道富銀行 (STT) 2025 Q3 法說會逐字稿

Good morning, and welcome to State Street Corporation's third-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年第三季財報電話會議及網路直播。今天的電話會議將由道富銀行投資者關係主管伊麗莎白·林恩主持。（操作說明）

Today's discussion is being broadcast 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 broadcast 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.

今天的討論會正在道富銀行網站 investors.statestreet.com 上直播。本次電話會議也將被錄音，以便回放。State Street 的電話會議受版權保護，所有權利均予保留。未經道富銀行書面明確授權，不得以任何方式錄製本次通話內容用於廣播或傳播。本次電話會議的唯一授權廣播管道將是道富銀行網站。

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. Good morning, and thank you all for joining us. On our call today, our CEO, Ron O'Hanley, will speak first; then John Woods, our CFO, will take you through our third quarter 2025 earnings presentation, which is available for download in the Investor Relations section of our website, investors.statestreet.com. Afterwards, we'll be happy to take questions.

謝謝接線生。早安，感謝各位的參與。在今天的電話會議上，我們的執行長羅恩·奧漢利將首先發言；之後，我們的財務長約翰·伍茲將為大家介紹我們2025年第三季的收益報告，該報告可在我們網站投資者關係欄位（investors.statestreet.com）下載。之後，我們將樂於回答各位的問題。

Before we get started, I'd like to remind you that today's presentation will include results presented on a basis that excludes or adjusts one or more items from GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our presentation. In addition, today's call will contain forward-looking statements.

在正式開始之前，我想提醒各位，今天的演示將包含根據 GAAP 排除或調整一個或多個項目後得出的結果。這些非GAAP指標與最直接可比較的GAAP或監管指標的調節表可在我們的簡報附錄中找到。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. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them even if our view should change.

由於各種重要因素，實際結果可能與這些聲明有重大差異，例如我們今天討論的內容以及我們在提交給美國證券交易委員會的文件中提到的因素，包括我們 10-K 表格中的「風險因素」部分。我們的前瞻性聲明僅代表截至今日的觀點，即使我們的觀點發生變化，我們也不承擔更新這些聲明的義務。

With that, let me turn it over to Ron.

接下來，我將把麥克風交給榮恩。

Thank you, Liz. Good morning, everyone, and thank you for joining us. I'm pleased to welcome John Woods to his first earnings call with State Street. John brings deep and additive expertise to our leadership team, and we're excited about the perspective he adds.

謝謝你，莉茲。各位早安，感謝各位的參與。我很高興歡迎約翰伍茲參加他在道富銀行的首次財報電話會議。John 為我們的領導團隊帶來了深厚的專業知識和寶貴經驗，我們對他帶來的新視野感到非常興奮。

Turning to our results. I'll begin with our third quarter highlights before turning it over to John, who will walk you through our financial results in greater detail. Slide 2 of our investor presentation highlights the strength of our third quarter results with quarterly earnings per share of $2.78 increasing 23% year-over-year. Our strong financial performance reflects disciplined execution against our strategic priorities and our ability to effectively capitalize on the constructive market environment in the quarter.

接下來來看看我們的結果。我先來介紹一下我們第三季的亮點，然後再交給約翰，他會更詳細地為大家講解我們的財務表現。我們在投資者簡報中的第 2 張投影片重點介紹了我們第三季的強勁業績，季度每股收益為 2.78 美元，同比增長 23%。我們強勁的財務表現反映了我們對策略重點的嚴格執行，以及我們有效利用本季有利的市場環境的能力。

We continue to demonstrate good business momentum and consistent delivery of improved financial performance. For example, 3Q marked our seventh consecutive quarter of positive total operating leverage, excluding notable items as we delivered total revenue growth of 9%, a pretax margin of 31% and return on tangible common equity of 21%. These metrics highlight our ability to drive profitable growth by executing our growth strategy and continuing the transformation of our operating model. Investor demand, new technology and a changing regulatory environment are creating new opportunities for us and our clients.

我們持續展現良好的業務發展勢頭，並持續取得財務績效的提升。例如，第三季是我們連續第七個季度實現正的總經營槓桿（不包括重大項目），我們實現了總收入增長 9%，稅前利潤率為 31%，有形普通股股東權益回報率為 21%。這些指標凸顯了我們透過執行成長策略和持續轉型營運模式來推動獲利成長的能力。投資者需求、新技術和不斷變化的監管環境正在為我們和我們的客戶創造新的機會。

Alongside our robust third quarter financial performance, we remain focused on advancing product innovation and enhancing our capabilities to better serve our clients and accelerate growth in key strategic areas. For example, as I'll outline shortly, we launched a series of strategic initiatives and new product capabilities in the third quarter, all designed to position State Street for sustained long-term growth.

在第三季財務業績強勁成長的同時，我們將持續專注於推動產品創新，提升自身能力，以更好地服務客戶，並在關鍵策略領域加速發展。例如，正如我稍後將概述的那樣，我們在第三季度推出了一系列戰略舉措和新產品功能，所有這些舉措和功能都是為了使道富銀行能夠實現持續的長期增長。

In Investment Services, we delivered strong year-over-year servicing fee growth and ended the quarter with a record $51.7 trillion in AUC/A. We recorded one new Alpha mandate another Alpha client went live in 3Q. State Street has long been a leader in technology-driven innovation. Today, our investment services team is building on that legacy by developing the tools and client capabilities that will empower our clients to succeed in an evolving market. For example, in the digital assets ecosystem, State Street already provides fund administration and accounting services for digital assets today.

在投資服務方面，我們實現了強勁的同比增長，並以創紀錄的 51.7 兆美元 AUC/A 結束了本季。我們在第三季新增了一個 Alpha 委託項目，另一位 Alpha 客戶也正式上線。道富銀行長期以來一直是科技驅動創新領域的領導者。今天，我們的投資服務團隊正以此為基石，開發各種工具和客戶能力，幫助我們的客戶在不斷變化的市場中取得成功。例如，在數位資產生態系統中，道富銀行目前已經為數位資產提供基金管理和會計服務。

As we look ahead, we are strategically positioning State Street to be the bridge between traditional and digital finance as well as the connection point between digital asset platforms. To that end, we are excited about the forthcoming launch of our digital asset platform which will enable tokenization of assets, funds and cash for institutional investors. As the wealth market expands globally, we have noted the importance of building upon our front-office wealth trading and portfolio construction capabilities at Charles River to further access this growing revenue pool.

展望未來，我們將策略性地將道富銀行定位為傳統金融和數位金融之間的橋樑，以及數位資產平台之間的連結點。為此，我們對即將推出的數位資產平台感到非常興奮，該平台將使機構投資者能夠實現資產、資金和現金的代幣化。隨著全球財富市場的擴張，我們注意到，查爾斯河公司需要加強前台財富交易和投資組合建構能力，以進一步獲得這個不斷成長的收入來源。

We achieved a key milestone of our wealth services strategy in 3Q with the announcement of a strategic partnership and minority investment in Apex Fintech Solutions. Through this partnership, State Street will leverage Apex's digital custody and clearing platform to expand our wealth services offerings in support of the high-growth wealth management industry. The partnership will deliver a differentiated, fully digital, globally scalable custody and clearing solution and experience for wealth advisers and self-directed wealth platforms as well as their clients around the world.

第三季度，我們宣布與 Apex Fintech Solutions 建立策略合作夥伴關係並進行少數股權投資，這是我們財富服務策略的一個重要里程碑。透過此次合作，道富銀行將利用 Apex 的數位託管和清算平台，擴大我們的財富服務產品，以支援高成長的財富管理產業。此次合作將為全球財富顧問、自主財富平台及其客戶提供差異化的、完全數位化的、全球可擴展的託管和清算解決方案及體驗。

As a result, this partnership will significantly strengthen State Street's investment servicing capabilities and build on our existing foundation to deliver the industry's first truly global digital wealth custody solution. The third quarter also marked an important milestone for State Street Investment Management, which reported record quarterly management fee revenue as period-end AUM climbed to a record $5.4 trillion, just one quarter after surpassing the $5 trillion mark for the first time.

因此，此次合作將顯著增強道富銀行的投資服務能力，並在我們現有基礎上，提供業界首個真正意義上的全球數位財富託管解決方案。第三季對道富投資管理公司而言也是一個重要的里程碑，該公司報告稱，季度管理費收入創歷史新高，期末資產管理規模攀升至創紀錄的 5.4 兆美元，而就在上一個季度，其資產管理規模才首次突破 5 兆美元大關。

We continue to innovate at pace, further strengthening our investment management capabilities to drive growth across several strategic focus areas. For example, we launched 11 select SPDR premium income ETFs, enabling investors to tap into sector-specific opportunities with enhanced income potential. Elsewhere, by broadening our suite of actively managed target maturity ETFs, we further strengthened our capabilities in fixed income solutions, which remains a key strategic priority.

我們持續快速創新，進一步加強投資管理能力，以推動多個策略重點領域的成長。例如，我們推出了 11 檔精選的 SPDR 高階收益 ETF，讓投資人能夠把握特定產業的投資機會，並獲得更高的收益潛力。此外，透過擴大我們主動管理的目標到期日 ETF 產品組合，我們進一步加強了我們在固定收益解決方案方面的能力，這仍然是一項關鍵的策略重點。

Importantly, the third quarter provided several compelling examples of how our partnerships with some of the world's leading investment firms are expanding and strengthening our client capabilities, positioning us for future growth.

重要的是，第三季提供了幾個令人信服的例子，說明我們與一些世界領先的投資公司的合作關係如何擴大和加強我們的客戶能力，為我們未來的成長奠定了基礎。

For example, in continued partnership with Apollo, we made further progress in expanding access to private markets with the launch of PRSD, an actively managed short-term bond ETF, which combines exposure to investment-grade public and private credit. We also launched the Euro-denominated AAA CLO UCITS ETF in partnership with Blackstone, building on our successful track record together, which includes actively managed high income and senior loan ETFs.

例如，我們與 Apollo 繼續合作，透過推出 PRSD（主動管理的短期債券 ETF），進一步擴大了進入私募市場的管道，該 ETF 結合了對投資等級公共和私人信貸的投資。我們也與黑石集團合作推出了以歐元計價的 AAA CLO UCITS ETF，延續了我們先前在積極管理的高收益和高級貸款 ETF 方面取得的成功業績。

Finally, in Europe, we entered a strategic partnership with Van Lanschot Kempen Investment Management that will drive further innovation across our respective investment offerings in this key strategic region. State Street Markets continued to see the results of its efforts to deepen client relationships, delivering strong year-over-year revenue growth in both securities finance and FX trading services.

最後，在歐洲，我們與 Van Lanschot Kempen 投資管理公司建立了策略合作夥伴關係，這將推動我們在這一關鍵策略區域的各自投資產品進一步創新。State Street Markets 繼續看到其深化客戶關係的努力取得成效，證券融資和外匯交易服務均實現了強勁的同比增長。

As a testament to the strength of our Markets franchise and the value we deliver to clients, we're proud that State Street was recognized with eight category wins in Euromoney Magazine's 2025 FX awards, doubling our achievements from 2024. These industry recognitions are strong endorsements of our continuous effort to deliver best-in-class trading and financing solutions, technology platforms and research to our clients globally.

為了證明我們市場業務的實力以及我們為客戶提供的價值，我們很自豪地宣布，道富銀行在《歐洲貨幣》雜誌 2025 年外匯獎項評選中榮獲八項大獎，比 2024 年的成績翻了一番。這些行業認可有力地肯定了我們為全球客戶提供一流交易和融資解決方案、技術平台和研究的持續努力。

Turning to our balance sheet. Our solid financial position has enabled us to return nearly $1.5 billion in capital to shareholders year-to-date through common share repurchases and dividends, including $637 million in the third quarter. As previously announced, we were pleased to increase State Street's quarterly per share common stock dividend by 11% to $0.84 in 3Q. We remain committed to returning capital to our shareholders.

接下來來看看我們的資產負債表。我們穩健的財務狀況使我們能夠透過普通股回購和分紅，在今年迄今向股東返還近 15 億美元的資本，其中第三季返還了 6.37 億美元。正如先前宣布的那樣，我們很高興地宣布，道富銀行第三季每股普通股股息將增加 11%，至 0.84 美元。我們始終致力於向股東返還資本。

Before I conclude my prepared remarks, I'd like to take a moment to extend my gratitude to Mark Keating for his outstanding leadership during his tenure as Interim Chief Financial Officer. Mark stepped into the role during a pivotal time and provided invaluable stability and leadership as we navigated the transition period. Mark will continue to play an important role in shaping our long-term financial strategy and driving enterprise-wide initiatives, working closely with John.

在我結束準備好的演講之前，我想藉此機會感謝馬克·基廷在擔任臨時首席財務官期間的出色領導。在關鍵時期，馬克挺身而出，為我們順利度過過渡期提供了寶貴的穩定性和領導力。馬克將繼續在製定我們的長期財務策略和推動企業範圍內的各項舉措方面發揮重要作用，並與約翰密切合作。

To conclude, the third quarter marked several strategic and performance milestones for State Street, reinforcing the effectiveness of our strategy. We delivered our seventh consecutive quarter of positive total operating leverage, excluding notable items, a clear indicator of sustained momentum.

總之，第三季是道富銀行取得多項策略和業績里程碑的時期，鞏固了我們策略的有效性。我們連續第七個季度實現了正的總經營槓桿率（不計特殊項目），這是持續成長動能的明顯標誌。

Our continued improving financial performance is supported by a range of tangible proof points that highlight how we are expanding product capabilities and driving innovation across the firm. These efforts continue to position us for future growth and long-term value creation for our shareholders.

我們持續改善的財務表現得到了一系列切實證據的支持，這些證據突顯了我們如何擴展產品能力並推動公司內部的創新。這些努力將繼續為我們未來的成長和為股東創造長期價值奠定基礎。

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

那麼，接下來我將把電話交給約翰，他將更詳細地為大家介紹本季的情況。

Thank you, Ron, and good morning, everyone. Turning to slide 3. As Ron mentioned, we delivered strong third quarter financial results that reflect healthy business momentum and consistent execution, driving EPS growth of 23% year-over-year to $2.78. Total revenue increased 9% year-over-year to approximately $3.5 billion and included fee revenue growth of nearly 12%, excluding notable items. Fee revenue growth was broad-based, supported by active client engagement amid a constructive market environment.

謝謝你，羅恩，大家早安。翻到第三張幻燈片。正如羅恩所提到的，我們第三季度財務業績強勁，反映了健康的業務發展勢頭和持續的執行力，推動每股收益同比增長 23% 至 2.78 美元。總收入年增 9% 至約 35 億美元，其中費用收入成長近 12%（不計重大項目）。在良好的市場環境下，積極的客戶互動推動了費用收入的全面成長。

Servicing fees were up 7%, management fees increased 16% and FX trading services and securities finance revenues were collectively up 17%, excluding notable items year-over-year. Expenses increased approximately 5% year-over-year to $2.4 billion as we continue to prudently manage our expense base, while also funding key strategic initiatives and technology investments to support future growth.

服務費年增 7%，管理費年增 16%，外匯交易服務和證券融資收入年增 17%（不包括重大項目）。由於我們繼續謹慎管理支出基礎，同時為關鍵策略措施和技術投資提供資金以支持未來的成長，支出年增約 5%，達到 24 億美元。

Taken together, our strong third quarter performance delivered substantial fee and total operating leverage of over 600 basis points and over 300 basis points, respectively, year-over-year and excluding notable items. Our pretax margin expanded approximately 270 basis points to 31%, while our return on tangible common equity was approximately 160 basis points higher at 21% compared to the year ago period.

綜合來看，我們強勁的第三季業績帶來了可觀的費用和總營運槓桿，年比分別超過 600 個基點和 300 個基點，且未計入重大項目。我們的稅前利潤率成長了約 270 個基點，達到 31%，而有形普通股股東權益回報率比去年同期成長了約 160 個基點，達到 21%。

Turning now to slide 4. Servicing fees increased 7% year-over-year, primarily driven by higher average market levels, net new business and the impact of currency translation. AUC/A reached a new record of $51.7 trillion, increasing 10% year-over-year, driven by higher period end market levels and strong client flows. We achieved nearly $50 million in servicing fee revenue wins in the quarter, bringing our year-to-date total to approximately $250 million.

現在請看第4張投影片。服務費年增 7%，主要受平均市場水準上升、淨新增業務和匯率變動的影響。AUC/A 達到 51.7 兆美元的新紀錄，年增 10%，主要得益於更高的周期性終端市場水準和強勁的客戶流量。本季我們獲得了近 5,000 萬美元的服務費收入，使我們今年迄今的總收入達到約 2.5 億美元。

We remain intensely focused on driving servicing fee revenue growth, particularly in core back-office solutions and private markets, which together account for the vast majority of both our third quarter and year-to-date wins. Our pipeline remains healthy and well diversified, and we are on track to meet our full year target of $350 million to $400 million. This momentum is reflected in our third quarter servicing fee revenue backlog of approximately $400 million, up roughly 40% from the prior year.

我們將繼續全力推動服務費收入成長，尤其是在核心後台解決方案和私募市場，這兩個市場加起來占我們第三季和今年迄今營收的絕大部分。我們的專案儲備依然健康且多元化，我們預計將實現全年 3.5 億至 4 億美元的目標。這一動能體現在我們第三季的服務費收入積壓約 4 億美元，比上年同期成長約 40%。

Installing our backlog remains a top priority as we focus on delivering consistent organic servicing fee growth in the quarters ahead. Additionally, we reported one new Alpha mandate win with another client going live in the quarter. As Ron noted, we recently finalized a strategic partnership and minority investment in Apex Fintech Solutions. This partnership will expand our wealth services offering through Apex's digital custody and clearing platform, and supports the long-term growth of our investment servicing business.

解決積壓訂單仍然是我們的首要任務，我們將專注於在接下來的幾季實現持續的有機服務費成長。此外，我們還報告了一項新的 Alpha 委託項目，另一位客戶在本季正式上線。正如 Ron 指出的那樣，我們最近完成了對 Apex Fintech Solutions 的策略合作和少數股權投資。此次合作將透過 Apex 的數位託管和清算平台擴展我們的財富服務產品，並支持我們投資服務業務的長期成長。

Turning to slide 5. Management fees increased 16% year-over-year to a quarterly record of $612 million, primarily driven by higher average market levels and net inflows. Assets under management increased 15% year-over-year to a record $5.4 trillion, supported by higher period end market levels and client inflows. Net inflows totaled $26 billion for the quarter, reflecting solid momentum across ETFs, cash and institutional index fixed income.

翻到第5張投影片。管理費年增 16%，達到季度創紀錄的 6.12 億美元，主要原因是平均市場水準和淨流入增加。受期末市場水準上升和客戶資金流入的支撐，管理資產年增 15%，達到創紀錄的 5.4 兆美元。本季淨流入資金總計 260 億美元，反映出 ETF、現金和機構指數固定收益市場的強勁成長動能。

In ETFs, our US low-cost suite continued to gain market share, achieving record flows in the quarter. Our gold ETF suite further strengthened its market leadership, reaching a record AUM of approximately $145 billion. This strong performance reflects both robust inflows, supported by our expanded distribution globally, as well as elevated spot prices. As Ron mentioned, innovation remains a cornerstone of our investment management growth strategy.

在 ETF 方面，我們的美國低成本產品系列繼續擴大市場份額，本季實現了創紀錄的資金流入。我們的黃金ETF產品組合進一步鞏固了其市場領先地位，資產管理規模達到約1,450億美元，創歷史新高。這一強勁的業績反映了強勁的資金流入（得益於我們擴大的全球分銷網絡）以及高企的現貨價格。正如羅恩所說，創新仍然是我們投資管理成長策略的基石。

In the third quarter, we launched 39 new products, including an expansion of our select sector suite and new alternatives exposures. These initiatives broaden the capabilities available to clients and support organic net new asset growth. We are encouraged by the robust performance of our investment management business in the third quarter, which delivered a pretax margin of approximately 36%, up nearly 600 basis points from the prior year quarter.

第三季度，我們推出了 39 款新產品，包括擴大我們的精選行業系列產品線和新增另類投資產品。這些措施拓寬了客戶可獲得的能力，並支持有機淨新增資產成長。我們對投資管理業務第三季的強勁表現感到鼓舞，該季度稅前利潤率約為 36%，比上年同期增長了近 600 個基點。

Turning to slide 6. State Street Markets delivered strong third quarter results with solid year-over-year growth in both FX trading services and securities finance. Our Markets franchise is strategically positioned to support both our investment services and investment management businesses, delivering integrated value across the entire franchise. FX trading revenue increased 16% year-over-year, excluding prior period notable items.

翻到第6張投影片。State Street Markets 第三季業績表現強勁，外匯交易服務和證券融資業務均實現了穩健的年成長。我們的市場業務策略定位旨在支援我們的投資服務和投資管理業務，從而在整個業務範圍內提供綜合價值。不計前期重大項目，外匯交易收入年增 16%。

While FX volatility was relatively muted, client volumes increased 11% year-over-year with strong growth across all of our trading venues. Securities finance revenues increased 19% year-over-year driven by robust balance growth across both Agency Lending and Prime Services. In Agency Lending, third quarter performance benefited from increased assets on loan and specials activity while in Prime Services, our targeted client engagement supported solid revenue growth for the quarter.

儘管外匯波動相對平緩，但客戶交易量年增 11%，所有交易場所均實現了強勁成長。證券融資收入年增 19%，這主要得益於代理貸款和主要服務業務餘額的強勁增長。在代理貸款業務方面，第三季業績受益於貸款資產增加和特殊活動；而在優質服務業務方面，我們針對客戶的積極參與支持了該季度穩健的收入成長。

Moving to slide 7. Software and processing fees increased 9% year-over-year. Front office software and data revenue increased 14% year-over-year, driven by higher on-premises renewals, growth in professional services and continued expansion of software-enabled revenue, as we converted and implemented more clients onto our cloud-based SaaS platform.

切換到第7張投影片。軟體和處理費用較去年同期成長 9%。前台軟體和數據收入年增 14%，這主要得益於本地部署續約率的提高、專業服務的增長以及軟體支援收入的持續擴張，因為我們將更多客戶轉換並部署到基於雲端的 SaaS 平台上。

In turn, annual recurring revenue increased by approximately 13% year-over-year to approximately $400 million in the third quarter. Our front office revenue backlog remains healthy, increasing 45% year-over-year and reinforcing our confidence in the future growth of this business.

反過來，第三季年度經常性營收年增約 13%，達到約 4 億美元。我們的前台業務收入儲備依然充足，年增 45%，增強了我們對該業務未來成長的信心。

Moving to slide 8. Net interest income of $715 million was down 1% year-over-year. This performance reflects an 11-basis point decline in the net interest margin to 96 basis points, primarily driven by lower average short-end rates and deposit mix shift, partially offset by the reinvestment of securities portfolio cash flows at higher yields and higher interest-earning assets supported by higher deposit balances.

切換到第8張投影片。淨利息收入為 7.15 億美元，年減 1%。這項績效反映出淨利差下降了 11 個基點至 96 個基點，主要原因是短期平均利率下降和存款結構變化，部分被證券投資組合現金流以更高收益率進行再投資以及更高的生息資產所抵消，而更高的存款餘額則為此提供了支持。

On a sequential basis, net interest income declined 2%, primarily due to a reduction in the interest earning assets resulting from lower deposit balances compared to elevated second quarter levels, as well as lower average short-end rates. These factors were partially mitigated by the reinvestment of securities portfolio cash flows at higher yields, along with continued client-driven loan growth which contributed to an improvement in interest-earning asset mix supporting a stable net interest margin on a linked-quarter basis.

與上一季相比，淨利息收入下降了 2%，主要原因是與第二季較高的存款餘額相比，存款餘額下降導致生息資產減少，以及平均短期利率下降。這些因素部分被證券投資組合現金流以更高收益率進行再投資所緩解，同時客戶驅動的貸款持續增長也促進了生息資產組合的改善，從而在季度環比基礎上維持了穩定的淨息差。

Turning to slide 9. Expenses increased approximately 5% year-over-year, primarily driven by continued investments in technology and strategic initiatives, higher revenue-related costs and the impact of currency translation, partially offset by continued productivity savings.

翻到第9張投影片。支出較去年同期成長約 5%，主要原因是持續投資於技術和策略措施、收入相關成本增加以及貨幣換算的影響，部分被持續的生產力提升所抵消。

Compensation-related costs were well contained, increasing 2% year-over-year in the third quarter. This increase was primarily driven by higher salaries and benefits and the impact of currency translation, partially mitigated by a reduction in head count, including from ongoing operating model transformation and process improvements.

與薪酬相關的成本得到了很好的控制，第三季年增 2%。這一成長主要是由於更高的薪資和福利以及貨幣換算的影響，部分被人員減少所緩解，包括持續的營運模式轉型和流程改善。

Information Systems and communications expense increased 12% year-over-year, primarily due to ongoing investments in platform modernization and resiliency, AI tools, enhanced data delivery and improved user experience, as well as higher client implementation activity and volumes. In parallel, we continue to advance our productivity and optimization initiatives, generating approximately $125 million in year-over-year savings during the quarter.

資訊系統和通訊支出較去年同期成長 12%，主要原因是持續投資於平台現代化和彈性、人工智慧工具、增強資料交付和改善使用者體驗，以及更高的客戶實施活動和數量。同時，我們繼續推進生產力提升和優化計劃，本季實現了約 1.25 億美元的年比節省。

These efforts have delivered approximately $370 million of savings year-to-date, keeping us firmly on track to achieve our full year savings target of $500 million. Our ongoing productivity and other savings initiatives have enabled us to deliver both fee and total operating leverage while also creating capacity to invest strategically in growth areas such as wealth services, Alpha, private markets, AI and process automation.

這些努力今年迄今已節省了約 3.7 億美元，使我們穩步朝著全年節省 5 億美元的目標邁進。我們持續推動生產力提升和其他節約措施，使我們能夠在提高手續費和整體營運槓桿的同時，創造能力對財富服務、Alpha、私募市場、人工智慧和流程自動化等成長領域進行策略性投資。

Moving to slide 10. Our standardized CET1 ratio was 11.3% at quarter end, up approximately 60 basis points quarter-over-quarter reflecting capital generated from earnings and a decline in risk-weighted assets coming off of the elevated FX volatility of the prior quarter.

切換到第10張投影片。截至季末，我們的標準化 CET1 比率為 11.3%，環比增長約 60 個基點，反映了盈利產生的資本以及由於上一季外匯波動性加劇而導致的風險加權資產下降。

We returned $637 million of capital to common shareholders during the third quarter, consisting of $400 million in common share repurchases and $237 million in declared common stock dividends for a total payout ratio of 79%. As Ron noted, in the third quarter, we were pleased to increase our per share quarterly common dividend by 11% to $0.84.

第三季度，我們向普通股股東返還了 6.37 億美元的資本，其中包括 4 億美元的普通股回購和 2.37 億美元的已宣布普通股股息，總派息率為 79%。正如 Ron 指出的那樣，在第三季度，我們很高興地將每股季度普通股股息提高了 11%，達到 0.84 美元。

To wrap up, let's turn to our outlook, which, as a reminder, excludes notable items. Building on our strong year-to-date performance and a constructive market environment, we now expect 2025 total fee revenue growth in the 8.5% to 9% range, an improvement to our prior outlook of at or slightly above the 5% to 7% range. We expect full year NII to be down slightly relative to last year's record performance.

最後，讓我們來看看前景，需要提醒的是，前景展望不包括一些重要事項。憑藉今年迄今的強勁業績和良好的市場環境，我們現在預計 2025 年總費用收入增長將達到 8.5% 至 9%，比我們之前預期的 5% 至 7% 或略高一些有所改善。我們預計全年淨利息收入將比去年的創紀錄表現略有下降。

Turning to expenses. With our improved outlook for fee revenue, full year expense growth is now expected to be roughly 4.5%, up from our prior outlook of the upper end of the 3% to 4% range, reflecting ongoing investments in technology and strategic initiatives along with higher revenue-related costs. Importantly, we continue to generate significant positive fee and total operating leverage this year.

接下來談談費用。由於我們對手續費收入的預期有所改善，全年支出增長預計約為 4.5%，高於我們之前預期的 3% 至 4% 區間的上限，這反映了我們對技術和戰略舉措的持續投資以及與收入相關的成本增加。重要的是，我們今年繼續產生顯著的正向費用和總營運槓桿效應。

And given where we are in the year, our full year outlook implies that for the fourth quarter, fee revenue will be flat to down slightly quarter-over-quarter, reflecting a normalization in other fee revenue from an elevated 3Q while suggesting a sequential increase in NII.

鑑於目前的情況，我們的全年展望表明，第四季度手續費收入將與上一季度持平或略有下降，這反映出其他手續費收入從第三季度的較高水平恢復正常，同時表明淨利息收入將環比增長。

And on expenses, our updated full year outlook suggests that expenses will be up slightly in 4Q compared to the prior quarter. Finally, we continue to target a total payout ratio of approximately 80% for 2025, subject to market conditions and other factors while also deploying capital to support our clients, drive organic growth and fund strategic investments.

至於支出方面，我們更新後的全年展望顯示，第四季支出將比上一季略有上升。最後，我們仍將2025年的總派息率目標設定為約80%，具體派息率將視市場狀況和其他因素而定，同時我們也將投入資金來支持我們的客戶、推動內生成長並為策略投資提供資金。

In conclusion, our third quarter results reflect the strength of our execution and the resilience of our strategy, driving consistent business momentum and delivering meaningful fee and total operating leverage. On a personal note, I'm excited to be partnering with Ron and the rest of the State Street management team and I'm very optimistic about the opportunity ahead of us at State Street as we aim to build upon the strong results we've achieved year-to-date.

總而言之，我們第三季的業績反映了我們執行力的強勁和策略的韌性，推動了業務的持續成長勢頭，並帶來了可觀的費用和總營運槓桿效應。就我個人而言，我很高興能與 Ron 和 State Street 管理團隊的其他成員合作，並且對 State Street 的未來發展機會充滿信心，我們的目標是在年初至今取得的強勁業績基礎上再創佳績。

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

操作員，現在我們可以開始接受提問了。

(Operator Instructions)

（操作說明）

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Hi. Good morning, everybody. Thank you for the questions. John. Welcome to the call. I wanted to maybe get your thoughts as you kind of get your feet wet with the new business here for State Street. How are you thinking about both the balance sheet management and sort of operating dynamics in the company.

你好。各位早安。謝謝大家的提問。約翰。歡迎參加通話。我想聽聽你對在道富銀行開展這項新業務的看法，畢竟你還在摸索階段。您是如何看待公司的資產負債表管理和營運動態的？

Any additional steps you're looking to pursue as far as just kind of your early observations across the business go either on the capital management, expense management, NII? Any other thoughts would be helpful just to get your first impressions.

就您目前對公司業務的初步觀察而言，例如資本管理、費用管理、淨利息收入等方面，您是否還有其他計劃採取的措施？任何其他想法都將有助於我了解您的第一印象。

Yeah. Thanks for the question, and good to be on the call. I mean, I think maybe I mentioned this previously at a conference that I think about the priorities broadly. It starts with just partnering with the management team to drive execution and profitability. And as I'm completing my month two here, I'm exceptionally impressed with the level of innovation and momentum that we have here at State Street.

是的。謝謝你的提問，很高興能參加這次電話會議。我的意思是，我想我之前可能在某個會議上提到過，我會從更廣泛的角度思考優先事項。首先要做的就是與管理團隊合作，推動執行和獲利。我在這裡工作已經快兩個月了，我對道富銀行的創新水平和發展勢頭印象深刻。

And so that's the foundation that I thought I was joining and all systems go on that front. So excited there. I will say that where are some of the areas that I'll be partnering with Ron and the management team on, I will spend time in the balance sheet space. I think there are optimization opportunities on the balance sheet that I've been digging into in my early days here. So that will be nice to see as that plays out in the coming quarters.

所以，這就是我以為我要加入的基金會，而且這方面一切都很順利。我太興奮了。我要說的是，我將與 Ron 和管理團隊合作的一些領域，其中我會花些時間在資產負債表方面。我認為資產負債表上存在一些優化機會，我剛來公司的時候一直在深入研究這些機會。所以，接下來幾季的發展值得關注。

But the other couple of items I'd also hasten to add is there's an exceptional opportunity in the productivity space that this management team has been hard at for quite some time, but there is a lot ahead of us that we can accomplish together that's got a lot of tailwinds associated with it heading into 2026. And that gives us opportunity to continue to invest and drive tech-related innovation over time.

但我還要趕緊補充兩點：一是生產力領域存在著一個絕佳的機會，管理團隊已經為此努力了相當長一段時間；二是未來還有很多我們可以共同完成的事情，而且到 2026 年，我們將迎來很多有利因素。這讓我們有機會持續投資並推動科技相關的創新。

And I'll be plugging in on that front. And then lastly, all of the strategic initiatives that we have in front of us, both within the United States and around the world with respect to geographic expansion and product development. Those are broadly the areas of optimization and focus that I think I'm going to be looking at.

我也會在這方面投入精力。最後，我們面前還有許多策略舉措，包括在美國境內和全球範圍內的地域擴張和產品開發。這些大致上就是我接下來要關注的最佳化和重點領域。

And then just bringing it back to the specific point you raised with respect to balance sheet based upon all of that, maybe just to add, you look at some of the balance sheet trends more in the micro here at the end of the third quarter heading into the fourth quarter, there are really solid trends coming out of all of that, some strong deposit flows.

然後，回到你剛才提出的關於資產負債表的具體觀點，基於以上所有因素，或許可以補充一點，從微觀角度來看，在第三季度末進入第四季度之際，資產負債表的一些趨勢確實非常穩健，存款流入強勁。

You saw our net interest margin was flat quarter-over-quarter as you may have seen in the overall guide for the year. We’re seeing net interest income and net interest margin, both headed up as we head into the fourth quarter with some solid tailwinds there. So that's encouraging. And I think there's more opportunities on the balance sheet to keep that momentum heading into '26.

正如您在全年整體績效指引中所看到的，我們的淨利差較上季持平。我們看到，隨著第四季的到來，淨利息收入和淨利差都將上升，這得益於一些強勁的利多因素。這令人鼓舞。我認為，在資產負債表上還有更多機會，可以保持這種勢頭進入 2026 年。

Great. That's helpful. Thank you. And then just as a follow-up related to NII, your point just now around NII improving in the fourth quarter relative to the third quarter, is it a function of just the balances being higher and know they tend to pick up seasonally? Or is there something more specific that you guys are already starting to work through to drive NII higher from here?

偉大的。那很有幫助。謝謝。然後，關於淨利息收入 (NII)，您剛才提到第四季度淨利息收入 (NII) 相對於第三季度有所改善，這僅僅是因為餘額較高，而我們知道餘額往往會隨著季節變化而增加嗎？或者，你們是否已經開始著手解決一些更具體的問題，以推動NII進一步提高？

Yeah, it's a good question. We did see the balance sheet come down in the third quarter. I think the outlook into the fourth quarter is for the balance sheet size to be about stable. So I wouldn't call that the reason why we see NII and net interest margin rising into the fourth quarter, but it is important to stabilize that and the all-important deposit levels, which were down this quarter, overall, but frankly, mix was improved into the third quarter.

是的，這是個好問題。我們確實看到資產負債表在第三季有所下降。我認為第四季資產負債表規模將保持穩定。因此，我不會把這稱為我們看到淨利息收入和淨息差在第四季度上升的原因，但穩定淨利息收入和至關重要的存款水平非常重要，本季度存款水平總體下降，但坦白說，第三季度存款結構有所改善。

Non-interest-bearing deposits held in, and we expect that to continue into 4Q, and we see deposits stabilizing with a number of tailwinds there that will ensure that stable deposits is something that we can count on in 4Q. I'd say the real drivers are more about some other non-rate-related tailwinds.

不計息存款得以保留，我們預計這種情況將持續到第四季度，我們看到存款趨於穩定，這得益於諸多利好因素，這些因素將確保第四季度存款保持穩定。我認為真正的驅動因素更多是與利率無關的其他一些利好因素。

So we’ve got the recurring turnover of the investment portfolio where you see cash flows maturing at lower rates being reinvested at higher rates. That was a tailwind in the third quarter. It will continue to be one in the fourth quarter and beyond.

因此，我們看到投資組合的經常性週轉，即以較低利率到期的現金流量以較高利率進行再投資。第三節比賽我們佔了上風。這種情況在第四季及以後仍將持續。

I'd also highlight the fact that in the past, we had terminated some interest rate risk management hedges and the negative drag related to that is already in our third quarter run rate, that's going to start to run down in the fourth quarter, which will become a recurring tailwind in 4Q and in 2026, those two sort of mostly non-rate-related tailwinds are giving us some good confidence about not only net interest margin growth in the fourth quarter, but those tailwinds will continue into 2026.

我還想強調一點，過去我們終止了一些利率風險管理對沖，由此產生的負面影響已經體現在我們第三季度的業績中，這種情況將在第四季度開始緩解，並成為第四季度和2026年的持續利好因素。這兩個主要與利率無關的利多因素讓我們對第四季的淨利差成長充滿信心，而這些利多因素將持續到2026年。

And I see some positive mix opportunities on an ongoing basis. So when you see how we're serving our customers in the loan space, loan mix was an improvement in 3Q, and I can see that being a potential supporter over time as well. So yeah, feeling pretty constructive about 4Q NIM and NII.

而且我看到一些正面的組合機會正在不斷湧現。所以，當你看到我們在貸款領域如何為客戶提供服務時，你會發現第三季的貸款組合有所改善，而且我認為隨著時間的推移，這也有可能成為一個有利因素。所以，我對第四季的淨利差和淨利息收入感覺相當樂觀。

Great. Awesome. Thank you very much.

偉大的。驚人的。非常感謝。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Thanks very much. Maybe just a quick follow-up on that conversation. I think a couple of us have asked this in the past, but John, you being new to the party and getting a fresh look. I wonder how you think about -- or how we should think about this year, State Street struggling around flat on net interest income; last year, as you mentioned, record net interest income at your peers, this year is a good year. So I'm just trying to think from your fresh eyes, is there something different about the client mix?

非常感謝。或許只是想就那次談話做個簡短的後續跟進。我想我們當中有些人以前問過這個問題，但是約翰，你是新加入的，需要一些新的視角。我想知道您如何看待——或者我們應該如何看待——今年道富銀行的淨利息收入基本持平；正如您所提到的，去年道富銀行的淨利息收入在同行中創下歷史新高，今年算是不錯的一年。所以我想從你全新的視角思考，客戶組成方面有什麼不同嗎？

Is there something different about how you interact with the client base and ways you can talk through what operating deposits clients can park with you? Because your business overall grows plenty and deposits usually come along with that. So we don't have to rehash [all] the deposit beta stuff, but should we expect -- I'm curious to get your thoughts on that? And then should we expect similar enough performance going forward in '26 and beyond or is there something about the client mix that just deposits are different and you got to look at the totality of the earnings?

您在與客戶互動以及向客戶介紹他們可以存放在您這裡的營運存款方面，有什麼不同之處嗎？因為您的企業整體發展壯大，存款通常也會隨之而來。所以我們不必再贅述存款測試版的相關內容了，但是我們該期待什麼呢？我很想聽聽你們的看法？那麼，我們是否應該預期 2026 年及以後會有類似的業績表現，還是說客戶組成發生了變化，導致存款額有所不同，我們需要從整體收益的角度來看待這個問題？

Yeah. I mean a couple of comments, and we'll spend some more time on this as we get to the 2026 outlook. We'll cover this in a fair bit of additional detail. But I do observe that what drives the bus here on the balance sheet is going to be deposit levels, both the level and quality of the mix of deposits and that’s pretty true for almost all banks, right? And so when I think about the trends in the deposit base, I think the macro is coming together relatively with a net tailwind, certainly heading into 4Q, we'll update in January, again, but in all likelihood into 2026.

是的。我的意思是，這裡先提幾點意見，等我們展望 2026 年的時候，我們會花更多時間討論這個問題。我們將對此進行更詳細的介紹。但我注意到，資產負債表上真正起作用的是存款水平，包括存款的水平和質量，這對幾乎所有銀行來說都是如此，對吧？因此，當我考慮存款基礎的趨勢時，我認為宏觀經濟正在相對朝著有利的方向發展，尤其是在第四季度，我們將在1月份再次更新，但很可能持續到2026年。

And the few tailwinds I'd highlight, when you have the rate environment, we're adding -- we started the easing cycle that likely continues in the fourth quarter, maybe a bit into '26 as well as we see where rates are headed. That's typically a tailwind for deposit levels and often good for mix. You heard Chairman Powell talk about possibly QT ending. That also is a solid tailwind for system-level deposits.

而我要強調的幾個利好因素是，在當前的利率環境下，我們正在增加——我們已經開始了寬鬆週期，該週期可能會持續到第四季度，甚至可能延續到 2026 年，這取決於我們觀察利率的走向。這通常有利於提高存款水平，而且往往有利於產品混合。你聽到鮑威爾主席談到量子技術可能終結了。這對系統級沉積物來說也是一個強勁的順風。

And just bringing it back to really the core franchise in terms of our fee-based drivers, AUC/A drivers are all coming together quite nicely, and we'll talk about that being a really solid tailwind for deposit levels, which is where we generate our deposits. So when I look at -- when I put all that together, I feel pretty good about the fact that the balance sheet being stable to rising over time is coming together nicely.

回到我們的核心特許經營權，就我們的收費驅動因素而言，AUC/A 驅動因素都發展得相當不錯，我們將討論這將對存款水平產生多麼強勁的推動作用，而存款正是我們產生存款的方式。所以當我把所有這些因素綜合起來考慮時，我對資產負債表保持穩定並隨著時間的推移而增長的趨勢感到非常滿意。

And then you flip over to the other drivers, which would be impact of rates where we're somewhat diversified across -- we've got a balance sheet, majority of the balance sheet is in the US, but the asset sensitivity on the short end is close to neutral there. And then we have exposures to the euro area as well as sterling that -- where there's a different rates that we're asset sensitive outside the US, and it seems like rate stability there tells me that rates won't be nearly the headwind that it was year-over-year.

然後，你再來看看其他驅動因素，例如利率的影響，我們在這方面有一定的多元化——我們擁有資產負債表，大部分資產負債表在美國，但短期資產的敏感度接近中性。此外，我們對歐元區和英鎊也有風險——這些地區的利率與我們在美國以外的資產利率不同，而美國的利率穩定似乎表明，利率不會像去年那樣成為不利因素。

And then finally, the mix and the optimization work that we're going to continue to do. I think, along with the idiosyncratic factors I mentioned about 4Q with terminated hedges running off as well as the turnover of the balance sheet and investment portfolio in particular, where cash flows are getting reinvested at higher levels, which are less rate-dependent: all of that comes together with some pretty solid forces that we'll talk to you more about in January to put it all together, but feeling pretty optimistic about some of the tailwinds there going forward.

最後，我們也要繼續進行混音和優化工作。我認為，除了我之前提到的第四季度一些特殊因素，例如終止的對沖到期以及資產負債表和投資組合的更替（特別是現金流以更高的水平進行再投資，而這些水平受利率的影響較小）之外，所有這些因素都與一些相當可靠的因素結合在一起，我們將在1月份與您詳細討論這些因素，以便將所有這些因素都與一些相當可靠的因素結合在一起，我們將在1月份與您詳細討論這些因素，以便將所有內容整合起來，但我對未來的一些好因素感到非常樂觀。

I appreciate all that. Maybe a quickie on the investment management side. You've a lot of product innovation, a lot of good flows and more to come; like it. I don't know if you mentioned, I apologize if I missed it, what the outflows were on the institutional side. And then the bigger picture is, maybe talk a little bit towards your aspirations outside of your core footprint, meaning it would be blasphemy in the past, if I asked if State Street was going to broaden their actively managed footprint, but actually the world is a little different. There's more growth avenues. So outside of your core ETF and passive business, maybe longer-term aspirations? Thank you for all that.

我非常感激。或許可以快速談談投資管理方面的事情。你們有很多產品創新，很多流暢的流程，而且未來還會有更多；我喜歡這樣。我不知道您是否提到過，如果我錯過了，我深表歉意，機構方面的資金流出情況如何。從更宏觀的角度來看，或許可以稍微談談你在核心業務範圍之外的抱負。這意味著，如果我問道富銀行是否會擴大其主動管理的業務範圍，在過去會被視為褻瀆神明，但實際上，世界已經有所不同了。還有更多發展途徑。所以，除了核心的 ETF 和被動投資業務之外，您還有什麼更長遠的規劃嗎？謝謝你所做的一切。

Glenn, it's Ron. Why don't I take that, and John can add in. On flows, we were positive as you saw, but that was net of some outflows in institutional, mostly around one particular client, and these things happen. To your broader question, we know what our strengths are and our strengths are in the passive and systematic exposures from an asset management perspective, we're also a leader in product structures, such as ETFs and target date funds.

格倫，我是羅恩。不如我來做，約翰可以補充進去。如您所見，資金流動方面我們為正，但這扣除了機構資金的一些流出，主要圍繞一個特定客戶，這種情況時有發生。對於您提出的更廣泛的問題，我們知道我們的優勢是什麼，從資產管理的角度來看，我們的優勢在於被動和系統性投資，我們也是 ETF 和目標日期基金等產品結構的領導者。

And we've been able to turn the SPDR franchise into a platform that's recognized and operating around the world and operates really as a distributor for us and others. So we have actually broadened quite significantly beyond that core passive but typically have been doing it, well, in the fixed income space, doing it ourselves, but then outside of that with key partnerships, I talked about some of them. Some of them are recent, such as Apollo.

我們已經能夠將 SPDR 特許經營權發展成為一個在全球範圍內得到認可和運營的平台，並且真正作為我們和其他公司的分銷商運作。所以，我們實際上已經大大擴展了核心被動投資的範圍，但通常情況下，我們都是自己在固定收益領域進行投資，但在其他領域，我們也會與一些重要的合作夥伴進行合作，我剛才談到了其中的一些。其中一些是近期的，例如阿波羅計劃。

Some of them go back years, really strong partnerships with the likes of Blackstone. And we will continue to do that. More and more, you see firms coming together, recognizing that a platform like the SPDR platform is hard to replicate. There really is a limited number of platforms like that. And the fact that ours is open architecture in the sense that we will work with high-quality partners. So you'll see us expand that way. And then to the extent to which there's select opportunities for us to move into active, we're only going to do that in places where, one, we think we can actually add value to clients; and two, that it can generate scalable, repeatable revenues as a way to think about it.

有些合作關係可以追溯到多年前，與黑石集團等公司建立了非常牢固的夥伴關係。我們將繼續這樣做。越來越多的公司開始聯合起來，意識到像 SPDR 平台這樣的平台很難複製。像這樣的平台確實數量有限。而且，我們的架構是開放式的，因為我們將與高品質的合作夥伴合作。所以你會看到我們朝這個方向擴張。然後，如果出現一些我們可以積極參與的特定機會，我們只會在以下情況下這樣做：第一，我們認為我們能夠真正為客戶增加價值；第二，它可以產生可擴展、可重複的收入。

Ron, thanks for all that. Appreciate it.

羅恩，謝謝你所做的一切。謝謝。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Hi. Can you hear me?

你好。你聽得到我嗎？

We can, Mike.

可以，麥克。

Hey. So John, back to that fresh set of eyes, State Street stock for the last five years has underperformed the bank index by about 10 percentage points. And one of your big competitors by over 100 percentage points. So recently, State Street showed better fee growth, better operating leverage, innovation. And clearly, you wouldn't have come to State Street if you didn’t see some potential to provide greater shareholder value than has been delivered for the last five years.

嘿。所以約翰，讓我們換個角度來看，在過去五年裡，道富銀行的股票表現比銀行指數低了約 10 個百分點。而且比你的一個主要競爭對手高出 100 多個百分點。最近，道富銀行在手續費成長、營運槓桿和創新方面都表現出了更好的表現。顯然，如果你沒有看到State Street有潛力為股東創造比過去五年更大的價值，你就不會來這裡投資。

So with that -- and especially with less credit risk compared to your old firm, too. So what do you think is not understood about the State Street story and what would you do to help change that? And then kind of separate but related, Ron, I was just wondering kind of how many more years you're thinking about staying on as CEO. Thank you.

因此，與你以前的公司相比，信用風險也更低。那麼，你認為人們對道富銀行的故事有哪些不了解的地方呢？你會如何幫助改變這種狀況？還有一件事，Ron，這個問題雖然有點獨立但又相關，我只是想知道你打算再擔任CEO多少年。謝謝。

Thanks, Mike. I'm happy to take that first part. And I think here's what I find exceptionally interesting. When you look at the fee-based tailwinds here, and in the third quarter, in particular, the core growth, even when you strip out market and FX on the investment management side, since we just spoke about that, is 5% year-over-year just core net growth, excluding the other tailwinds. And same on the servicing fee side of things where there's 2% net growth year-over-year and the tailwinds there continue to grow.

謝謝你，麥克。我很樂意承擔第一部分的工作。我覺得以下這一點特別有趣。當你觀察這裡的收費利好因素，尤其是在第三季度，即使剔除投資管理方面的市場和外匯因素（我們剛才已經談到了這一點），核心增長也達到了同比增長 5%，這還不包括其他利好因素。服務費方面的情況也類似，年增 2%，而且這方面的利多因素還在持續成長。

When you look at the composition of our backlog and the pace of installations and in servicing and what you see from an innovation standpoint on the management side of things, I think that story is underappreciated. I think the opportunities over the medium term on the fee revenue side of things is underappreciated. I also think that the strategic overlap of our Markets business with Investment Management and Investment Services is also underappreciated and just how integrated that service offering is.

當你審視我們積壓訂單的組成、安裝和服務的速度，以及從管理方面的創新角度所看到的情況時，我認為這個故事被低估了。我認為，中期內費用收入的機會被低估了。我也認為，我們的市場業務與投資管理和投資服務之間的策略重疊程度被低估了，而且這種服務組合的整合程度遠未得到充分重視。

And I think we'll try to do a better job of shining and highlighting all of those things across those three large businesses. The second thing that comes to mind is the stability and visibility to net interest margin and NII over time, I think we have opportunity there. And it's right in front of us. We have an exceptionally attractive deposit growth opportunity driven by our custody growth over time and a number of optimization opportunities that will allow us to, I believe, manage that in a way that creates more shareholder value in the future.

我認為我們會努力更好地突出和宣傳這三大業務領域的所有這些優勢。其次，我認為淨利差和淨利息收入的穩定性和可見性，以及長期來看的穩定性和可見性，都為我們提供了機會。它就在我們眼前。隨著託管業務的不斷增長，我們的存款成長機會極具吸引力，同時我們還有許多優化機會，我相信這些機會將使我們能夠以一種在未來創造更多股東價值的方式來管理存款成長。

And then maybe I'll just close out with -- on the expense front. The management team has done a heck of a lot from what I can see in my – I’m in month two here. But from what I can see, there's been just massive movement in productivity, but there's a huge amount in front of us, which I find very exciting. All of that is our resources to continue to reallocate to customer-centric investments as well as potentially share that to the bottom line on profitability. So that's what I was hoping to see, check the box across the board with some upside and even more excitement being inside the place than even when I was outside State Street. So that's how I would talk about it.

最後，我可能就以──關於費用方面──作為結尾。從我在這裡的第二個月來看，管理團隊已經做了很多工作。但就我所見，生產力已經有了巨大的提升，但我們面前還有巨大的挑戰，這讓我感到非常興奮。所有這些都是我們可繼續重新分配到以客戶為中心的投資中的資源，並有可能將其轉化為利潤。所以這就是我希望看到的，各方面都符合預期，而且還有一些積極的方面，甚至比我在州街外面時更加興奮。這就是我會談論它的方式。

And Mike, on your question, I will remain as CEO as long as the Board and myself are confident in my leadership and ability to add value that translates into continuing improving shareholder value creation.

麥克，關於你的問題，只要董事會和我自己對我的領導能力和創造價值的能力有信心，並且這種價值能夠轉化為持續提高股東價值，我就會繼續擔任執行長。

Ken Usdin, Autonomous.

Ken Usdin，自主。

Sorry about that. I was trying to find the button. On the fee side, guys, I just wanted to ask, we saw another 350-plus of wins this quarter, good underlying strength on the services side. Can you just talk about any update to your expected trajectory of how that comes on, especially now that we're towards the year with 40-ish this year, and just more importantly, how are those installations going?

抱歉。我當時正在找那個按鈕。各位，關於費用方面，我想問一下，我們本季又贏得了 350 多筆交易，服務方面的基本面非常強勁。您能否談談您預期進展的最新進展，特別是今年我們即將迎來 40 週年左右，更重要的是，這些安裝工作進展如何？

Just still some talk in the market about whether things are going as smoothly as we wanted to see on Alpha or not. So I just kind of want to talk -- ask to kind of talk through the installation cycle and the timing of those, that win base.

市場上仍有一些關於 Alpha 專案進展是否如我們所願順利的討論。所以我想談談——想和大家聊聊安裝週期和時間安排，以及最終的成功案例。

Yeah, great. I'll start off there and others may add. But $400 million in backlog at 9/30; significant increase year-over-year that we see the installation outlook there to be quite attractive, with as much as half of that being installed by the end of the year and a significant portion of the remainder being done by the end of 2026.

好的，太棒了。我先從這裡開始，其他人可以補充。但截至 9 月 30 日，積壓訂單達 4 億美元；與去年同期相比大幅成長，我們認為該地區的安裝前景相當誘人，其中多達一半將在年底前安裝完畢，其餘大部分將在 2026 年底前完成。

So that backlog level probably comes down a bit, which is reflective of installation pace. But we're going to want a healthy backlog balanced by sales and installations over time, but we're feeling pretty good about the installation cycle on the backlog from 9/30.

因此，積壓的工作量可能會下降，這反映了安裝速度的加快。但我們希望積壓訂單能夠保持健康，並透過銷售和安裝來維持平衡，但我們對 9 月 30 日開始的積壓訂單的安裝週期感覺相當不錯。

Yeah. In terms of how is it going? I mean we're largely on track to what we said we would do at the beginning of the year. We said that there was a real focus on installations that was a combination of, one, some of the early development kinds of things that we were doing with some of the earlier-on output partners, we're coming to a close and being installed, and there's been a lot of progress on that this year.

是的。進展如何？我的意思是，我們基本上正朝著年初制定的目標穩步前進。我們說過，今年我們真正關注的是安裝工作，這包括：一是我們與一些早期產出合作夥伴開展的一些早期開發工作，這些工作即將完成並進行安裝，今年在這方面取得了很大的進展。

And then secondly, just getting better and more repeatable at it. We've really focused on turning this into a one-at-a-time kind of thing to a repeatable process and building installation into the early sales and engineering phases of the Alpha discussions, which is helping us immensely. And as John noted, as some of the later businesses come on, it's actually on a faster implementation pace than some of the earlier businesses, which is what you want to see from us.

其次，就是要不斷提升自己的水平，讓這項技能更穩定可重複。我們一直致力於將這種一次只能做一件事的事情轉變為一個可重複的過程，並將安裝工作融入到 Alpha 討論的早期銷售和工程階段，這對我們幫助很大。正如約翰所指出的那樣，一些後來加入的企業，其實施速度實際上比一些早期加入的企業更快，這正是你們希望看到的。

Yeah. And just adding to that, I'd like to add that the mix of the backlog is actually quite attractive, much more back office with all that ancillary opportunity to drive other products into a back-office installation as well as privates, which has attractive profitability associated with it. So we're pleased about where the backlog is and where it will get installed, but also the mix of that business is quite attractive as well.

是的。此外，我還想補充一點，積壓訂單的組合實際上相當有吸引力，更多的是後台辦公產品，以及所有相關的輔助機會，可以將其他產品推廣到後台辦公環境中，還有私有產品，這具有可觀的盈利能力。所以我們對積壓訂單的現狀以及安裝地點感到滿意，而且這些業務的組合也相當有吸引力。

Okay. Got it. And second question, just completely understanding the leak up in the expenses, FX translation and also better revenues. And it's obviously been a really good -- still being able to put up good operating leverage. Kind of want to triangulate what you're saying about NII back up in the fourth, and we'll see what happens with the curves and all next year.

好的。知道了。第二個問題，只是想完全了解費用、外匯兌換以及收入增加的原因。顯然，這真的很好——仍然能夠保持良好的經營槓桿作用。我想用三角分析法來驗證你關於第四季度 NII 的說法，然後看看明年曲線和其他方面會發生什麼變化。

How do you think about the magnitude of operating leverage that the company is capable of? And how -- and maybe, John, a question for you, how are you starting to triangulate the save and spend balance as you think about what the right expense growth rate is for State Street. Thank you.

您認為該公司能夠實現的營運槓桿幅度有多大？那麼——約翰，也許我想問你一個問題，當你思考道富銀行合適的支出成長率時，你是如何開始權衡儲蓄和支出平衡的？謝謝。

Yeah. A couple of different thoughts on that. I mean I'd first try to remind that in the year-over-year, although the expenses were up 5%, 1% of that is FX. So -- and of the remaining 4%, about half of that is revenue related. And the rest of it is net investment. So it really contains all of our productivity initiatives, which will continue and allows us to keep investing over time. There's real operating leverage year-over-year as we've articulated and we’re feeling very good about the ongoing productivity as you head into 2026 as well as to allow us to keep investing and to keep kind of the ability to maintain profitability.

是的。關於這一點，我有一些不同的看法。我的意思是，首先要提醒大家的是，雖然年比支出增加了 5%，但其中 1% 是外匯支出。所以——在剩下的 4% 中，大約有一半與收入有關。其餘部分為淨投資。所以它實際上包含了我們所有的生產力提升計劃，這些計劃將會持續進行，並使我們能夠隨著時間的推移不斷投資。正如我們之前所闡述的那樣，我們確實實現了逐年增長的經營槓桿，並且我們對2026年的持續生產力感到非常樂觀，這將使我們能夠繼續投資並保持盈利能力。

The other thing I'd highlight is that even without -- if I go back to the top of the house, even without -- if you say fees up 12% ex-notables year-over-year and if you take out the markets and FX tailwinds, you nevertheless have significant operating leverage against the 4% growth in expenses ex-FX year-over-year as well. A lot of our marginal business that we've brought on is all fee and operating leverage accretive. And so, the foundation and incremental activity all seems to be heading in the right direction for fee operating leverage as well as total operating leverage.

我還要強調一點，即使不考慮——如果我回到公司最高層，即使不考慮——即使你認為費用同比增長 12%（不包括重大事項），並且如果你排除市場和外匯利好因素，你仍然擁有顯著的運營槓桿，可以抵消費用同比增長 4%（不包括外匯）的影響。我們新增的許多邊際業務都能提高手續費和營運槓桿。因此，基礎和增量活動似乎都在朝著正確的方向發展，無論是費用營運槓桿還是總營運槓桿。

And what I would add to that, it's Ron here. As we -- as you know, we've had an ongoing kind of transformation and productivity efforts. And we are on pace to deliver what we said we would deliver for this year, which is about $500 million. At the same time, we, like many others are doing, have leaned heavily into AI, and we're all early in that journey.

我還要補充一點，我是榮恩。如您所知，我們一直在進行轉型和提高生產力的努力。我們正按計畫實現今年承諾的目標，約為 5 億美元。同時，我們和許多其他人一樣，大力發展人工智慧，而我們都還處於這段旅程的早期階段。

But we're seeing lots of opportunity to create improvement in client experiences, in the employee experience, in productivity and unit cost and speed. And what's incumbent upon that where the team is really leaning in and we'll talk more about this next year is how do we capture all that and deliver that back to shareholders.

但我們看到了很多機會，可以改善客戶體驗、員工體驗、生產力、單位成本和速度。而團隊真正著力投入的，也是我們明年要多討論的，是如何獲得所有這些收益並將其回饋給股東。

Jim Mitchell, Seaport Global.

吉姆·米切爾，海港環球公司。

Hey, good morning. You talked about strength in -- on the Market side. I think relative to some of your peers, it was stood out, particularly on the FX side. So can you just talk about the environment versus what you're doing to grab share and how you're thinking about the growth outlook in those businesses from kind of elevated levels here?

嘿，早安。你談到了市場方面的優勢。我認為相對於你們的一些同行來說，它表現得非常出色，尤其是在外匯方面。那麼，您能否從更高的層面談談當前環境與您為搶佔市場份額所採取的措施之間的關係，以及您如何看待這些業務的成長前景？

Yeah, sure. I mean I think as you head into the fourth quarter, we had a sense of, volatility is typically good for these businesses. We had a sense that volatility would rise from the third quarter, which was a little bit on the muted end of things. We didn't expect that it would be this high in October. But nevertheless, from where you see volatility, both in terms of equities as well as in the FX space, those are tailwinds to the markets business heading into the fourth quarter.

當然可以。我的意思是，我認為進入第四季後，我們感覺到，波動性通常對這些企業有利。我們預感到波動性將從第三季開始上升，而第三季的情況則相對平靜。我們沒想到十月的價格會這麼高。但無論如何，從股票和外匯市場的波動性來看，這些都對進入第四季的市場業務構成了利好。

And so we see some opportunity there. But I would hasten to add, as I hinted out earlier, the overlap of the Markets business with our core investment services clients in what we call an integrated FX offering. That's just flow business that continues to grow as our custody business continues to grow as a global custodian.

因此，我們看到了一些機會。但我要趕緊補充一點，正如我之前暗示的那樣，市場業務與我們的核心投資服務客戶之間存在重疊，我們稱之為綜合外匯服務。隨著我們作為全球託管機構的託管業務不斷發展，我們的資金流動業務也持續成長。

And so that's something that would be a core -- as core growth continues in servicing fees, which we had in the third quarter, we will have again in the fourth quarter. And as growth continues in investment management, where on the other side of the house, the securities lending business overlaps significantly with our investment management customers and clients. As investment management continues to grow, we'll see securities finance opportunities to continue to grow.

因此，這將是核心業務——隨著服務費核心成長的持續，我們在第三季實現了這一成長，第四季也將再次實現這一成長。隨著投資管理業務的持續成長，另一方面，證券借貸業務與我們的投資管理客戶和顧客有著很大的重疊。隨著投資管理產業的持續成長，證券融資機會也將持續增加。

So there really is an integrated offering across each of those three businesses. And that's the underpinning of why we feel good about Markets heading into the fourth quarter. And then, of course, there are market-dependent factors that you have to keep track of early on that, frankly, actually are constructive for the Markets business. But that's how I think about it. We have the core strategic business and then you have the toggle and market dependent based upon the environment, but that's how I think about how we did so well in the third quarter and what the trends might be going forward.

因此，這三項業務之間確實存在著一體化的產品和服務。這就是我們對市場進入第四季持樂觀態度的根本原因。當然，還有一些與市場相關的因素需要儘早關注，坦白說，這些因素實際上對市場業務是有益的。但我就是這麼想的。我們有核心策略業務，然後根據環境彈性調整業務方向，但這就是我對我們在第三季取得如此佳績以及未來趨勢的看法。

Jim, what I would add to that is we've talked for a long time now about building up our channel capability within FX and meeting our clients where they want to be and how they want to trade. So we've built multiple venues and access points for our clients. Some of those are quite active in these decisions. Some of them are actually not since they set it on a sort of auto. And we've got all those offerings in place.

吉姆，我想補充的是，我們已經討論了很長時間，要加強我們在外匯領域的通路能力，滿足客戶的需求和交易方式。因此，我們為客戶建造了多個場地和入口。其中一些人在這些決策中非常積極。有些實際上並非如此，因為他們將其設定為某種自動模式。我們已經準備好了所有這些服務。

And what I would point to is in addition to revenues being up; FX revenues, which is a combination of volume and volatility, volumes were up. Volumes were up on a double-digit basis year-over-year, and that just reflects the efforts we've taken to: one, build share and continue to grow share and secondly, to deliver a really strong client experience that then gets translated into repeated business.

我想指出的是，除了收入成長之外，外匯收入（這是交易量和波動性的綜合體現）的交易量也增加了。銷售量年增兩位數，這反映了我們為以下兩方面所做的努力：第一，建立並繼續擴大市場份額；第二，提供真正強大的客戶體驗，從而轉化為回頭客。

Okay. Yeah, that's helpful. And just maybe a follow-up on the expenses for next year on operating leverage. It seems like you -- John, you feel like there's an opportunity to even maybe accelerate expense saves and then you have to balance that with investment. So is the message that you have a good amount of flex if the revenue environment doesn't come out as good as you might think? Can you flex downward to maintain positive operating leverage? Just how should we think about your flexibility next year and beyond?

好的。是的，這很有幫助。或許還可以跟進一下明年營運槓桿的支出狀況。約翰，你似乎覺得有機會加快節省開支的速度，然後你必須在節省開支和投資之間找到平衡。所以，這傳達的訊息是：如果收入環境不如你預期，你還有很大的迴旋餘地嗎？能否向下調整策略以維持正向經營槓桿？我們該如何看待您明年及以後的彈性問題？

Yeah. So, well stay tuned in January. We'll give you the contours of this. But there's no question there's discretionary levers that we can pull as management. We do want to continue to invest through downturns should one occur. And there are crown jewels that we're going to protect.

是的。所以，敬請期待一月份的消息。我們會為你勾勒出它的輪廓。但毫無疑問，身為管理階層，我們有一些可以酌情使用的手段。我們確實希望在經濟低迷時期繼續投資，以防萬一出現這種情況。還有一些珍貴的文物需要我們保護。

And we have that financial strength to be able to do that. However, if, in fact, there are drawdowns that put some pressure on servicing fees or management fees. A couple of things: I would hasten to add that the Markets business and frankly, NII can be shock absorbers in that kind of environment.

我們有足夠的財力做到這一點。然而，如果確實出現資金回撤，給服務費或管理費帶來一些壓力的話。有幾點要說明：我想趕緊補充一點，市場業務，坦白說，淨利息收入在這種環境下可以起到緩衝作用。

So first and foremost, we need to think about that. And those are significant revenue categories that would mute the impact. And then, of course, there's the discretionary aspect of the pace of investment that we would recalibrate as we do on a continuous basis based upon what our revenue picture is and is expected to be. So I'd say there are a number of levers that would allow us to continue to drive strong profitability even if we ended up with some kind of downturn that hypothetically could occur.

所以首先，我們需要考慮這一點。而這些都是重要的收入來源，可以減輕影響。當然，投資步伐的酌情性因素也會影響投資速度，我們會根據目前的收入狀況和預期收入狀況不斷調整投資步伐。所以我認為，即使我們最終遇到某種可能出現的經濟衰退，也有很多方法可以讓我們繼續保持強勁的獲利能力。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Hey, good morning. Maybe just following up on the capital piece. So it sounds like everything you said; we are setting up for some version of a franchise efficiency plan on the expense side as well as how you can tap into growth even in a much better way than you've done so far. Similarly, from a capital standpoint, are there opportunities to do things differently when we think about just the balance sheet management, I think the capital return has been about 80% payout. I would love your thoughts there, John. Thanks.

嘿，早安。或許只是對資本部分進行後續跟進。聽起來和你所說的一模一樣；我們正在製定某種特許經營效率計劃，以降低成本，並讓你以比你迄今為止做得更好的方式實現增長。同樣地，從資本的角度來看，當我們只考慮資產負債表管理時，是否有機會採取不同的做法？我認為資本回報率約為 80% 的派息率。約翰，我很想聽聽你的看法。謝謝。

Yeah. On the capital side of things, I think we have an exceptionally strong capital profile as you saw at 9/30; when we think about how to manage capital, we think about supporting a very strong dividend. You saw an excellent growth in the dividend in the second quarter that was announced.

是的。在資本方面，我認為我們擁有非常強勁的資本狀況，正如您在 9 月 30 日看到的那樣；當我們考慮如何管理資本時，我們考慮的是如何支持非常高的股息。您已經看到了第二季公佈的股息實現了顯著增長。

We think about the fact that making capital available to deploy that into growth in RWA as well as investing in strategic initiatives, and you also would have seen the use of our strong capital base to make a few bolt-on acquisitions that accelerate our strategy in a number of our businesses in the wealth space, in particular, and there were others; those are all exciting uses of capital, and that will continue.

我們認為，提供資金用於RWA的成長以及投資策略舉措，同時您也會看到我們利用強大的資本基礎進行了一些補充性收購，從而加速了我們在財富管理領域的一些業務戰略，以及其他一些業務；這些都是令人興奮的資本用途，而且這種情況還會繼續下去。

But given our strong profitability, it does allow us to also be able to make the statement that we're also going to have a very strong return of capital to shareholders of roughly 80% for 2025. We'll continue to work through that waterfall = on an ongoing basis, balancing return of capital with the ability to deploy capital over time. So no real huge pivots expected on the capital front other than continuing to evaluate the opportunities to put capital to work to serve our clients.

但鑑於我們強勁的獲利能力，我們也可以宣布，到 2025 年，我們將向股東返還約 80% 的資本，這是一個非常強勁的數字。我們將繼續按照這個流程進行，持續不斷平衡資本回報與長期資本部署能力。因此，除了繼續評估如何利用資本為客戶服務的機會之外，資本方面預計不會有真正的重大轉變。

Thanks. And just maybe sticking with that. You mentioned strategic investments as the third sort of capital priority. Given the regulatory backdrop that we are seeing, does that allow for something more larger as opposed to bolt-on acquisitions that could strategically put the firm on a much better growth trajectory or just step into businesses? I mean, obviously, we had the acquisition from a few years ago with BBH. But would love to hear in terms of appetite for larger deal making, is there an opportunity? And if so, where would that make more sense?

謝謝。或許就堅持下去吧。您提到戰略投資是第三類資本優先事項。鑑於我們目前看到的監管環境，這是否允許進行規模更大的收購，而不是像以往那樣進行小規模收購，從而使公司在戰略上走上更好的增長軌道，或者僅僅是進入某個行業？我的意思是，很顯然，幾年前我們收購了BBH。但我很想知道，就達成更大規模交易的意願而言，是否存在機會？如果真是這樣，那麼在哪裡這樣做更有意義呢？

Ebrahim, as you know, we've been quite clear and disciplined about how we think about M&A. M&A is not a strategy, but it's a way to implement an accelerated strategy. And so it's a very high bar for us because shareholders have alternatives and alternative uses of that capital.

易卜拉欣，如你所知，我們對併購的看法一直非常明確和嚴謹。併購不是一種策略，而是實現加速策略的一種方式。因此，這對我們來說是一個很高的標準，因為股東們還有其他選擇，可以把這筆資金用於其他用途。

So we would agree with your assessment that the that the environment, particularly in the US, is probably a little bit more benign than it's been in the past, but that doesn't change our standards. So we will continue to -- we're confident in our organic growth capabilities, but we will continue to look at opportunities to accelerate our strategy. And what we did with Apex is actually a great example of that.

因此，我們同意您的評估，即環境，特別是美國的，可能比過去要好一些，但這並不會改變我們的標準。因此，我們將繼續下去——我們對自身的內生成長能力充滿信心，但我們將繼續尋找機會來加速我們的策略。而我們用 Apex 所做的一切，其實就是一個很好的例子。

We've been talking about Wealth Services now for a little over a year with you. And we like the trajectory we're on, the opportunity to make this investment in Apex and more importantly, to have some significant influence and control over the commercial direction of it as it relates to wealth custody was a way that we felt could absolutely accelerate our revenue gathering capability. So that's an example. And whether it's a large acquisition or a small acquisition, it will go through that same kind of disciplined bar.

我們和您討論財富服務已經一年多了。我們喜歡我們目前的發展軌跡，有機會投資 Apex，更重要的是，能夠對其財富託管方面的商業方向擁有一些重大影響和控制權，我們認為這絕對可以加快我們的收入獲取能力。這是一個例子。無論是大型收購還是小型收購，都將經過相同的嚴格審查。

David Smith, Truist.

David Smith，Truist。

Thank you. On the topic about the Apex investment and overall, your integrated model. You spoke some about the investment services opportunities with wealth providers that this investment creates for State Street. Does that also create potential opportunities on the investment management side of the house?

謝謝。關於 Apex 投資以及你們的整體整合模式。您談到了這項投資為道富銀行帶來的與財富管理機構合作的投資服務機會。這是否也為投資管理方面創造了潛在機會？

It's a great question, David, because the rise of wealth management as creates real opportunities and has created real opportunities for investment managers. We are already actively participating in that space. And so a significant portion of State Street Investment Management assets under management; well over 20% of it, is associated with wealth.

戴維，這是一個很好的問題，因為財富管理的興起為投資經理創造了真正的機會。我們已積極參與這個領域。因此，道富投資管理公司管理的資產中有相當一部分（超過 20%）與財富有關。

And you can see the growth there, for example, in the low-cost S&P funds, which are growing at a much higher rate than the overall, and we continue to build share there. And so that is very much a part of our strategy as we think about wealth services, which is providing the infrastructure and the servicing capabilities to our clients, but also in a very user-friendly and convenient way, providing them with these asset management exposures that we can provide at very low cost.

例如，你可以看到低成本的標普基金的成長速度遠高於整體水平，我們也不斷擴大市場份額。因此，這很大程度上是我們財富服務策略的一部分，即以非常用戶友好和便捷的方式為客戶提供基礎設施和服務能力，並以非常低成本的方式為他們提供這些資產管理機會。

Thank you.

謝謝。

Vivek Juneja, JPMorgan.

Vivek Juneja，摩根大通。

Thanks. John, just a quick question on your loans that are very much in the spotlight right now and the NDFI -- or whatever you want to call them. You've got -- what is your exposure there? From what we can see seems like over 60% of it is to BDCs. Any thoughts on that? Any color on sort of what's the strategic rationale for that higher percentage going to BDCs?.

謝謝。約翰，關於你目前備受關注的貸款以及非存款金融機構（NDFI）——或者你想怎麼稱呼它們都行——我有個問題想問一下。你在那裡的風險敞口有多大？據我們觀察，其中超過 60% 的資金流向了 BDC。對此有什麼看法？對於將更高比例的資金投入商業發展公司（BDC）的策略理由，有沒有什麼具體說明？

Yeah. Thanks for the question, Vivek. I'd say that 60% is broadly NDFIs; it’s not all BDCs. But the way I would talk about this, first, we have a much smaller loan portfolio than most of the banks that you would be in the peer set first, just so from a quantum standpoint.

是的。謝謝你的提問，維韋克。我認為這 60% 大致是非金融機構；它並非全是商業發展公司。但就我而言，首先，從規模上看，我們的貸款組合比大多數同業銀行小得多。

When you look at the mix and where we're playing. Our growth and the loan portfolio itself is really concentrated in the private market space. So subscription finance, which is exceptionally low credit risk over time, is a huge portion of our loan book, not only outstanding but also the marginal growth, as well as, we do a fair bit of AAA CLOs, second big category for us.

當你看看混音和我們表演的場地。我們的成長和貸款組合本身確實集中在私人市場領域。因此，訂閱融資（從長遠來看，其信用風險極低）在我們貸款組合中佔很大比例，不僅包括未償還貸款，還包括邊際成長貸款。此外，我們還做了相當多的 AAA 級 CLO，這是我們的第二大類別。

And then there is a category of supporting private credit and BDCs, but those are integrated clients that we're serving from a custody standpoint and from a servicing standpoint. And so, these are really deep customer relationships.

此外，還有一類是為私人信貸和商業發展公司提供支持，但這些是綜合客戶，我們從託管和服務兩個方面為他們提供服務。所以，這些都是非常深厚的客戶關係。

And so the substantial portion of our loan book is exceptionally high quality. It's relatively diversified. There is a CRE book, but it's relatively small and it's been shrinking over time. And broadly, no real signs of deterioration in credit that we've seen to date. We're keeping an eye on it, but feeling reasonably comfortable with what I've seen so far in the loan book.

因此，我們貸款組合的大部分品質都非常高。它相對來說比較多元化。雖然有商業房地產方面的書籍，但數量相對較少，而且隨著時間的推移，書籍數量還在不斷減少。總體而言，到目前為止，我們還沒有看到信貸狀況出現任何真正的惡化跡象。我們正在密切關注，但就目前貸款帳簿的情況來看，我感覺還算放心。

Okay. When I said BDCs, I meant BDCs from the data we could pull looks like 60% half year and --

好的。我說的BDC是指BDC，根據我們能取得的數據，半年和半年的BDC數據看起來分別佔60%。--

It's not -- yeah, it's broadly NDFIs, rather than just BDCs.

不是－是的，它更廣泛地指的是非發展金融機構（NDFI），而不僅僅是商業發展公司（BDC）。

Ron, a question for you maybe. What are you seeing as regards to Charles River with the fixed income clients. Obviously, there's been the issue with Invesco. But beyond that, are you seeing more outflows in the fixed income order management systems? Or any color, any update you can give us there, because there have been some questions on that.

羅恩，或許有個問題想問你。您認為查爾斯河公司在固定收益客戶方面的情況如何？顯然，Invesco公司出現了問題。但除此之外，您是否在固定收益訂單管理系統中觀察到更多資金流出？或您能提供的任何資訊或最新進展，因為我們收到了一些相關問題。

No. I mean as you know, that was an area that we have put a lot of development effort into to not only bring it to par, but to bring it to be a distinctive platform. A lot of that development was delivered last year, even more is being delivered this year. So not only are we not seeing outflows, but we've got much of the backlog that you see of the Alpha backlog that you see includes clients that will be coming on to the fixed income side of it. So both equities and fixed income are equally important to us.

不。我的意思是，如你所知，我們在這個領域投入了大量的研發精力，不僅是為了使其達到標準，更是為了使其成為一個獨特的平台。去年已經完成了許多開發項目，今年也將完成更多項目。因此，我們不僅沒有看到資金外流，而且我們看到的 Alpha 積壓訂單中的大部分都包括即將進入固定收益領域的客戶。因此，股票和固定收益對我們來說同等重要。

Thank you.

謝謝。

Brennan Hawken, Bank of Montreal.

布倫南·霍肯，蒙特利爾銀行。

Hi, there. Thanks for taking my question. So I'd like to follow up on the Vivek's last question actually. I know that you spoke to a sustained optimism on the software and processing side. But within the marketplace, it does, at least in the minds of a lot of investors seem to suggest that Aladdin is picking up some momentum.

你好呀。謝謝您回答我的問題。所以我想就維韋克的最後一個問題再補充一點。我知道你對軟體和處理方面抱持著持續的樂觀態度。但就市場而言，至少在許多投資者看來，這似乎表明阿拉丁正在獲得一些發展勢頭。

And so -- and from what we hear it's not purely in the fixed income side, there's some equity -- decent sized equity managers who are considering the shift as well. When you think about how the progress is positioned in the marketplace, what adjustments are you looking to make in order to better position competitively and maybe recapture some of the solid momentum you've had previously? Thanks.

因此——而且據我們所知，這不僅發生在固定收益領域，還有一些股票——規模相當大的股票基金經理人也在考慮這種轉變。當您思考產品在市場中的定位時，您希望做出哪些調整以更好地保持競爭力，並重新獲得先前取得的良好發展勢頭？謝謝。

Brennan, We remain pleased with the momentum that we have. And when we think about Charles River, there's two important elements of it. There's Charles River stand-alone as a front office software provider and then there's the Charles River as part of an integrated Alpha offering.

布倫南，我們對目前的發展動能依然感到滿意。當我們想到查爾斯河時，它有兩個重要的組成部分。Charles River 既可以作為獨立的前端辦公室軟體供應商，也可以作為 Alpha 整合產品的一部分。

And sometimes Charles River is completely integrated into Alpha, where it is the front and then we're doing the middle and the back and other elements of Alpha. And sometimes as we said from the outset on Alpha, we were going to build this as an open architecture, interoperable platform. So we are also the largest operator of the competing platforms, where it will be another front office platform, but we are there as the middle office provider and as the back office provider.

有時查爾斯河完全融入 Alpha，它負責前端，而我們負責中間、後端以及 Alpha 的其他部分。就像我們在 Alpha 版本初期所說的那樣，我們要將其建構成一個開放架構、可互通的平台。因此，我們也是競爭平台中最大的營運商，它將是另一個前台平台，但我們同時也是中台提供者和後台提供者。

And the growth there in all those segments continues to be strong. It's a competitive marketplace. But when you look at where the business is going and who's gaining share. I mean first of all, it's one of these very interesting markets where there's some third-party players, but you're also competing with the in-sourced option. And there's still a fair amount that's in-source that's probably not viable over time, which will remain a source of growth. So competition is good. And we view ourselves as a very formidable competitor, and we'll continue to put investment into it.

所有這些領域的成長勢頭依然強勁。這是一個競爭激烈的市場。但當你觀察企業的發展方向以及誰在不斷擴大市場佔有率時，你會發現並非如此。首先，這是一個非常有趣的市場，既有一些第三方參與者，但你也要與內部採購選項競爭。而且，還有相當一部分內部資源可能隨著時間的推移而不可行，但這仍將是成長的來源。所以競爭是好事。我們視自己為一個非常強大的競爭對手，我們將繼續加大投入。

Last thing I would point out is, going back to the point on wealth. We're a significant player on the wealth front end, and we're building that out and now being able to partner that with what we've done on the wealth custody side, we think creates some significant opportunities in some of the out years in terms of having an additional source of revenue from the wealth side where Charles River is the front end of the portfolio construction of these adviser platforms and the custody being provided by our wealth custody offering.

最後我想指出的是，回到財富這個話題。我們在財富前端領域扮演著重要角色，我們正在不斷拓展這一領域，現在能夠將其與我們在財富託管方面所做的工作相結合，我們認為這將在未來幾年創造一些重要的機遇，為財富方面帶來額外的收入來源。查爾斯河是這些顧問平台投資組合建構的前端，而託管服務則由我們的財富託管產品提供。

Great, thanks for that color, Ron. John, love to drill down on reinvestment rates. So could you speak to where the investment rates versus roll-off rates are and how much you're picking up? And doing the math on the deposit beta in the US dollar, which is clearly your largest base of deposits running around maybe low to mid-70s depending year-over-year versus quarter-over-quarter. Is that what gets -- is the roll-off rates, what gets to the US rate neutrality? Or do you think you're rate neutral even before we account for the roll-off benefit? Thanks.

太好了，謝謝你提供的顏色，羅恩。約翰，我喜歡深入研究再投資率。那麼，您能否談談投資報酬率與到期報酬率之間的關係，以及您能從中獲得多少收益？讓我們計算一下以美元計價的存款貝塔係數，這顯然是你最大的存款基礎，該係數可能在 70 左右，具體取決於同比和環比情況。這就是導緻美國利率中立的原因嗎？就是利率滾降嗎？或者，即使不考慮滾動收益，您也認為利率是中性的嗎？謝謝。

So I think you put it all in when you basically say in the US, we're in the neighborhood of, call it, I think we've said this previously, but in the neighborhood of around $2 million per cut per quarter, so near neutral with respect to the Fed, that's encompassing all factors.

所以我覺得你把所有因素都考慮進去了，基本上就是說，在美國，我們大概處於，這麼說吧，我想我們以前也說過，每季度減產幅度在 200 萬美元左右，所以相對於美聯儲來說接近中立，這涵蓋了所有因素。

In terms of the reinvestment roll-off and reinvestment, you can kind of see that in the neighborhood of approximately -- and this jumps around quarter-to-quarter but a rule of thumb, and again, to be clear, it can be a little higher, a little lower in any given quarter.

就再投資的滾動和再投資而言，你可以看到，大約在——雖然這個數字每個季度都會有所波動，但這是一個經驗法則，而且再次明確地說，在任何一個季度，這個數字都可能略高或略低。

But rule of thumb is we tend to get about $5 billion of cash flows that get reinvested round numbers at about call it, 75 to 100 basis point round trip where you're kind of maturing in the low 3s and being able to reinvest somewhere near high 3s or in the low 4s over the last couple of quarters. And so that's a pretty good rule of thumb in terms of that. That will continue into the future and certainly through 2026.

但經驗法則是，我們通常會獲得大約 50 億美元的現金流，這些現金流會以大約 75 到 100 個基點的往返收益率進行再投資，而過去幾個季度，收益率會在 3% 左右趨於穩定，並能夠在 3% 左右或 4% 左右進行再投資。所以，就這方面而言，這算是相當不錯的經驗法則。這種情況將持續到未來，肯定會持續到2026年。

More broadly, the terminated hedge item that I mentioned earlier, that's not been in our run rates in terms of the benefit. That benefit will newly present itself in the fourth quarter and will also be a tailwind into 2026. And so it's those two items, which are mostly not rate dependent that add to the other forces I mentioned, which is some strong spot deposit levels at the end of the third quarter that directionally continue to be above the averages for 3Q into 4Q quarter-to-date that really underpin a lot of the support for rising net interest margin and NII in 4Q. And we'll come back to you in January with an update about where all that comes together and shakes out for '26. But those are my thoughts on that question.

更廣泛地說，我之前提到的終止對沖項目，就收益而言，並沒有計入我們的運行率。這項優勢將在第四季重新顯現，並將繼續推動公司發展至 2026 年。因此，正是這兩個因素（它們大多與利率無關）加上我提到的其他因素，例如第三季度末強勁的即期存款水平，以及第三季度到第四季度迄今為止持續高於平均水平的趨勢，真正支撐了第四季度淨利差和淨利息收入上升的很大一部分。我們將在 1 月向您報告所有事情的進展情況，以及 2026 年的最終結果。以上就是我對這個問題的看法。

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

沒有其他問題了。我將把電話交給管理階層，請他們作總結發言。

Thank you all for joining us.

感謝各位的參與。

Have a good day. And feel free to reach out to Investor Relations with any questions. Thank you. Bye.

祝你有美好的一天。如有任何疑問，請隨時聯繫投資者關係部門。謝謝。再見。