道富銀行 (STT) 2024 Q4 法說會逐字稿

Welcome to the continuation of State Street Corporation's fourth-quarter and full-year 2024 earnings conference call and webcast.

歡迎收聽道富銀行 2024 年第四季和全年收益電話會議和網路廣播。

Today's call will be hosted by Elizabeth Lynn, Head of Investor Relations at State Street.

今天的電話會議將由道富銀行投資者關係主管伊麗莎白·林恩 (Elizabeth Lynn) 主持。

Today's discussion is being broadcasted live on State Street's website at investors.statestreet.com.

今天的討論將在道富銀行的網站 investor.statestreet.com 上直播。

This conference call is also being recorded for replay.

本次電話會議也將錄音以供重播。

State Street's conference call is copyrighted, and all rights are reserved.

道富銀行的電話會議受版權保護，保留所有權利。

This call may not be recorded for rebroadcast or distribution, in whole or in part, without the expressed written authorization from State Street Corporation.

未經道富銀行明確書面授權，不得錄音本次電話會議的全部或部分內容以供轉播或散佈。

The only authorized broadcast of this call will be housed on the State Street website.

這次電話會議的唯一授權廣播將在道富銀行網站上進行。

Now, I would like to hand the call over to Elizabeth Lynn.

現在，我想把電話交給伊莉莎白·林恩。

Thank you, operator.

謝謝您，接線生。

Good morning and thank you all for joining us today.

早安，感謝大家今天的參加。

Before we begin the Q&A session of our fourth-quarter earnings call, I would like to apologize for any inconvenience caused by the technology issue related to a vendor that we experienced on Friday, which prevented us from completing the Q&A portion of our earnings call last week and we appreciate you taking the time to rejoin us again today.

在我們開始第四季度財報電話會議的問答環節之前，我想對上週五因供應商技術問題而造成的不便表示歉意，這導致我們無法完成上週五財報電話會議的問答部分。非常感謝您今天抽出時間再次加入我們。

With me on the call are State Street's Chief Executive Officer, Ron O'Hanley; Chief Financial Officer, Eric Aboaf; and EVP and Investment Services CFO and incoming interim CFO, Mark Keating.

與我一起參加電話會議的還有道富銀行執行長 Ron O'Hanley；財務長 Eric Aboaf；以及執行副總裁兼投資服務財務長兼即將上任的臨時財務長馬克‧基廷 (Mark Keating)。

Before we get started, I'd like to remind you that today's call will reference results presented on a basis that excludes or adjusts one or more items from GAAP.

在我們開始之前，我想提醒您，今天的電話會議將參考在排除或調整 GAAP 中的一個或多個項目的基礎上呈現的結果。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our fourth quarter and full year 2024 earnings presentation from Friday's call, which is available on our website investors.statestreet.com.

這些非GAAP 指標與最直接可比較的GAAP 或監管指標的對帳可在我們週五電話會議上的第四季度和2024 年全年收益報告附錄中找到，該報告可在我們的網站investor.statestreet. com 上找到。

In addition, today's call will contain forward-looking statements.

此外，今天的電話會議將包含前瞻性陳述。

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 our SEC filings, including the risk factors section in our form 10-K.

由於各種重要因素，例如我們今天的討論和美國證券交易委員會文件中提到的因素，包括我們 10-K 表格中的風險因素部分，實際結果可能與這些聲明有重大差異。

Our forward-looking statements speak only as of today and we disclaim any obligation to update them, even if our views should change.

我們的前瞻性陳述僅代表今天的觀點，我們不承擔更新這些陳述的義務，即使我們的觀點改變。

With that, let me turn it back over to the operator to open the call for Q&A.

說完這些，我現在將電話轉回給接線生，開始問答環節。

(Operator Instructions)

（操作員指令）

Jim Mitchell, Seaport.

吉姆·米切爾，海港。

Oh, hey, good afternoon.

哦，嘿，下午好。

Thanks for hosting the second round.

感謝主持第二輪比賽。

Just maybe digging into the puts and takes on the NII guide, understand the asset sensitivity to non-US.

或許深入研究 NII 指南中的看跌和看漲情況，就能了解對非美國資產的敏感度。

I think 100 basis points downward shift in your queue is $260 million, but you had a $10 billion maturities in the HTM book and a pickup of 200-250 basis points there almost offsets that asset sensitivity.

我認為，您隊列中 100 個基點的向下移動意味著 2.6 億美元，但您的 HTM 帳簿中有 100 億美元的到期債務，而 200-250 個基點的上升幾乎抵消了資產敏感性。

So outside of that - and you had deposit growth that was 15% heading into the year - so is it really just about the growth and mix of deposits and maybe a little bit of loan growth from here that will dictate up or down?

那麼除此之外 - 而且今年的存款增長率為 15％ - 那麼從現在起，真的只是存款的增長和組合，也許還有一點點貸款的增長，將決定上升或下降嗎？

Hey Jim, it's, it's Mark Keating here.

嘿，吉姆，我是馬克·基廷。

Thanks for the question.

謝謝你的提問。

I'll start with that.

我先從那裡開始。

I think it'd be good maybe just to take the NII topic from a few different angles.

我認為從幾個不同角度來探討 NII 主題也許會更好。

I want to try to give you a bit of a comprehensive overview of how we think about our NII guide.

我想嘗試向您全面概述一下我們對 NII 指南的看法。

And there's really four items I want to cover pretty quickly.

實際上有四件事我想很快講一下。

Two are headwinds which would be things like deposit mix and levels, and the rate environment, and a couple would be things we would consider tailwind you mentioned loan growth for example, the investment portfolio, rollovers.

其中兩個是不利因素，例如存款組合和水平，以及利率環境；另外兩個是順風因素，您提到的貸款成長，例如投資組合和展期。

So I thought I would just cover those and give you some context for how we are thinking about the outlook.

因此我想我只會介紹這些內容並提供一些有關我們如何看待前景的背景資訊。

So first on the deposit levels and mix, as we've talked about on the call Friday, deposits did finish strong for the year in 2024 and a strong finish in Q4 specifically.

因此，首先關於存款水準和組合，正如我們在周五的電話會議上所討論的那樣，存款在 2024 年確實表現強勁，尤其是在第四季度。

Non-interest bearing was up in Q4, but that was after three quarters of sequential kind of decrease and we saw the same pattern in Q4 2023.

非利息支出在第四季度有所增加，但那是在連續三個季度下降之後，我們在 2023 年第四季也看到了同樣的模式。

So there was a seasonality to the end of the year.

因此，年底存在季節性因素。

So we do expect to see some leveling off as we come out of Q4 into Q1 this year.

因此，我們確實預計，在今年第四季進入第一季時，會出現一些趨於平穩的情況。

Overall, we expect deposits to remain elevated in the $230-240 billion range with some ups and downs, for example, noninterest bearing, while up in Q4, year over year it was down about 12% or about $3 billion and we've talked before about expecting non-interest bearing to continue to trend a bit lower, and somewhere in the range of $20 billion to $25 billion is the range that we think of.

整體而言，我們預期存款將維持在2,300 億至2,400 億美元的高位，會有一些波動，例如，無息存款在第四季度有所增加，但同比下降約12%，即約30 億美元，我們已經討論過之前我們預計無息貸款將繼續呈略低趨勢，我們預計這個範圍在 200 億美元到 250 億美元之間。

Secondly, around the impact of rate cuts.

其次，圍繞降息的影響。

As we've laid out our outlook was based on the rate curve at the end of the year which was two rate cuts in the US, five at the ECB, three at the Bank of England.

正如我們已經闡述的，我們的展望是基於年底的利率曲線，即美國降息兩次，歐洲央行降息五次，英國央行降息三次。

And as rate curves have moved around, I would just note that so far the reduction in the number of cuts looks mostly to be backloaded at the end of this year.

隨著利率曲線的變動，我只想指出，到目前為止，降息次數的減少似乎大多將在今年年底後進行。

So we don't see much of a change there in our assumption.

因此，我們的假設不會發生太大變化。

I'd also remind you that as you mentioned we are asset sensitive, particularly in non-US currencies.

我還要提醒你，正如你所提到的，我們對資產很敏感，特別是非美元貨幣。

We're pretty neutral around US rate changes and we are more sensitive to non-US rates.

我們對美國利率變化持中立態度，對非美國利率更為敏感。

And a cut in either Euro or Sterling is roughly $5 million to $10 million per cut per quarter for us.

對我們來說，歐元或英鎊每降息一次，每季的損失約為 500 萬至 1,000 萬美元。

So that can be meaningful as well.

所以這也是有意義的。

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Turning to kind of more of the tailwinds that we see, we do expect our loan growth to continue and it was about 14% in 2024.

談到我們看到的更多順風因素，我們確實預計我們的貸款將繼續成長，到 2024 年這一比例將達到 14% 左右。

We have a similar expectation, it's something that we're doing really well with our clients on and supporting them specifically our private markets clients.

我們也有類似的期望，這是我們與客戶合作做得非常好的事情，我們為他們提供支持，特別是我們的私人市場客戶。

So we continue to see that to be a growth area.

因此我們繼續認為這是一個成長領域。

And then lastly, finally, I would say on the portfolio rollovers, we have discussed in other forums that we see roughly $4 billion per quarter, but that can be lumpy depending on maturities.

最後，關於投資組合展期，我想說的是，我們在其他論壇上討論過，每季大約 40 億美元，但這可能會根據到期日而有所不同。

I'd keep in mind also that we have had a couple of portfolio repositionings as recently as last third quarter.

我還記得，我們​​最近在第三季進行了幾次投資組合重新定位。

I mean, currently the pickup from rollovers is roughly 100 basis points to 150 basis points.

我的意思是，目前展期帶來的收益大約是 100 個基點到 150 個基點。

So hopefully, laying all that out and giving you a sense of how we balance out the puts and takes and the headwinds and tailwinds, gives you a sense of why we think that we have a realistic and appropriately conservative outlook.

因此，希望透過闡述所有這些內容，讓您了解我們如何平衡利弊、順風和逆風，讓您了解為什麼我們認為我們擁有現實且適當保守的觀點。

But those are the variables and we look forward to updating the group here as we move through the year.

但這些都是變數，我們期待今年內更新該小組的情況。

No, that's really helpful and makes a lot of sense.

不，這確實很有幫助，而且很有意義。

Just on the deposit, I guess expectation, it's pretty flattish I guess with fourth-quarter levels is that the sort of uncertainty and seasonality, potentially any sense of how deposits have acted in January, I guess is a help.

僅就存款而言，我猜預期，與第四季度的水平相比，存款會相當平穩，這是一種不確定性和季節性，任何有關1 月份存款表現如何的信息，我猜都會有所幫助。

I think it's still pretty early.

我認為現在還很早。

Again, we're a couple of weeks into the year, there's always a trend.

再說一遍，今年已經過了幾個星期，總是存在著一種趨勢。

You know, kind of coming out of the high point at the end of the year.

你知道，這有點像是在年底走出高點。

So I think it's still pretty early to say.

因此我認為現在說這個還為時過早。

Okay, thanks.

好的，謝謝。

Mike Mayo, Wells Fargo.

富國銀行的麥克·梅奧。

Can you talk about what you view as your core organic revenue growth rate in the fee businesses.

您能否談談您認為費用業務的核心有機收入成長率是多少？

And I guess, I know we talked after your call, but you have 100 basis points headwinds from the BlackRock roll off, you have 100 basis points headwinds from the currency, so what do you see as a core growth rate ex-ing those factors out for '25 and what do you think the long-term growth rate is?

我想，我知道我們在你通話後談過了，但貝萊德的撤資給你帶來了100 個基點的阻力，貨幣也給你帶來了100 個基點的阻力，那麼你認為，除去這些因素，核心成長率會是多少？

And do you think that growth rate should keep up with the pace of growth in capital markets, which seem to have exceeded what you guys have done?

您認為成長率應該跟上資本市場的成長步伐嗎？

Thanks.

謝謝。

Mike, it's Mark.

麥克，我是馬克。

I can take that as well.

我也能接受。

Let me start with our fee-based business, and I can talk about servicing fees maybe first.

讓我先從我們的收費業務開始，也許我可以先談談服務費。

And I think we talked a little bit about this on Friday, but may be helpful to give a sense of kind of how we see organic growth and how we think about the engine and kind of how we continue to drive sustainable growth in the fee business.

我認為我們在周五已經討論過這個問題，但這可能有助於讓我們了解我們如何看待有機成長，我們如何看待引擎，以及我們如何繼續推動費用業務的可持續成長。

And I'll take again, investment services as a good example, but it applies also to our asset management business.

我再次以投資服務作為一個很好的例子，但它也適用於我們的資產管理業務。

And I think the first thing I'd like to take everybody through again is that -- let's think about where we've come from because this really is a multiyear journey around kind of underpinning our servicing fee business.

我想先讓大家回顧一下的是——讓我們思考一下我們來自哪裡，因為這確實是一段圍繞著支撐我們的服務費業務的多年歷程。

About 1.5 years ago, we came together and laid out a plan on how we're going to power sustainable growth in our servicing fee business.

大約一年半前，我們聚在一起制定了一項計劃，旨在推動我們的服務費業務實現永續成長。

And at the time, we knew that we needed to perform better.

當時我們知道我們需要表現得更好。

Our nearing history then was around servicing fee sales of roughly $150 million in 2019 and 2020.

我們當時的歷史記錄是 2019 年和 2020 年的服務費銷售額約為 1.5 億美元。

Then we started stepping that up to $250 million to $260 million and that was in 2021, 2022.

然後我們開始將這個數字提高到 2.5 億美元到 2.6 億美元，那是在 2021 年、2022 年。

At that point, then we set a target for ourselves of $350 million to $400 million, which is the range now we talk about for 2024 and similar range for 2025.

那時，我們就會為自己設定一個目標，即 3.5 億到 4 億美元，這是我們現在談論的 2024 年的範圍和 2025 年的類似範圍。

So in 2023, we did $300 million.

因此在 2023 年，我們的收入達到了 3 億美元。

And in '24, as we announced last week, we did about $380 million.

正如我們上週宣布的那樣，2024 年我們的收入約為 3.8 億美元。

And again, important to note that about 85% of that was back office.

再次強調，需要注意的是，其中約 85％ 是後台辦公室。

And back office is important as we talk about because it brings a lot of other things along with it.

正如我們所說，後台辦公室很重要，因為它帶來了很多其他的東西。

It's a multiplier that brings NII, brings foreign exchange, trading, Securities lending, lots of other cross-sell opportunities.

它是一個乘數，帶來NII，帶來外匯，交易，證券借貸和許多其他交叉銷售機會。

So if you stand back and look at what we said we're going to do and what we've delivered around servicing fee growth, sales are up 45% since 2022, about 250% since 2020.

因此，如果你回顧我們說過要做的事情以及我們在服務費成長方面的成果，自 2022 年以來銷售額成長了 45%，自 2020 年以來成長了約 250%。

And we did that by restructuring our sales team, realigning incentives, focusing on service excellence, as Ron has talked about many times.

正如羅恩多次談到的，我們透過重組銷售團隊、重新調整激勵措施、注重卓越服務來實現這一目標。

And then importantly, we've been investing in our products and services, features and functionality, all driven by a sustained high level of productivity.

重要的是，我們一直在投資我們的產品和服務、特性和功能，所有這些都是由持續的高生產力所驅動的。

So we expect that range of sales will be the target that we will continue to achieve.

因此我們預計銷售範圍將是我們將繼續實現的目標。

And the team knows that that is the level of sales and servicing fees that we need in order to make the business move forward organically when you think about things we've talked about around attrition and fee compression.

當你考慮我們討論過的有關人員流失和費用壓縮的事情時，團隊就知道這是我們需要的銷售和服務費用水平，以使業務自然發展。

One last thing I'd say is that another way to think about growth is really to talk about the revenue install backlog, which as we disclosed, it was about $350 million at the end of last year.

我想說的最後一件事是，思考成長的另一種方式實際上是談論收入安裝積壓，正如我們所披露的，截至去年年底，這一數字約為 3.5 億美元。

Just for comparison, that was $200 million at the end of Q3 2023.

僅供比較，截至 2023 年第三季末，這一數字為 2 億美元。

So that's up about 75%.

因此，這一數字上升了約 75%。

So again, there's lots more work to do.

所以，還有很多工作要做。

Those are the targets, and we've put a plan in place.

這些就是目標，我們已經制定了計劃。

We've measured that, we've reported on it, we are achieving what we said we're going to deliver, and we just need to be consistent and keep going on it.

我們已經對此進行了衡量，進行了報告，我們正在實現我們所說的目標，我們只需要保持一致並繼續前進。

Mike, it's Ron -- Mike, let me just add to that a little bit, and I know you probably have another question.

麥克，我是羅恩——麥克，讓我補充一點，我知道你可能還有其他問題。

A couple of things.

有幾件事。

We've talked for a while that why servicing fees won't necessarily track markets or capital markets.

我們已經討論了為什麼服務費不一定會追蹤市場或資本市場。

But the way to think about some of the other things is, and this is what we reported for '24.

但思考其他一些事情的方式是，這就是我們對『24』的報告。

And we are expecting similar kinds of double-digit growth rates in places like software and Global Advisors.

我們預期軟體和全球顧問等領域也將出現類似的兩位數成長率。

So the way to think about the guide that we've given you, what we said was a 3% to 5% fee guide.

因此，請考慮我們給您的指南，我們所說的是 3％ 到 5％ 的費用指南。

That's on a -- the real guide, if you will, is 5% to 7%.

如果你願意的話，真正的指導範圍是 5% 到 7%。

And then what you take off from that is you've got 1% left over from our previously disclosed client.

然後你從中扣除我們先前揭露的客戶留下的 1%。

And then you've got some FX headwind there that takes it down to the 3% to 5% for 2025.

然後你會遇到一些外匯逆風，到 2025 年它將下降到 3％到 5％。

That's the way to think about it.

這就是思考這個問題的方法。

Okay.

好的。

And what do you think about a long-term growth rate for core fee growth?

您認為核心費用的長期成長率是多少？

And where do you stand within that?

那麼您處於什麼位置？

And what do you think for the next four or five years?

您對未來四、五年有什麼看法？

Well, it's hard to look out, Mike, for four to five years.

嗯，麥克，預計四到五年的情況很難預測。

But if you think about some of the changes that are driving our revenue growth, there's a couple of them.

但如果你想想推動我們收入成長的一些變化，你會發現有以下幾個。

One was all the work that we put into the value proposition, particularly around Alpha, right?

一是我們為價值主張投入了全部精力，特別是圍繞著 Alpha，對嗎？

And that's just getting better and better.

而且情況正在變得越來越好。

We're installing more from that.

我們正在安裝更多。

We continue to find very, very broad acceptance in the marketplace for it.

我們不斷發現市場對它的接受度非常廣泛。

We can be discriminating in terms of who we're going after in that, so that would be a tailwind.

我們可以有針對性地選擇要追擊的對象，這樣就會形成順風。

Secondly, we've talked a lot about service quality and service quality really does set the stage for both business retention and your ability to grow business, particularly from your existing clients.

其次，我們已經討論了很多關於服務品質的問題，服務品質確實為業務保留和業務成長能力奠定了基礎，尤其是從現有客戶的角度。

We've worked very hard at that through technology and real service quality improvements, it's showing up in all of our customer satisfaction.

我們透過技術和實際服務品質改進為此付出了很大的努力，這體現在我們所有客戶的滿意度上。

So that would be the second.

這就是第二個。

And then the third is what Mark talked about and we've talked to you about it now almost continuously since late '22 into '23.

第三個是馬克談到的，從 2022 年底到 2023 年，我們幾乎一直在跟你談論這個話題。

We have overhauled the sales force, and it's not that we had bad people, but if you think about the pivot that we've made from just selling stuff, like back office services to pivoting towards an enterprise outsourcer, which is what we are with Alpha and what that means for how do you sell and how do you service, and we're largely through that, which is why you've seen the kind of dramatic sales growth that we've had and new business revenue growth.

我們已經對銷售團隊進行了徹底改革，並不是說我們有不好的人，但如果你想想一下，我們已經從僅僅銷售後台服務等產品轉向企業外包，這就是我們現在所做的事情。以及這對您如何銷售和服務意味著什麼，我們基本上已經完成了這一點，這就是為什麼您看到我們的銷售和新業務收入實現了顯著增長。

So, it's a long-winded way of saying that, all things being equal in terms of the market environment, we think this kind of growth rate that we're describing.

因此，長話短說，如果市場環境一切正常，我們認為我們所描述的這種成長率是可以的。

So gross at 5% to 7%, net at 3% to 5% is actually something that we can sustain.

因此，毛利率在 5% 到 7% 之間，淨利率在 3% 到 5% 之間實際上是我們可以維持的。

Thank you.

謝謝。

Glenn Schorr, Evercore.

格倫·肖爾（Glenn Schorr），Evercore。

Hi.

你好。

Thank you.

謝謝。

Maybe a quick one first.

也許先快速地做一次。

In Prime Services, you just talked about $2 billion increase in RWA to support clients.

在 Prime Services 中，您剛剛談到增加 20 億美元的 RWA 來支援客戶。

I'm curious, the size and scope of what you do or don't do in prime services that might be redemption facilities or capital commitment lines for the private markets but just curious if you could expand on that?

我很好奇，您在主要服務中所做或不做的事情的規模和範圍可能是私人市場的贖回便利或資本承諾額度，我只是好奇您是否可以詳細說明一下？

Yes, Glenn, it's Eric.

是的，格倫，我是艾瑞克。

Let me take that.

讓我來接手。

Prime services or Prime brokerage is an integral part of what we've built over the last say, 7, 8, 9, 10 years.

大宗服務或大宗經紀業務是我們在過去 7、8、9、10 年建立的一個不可或缺的一部分。

And what we've done over the last few years is really work with clients to find the right way to deploy capital and to do it in a Basel III-friendly manner, but also in a client-friendly manner.

過去幾年我們所做的就是與客戶共同努力，找到部署資本的正確方式，既符合巴塞爾協議 III 的要求，又能以客戶友好的方式進行。

So it's an important part of what we do.

所以這是我們工作的一個重要部分。

You can see our securities finance revenues, which for the year are close to $450 million, a solid third, almost half of that is prime services.

您可以看到，我們的證券融資收入今年接近 4.5 億美元，佔了三分之一，其中近一半是主要服務。

And it's really a way that we help support our clients.

這確實是我們幫助支援客戶的一種方式。

And its hedge funds clients, it's the multi-manager client who also have hedge funds within their umbrella.

它的對沖基金客戶是多經理客戶，他們的旗下也擁有對沖基金。

And for us, it's a way as we support those clients and offer them capital, which they cherish, and they value.

對我們來說，這是我們支持這些客戶並為他們提供他們所珍惜和重視的資本的一種方式。

They often bring to us more servicing fees, more FX trading, more FICC Repo, more depository business.

它們往往為我們帶來更多的服務費、更多的外匯交易、更多的FICC回購、更多的存管業務。

And so it's really becoming integral part of what we're doing and one that has a real substantial amount of growth and growth to it as well, given the demands out there that clients have, the needs they have, and our ability in a capital-light business to put an extra couple of billion and draw up what turns out to be very strong double-digit teen growth this past year.

因此，它實際上已經成為我們業務中不可或缺的一部分，而且考慮到客戶的需求和我們在資本方面的能力，它也具有相當大的增長空間。在去年實現了非常強勁的兩位數成長。

Okay.

好的。

Cool.

涼爽的。

I appreciate that.

我很感激。

Maybe one more in SSGA, I think your quote was "we continue to innovate and broaden our product suite and distribution capabilities."

也許 SSGA 中還有一個，我認為您的原話是「我們不斷創新並拓寬我們的產品套件和分銷能力」。

I mean your organic growth has definitely inflected the last handful of quarters.

我的意思是，你們的有機成長肯定對過去幾季產生了影響。

I wonder if you can talk about what's driving the rejuvenation at SSGA and how sustainable this better level of organic growth is?

我想知道您是否可以談談推動 SSGA 復興的因素以及這種更好的有機增長水平的可持續性？

Yeah, Glenn, it's Ron.

是的，格倫，我是羅恩。

There's a few things that are driving that.

有幾件事推動了這個現象。

Some of them have been long-term changes that are gaining traction for us.

其中一些是長期變化，正在為我們帶來好處。

As you know, we were, for many years, primarily an institutional player and even our ETF business was oriented towards institutions.

如您所知，多年來，我們主要是機構參與者，甚至我們的 ETF 業務也是面向機構的。

So we had launched the low-cost line and have made some fee adjustments in that, so we've got a set of low-cost funds that are priced very well for what is the retail intermediary market, and we continue to gain share there.

因此，我們推出了低成本產品線，並對費用進行了一些調整，因此，我們擁有一套低成本基金，這些基金的定價非常合理，適合零售中介市場，而且我們在該市場的份額不斷擴大。

Secondly, on product development.

第二，關於產品開發。

We just picked up the pace of product development.

我們只是加快了產品開發的腳步。

So last year, SSGA will have launched about 60 different products, most of them ETFs.

因此，去年，道富環球投資管理有限公司推出了約 60 種不同的產品，其中大部分是 ETF。

And again, we're swarming the field, if you will, with that, but it's both US and non-US, and that's paying off.

再說一次，如果你願意的話，我們會蜂擁而至，既有美國的，也有非美國的，而且這是有回報的。

We continue to gain share in places like EMEA, where the ETF market is growing quite rapidly.

我們在 EMEA 等 ETF 市場成長迅速的地區繼續獲得市場份額。

And then finally, we've changed out a lot of people, or I should say, added people.

最後，我們更換了很多人，或者我應該說增加了很多人。

We've got this deep expertise in institutional, we've added a lot of really good people on the retail intermediary, so that's been one of the primary drivers of what we do.

我們在機構方面擁有深厚的專業知識，我們在零售中介方面吸收了很多優秀人才，所以這是我們工作的主要動力之一。

And then we continue to pick our sub-advisory partners very well.

然後我們繼續精心挑選我們的次級諮詢合作夥伴。

We don't run a funds network.

我們不經營基金網絡。

We work with really talented firms that do things that we don't.

我們與真正有才華的公司合作，他們做我們不做的事情。

We've got some long history of that, for example, with the Bank loan bond and Blackstone and more recent history with some of the things that we've announced that are still in SEC approval.

我們在這方面有著很長的歷史，例如，銀行貸款債券和黑石集團，以及最近我們宣布的一些仍在等待美國證券交易委員會批准的事情。

So all those things coming together, we think of -- certainly, we'd point to when we say, "Where is this performance coming from?", but more importantly, positioning us for that continued kind of growth in the future.

所以，當我們認為所有這些因素結合在一起時——當然，當我們說「這種表現從何而來？」時，我們會指出這一點，但更重要的是，為我們未來持續的成長做好準備。

Thanks a lot.

多謝。

Brian Bedell, Deutsche Bank.

德意志銀行的布萊恩‧貝德爾 (Brian Bedell)。

Great.

偉大的。

Thanks, good afternoon folks.

謝謝，大家下午好。

Maybe just circling back on NII.

也許只是回到 NII。

Just to back into the deposit side, I guess what is the interest of doing any sort of more aggressive deposit raising?

回到存款方面，我想問一下，進行任何形式的更積極的存款增加有什麼好處呢？

How do you think about that?

您對此有何看法？

And I guess that would be through pricing or other initiatives with the servicing client base to expand that base of deposits.

我想這可以透過定價或其他針對服務客戶群的措施來擴大存款基礎。

So I guess what's the chance we could see upside from that mid-230s number.

所以我想，從 230 年代中期這個數字來看，我們能看到上升趨勢的可能性有多大？

Brian, it's Mark.

布萊恩，我是馬克。

I can take that.

我可以接受。

Thanks for the question.

謝謝你的提問。

I mean think over the recent history, we've shown a very strong capability in engaging with our clients around deposits.

我的意思是，回顧最近的歷史，我們在與客戶進行存款方面的合作方面表現出了非常強大的能力。

And I think it's across the balance sheet, not just deposits but speaking of deposits.

我認為這涉及整個資產負債表，不只是存款，而是存款。

So I mean, it is something that we are always looking at with our clients.

所以我的意思是，這是我們一直與客戶一起關注的事情。

I think we have some of that built into our outlook today.

我想我們今天的展望中已經體現了其中的一些內容。

I mean again, I mentioned that there's some ups and downs.

我再次提到，事情有起有落。

So you can kind of assume that there is some expansion of some of those initiatives that we have with our clients.

因此，您可以假設我們與客戶合作的一些措施有所擴展。

So I think it's something we're certainly always -- we've built that muscle over the last few years, and it's something that we're always working with our clients on in terms of what their cash needs are.

所以我認為，這是我們一直在做的事情——我們在過去幾年中已經建立了這方面的力量，而且我們也一直在根據客戶的現金需求與他們合作。

Okay.

好的。

Okay.

好的。

Great.

偉大的。

And then my follow-up question is on asset management.

我的後續問題是關於資產管理。

It's a 2-parter.

這是兩個部分。

One is just the fourth quarter beat our expectations, and I think the fee rate was higher, just not sure if there was any one-offs in that?

一是第四季的業績超出了我們的預期，而且我認為費用率更高，只是不確定其中是否有一次性影響？

And is that a good jumping off point for I think what you said is double-digit, your expectation of double-digit fee growth in SSGA?

我認為您所說的兩位數，您對 SSGA 費用增長兩位數的預期，這是一個很好的起點嗎？

And then a longer-term question attached to that - Ron, you've had a really long history of experience in the asset management industry, What's your view of 401(k) plans, potentially adopting alternative products?

然後是一個與此相關的長期問題 - 羅恩，您在資產管理行業擁有非常豐富的經驗，您對 401（k）計劃有何看法，是否可能採用替代產品？

Would you be positioned to offer those?

您有能力提供這些嗎？

Obviously, it's something that's been very compelling, but there's a lot of sort of roadblocks in terms of litigation and things.

顯然，這是非常引人注目的事情，但是在訴訟等方面存在著許多障礙。

And I guess, what's your perspective of that changing?

我想問一下，您對這種改變有什麼看法？

Let me start with the first, and Mark, if I missed something, certainly add it in.

讓我從第一個開始，馬克，如果我遺漏了什麼，我一定會補充上去。

But on the first, SSGA had a very good year.

但首先，道富環球投資管理有限公司 (SSGA) 度過了非常好的一年。

Obviously, they're much more market sensitive than the servicing business.

顯然，他們比服務業對市場更敏感。

So there is a, if you will, a direct element to that.

因此如果你願意的話，這其中有一個直接因素。

But when you saw the net asset growth in there and all the organic growth.

但是當你看到其中的淨資產成長和所有有機成長時。

And again, for a lot of the reasons that I described earlier, we do think that the fourth quarter is a good jumping-off point from there.

而且，出於我之前描述的許多原因，我們確實認為第四季是一個很好的起點。

Mark, I don't know if there's anything you want to add on that.

馬克，我不知道您是否還有什麼要補充。

I think you got it.

我想你明白了。

On the broader point, Brian, it's interesting that you're saying this because the DC business, which I did mention in my prior answer, is also very important to us.

布萊恩，從更廣泛的角度來看，你這麼說很有趣，因為我在之前的回答中提到過，DC 業務對我們也非常重要。

We're one of the largest DC investment-only players.

我們是 DC 最大的純投資參與者之一。

It's been really driven by innovation plus very good selling into plans.

這確實是由創新和非常好的銷售計劃所推動的。

But one of the innovations that we were able to get through with the Department of Labor was we were the first to put, for example, annuities into target date funds.

但我們與勞工部合作完成的一項創新是，我們是第一個將年金納入目標日期基金的公司。

And we've got clients in that, we launched a broader product, and that's attractive.

我們已擁有客戶，並推出了更廣泛的產品，這很有吸引力。

And it's something that really solves a problem for 401(k) investors, and then it gives them some longevity protection.

這確實解決了 401（k）投資者的問題，並為他們提供了一些長壽保障。

There's been a lot of talk for a lot of years on why shouldn't DC investors be able to earn an illiquidity premium?

多年來，人們一直在討論為什麼 DC 投資者不能獲得流動性溢價？

Because they've proven to be the most durable of long-term investors and you alluded to it.

因為事實證明他們是最持久的長期投資者，而且您也提到了這一點。

The plaintiff's bar has successfully made that almost impossible and trustees are basically making their choices less on performance and much more around kind of a piece.

原告的律師團成功地使這種現象幾乎不可能發生，受託人所做的選擇基本上不是基於表現，而是基於某種作品。

We'll see with the new administration on that.

我們將關注新政府對此所做的決定。

It's hard to see what you describe happening.

很難想像你所描述的事情正在發生。

But to the extent to which the Department of Labor provided a safe harbor rule, it basically made the standard on what is after fee performance?

但就勞工部提供的安全港規則而言，它基本上已經制定了費用履行之後的標準。

And if that were to become the standard, then I think that would open the doors.

如果這成為標準，那麼我認為這將會打開大門。

But unless there's some kind of safe harbor, I don't see a lot of our trustees stepping up to that.

但除非有某種安全港，否則我認為我們的許多受託人不會採取這樣的行動。

Yeah, that's great perspective.

是的，這是很棒的觀點。

Thank you.

謝謝。

Brennan Hawken, UBS.

瑞銀的布倫南‧霍肯 (Brennan Hawken)。

Thanks.

謝謝。

Thanks for taking the question.

感謝您回答這個問題。

I'd like to drill down to the loan growth that you said embedded in your outlook, 14% last year, similar rate here in 2025.

我想深入探討您所說的展望中的貸款成長率，去年為 14%，2025 年的成長率也差不多。

It's a rather punchy level of loan growth.

這是一個相當強勁的貸款成長水準。

So could you speak to the types of loans that you are adding, the efforts involved.

那麼您能談談您正在增加的貸款類型以及所涉及的工作嗎？

You said it was about expanding the client relationship.

您說這是為了擴大客戶關係。

So maybe pulling back and thinking about how these loans are connected to expanding relationships and how you go through the risk parameters around adding new loans at this pace?

所以也許退一步思考一下這些貸款如何與不斷擴大的關係聯繫起來，以及如何以這種速度增加新貸款的風險參數？

Sure, Brennan, it's Eric.

當然，布倫南，我是艾瑞克。

Let me just describe the loan growth. 2024 is a good example year.

讓我描述一下貸款成長情況。 2024年就是一個很好的例子。

It continues the strength we had out of the year before and foreshadows the kind of lending we do.

它延續了我們前一年強勁的表現，並預示了我們的貸款類型。

So roughly two-thirds or more of our loans are really geared towards alternative and private market clients.

因此，我們的貸款中大約有三分之二或更多是針對另類和私人市場客戶的。

There is also a series of loans that we provide insurance companies, asset managers, as backup lines, and so forth.

我們也向保險公司、資產管理公司等提供一系列貸款作為備用貸款等。

But the growth is driven around private markets.

但成長是由私人市場推動的。

That is, first, an area that we think is, we can serve particularly well.

首先，我們認為這是我們能夠特別出色地提供服務的領域。

We know the clients, we know their end-users, a good part of the loans are cap call financing, so the recourse is strong to their underlying institutional investors.

我們了解客戶，了解他們的最終用戶，很大一部分貸款都是資本催收融資，因此對其底層機構投資者的追索權很強。

We also do BDC lending.

我們也開展 BDC 貸款業務。

We know the underlying assets in those funds.

我們知道這些基金的基礎資產。

We help seed or support the expansion of CLOs.

我們幫助播種或支持 CLO 的擴張。

Again, we'll often do the servicing for those BDCs and those CLOs or the funds for the capital call line.

再次，我們經常為那些 BDC 和 CLO 或資本調用線的基金提供服務。

So in a way, it's an ecosystem that we're quite comfortable on one hand, because we're so familiar with it.

因此從某種程度上來說，一方面，這是一個我們非常熟悉的生態系統。

It's one that is quite benign from a risk standpoint, that we're always vigilant and I say benign because we understand it so well and we seek out a high standard of credit and assurance.

從風險的角度來看，這是相當溫和的，我們始終保持警惕，我說溫和是因為我們非常了解它，我們尋求高標準的信用和保證。

And then it's an area of lending that is incredibly valuable to those private markets firms as a way to support our growth in that business.

然後，這是一個對私人市場公司來說非常有價值的貸款領域，可以支持我們在該業務上的成長。

And in my prepared remarks, I said we had had about 15% private market servicing fee growth and a good way for us to help drive that and encourage that is to be there for our clients.

我在準備好的發言中說過，我們的私人市場服務費增加了約 15%，而我們推動和鼓勵這一增長的一個好方法就是為客戶提供服務。

And what we found is our clients really value it, not only the individuals across those firms, but all the way up to the C-suite.

我們發現，我們的客戶確實很重視它，不僅是公司內部的個人，還包括最高管理階層。

And the more private markets as part of the array of just about every asset manager, not just the alternative providers, it just becomes an important part of the -- I'll describe, as the balance of trade and the balance of the relationship that we see as particularly strong and particularly renumerative for both us and for them.

私人市場幾乎成為所有資產管理公司（而不僅僅是替代供應商）的一部分，它成為貿易平衡和關係平衡的重要組成部分。

Great.

偉大的。

And we touched on this last week, but I don't think it was broadly broadcast.

我們上週討論過這個問題，但我認為它並沒有被廣泛傳播。

So I wanted to circle back to it.

所以我想回到這個問題。

The deposit betas here recently, so the Euro and the sterling, the pound sterling looked a little bit lower than what you guys normally talk about in your expectations.

最近這裡的存款測試版，所以歐元和英鎊，英鎊看起來比你們通常談論的預期要低一點。

Could you speak to what might have caused that?

您能說說可能是什麼原因造成的嗎？

And then how should we think about the betas by currency going forward?

那我們以後該如何看待各貨幣的貝塔係數呢？

Sure.

當然。

Let me take that again, Brennan.

讓我再說一遍，布倫南。

And we've put out good disclosure here on our deposit betas.

我們對存款測試版做出了良好的揭露。

You could see it at a very high level on the average balance sheet where it's done on, I'll call it, a general basis.

您可以在平均資產負債表的非常高的層次上看到它，我稱之為一般基礎。

But in particular, we've got additional information in our addendum where we actually describe it by currencies.

但具體來說，我們在附錄中提供了附加信息，我們實際上是用貨幣來描述的。

What we've described is that our betas will generally be symmetric on the way down for rates as they were on the way up by deposit segment.

我們所描述的是，我們的貝塔係數通常會在利率下降的過程中與存款部分上升的過程中對稱。

So we have a market index deposits, we have administered rate deposits, and we have deposit types in between.

因此，我們有市場指數存款，有管理利率存款，還有介於兩者之間的存款類型。

What we found so far is within our expectations that across the deposit base, and I think the US dollar was the easiest one to see, and it's the largest single group.

到目前為止，我們發現，在整個存款基礎中，美元是最容易看到的，也是最大的單一群體，這符合我們的預期。

So the law of large numbers helped to see the trend.

因此大數定律有助於看清趨勢。

We had 60%, 65% of betas over the course of this past quarter and something that we expect to be representative to across the deposit stack.

在過去的一個季度中，我們的測試版本佔比為 60% 到 65%，我們預計該版本在整個存款堆疊中具有代表性。

Euro and sterling has bounced around.

歐元和英鎊持續波動。

Now, those deposit levels in those areas or anywhere between 11 billion in Sterling and 30 billion and change in Euros.

現在這些地區的存款水準在 110 億英鎊至 300 億歐元之間。

So if a new client comes in, a client shifts their currency makeup, you'll have some other elements coming through, and that affects the averaging in the deposit yields and thus the betas or what I might say would be the immediate calculation.

因此，如果有新客戶加入，客戶改變其貨幣結構，您會遇到一些其他因素，這會影響存款收益率的平均數，從而影響貝塔係數或我可能會說的即時計算。

But I think the dollar one's is representative and something that we'd expect in general, in the seasoning cycle and the dollar betas that we saw, the 60%, 65% is something we'd expect and have seen if you look deep into the data, in euros and sterling.

但我認為美元的比率是有代表性的，也是我們通常所預期的，在調味週期和美元貝塔係數中，60%、65% 是我們預期的，如果你深入研究的話，就會發現數據以歐元和英鎊計算。

It just gets in those other currencies, it gets overshadowed by mix in volume changes in any particular quarter.

它只是被納入其他貨幣，並且被任何特定季度的交易量變化所掩蓋。

Got it.

知道了。

Thanks for the color.

謝謝你的顏色。

Gerard Cassidy, RBC.

加拿大皇家銀行的傑拉德·卡西迪。

Thank you.

謝謝。

Good afternoon, folks.

大家下午好。

Ron, in your comments the other day when you guys went over the results, you mentioned that you have invested in technology to improve your service quality, can you share with us how has AI, artificial intelligence, played a role in this improvement?

羅恩，前幾天你們在回顧業績時提到，你們已經投資了技術來提高服務質量，你能和我們分享一下人工智慧在這項改進中發揮了什麼作用嗎？

And then just overall, can you share with us your thoughts about how important it is for you guys to be embracing AI?

總的來說，您能否與我們分享一下您認為擁抱人工智慧對您來說有多重要？

And then second to that, when will we, as outsiders, really be able to measure the companies that are having real success with AI.

其次，身為局外人，我們何時才能真正衡量那些在人工智慧領域取得真正成功的公司。

So technology, as you know, has always been a really important part of our offering.

如您所知，科技一直是我們產品中非常重要的一部分。

It's what's distinguished State Street really from the earliest of days.

這正是道富銀行 (State Street) 自創立之初就與眾不同之處。

And if you think about prior generation AI, machine learning, that is a technology that we employ deeply and broadly around the organization, and you can actually see it very much.

如果你考慮上一代人工智慧、機器學習，你會發現這是我們在組織內深入而廣泛應用的技術，你實際上可以經常看到它。

I use the example of fund accounting which if you go way back in the day, you used to remember, you used to measure that operation by a number of accountants per fund.

我以基金會計為例，如果你回顧過去，你會記得，你曾經透過每個基金的會計師數量來衡量該操作。

And then we all got better at it, and then it was a number of funds per fund account, and through the use of machine learning, a couple of things have happened - in markets like developed market equities, there are no fund accountants.

然後我們都變得更擅長了，然後每個基金帳戶都有一定數量的基金，並且透過使用機器學習，發生了一些事情——在已開發市場股票等市場中，沒有基金會計師。

Machine learning is actually calculating now with every single transaction at the end of the day, at the end of the close of market.

機器學習實際上正在計算一天結束時、市場收盤時的每一筆交易。

There's a human being that steps in, looks at very quickly the transactions looks at exceptions that have been flagged by the machine that this is an out-of-bounds kind of things makes judgements if they have to make some adjustments and rather than taking hour and half to get it out the door, it's probably done in under 15 minutes.

有人介入，快速查看交易，查看機器標記的異常情況，判斷是否需要進行調整，而不是花一個小時還有一半要出門，大概需要 15 分鐘才能完成。

And that kind of machine learning is being replicated throughout our operation.

這種機器學習正在我們的整個運作過程中被複製。

AI, I think we're all still early on this, part of this is how you work with the large language models and client data and to ensure that the client data, particularly data that should be kept private, isn't leaking into the large language models.

人工智慧，我認為我們都還處於早期階段，其中一部分是如何處理大型語言模型和客戶端數據，並確保客戶端數據，特別是應該保密的數據，不會洩露到大型語言模型。

So we've got a lot of tests on this.

因此我們對此進行了大量測試。

We do not have any broad-based deployment of it yet, but it will come, and it will come pretty rapidly.

目前我們尚未對其進行廣泛部署，但它終將到來，而且會來得相當迅速。

The areas that we see it in, probably first and foremost, will be in what I call client service, not capital-C, capital-S client service, but routine client service calls, the kinds of things that often happen at the beginning of the day.

我們看到的領域，可能首先就是我所說的客戶服務，不是大寫的 C、大寫的 S 客戶服務，而是常規的客戶服務電話，這類事情經常發生在那一天。

They are routine because, while it may be the first time that this client has seen it, it's happened in other places, things like cash availability.

它們是例行公事，因為雖然這可能是該客戶第一次遇到這種情況，但它在其他地方也發生過，例如現金可用性。

I think the AI-powered, call it what you want, chat bot will be something that will power that.

我認為人工智慧驅動的聊天機器人（隨便你怎麼稱呼它）將會為這個目標提供動力。

And by the way, that technology and that approach has other uses.

順便說一句，這項技術和這種方法還有其他用途。

One area that we're working on deploying and probably will get deployed this year is how we think about it for HR inquiries coming from employees.

我們正在部署並且很可能在今年部署的一個領域是，我們如何考慮來自員工的人力資源諮詢。

That has the advantages that we can keep all that data within our walls, but the technology around that and the technology around how you would do a client service chatbot would be similar.

這樣做的好處是我們可以將所有資料保存在自己的內部，但圍繞這一點的技術和圍繞客戶服務聊天機器人的技術是類似的。

So we fully expect this to be happening and the technology is getting better and better and particularly, as you can now use AI, and you probably all have done it, or have seen it, used where you're actually not just providing the answer, but providing the source document of the answer and within that source document, highlighting where that comes from.

所以我們完全期待這種情況的發生，而且技術也越來越好，特別是現在你可以使用人工智慧，你可能都做過，或者見過，它不僅僅用於提供答案但要提供答案的來源文檔，並在該來源文檔中突出顯示答案的來源。

The ability to trust this for the kinds of things that I'm talking about is getting higher and higher.

對於我所談論的這類事情，人們的信任程度正在越來越高。

Lastly, what I would say is the way we think about it, because we've been talking to you and other investors for years now about transformation.

最後，我想說的是我們對此的看法，因為多年來我們一直在與您和其他投資者談論轉型。

And increasingly now, and even the way Mostapha is running the transformation going on, he calls a Transformation and AI because much of the kinds of next-gen transformation that we'll see over the next two, three, four, five years will be powered in some form by AI.

現在，甚至 Mostapha 管理轉型的方式也越來越多地被他稱為轉型和人工智慧，因為我們將在未來兩、三、四、五年內看到的下一代轉型大部分將是以某種形式由人工智慧驅動。

Very good, very thoughtful Thank you for the response.

非常好，非常周到感謝您的回覆。

And just as a follow-up, possibly to Eric, coming back to the loan portfolio, and certainly, it's not very large relative to the total assets, we all understand that, how large are you guys willing to allow the portfolio to grow to it relative to either capital or assets?

作為後續問題，可能 Eric 會回到貸款組合的問題上，當然，相對於總資產而言，它並不是很大，我們都明白，你們願意讓投資組合增長到多大？ ？

And then at what point do you think giving investors better detail in the portfolio in your public disclosures would be helpful?

那麼您認為什麼時候向投資者公開披露投資組合的更詳細資訊會有所幫助？

Gerard, it's Eric.

傑拉德，我是艾瑞克。

We've been comfortable with this double-digit, teen growth of the lending portfolio for a number of years now, and you've seen us either high single digits or low to mid double digits.

多年來，我們對貸款組合保持兩位數、十幾歲的增長速度感到滿意，但你會看到我們要么保持高個位數的增長，要么保持低到中兩位數的增長。

And that's just become part of our business model.

這已經成為我們商業模式的一部分。

And so we don't see any immediate limits, we look around at other trust and custody banks and some of them have larger lending books as a percentage of assets And so we think from a peer standpoint, a market acceptance standpoint, from an investor standpoint, to be honest, that we're such a capital-light model that we could comfortably afford to continue the growth in our lending book while still returning very substantial amounts of capital like we did this year to investors.

因此，我們沒有看到任何直接的限制，我們環顧其他信託和託管銀行，其中一些銀行的貸款帳簿佔資產的比例較大，因此，我們從同行的角度、市場接受度的角度、從投資者的角度來思考從這個角度來看，老實說，我們是一種輕資本模式，我們可以輕鬆地繼續保持貸款規模的增長，同時仍然像今年一樣向投資者返還大量資本。

And so it's become more and more, I would say, a relationship-based lending portfolio and one that is integral to our private markets plans, our private market success and then our broader support of vast managers, insurers and even corporates.

因此，我想說，它越來越成為一種基於關係的貸款組合，並且對我們的私人市場計劃、私人市場成功以及我們對廣大管理者、保險公司甚至企業的更廣泛支持都至關重要。

So it will be, I think, something in which we'll see sustained growth.

因此我認為我們將會看到持續的成長。

I think in terms of disclosure, we're certainly open And if you've got some thoughts, please share them with our IR team.

我認為在披露方面，我們當然是開放的。

We could certainly do a more different breakdown to may be delighted to get your and others' input on that and share with you some more of the texture there over time.

我們當然可以進行更不同的細分，以便很高興獲得您和其他人對此的意見，並隨著時間的推移與您分享更多的內容。

Great.

偉大的。

Thank you, Eric.

謝謝你，埃里克。

Good luck in your new position

祝你在新職位上一切順利

Gerard.

杰拉德。

I just want to add one thing on this.

我只想補充一點。

Remember, this is highly focused on the growth of our private markets business.

請記住，這高度關注我們的私人市場業務的成長。

And remember we've talked about double digit growth there.

記住我們曾討論過兩位數的成長。

That's what we've been experiencing.

這就是我們所經歷的。

So, as that business grows, the lending opportunities available to us grow, we're not going to lead with lending.

因此，隨著業務的成長，我們可用的借貸機會也會成長，我們不會只以藉貸為主。

But as we grow the servicing and the administration and there's a lending opportunity that consistent with our appetite and passes through our underwriting standards, we're going to be willing to do it.

但隨著我們服務和管理的成長，並且出現符合我們需求並符合我們的承保標準的貸款機會，我們將願意這樣做。

Now, trees don't grow to the sky.

現在，樹木不會長到天上。

So, we're not giving you a 10-year forecast, but certainly, as we look out over the next couple to three years, we see this as being able to be sustained based on how we see the growth of our private business.

因此，我們不會給您 10 年的預測，但可以肯定的是，展望未來兩到三年，根據我們對私人企業成長的觀察，我們認為這一趨勢能夠持續下去。

Thank you, Ron.

謝謝你，羅恩。

Vivek Juneja, JP Morgan.

摩根大通的 Vivek Juneja。

Thank you.

謝謝。

Thanks for taking my question.

感謝您回答我的問題。

I want to ask about buybacks.

我想問一下關於回購的問題。

Given that your Tier-1 leverage ratio was actually a smidgen below the low end of your range, and your comments about wanting to grow loan -- that need to grow that sharply.

鑑於您的一級槓桿率實際上略低於您的範圍低端，以及您關於希望增加貸款的評論 - 需要大幅增長。

Can you talk a little bit about what impact that might -- what should be the outlook for buybacks and how long are you willing to stay at the low end of the Tier-1 leverage ratio?

您能否稍微談談這可能產生的影響——回購的前景如何，以及您願意將一級槓桿率維持在低端多久？

Especially given that the ten-year has actually gone up since year-end so that would put a little bit more pressure on the OCI.

尤其是考慮到十年期公債殖利率自年底以來實際上已經上漲，這將對 OCI 帶來更多壓力。

So what's your thinking there?

那您是怎麼想的呢？

Yeah, Vivek, it's Ron.

是的，維維克，我是羅恩。

Let me start there, and then I'll ask Eric to step in.

讓我從那裡開始，然後我會請艾瑞克介入。

But just to be clear, we stand by what we have been saying now for a couple of years that our intention is to return 80% of our earnings to investors.

但需要明確的是，我們堅持我們幾年來一直在說的話，即我們的目標是將 80% 的收益返還給投資者。

And we absolutely see the path to continue to do that, and we're committed to that.

我們完全看到了繼續這樣做的途徑，並且我們致力於這樣做。

So that's what you should expect here.

這就是您應該期待的。

Now you're right, you've identified what is the binding constraint there.

現在你是對的，你已經確定了那裡的約束條件是什麼。

And we certainly, that's something that we need to manage to.

當然，這是我們需要努力實現的。

But even knowing that we need to manage to that, we're very much standing by the 80% target.

但即使知道我們需要實現這一目標，我們仍然堅持 80% 的目標。

In fact, it's Eric, I can just add that CET1 has been our dominant binding strain for many, many years and over a long series of quarters.

事實上，埃里克，我只想補充一點，CET1 多年來一直是我們的主要結合菌株。

Occasionally, Tier-1 leverage will move around, it lightened up this quarter, as the balance sheet grows and we support more clients.

有時，一級槓桿率會發生變化，隨著資產負債表的成長和我們支持更多客戶，本季一級槓桿比率有所降低。

And so we've just been, I think, careful and diligent about as needed, supplementing Tier 1 leverage with some preferred equity and doing that in a judicious way.

因此，我認為，我們只是根據需要謹慎而勤勉地用一些優先股來補充一級槓桿，並以明智的方式做到這一點。

But if you think about our capital ratio, CET1 is the dominant one, it's risk-based, it's risk sensitive.

但如果你考慮我們的資本比率，CET1 是主導因素，它是基於風險的，對風險敏感。

We've said for the time being, just given the external economic and geopolitical environment, we operate towards the upper end of our CET1 range, we've not said the same thing about Tier 1 leverage.

我們暫時說過，考慮到外部經濟和地緣政治環境，我們的營運目標是接近 CET1 範圍的上限，但我們對一級槓桿率還沒有說同樣的話。

Tier 1 leverage is really just a function of the size of the balance sheet.

一級槓桿其實只是資產負債表規模的函數。

And ironically, as we get more deposits and more clients trust us, it floats down a bit, but that's manageable and something we'll just work with team in the course of business.

諷刺的是，隨著我們獲得更多存款和更多客戶信任我們，它有所下降，但這是可控的，我們會在業務過程中與團隊合作。

But we're comfortable with our leverage ratio and the general zone that it's been running over the last couple of quarters.

但我們對我們的槓桿率以及過去幾個季度的整體運行範圍感到滿意。

A completely different question, if I may.

如果可以的話，這是一個完全不同的問題。

You talked about in the presentation deck about winning a large business from an APAC lender.

您在簡報中談到了從亞太地區貸款機構贏得大業務的情況。

Could you talk a little bit about the fee rate on that kind of business.

您能否談談此類業務的費率？

Is it more akin to US type?

它是否更類似於美國類型？

Is it lower than what you've seen historically in the Asian when we look at your fees on the business wins and the AUC/A on the business wins.

當我們查看您在業務勝利上收取的費用以及業務勝利上的 AUC/A 時，它是否比您在亞洲歷史上看到的要低？

It seems to imply that.

好像是這個意思。

Any color on that?

有顏色嗎？

Vivek, it's Mark Keating.

維韋克，我是馬克‧基廷。

Thanks for the question.

謝謝你的提問。

Yes.

是的。

So I think when we talk about the APAC asset owner client deal that we signed in Q4, it's a good question because I think we framed that as a multiregional type of deal.

因此，我認為，當我們談論我們在第四季度簽署的亞太地區資產所有者客戶協議時，這是一個很好的問題，因為我認為我們將其定義為多區域類型的交易。

So it's a client that has products and we'll be servicing in multiple regions.

因此，這是一個擁有產品的客戶，我們將在多個地區提供服務。

So whether it's in Europe, in a place like Luxembourg, for example, or in the US.

無論是在歐洲，例如盧森堡，或是在美國。

So you shouldn't take the APAC as being the parent as being specific to kind of the APAC business in terms of pricing.

因此，您不應該將 APAC 作為母公司，在定價方面只針對 APAC 業務。

I think sometimes people want to take the assets and divide it by perceived revenues.

我認為有時人們想拿走資產並將其除以預期收入。

So I think, hopefully, that helps in terms of -- it's a multi-regional deal that has pricing very consistent in what we're seeing in these different jurisdictions.

因此，我認為，希望這會有所幫助——這是一項跨區域交易，其定價與我們在不同司法管轄區看到的非常一致。

Great.

偉大的。

Thank you, Mark.

謝謝你，馬克。

David Smith, Truist.

大衛史密斯，Truist。

Hi, good afternoon.

嗨，下午好。

Alpha was responsible for about half of the AUC/A wins this year.

今年，Alpha 約佔 AUC/A 勝利的一半。

Can you share how much of the overall total business on the platform right now is on Alpha?

您能否分享一下目前平台上整體業務中有多少是在 Alpha 上？

And if there's any range or target you think will be on Alpha in the medium term?

您認為中期 Alpha 的範圍或目標是什麼？

And how would you compare the benefits of getting clients on Alpha?

您如何比較在 Alpha 上獲取客戶的好處？

Is it more in terms of increased retention, stronger pricing power, like how do you weigh those different impacts?

這是否更體現在提高保留率、增強定價能力方面，您如何權衡這些不同的影響？

David, I'll start this and then turn it over to Mark.

大衛，我先開始這個，然後把它交給馬克。

So we've always viewed Alpha as being a way to not just substantially improve our value proposition, but to put one out there that was distinctive from our competitors, to be able to offer a front-to-back open architecture interoperable platform that, in some cases, we do everything front to back.

因此，我們一直認為 Alpha 不僅可以大幅提升我們的價值主張，而且可以讓我們與競爭對手區分開來，能夠提供一個從前到後的開放式架構互通平台，在某些情況下，我們會從前到後做所有事情。

In other cases, we're working either with other vendors that the client wants or with in-house kinds of activities or capabilities that they have, number one.

在其他情況下，我們要么與客戶想要的其他供應商合作，要么利用他們擁有的內部活動或能力，這是第一點。

Number two, we've always viewed it as -- we're solving some quite serious problems for our clients, oftentimes it's a tech stack or an operation stack that are really is either not in for purpose any longer, is dated.

第二，我們一直認為——我們正在為客戶解決一些相當嚴重的問題，而且很多時候它是一個技術堆疊或操作堆疊，它實際上不再適用，已經過時了。

But for us to be willing to step up to we want the servicing business, too.

但我們如果願意的話，也希望獲得服務業務。

And then thirdly, what's advantageous about it is there's a lot of work to set these up.

第三，它的優點在於設定這些需要做大量的工作。

So we insist on and are able to capture much longer contracts that are seven plus years as opposed to the typical 3 years.

因此，我們堅持並且能夠獲得更長的合同，這些合同期限是七年以上，而不是通常的三年。

So that's the way we think about it.

這就是我們的想法。

Mark, correct me if I'm wrong, but I think it's 35 kind of announced clients and roughly 25 that are installed.

馬克，如果我錯了請糾正我，但我認為有 35 種已公佈的客戶端和大約 25 種已安裝的客戶端。

Do I have that right?

我說得對嗎？

That's correct.

沒錯。

Yes.

是的。

And maybe I'd just maybe add on the end of that, that we did seven mandates in 2024, and we're comfortable in the same range in 2025, six to eight.

我可能還想補充一點，我們在 2024 年完成了 7 項任務，而我們對 2025 年的任務範圍也保持在相同水平，即 6 到 8 項。

But I think beyond just the number of mandates, I think as Ron said, and there's a couple of other things maybe I'd just add at the end, which is that the kind of what's next here is aligning it ever more to our core business pieces in the asset servicing side and what we're focused on there a lot is around how do we look at product enhancements within what we're doing today?

但我認為，除了任務數量之外，正如羅恩所說，我可能還想在最後補充幾件事，那就是接下來要做的事情是讓它與我們的核心更加一致資產服務方面的業務部分，我們重點關注的是如何看待我們目前所做工作中的產品增強？

How do we manage the talent around onboarding?

我們如何進行入職的人才管理？

As Ron said, these can be quite complex conversions.

正如羅恩所說，這些可能是相當複雜的轉換。

And then always looking to standardize and enhance the tools for integration.

然後始終尋求標準化和增強整合工具。

If you think about any time, you kind of create a marketplace, so you create ecosystem like we have with Alpha you learn a lot along the way.

如果你隨時思考，你就會創建一個市場，因此你創建了生態系統，就像我們在 Alpha 中所做的那樣，你會在過程中學到很多東西。

And that's kind of first generation.

這就是第一代。

And as you start to do more more mandates, you start to standardize, enhance the tools for integration and you kind of leverage what you've learned, and I think that's what we're entering into now.

當你開始執行更多的任務時，你就會開始標準化，增強整合工具，並利用你所學到的知識，我認為這就是我們現在正在進入的階段。

Thank you.

謝謝。

And then separately on deposits.

然後分別針對存款。

You talked about 60%-ish in the fourth quarter for US deposits being pretty representative, can you help us unpack what's underlying there and why it might be lower than the 75%, 80% beta you saw in the US on the way up?

您剛才提到，美國存款在第四季度的佔比為60% 左右，這個數字相當具有代表性，您能否幫助我們解析一下其中的潛在原因，以及為什麼它可能低於您在美國上升過程中看到的75% 或80% 的貝塔係數？

Sure, David.

當然，大衛。

It's Eric.

是埃里克。

We saw, I think, at the very beginning of the rate cycle to betas that were quite low and then they steepened over time.

我認為，我們看到，在利率週期一開始，貝塔係數就相當低，然後隨著時間的推移，貝塔係數逐漸變陡。

They got to that 60 -- and I can use a broad range, 65%, 70%, 75% quarter-by-quarter.

他們達到了 60 — — 我可以使用一個大致的範圍，逐季度 65%、70%、75%。

But it literally dependent on individual quarters, individual pricing changes, specific mix of deposits.

但它實際上取決於各個季度、各個價格變化和具體的存款組合。

And so I think we're in the same general zone as we've begun to see the beta changes.

因此我認為，當我們開始看到測試版的變化時，我們處於同一大體區域。

As I said, US Dollars was in that 65% this past quarter.

正如我所說，上個季度美元佔比達到 65%。

Euros was also quite high around 65%.

歐元也相當高，約65%。

It's just British pound sterling just because it's a small pool.

因為池子很小，所以只是英鎊。

So the difference between 60% and 75% is usually an artifact of mix, individual client moves, and so forth.

因此，60% 和 75% 之間的差異通常是混合、個人客戶舉動等的結果。

But I think we're seeing something quite similar, our deposit mix is always shifting some from year-to-year and quarter-to-quarter.

但我認為我們看到的情況非常相似，我們的存款組合總是逐年、逐季發生一些變化。

But I think we're in the same general zone and one where we continue to be disciplined and thoughtful about our pricing.

但我認為，我們處於同一個整體區域，我們會繼續嚴守紀律，深思熟慮地定價。

At the same time, we want to build our deposit franchise.

同時，我們希望建立我們的存款特許經營權。

And you saw that again this quarter, notwithstanding those pricing adjustments and the betas we had in the fourth quarter, we had another quarter of deposit growth.

您在本季度再次看到，儘管我們在第四季度進行了價格調整和測試，但我們的存款仍在另一個季度增長。

And that just demonstrates the strength of our proposition, the strength of our relationship and the ability we have, as Mark described, to secure deposits at appropriately healthy margins.

這正好證明了我們的主張的力度、我們關係的力度以及我們的能力，正如馬克所描述的，以適當健康的利潤率確保存款。

All right.

好的。

Thank you.

謝謝。

There are no further questions.

沒有其它問題了。

I will turn the call over to management for closing remarks.

我將把電話轉給管理階層，請他們作結束語。

Thanks again for joining us today.

再次感謝您今天的參與。

Please feel free to reach out to IR with any additional questions.

如果您有其他問題，請隨時聯絡 IR。

Thank you and have a good day.

謝謝您，祝您有美好的一天。