獎項中被評為四個類別的領導者，其中包括全球最佳客戶服務外匯銀行以及強調客戶對我們市場特許經營價值的研究。

Turning to our balance sheet. Our year-over-year NII performance was strong, as a number of targeted management actions over the last year have helped to support NII growth.

轉向我們的資產負債表。我們的 NII 同比表現強勁，因為去年採取的一系列有針對性的管理行動有助於支持 NII 的成長。

Our balance sheet is solid, enabling over $670 million of capital return in 3Q, including $450 million of share repurchases. As we look ahead, we remain committed to returning excess capital to our shareholders in the fourth quarter, subject to market conditions and other factors.

我們的資產負債表穩健，第三季實現了超過 6.7 億美元的資本回報，其中包括 4.5 億美元的股票回購。展望未來，我們仍致力於根據市場狀況和其他因素，在第四季度向股東返還多餘資本。

Before I turn it over to Eric, we also announced this morning that Eric will be leaving State Street to pursue a new opportunity outside of banking. We have commenced a formal search process to identify as replacement and Eric will stay on with us through mid-February to support us through this transition. I and the team have been fortunate to work closely with Eric over the last eight years. Personally, I have enjoyed and valued our partnership and want to thank Eric for his leadership and wish him well in his new role.

在我把它交給艾瑞克之前，我們今天早上也宣布艾瑞克將離開道富銀行，去尋找銀行業以外的新機會。我們已經開始正式的尋找流程來確定替代者，而艾瑞克將在二月中旬繼續留在我們身邊，以支持我們完成這項過渡。在過去的八年裡，我和團隊很幸運地與艾瑞克密切合作。就我個人而言，我很享受並重視我們的合作夥伴關係，感謝埃里克的領導，並祝他在新職位上一切順利。

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

接下來，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.

謝謝你，羅恩。

Before I get into the numbers, I want to say that it has been a privilege to have been here at State Street and sat to work with you and the team. I'm proud of all that we've accomplished together over the past eight years, and it's with mixed feelings that are moving on. But I know that the progress will continue, and that State Street is well positioned with a strong financial foundation and strategy for success, and I look forward to working with the team into 2025 during the transition.

在談論這些數字之前，我想說，能夠來到道富銀行並與您和團隊一起工作是我的榮幸。我為我們在過去八年裡共同取得的成就感到自豪，並且帶著複雜的心情繼續前進。但我知道進展將會繼續，道富銀行處於有利位置，擁有強大的財務基礎和成功策略，我期待在 2025 年過渡期間與團隊合作。

Now let me walk everyone through our results for the third quarter. Starting on slide 3. We reported record EPS of $2.26 for the third quarter which included notable revenue items that, in aggregate, were neutral to earnings and are detailed on the right side of the page. You can see that we took the opportunity to do some additional repositioning of the investment portfolio this quarter, which I'll talk more about in a moment.

現在讓我向大家介紹一下我們第三季的業績。從投影片 3 開始。您可以看到，本季我們藉此機會對投資組合進行了一些額外的重新定位，我稍後將詳細討論這一點。

We delivered robust EPS growth of 17% year on year, excluding notable items, reflecting broad-based fee growth, higher NII and continued capital return, which increased on a sequential quarter basis.

在剔除值得注意的項目後，我們的每股盈餘年增 17%，反映出廣泛的費用成長、更高的 NII 以及持續的資本回報（環比成長）。

Our third-quarter performance builds upon our strong first half of the year as healthy fee and total revenue growth coupled with expense discipline, delivered both positive fee and positive total operating leverage, excluding notable items in the quarter and on a year-to-date basis. The quarter clearly demonstrates good margins and returns with pretax margin at almost 28.5% and ROE of 12% and a return on tangible common equity of over 19%.

我們的第三季業績建立在上半年的強勁表現之上，健康的費用和總收入成長加上費用紀律，實現了正的費用和正的總營運槓桿（不包括本季和年初至今的顯著項目）基礎。本季明顯展現出良好的利潤率和回報率，稅前利潤率接近 28.5%，淨資產收益率 (ROE) 為 12%，有形普通股回報率超過 19%。

Turning now to slide 4. The third quarter period-end AUC/A and AUM again increased to record levels, supported by both equity and bond market tailwinds as well as strong client flows. As you can see on the right panel of the slide, after an eventful third quarter, the various external indicators for our markets businesses were mixed. That said, we were encouraged by the continued growth in client volumes and balances across our FX trading and securities finance businesses, which I'll discuss more in detail shortly.

現在轉向投影片 4。正如您在幻燈片右側面板中看到的那樣，在經歷了動蕩的第三季度之後，我們市場業務的各種外部指標好壞參半。也就是說，我們的外匯交易和證券金融業務的客戶數量和餘額的持續增長令我們感到鼓舞，我很快就會對此進行更詳細的討論。

Turning to slide 5. Third quarter servicing fees increased 3% year-on-year as higher average market levels and new business were partially offset by pricing headwinds and previously disclosed client transition and lower client activity, including an asset mix shift.

轉向投影片 5。

The impact of the previously disclosed client transition was a headwind of approximately 2 percentage points to year-on-year growth while lower client activity, including an asset mix shift into cash with a headwind of approximately 1 percentage point to year-on-year growth, which seems to be abating somewhat. We do feel good about servicing fee momentum going into the fourth quarter.

先前揭露的客戶轉型的影響是年增約2個百分點的阻力，同時客戶活動減少，包括資產組合轉向現金，較去年同期成長約1個百分點的阻力，似乎有所減弱。我們對進入第四季度的服務費勢頭確實感到滿意。

Encouragingly, we generated $84 million of revenue wins in the quarter, the majority of which were driven by back office mandates in line with our strategic focus. Over the past four quarters, we've achieved nearly $330 million of servicing fee revenue wins.

令人鼓舞的是，我們在本季創造了 8,400 萬美元的收入，其中大部分是由符合我們策略重點的後台任務所推動的。在過去的四個季度中，我們贏得了近 3.3 億美元的服務費收入。

Moving to slide 6. Third-quarter management fees increased 10% year on year, primarily reflecting higher average market levels as well as record quarterly net flows with positive inflows across all three major product lines.

轉向投影片 6。

We gained market share within our cash business due to strong investment performance and expanded distribution as well as in ETFs where our strategic repricing initiative contributed to the strong flow performance and continued ETF market share gains.

由於強勁的投資業績和擴大的分銷，我們在現金業務中獲得了市場份額，在 ETF 中，我們的策略重新定價舉措有助於強勁的流量表現和持續的 ETF 市場份額成長。

Taken together, our investment management business demonstrated strong growth in the quarter while also generating a healthy pretax margin of approximately 30%, up over 2 percentage points year-on-year. Importantly, as Ron mentioned earlier, we continue to position Global Advisors for success by further expanding its capabilities and client solutions and meeting the evolving needs of investors in key growth areas, such as digital assets, private markets and innovative fixed income solutions.

總而言之，我們的投資管理業務在本季度表現出強勁增長，同時產生了約 30% 的健康稅前利潤率，同比增長超過 2 個百分點。重要的是，正如羅恩之前提到的，我們透過進一步擴展其能力和客戶解決方案，並滿足投資者在數位資產、私募市場和創新固定收益解決方案等關鍵成長領域不斷變化的需求，繼續幫助全球顧問取得成功。

Now turning to slide 7. As I noted, this quarter, we are pleased to see continued growth in our markets businesses with higher volumes across nearly all of our FX venues relative to the year ago period. FX trading revenue increased 15% year on year, excluding notable items driven by higher client volumes with particular strength in emerging markets.

現在轉向幻燈片 7。外匯交易收入年增 15%，不包括因客戶量增加（尤其是新興市場的客戶量增加）所帶來的顯著項目。

Securities finance revenues increased 13% year on year, reflecting higher agency lending balances and share gains with excellent performance in prime services as we put more balance sheet to work to support our clients.

證券金融收入年增 13%，反映出隨著我們投入更多資產負債表來支持客戶，代理貸款餘額和股票收益增加，以及優質服務的優異表現。

Moving on to software and processing fees, revenues were up 11% year on year, mainly driven by higher front office software and data revenues associated with CRD, which is described in greater detail on the following slide.

接下來是軟體和處理費用，收入同比增長 11%，主要是由於與 CRD 相關的前台軟體和數據收入增加，這在下面的幻燈片中進行了更詳細的描述。

Turning to slide 8. Our third quarter front office software revenues increased 12% year on year with our software-enabled and professional services revenues up a strong 21%. We are pleased with the robust growth we've consistently delivered in our software business, with revenues up 10% year to date. This level of growth supports our belief that our software business has the potential to reach $1 billion of revenue over the next five years. And as Ron noted, we reported two additional alpha mandate wins in the quarter, and we remain confident in achieving our goal of winning six -- six to eight new alpha clients this year.

轉向投影片 8。我們對軟體業務持續強勁成長感到滿意，今年迄今營收成長了 10%。這種成長水準支持了我們的信念，即我們的軟體業務有潛力在未來五年內達到 10 億美元的收入。正如羅恩指出的那樣，我們報告了本季度另外贏得了兩個 alpha 授權客戶，並且我們仍然有信心實現今年贏得 6 到 6 到 8 個新 alpha 客戶的目標。

Moving to slide 9. Third-quarter NII increased 16% year on year to $723 million as higher investment security yields and higher loan growth more than offset continued deposit rotation. On a sequential basis, NII was 2% lower, primarily driven by continued deposit rotation as well as by the impact of lower short-end rates stemming from Central Bank actions. This dynamic was partially offset by higher investment security yields as well as additional lending and sponsored repo activity.

轉向投影片 9。從環比來看，NII 下降了 2%，這主要是由於持續的存款輪調以及央行行動導致的短期利率下降的影響。這種動態被較高的投資證券收益率以及額外的貸款和贊助回購活動部分抵消。

The market dynamics for the sponsored repo product were constructive in the quarter. As detailed on the right panel of this slide, average investment portfolio balances increased both sequentially and year on year.

本季度保薦回購產品的市場動態具有建設性。如本投影片右圖所示，平均投資組合餘額較上季和年比均有所增加。

We also opportunistically repositioned a small portion of the book late in the quarter, which has a payback of approximately five quarters benefiting NII over the next two years.

我們還在本季末趁機重新定位了本書的一小部分，這將在未來兩年內為 NII 帶來約五個季度的回報。

Average deposits increased 14% year on year and 2% quarter on quarter as we continue to realize the benefits of our client engagement efforts. As we move into 4Q, we'd expect to generally operate around these levels, albeit with a bit of continued noninterest-bearing deposit rotation.

隨著我們不斷認識到客戶參與工作的好處，平均存款年增 14%，環比增長 2%。隨著進入第四季度，我們預計總體將在這些水平附近運行，儘管無息存款將繼續輪動。

Turning to slide 10. Year on year, third quarter expense growth was 6%, primarily driven by higher performance base instead of compensation and revenue-related costs, which were worth about half of the increase. as well as important investments in products, technology and infrastructure. We remain acutely focused on managing our cost base, as demonstrated by year-on-year expense growth of just 3% on a year-to-date basis, excluding notable items.

轉向投影片 10。以及對產品、技術和基礎設施的重要投資。我們仍然高度重視管理成本基礎，年初至今費用年增 3%（不包括重要項目）就證明了這一點。

As Ron mentioned, in the third quarter, we continue to deliver productivity benefits through transformation of our operating model and other savings initiatives, achieving roughly $125 million of year-on-year savings for a variety of actions.

正如 Ron 所提到的，在第三季度，我們繼續透過營運模式轉型和其他節約措施來提高生產力，透過各種行動實現了約 1.25 億美元的同比節約。

Year to date, we delivered roughly $350 million of savings, and we're on track to achieve our productivity savings target of $500 million this year. We're continuing to benefit from our ongoing organizational simplification. Process improvements and automation initiative, which has enabled us to further improve service quality while also lowering our headcount on a pro forma basis, including the JV consolidation by 4% year on year as detailed on the bottom left of the slide.

今年迄今為止，我們節省了約 3.5 億美元，並有望實現今年 5 億美元的生產力節省目標。我們將繼續從持續的組織簡化中受益。流程改善和自動化措施使我們能夠進一步提高服務質量，同時預計減少員工人數，包括合資企業合併同比減少 4%，詳情請參見幻燈片左下角。

Moving to slide 11. As you can see, our capital leverage and liquidity levels all remain very strong. As of quarter end, our standardized CET1 ratio of 11.6% increase from the prior quarter as capital generated from earnings combined with the benefit of lower rates on AOCI more than offset increased capital return and RWA growth as we supported our clients.

轉到投影片 11。截至季末，我們的標準化 CET1 比率比上一季增加了 11.6%，因為收益產生的資本加上 AOCI 較低利率的好處，足以抵消我們為客戶提供支援時增加的資本回報和 RWA 成長。

As I just noted, we delivered on our goal to accelerate capital return in the third quarter with common share repurchases of $450 million, up from $200 million in the prior quarter and $100 million in Q1. But falling rate moves at the end of the quarter did create some unexpected excess capital. In total, we returned over $670 million of capital to our shareholders this quarter, equivalent to a total payout ratio of almost 100%.

正如我剛才指出的，我們在第三季實現了加速資本回報的目標，普通股回購額為 4.5 億美元，高於上一季的 2 億美元和第一季的 1 億美元。但本季末利率下降確實造成了一些意想不到的資本過剩。本季我們總共向股東返還了超過 6.7 億美元的資本，相當於幾乎 100% 的總派息率。

As we look ahead, we are planning for another quarter of healthy capital return in Q4, which we would expect to be somewhat higher than this quarter, subject to market conditions and other factors. As such, we continue to expect the full year payout ratio for 2024 to be comfortably in the 80% to 90% range as we aim to strike the right balance between our capital return goals and supporting our clients to our balance sheet.

展望未來，我們計劃在第四季度實現另一個季度的健康資本回報，我們預計該回報將略高於本季度，具體取決於市場狀況和其他因素。因此，我們繼續預期 2024 年全年派息率將輕鬆保持在 80% 至 90% 的範圍內，因為我們的目標是在資本回報目標和支持客戶資產負債表之間取得適當的平衡。

In summary, we're pleased with both our third quarter and year-to-date results, which continue to demonstrate our ability to execute against our strategy to drive sustainable business momentum while delivering positive fee and total operating leverage, excluding notable items, along with a significant return of capital to shareholders.

總而言之，我們對第三季和年初至今的業績感到滿意，這繼續證明了我們執行策略的能力，以推動永續的業務勢頭，同時提供正的費用和總營運槓桿（不包括值得注意的項目）為股東帶來可觀的資本回報。

With that, let me cover our improved full year outlook, which is all on a year-on-year basis and ex notable basis. I would highlight that the outlook continues to have the potential for significant variability given the economic and political environment we're operating in. In terms of our current macro assumptions, we're assuming global equity markets are flat to third quarter end for the remainder of the year.

接下來，讓我介紹一下我們改善的全年前景，這都是基於同比和除顯著的基礎上的。我想強調的是，考慮到我們所處的經濟和政治環境，前景仍然有可能出現重大變化。的。

Our rate outlook broadly aligns with the current forward curve, and we expect FX market volatility to remain relatively flat to third quarter average levels for the remainder of the year. Given our strong results year-to-date and higher average market levels, we now expect that total fee revenue will likely be at or slightly above the high end of our 4% to 5% range, better than our prior expectations.

我們的利率前景與目前遠期曲線大致一致，我們預計今年剩餘時間內外匯市場波動性將保持相對穩定於第三季平均值。鑑於我們今年迄今的強勁業績和較高的平均市場水平，我們現在預計總費用收入可能會達到或略高於我們 4% 至 5% 範圍的高端，好於我們先前的預期。

Turning to NII. We now expect full year NII will be up in the 4% to 5% range, which is also better than our previous guide for NII to be up slightly on a full-year basis.

轉向NII。我們現在預計全年 NII 將上漲 4% 至 5%，這也好於我們先前對 NII 全年小幅上漲的預測。

Finally, given these improved top line revenue expectations, expenses are expected to be somewhat higher than our prior outlook and now up in the range of 3.5% this year, given higher revenue-related costs. Importantly, we continue to expect to deliver both positive fee and positive total operating leverage for the full year.

最後，考慮到收入預期的改善，由於收入相關成本較高，預計今年的支出將略高於我們先前的預期，目前增幅在 3.5% 的範圍內。重要的是，我們繼續期望全年實現正的費用和正的總營運槓桿。

And with that, let me hand the call back to Ron.

接下來，讓我把電話轉回給羅恩。

Thank you, Eric. To conclude, I'm pleased with how we have been able to deliver stronger financial performance so far this year. We entered 2024, expecting roughly 3% to 4% fee revenue growth, together with positive fee operating leverage while NII was expected to be a headwind to our financial results on a full year basis.

謝謝你，埃里克。最後，我對今年迄今為止我們能夠實現更強勁的財務業績感到滿意。進入 2024 年，我們預計手續費收入將成長約 3% 至 4%，加上正的手續費營運槓桿，而 NII 預計將成為我們全年財務表現的阻力。

However, with successful execution against our strategic and client engagement priorities, together with a more constructive operating environment and strong balance sheet management, we now expect to notably outperform our outlook relative to where we started the year with higher fee revenue growth and NII comfortably up year over year.

然而，透過成功執行我們的策略和客戶參與優先事項，再加上更具建設性的營運環境和強大的資產負債表管理，我們現在預計，相對於年初的情況，我們的表現將明顯優於我們的預期，費用收入成長更高，NII 輕鬆上升年復一年。

As a result, we expect to deliver both healthy positive fee and total operating leverage this year, excluding notable items. We are positioned for a strong finish to 2024, and we are confident as we look into next year.

因此，我們預計今年將實現健康的正費用和總營運槓桿（不包括值得注意的項目）。我們已做好準備，以強勁的勢頭迎接 2024 年，展望明年，我們充滿信心。

Operator, we can now open the call for questions.

接線員，我們現在可以開始提問。

(Operator Instructions) Glenn Schorr, Evercore.

（操作員說明）Glenn Schorr，Evercore。

I appreciate all that detail. I like the NII guide and what that, I think, implies for next year. Can you talk about the management actions taken? You mentioned the five-quarter payback. I want to be blunt and say does that mean you'll make at least the $81 million of that cost over the next five quarters? And then maybe a little more color on what within the book you actually restructure and offloaded.

我很欣賞所有這些細節。我喜歡 NII 指南，我認為這對明年意味著什麼。您能談談所採取的管理措施嗎？您提到了五個季度的回報。我想直言不諱地說，這是否意味著您將在接下來的五個季度中賺取至少 8100 萬美元的成本？然後也許會對書中你實際重組和卸載的內容進行更多的描述。

Glenn, it's Eric. You've interpreted that exactly correctly. The $80 million loss that was booked in the quarter will reverse out in the next -- within the next five quarters, and then we'll have some and it will be a positive for the company. As we continue to manage the investment portfolio, we have north of $100 billion of assets. They range from treasuries, [ABS] securities to super-nationals and foreign sovereigns.

格倫，是埃里克。您的解釋完全正確。本季度計入的 8000 萬美元虧損將在下一個季度內扭轉——在接下來的五個季度內，然後我們將有一些虧損，這對公司來說將是積極的。隨著我們繼續管理投資組合，我們的資產已超過 1000 億美元。它們的範圍從國債、[ABS] 證券到超級國家和外國主權債券。

There were some securities that we felt were lower coupon that could be restructured or repositioned through a sale. We bought back some additional securities. In this particular set of actions, it was mostly in the treasury and international sovereign and super space.

我們認為有些證券的票息較低，可以透過出售進行重組或重新定位。我們回購了一些額外的證券。在這一系列的特定行動中，主要是在財政部、國際主權和超級空間。

It was $4 billion or $5 billion of securities on a $100 billion book, so relatively modest. And it also allows us to just adjust the position of the book across the curve slightly, which was also beneficial. So kind of as I think you'd expect, but this will be helpful going forward and part of the management actions that we've been talking about as we manage NII.

1000 億美元的帳簿上有 40 億美元或 50 億美元的證券，相對溫和。它還允許我們稍微調整書在曲線上的位置，這也是有益的。正如我認為您所期望的那樣，但這將有助於今後的發展，並且是我們在管理 NII 時一直在討論的管理行動的一部分。

Some of those are around the investment portfolio. Some of those are around lending growth and some of those are around our engagement with clients on deposits as we've talked about in the past.

其中一些是圍繞投資組合的。正如我們過去所討論的，其中一些與貸款成長有關，另一些與我們與客戶的存款互動有關。

That's a nice part of it. Maybe one quick one. You mentioned in the SGA conversation about the hybrid products with Apollo. I'm curious if you could give us any bits of detail of how it will work and why you chose maybe 15% going to private credit? Is that enough to drive differentiated performance and scalability. Is this just like a toe in the water to see how this is going to be received?

這是其中很好的一部分。也許快點吧。您在 SGA 對話中提到了與 Apollo 的混合產品。我很好奇您能否向我們提供有關其運作方式的任何細節，以及為什麼您選擇將 15% 的資金用於私人信貸？這是否足以推動差異化的效能和可擴展性？這是否就像把腳趾伸進水裡看看會如何被接受一樣？

Glenn, it's Ron. We're in a quiet period now with the SEC. So we're really constrained about what we can say about this. But what I will say is we've been much of our innovation in the past has been about how do you democratize access to more sophisticated clients and put them in structures that are broadly available -- and what we're talking about here is consistent with that. We'll have a lot more to say about it after the SEC has completed this process.

格倫，是羅恩。我們現在正處於與 SEC 的安靜時期。所以我們對此能說的確實很有限。但我要說的是，我們過去的大部分創新都是關於如何民主化接觸更複雜的客戶並將其置於廣泛可用的結構中 - 我們在這裡討論的是一致的與此。在 SEC 完成此流程後，我們將對此進行更多討論。

Brennan Hawken, UBS Financial.

布倫南‧霍肯，瑞銀金融集團。

Eric, congrats on the new role. Big change in the multiples? I hope that doesn't create issues give you the bends or something when you go up. So curious about with Eric's departure, kind of brings this session to mind. So Ron, could you maybe update us on the latest on that front? And what you can tell us about the board's plan?

艾瑞克，祝賀你擔任新角色。倍數變化大嗎？我希望這不會在你上升時造成彎曲或其他問題。對艾瑞克的離開感到非常好奇，這讓我想起了這次會議。羅恩，您能為我們介紹一下這方面的最新情況嗎？關於董事會的計劃，您能告訴我們什麼嗎？

Are you referring to my succession, Brennan?

你指的是我的繼任者嗎，布倫南？

That's right. Yes, overall.

這是正確的。是的，總體而言。

So as you would expect, succession is something that well managed and well overseeing companies talk about all the time. And there's a near constant discussion about this at the Board and there's a plan in place for when that time comes.

因此，正如您所料，繼任是管理良好、監督良好的公司一直在談論的話題。董事會對此幾乎一直在進行討論，並且已經制定了相應的計劃。

Okay. Great. And then repo has been pretty solid. Clearly, you guys see some continued strength, hence the updated NII outlook for the year. But could you tell us about how repo comes into play there into your expectations? And what we should think about the recent strength there?

好的。偉大的。然後 repo 就非常穩定了。顯然，你們看到了一些持續的強勢，因此更新了今年的國家資訊基礎設施展望。但您能告訴我們回購協議如何發揮您的期望嗎？我們該如何看待最近的強勢？

Glenn, it's Eric. The repo product is one of many that we offer for clients, right? We offer them cash on deposit in various forms. Money market, money market sweep repo is a collateralized activity. So in a way, think of it as the broad -- one of the broad range of elements that we offer.

格倫，是埃里克。回購產品是我們為客戶提供的眾多產品之一，對吧？我們以各種形式向他們提供現金存款。貨幣市場、貨幣市場掃回購是一種抵押活動。因此，在某種程度上，將其視為我們提供的廣泛元素之一。

What we found is as the Fed has trended down its reverse repo operation. There's been more repo activity in the market, and we've obviously wanted to be there to help our clients.

我們發現聯準會已經減少了逆回購操作。市場上的回購活動越來越多，我們顯然希望能夠幫助我們的客戶。

That said, the repo activity, the sponsored repo activity that we do is 10%, 11%, 12% of our NII typically. It will bounce around by 1 percentage point or 2. This quarter, I called it out because I think we added about a percentage point of NII due to the increase in repo activity. And what you're working through is, sometimes, balances are up a bit, sometimes margins are up a bit. And we just found more activity in the market.

也就是說，我們所做的回購活動、贊助回購活動通常占我們 NII 的 10%、11%、12%。它會反彈 1 或 2 個百分點。你正在解決的問題是，有時餘額會增加一點，有時利潤會增加一點。我們剛剛發現市場上有更多活動。

There's more cash out there as you've seen. And there are also more borrowers who are looking for cash and have collateral to post. And those are markets where we're happy to serve our clients on both sides of that transaction and stepped in and stepped up for them.

正如你所看到的，那裡有更多的現金。還有更多的借款人正在尋找現金並有抵押品。在這些市場中，我們很樂意為交易雙方的客戶提供服務，並介入並為他們提供支援。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Eric, congrats to you as well. I guess in that vein, and the question for both of you guys, State Street has made some pretty meaningful progress improving profitability recently. But with the new CFO search underway, how durable do you think these profitability improvements are likely to be?

埃里克，也祝賀你。我想本著這種精神，以及你們兩個的問題，道富銀行最近在提高獲利能力方面取得了一些相當有意義的進展。但隨著新任財務長的搜尋工作正在進行，您認為這些獲利能力的改善可能會持續多久？

So like in other words, how much of this is already in motion and sort of on the rails that can more seamlessly perhaps transition to whoever comes next. And what are your ultimate sort of aspirations for pretax margins for the firm as a whole over time?

換句話說，其中有多少已經在進行中，並且已經在軌道上，也許可以更無縫地過渡到下一個出現的人。隨著時間的推移，您對整個公司稅前利潤率的最終期望是什麼？

Yes, Alex, I'll start on that. I mean we've been fairly transparent about what we've been doing across the board at the firm, both revenues and expenses.

是的，亞歷克斯，我就開始吧。我的意思是，我們對公司的所有業務（收入和支出）都相當透明。

So starting with our investment services business. I mean we've talked a lot about what we've done to restore and regain and really distinguish ourselves in service quality, which in turn has enabled us to actually grow and restore the growth that we've had in the past. We talked a lot about some of the new sales and client service kinds of actions we have in place. That's all in motion.

那麼就從我們的投資服務業務開始。我的意思是，我們已經談論了很多我們為恢復和重新獲得併在服務品質方面真正脫穎而出所做的努力，這反過來又使我們能夠真正成長並恢復我們過去的成長。我們談論了很多我們已經採取的一些新的銷售和客戶服務行動。這一切都在運動中。

Is there more to do? For sure, but is the plan clear? Yes, it is. But we would expect to see continued benefits being derived from that. In we've got a broad-based strategy, and they're really aimed at how do we actually broaden the appeal and broaden the franchise beyond its traditional institutional core.

還有更多事情要做嗎？當然可以，但是計劃清楚嗎？是的。但我們預計會從中獲得持續的好處。我們有一個廣泛基礎的策略，它們的真正目標是我們如何真正擴大吸引力並擴大其傳統機構核心之外的特許經營權。

We've talked a lot about what we've done in the retail area with the low-priced ETFs. Product innovation is occurring at a really break that clip there. We launched 20 new ETFs this year. We've talked about some of the new partnerships that we've had, which assuming we get through all the regulatory hurdles there, we're very optimistic about. And so we feel like we've got that side covered in a pretty clear path.

我們已經討論了很多在零售領域利用低價 ETF 所做的事情。產品創新正在發生真正的突破。今年我們推出了 20 檔新 ETF。我們已經討論了我們已經建立的一些新的合作夥伴關係，假設我們克服了那裡的所有監管障礙，我們對此非常樂觀。所以我們覺得我們已經在這一方面涵蓋了一條非常清晰的道路。

In the markets business, the market's client franchise largely overlaps with our investment services franchise, but that's not enough, right? You have to be able to distinguish yourself in there. And I think the progress that you're seeing over the past couple of quarters reflects some of the work that we've done there with more to come. I mean this is a franchise that's based on innovation.

在市場業務中，市場的客戶特許經營權很大程度上與我們的投資服務特許經營權重疊，但這還不夠，對嗎？你必須能夠在那裡脫穎而出。我認為您在過去幾個季度中看到的進展反映了我們已經完成的一些工作以及未來更多的工作。我的意思是這是一個基於創新的特許經營權。

And then finally, in terms of productivity, we've been talking to you about productivity and transformation since 2019. And every year, we go at it in a different way, typically a more sophisticated way each year. The early years were about what, I guess, we'd all describe as low-hanging fruit. These later years later years have been about fundamental operating model transformation, including a much more sophisticated application of technology where a lot of our investment is going, but we see much more to do there.

最後，在生產力方面，自 2019 年以來，我們一直在與您討論生產力和轉型。我想，早年我們都將其描述為「唾手可得的果實」。後來的幾年是關於基本營運模式轉型的，包括更複雜的技術應用，我們在這方面投入了大量投資，但我們認為這方面還有更多工作要做。

So I wouldn't anticipate a new CFO signaling any kind of change in strategy. No, it's not to say that it is a vitally important role and we're going to -- the search process is literally commencing today. We've already engaged a firm to help us. We'll look both inside and outside, but we're very confident, coupled with the plan we have in place, the four months of transition that we have with Eric and just the overall performance of the firm that we're going to be in good shape through this transition.

因此，我預計新任財務長不會發出任何策略變化的訊號。不，這並不是說這是一個至關重要的角色，我們將——搜尋過程實際上從今天開始。我們已經聘請了一家公司來幫助我們。我們將從內部和外部兩方面進行審視，但我們非常有信心，再加上我們已經制定的計劃、我們與埃里克一起進行的四個月的過渡以及我們將要實現的公司的整體表現在這一轉變過程中保持良好的狀態。

Alex, I'd also add, our medium-term targets stand as stated. They are deeply embedded in our culture and our senior executive and management teams and with our Board. And so the 4% to 5% revenue growth rate pretax margin target of 30%. Those are there for the medium term purposely and topics and areas that we continue to strive for and deliver on.

亞歷克斯，我還想補充一點，我們的中期目標如前所述。他們深深植根於我們的文化、我們的高階主管和管理團隊以及我們的董事會。因此收入成長率為 4% 至 5%，稅前利潤率目標為 30%。這些都是針對中期的目標，也是我們持續努力和實現的主題和領域。

Yes. And Alex, also, I'm glad Eric mentioned that also, it's part of our long-term incentives. Achievement realization of those targets.

是的。亞歷克斯，我也很高興艾瑞克也提到，這是我們長期激勵措施的一部分。實現這些目標。

Yes, all makes sense. Just wanted to clarify that. So for my follow-up, maybe quickly on NII. Obviously, very nice update for the fourth quarter. probably too early to talk about '25 with a lot of specificity.

是的，一切都有道理。只是想澄清這一點。因此，對於我的後續行動，也許很快就會在 NII 上進行。顯然，第四季的更新非常好。談論 25 年的具體細節可能還為時過早。

But as you sort of think about how the balance sheet is positioned, especially on the back of the recent securities repositioning you've talked about earlier today. How should we think about the sustainability and just durability of this kind of NII run rate over the next couple of quarters?

但當你思考資產負債表的定位時，尤其是在你今天早些時候談到的最近的證券重新定位的背景下。我們應該如何思考未來幾季這種 NII 運行率的可持續性和持久性？

I think, in the past, you talked about being a little more asset sensitive in Europe still, maybe a little bit more neutral in the US, but maybe help us with some broader framework of how to think about '25.

我認為，過去，您談到在歐洲仍然對資產更加敏感一點，在美國可能更加中立一點，但也許可以幫助我們建立一些更廣泛的框架來思考「25」。

Yes, Alex, it's Eric. As you say, it's still early. We're operating through deposit levels, interest-bearing, noninterest bearing, our portfolio composition quarter by quarter by quarter. And so we don't have additional information to really share regarding next year other than what we've said before. right?

是的，亞歷克斯，我是艾瑞克。正如你所說，現在還早。我們逐季透過存款水準、計息、無息以及我們的投資組合構成進行營運。因此，除了我們之前所說的之外，我們沒有關於明年的更多資訊可以真正分享。正確的？

We've said that we continue for this past quarter and into the fourth quarter, expect some modest or slight amount of deposit rotation that's a headwind. We've got the investment portfolio rolling through, but some quarters, you get a bigger, smaller benefit just depending on the exact bonds and then you've got the lending activity.

我們已經說過，我們在上個季度和第四季度繼續預計存款輪換會出現適度或輕微的變化，這是一個不利因素。我們已經有了投資組合，但在某些季度，你會獲得更大或更小的收益，這取決於特定的債券，然後你就可以進行貸款活動。

And then you've got repo, as we talked about earlier on the call, bouncing up and down. we've said that it's really in the next few quarters, and I've used that language purposely that we expect to see the stabilization of NII and then some growth from that level. But it's hard to pin exactly which quarter.

然後，正如我們之前在電話會議中談到的那樣，回購協議會上下波動。我們已經說過，這確實是在接下來的幾個季度中，我特意使用了這種語言，我們預計NII將趨於穩定，然後在該水平上有所增長。但很難準確地確定是哪個季度。

But I think what you can do is if you open up the lens over a one-year, three-year, five-year period, you can see where we've come from. You can see the zone that we're operating in, and I'll just find the zone not as 1 percentage point difference, but the kind of a zone as you'd expected in a colloquial sense.

但我認為你能做的是，如果你在一年、三年、五年的時間內打開鏡頭，你就能看到我們從哪裡來。你可以看到我們正在運行的區域，我只會發現該區域不是 1 個百分點的差異，而是你所期望的通俗意義上的區域。

But we're I think we're in a nice zone generally. It's helpful for our margin. And while the next few quarters, we'll see some movement we also see some stability and some growth thereafter.

但我認為我們總體上處於一個不錯的區域。這對我們的利潤很有幫助。在接下來的幾個季度中，我們將看到一些變化，但此後我們也將看到一些穩定性和一些增長。

Got you. All right. Well, I think we'll get you for one more quarter after that. So I'm sure that will be another topic yet again.

明白你了。好的。好吧，我想在那之後我們會再給你一個季度的時間。所以我確信這將再次成為另一個話題。

Betsy Graseck, Morgan Stanley.

貝特西‧格拉塞克，摩根士丹利。

Eric, I'll miss you. Sorry to see you go. Good luck in the next role. And I guess, my final question for you is just around how we should be thinking about the trajectory here of NII in an environment where maybe we get slower pace of cuts. Is that better for State Street?

艾瑞克，我會想念你的。很遺憾看到你走了。祝你在下一個角色中好運。我想，我向您提出的最後一個問題是，在我們可能會放慢削減速度的環境中，我們應該如何思考 NII 的發展軌跡。對道富銀行來說更好嗎？

Thank you, Betsy, for the question and for the thoughts. Yes. I think directionally, our balance sheet is relatively neutral. We have a slight asset sensitivity. And so as rates come down, that has a slight impact to NII on a quarterly basis, but it's not dramatic.

謝謝貝特西提出的問題和想法。是的。我認為從方向來看，我們的資產負債表相對中立。我們有輕微的資產敏感性。因此，隨著利率下降，這會對季度NII產生輕微影響，但影響並不大。

But given that direction position, we were we'd have slightly better NII if rates didn't fall as quickly I think our collective view here is rates will come down, but we've seen the market overshoot on the rate reductions. Our economists think that the terminal rate is likely to be substantively higher than what it's been in the past.

但考慮到這個方向，如果利率沒有那麼快下降，我們的NII會稍微好一點，我認為我們的集體觀點是利率將會下降，但我們已經看到市場在降息方面出現了過度反應。我們的經濟學家認為，最終利率可能會大幅高於過去。

And so I think we're reasonably well positioned and we'll absorb some of the some of the Central Bank actions. And as we do that, we'll continue to build out our client lending activity, repo activity, our deposit engagement activity and so forth. And those will all contribute to stabilization of NII around the zone and then growth from there.

因此，我認為我們處於相當有利的位置，我們將吸收央行的一些行動。當我們這樣做時，我們將繼續發展我們的客戶貸款活動、回購活動、存款參與活動等等。這些都將有助於該地區週邊國家資訊基礎設施的穩定，然後從那裡開始成長。

All right. And then Ron, one for you. I think recently, I saw a headline about State Street leaning into Mexico, and wanted to understand, is this a new effort? Or this is an expansion of existing business? And maybe just put it into context around growth strategy? And are there other countries that you're looking to lean into?

好的。然後羅恩，給你一個。我想最近，我看到一個關於道富銀行向墨西哥傾斜的頭條新聞，我想了解一下，這是一項新的努力嗎？還是這是現有業務的擴展？也許只是將其置於成長策略的背景下？您還想進入其他國家嗎？

Yes, Betsy, the -- so we have a we certainly have a presence in Latin America. It's smaller than EMEA and APAC for us. But as you would expect, we tend to -- and this is all on the servicing little bit in the markets area, but it's -- it really arises out of services. And as countries develop and as investment markets develop, that's the opportunity for us. And so we are building out at a, I would say, moderate pace.

是的，貝特西，我們在拉丁美洲確實有業務。對我們來說，它比歐洲、中東和非洲和亞太地區還要小。但正如您所期望的那樣，我們傾向於——這一切都與市場領域的服務有關，但它確實是由服務產生的。隨著國家的發展和投資市場的發展，這對我們來說就是機會。因此，我想說，我們正在以適度的速度進行建造。

Our capabilities and activity in Latin America and what you saw there really reflected that. Our core markets, as you could imagine, remain the US, EMEA, and APAC. But as you've seen from our growth over the past couple of years, it's -- we've had lots of growth in EMEA and APAC.

我們在拉丁美洲的能力和活動以及您在那裡看到的情況確實反映了這一點。正如您所想的那樣，我們的核心市場仍然是美國、歐洲、中東和非洲和亞太地區。但正如您從我們過去幾年的成長中看到的那樣，我們在歐洲、中東和非洲和亞太地區取得了巨大的成長。

More recently, we've gotten the growth rate in the US kind of back on what it had been traditionally. But as these markets grow, they start to need the same kind of capabilities that we've got in those developed markets. And also, in many cases, you have so-called emerging or developing markets that are really skipping over some of the milestones that developed markets had done in their in their development.

最近，我們發現美國的成長率回到了傳統水準。但隨著這些市場的成長，他們開始需要我們在這些已開發市場中擁有的相同能力。而且，在許多情況下，所謂的新興市場或發展中市場實際上跳過了已開發市場在其發展過程中所達到的一些里程碑。

So again, it's an opportunity to bring some advanced technology and those kinds of things. But it's a modest investment, and we would expect over the short term, modest growth, but it's important to get the foothold there.

所以，這又是一個帶來一些先進技術和諸如此類的東西的機會。但這是一項適度的投資，我們預計短期內會出現適度的成長，但在那裡站穩腳跟很重要。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great. Congrats, Eric, also. Maybe just taking on a comment that you mentioned, Eric, about putting more of your balance sheet to work to support clients. Can you just go into a little bit more detail in terms of which areas I assume you mean on the asset side and lending? And then in conjunction with that, maybe if you can talk about deposit pricing strategies with your asset servicing clients in terms of both either deposit beta are also supporting your clients in terms of the revenue model?

偉大的。也恭喜埃里克。艾瑞克，也許只是接受你提到的關於將更多資產負債表用於支持客戶的評論。您能否更詳細地介紹一下我認為您指的是資產方面和貸款方面的哪些領域？然後結合這一點，也許您可以與您的資產服務客戶討論存款定價策略，無論是存款貝塔還是在收入模式方面支持您的客戶？

Brian, sure. Let me cover those in one-by-one. On the asset side of the balance sheet, we've got a $300 billion balance sheet. We've got about $120 billion of risk-weighted assets. And as we think about capital deployment, it continues to be in three areas that we've historically supported our clients in, and we want to continue to expand.

布萊恩，當然。讓我一一介紹這些內容。在資產負債表的資產方面，我們有 3000 億美元的資產負債表。我們擁有約 1200 億美元的風險加權資產。當我們考慮資本部署時，它仍然是我們歷來為客戶提供支援的三個領域，我們希望繼續擴大。

So the first one is lending, as you mentioned. And we do everything from capital call financing to BDC lending, really an ecosystem of lending that we do for our private markets clients or asset management clients and so forth. And there's real growth there for us, there's growth there for them.

正如您所提到的，第一個是貸款。我們提供從資本催繳融資到 BDC 貸款的一切服務，這實際上是我們為私募市場客戶或資產管理客戶等提供的貸款生態系統。我們和他們都有真正的成長。

And what we find constructive is that with many of those clients, if you support them with your balance sheet, they're that much more encouraged and likely to come to you for servicing activities for asset management activities. And that's a very constructive and kind of virtuous circle of relationship that we and they benefit for. So lending is a very important part of what we do.

我們認為具有建設性的是，對於許多這樣的客戶，如果您用資產負債表支持他們，他們就會受到更大的鼓勵，並且可能會來找您為資產管理活動提供服務。這是一種非常有建設性的良性循環關係，我們和他們都從中受益。因此，貸款是我們工作中非常重要的一部分。

Secondly, our trading activities in FX require a balance sheet if we do more than just one, two, three months forwards and swaps, if we do options to support our clients, those require balance sheet. And again, we're happy to do that for our clients, especially for our substantial clients that we have large relationships with. And we'll do that around the world. So that's a good part.

其次，如果我們進行的不僅僅是一、二、三個月的遠期和掉期交易，我們的外匯交易活動需要資產負債表，如果我們做選擇權來支持我們的客戶，這些都需要資產負債表。再說一次，我們很高興為我們的客戶做到這一點，特別是與我們有廣泛關係的大客戶。我們將在世界各地這樣做。所以這是一個很好的部分。

And then thirdly, it's really around the securities financing business, which has both an agency lending component, where we're lending out of the box, but that requires some capital under the Basel III rules.

第三，它實際上是圍繞證券融資業務，它既有機構貸款部分，我們提供開箱即用的貸款，但根據巴塞爾協議 III 的規則，這需要一些資本。

And then the prime services business, right, where we're lending out to those who are borrowers in the capital markets, and that's been an area of growth as well. So those are the areas what -- the way we think about it is that we think of ourselves and we really act as relationship lenders, right?

然後是優質服務業務，我們向資本市場上的借款人提供貸款，這也是一個成長領域。那麼這些領域就是我們思考的方式，我們認為自己是關係貸款人，對嗎？

We lend not for itself, but we lend because it's to support our clients, it comes at good returns, but it comes as a way to deepen and broaden and expand the relationships that we have. So that's what we've been doing. We like to continue to do that. And the more we lend and support them across those different areas that I described those three areas. The more growth will we'll see both in NII and in the fee line.

我們貸款不是為了本身，而是因為它是為了支持我們的客戶，它會帶來良好的回報，但它是加深、拓寬和擴展我們所擁有的關係的一種方式。這就是我們一直在做的事情。我們願意繼續這樣做。我們在我描述的這三個領域的不同領域提供的貸款和支援越多。我們將在 NII 和費用線中看到更多的成長。

On the question of --

關於——

Perfect. Actually, I can tie in the back half of that question with the second one, and that's just on the revenue -- on the fee revenue side of your new wins, particularly the Alpha products. I know the Alpha platform rather. And I know the private market initiatives as well. Should we be thinking of those as fee rate accretive. Or are you also flexible on pricing some of those with deposits as well on compensating balances?

完美的。事實上，我可以將這個問題的後半部分與第二個問題聯繫起來，這只是關於收入——在你的新勝利的費用收入方面，特別是阿爾法產品。我比較了解Alpha平台。我也了解私人市場的舉措。我們是否應該將這些視為費率增值？或者您是否也可以靈活地對一些有存款的定價以及補償餘額進行定價？

I'd say it's a little bit of both, to be honest. We have, for example, in the servicing fee area, we booked $330 million of wins on a trailing 12-month basis. We continue to target $350 million to $400 million of fees.

老實說，我想說兩者都有一點。例如，在服務費領域，我們在過去 12 個月的基礎上贏得了 3.3 億美元的勝利。我們繼續將費用目標定為 3.5 億至 4 億美元。

But it's obviously lumpy and a mandate sometimes pulls forward from a quarter, sometimes moves out a quarter, we'll see exactly where we land, but we are continuing to hone in on delivering substantial amounts of fee wins this year and have that target clearly in sight. As we do that, deposits are a part of the relationship, but more and more clients think of it both ways.

但這顯然是不穩定的，任務有時會從一個季度向前推進，有時會向後移動一個季度，我們會確切地看到我們的著陸點，但我們將繼續努力，爭取今年獲得大量費用，並明確該目標洞察力。當我們這樣做時，存款是關係的一部分，但越來越多的客戶從兩方面考慮。

They understand that there's a balance of trade. They understand that if they are pushing too much on one lever than the other levers have to move in the opposite direction.

他們明白貿易是平衡的。他們明白，如果他們對一個槓桿推得太大，那麼其他槓桿就必須朝相反的方向移動。

On the other hand, there is real opportunity to work with clients to see how we can serve more and more of their needs. And what we found that as we've got that -- as we have those discussions, we end up doing more work with our clients and more support of our clients in more areas. And so they tend to build and feed on each other as opposed to being offsetting.

另一方面，我們有真正的機會與客戶合作，了解我們如何滿足他們越來越多的需求。我們發現，當我們進行這些討論時，我們最終會與客戶進行更多工作，並在更多領域為客戶提供更多支援。因此，它們傾向於相互補充和相互補充，而不是相互抵消。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，海港環球證券公司。

Eric, just on deposit behavior after the rate cut. How did mix and volume growth look and pricing? Any thoughts on the initial reaction to the rate cuts in the deposit side?

艾瑞克，關於降息後的存款行為。組合和銷售成長以及定價如何？對於存款方面降息的初步反應有何想法？

Jim, it's Eric. We really just saw more of what we've been seeing over the last few months. I don't think we saw any discernible change. Deposits in the system are generally been trending up 1 point or 1.5 points a quarter. That's across the banking system.

吉姆，我是艾瑞克。我們確實只是看到了過去幾個月所看到的更多情況。我認為我們沒有看到任何明顯的變化。系統中的存款通常每季上漲 1 點或 1.5 點。這是整個銀行體系的情況。

You've seen our results are a little more of that. And we didn't really see a lot of changes. We continue just to see a market environment where there's a fair amount of cash in the system. Part of that is positioning. Part of that is, I think, carefulness on our investors with -- that our investors have given the political and economic uncertainty.

您已經看到我們的結果遠不止於此。我們並沒有真正看到很多變化。我們繼續看到系統中有大量現金的市場環境。其中一部分是定位。我認為，部分原因是我們對投資者的謹慎——我們的投資者已經考慮到了政治和經濟的不確定性。

And so the cuts didn't have a discernible impact on deposit levels. And in general, we think we're going to operate in and or around this level for the time being.

因此，削減並沒有對存款水準產生明顯的影響。總的來說，我們認為我們暫時將在這個水平或附近運行。

Okay. That's helpful. And maybe just pivoting to servicing fees. Still a significant backlog yet to be installed business in asset servicing. So can you discuss how you're -- how quickly you expect that new business to be onboarded and how you're thinking about the quarterly trajectory from here?

好的。這很有幫助。也許只是轉向服務費。資產服務領域仍有大量待安裝業務積壓。那麼您能否討論一下您的情況—您預期新業務的啟動速度有多快，以及您如何考慮未來的季度發展軌跡？

Yes. The servicing backlog, we've enjoyed continuing to build. We obviously want to build it and deploy it, right? Both are important to our business system. And I think over time, it will -- it will continue to trend up somewhat and then get to a steady-state level.

是的。我們很高興繼續建立服務積壓工作。我們顯然想要建立它並部署它，對吧？兩者對我們的業務系統都很重要。我認為隨著時間的推移，它將繼續呈上升趨勢，然後達到穩態水平。

Right now, as we look forward, -- we think about the installation of that backlog in two ways. On an AUC/A basis, we think about the installation coming in the next few years with somewhere between [1/2 to 3/4] of that coming through in the next year.

現在，正如我們展望的那樣，我們以兩種方式考慮積壓的安裝。在 AUC/A 的基礎上，我們考慮未來幾年的安裝，其中 [1/2 到 3/4] 之間的安裝將在明年完成。

And in terms of the servicing fee backlog itself, we roughly expect about half of that to come through over the course of the fourth quarter and all of next year, if you want to kind of rough it out and just think about the pace of installation.

就服務費積壓本身而言，如果您想粗略地了解並考慮安裝速度，我們粗略地預計其中大約一半將在第四季度和明年全年完成。

What that means is that we're always installing revenues from our backlog on to the balance sheet, right, or into the P&L, I should say. And then at the same time, our coverage and relationship force out there winning new business, and there's business that then installs within 3 months, 6 months, 9 months, and 12 months.

這意味著我們總是將積壓的收入計入資產負債表，或者我應該說的計入損益表。同時，我們的覆蓋範圍和關係迫使我們贏得新業務，然後在 3 個月、6 個月、9 個月和 12 個月內安裝了一些業務。

And so over the -- every year, you'll see a mix. You'll see business that comes from a backlog that had a longer installation time period, and then you'll have business that comes from within that fiscal year itself.

因此，每年，你都會看到各種各樣的情況。您將看到來自安裝時間較長的積壓訂單的業務，然後您將擁有來自該會計年度本身的業務。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Congratulations, Eric on the new position. Ron, you mentioned about the new business wins in the quarter. And I think you said $46 billion in assets under custody administration. Can you share with us how much of that came from existing clients where you grab the bigger wallet share from those clients versus new customers? And second, the wins primarily in the US? Or were they outside the United States, Europe or Asia?

恭喜埃里克就任新職位。羅恩，您提到了本季的新業務勝利。我想你說的是託管管理下的 460 億美元資產。您能否與我們分享其中有多少來自現有客戶，與新客戶相比，您從這些客戶那裡獲得了更大的錢包份額？其次，勝利主要在美國？還是他們不在美國、歐洲或亞洲？

Yes. Thanks for the question, Gerard. So for this quarter, there was -- we had two alpha wins and the two alpha wins dominate that AUC/A. It's just -- it's about 380 of the $460 billion is alpha. And that's divided between US and non-US with a very, very significant global player in there that has a lot of US presence. And what's interesting about both of them is -- both these wins is they were existing. But in one case, we had a very, very modest service footprint with this institution.

是的。謝謝你的提問，傑拉德。因此，在本季度，我們取得了兩次 alpha 勝利，而這兩場 alpha 勝利主導了 AUC/A。只是——4600 億美元中大約有 380 美元是阿爾法。這在美國和非美國之間劃分，其中有一個非常非常重要的全球參與者，其中有許多美國的存在。他們兩個的有趣之處在於——這兩個勝利都是存在的。但在一個案例中，我們與該機構的服務足跡非常非常有限。

We were Charles River only with them. And as a result of this alpha win, we'll have a true front-to-back relationship with them, including, importantly, to move the asset servicing from a competitor to us.

只有和他們在一起我們才是查爾斯河。由於這次阿爾法勝利，我們將與他們建立真正的前後關係，重要的是，包括將資產服務從競爭對手轉移到我們身上。

And with the asset -- excuse me, I'm sorry, moving the custody from a competitor to us and with custody comes lots of opportunities to do things like deposits and foreign exchange and things like that. So -- and I think for years now, as we've talked about the strategy and why this has been why we think it's important and why we think it gives us a competitive advantage.

對於資產——對不起，我很抱歉，將託管權從競爭對手轉移到我們身上，有了託管權，就有很多機會做存款和外匯之類的事情。所以——我想多年來，我們一直在討論這個策略，以及為什麼我們認為它很重要，以及為什麼我們認為它為我們帶來了競爭優勢。

One of the reasons it's just that. It's the opportunity to deepen relationships. And the other reason why it's so important is the flip side of taking long to install is that the business tends to be quite sticky because this is really -- it's much more analogous to enterprise outsourcing.

原因之一就是如此。這是加深關係的機會。它如此重要的另一個原因是安裝時間較長的另一面是業務往往非常粘，因為這實際上更類似於企業外包。

Where the institution is actually making a choice of either for most cases, moving from an insourced model to an outsourced model in some cases, moving from one outsourcer to another, but that doesn't happen quite as frequently. And as a result, because of the work that both parties are doing, we insist upon a longer contract period. And the client itself understands these are very sophisticated buyers understand that they're making a generational decision here. And so they want to get it right.

在大多數情況下，機構實際上會做出選擇，在某些情況下從內包模式轉向外包模式，從一個外包商轉向另一個外包商，但這種情況並不經常發生。因此，由於雙方正在做的工作，我們堅持更長的合約期。客戶本身也明白這些都是非常老練的買家，也明白他們正在做出一代人的決定。所以他們希望把事情做好。

Very good. And then as a follow-up question, obviously, you guys are well capitalized. You've been using your capital to support organic growth, as Eric pointed out, with lending and you're paying, obviously, dividends and increasing them and buying back your stock.

非常好。作為一個後續問題，顯然，你們資本充足。正如埃里克指出的那樣，你一直在利用你的資本來支持有機成長，透過貸款，你顯然會支付股息，增加股息並回購你的股票。

Alternatively, obviously, capital can be used for acquisitions. Can you give us an update on your appetite for acquisitions? Recognizing, of course, the Brown Brothers transaction did not work out the way you intended, but can you share with us your thoughts there as well?

或者，顯然，資本可以用於收購。您能否向我們介紹一下您的收購意願的最新情況？當然，您認識到布朗兄弟的交易並沒有按照您的預期進行，但您能與我們分享您的想法嗎？

Look, Gerard, we think about M&A, not as a strategy, but as a way to implement our strategy, either more rapidly or more efficiently. So we'll always be paying attention to opportunities like that. But we see a lot of promise in the organic plans that we have developed and are now seeing the fruits of.

傑拉德，你看，我們認為併購不是一種策略，而是更快或更有效地實施我們策略的方式。所以我們會一直關注這樣的機會。但我們在我們制定的有機計劃中看到了很多希望，現在正在看到成果。

So our last significant acquisition, as you know, was Charles River. That was done for important strategic reasons to enable the creation of the Alpha front-to-back platform. It was -- it was a dilutive acquisition. We knew that at the time, but we felt it was a very important long-term investment, and it's proven to be. But it's also costly and often times disappointing to shareholders.

如您所知，我們最後一次重大收購是 Charles River。這樣做是出於重要的策略原因，以創建 Alpha 前後平台。這是一項稀釋性收購。我們當時就知道這一點，但我們認為這是一項非常重要的長期投資，事實也證明了這一點。但它的成本也很高，而且常常令股東失望。

So we're -- we take our stewardship of capital responsibility very seriously. And we like what we're able to do on an organic basis or building on what we've done. So not to say we'll never do these things, but it's a high bar, and it's got to be about, as I said, the beginning of this answer. It's got to be really about accelerating the strategy and/or realizing the strategy more efficiently than we could organically.

因此，我們非常認真地對待資本責任的管理。我們喜歡我們能夠在有機的基礎上做的事情，或者在我們已經完成的事情的基礎上繼續做的事情。所以並不是說我們永遠不會做這些事情，但這是一個很高的標準，正如我所說，它必須是這個答案的開始。它必須真正加速戰略和/或比我們有機地更有效地實現戰略。

I will now turn the call back over to Ron O'Hanley for closing remarks. Please go ahead.

現在我將把電話轉回 Ron O'Hanley 作結束語。請繼續。

Thanks to all for joining us on the call. And just to emphasize, you get one more quarter of Eric. So he'll be with us for the fourth quarter report in February and basically with us through mid-January and basically with us through mid-February. So thank you all.

感謝大家加入我們的電話會議。強調一下，你還得到了艾瑞克的四分之一。因此，他將在二月與我們一起發布第四季度報告，並基本上與我們一起度過一月中旬，基本上與我們一起度過二月中旬。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。