道富銀行 (STT) 2025 Q1 法說會逐字稿

Good morning and welcome to State Street Corporation's first-quarter 2025 earnings conference call and webcast. Today's call will be hosted by Elizabeth Lynn, Head of Investor Relations at State Street. (Operator Instructions)

早安，歡迎參加道富銀行 2025 年第一季財報電話會議及網路廣播。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。 （操作員指示）

Today's discussion is being broadcasted live on State Street's website at investors.statestreet.com. This conference call is also being recorded for replay. State Street's conference call is copyrighted, and all rights are reserved. This call may not be recorded for rebroadcast or distribution in whole or in part without the expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street website.

今天的討論將在道富銀行的網站 investors.statestreet.com 上直播。本次電話會議也將錄音以供重播。道富銀行的電話會議受版權保護，保留所有權利。未經道富銀行明確書面授權，不得錄製本次通話的全部或部分內容以供轉播或散佈。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。

Good morning and thank you all for joining us. On our call today, our CEO, Ron O'Hanley will speak first. Then Mark Keating, our interim CFO, will take you through our first-quarter 2025 earnings presentation, which is available for download on the Investor Relations section of our website, investors.statestreet.com. Afterward, we'll be happy to take questions.

早安，感謝大家加入我們。在我們今天的電話會議上，我們的執行長 Ron O'Hanley 將首先發言。然後，我們的臨時財務長 Mark Keating 將帶您了解我們的 2025 年第一季財報，該報告可在我們網站 investors.statestreet.com 的投資者關係部分下載。之後，我們很樂意回答問題。

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.

在我們開始之前，我想提醒您，今天的演示將包括以排除或調整 GAAP 中的一個或多個項目為基礎呈現的結果。這些非 GAAP 指標與最直接可比較的 GAAP 或監管指標的對帳表可在我們的簡報的附錄中找到。

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

此外，今天的電話會議將包含前瞻性陳述。由於各種重要因素，例如我們今天的討論和美國證券交易委員會文件中提到的因素，包括我們的 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。我們的前瞻性陳述僅代表今天的觀點，即使我們的觀點發生變化，我們也不承擔更新這些陳述的義務。

With that, let me turn it over to Ron.

說完這些，讓我把麥克風交給榮恩。

Thank you, Liz, and good morning, everyone. At present, investors are contending with notable uncertainty. While much attention is focused on US trade policy, uncertainty has also arisen around other topics such as taxes, geopolitics, interest rates, deficits, and deregulation. This wide range of uncertainties, some negative and others positive, has introduced significant volatility into global financial markets and investor sentiment.

謝謝你，莉茲，大家早安。目前，投資者正面臨明顯的不確定性。雖然人們的注意力集中在美國貿易政策上，但稅收、地緣政治、利率、赤字和放鬆管制等其他問題也出現了不確定性。這些廣泛的不確定性，有的積極，有的消極，為全球金融市場和投資者情緒帶來了巨大的波動。

During times such as these, our purpose to create better outcomes for the world's investors and the people they serve is even more relevant. Our financial strength combined with our deep investment services, markets, software, and asset management capabilities uniquely positions us to serve as our client's essential partner.

在這樣的時期，我們為全球投資者及其服務對象創造更好結果的目標更加重要。我們的財務實力加上我們深厚的投資服務、市場、軟體和資產管理能力，使我們成為客戶的重要合作夥伴。

Throughout its 230-year-plus history, State Street has supported both clients and financial markets for many periods of uncertainty. By focusing on those things that we can control and preparing for those that we can't, State Street has developed a track record of financial and operational resilience and adaptability, which has enabled State Street and our clients to navigate through difficult periods. I believe as we progress through the current environment, we will strengthen our position with clients even further.

在其 230 多年的歷史中，道富銀行在許多不確定時期為客戶和金融市場提供了支持。透過專注於我們能夠控制的事情並為我們無法控制的事情做好準備，道富銀行已經建立了良好的財務和營運彈性和適應性記錄，這使道富銀行和我們的客戶能夠度過困難時期。我相信，隨著我們在當前環境中不斷進步，我們將進一步加強我們在客戶中的地位。

Turning to slide 2 of our investor presentation, I will cover our first-quarter highlights before Mark takes you through the quarter in more detail. During the turbulence experienced in -- despite the turbulence in financial markets in March, we delivered growth, solid financial performance, and good business momentum in Q1.

翻到我們投資者簡報的第二張投影片，我將介紹我們第一季的亮點，然後馬克將更詳細地介紹本季的情況。儘管 3 月金融市場動盪，但我們在第一季仍實現了成長、穩健的財務表現和良好的業務動能。

Year over year, fee revenue increased by 6%, while total revenue rose by a healthy 5%. We achieved both positive fee and total operating leverage, resulting in year-over-year margin expansion, excluding notable items, with State Street's pre-tax margin reaching 30% excluding seasonal expenses.

與去年同期相比，費用收入成長了 6%，而總收入則健康成長了 5%。我們實現了正費用和總營運槓桿，導致不包括重大項目在內的利潤率同比增長，道富銀行的稅前利潤率在不包括季節性費用的情況下達到 30%。

Supported by capital return, EPS reached $2.04 as compared to $1.37 in Q1 last year, which included the impact of an FDIC special assessment. Excluding notable items, year-over-year earnings per share growth was a very strong 21%.

在資本回報的支持下，每股收益達到 2.04 美元，而去年第一季的每股收益為 1.37 美元，其中包括 FDIC 特別評估的影響。除重大項目外，每股盈餘較去年同期成長非常強勁，達到 21%。

Turning to business performance, we generated new asset servicing AUC/A wins of $182 billion within investment services in the first quarter. New servicing fee revenue wins totaled $55 million with the majority coming from back-office mandates in line with our strategic aim. We recorded one new State Street Alpha mandate, demonstrating continued momentum in this unique value proposition.

談到業務表現，我們在第一季的投資服務中創造了 1,820 億美元的新資產服務 AUC/A 收益。新的服務費收入總計 5,500 萬美元，其中大部分來自符合我們策略目標的後台任務。我們記錄了一項新的 State Street Alpha 授權，證明了這一獨特價值主張的持續發展勢頭。

While the current environment presents some uncertainty, our existing pipeline in investment services is robust, and I am confident in our platform and the improvements we have made to our sales effectiveness. As a result, we are maintaining our goal of $350 million to $400 million in new servicing fee revenue wins this year while also being mindful of the potential for variability in the current environment.

儘管當前環境存在一些不確定性，但我們現有的投資服務管道仍然強勁，我對我們的平台和銷售效率的提高充滿信心。因此，我們維持今年新增服務費收入 3.5 億至 4 億美元的目標，同時也考慮到當前環境可能出現的變化。

We continue to make significant strategic progress and growth in our investment management franchise, resulting from our focus on broadening Global Advisors product and distribution capabilities. This has better equipped GA to capitalize on growth opportunities.

由於我們專注於擴大全球顧問的產品和分銷能力，我們的投資管理特許經營權持續取得重大策略進步和成長。這使得 GA 能夠更好地利用成長機會。

Management fees increased by 10% year over year. Q1 saw net outflows driven by an anticipated single client event within the institutional business. At the same time, the quarter was marked by a number of significant accomplishments.

管理費較去年同期成長10%。第一季度，機構業務中預期的單一客戶事件導致資金淨流出。同時，本季也取得了許多重大成就。

For example, the importance of our strategic focus on low-cost ETFs is underscored by the fact that half of all ETF industry flows were directed towards this segment in Q1. Our SPDR US low-cost ETF suite continued to expand its market share in this fast-growing segment, capturing new flows in Q1 at a rate more than twice our industry AUM market share, with our low-cost ETF AUM reaching a record $256 billion at quarter end.

例如，第一季一半的 ETF 產業資金流都流向了低成本 ETF 領域，這一事實凸顯了我們對低成本 ETF 策略重點的重要性。我們的 SPDR 美國低成本 ETF 套件繼續在這個快速增長的領域擴大其市場份額，在第一季捕獲的新資金流動速度是我們行業 AUM 市場份額的兩倍多，我們的低成本 ETF AUM 在季度末達到了創紀錄的 2560 億美元。

Importantly, we expanded share in the US low-cost fixed income segment. Further, we saw strong ETF flows in EMEA, while the commodities ETF segment gained market share, benefiting from market volatility in our industry-leading gold ETFs, which exceeded $100 billion of AUM for the first time.

重要的是，我們擴大了美國低成本固定收益領域的份額。此外，我們看到歐洲、中東和非洲地區 (EMEA) 的 ETF 流量強勁，而大宗商品 ETF 板塊的市場份額有所增加，受益於我們行業領先的黃金 ETF 的市場波動，其 AUM 首次超過 1000 億美元。

GA has a history of employing strategic partnerships to open new avenues for future growth. In Q1, we completed several important strategic growth initiatives, including the launch of the innovative ETFs leveraging our partnerships with both Apollo Global Management and Bridgewater Associates. We also announced the expansion of our partnership with the Saudi Arabia Public Investment Fund through the launch of the first Saudi Arabia fixed income UCITS ETF in Europe.

GA 一直致力於透過策略合作夥伴關係開闢未來成長的新途徑。在第一季度，我們完成了幾項重要的策略成長舉措，包括利用與阿波羅全球管理公司和橋水基金的合作夥伴關係推出創新 ETF。我們也宣布透過在歐洲推出首個沙烏地阿拉伯固定收益 UCITS ETF 來擴大與沙烏地阿拉伯公共投資基金的合作夥伴關係。

Finally, GA recently announced a strategic investment in partnership with Ethic, a leading technology provider that distinctively empowers wealth advisors to build tailored client portfolios at scale. This partnership will enable investment advisors to access our model portfolios and SPDR ETFs for Ethic's platform, reinforcing our commitment to expanding investor access to our investment capabilities and strengthening our intermediary franchise.

最後，GA 最近宣布與領先的技術提供商 Ethic 合作進行策略性投資，該提供者以獨特的方式幫助財富顧問大規模建立量身定制的客戶投資組合。此次合作將使投資顧問能夠存取我們用於 Ethic 平台的模型投資組合和 SPDR ETF，從而加強我們致力於擴大投資者對我們投資能力的訪問權限並加強我們的中介特許經營權的承諾。

Turning to our markets franchise, as a leading provider of trading, research, and lending solutions coupled with innovative platforms, financing, and portfolio solutions, our markets franchise is well equipped to support clients through this volatile period with deep liquidity and trading expertise while also providing important diversification to our revenue profile. In Q1, FX trading services and securities finance revenues both grew strongly year over year, supported by notably higher FX client volumes and average assets on loans, which increased 14% and 19% respectively, positioning us well for future growth.

談到我們的市場特許經營權，作為交易、研究和貸款解決方案的領先提供商，加上創新平台、融資和投資組合解決方案，我們的市場特許經營權能夠以深厚的流動性和交易專業知識幫助客戶度過這個動盪時期，同時也為我們的收入狀況提供重要的多樣化。第一季度，外匯交易服務和證券融資收入年均強勁增長，這得益於外匯客戶數量和平均貸款資產的顯著增加，分別增長了 14% 和 19%，為我們未來的增長奠定了良好的基礎。

Our balance sheet position is robust, providing us with a strong foundation to weather the current market environment. Time and again, our resilient balance sheet has been a proven stabilizing force for our clients and markets during periods of stress, such as in 2020 and early '23.

我們的資產負債表狀況穩健，為我們抵禦當前市場環境提供了堅實的基礎。事實證明，我們富有韌性的資產負債表在 2020 年和 2023 年初等壓力時期，一直是客戶和市場的穩定力量。

In the first quarter, our strong capital position enabled us to return $320 million to shareholders through common share repurchases and dividends, while we also built upon our already strong liquidity position. Looking forward, we will continue to support our clients with our balance sheet while also returning significant capital to our shareholders as planned, subject to market conditions and other influencing factors.

第一季度，我們強大的資本狀況使我們能夠透過普通股回購和股利向股東返還 3.2 億美元，同時我們也鞏固了我們已經強大的流動性狀況。展望未來，我們將繼續透過資產負債表支持我們的客戶，同時根據市場條件和其他影響因素按計劃向股東返還大量資本。

Turning to expenses, we tightly manage costs in the first quarter. Year over year, expenses increased by just 3%, excluding notable items, contributing to the strong fee and total operating leverage we delivered in Q1. We have established a track record of consistent expense discipline in recent years.

談到費用，我們在第一季嚴格管理成本。與去年同期相比，不包括重大項目，費用僅增加了 3%，這有助於我們在第一季實現強勁的費用和總營運槓桿。近年來，我們建立了一貫嚴格控制費用的良好記錄。

As outlined in January, we have a comprehensive book of work underway focused on delivering significant new recurring productivity savings this year. As you would expect, we are well prepared as we look ahead with a detailed plan for a broad range of scenarios. We are laser-focused on controlling expenses tightly and calibrating them in line with the revenue environment while also continuing to make client and capabilities investments consistent with our focus on our long-term strategic priorities.

正如一月份所概述的，我們正在進行一項全面的工作，重點是在今年實現顯著的新的經常性生產力節約。正如您所期望的，我們已經做好了充分的準備，並製定了針對各種情況的詳細計劃。我們專注於嚴格控制費用並根據收入環境進行調整，同時繼續使客戶和能力投資與我們的長期策略重點保持一致。

Finally, I would like to provide an update on our search for a permanent CFO. The process has advanced, and we expect to be in a position to make an announcement in the near term.

最後，我想介紹一下我們尋找永久財務長的最新情況。該進程已取得進展，我們預計將在近期發佈公告。

To conclude my prepared remarks, we had a strong start to the year in Q1. However, the operating environment has changed dramatically since the end of the first quarter. As a result, the economy, financial markets, and the world's investors are navigating through a period of uncertainty.

總結我的準備好的發言，我們今年第一季有一個強勁的開局。然而，自第一季末以來，經營環境發生了巨大變化。因此，經濟、金融市場和全球投資者正在經歷一段不確定時期。

Despite the hurdles this environment may present, we have strong conviction in our strategy and in our ability to serve our clients well, underpinned by our distinctive value proposition and financial strength. We are focused on being agile in the current environment, and I firmly believe that we have this right strategy to deliver solid financial returns in both the near and long term for our shareholders.

儘管這種環境可能帶來障礙，但我們對我們的策略以及我們以獨特的價值主張和財務實力為基礎，為客戶提供良好服務的能力充滿信心。我們專注於在當前環境下保持敏捷，我堅信我們擁有正確的策略，能夠在短期和長期為股東帶來穩健的財務回報。

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

說完這些，讓我把電話交給馬克，他將向您更詳細地介紹本季的情況。

Thank you, Ron, and good morning, everyone. I'll begin my review of our first-quarter financial results on slide 3 of the presentation.

謝謝你，羅恩，大家早安。我將從簡報的第 3 張投影片開始回顧我們的第一季財務表現。

For the first quarter, we reported EPS of $2.04 with year-over-year EPS growth of 21%, excluding prior-period notable items. Looking at results for the quarter, we demonstrated solid execution across the franchise and a strong start to the year with broad-based fee revenue growth of 6% year over year. Our strong fee revenue performance combined with stable NII and well-controlled expense growth of 3%, excluding notable items, enabled us to generate over 300 basis points of fee operating leverage and over 180 basis points of total operating leverage this quarter.

第一季度，我們報告的每股收益為 2.04 美元，不包括前期重大項目，每股收益較去年同期成長 21%。綜觀本季的業績，我們在整個特許經營領域表現出了穩健的執行力，並且年初開局強勁，各項費用收入同比增長 6%。我們強勁的費用收入表現，加上穩定的NII和3%的良好控制的費用增長（不包括顯著項目），使我們能夠在本季度產生超過300個基點的費用運營槓桿和超過180個基點的總營運槓桿。

While we've seen uncertainty weigh on global equity markets in recent weeks, our first-quarter results demonstrate the strength of our business with a nearly 2 percentage point expansion of our pre-tax margin year over year, excluding notable items and an ROTCE of over 16% for the quarter.

儘管最近幾週我們看到不確定性給全球股市帶來壓力，但我們的第一季業績證明了我們業務的強勁表現，扣除重大項目後，我們的稅前利潤率同比增長近 2 個百分點，本季度的 ROTCE 超過 16%。

Turning now to slide 4, period-end AUC/A and AUM increased 6% and 9% year over year, respectively. The increases in both metrics reflect higher market levels as well as positive flows.

現在轉到投影片 4，期末 AUC/A 和 AUM 分別年增 6％ 和 9％。這兩個指標的成長反映了更高的市場水準以及積極的資金流動。

Moving on to some of the key market indicators that impact our business. Though we saw rising economic uncertainty in the latter part of the quarter, daily average global equity market levels were roughly flat, while daily average FX volatility declined slightly relative to the prior quarter.

接下來討論一些影響我們業務的關鍵市場指標。儘管本季後半段經濟不確定性上升，但全球股市日平均水準基本持平，外匯日平均波動率較上一季略有下降。

Turning to slide 5, servicing fees increased 4% year over year, driven by higher average market levels, net new business, and improved client activity, partially offset by normal pricing headwinds. The previously disclosed client transition was a headwind of just under 1 percentage point to year-over-year growth in 1Q.

轉到投影片 5，服務費年增 4%，這得益於平均市場水準提高、淨新業務增加以及客戶活動改善，但正常定價阻力部分抵消了這一增長。先前揭露的客戶轉型對第一季同比成長造成了近 1 個百分點的阻力。

Consistent execution against our growth objectives has been a key focus area for us, and we were pleased with the solid business momentum across investment services in the first quarter. As Ron mentioned earlier, we reported one Alpha mandate win with nearly half of the AUC/A wins driven by Alpha.

持續執行我們的成長目標一直是我們關注的重點領域，我們對第一季投資服務業務的穩健發展勢頭感到滿意。正如羅恩之前提到的，我們報告了一項 Alpha 授權勝利，其中近一半的 AUC/A 勝利是由 Alpha 推動的。

New servicing fee wins were $55 million in 1Q and nearly $370 million over the past four quarters. Importantly, the vast majority of these first-quarter wins were in the back office, consistent with our goal of prioritizing our sales mix towards faster time to revenue products. I would also add that the pace of quarterly installations went as planned in 1Q.

第一季新服務費收益為 5,500 萬美元，過去四個季度新服務費收益接近 3.7 億美元。重要的是，第一季的絕大多數勝利都來自後台部門，這與我們優先考慮銷售組合以加快產品收益的目標一致。我還要補充一點，第一季的季度安裝進度與計畫一致。

Looking ahead to the second quarter, we are cognizant of the potential for variability that has been introduced into the operating environment. That said, our pipeline is healthy, and we expect to see very good sales momentum in 2Q as we continue to actively pursue opportunities in key regions as well as in strategically important growth areas such as private markets. And as Ron noted, we continue to target $350 million to $400 million in new servicing fee revenue wins this year.

展望第二季度，我們意識到經營環境可能會改變。也就是說，我們的管道是健康的，我們預計第二季度的銷售勢頭會非常好，因為我們將繼續積極尋求關鍵地區以及私人市場等具有戰略意義的成長領域的機會。正如羅恩所說，我們今年的目標仍然是獲得 3.5 億至 4 億美元的新服務費收入。

Moving to slide 6. Management fees increased 10% year over year, largely reflecting higher average market levels and the benefit of prior-period net inflows. For the quarter net inflows -- net outflows totaled 13 billion and were primarily driven by an anticipated client transition within our institutional business. ETF inflows were muted in 1Q as market uncertainty led to outflows in our institutional-oriented SPY product. That said, Global Advisors continued to demonstrate solid underlying momentum within its ETF business.

移至幻燈片 6。管理費年增 10%，主要反映了更高的平均市場水準和前期淨流入的好處。本季淨流入 - 淨流出總計 130 億，主要受我們機構業務內預期的客戶轉型推動。由於市場不確定性導致我們面向機構的 SPY 產品資金流出，因此第一季 ETF 流入量低迷。儘管如此，Global Advisors 的 ETF 業務仍持續展現出強勁的潛在發展勢頭。

In 1Q, we launched two ETFs leveraging our strategic partnerships with Apollo Global Management and Bridgewater Associates, and we generated strong inflows and market share gains in key product segments such as our US low-cost offering. In addition, our global ETFs surpassed $100 billion of AUM in the quarter as investors contended with rising global uncertainty. Taken together, we were pleased with the strong performance of our investment management business in the quarter, which generated a pre-tax margin of approximately 28%, including seasonal compensation expense.

第一季度，我們利用與阿波羅全球管理公司和橋水基金的策略合作夥伴關係推出了兩檔 ETF，並在美國低成本產品等關鍵產品領域獲得了強勁的資金流入和市場份額的成長。此外，由於投資者應對日益加劇的全球不確定性，我們的全球 ETF 資產管理規模在本季超過了 1,000 億美元。整體而言，我們對本季投資管理業務的強勁表現感到滿意，包括季節性薪資費用在內，其稅前利潤率約為 28%。

Turning now to slide 7. FX trading revenue increased 9% year over year as the evolving geopolitical climate drove FX volatility higher, resulting in increased client volumes across most of our trading platforms. Securities finance revenues increased 19% year over year as continued client engagement resulted in higher balances and solid revenue performance in prime services.

現在翻到幻燈片 7。由於不斷變化的地緣政治環境導致外匯波動性上升，外匯交易收入較去年同期成長 9%，導致我們大多數交易平台的客戶數量增加。由於持續的客戶參與帶來更高的餘額和主要服務的穩健收入表現，證券融資收入年增 19%。

Moving on to slide 8. Software and processing fees increased 9% year over year in the first quarter, primarily driven by higher front office software and data revenue associated with Charles River. During the quarter, front-office software continued to demonstrate solid growth, increasing 10% year over year to $158 million, with our software-enabled and professional services revenues up 7%. The front-office software market continues to represent an important growth area for State Street, strengthening client relationships and providing us with a valuable source of consistent fee revenue. In the first quarter, annual recurring revenue grew by approximately 15% year over year to $373 million driven by over 25 SaaS client conversions and implementations.

移至幻燈片 8。第一季軟體和處理費用年增 9%，主要因為與 Charles River 相關的前台軟體和數據收入增加。本季度，前台軟體持續保持穩健成長，年增 10% 至 1.58 億美元，軟體支援和專業服務收入成長 7%。前台軟體市場繼續成為道富銀行的一個重要成長領域，它加強了客戶關係，並為我們提供寶貴的穩定費用收入來源。第一季度，受超過 25 個 SaaS 客戶轉換和實施的推動，年度經常性收入年增約 15%，達到 3.73 億美元。

Moving to slide 9, NII was relatively flat compared to the year-ago period at $714 million as higher investment security yields and continued robust loan growth were offset by lower short-end rates and changes in deposit mix. On a sequential basis, NII decreased 5%, primarily reflecting changes in deposit mix, lower short end rates, and lower day count with 2 fewer days in the quarter.

移至投影片 9，NII 與去年同期的 7.14 億美元相比相對持平，因為更高的投資證券收益率和持續強勁的貸款成長被較低的短期利率和存款組合的變化所抵消。以環比計算，NII 下降了 5%，主要反映了存款結構的變化、短期利率的下降以及本季天數的減少（減少了 2 天）。

These factors, along with higher deposit balances to support business growth and to further enhance our already strong liquidity levels, resulted in some net interest margin compression in 1Q. As detailed on the right of the slide, average total deposits were up 11% year over year and 3% sequentially, marking the sixth consecutive quarter of growth in balances. As expected, non-interest bearing deposits moderated from the seasonally high levels observed in 4Q.

這些因素，加上為支持業務成長和進一步增強我們本已強勁的流動性水準而增加的存款餘額，導致第一季淨利差有所壓縮。如幻燈片右側所示，平均總存款年增 11%，環比增長 3%，標誌著餘額連續第六個季度增長。如預期，無息存款較第四季的季節性高水準有所回落。

As we look ahead, we remain dedicated to supporting our clients during times of macroeconomic uncertainty, and our strong, highly liquid balance sheet provides us with a solid foundation to meet their needs.

展望未來，我們將繼續致力於在宏觀經濟不確定時期為客戶提供支持，我們強勁、流動性強的資產負債表為我們滿足其需求提供了堅實的基礎。

Turning to slide 10, we remain acutely focused on continuing to manage our expense base with year-over-year expense growth limited to 3% in the first quarter, excluding notable items. At the same time, we continue to make targeted investments in technology and infrastructure, bolstering resiliency and product capabilities to ensure that we can meet the evolving needs of our clients.

轉到第 10 張投影片，我們仍然高度重視繼續管理我們的支出基礎，第一季的年比支出成長限制在 3%（不包括值得注意的項目）。同時，我們繼續對技術和基礎設施進行有針對性的投資，增強彈性和產品能力，以確保我們能夠滿足客戶不斷變化的需求。

Continually driving productivity and other savings is what enables us to fund these investments. For the quarter, we generated savings of roughly $90 million and we continue to target $500 million of savings this year.

不斷提高生產力和其他節省使我們能夠為這些投資提供資金。本季度，我們節省了約 9,000 萬美元，今年我們繼續以節省 5 億美元為目標。

Our ability to effectively manage our expense base has developed over a number of years and is ingrained in our culture. As a result, over time, we have been able to drive meaningful and consistent productivity savings while self-funding investments in our business.

我們有效管理費用基礎的能力經過多年的發展已經根深蒂固於我們的文化中。因此，隨著時間的推移，我們能夠實現有意義且持續的生產力節約，同時實現業務的自籌資金投資。

In an uncertain operating environment such as the one today, we are intensely focused on calibrating our expense base to a range of scenarios. Importantly, as we look ahead, we have a number of different levers to achieve that goal.

在當今不確定的經營環境中，我們高度重視根據各種情況調整我們的費用基礎。重要的是，展望未來，我們有許多不同的手段來實現這一目標。

Moving to slide 11, our capital and liquidity levels remain strong and well in excess of regulatory minimums. As of quarter end, our standardized CET1 ratio of 11% was up approximately 10 basis points quarter over quarter.

轉到第 11 張投影片，我們的資本和流動性水準依然強勁，遠遠超過監管最低標準。截至季末，我們的標準化 CET1 比率為 11%，較上季上升約 10 個基點。

RWAs increased roughly $4 billion sequentially in part driven by higher period-end securities finance RWA along with increased loan balances. Our bank LCR was a robust 139%, up from 134% in 4Q as we prudently managed our liquidity levels in a dynamic market environment.

風險加權資產環比增加約 40 億美元，部分原因是期末證券融資風險加權資產增加以及貸款餘額增加。由於我們在動態的市場環境中審慎管理流動性水平，我們的銀行流動性覆蓋率 (LCR) 達到強勁的 139%，高於第四季的 134%。

In the quarter, we were pleased to return $320 million to shareholders consisting of $100 million of common share repurchases and $220 million in declared common stock dividends. We've previously commented that we expect a progressive cadence of capital return this year.

本季度，我們很高興向股東返還 3.2 億美元，其中包括 1 億美元的普通股回購和 2.2 億美元的已宣派普通股股息。我們之前曾表示，我們預計今年資本回報將呈現逐步成長的節奏。

And as we look to the second quarter, we anticipate a step up in repurchase activity. For 2025, we continue to expect to return around 80% of earnings to shareholders, subject to market conditions.

展望第二季度，我們預期回購活動將會加強。對於 2025 年，我們仍預計將向股東返還約 80% 的收益，具體取決於市場情況。

So in summary, our first-quarter performance demonstrates the continued strength of our franchise as we executed against our strategic priorities, supported our clients, and delivered significant positive fee and total operating leverage and pre-tax margin expansion on a year-over-year basis.

總而言之，我們的第一季業績證明了我們的特許經營權的持續強勁，因為我們執行了我們的戰略重點，支持了我們的客戶，並實現了顯著的正費用和總運營槓桿以及稅前利潤率同比增長。

With that, let me touch on our full-year outlook, which I will remind you is on an ex-notables basis. In January, we provided guidance for 2025 that was supported by various assumptions and scenarios. As we stand here today, our outlook is unchanged, albeit with the understanding that the operating environment has evolved and also presents a higher degree of uncertainty. Assuming markets remain generally supported from recent levels, we continue to expect to deliver full-year fee revenue growth of 3% to 5%.

有了這些，讓我來談談我們的全年展望，我要提醒大家的是，這是基於名人以外的。今年 1 月，我們提供了 2025 年的指導，該指導得到了各種假設和情境的支持。今天，我們站在這裡，儘管我們了解到經營環境已經發生了變化，並且呈現出更高的不確定性，但我們的前景並沒有改變。假設市場整體仍能維持近期水準的支撐，我們預期全年費用收入將持續成長 3% 至 5%。

Turning to NII, we continue to expect NII to be roughly flat for the full year, with a range of up low single digits to down by a similar amount in percentage terms consistent with our prior guide and subject to global monetary policy as well as deposit mix and levels. And we continue to expect expenses to be up approximately 2% to 3%.

談到 NII，我們仍然預計 NII 將全年基本持平，百分比範圍從低個位數上漲到類似幅度下跌，與我們先前的指引一致，並受全球貨幣政策以及存款組合和水平的影響。我們預計支出仍將上漲約 2% 至 3%。

However, as noted earlier, we have developed plans for a range of scenarios given the uncertain environment, and we are prepared to aggressively manage expenses as required. As such, we continue to expect to deliver both positive fee and total operating leverage, the latter of which continues to assume that NII does not become a material year-over-year headwind.

然而，如前所述，鑑於不確定的環境，我們已經針對一系列情況制定了計劃，並準備根據需要積極管理費用。因此，我們繼續期望實現正費用和總營運槓桿，後者繼續假設 NII 不會成為同比的重大阻力。

And with that, operator, you can now open the call for questions.

接線員，現在您可以開始提問了。

At this time we will open the floor for questions. (Operator Instructions)

現在我們將開始回答問題。（操作員指示）

Ken Usdin, Autonomous.

肯‧烏斯丁，自治。

Great. Thanks. Good morning. I did want to ask just on the capital return front, I know you mentioned the 2Q step-up and the 80% payout still holds. But does anything in the environment with regarding uncertainty and deposit flows, just potentially also change your view around how you might think about returning capital. I know the slow start is kind of how you started last year as well, but just in terms of thinking like -- how would you think about any adjustments to that expected pacing that you reiterated? Thanks.

偉大的。謝謝。早安.我確實想問資本回報方面的問題，我知道您提到了第二季度的成長，並且 80%​​ 的派息仍然有效。但是，在涉及不確定性和存款流動的環境中，任何事情都可能改變您對如何回報資本的看法。我知道您去年也是這樣開始的，但是就想法而言——您會如何考慮對您重申的預期節奏進行調整？謝謝。

Yeah. Hi, Ken, it's Mark. I can take that. I think right now, we would say that we're on track with our plan that we communicated back in January, which was to return capital at a progressive rate throughout the year. So consistent with that, during the first quarter, as I mentioned, we started with the $100 million of capital buyback -- share buybacks. So we anticipate a nice step-up in Q2, as I mentioned.

是的。嗨，肯，我是馬克。我可以接受。我認為現在我們可以說我們正在按照我們在一月份傳達的計劃進行，即全年以漸進的速度返還資本。因此，正如我所提到的，在第一季度，我們開始回購 1 億美元資本——股票回購。因此，正如我所提到的，我們預計第二季將出現良好的成長。

And right now, we're expecting to continue with our plan, which overall, again, as I mentioned, is to return about 80% of earnings back to shareholders. So right now, I would say we're on track with that.

現在，我們預計將繼續執行我們的計劃，總體而言，正如我所提到的，我們將把約 80% 的收益返還給股東。所以現在，我想說我們正朝著這個方向前進。

Yeah, Ken. It's Ron. Maybe let me just add to what Mark said. As he noted and I noted, we've developed a range of scenarios as we think about the current environment. So what you're hearing from us reflects that range of outcomes, which is probably wider -- the potential range is wider than it would be in a normal year. But given all that, we still feel confident in what we're saying about capital return.

是的，肯。是羅恩。也許讓我補充一下馬克所說的話。正如他和我所指出的，我們在思考當前環境時已經制定了一系列方案。因此，您從我們這裡聽到的消息反映了結果的範圍，這個範圍可能比正常年份更廣——潛在的範圍比正常年份更廣。但考慮到這一切，我們仍然對我們所說的資本回報充滿信心。

Okay. Got it. And second question, just on the big picture environment around new contracts and just how people are reacting to the environment, especially on the servicing side, you've done a great job putting on more new wins. But any changes to just how you sense the world is feeling in terms of signing up new business? And does anything then change also in terms of your ability to onboard like you were talking about in January? Thank you.

好的。知道了。第二個問題，就新合約的大局環境以及人們對環境的反應而言，特別是在服務方面，您在贏得更多新合約方面做得很好。但是，您覺得世界在簽約新業務方面的感覺有什麼變化嗎？那麼，就您一月份談到的入職能力而言，是否也發生了變化？謝謝。

So Ken, it's Ron. I would say that certainly, our clients are very aware of the operating environment, but we're not seeing any meaningful change in behavior in terms of timing, in terms of doing the work that they need to do for this onboarding or for that matter, even pacing. So obviously, that could change if we see some kind of significant deterioration in the market, but we're not seeing that yet, which, again, goes back to why we've affirmed what we said earlier in the year about what we expect in terms of new business wins.

肯，我是羅恩。我想說的是，我們的客戶當然非常清楚營運環境，但我們沒有看到他們在時間安排、入職培訓所需工作甚至節奏方面有任何有意義的行為變化。因此，顯然，如果我們看到市場出現某種顯著惡化，這種情況可能會改變，但我們還沒有看到這種情況，這又回到了為什麼我們確認了今年早些時候所說的有關新業務勝利的預期。

Jim Mitchell, Seaport Global.

吉姆·米切爾，Seaport Global。

Hey. Good morning. Maybe just, Mark, you talked -- and Ron, you've talked about recalibrating expenses quite a bit in a lot of different scenarios. So how much flex do you have in the expense line if revenues are worse? Just be helpful to think about the range of outcomes there?

嘿。早安.也許只是，馬克，你談到了——羅恩，你已經談到了在很多不同的情況下重新調整開支。那麼，如果收入減少，您在支出方面能有多少彈性？只是幫忙思考一下那裡的結果範圍？

What I would say, Jim, is that, remember, we've been on this journey for a while. And each year, we build upon what we've done in the prior year and sometimes it's multi-year kinds of transformation efforts that we have underway. So we have, I would say, some flexibility in terms of pulling forward some kind of actions, reprioritizing investments, putting in more towards productivity-based technology investments. So there's some flexibility there.

吉姆，我想說的是，記住，我們已經踏上這段旅程有一段時間了。每年我們都會在前一年所取得的成果的基礎上繼續努力，有時我們會進行多年的轉型工作。因此，我想說，我們在推進某些行動、重新調整投資優先順序、加大對基於生產力的技術投資方面具有一定的靈活性。因此這方面具有一定的彈性。

Secondly, we've got a fairly significant investment book here, and we want to be very careful that we're not doing anything to harm or impair what we're doing in the long term -- but we see some flexibility -- and still be able to deliver what we need to do strategically for the long term. So the answer is just given the pace that we've been on and the multi-year nature of some of the transformation efforts that we have underway, we feel we have some flexibility here.

其次，我們這裡有一本相當重要的投資帳簿，我們要非常小心，不要做任何損害或削弱我們長期所做的事情——但我們看到了一些精神活性——並且仍然能夠完成我們長期戰略上需要做的事情。因此，答案是，考慮到我們目前的步伐以及我們正在進行的一些轉型工作的多年性質，我們覺得我們在這裡具有一定的靈活性。

Okay. Great. That's helpful. And just maybe trying to think around the current environment in April, it's been very volatile. I think you guys talked a little bit about being there for your clients. Are you seeing elevated deposit flows and sort of -- there's some good volatility for you guys in FX and sec lending, and deposits. So how are you seeing that play out so far in April?

好的。偉大的。這很有幫助。也許只是試著思考一下四月的當前環境，它非常不穩定。我想你們談了一些關於為客戶服務的事情。您是否看到存款流量增加，並且外匯和證券貸款以及存款方面存在一些良好的波動性。那麼，您認為四月的進展如何？

Yeah. Hi, it's Mark. Yeah, I think as you'd expect -- and we've been through a series over time of uncertainty cycles. And we usually see -- and we're seeing what we usually see, which is we've seen our deposit levels tick up. We've seen more volatility and our trading organization is able to capture that volatility.

是的。你好，我是馬克。是的，我想正如您所料——隨著時間的推移，我們經歷了一系列不確定性週期。我們通常會看到——我們看到的是我們通常會看到的，那就是我們的存款水準上升了。我們看到了更多的波動，我們的交易組織能夠捕捉到這種波動。

Now again, it's early, first couple of weeks of April, but we are seeing elevated deposit levels and additional trading coming from the volatility.

現在，又是四月初的幾週，但我們看到存款水平上升，並且波動性帶來了額外的交易。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Thank you. Good morning, guys. I was hoping to just dig in a little more into the current environment and specifically, when you look at the deposit trends, I was hoping you can bifurcate between interest-bearing and non-interest deposit trends.

謝謝。大家早安。我希望更深入地了解當前環境，具體來說，當你觀察存款趨勢時，我希望能夠區分有利息存款趨勢和無利息存款趨勢。

Obviously, the interest-bearing side probably doesn't produce a whole lot of NII still, but the non-interest-bearing piece could be quite meaningful. If we look at where you are today, non-interest-bearing deposits, I think pretty low -- still near kind of record lows as a percentage of total. So where does that stand today? And maybe remind us which client segments are the larger drivers of non-interest-bearing deposits so that we can kind of maybe evaluate how the environment shakes out and what that could mean for those balances.

顯然，生息部分可能仍然不會產生大量的NII，但不生息部分可能相當有意義。如果我們看看今天的狀況，我認為無息存款相當低——佔總數的百分比仍然接近歷史最低水平。那麼今天情況如何？也許可以提醒我們哪些客戶群是無息存款的主要動力，以便我們能夠評估環境如何變化以及這對這些餘額意味著什麼。

Yeah. It's Mark. I can take that as well. Yeah, I guess I'd start by saying it's generally non-interest-bearing deposits. So generally, we see it through some of our asset manager clients but also in the asset owner space. So there's some variability between segments.

是的。是馬克。我也可以接受。是的，我想首先要說的是，它通常是無息存款。一般來說，我們不僅透過一些資產管理客戶看到這一點，而且在資產所有者領域也看到這一點。因此各個部分之間存在一些差異。

I'd say just to get to the non-interest-bearing levels right now, we did see NIB deposits declined roughly $1 billion, that's about 5% in Q1. Now again, that was expected as we talked about in January. It was about -- we had a seasonally high fourth quarter. So right now, we're still expecting that there is some room long term for that balance to continue to decline as we talked about in January.

我想說，就目前的無息水準而言，我們確實看到 NIB 存款下降了約 10 億美元，即第一季下降了約 5%。正如我們在一月份討論的那樣，這是意料之中的。大約是——我們迎來了季節性高峰的第四季。因此，目前我們仍然預計，從長期來看，這一餘額仍有繼續下降的空間，正如我們在一月份談到的那樣。

Right now, we are seeing -- all the deposit levels are tending to be a bit elevated. And we had talked about overall client deposits in the $230 billion to $240 billion range when we gave our original guide. I think the high end of that range right now is probably a better estimate. So we still expect there to be some decrease in non-interest-bearing, but right now, we're seeing it hold up pretty well. Again, it's early in the quarter, and we'll see how things play out from here.

目前，我們看到所有存款水準都趨於略高。當我們給出最初的指南時，我們曾討論過整體客戶存款在 2300 億美元至 2400 億美元之間。我認為目前該範圍的高端可能是一個更好的估計。因此，我們仍然預計無息支出會有所減少，但目前，我們看到它保持得相當好。再說一次，現在是本季的初期，我們將拭​​目以待事情將如何發展。

I got you. And then one for maybe both of you guys, but definitely encouraging to see the fee guide staying intact despite what obviously has been a much tougher environment. Just mechanically flowing through the mark-to-market dynamics would put some pressure, I guess, on the outlook. So just curious what's holding up better in the business to fill the gap, I guess, from the market impact on fees in 2025 to keep your guidance largely intact?

我接到你了。也許這對你們兩個來說都是一個好消息，但看到費用指南在環境明顯變得更加艱難的情況下仍然保持不變，絕對令人鼓舞。我想，僅僅機械地按照市價動態流動就會對前景造成一些壓力。所以我只是好奇，在業務方面什麼能更好地填補這一空白，我猜，從 2025 年市場對費用的影響來看，可以基本保持您的指導不變？

Alex, well, it's a couple of things. First of all, as you know, we sell in one period and install in another. And so just the sheer volume of business to be installed and the fact that, as Mark noted, we said we were going to accelerate that a bit, and we have. So that's one. And we see a clear path to meaningful installations throughout the year.

亞歷克斯，嗯，有幾件事。首先，如您所知，我們在一個時期銷售，在另一個時期安裝。因此，僅從需要安裝的業務量來看，以及正如馬克所指出的那樣，我們說過我們會加快這一進程，而我們也確實這麼做了。這就是其中之一。我們看到全年都有一條通往有意義的安裝的清晰道路。

Secondly, we talked about a $350 million to $400 million new business goal. And we see that. We see the pipeline developing, and it's a combination of -- we've invested very heavily in our various platforms. And so that investment is paying off. Plus, as you know, back a couple of years ago, we started focusing on overall relationship management and salesforce effectiveness and those investments are paying off.

其次，我們談到了3.5億至4億美元的新業務目標。我們看到了這一點。我們看到了管道的發展，它是多種因素的結合——我們在各個平台上投入了大量資金。所以這項投資正在獲得回報。另外，如您所知，幾年前，我們開始關注整體關係管理和銷售人員效率，這些投資正在獲得回報。

So it's not that we're immune to the market, but that given those kinds of things, we feel pretty confident in our ability to deliver within that range of the fee guide. Now market levels will ultimately be a significant driver here, which is why we talk about scenarios. But even as we look at those scenarios, we've developed what are reasonably plausible scenarios, we feel pretty confident.

因此，並不是說我們對市場免疫，而是考慮到這些因素，我們對自己在費用指導範圍內提供服務的能力非常有信心。現在市場水平最終將成為這裡的一個重要驅動因素，這就是我們談論情景的原因。但即使我們看著這些場景，我們已經發展出合理可信的場景，我們感到非常有信心。

And maybe I could just add -- I'm sorry, go ahead.

也許我還可以補充一點——抱歉，請繼續。

No, please.

不，請別這麼做。

I guess a lot has changed in terms of how we're looking at the macroenvironment. But I think what Ron is getting at is what has not changed is the core business momentum that we brought from 2024 into 2025. And I would -- I mentioned the $370 million of servicing fee sales over the last four quarters. And also, I would note that the $356 million of to-be-installed revenue is the highest number that we have reported since we've started that disclosure. So there's a lot of revenue to be coming on to the P&L.

我想，就我們看待宏觀環境的方式而言，很多事情已經改變了。但我認為羅恩的意思是，我們從 2024 年到 2025 年所維持的核心業務動能並沒有改變。我要說的是——過去四個季度的服務費銷售額達到 3.7 億美元。另外，我想指出的是，3.56 億美元的待安裝收入是我們開始揭露以來報告的最高數字。因此，損益表中將有大量收入。

And then obviously, you can see the growth that we've had in our management fees, software. So there's a lot of good core momentum that hasn't changed, even though markets have been -- and the overall macro environment has been quite uncertain.

顯然，您可以看到我們的管理費和軟體方面的成長。因此，儘管市場和整體宏觀環境都相當不確定，但許多良好的核心動能並未改變。

Great. Perfect. And then just a clarification for me just on this front, you guys are assuming market levels are flat from kind of current levels for the rest of the year underwriting this guide?

偉大的。完美的。然後，請您就此向我澄清一下，你們是否假設今年剩餘時間的市場水平與當前水平持平，從而承保了本指南？

If we knew that, we wouldn't be on this call with you.

如果我們知道這一點，我們就不會和你​​通話了。

Nobody knows. I get it.

沒人知道。我得到它。

There's a -- our scenarios obviously include a range of market level, Alex, as you'd expect. I guess what we're trying to say is that given where we are, given the momentum we have, and given the fact that we have a quarter and now half of a month under our belts in the second quarter, the guide that we've given, we feel pretty good about.

正如您所期望的，我們的場景顯然包括一系列市場水平，亞歷克斯。我想我們想說的是，考慮到我們現在的狀況，考慮到我們擁有的勢頭，考慮到我們已經在第二季度取得了一個季度和半個月的成績，考慮到我們給出的指導，我們感覺相當不錯。

Mike Mayo, Wells Fargo Securities. (Operator Instructions)

富國證券的麥克梅奧 (Mike Mayo)。（操作員指示）

Alright, we'll go to the next one, and we will try Mike again.

好的，我們將進入下一個環節，並再次嘗試聯繫 Mike。

Glenn Schorr, Evercore.

格倫·肖爾（Glenn Schorr），Evercore。

Thanks very much. So just tacking on to your good sales momentum and revenue momentum comments on keeping the growth, which is great. I'm curious; you made that shift towards back office as the faster time to implement on revenue.

非常感謝。因此，只需加上良好的銷售動能和收入動能評論即可保持成長，這很好。我很好奇；您之所以將這種轉變轉向後台辦公室，是為了更快地實現收入。

You also just commented about managing and focusing on the overall relationship. So I'm curious, does the $350 million to $400 million, does that leave you in a position to take share? We can't see the net; we only see the gross.

您剛才也談到了管理和關注整體關係的問題。所以我很好奇，3.5 億到 4 億美元是否能讓你佔據市場份額？我們看不到網路；我們只看到粗略的一面。

And then most importantly, what do you do once you get the back office in the door to expand the relationship? What are some of those likely areas? And what kind of successes have you had with that given your focus. Thanks.

最重要的是，一旦你進入後台辦公室，你會做什麼來擴大關係？這些可能的領域有哪些？鑑於您的專注，您取得了哪些成功？謝謝。

Yeah. Glenn, just to clarify. So what we've been saying now for this year and certainly most, if not all, of last year is as we develop our pipeline, but also as we work with clients, even in an Alpha kind of situation, where we've got -- it could be front, middle, and back; it could be middle and back. It could be data and everything. What we work very hard to do is front-load the back-office installation.

是的。格倫，只是想澄清一下。因此，我們今年以及去年大部分時間（如果不是全部時間）一直在說，我們在開發我們的頻道，而且在我們與客戶合作時，即使在 Alpha 情況下，我們也擁有——它可能是前端、中端和後端；它可能位於中間和後面。它可以是數據和一切。我們非常努力地在前期完成後台安裝。

It requires less engineering. It's pretty easy to move it over. And that continues to be the approach that we take. As much as possible, we try and front-load that.

它需要較少的工程。將其移過去非常容易。我們將繼續採取這項做法。我們盡可能地嘗試預先加載。

If we get back-office only, typically through the sales process, that would include, if it's a global portfolio, it would include some kind of FX relationship, but typically -- not always -- but typically would include a securities finance relationship. And it also typically would include some of the services like fund accounting, performance measurement and all that. So that's kind of a routine part of the process.

如果我們只獲得後台，通常是透過銷售流程，這將包括，如果它是一個全球投資組合，它將包括某種外匯關係，但通常 - 並非總是 - 但通常會包括證券融資關係。而且它通常還包括一些服務，如基金會計、績效衡量等等。所以這算是流程的常規部分。

And just going back to big picture -- and Mark will correct me if I get this wrong -- but we've been trending that about half of our new business has been associated with Alpha. And we foresee that trend continuing. So in terms of your question about back-office share, it's awfully hard to calculate that, but we believe that we continue to gain share.

回到大局——如果我理解錯了，馬克會糾正我——但我們一直趨勢是，大約一半的新業務與 Alpha 有關。我們預計這一趨勢將會持續下去。因此，關於您關於後台份額的問題，這很難計算，但我們相信我們的份額會繼續增加。

Okay. I appreciate all that. One quick follow-up on the deposits that are coming in the door -- and we're at the high end -- given this uncertainty, should we assume your reinvestment stays super short, like what are you thinking about on the reinvestment side, Mark?

好的。我對此表示感謝。關於即將到來的存款，我們快速跟進一下——我們處於高端——考慮到這種不確定性，我們是否應該假設您的再投資保持極短，例如，馬克，您在再投資方面有什麼想法？

Yeah. I think that's a good assumption that we'll be staying short in the environment that we're in.

是的。我認為，在我們所處的環境中，我們將保持短缺，這是一個很好的假設。

So that impacts the NIM for the time being?

那麼這會暫時影響 NIM 嗎？

Possible. Yeah. It's possible you'll see the NIM float down a little bit in the current environment.

可能的。是的。在當前環境下，您可能會看到 NIM 略有下降。

Mike Mayo.

麥克·梅奧。

Hi. In terms of -- first, the CFO search, I guess, you can stay the course right now if you want to. When will we know who the next CFO is?

你好。首先，就財務長搜尋而言，我想，如果您願意的話，您現在就可以堅持下去。我們什麼時候才能知道下一任財務長是誰？

As I mentioned, Mike, it's advancing well, and we anticipate to be able to come to you in the near term.

正如我所提到的，麥克，一切進展順利，我們預計不久就能與您聯繫。

Okay. And then just more generally, I know this is the big picture question and you reaffirmed your fee guide. And you mentioned April deposits and some of the trading is still going well. So I guess that's all good, but there's a scenario here that's reflected in the stock market and Chairman Powell's speech yesterday that it might not end so well.

好的。然後更一般地說，我知道這是一個大問題，你重申了你的費用指南。您提到了四月份的存款，部分交易仍然進展順利。所以我想這一切都很好，但股市和鮑威爾主席昨天的演講反映出一種情況，那就是結果可能不會那麼好。

And you're in so many countries moving so much money, how do you put your arms around -- I wouldn't even call it a tail risk, it'd be kind of almost a base case, the stock market as a whole. How can State Street survive in the environment where there's a global trade war? Thank you.

而且你在這麼多的國家轉移了這麼多的資金，你該如何應對——我什至不會稱之為尾部風險，這幾乎是一種基本情況，對整個股市而言。在全球貿易戰的環境下，道富銀行如何生存？謝謝。

Mike, there's certainly heightened uncertainty as I mentioned at the beginning of my remarks, not just about trade, but about other things like deficits, taxes, geopolitics, et cetera, deregulation. So we are very vigilant at this point. And that's why, one, we're doing what we're doing in terms of developing this range of scenarios and then building and have built out plans to accommodate the range.

麥克，正如我在演講開始時提到的那樣，不確定性確實加劇了，不僅僅是關於貿易，還包括赤字、稅收、地緣政治、放鬆管制等其他方面。因此，我們現在非常警惕。這就是為什麼，首先，我們要開發一系列場景，然後制定計劃來適應這些場景。

And as you'd expect, that would include a fair amount and accelerated expense management, which we think that we're capable of doing. We also have the investment book that we -- and I'm talking now about the investment in the business. We want to be careful on that, but that always is a lever.

正如您所期望的，這將包括相當數量和加速的費用管理，我們認為我們有能力做到這一點。我們還有投資書——我現在談論的是業務投資。我們希望對此保持謹慎，但這始終是一個槓桿。

And then thirdly, we have a track record of continuing to manage down unit costs and BAU expenses. We've been doing that now every year. And we believe we've gotten good enough at it that we've got a pretty big, ambitious set of work for 2025. But if we need to, we're looking at ways where we can accelerate and pull forward some things that we had planned to do in the 2026 timeframe.

第三，我們在持續降低單位成本和 BAU 費用方面有著良好的記錄。我們每年都會這樣做。我們相信，我們已經做得足夠好了，我們為 2025 年制定了一系列相當宏大、雄心勃勃的工作。但如果有必要，我們正在尋找能夠加速並提前完成我們計劃在 2026 年期間完成的一些事情的方法。

So it's in kind of a catastrophic market situation. Could we offset all of that? Of course, not. But do we feel that we're very well positioned to manage through a broad range of scenarios? Yes, we are.

因此，這是一種災難性的市場情勢。我們能抵消所有這些嗎？當然不是。但我們是否覺得自己已經做好了應對各種情況的準備？是的。

One short follow-up. Just remember a couple of decades ago, I thought it was like 80% of your expenses were fixed costs, right? I think that's changed -- been reduced over the years. Do you have a sense for how much of your expenses are variable over the one- to two-year period?

一個簡短的後續行動。記得幾十年前，我認為 80% 的支出都是固定成本，對嗎？我認為這種情況已經改變了——這些年來已經減少了。您是否了解在一到兩年的時間裡您的支出有多少是變動的？

I know in the long term, all expenses are variable, right? But in the next one to two years, is it like -- I don't know -- what's the percentage?

我知道從長遠來看，所有費用都是可變的，對嗎？但在接下來的一到兩年內，百分比是多少？我不知道。

Mike, hi, it's Mark. It's a good question. I wouldn't want to necessarily put a pin on it, a number on it. If you think about how our organization is structured with people, headcount, occupancy, I think your number is somewhere around two-thirds, something like that. But I wouldn't want to put a specific number on it.

麥克，嗨，我是馬克。這是個好問題。我不一定想給它釘上一個大頭針或一個數字。如果你考慮我們的組織是如何由人員、員工總數和佔用率構成的，我認為你的比例大約是三分之二，諸如此類。但我不想給一個具體的數字。

I guess what I would say is we've gotten better at being able, as Ron said, to flex our expense base with the transformation we've been doing, driving productivity, automation. So we've been driving more flexibility in our cost base so that we can flex it with different revenue scenarios.

我想說的是，正如羅恩所說，我們已經能夠更好地利用我們正在進行的轉型來靈活調整我們的支出基礎，提高生產力和自動化水平。因此，我們一直在提高成本基礎的靈活性，以便能夠根據不同的收入情況進行調整。

And Mike, there's also technology here in the pace at which we're continuing to introduce new technology here. We've talked a lot about global delivery simplification, which has delivered a lot over the past couple of years, but they're just getting started in terms of some of the operating model changes and introduction of even more advanced technologies.

麥克，我們也在以新步伐不斷引進新技術。我們已經討論了許多有關全球交付簡化的問題，這在過去幾年中已經取得了很大進展，但就一些營運模式的改變和更先進技術的引入而言，他們才剛剛起步。

So it's a substitution of technology for labor in some cases. But again, it's not like we're approaching this problem as a clean sheet of paper for the first time. I mean we're well underway. And we do see opportunities to accelerate that.

因此在某些情況下，這是技術對勞動力的替代方案。但同樣，我們並不是第一次從零開始解決這個問題。我的意思是我們進展順利。我們確實看到了加速這一進程的機會。

Now again, you want to be careful because you want to do this recognizing that you -- the most important thing for us to do is deliver service quality. When our service quality is high, we have sales results like we're seeing now. So we don't want to put that at risk. And this is why we time these kinds of reengineering changes out, but there is some flex in that.

現在，你再次要小心，因為你要認識到——我們要做的最重要事情是提供服務品質。當我們的服務品質很高時，我們就會有現在這樣的銷售業績。所以我們不想冒這個險。這就是我們安排此類重新設計變革的時間的原因，但其中也有一些靈活性。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Hi, good morning. Hi. I did just want to understand a little bit about the NII outlook and what the scenario is that it's based on. I know you mentioned flat year on year, plus or minus low single digits, either side. I'm assuming you're using the forward curve in the various countries, but if there's any difference to that, let me know.

嗨，早安。你好。我確實只是想了解一點關於 NII 的前景以及它所基於的情景。我知道您提到了同比持平，上下浮動個位數。我假設您在各個國家/地區使用遠期曲線，但如果有任何差異，請告訴我。

And then I also wanted to understand what is a -- what is the scenario that would drive plus low single digits year on year? And what are the scenarios that drive below, less than low single digits.

然後，我還想了解什麼是──什麼樣的情況會導致年增長率超過個位數？那麼，哪些情況會導致成長率低於個位數呢？

Hey, Betsy. It's Mark. I can take that. So thanks for the question. First, I would -- thinking of our NII guide, I just maybe as a background, remind folks that we're coming off two consecutive years of record NII growth, including last year 2024, we grew NII by 6% year over year.

嘿，貝琪。是馬克。我可以接受。感謝您的提問。首先，我想——考慮到我們的 NII 指南，我可能只是作為背景，提醒大家，我們已經連續兩年創下 NII 增長記錄，包括去年 2024 年，我們的 NII 同比增長了 6%。

So it's a pretty high stepping off point, and our outlook is to be basically flat to a record year plus or minus low single digits. So that's kind of the frame.

因此，這是一個相當高的起點，我們的預期是基本上與創紀錄的年份持平，上下浮動個位數。這就是框架。

Maybe I'll go back to how I framed it in January and give you a sense of the roughly four buckets around how we think about our NII guide. And there are two potential tailwinds around loan growth and investment portfolio rollovers. And then there's two potential headwinds, the rate environment, and deposit mix. And I use potential because some of those can become tailwinds as well depending on macroeconomic kind of development.

也許我會回到我在一月份所建立的框架，並讓您大致了解我們對 NII 指南的看法大致分為四個部分。貸款成長和投資組合展期有兩個潛在的順風因素。此外還有兩個潛在的不利因素，即利率環境和存款組合。我之所以使用潛力，是因為其中一些因素也可能成為順風，這取決於宏觀經濟發展。

So first, on deposit levels, so let's take the headwinds. And I mentioned this a little bit around non-interest-bearing, but deposits were seasonally high coming out of Q4. They did moderate as expected in January. So we did see that kind of usual seasonality to it, but they did bounce again late in the quarter, and you're seeing that.

因此，首先，就存款水準而言，讓我們應對不利因素。我剛才提到了無息存款，但第四季的存款額處於季節性高點。一月份，它們確實如預期般緩和了。因此，我們確實看到了這種常見的季節性，但它們確實在本季度末再次反彈，而這就是您所看到的。

I mentioned that 240 is probably a better range for you to think about our client deposits. It's still early, but I mentioned that we've seen pretty strong deposit levels so far. While we did see non-interest-bearing decline in the quarter at a current rate environment, $1 billion of non-interest-bearing is worth about $10 million a quarter to us. So if the non-interest-bearing decline flattens out, or we see a favorable deposit mix that would certainly be supportive of NII.

我提到，240 可能是您考慮客戶存款的更好的範圍。現在還為時過早，但我提到到目前為止我們已經看到了相當強勁的存款水平。雖然在當前利率環境下，我們確實看到本季無息支出有所下降，但 10 億美元的無息支出對我們來說每季價值約為 1000 萬美元。因此，如果無利息存款下降趨勢趨於平緩，或者我們看到有利的存款組合，這肯定會對 NII 形成支持。

On the rate side, you're correct; we're using market forwards, and those are certainly moving around and including, I'm sure, from the news yesterday. So we're basing -- us right now, we're basing it on our market forwards. And if inflation accelerates and central banks start to pause, that would be incrementally positive for NII, particularly as I've talked about in non-US. We're pretty neutral around US rate changes.

從利率方面來看，你是對的；我們正在使用市場遠期數據，這些數據肯定在不斷變化，我確信，包括昨天的新聞。因此，我們現在以市場前景為基礎。如果通貨膨脹加速並且各國央行開始暫停升息，這將對國家資訊基礎設施建設產生積極影響，特別是正如我在非美國市場所談到的那樣。我們對美國利率變動持相當中立的態度。

And maybe I'll just reiterate again that for both ECB and Bank of England, that's worth roughly $5 million to $10 million per cut per quarter in non-US business. And then finally, if long rates hold up and we've seen those move around, if those stay elevated, that would also be supportive of NII and vice versa.

也許我只是想再次重申，對於歐洲央行和英格蘭銀行來說，非美國業務每季降息大約相當於損失 500 萬至 1,000 萬美元。最後，如果長期利率保持穩定，並且我們已經看到利率波動，如果利率保持在高位，那麼這也將支持 NII，反之亦然。

And then when we talk about loan growth tailwinds, so we remain focused on delivering solid loan growth, as we've talked about. That's embedded in our outlook. And then investment portfolio rollovers would be the final bucket in terms of how we think about our guide.

然後，當我們談論貸款成長順風時，我們仍然專注於實現穩健的貸款成長，正如我們所討論的那樣。這已融入我們的觀點中。然後，就我們如何看待我們的指南而言，投資組合展期將是最後一個面向。

And we've talked about roughly $4 billion a quarter. It can be lumpy, but roughly $4 billion a quarter. And given we've done a couple of portfolio repositionings and the pickup there is roughly 100 to 150 basis points.

我們談論的是每季大約 40 億美元。這個數字可能不大，但大約是每季 40 億美元。鑑於我們已經進行了幾次投資組合調整，回升幅度約為 100 至 150 個基點。

So hopefully, that gives you a sense of the various component parts where we can see potential to get up on the plus side and also things that could move us a little bit to why we're saying plus or minus low single digits. So hopefully, that's helpful. And we still think our guide is reasonable and achievable for the year, and we'll see how things develop.

因此，希望這能讓您了解各個組成部分，我們可以看到其中有上升的潛力，以及一些可能讓我們稍微了解為什麼我們說的是正負低個位數的因素。希望這會有所幫助。我們仍然認為，我們今年的指導方針是合理且可實現的，我們將拭​​目以待事態如何​​發展。

Okay. Higher for longer is the positive.

好的。長期保持較高水準是正面的。

Yeah. Good summary.

是的。很好的總結。

David Smith, Truist.

大衛史密斯（David Smith），Truist。

Hi. So you mentioned that about half of your new business over the past year, I think, came from Alpha. Is it as simple as just taking the servicing fee win number, dividing it by 2 and dividing it by the 7 mandate wins for Alpha you had to get a sense of the relative impact of like an Alpha client versus another client? Or is there anything else that we should be thinking about in terms of the revenue rate of wins attached to Alpha versus other assets?

你好。所以您提到，我認為過去一年大約有一半的新業務來自 Alpha。是只要將服務費贏利數除以 2，再除以 Alpha 的 7 個授權贏利數，就能了解 Alpha 顧客與其他顧客的相對影響？或者，在 Alpha 與其他資產的收益率方面，我們還應該考慮其他什麼嗎？

Yeah. Thanks, David. I don't think it's that straightforward. I mean if we think about Alpha wins in terms of basis points, in terms of asset sizes, in terms of complexity, I don't think you can just take the number of mandates and divide it and use that based off the -- because again, we're talking about a backlog or we're talking about overall sales -- servicing sales number, which can be annualized as well. So I don't think it's as simple as the math you're talking about, but maybe you could unpack it a little bit more for me.

是的。謝謝，大衛。我認為事情沒那麼簡單。我的意思是，如果我們從基點、資產規模和複雜性的角度來考慮 Alpha 的勝利，我認為你不能僅僅把授權數量除以它，然後根據 - 因為再說一次，我們談論的是積壓訂單或整體銷售額 - 服務銷售額，它也可以按年計算。所以我不認為它像你所說的數學那麼簡單，但也許你可以為我進一步解釋。

Just trying to get a sense of like if your Alpha penetration accelerates, what that could mean for the revenue rate in asset servicing?

只是想了解一下，如果您的 Alpha 滲透率加速，這對資產服務的收益率意味著什麼？

Yeah. I think that overall, again, it's adding more mandates definitely helps. But what I guess, what Ron was getting at earlier, is what's really important to us is that we've got a broad-based sales. And that's what really has turned the corner on achieving the $350 million to $400 million.

是的。我認為總體而言，增加更多授權肯定是有幫助的。但我想，羅恩之前說的是，對我們來說真正重要的是我們有廣泛的銷售基礎。這才是真正實現 3.5 億至 4 億美元目標的關鍵。

So it's not just Alpha mandates that we're leading with. It's about core fund accounting, custody, back office.

因此，我們所引領的不僅僅是 Alpha 授權。它涉及核心基金會計、託管和後台辦公室。

And David, what I would add is to Mark's points are that, as we've said before, Alpha is accelerating our sales. That is actually what's happened. And as we continue to build out the platform -- and we've now got Alpha for privates, we also have the Alpha Data platform, which is a data element that's additive to the original Alpha platform that we launched back 2018, 2019.

大衛，我想補充的是馬克的觀點，正如我們之前所說，Alpha 正在加速我們的銷售。這確實是發生的事。隨著我們不斷建立平台——現在我們已經為私人推出了 Alpha，我們還有 Alpha 數據平台，它是我們於 2018 年、2019 年推出的原始 Alpha 平台的補充數據元素。

So there's no question that this is accelerating sales I think what Mark is pointing out, though, that -- this is why we give you both our new business wins and our new business revenue, right? Because there's not a simple formula that every alpha comes in like this.

因此毫無疑問，這正在加速銷售，但我認為馬克指出的是——這就是為什麼我們為您帶來新業務勝利和新業務收入，對嗎？因為沒有一個簡單的公式可以讓每個 alpha 都像這樣。

I mean, some of it depends on, for example, was CRD already there -- was Charles River already there or not there? Is it a move from on-prem to SaaS? So it doesn't lend itself to a simple rule of thumb like that, but your overall point was is it accelerating sales and enabling us to accelerate sales? Absolutely.

我的意思是，其中一些取決於，例如，CRD 是否已經在那裡——Charles River 是否已經在那裡？這是從本地部署轉向 SaaS 嗎？因此，它不適合這樣一個簡單的經驗法則，但您的總體觀點是，它是否能加速銷售並使我們能夠加速銷售？絕對地。

Vivek Juneja, JP Morgan.

摩根大通的維韋克·朱尼賈 (Vivek Juneja)。

Thanks. Ron, a question for you, maybe, or Mark. When I look at your servicing fee revenues, what's the mix in terms of US versus non-US? And if you look at your servicing new business wins over the past year -- not concerned about quarter-to-quarter -- what percentage came from non-US versus US? And a similar kind of a breakdown for asset management.

謝謝。榮恩，也許我想問你一個問題，或是問馬克一個問題。當我查看您的服務費收入時，美國和非美國的組成情況如何？如果您看一下過去一年來服務新業務的成功案例（不關心季度環比），那麼來自美國以外的業務和來自美國的業務分別佔多少百分比？資產管理也有類似的細分。

It's Mark. Hi, Vivek. I can start. The first piece of framing I'd give you is for our existing business. Roughly, 45% or so of our servicing business is non-US. In terms of -- and again, that's spread across Europe, APAC, Canada, Latin America. So 45% would be non-US.

是馬克。你好，Vivek。我可以開始了。我要給您的第一個框架是針對我們現有的業務。大約有 45% 的服務業務來自美國以外。就……而言，它遍及歐洲、亞太地區、加拿大和拉丁美洲。因此 45% 是非美國人。

And again, we're very deep in these markets, right? We have in 32 countries. We are not just plate on -- a nameplate on a building, but we have significant operations, client service. We're very much entrenched in those markets. So it's about 45% of the existing business.

再說了，我們在這些市場已經很深入了，對吧？我們的業務遍及 32 個國家。我們不僅僅是建築物上的銘牌，我們還擁有重要的營運和客戶服務。我們在這些市場中已經根深蒂固。所以它約佔現有業務的45%。

In terms of the split between regions and sales, I don't have those numbers in front of me in terms of historically, I would say that -- and if you look back at the different announcements that we've made, it's pretty broad-based. We've recently announced some deals in Europe and APAC. So I would say, in general, it's been a very broad-based type of progress that we're making on the sales target of $350 million to $400 million.

就地區和銷售額的劃分而言，從歷史上看，我面前沒有那麼多數字，我想說——如果你回顧一下我們發布的不同公告，你會發現它的範圍相當廣泛。我們最近宣布了在歐洲和亞太地區的一些交易。所以我想說，總的來說，我們在實現 3.5 億至 4 億美元的銷售目標方面取得了非常廣泛的進展。

ivek, what I would add is, over time, the percentage outside the US has been slightly higher, I believe, over time. But again, lumpy.

ivek，我想補充的是，隨著時間的推移，我相信美國以外的比例會略有上升。但同樣，很粗糙。

Yeah. I agree with that.

是的。我同意這一點。

Right. That would have been my guess. And is it similar in SSGA?

正確的。這本來就是我的猜測。SSGA 的情況是否類似？

In GA, it's roughly two-thirds US and about a third non-US. So it's a little more balanced right now in our servicing.

在喬治亞州，大約三分之二是美國公民，三分之一來自非美國公民。因此，我們現在提供的服務更加平衡了。

And I guess given what's going on in the geopolitics right now, do you see there could be some shift in this now? If there's a desire to go more local for some of your clients? Do you see that it may be too early because it's all just happened and yours are very long contracts with very long timelines? But do you see that starting to potentially shifting? And what does that mean then for you?

我想，考慮到目前的地緣政治局勢，您是否認為這種情況現在可能會發生一些轉變？您的某些客戶是否希望提供更在地化的服務？您是否認為現在可能為時過早，因為這一切都剛剛發生，而且您的合約期限很長，期限也很長？但您是否看到這種情況開始發生潛在轉變？那麼這對您來說意味著什麼？

Yeah, Vivek, it's something that we worry about. In the past, when the world has been upset with the US, that actually hasn't played out. But there is the potential that it could this time, which is why Mark's point about our geographic footprint is actually very important. Because in most of these markets, we, in effect, are local. And in many of the markets, we're not only local, but we're the number one or number two player in the market.

是的，維韋克，這是我們擔心的事情。過去，當世界對美國感到不滿時，這種情況實際上並沒有發生。但這次有可能，這就是為什麼馬克關於我們的地理足跡的觀點實際上非常重要。因為在大多數這些市場中，我們實際上都是在地化的。在許多市場中，我們不僅是本地企業，而且是市場上排名第一或第二的企業。

So the fact that we have people in place, they are local. We're very much part of the local ecosystem, we think helps us, but it's something we're very focused on. And it's driving a lot of how I'm spending my time and how my executive committee colleagues are spending their time.

事實上，我們安排的人員都是當地人。我們是當地生態系統的重要組成部分，我們認為這對我們有幫助，但這是我們非常關注的事情。它在很大程度上決定了我如何安排自己的時間以及我的執行委員會同事如何安排他們的時間。

I mean we already spend a lot of time on the road with our clients, and we're spending even more. So it's something that weighs on us, but we think relative to others, we're quite well positioned in terms of our footprint and our deployment of people.

我的意思是我們已經花了很多時間在路上陪伴客戶，而且我們花的時間還會更多。所以這對我們來說是一個壓力，但我們認為相對於其他人，我們在足跡和人員部署方面處於相當有利的地位。

Gerard Cassidy, RBC.

傑拉德·卡西迪（Gerard Cassidy），加拿大皇家銀行。

Thank you. Good morning, guys. Can you guys -- you talked on the call about growing your obviously, net interest income, and you talked about the robust loan growth. Can you share with us some color about that loan growth?

謝謝。大家早安。你們能否——你們在電話中談到了明顯的淨利息收入的成長，以及強勁的貸款成長。能跟我們分享一下貸款成長的情況嗎？

I know in the fourth quarter, the regulators asked everybody, the top banks, to disclose in the best efforts way, the loans to non-depository financial institutions, and you guys certainly did that along with your peers. And you showed that you -- most of your loans are in the business credit intermediary category. So can you give us some color where the growth is coming from, and what type of risk might be associated with it?

我知道在第四季度，監管機構要求所有大型銀行盡最大努力披露對非存款金融機構的貸款，你們和同行當然都這樣做了。而且您表明—您的大部分貸款都屬於商業信用中介類別。那麼，您能否向我們解釋一下這種成長的來源以及可能伴隨哪些類型的風險？

Yeah. Sure. I can start, Gerard. It's Mark. So yeah, I guess, overall -- in terms of overall loan growth, and I can talk a little bit about the non-depository financial institution question. So yeah, overall, we've been very pleased with the growth overall of the loan business. You continue to see opportunities across cap-call, subscription lines, BDC lending, middle-market CLO.

是的。當然。我可以開始了，傑拉德。是馬克。是的，我想，總體而言 - 就整體貸款成長而言，我可以稍微談一下非存款金融機構的問題。所以，總體而言，我們對貸款業務的整體成長感到非常滿意。您將繼續看到資本調用、認購額度、BDC 貸款、中端市場 CLO 等方面的機會。

So in terms of growth, while Q1 was slightly below kind of our recent run rate, we see a lot of opportunities to continue to grow that over the course of 2025 a lot with our private markets clients as we've mentioned.

因此，就成長而言，雖然第一季略低於我們最近的運作率，但正如我們所提到的，我們看到在 2025 年期間我們的私人市場客戶有很多機會繼續成長。

And I think you've asked about the NDFIs. So a large part of our client base around private market is an area that we see tremendous growth opportunities. Lending in that area is very connected to our servicing business. So again, we see that as a real opportunity to continue to drive.

我想您問過有關 NDFI 的問題。因此，我們在私人市場的大部分客戶群中看到了巨大的成長機會。該地區的貸款與我們的服務業務密切相關。因此，我們再次將此視為繼續推動的真正機會。

I mean as a sidebar, our private markets business was up about 15% this quarter, year over year. So that growth that we see in the servicing side, it's really a good driver as well for how we continue to expand our loan business.

順便說一下，本季我們的私人市場業務年增了約 15%。因此，我們在服務方面看到的成長也對我們繼續擴大貸款業務起到了很好的推動作用。

Yeah. What I would just quickly, I think Mark's points reflect the fact that, as you know, our -- we are not a big lender, period. And when we do deploy our balance sheet, we try and deploy it in a way that supports our fee-based business.

是的。我想快速說的是，我認為馬克的觀點反映了這樣一個事實，正如你所知，我們並不是一個大貸款機構，僅此而已。當我們部署資產負債表時，我們會嘗試以支援收費業務的方式進行部署。

Very good. And I assume most of this loan growth is direct and is not -- participations with other firms. Is that fair?

非常好。我認為大部分貸款成長是直接的，而不是與其他公司的合作。這樣公平嗎？

That's correct.

沒錯。

Okay. And then, Ron, just a bigger picture question for you. Obviously, there's a lot of potential change coming on the regulatory front with different capital ratios, possibly the Basel III Endgame changes with new nominee for the Vice Chair of Safety and Soundness at the Fed, is even talked now of excluding government securities possibly from the supplementary leverage ratios.

好的。然後，羅恩，我想問你一個更宏觀的問題。顯然，監管方面可能會發生很多變化，包括不同的資本比率，可能是巴塞爾協議 III 的最後階段變化，聯準會安全與穩健副主席的新提名，甚至現在正在談論將政府證券排除在補充槓桿率之外。

When you guys look at it and if these changes take place, can you share with us how it would impact you folks, and number two, how it might impact your actual business in terms of more liquidity in, let's say, the treasuries market, if that's what happens with the exclusion of the US treasuries and SLR?

當你們看到這些改變發生時，能否與我們分享一下它將如何影響你們？第二，如果排除美國國債和 SLR 的話，它將如何影響你們的實際業務，例如國債市場的流動性？

Yeah. So Gerard, your -- the premise of your question, we would agree with, which we think this is an environment where there's actually going to be real work and thought applied to the regulatory environment, and how we think about it. Particularly, we're 17 years on from the global financial crisis, and how does this get calibrated properly.

是的。所以傑拉德，我們同意你問題的前提，我們認為這是一個需要真正開展工作並思考監管環境的環境，以及我們如何看待它。特別是，全球金融危機已經過去17年了，我們該如何正確調整這個狀況？

And I think that you'll see progress in the areas of capital. The administration has already talked about it that this was started, by the way, under the prior administration, but I think that it's gotten a lot more focused. You've heard Treasury Secretary Bessent talk about this a lot, and it seems that he's going to play a central, almost coordinating, role here across the bank regulators. So we would expect to see some movement on capital. Like you note, there's, I think, a sense that some of the liquidity rules need to be rethought.

我認為你會看到資本領域取得進展。順便說一下，政府已經討論過這個問題，這是上一屆政府開始的，但我認為它已經變得更加集中了。您可能已經聽到財政部長貝森特多次談論這個問題，看起來他將在銀行監管機構中發揮核心、幾乎是協調的作用。因此我們預期會看到資本的一些變動。正如您所說，我認為一些流動性規則需要重新考慮。

Now for us, we think that's good for the system. You'll recall, there was a legislative amendments made back several years ago, on the supplementary leverage ratio that basically help the trust banks in terms of providing some of that relief. So the incremental relief that the trust banks would get under a change to SLR is limited, but it would be very good for the marketplace, particularly as you noted around the treasury market. And we also would urge, and we think Tier 1 leverage will actually get some attention on this, too, which will help all that.

現在對我們來說，我們認為這對系統有好處。您會記得，幾年前曾對補充槓桿率進行立法修訂，該修訂基本上是為了幫助信託銀行提供一些救濟。因此，信託銀行在 SLR 變化下獲得的增量救濟是有限的，但這對市場非常有利，特別是正如您在國債市場中提到的那樣。我們也會敦促，我們認為一級槓桿實際上也會得到一些關注，這將對所有這些都有所幫助。

The second area, though, is really around -- and this will probably take longer, but really thinking about the interaction of the regulatory environment and the supervision environment, and I think there's going to be a look at that, and we'll see where that comes out. But I think it's a reasonable scenario to say that if there was a situation where capital was moderated slightly, liquidity was tuned, and (technical difficulty) and regulation became a situation where not more was being added. That would, I think, turn quite favorable and be quite favorable for the industry overall.

然而，第二個領域確實存在——這可能需要更長的時間，但真正考慮監管環境和監督環境的相互作用，我認為我們會對此進行研究，看看結果如何。但我認為，如果出現資本略微適度、流動性得到調整、（技術難度）和監管不再增加的情況，那麼說這是一個合理的情況。我認為這將會非常有利，對整個產業也非常有利。

There are no further questions. I want to turn the call over to management for closing remarks.

沒有其他問題了。我想將電話轉給管理階層，請他們做最後發言。

Well, thank you all for joining us.

好吧，謝謝大家加入我們。