普信集團 (TROW) 2023 Q2 法說會逐字稿

Good morning. My name is Gigi, and I will be your conference facilitator today. Welcome to T. Rowe Price's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes.

早上好。我叫 Gigi，今天我將擔任你們的會議主持人。歡迎參加 T. Rowe Price 2023 年第二季度收益電話會議。 （操作員說明）謹此提醒，本次通話正在錄音，通話結束後不久即可在 T. Rowe Price 的網站上重播。

I will now turn the call over to Linsley Carruth, T. Rowe Price's Director of Investor Relations.

我現在將把電話轉給 T. Rowe Price 投資者關係總監 Linsley Carruth。

Hello, and thank you for joining us today for our second quarter earnings call. The press release and a supplemental materials document can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes. Our CEO and President, Rob Sharps and CFO, Jen Dardis, will discuss the company's results for about 15 minutes, and then we'll open it up to your questions. We ask that you limit it to one question per participant.

您好，感謝您今天參加我們的第二季度財報電話會議。新聞稿和補充材料文件可在我們的投資者關係網站 Investors.troweprice.com 上找到。今天的通話將持續大約 45 分鐘。我們的首席執行官兼總裁 Rob Sharps 和首席財務官 Jen Dardis 將討論公司的業績大約 15 分鐘，然後我們將回答您的問題。我們要求您將每個參與者限制為一個問題。

I'd like to remind you that during the course of this call, we may make a number of forward-looking statements and reference certain non-GAAP financial measures. Please refer to the forward-looking statement language and the reconciliations to GAAP in the supplemental materials as well as in our press release and 10-Q.

我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性陳述並參考某些非公認會計準則財務指標。請參閱補充材料以及我們的新聞稿和 10-Q 中的前瞻性聲明語言和 GAAP 調節表。

Now I'll turn it over to Rob.

現在我會把它交給羅布。

Thank you, Linsley, and thank you all for joining us today. While equity outflows continued in the second quarter, we saw improved performance in a number of important investment strategies. Stronger equity markets helped lift revenue from first quarter levels, and we identified substantial cost savings that will allow us to meaningfully slow expense growth while continuing to pursue our strategic initiatives.

謝謝林斯利，也感謝大家今天加入我們。儘管第二季度股票繼續流出，但我們看到許多重要投資策略的業績有所改善。股市走強幫助我們從第一季度的水平提高了收入，我們發現可以節省大量成本，這將使我們能夠在繼續推行我們的戰略舉措的同時，有效地減緩費用增長。

On today's call, I'll give an overview of our investment performance, followed by a brief update on the key milestones we reached in advancing our strategic initiatives. Jen will then provide a detailed view of our financial results before we take your questions. Overall, second quarter investment performance was encouraging, with reasonably solid results across asset classes and the percentage of funds outperforming their peers increasing from the prior quarter. The U.S. large cap growth franchise outperformed this quarter with blue chip growth, gross stock and large-cap growth posting top quartile results versus peers and beating their benchmarks.

在今天的電話會議上，我將概述我們的投資業績，然後簡要介紹我們在推進戰略舉措方面所達到的關鍵里程碑。在我們回答您的問題之前，Jen 將詳細介紹我們的財務業績。總體而言，第二季度的投資表現令人鼓舞，各資產類別的業績相當穩健，表現優於同行的基金比例較上一季度有所增加。美國大盤股增長股本季度表現優於同行，藍籌股增長、總股本和大盤股增長股均表現優於同行，並超過了基準。

Our U.S. equity research and mid-cap value strategies continued to deliver strong performance. In contrast, the large-cap value franchise, a bright spot in 2022 gave back some of its relative outperformance in the first half of 2023. However, the long-term results remain favorable. Our target date franchise delivered another strong quarter of performance with all of our flagship retirement funds ranking in the top quartile.

我們的美國股票研究和中型價值策略繼續表現強勁。相比之下，2022 年的亮點大盤價值特許經營權在 2023 年上半年的相對優異表現有所回升。不過，長期業績仍然良好。我們的目標日期特許經營權再次實現了強勁的季度業績，我們所有的旗艦退休基金均名列前四分之一。

Performance in fixed income and international equity was solid as well, with the majority of funds in both segments outperforming peer groups and a number of products, including global multisector bond and U.S. high yield in the top decile for the quarter. Our global stock, overseas stock and several of our municipal bond strategies were top quartile performers in the second quarter and all have strong 3-, 5- and 10-year performance track records.

固定收益和國際股票的表現也很穩健，這兩個領域的大多數基金的表現都優於同行和許多產品，其中包括本季度排名前十分之一的全球多部門債券和美國高收益債券。我們的全球股票、海外股票和多個市政債券策略在第二季度表現均名列前茅，並且均擁有強勁的 3 年、5 年和 10 年業績記錄。

Despite these gains, organic growth remains under pressure. As we reported, net outflows for the second quarter were $20 billion. The sales and redemption patterns that we saw in the first quarter largely continued in the second. U.S. equity outflows were primarily driven by U.S. large-cap growth strategies as market demand remained muted and we saw the lagging impact of past investment performance on sales and redemptions. International and global outflows slowed with improved market demand and better performance. Fixed income net flows declined from the prior quarter as rates rose and demand softened. Target Date products had net inflows of $2.4 billion for the quarter.

儘管取得了這些成就，但有機增長仍然面臨壓力。正如我們報導的，第二季度淨流出為 200 億美元。我們在第一季度看到的銷售和贖回模式在第二季度基本延續。美國股票流出主要是由美國大盤股增長策略推動的，因為市場需求仍然低迷，而且我們看到過去的投資表現對銷售和贖回的滯後影響。隨著市場需求改善和業績改善，國際和全球資金流出放緩。由於利率上升和需求疲軟，固定收益淨流量較上一季度有所下降。目標日期產品本季度淨流入 24 億美元。

To protect our ability to invest in our corporate strategy and deliver for our clients, we are proactively managing expense growth. We are pursuing a number of efforts to manage expenses, drive efficiency and create a cost structure that's appropriate for the size and scale of our firm today. Jen will discuss these efforts in greater detail. But since the fourth quarter of 2022, we have taken steps to remove or reallocate over $200 million in run rate cost for 2024. This work partly reflects ongoing company and industry challenges, but also reflects a broader commitment to efficiency, process improvement and durability, driving a culture of continuous improvement and innovation with an agile mindset.

為了保護我們投資企業戰略和為客戶提供服務的能力，我們正在積極管理費用增長。我們正在採取一系列措施來管理費用、提高效率並創建適合我們公司當今規模和規模的成本結構。 Jen 將更詳細地討論這些努力。但自 2022 年第四季度以來，我們已採取措施，取消或重新分配 2024 年超過 2 億美元的運行成本。這項工作部分反映了公司和行業持續面臨的挑戰，但也反映了對效率、流程改進和耐用性的更廣泛承諾，以敏捷的思維方式推動持續改進和創新的文化。

Institutionalizing this work will allow us to better invest in our corporate strategy and continue to deliver for our clients, even in challenging times. Our corporate strategy is focused on areas where we believe we have the greatest opportunity for growth and long-term success. In the second quarter, we advanced efforts to deepen our client partnerships, expand our investment in operational capabilities and continue to broaden our global reach. We've made important hires and met some key milestones. We are making steady progress in bolstering our USI wealth channel by fortifying partnerships with the largest intermediary firms in the industry.

將這項工作制度化將使我們能夠更好地投資於我們的企業戰略，並繼續為我們的客戶提供服務，即使在充滿挑戰的時期也是如此。我們的企業戰略重點關注我們認為擁有最大增長機會和長期成功的領域。第二季度，我們進一步深化客戶合作夥伴關係，擴大對運營能力的投資，並繼續擴大我們的全球影響力。我們進行了重要的招聘並實現了一些關鍵的里程碑。我們通過加強與業內最大的中介公司的合作夥伴關係，在加強 USI 財富渠道方面取得穩步進展。

Clients expect compelling investment strategies offered in a variety of vehicles to meet their needs, and we made progress delivering on both this quarter. On June 15, we launched 5 fully transparent active equity ETFs, which are already generating client interest and inflows. Our existing lineup of 15 ETFs now at $1.5 billion in AUM is steadily building momentum. We continue to fill out our roster of SMA strategies with the addition of 4 muni and 2 equity SMA strategies this quarter. We finalized the seed commitment for our first joint co-branded product with OHA, Hero Price OHA Select Private Credit Fund, or OCredit and closed for our business development company, or BDC, election filing on June 30. The filing is a key legal milestone for the launch, which is planned for later this year.

客戶期望通過各種工具提供引人注目的投資策略來滿足他們的需求，本季度我們在這兩個方面都取得了進展。 6 月 15 日，我們推出了 5 只完全透明的主動股票 ETF，這些ETF 已經引起了客戶的興趣和資金流入。我們現有的 15 只 ETF 陣容目前管理規模達 15 億美元，正在穩步增強勢頭。本季度我們繼續充實 SMA 策略名單，增加了 4 個市政 SMA 策略和 2 個股票 SMA 策略。我們最終確定了與 OHA 的首個聯合品牌產品 Hero Price OHA Select Private Credit Fund 或 OCredit 的種子承諾，並於 6 月 30 日結束了我們的業務開發公司 (BDC) 的選舉申報。該申報是一個重要的法律里程碑計劃於今年晚些時候推出。

We also hired a head of U.S. intermediary, alternative sales, and we'll continue to invest in resources and expertise to support this effort. We closed on our acquisition of Retiree Inc., which will enhance our ability to expand and retain relationships with pre-retiree and retiree clients, by providing tax aware retirement income and social security claiming strategies. With this acquisition, we demonstrate our commitment to expanding and evolving our already strong retirement capabilities.

我們還聘請了一位美國中介、另類銷售主管，我們將繼續投資資源和專業知識來支持這項工作。我們完成了對 Retiree Inc. 的收購，這將通過提供具有稅務意識的退休收入和社會保障申報策略，增強我們擴大和維持與退休前和退休人員客戶關係的能力。通過此次收購，我們展示了我們對擴大和發展我們本已強大的退休能力的承諾。

So while our flows continue to reflect lingering challenges, we are making clear progress. Our work on driving efficiencies and managing expenses will allow us to continue to invest to deliver for our clients and support future growth. I'm impressed by the resiliency and commitment of our associates, and I remain confident in the long-term fundamental value that a global active investment management firm like T. Rowe Price can deliver no matter the environment.

因此，儘管我們的資金流繼續反映出揮之不去的挑戰，但我們正在取得明顯的進展。我們在提高效率和管理費用方面的工作將使我們能夠繼續投資，為客戶提供服務並支持未來的增長。我們員工的韌性和奉獻精神給我留下了深刻的印象，我對像 T. Rowe Price 這樣的全球主動投資管理公司無論環境如何都能提供的長期基本價值充滿信心。

I'll now turn to Jen to cover our financial results for the second quarter.

我現在請 Jen 介紹我們第二季度的財務業績。

Thank you, Rob, and hello, everyone. I will begin today by reviewing our financial results and will provide additional detail on our expense management efforts before we open the line for questions. As reported, our adjusted earnings per share was $2.02 for Q2 2023 versus $1.69 in Q1 2023. An increase from both higher revenues and carefully managed expense growth. Q2 2023 EPS was also favorably impacted by a lower quarterly effective tax rate. We ended the quarter with $1.4 trillion in AUM, an increase of $58 billion from March 31, 2023, driven by market appreciation and partially offset by net outflows.

謝謝你，羅布，大家好。今天我將首先回顧我們的財務業績，並在我們開始提問之前提供有關我們費用管理工作的更多細節。據報導，我們 2023 年第二季度的調整後每股收益為 2.02 美元，而 2023 年第一季度為 1.69 美元。收入增長和精心管理的費用增長共同帶來增長。較低的季度有效稅率也對 2023 年第二季度每股收益產生了有利影響。截至本季度末，我們的資產管理規模為 1.4 萬億美元，較 2023 年 3 月 31 日增加了 580 億美元，這主要受到市場升值的推動，但部分被淨流出所抵消。

Our average assets for the quarter were $1.36 trillion, up from Q1 2023, but down almost $50 billion from Q2 2022. As Rob mentioned, we posted $20 billion in net outflows for the quarter. Across the entire complex, we continue to see clients taking longer to make decisions based on current market volatility, which is resulting in lower sales and net inflows than we've seen in prior years. Industry-wide, active equity and fixed income fund flows have been muted for over a year.

我們本季度的平均資產為 1.36 萬億美元，高於 2023 年第一季度，但較 2022 年第二季度減少近 500 億美元。正如 Rob 提到的，我們公佈本季度淨流出 200 億美元。在整個綜合體中，我們繼續看到客戶需要更長的時間才能根據當前的市場波動做出決策，這導致銷售額和淨流入低於前幾年。一年多來，整個行業的主動股票和固定收益資金流動一直處於低迷狀態。

We expect that this slowdown is cyclical and will revert to more normal patterns as the direction of interest rates, inflation and the likelihood of a recession become clearer. Also consistent with last quarter, our U.S. large-cap growth equity products drove a majority of the outflows, and we are seeing performance-related lower sales and elevated redemptions from a range of clients. It will take some time for the recent performance improvement in these products to slow the outflows. Positive inflows for the quarter included U.S. equity research, capital appreciation, international core and all-cap opportunities.

我們預計，這種放緩是周期性的，隨著利率、通脹和衰退可能性的走向變得更加清晰，這種放緩將恢復到更正常的模式。與上季度一致的是，我們的美國大盤成長型股票產品推動了大部分資金流出，我們看到與業績相關的銷售額下降和一系列客戶的贖回增加。這些產品近期的性能改善需要一段時間才能減緩資金外流。本季度的積極資金流入包括美國股票研究、資本增值、國際核心和全盤股機會。

We also had net inflows to international fixed income driven by global investment grade, global multi-sector and euro corporate bond. However, the inflows to international fixed income were more than offset by outflows from our U.S. fixed income stable value and floating rate products. Our target date net inflows were $2.4 billion for the quarter. While this was down from Q1, keep in mind that first quarter flows are typically the strongest given that a higher proportion of planned decisions happen around year-end. In the first half of the year, we recorded $9.9 billion of net inflows to our Target Date products.

在全球投資級債券、全球多部門債券和歐元公司債券的推動下，國際固定收益也出現淨流入。然而，國際固定收益的流入被我們美國固定收益穩定價值和浮動利率產品的流出所抵消。我們的目標日期本季度淨流入為 24 億美元。雖然這一數字低於第一季度，但請記住，鑑於較高比例的計劃決策發生在年底左右，第一季度的流量通常是最強勁的。今年上半年，我們的目標日期產品淨流入 99 億美元。

In response to changing market conditions and more available capacity, we have reopened to new investors some of our previously closed products, including mid-cap growth, small cap growth and emerging market equity, which we expect will support future sales and net flows. We also continue to evaluate the capacity levels for other closed strategies, and we'll consider reopening these in the future.

為了應對不斷變化的市場狀況和更多的可用產能，我們向新投資者重新開放了一些之前關閉的產品，包括中型成長型、小型成長型和新興市場股票，我們預計這些產品將支持未來的銷售和淨流量。我們還將繼續評估其他已關閉策略的容量水平，我們將考慮在未來重新開放這些策略。

Our Q2 adjusted net revenues were $1.6 billion, including $1.4 billion of investment advisory revenue that was up from Q1 2023 on equity market gains. Our effective fee rate was 42.3 basis points back to the same level it was in Q4 2022 after a slight uptick in the first quarter of 2023. Our adjusted operating expenses were a little over $1 billion, which was generally flat to the first quarter of this year, but up 8.3% from the second quarter of 2022. The year-over-year change was largely driven by the change in capital allocation-based income-related compensation.

我們第二季度調整後的淨收入為 16 億美元，其中包括 14 億美元的投資諮詢收入，較 2023 年第一季度的股市收益有所增長。繼 2023 年第一季度小幅上升後，我們的有效費用率為 42.3 個基點，回到 2022 年第四季度的同一水平。調整後的運營費用略高於 10 億美元，與今年第一季度基本持平。較去年同期增長 8.3%，但較 2022 年第二季度增長 8.3%。同比變化主要是由基於資本配置的收入相關薪酬的變化推動的。

As a reminder, in the second quarter last year, there was negative capital allocation-based income, which created an expense offset. Excluding the compensation expense related to capital allocation based income, adjusted operating expenses were up 1.8% over the same period last year, with compensation and related costs up less than 1% year-over-year. We continue to forecast our 2023 adjusted operating expense growth, excluding capital allocation-based income-related compensation expense, will be in the range of 2% to 6% over the comparable full year 2022 amount of $4.1 billion. Based on current market conditions, we still expect to land at or below the midpoint of this range.

提醒一下，去年第二季度，基於資本配置的收入為負，從而產生了費用抵消。剔除與資本配置收益相關的補償費用，調整後的運營費用同比增長1.8%，其中補償及相關成本同比增長不到1%。我們繼續預測，2023 年調整後運營費用增長（不包括基於資本分配的收入相關補償費用）將比 2022 年全年 41 億美元增長 2% 至 6%。根據當前的市場狀況，我們仍然預計價格將達到或低於該區間的中點。

As Rob mentioned, we are pursuing a number of efforts to proactively manage our expense growth and drive efficiency. Last week, we internally communicated the difficult decision to eliminate approximately 2% of our existing positions globally. We have also slowed the pace of hiring and headcount growth by closing select open positions across the firm. All of these actions have been based on a careful review to make sure we are aligning our resources to best support our clients and drive long-term growth for the firm. Based on our current pace of hiring against our strategic initiatives, we expect head count at the end of 2023 to be modestly higher than the start of the year, even with the reductions I just mentioned.

正如羅布提到的，我們正在採取一系列措施來主動管理我們的費用增長並提高效率。上週，我們在內部傳達了一項艱難的決定，即在全球範圍內削減約 2% 的現有職位。我們還通過關閉公司範圍內的部分空缺職位來放慢招聘和員工人數增長的速度。所有這些行動都是基於仔細的審查，以確保我們調整資源以最好地支持我們的客戶並推動公司的長期增長。根據我們目前針對戰略舉措的招聘速度，我們預計 2023 年底的員工人數將略高於年初，即使進行了我剛才提到的裁員。

Most of the costs related to the recent reduction in force will be incurred in the third quarter and are already included in our expense guidance. As we move forward, we remain committed to finding ways to be more efficient and drive a culture of continuous improvement. For example, we are evaluating our current real estate use in light of our new hybrid work approach with the objective of slowing our occupancy and facilities expense growth. It will be some time, however, before any impact to expenses from real estate would be realized. In total, between the expense efforts we took last year and this year, we will have removed or reallocated over $200 million in operating expenses versus the run rate for 2024.

與近期裁員相關的大部分成本將在第三季度產生，並已包含在我們的費用指導中。在我們前進的過程中，我們仍然致力於尋找提高效率的方法並推動持續改進的文化。例如，我們正在根據新的混合工作方法評估我們當前的房地產使用情況，目的是減緩我們的入住率和設施費用的增長。然而，房地產對支出的影響還需要一段時間才能顯現出來。總的來說，與 2024 年的運行率相比，我們去年和今年的支出努力將減少或重新分配超過 2 億美元的運營支出。

This financial discipline will allow us to continue investing in our strategic initiatives to support future growth while positioning us for low single-digit adjusted operating expense growth in 2024. Excluding the impact of capital allocation-based income-related compensation. We will refine these estimates as we get closer to year-end. As always, this estimate is based on current market levels and we could choose to adjust it if markets rise or fall significantly.

這種財務紀律將使我們能夠繼續投資於我們的戰略舉措，以支持未來的增長，同時使我們能夠在 2024 年實現低個位數的調整後運營費用增長。不包括基於資本配置的收入相關薪酬的影響。隨著年底的臨近，我們將完善這些估計。一如既往，這一估計是基於當前的市場水平，如果市場大幅上漲或下跌，我們可以選擇調整它。

Shifting to capital management. We found some buying opportunities in May and June, bringing our year-to-date share repurchases to over 420,000 shares at an average price of just over $107 per share or $45 million total. We remain opportunistic in our approach to buybacks. However, given continued market uncertainty, we are being patient in the process. Supporting our recurring dividend remains a top priority. And in the first half of 2023, we returned over $600 million to stockholders. Our balance sheet remains strong, and we have ample liquidity to support both our seed capital program and potential M&A. We are confident in the efforts we've identified to drive efficiency and slow our expense growth as we continue to manage the business to support our clients and return the firm to organic growth over time.

轉向資本管理。我們在 5 月和 6 月發現了一些買入機會，使我們今年迄今的股票回購數量超過 420,000 股，平均價格略高於每股 107 美元，即總計 4500 萬美元。我們在回購方面仍然保持機會主義態度。然而，鑑於市場持續存在不確定性，我們在此過程中保持耐心。支持我們的經常性股息仍然是首要任務。 2023 年上半年，我們向股東返還了超過 6 億美元。我們的資產負債表仍然強勁，我們有充足的流動性來支持我們的種子資本計劃和潛在的併購。我們對已確定的提高效率和減緩費用增長的努力充滿信心，因為我們將繼續管理業務以支持客戶並隨著時間的推移使公司恢復有機增長。

As Rob said, institutionalizing this work will allow us to better invest in our corporate strategy and continue to deliver value for our clients, even in challenging times.

正如羅布所說，將這項工作制度化將使我們能夠更好地投資於我們的企業戰略，並繼續為我們的客戶創造價值，即使在充滿挑戰的時期也是如此。

With that, I'll ask the operator to open the line for Q&A.

然後，我會要求接線員開通問答線路。

(Operator Instructions) Our first question comes from the line of Ken Worthington from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Ken Worthington。

Performance has improved in a number of your most prominent growth funds. And while outflows were still elevated in 2Q, are you seeing any early indications that the better near-term performance is starting to positively impact the net sales outlook? And if so, what distribution channels are benefiting? And if not, which channels would you expect to come back more quickly to reflect the improved performance given your comments that the time line for decision-making has been extended?

您的一些最著名的成長型基金的業績有所改善。儘管第二季度的資金外流仍然較高，但您是否看到任何早期跡象表明近期表現較好開始對淨銷售前景產生積極影響？如果是這樣，哪些分銷渠道受益？如果沒有，鑑於您認為決策時間線已延長，您希望哪些渠道更快地返回來反映績效的改善？

Yes, Ken. Thank you for the question. This is Rob. With regard to the large cap growth franchise, as you note, meaningfully better performance in the second quarter and year-to-date. With regard to whether the improved performance is translating into better flows, the direct answer is at the margin, but it's way too early to call this a trend. Our experience suggests that performance impact flows with a lag that for institutional buyers, the 3- and 5-year numbers are important considerations. And while we have very compelling performance on a year-to-date basis and attractive performance on a 1-year basis, we do have further work to do on the 3- and 5-year numbers. In terms of what channels you might pick the early signals up or where you would expect it to improve earliest. It would be in USI Wealth and in the individual investor business. I think, again, the more sizable institutional decision-making tends to more heavily weigh 3- and 5-year.

是的，肯。感謝你的提問。這是羅布。關於大盤增長特許經營權，正如您所指出的，第二季度和今年迄今的表現明顯更好。至於性能的提高是否會轉化為更好的流量，直接的答案是有限的，但現在將其稱為趨勢還為時過早。我們的經驗表明，業績影響具有滯後性，對於機構買家來說，3 年和 5 年的數字是重要的考慮因素。雖然我們今年迄今的表現非常引人注目，並且一年的表現也很有吸引力，但我們在 3 年和 5 年的數字上確實還有進一步的工作要做。就您可能會拾取早期信號的渠道或您期望其最早改善的渠道而言。它將涉及 USI Wealth 和個人投資者業務。我再次認為，規模越大的機構決策往往更注重 3 年和 5 年的決策。

I think the pattern we would expect to see is a lessening of redemptions and then eventually a more meaningful pickup in gross sales. If I take a step back and talk about flows broadly, it's clearly the missing ingredient. Overall, I'm feeling better about things. I think we've been very front-footed in putting ourselves in a position where we can invest against our strategic initiatives, yet kind of have an appropriate level of expense growth. For now, at least, the market has given us a lift in revenues. And we're working really hard to put ourselves in a position where we can return to organic growth.

我認為我們期望看到的模式是贖回減少，然後最終銷售量出現更有意義的增長。如果我退一步並廣泛地談論流量，那麼它顯然是缺失的要素。總的來說，我對事情感覺好多了。我認為我們一直非常領先，能夠根據我們的戰略舉措進行投資，同時保持適當的費用增長水平。至少目前，市場給我們帶來了收入的提升。我們正在非常努力地工作，以使自己能夠恢復有機增長。

As it stands today, the industry conditions are challenging. There is a lot of money on the sidelines. I don't think that will last forever, but it's difficult to know when it will ultimately come back. We'll need to continue to drive improved performance and ultimately, we'll need to execute against our strategic initiatives to become more central with our existing clients and to reach more clients.

就目前情況而言，行業狀況充滿挑戰。有很多錢在場外。我不認為這種情況會永遠持續下去，但很難知道它最終什麼時候會回來。我們需要繼續提高績效，最終，我們需要執行我們的戰略計劃，以更加以現有客戶為中心並覆蓋更多客戶。

My sense is if you look at historical patterns, if we execute against those things and investors come off the sidelines and begin to invest with a more long-term orientation again, we should see meaningfully less in the way of outflows in 2024 and demonstrate that we can put the company on a path back to organic growth at some point in 2025. If I look at all of the leading indicators that I'm seeing right now, it suggests to me that we're experiencing the worst of the pressure on flows, which is another way of saying I wouldn't expect the run rate in the back half of the year to be greater than what we saw in the first half of the year.

我的感覺是，如果你看看歷史模式，如果我們針對這些事情執行，並且投資者不再觀望並開始再次以更長期的方向進行投資，我們應該會看到 2024 年的資金外流明顯減少，並證明我們可以讓公司在 2025 年的某個時候回歸有機增長。如果我看看我現在看到的所有領先指標，這表明我們正在經歷最嚴重的壓力流量，換句話說，我預計下半年的運行率不會高於上半年。

And as we work our way through '24, we think we'll see, as I say, noticeably less in the way of net outflows. But again, there are some things that have to happen in terms of the industry backdrop, in terms of our investment performance, which we're deeply focused on, and I'm encouraged by. And again, with regard to execution against all of our strategic initiatives.

當我們努力度過 24 年時，正如我所說，我們認為我們將看到淨流出明顯減少。但同樣，就行業背景而言，就我們的投資業績而言，有些事情必鬚髮生，這是我們非常關注的，我對此感到鼓舞。再次，關於我們所有戰略舉措的執行。

Our next question comes from the line of Finian O'Shea from Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的 Finian O'Shea。

A question on the active ETF launches. Can you talk about the success so far there as to the extent that they capture the outflows, say, of their sister mutual funds? And also on a high level, are you encouraged by what you're seeing? Or are there roadblocks for that strategy to gain traction?

關於主動型 ETF 推出的問題。您能否談談迄今為止在捕捉資金外流（例如姊妹共同基金）方面取得的成功？從較高的層面來看，您所看到的情況是否令您感到鼓舞？或者該策略獲得吸引力是否存在障礙？

Look, at a high level, I am encouraged by what we've been seeing more recently. I think active strategies delivered in the ETF vehicle have really started to garner more attention and interest across the industry. And we've continued to expand our lineup. Kind of we now have a broader range across equity and fixed income. And as noted, launched a series of new ETFs this quarter, we have particular early traction in the capital appreciation equity, ETF offering, but kind of broadly, we're getting more and more engagement and are increasingly encouraged by interest in ETFs. With regard to whether it's just cannibalizing the open-ended 40 Act business, I think there's an element of that, but I also think we're attracting a lot of new investors.

看看，從高水平來看，我對我們最近所看到的情況感到鼓舞。我認為 ETF 工具中提供的主動策略確實已經開始引起整個行業的更多關注和興趣。我們繼續擴大我們的產品陣容。我們現在在股票和固定收益方面擁有更廣泛的範圍。正如所指出的，本季度推出了一系列新的 ETF，我們在資本增值股票、ETF 發行方面特別受到早期關注，但從廣義上講，我們的參與度越來越高，並且對 ETF 的興趣越來越受到鼓舞。至於這是否只是蠶食開放式 40 法案業務，我認為其中有一定因素，但我也認為我們正在吸引很多新投資者。

What you find is that there are certain advisers that use ETFs exclusively. And until we had an ETF lineup, we weren't able to engage or deliver our strategies to those advisers. Tim Coyne and our USI wealth broker-dealer financial advisory team have done a really good job of getting out into the marketplace and ultimately, kind of giving people a sense for our strategies and why they could be appropriate in their clients' portfolios. And we're really pleased with how they're performing. We think there's a long way to go there. It's early days. And I would say, for us, the momentum has really just started to build, frankly, kind of over the course of the last several months.

您會發現，有些顧問專門使用 ETF。在我們擁有 ETF 陣容之前，我們無法與這些顧問互動或向他們提供我們的策略。 Tim Coyne 和我們的 USI 財富經紀交易商財務諮詢團隊在進入市場方面做得非常好，最終讓人們了解我們的策略以及為什麼它們適合客戶的投資組合。我們對他們的表現非常滿意。我們認為還有很長的路要走。現在還早。我想說，對我們來說，坦率地說，在過去幾個月裡，這種勢頭確實剛剛開始形成。

Our next question comes from the line of Dan Fannon from Jefferies.

我們的下一個問題來自 Jefferies 的丹·範農 (Dan Fannon)。

Jen, I was hoping to expand a bit upon the expense commentary. So at or below the midpoint of this year, I assume that's based on kind of June 30 AUM levels? And then also would be curious about what kind of onetime or severance might be included in 3Q as you think about the actions that have been taken and then further, just on the commentary for next year, low single digits at this point. Does that include some of the real estate and longer-term potential cost saving thing actions that you mentioned? Or would that be above and beyond as we think about '25 and further?

Jen，我希望對費用評論進行一些擴展。那麼，在今年的中點或以下，我認為這是基於 6 月 30 日的 AUM 水平？然後，當你考慮已經採取的行動時，你也會好奇第三季度可能會包含什麼樣的一次性或遣散費，然後進一步考慮明年的評論，目前只有低個位數。這是否包括您提到的一些房地產和長期潛在成本節約行動？或者說，這會超出我們對 ​​25 年及以後的考慮嗎？

Thanks, Dan, I'll try to make sure I get all of those. So first, on the midpoint of the range -- at or below the midpoint of the range, as usual, we tend to look at an average of the month as you might have noticed in this particular quarter, the markets went straight up into the end of the quarter. So we tend to look at about a 30-day rolling average just to look at what the balance might be for the balance of the year. In terms of severance, there's about $15 million to $20 million worth of severance costs that would be reflected in Q3 and we would expect for the balance of the year, if you look at how things would roll into Q4, you would have that partially offset by some of the lower salaries based on the rules that departed in July.

謝謝，丹，我會盡力確保我得到所有這些。因此，首先，在範圍的中點上——在範圍的中點或低於範圍的中點，像往常一樣，我們傾向於查看本月的平均值，正如您可能已經註意到在這個特定季度中，市場直接上漲到季度末。因此，我們傾向於查看大約 30 天的滾動平均值，只是為了看看今年剩餘時間的餘額可能是多少。在遣散費方面，大約有 1500 萬至 2000 萬美元的遣散費將反映在第三季度，我們預計今年剩餘時間，如果你看看事情會如何發展到第四季度，你會得到部分抵消根據 7 月份生效的規定，工資有所降低。

Just remember, as we think about how that expense guidance would roll into the end of the year, fourth quarter typically has our long-term incentive plans where new LTI plans are issued, and that tends to create a bit of a pop along with ad promo that tends to be more seasonal in the fourth quarter.

請記住，當我們考慮如何將支出指導延續到年底時，第四季度通常會有我們的長期激勵計劃，其中會發布新的 LTI 計劃，這往往會與廣告一起引起一些流行。第四季度的促銷往往更具季節性。

And last, as we look into next year, that low single-digit guidance, it includes much of what I just mentioned, that includes the $200 million. The real estate savings would roll in over time. I would expect that would probably be more into the late '24 or early '25 time frame. But again, we're still going through planning for the year. We just wanted to give you a general sense for where next year might land.

最後，當我們展望明年時，較低的個位數指引，其中包括我剛才提到的大部分內容，其中包括 2 億美元。隨著時間的推移，房地產節省將不斷增加。我預計這可能會更多地發生在 24 世紀末或 25 年初的時間範圍內。但同樣，我們仍在製定今年的計劃。我們只是想讓您對明年的情況有一個大致的了解。

Yes. I'll just say a few words with regard to expense management, we're trying to take an approach that really reflects our long-term priorities. We do want to invest against our strategic initiatives and invest for growth. We want to invest in our talent and maintain our culture and have the ability to be central to our clients and reach more clients.

是的。關於費用管理，我只想說幾句話，我們正在嘗試採取一種真正反映我們長期優先事項的方法。我們確實希望根據我們的戰略舉措進行投資並為增長而投資。我們希望投資於我們的人才並保持我們的文化，並有能力成為我們客戶的中心並接觸更多客戶。

In order to do that and sustain profitability in various market environments, we're going to have to be more efficient. We're going to have to be better at prioritization. We're going to have to make space to invest in and acquire new skills. So we should be able to drive additional savings through process improvement and optimization over time, but we're going to want to be able to use that to invest in our business and to put the company in a position to be successful over the long term.

為了做到這一點並在各種市場環境中維持盈利能力，我們必須提高效率。我們必須更好地確定優先順序。我們必須騰出空間來投資和獲取新技能。因此，隨著時間的推移，我們應該能夠通過流程改進和優化來節省更多成本，但我們希望能夠利用它來投資我們的業務，並使公司能夠長期取得成功。 。

Our next question comes from the line of Craig Siegenthaler from Bank of America.

我們的下一個問題來自美國銀行的克雷格·西根塔勒。

We're coming up on the 2-year anniversary of the Oak Hill acquisition announcement. So maybe this is a good time to provide us an update on the M&A effort and also get your thoughts on potentially acquiring another private market manager. Maybe one with a focus on real estate or infrastructure.

我們即將迎來收購 Oak Hill 公告兩週年紀念日。因此，也許現在是向我們提供併購工作最新情況並了解您對收購另一位私人市場管理公司的想法的好時機。也許專注於房地產或基礎設施。

Yes, Craig, thank you for the question. Look, our priorities with regard to M&A typically don't change quarter-to-quarter. We are constantly evaluating opportunities to add new capabilities that we don't currently offer and that are important to our clients. We typically evaluate that relative to developing something organically. So we're evaluating strategic opportunities. It's a stated goal of ours to build our alternatives business over time. So it's natural that as opportunities present themselves in areas like real estate and infrastructure, as you suggest, that we would evaluate them.

是的，克雷格，謝謝你的提問。看，我們在併購方面的優先事項通常不會按季度變化。我們不斷評估機會來添加我們目前未提供但對客戶很重要的新功能。我們通常會相對於有機開發某些東西來評估這一點。所以我們正在評估戰略機會。我們的既定目標是隨著時間的推移建立我們的替代品業務。因此，正如您所建議的，當房地產和基礎設施等領域出現機會時，我們自然會對它們進行評估。

We're only going to do things that we believe are compelling. We're only going to do things where we believe there is real cultural fit. We want to associate ourselves with investors and teams that are performance oriented that are client focused and that have a long-term orientation. So when those opportunities present themselves, we're going to do work and ultimately feel like -- ultimately determine whether or not we should engage and do more work and whether it's something that we might move forward with.

我們只會做我們認為有說服力的事情。我們只會做我們認為真正文化契合的事情。我們希望與以績效為導向、以客戶為中心、具有長期目標的投資者和團隊合作。因此，當這些機會出現時，我們將開展工作，並最終決定我們是否應該參與並做更多工作，以及我們是否可以繼續推進。

There isn't anything that's imminent right now, but this is an active time in the industry from a consolidation perspective. With regard to OHA, the Board and I continue to be very happy with the acquisition overall. I think the market backdrop is a little more challenging with regard to capital raising and deployment across private markets, private credit and private equity, but it's a moment in time. I'm very enthusiastic about OHA's business in the long term. They are talented investors with solid performance and a very strong reputation and great client relationships. I'm also encouraged by the work that our distribution teams are doing around the globe as they've spent time learning OHA's offering, and they are beginning to bring new opportunities from our client relationships to OHA.

目前還沒有什麼迫在眉睫的事情，但從整合的角度來看，這是該行業的活躍時期。關於 OHA，董事會和我對整體收購仍然非常滿意。我認為，在私募市場、私人信貸和私募股權的融資和部署方面，市場背景更具挑戰性，但現在正是時候。從長遠來看，我對 OHA 的業務非常熱衷。他們是才華橫溢的投資者，擁有穩健的業績、良好的聲譽和良好的客戶關係。我還對我們的分銷團隊在全球各地所做的工作感到鼓舞，因為他們花時間學習 OHA 的產品，並且開始從我們的客戶關係中為 OHA 帶來新的機會。

Last thing I'd say about this is I'm really excited about our joint BDC, where we've noted, we've secured $600 million of seed capital and are building a pipeline of intermediaries to partner with for distribution. Again, demand is muted in this space right now, but we think it's a compelling product. It's an area that we didn't serve in the past, either to reprice or OHA so we feel like we can have a preeminent product on those platforms when demand for the private credit BDC type vehicle comes back.

關於這一點我要說的最後一件事是，我對我們的聯合 BDC 感到非常興奮，我們已經註意到，我們已經獲得了 6 億美元的種子資本，並且正在建立一個中間機構渠道來合作分銷。同樣，目前這個領域的需求很低，但我們認為這是一個引人注目的產品。這是我們過去沒有服務過的領域，無論是重新定價還是 OHA，因此我們覺得當對私人信貸 BDC 類型工具的需求回升時，我們可以在這些平台上擁有卓越的產品。

Our next question comes from the line of Glenn Schorr from Evercore.

我們的下一個問題來自 Evercore 的 Glenn Schorr。

So I want to take a step back on the intermediary channel because it's a little bit weird time where the markets go up a lot yet, you have a bunch of outflows. So the question I have is, is the same performance drives flows on a lag basis? Is that relationship still what's driving things in here and as your performance started to improve, we should see things slow. That would be what history would say. But is it bigger than that now? Is -- are you seeing like just a massive product preference change in the channel, hence, the ETFs and SMAs that you've been putting out? Maybe you could lead in what the responsibilities of your new head of intermediate distribution might be in charge of making happen?

所以我想在中間渠道上退一步，因為現在市場還大幅上漲，有大量資金外流，這有點奇怪。所以我的問題是，相同的性能是否會導致流量滯後？這種關係仍然是推動事情發展的因素嗎？隨著你的表現開始改善，我們應該看到事情進展緩慢。歷史會這麼說。但現在比這個還大嗎？您是否認為渠道中的產品偏好發生了巨大變化，因此您推出了 ETF 和 SMA？也許您可以領導新的中間分銷主管的職責，以實現這一目標？

Yes. Glenn, it's a good question. It is an unusual moment in time. If you look at where most of the inflows have come in the industry, it's been in passive, a lot of that in ETF and in money market. People are getting yields on money market funds that they haven't had in 15 years or more. And it's an uncertain environment. I think there are a lot of investors that are on the sidelines that are waiting for the Fed to get out of the way or waiting for a more attractive buying opportunity. I'd also say that it's been a narrow market. You note that the market is up quite a bit. It's been driven by kind of a very narrow portion of the market and a small number of overall names. So there hasn't been as broad participation, as you might expect.

是的。格倫，這是個好問題。這是一個不尋常的時刻。如果你看看該行業的大部分資金流入，就會發現它是被動的，其中很多是在 ETF 和貨幣市場。人們從貨幣市場基金中獲得了 15 年或更長時間以來從未有過的收益。這是一個不確定的環境。我認為有很多投資者在觀望，等待美聯儲出手，或者等待更具吸引力的買入機會。我還想說這是一個狹窄的市場。您注意到市場上漲了不少。它是由一小部分市場和少數整體品牌推動的。因此，並沒有像您所期望的那樣廣泛參與。

Look, I still believe that good performance will drive flows across vehicles. And we saw this quarter inflows into a number of strategies, including funds where performance was good. Again, I think longer term, there is a shift away from open-ended 40 Act mutual funds in favor of other vehicles. You see that in fund to trust migration in our retirement business.

看，我仍然相信良好的性能將推動車輛的流動。我們看到本季度資金流入了許多策略，包括業績良好的基金。我再次認為，從長遠來看，開放式 40 法案共同基金正在轉向其他投資工具。您可以在我們的退休業務中的信託移民基金中看到這一點。

And as you noted, SMA and ETF are both growing more rapidly. But we're, I think, moving quickly to offer a broader range of strategies across those vehicles. So while the trends that you note are real, in terms of a shift to SMA with lower account minimums, more customization, tax loss optimization, shift to ETF, to some extent, a shift to thematic a shift to passive, I think those are things that we can navigate if we leverage our, I think, best-in-class global investment platform -- global research platform across equities and fixed income, all of those are opportunities that we should be able to address that I think we've made progress in building out our shelf space and availability, and we'll make further progress with going forward.

正如您所指出的，SMA 和 ETF 的增長速度都更快。但我認為，我們正在迅速採取行動，為這些車輛提供更廣泛的策略。因此，雖然您注意到的趨勢是真實的，但就向 SMA 的轉變、更低的賬戶最低限額、更多定制、稅收損失優化、向 ETF 的轉變，在某種程度上，向主題的轉變、向被動的轉變而言，我認為這些是如果我們利用我認為一流的全球投資平台——股票和固定收益領域的全球研究平台，我們可以駕馭的事情，所有這些都是我們應該能夠解決的機會，我認為我們已經在建立我們的貨架空間和可用性方面取得了進展，我們將繼續取得進一步的進展。

So look, I deeply believe that there will always be a market for active management that excellent security selection will drive value, And I think it's incumbent on us to engage with our clients to understand kind of how we can deliver that value to them. So I think there's an element of this, Glenn, that is cyclical, that is kind of where we are today and kind of ultimately you'll see behavior change and money flow back to strategies where you have a very good performance. But there's also an element of it that I think is likely to be more enduring, which is why we're working hard on SMA, ETF, things like the OCredit BDC. We want to be more present and better represented in areas where we've been less well represented in the past because there are some changing demand trends.

因此，我堅信，主動管理永遠存在一個市場，優秀的安全選擇將推動價值，而且我認為我們有責任與客戶合作，了解我們如何向他們提供這種價值。所以我認為其中有一個因素，格倫，這是周期性的，這就是我們今天所處的情況，最終你會看到行為改變和資金流回到表現非常好的策略。但我認為其中還有一個因素可能會更持久，這就是為什麼我們正在努力開發 SMA、ETF 和 OCredit BDC 等產品。我們希望在過去由於需求趨勢發生變化而未能得到充分體現的領域中擁有更多的存在感和更好的代表性。

Our next question comes from the line of Brian Bedell from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

Great. If I could just dive deeper in on 2 channels. The 401(k) channel, both DCIO and recordkeeping and then maybe contrasting that with the online brokerage platform channels like, for example, at Charles Schwab is just one of them. In the 401(k) channel, we saw elevated outflows in the institutional side of your business. So I assume that's concentrating in your 401(k). Maybe if you can just talk about whether there were any lumpy either mandate losses or something that drove that in the second quarter? And then are you seeing better potential trends in the DCIO versus the recordkeeping? And then on the online brokerage platforms, are you seeing better trends there? Are there more retail focused? They may be more performance sensitive not sure if it's a big enough contribution yet, but if you can just provide some color on those.

偉大的。如果我能更深入地研究兩個頻道就好了。 401(k) 渠道、DCIO 和記錄保存，以及與在線經紀平台渠道（例如嘉信理財）的對比只是其中之一。在 401(k) 渠道中，我們看到貴公司機構方面的資金外流有所增加。所以我認為這主要集中在您的 401(k) 中。也許您可以談談第二季度是否存在任何不穩定的授權損失或推動這一損失的因素？那麼您是否看到 DCIO 與記錄保存方面更好的潛在趨勢？那麼在在線經紀平台上，您是否看到了更好的趨勢？是否有更多的零售業？他們可能對性能更加敏感，不確定這是否是一個足夠大的貢獻，但您是否可以提供一些顏色。

Yes. I'll start and ask Jen to offer her perspective as well. I'll start with our retirement plan services business or our bundled 401(k) recordkeeping business. It's a business that, overall, I would characterize as healthy. We are growing in what we call the core market, which is below the large enterprise market. We are expanding our coverage of advisers that specialize in retirement and recordkeeping for small, medium-sized businesses. And kind of overall, I think it's a business that is executing quite well for us where we have some challenges in -- we often have planned deconversions when there is consolidation, where you have one of those large enterprises buy a mid-cap or more medium-sized company that's one of our clients. So that's pressured that business to some extent, but we've largely been able to offset that with growth in the core market. And I feel good about our momentum there. So I'll leave that for the 401(k) recordkeeping business.

是的。我將首先請 Jen 也提供她的觀點。我將從我們的退休計劃服務業務或捆綁的 401(k) 記錄保存業務開始。總體而言，我認為這是一項健康的業務。我們正在所謂的核心市場中成長，該市場低於大型企業市場。我們正在擴大專門從事中小型企業退休和記錄保存的顧問的覆蓋範圍。總的來說，我認為這是一項對我們來說執行得很好的業務，但我們面臨一些挑戰——我們經常在整合時計劃去轉換，其中一個大型企業購買中型或更多的公司中型公司是我們的客戶之一。因此，這在一定程度上給該業務帶來了壓力，但我們基本上能夠通過核心市場的增長來抵消這一壓力。我對我們在那裡的勢頭感到滿意。所以我將把它留給 401(k) 記錄保存業務。

In terms of the DC investment-only or institutional defined contribution business, I'd say it's more mixed. We continue to meet with success in the retirement date franchise there, but it's an area where we were very well represented in large-cap growth. And we have had some terminations from plans as a result of performance in that channel, and that has put some pressure on flows. It's part of the reason why we've called it out. I think it's been particularly elevated or acute in the first part of this year. I don't think we're out of the woods yet with regard to that.

就 DC 純投資或機構固定繳款業務而言，我認為情況更加複雜。我們在退休日期特許經營方面繼續取得成功，但這是我們在大盤股增長中表現出色的領域。由於該渠道的表現，我們已經終止了一些計劃，這給流量帶來了一些壓力。這是我們提出這一要求的部分原因。我認為今年上半年的情況尤其嚴重。我認為我們在這方面還沒有走出困境。

But I think if we continue to drive performance and get back to our historical standards, eventually that will run its course.

但我認為，如果我們繼續提高績效並回到我們的歷史標準，最終一切都會水到渠成。

Yes. I'd add to that. I mean, if we think about -- we've been asked previously about trends in the DC, the defined contribution investment only versus our record cap business. Those are both important business lines for us, and we actually see the benefits of the work that we do, representing plan sponsors in that 401(k) recordkeeping business is able to help us think about plan design, it's able to help us think about product design, and it's really helped us to stay front of mind from an innovation perspective in both our target date products and in thinking about retirement income products going forward.

是的。我想補充一點。我的意思是，如果我們考慮一下——我們之前曾被問及 DC 的趨勢，固定繳款投資僅與我們創紀錄的上限業務相比。這些對我們來說都是重要的業務線，我們實際上看到了我們所做工作的好處，在 401(k) 記錄保存業務中代表計劃發起人能夠幫助我們思考計劃設計，它能夠幫助我們思考產品設計，它確實幫助我們從目標日期產品和未來退休收入產品的創新角度保持領先地位。

Our next question comes from the line of Brennan Hawken from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的布倫南·霍肯 (Brennan Hawken)。

So my understanding of T. Rowe's incentive comp is that you tend to skew to longer-term performance track records on the investment professional side. So just wanted to confirm if that's right and whether or not we -- number one, like what track records or which time periods are more important and have a bigger impact? And was the better-than-expected compensation expense this quarter beginning to reflect the fact that some of the longer-term track records have begun to deteriorate? And therefore, we could expect to see some continued tailwinds on the expense side from that dynamic.

因此，我對 T. Rowe 激勵薪酬的理解是，您傾向於偏向投資專業方面的長期績效記錄。所以只是想確認這是否正確，以及我們是否——第一，比如哪些記錄或哪些時間段更重要並產生更大的影響？本季度好於預期的薪酬支出是否開始反映出一些長期業績記錄已開始惡化的事實？因此，我們預計這種動態將在費用方面持續帶來一些推動作用。

Yes, I'm not going to comment on specifically what the underlying drivers are of the compensation accrual. I will say that our approach and philosophy around incentive compensation does emphasize longer-term track records. And kind of how you define that really depends on the tenure of the investment professional. But we look not only at the current year results, but at 3, 5 and even 10-year results for long-tenured portfolio managers. So our incentives are basically designed to reflect the long-term performance for investment proposals.

是的，我不會具體評論應計薪酬的根本驅動因素。我想說的是，我們圍繞激勵薪酬的方法和理念確實強調長期業績記錄。如何定義它實際上取決於投資專業人士的任期。但我們不僅關注當年的業績，還關注長期任職的投資組合經理3年、5年甚至10年的業績。所以我們的激勵措施基本上是為了反映投資建議的長期績效而設計的。

But you've got to remember, we have 8,000 associates. And we have people that are doing a lot of different things in the organization. We also have a very broad range of strategies. So kind of while we might have delivered disappointing 3- and 5-year results in certain strategies, we have other strategies where you have excellent results. So at the end of the day, as I've said before, we're really focused on -- from an expense perspective overall, making sure that we have the capacity to attract and retain world-class diverse talent and maintain our culture. And those are the things that I think are really essential for us to be able to deliver for our clients over time and to be able to deliver for our shareholders.

但您必須記住，我們有 8,000 名員工。我們的員工在組織中做很多不同的事情。我們還有非常廣泛的戰略。因此，雖然我們在某些​​策略中的 3 年和 5 年結果可能令人失望，但我們還有其他策略，可以讓您獲得出色的結果。因此，歸根結底，正如我之前所說，從整體費用角度來看，我們真正關注的是確保我們有能力吸引和留住世界一流的多元化人才並維持我們的文化。我認為這些對於我們能夠長期為我們的客戶提供服務以及為我們的股東提供服務來說非常重要。

I think it is worth noting, as we talked about the steps that we've been taking from an expense perspective. We had the notable announcement where we took the actions with the 2% of existing roles. But in leading up to that, we've been working for the past several months at looking how we can actually slow down and close open roles, and that will have an impact on the expense growth rate in salaries. So trying to manage that over a period of time allows us to do that through closing open roles, not necessarily having to eliminate roles that have people in them. So you would see that flowing through in the impact of salaries.

我認為值得注意的是，因為我們從費用角度討論了我們一直在採取的步驟。我們發布了一項值得注意的公告，其中我們對 2% 的現有角色採取了行動。但在此之前，我們在過去的幾個月裡一直在研究如何真正放慢並關閉空缺職位，這將對薪資費用增長率產生影響。因此，嘗試在一段時間內進行管理可以讓我們通過關閉空缺角色來做到這一點，而不必消除有人參與的角色。所以你會看到這種影響對工資的影響。

Our next question comes from the line of Mike Brown from KBW.

我們的下一個問題來自 KBW 的 Mike Brown。

So Jennifer, as you noted, the market rally was particularly strong at the end of the quarter. So just wanted to see if you had any color about the exit fee rate here relative to the second quarter? And any puts and takes we should really consider here for the second half?

因此，詹妮弗，正如您所指出的，市場反彈在本季度末特別強勁。所以只是想看看您對第二季度的退出費率是否有任何了解？下半年我們應該真正考慮哪些看跌期權和看跌期權？

No. I'd say, look, if you look at our trend over the last several years, 5 plus, we've had modest fee compression rates over the past several years in the range of 1% to 2%, depending on the actions that we've been taking to lower fees across different product lines and be competitive. So I would expect that wouldn't change. Obviously, in times of market rally, you'll see a little bit of an uptick as the business mix shifts, but nothing really specific to call out that's different from trends.

不。我想說，如果你看看我們過去幾年的趨勢，5+，過去幾年我們的費用壓縮率在 1% 到 2% 之間，具體取決於我們為降低不同產品線的費用並保持競爭力而採取的行動。所以我希望這不會改變。顯然，在市場反彈時期，隨著業務組合的變化，您會看到一點點上升，但沒有什麼具體的東西可以指出這與趨勢不同。

Our next question comes from the line of Patrick Davitt from Autonomous.

我們的下一個問題來自 Autonomous 的 Patrick Davitt。

So T. Rowe is widely known to be one of the best places to work in asset management and you've obviously been able to maintain that strong culture and strong pay packages through the last decades plus [bull] market. But history would suggest that asset managers to start cutting more aggressively start to impact the investment management process and then ultimately, performance. So after now 2, I guess, waves of layoffs in a year, how are you balancing this new restraint on expenses with the risk that you negatively impact the investment franchise?

因此，T. Rowe 被廣泛認為是資產管理領域最好的工作場所之一，而且在過去的幾十年以及[牛市]市場中，您顯然能夠保持強大的文化和豐厚的薪酬待遇。但歷史表明，資產管理公司開始更積極地削減資金，會開始影響投資管理流程，最終影響業績。因此，我想，在一年內的第二波裁員浪潮之後，您如何平衡這種新的支出限制與對投資業務產生負面影響的風險？

I think I've said this now maybe the third time. Our approach here is to have a balanced -- a balance between driving efficiency overall, and that's throughout the organization, making sure that we're getting value out of all of our roles, making sure that we are a company that is dynamic and in the long term has growth opportunity in a way that will allow us to sustain our culture and have the resources to compensate and attract top diverse talent throughout the organization, but particularly in investments.

我想我現在可能已經說過第三次了。我們的方法是在提高整體效率和整個組織的效率之間取得平衡，確保我們從所有角色中獲得價值，確保我們是一家充滿活力和活力的公司。從長遠來看，我們擁有增長機會，使我們能夠維持我們的文化，並擁有資源來補償和吸引整個組織中的頂尖多元化人才，特別是在投資方面。

Look, our retention is very strong. I think we have a very strong culture. Our compensation is based on all of the market data that we have, very competitive, if not compelling. I expect it will remain the case. The vast majority of the head count initiatives did not impact investments. So it seems to be something that is very much top of mind for a handful of you all, but it's not something that I particularly am overly concerned with.

你看，我們的留存率非常強。我認為我們擁有非常強大的文化。我們的薪酬基於我們擁有的所有市場數據，即使不引人注目，也非常有競爭力。我預計情況仍將如此。絕大多數的員工人數計劃不會影響投資。因此，這似乎是你們中少數人最關心的事情，但這並不是我特別過度關心的事情。

It's something that we're always very, very focused on. But there's no question in my mind that we have the capacity and intent to make sure that our compensation practices are very competitive and that we have appropriate incentives in place for people throughout the organization. Again, the proofs in the pudding there, if you look at our investment professional retention, I think it's excellent. Our retention throughout the organization is quite strong. What we're doing, I think, is very consistent with what you've seen throughout the organization in almost every one of our peers. So in that way, I would say I do not think that we are an outlier.

這是我們一直非常非常關注的事情。但在我看來，毫無疑問，我們有能力和意圖確保我們的薪酬實踐非常有競爭力，並且我們為整個組織的人員提供適當的激勵措施。再說一次，布丁中的證據，如果你看看我們的投資專業保留率，我認為這是非常好的。我們整個組織的保留率非常高。我認為，我們正在做的事情與您在整個組織中幾乎每一位同行所看到的非常一致。因此，我想說，我不認為我們是局外人。

Jen, I don't know if you'd have anything to add.

Jen，我不知道你是否還有什麼要補充的。

Yes, I think it's also important to put it in context. If we look at the last 5 years, we were coming off a period of very rapid investment in the business. We've added a number of capabilities across investments, distribution, technology, operations and globalization of the business over the -- again, over the past 5-plus years, to the tune of increasing operating expenses over $1 billion in run rate during that time frame. So these adjustments, I think these are nice moments in time to be able to take a look, make sure that we're doing things as efficiently as we can.

是的，我認為將其放在上下文中也很重要。如果我們回顧過去五年，我們正在經歷一段業務投資非常迅速的時期。在過去 5 年多的時間裡，我們在投資、分銷、技術、運營和業務全球化方面增加了許多能力，在此期間，運營費用增加了超過 10 億美元。大體時間。因此，我認為這些調整是我們能夠進行審視的好時機，確保我們盡可能高效地做事。

And if we look at the -- particularly on the role side of things, there were 3 things we were trying to do. One was increasing efficiency in the way we work. So trying to look at processes, rebalancing work, making sure that we have -- we're doing things in the right ways with the most beneficial technology that we can. The second is just looking at a need for changing skill sets. As we look at places that Rob mentioned, new vehicles, making sure that we have our skills decked against the places where the business is going.

如果我們看看——特別是在角色方面，我們試圖做三件事。一是提高我們工作方式的效率。因此，我們要努力審視流程，重新平衡工作，確保我們正在利用盡可能最有益的技術以正確的方式做事。第二個只是考慮改變技能組合的需要。當我們查看羅布提到的新車輛的地方時，確保我們的技能適合業務發展的地方。

And then the last thing is about pivoting and reprioritizing resources against these strategic priorities that we've been talking about. So some of this is about expense reduction. Some of this is about expense reallocation. And to help put it into context for next year, as we started the baseline work, our expense growth next year would have been somewhere in the neighborhood of 300 to 400 basis points higher from an expense growth perspective, if we were just investing in all new things in the business. So we view this, again, not only as an expense cutting exercise, but also as a reallocation to make sure we're investing in the right spot.

最後一件事是根據我們一直在討論的這些戰略優先事項來調整資源並重新確定其優先順序。所以其中一些是關於減少開支。其中一些與費用重新分配有關。為了幫助將其納入明年的背景，當我們開始基線工作時，如果我們只投資於所有項目，從費用增長的角度來看，明年的費用增長將高出 300 到 400 個基點左右。業務中的新事物。因此，我們再次認為這不僅是一項削減開支的舉措，也是一次重新分配，以確保我們投資在正確的地方。

Yes. And just to close the loop on this. For context, the role eliminations were roundly 2% of our global workforce and impacted multiple functions. The impact across investment divisions was minimal. You talk about dozens of people over a base of between 400 and 500 portfolio managers, associate portfolio managers, investment analysts across our -- all of our investment divisions. I think it's also important to understand that we've invested very steadily over time across our base of investment professionals. And we remain very confident in the strength of our global investment platform and our ability to deliver for clients. If you look back just to the -- since the end of 2013 to June 30 this year, our total number of investors has grown by over 25%. So if there's any sense or concern that we're not investing in our platform or taking care of our investment talent, I think it's misplaced.

是的。只是為了結束這個循環。就背景而言，裁員約占我們全球員工總數的 2%，並影響了多個職能部門。對投資部門的影響微乎其微。您談論的是我們所有投資部門的 400 至 500 名投資組合經理、副投資組合經理、投資分析師中的數十人。我認為了解這一點也很重要：隨著時間的推移，我們在投資專業人士基礎上進行了非常穩定的投資。我們對我們全球投資平台的實力以及為客戶提供服務的能力仍然充滿信心。如果你回顧一下——從2013年底到今年6月30日，我們的投資者總數增長了25%以上。因此，如果有人認為或擔心我們沒有投資我們的平台或照顧我們的投資人才，我認為這是錯誤的。

Our last question comes from the line of Michael Cyprys from Morgan Stanley.

我們的最後一個問題來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

More of a big picture question for you. AI has been getting a lot of attention and focus across the world today. Just curious how you're thinking about the potential and opportunity from AI with respect to your business? Do you see this as more of a revenue or an expense play? What sort of impact could this have on the competitive landscape for the asset management industry? Maybe you could talk a little bit about how you're experimenting with this today or how you may experiment with that in the future.

對你來說，這是一個更大的問題。當今，人工智能已經受到全世界的廣泛關注和關注。只是好奇您如何看待人工智能給您的業務帶來的潛力和機遇？您認為這更多的是收入還是支出？這會對資產管理行業的競爭格局產生什麼樣的影響？也許你可以談談你今天是如何進行這個實驗的，或者你將來會如何進行這個實驗。

Sure. Thanks for the question. I think it's important here that I know a lot of people are talking about generative AI and the capabilities that have been rapidly evolving over the past several quarters versus machine learning AI, I'd say we've been investing behind that in certain parts of our business for some time now in our investment data insight team as an example, to make sure that we're using the benefits of machine learning in all of our processes.

當然。謝謝你的提問。我認為這裡很重要的是，我知道很多人都在談論生成式人工智能以及過去幾個季度與機器學習人工智能相比迅速發展的功能，我想說我們一直在投資於某些領域以我們的投資數據洞察團隊一段時間以來的業務為例，以確保我們在所有流程中都利用機器學習的優勢。

Specifically with regard to generative AI, we're looking at it across 2 fronts. One is from a risk perspective, just making sure that we have appropriate safeguards in place to protect data. And that's been one of the important things that we've been focused on in the early days. And then the second piece of that, we've been establishing pilots across the business just to evaluate what the capabilities are to make sure that we can implement generative AI in ways that will improve our ability to generate insights for clients, the ability to reach and impact new clients and also to drive efficiency across the business.

特別是在生成人工智能方面，我們正在從兩個方面進行研究。一是從風險的角度來看，只是確保我們有適當的保護措施來保護數據。這是我們早期關注的重要事情之一。第二部分，我們一直在整個業務範圍內建立試點，只是為了評估有哪些能力，以確保我們能夠以提高我們為客戶生成見解的能力、接觸到客戶的能力的方式實施生成式人工智能。影響新客戶並提高整個業務的效率。

So I'd say we're looking at pilots across our investment organization, across our distribution channels and within our technology organization specifically to look at how we can use that to drive efficiencies. So I think the opportunities are potentially significant over time, but it's early days, and we want to do it in a way that is durable.

所以我想說，我們正在整個投資組織、整個分銷渠道以及我們的技術組織內進行試點，專門研究如何利用它來提高效率。因此，我認為隨著時間的推移，這些機會可能會很重要，但現在還處於早期階段，我們希望以一種持久的方式做到這一點。

All right. I think that was the last question. So I'll just close by thanking everyone for joining us and for their interest in good questions. As we noted, we're encouraged by investment performance. We continue to be deeply focused on it. And I think we believe that while there are some lingering issues that will impact flows, we have a path to improvement as we work our way through 2024. We believe deeply in our corporate strategic initiatives, and I'm really encouraged by the dedication and commitment of our associates and their focus on delivering for our clients. So thank you.

好的。我認為這是最後一個問題。最後，我要感謝大家加入我們並感謝他們對好問題的興趣。正如我們所指出的，我們對投資業績感到鼓舞。我們將繼續深度關注它。我認為，我們相信，雖然存在一些會影響流量的揮之不去的問題，但我們在 2024 年努力的過程中，有一條改進的道路。我們對我們的企業戰略舉措深信不疑，我對我們的奉獻精神和奉獻精神感到非常鼓舞。我們員工的承諾以及他們對為客戶提供服務的專注。所以謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。