普信集團 (TROW) 2024 Q1 法說會逐字稿

Good morning. My name is Norma, and I will be your conference facilitator today. Welcome to T. Rowe Price's First Quarter 2024 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.

早安.我叫諾瑪，今天我將擔任你們的會議主持人。歡迎參加 T. Rowe Price 2024 年第一季財報電話會議。 （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. Please go ahead.

我現在將電話轉給 T. Rowe Price 投資者關係總監 Linsley Carruth。請繼續。

Hello, and thank you for joining us today for our first quarter earnings call. The press release and the supplemental materials document can be found on our IR website at investors.troweprice.com.

您好，感謝您今天參加我們的第一季財報電話會議。新聞稿和補充資料文件可在我們的投資者關係網站 Investors.troweprice.com 上找到。

Today's call will last approximately 45 minutes. Our CEO and President, Rob Sharps; CFO, Jen Dardis, and Head of Global Distribution, Dee Sawyer, will discuss the company's results for about 20 minutes. Then we'll open it up to your questions, at which time we'll be joined by Head of Global Investments, Eric Veiel. We ask that you limit it to 1 question per participant.

今天的通話將持續約 45 分鐘。我們的執行長兼總裁 Rob Sharps；財務長 Jen Dardis 和全球經銷主管 Dee Sawyer 將討論公司業績約 20 分鐘。然後我們將接受您的提問，屆時全球投資主管 Eric Veiel 也將加入我們的行列。我們要求您將每位參與者的問題限制為 1 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. All investment performance references to peer groups on today's call are using Morningstar peer groups.

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。請參閱補充資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。今天電話會議上對同儕團體的所有投資績效參考均使用晨星同儕團體。

Now I'll turn it over to Rob.

現在我會把它交給羅布。

Linsley, thank you. And thank you all for joining us this morning for our first quarter update. Before I get started, I'm pleased to say that Dee Sawyer, our Head of Global Distribution and a member of our firm's Management Committee, will be joining us today. Dee will provide an overview of our Retirement business, which is critical to our clients and integral to our firm's long-term success. We'll hear from Dee after Jen's update on our financial results.

林斯利，謝謝你。感謝大家今天早上加入我們第一季的更新。在開始之前，我很高興地宣布，我們的全球分銷主管兼公司管理委員會成員 Dee Sawyer 今天將加入我們。 Dee 將概述我們的退休業務，這對我們的客戶至關重要，也是我們公司長期成功不可或缺的一部分。 Jen 更新我們的財務表現後，我們將收到 Dee 的來信。

With that, I'll turn to first quarter performance. Tailwinds from stronger-than-anticipated markets drove assets under management up in the first quarter, bringing our total assets under management to $1.54 trillion as of March 31, a 15% increase over the first quarter of 2023.

接下來，我將轉向第一季的表現。強於預期的市場推動推動第一季管理資產增加，截至 3 月 31 日，我們管理的總資產達到 1.54 兆美元，比 2023 年第一季成長 15%。

Our first quarter net outflows of $8 billion were about half the level we had in the first quarter of last year. This improvement came from increased client demand driving higher sales and stronger investment performance reducing redemptions, particularly in U.S. equity.

第一季淨流出 80 億美元，約為去年第一季水準的一半。這一改善源於客戶需求的增加推動了銷售額的增加，以及投資績效的增強減少了贖回，特別是在美國股票方面。

As I said on last quarter's call, we expect to see net outflows in 2024, but anticipate substantial improvement compared to last year. However, this improvement will not be linear. It's important to understand that monthly flows can be heavily impacted by client activity, including rebalancing, new mandates and terminations.

正如我在上個季度的電話會議上所說，我們預計 2024 年將出現淨流出，但預計與去年相比將大幅改善。然而，這種改進不會是線性的。重要的是要明白，每月的流量可能會受到客戶活動的嚴重影響，包括重新平衡、新的授權和終止。

So far in the second quarter, net flows are shaping up to be weaker in April, in part due to rebalancing in a handful of large clients. However, at this point, our pipeline suggests the balance of the quarter will be stronger.

到目前為止，第二季四月份的淨流量預計將減弱，部分原因是少數大客戶進行了再平衡。然而，目前我們的通路顯示本季的平衡將會更加強勁。

Investment performance was solid in the first quarter, with 65% of our funds beating their peer group 1-year medians.

第一季的投資表現穩健，我們 65% 的基金超過了同類型基金的一年中位數。

I'd like to mention a few other performance highlights. Our capital appreciation, U.S. equity research, mid-cap value and financial services funds all had top quartile performance versus peers for the 1-, 3- and 5-year time periods. Our integrated U.S. Small Cap Core and integrated global equity funds, which combine our fundamental and systematic processes were also top quartile performers for these time periods.

我想提一下其他一些性能亮點。我們的資本增值、美國股票研究、中盤價值和金融服務基金在 1 年、3 年和 5 年期間的表現均名列前茅。我們的綜合美國小型股核心基金和綜合全球股票基金結合了我們的基本面和系統化流程，在這些時期的表現也名列前茅。

And in our multi-asset range, our nearer dated retirement funds, the 2005 to 2035 vintages as well as our managed payout fund, retirement income 2020 are all top quartile performers for the 1-, 3- and 5-year periods. All vintages of our more recently launched retirement blend funds are top quartile performers for the 1-year period.

在我們的多元資產範圍中，我們較近日期的退休基金（2005 年至2035 年）以及我們的管理支付基金（2020 年退休收入）在1 年期、3 年期和5 年期均表現最佳。我們最近推出的退休混合基金的所有年份都是一年期內表現最佳的四分之一。

Over 50% of our fixed income funds beat their peer group medians for the 1-, 3- and 5-year time periods, and several of our fixed income Muni Funds as well as our global multi-sector bond, credit opportunities and U.S. dollar-hedged international bond funds are in the top third of their peer groups for these same periods.

我們超過 50% 的固定收益基金在 1 年、3 年和 5 年期間的表現優於同業中位數，我們的多個固定收益市政基金以及我們的全球多部門債券、信貸機會和美元- 對沖國際債券基金在同期同類基金中排名前三分之一。

Investment performance across the alternatives platform in the first quarter was generally strong. Private credit, Structured products and liquid portfolios generated attractive returns driven by strong credit selection and favorable market dynamics.

第一季另類投資平台的投資表現普遍強勁。在強有力的信貸選擇和有利的市場動態的推動下，私人信貸、結構性產品和流動性投資組合產生了有吸引力的回報。

Before I turn it over to Jen, I want to acknowledge our associates. We reached important milestones in the first quarter, thanks to their hard work and commitment to our clients, including our capital appreciation equity ETF surpassed $1 billion in assets under management, less than a year after its launch last June.

在將其交給 Jen 之前，我想感謝我們的同事。由於他們的辛勤工作和對客戶的承諾，我們在第一季實現了重要的里程碑，包括我們的資本增值股票 ETF 管理的資產超過 10 億美元，距離去年 6 月推出不到一年。

Across a number of channels, we are seeing sales momentum with significant year-over-year gross sales improvement with our wealth and individual investor clients.

在多個管道中，我們看到我們的財富和個人投資者客戶的銷售勢頭顯著，銷售額較去年同期大幅成長。

Earlier this month, OCREDIT launched on its first major wire house, demonstrating the close partnership of T. Rowe Price and OHA in successfully launching our first BDC with a key strategic partner in the wealth management channel.

本月早些時候，OCREDIT 推出了其首家大型電線公司，展示了 T. Rowe Price 和 OHA 與財富管理通路關鍵策略合作夥伴成功推出首個 BDC 的密切合作關係。

We retained our #2 position among the over 330 asset managers nominated in Institutional Investors 2024 ranking of America's top asset management firms. This distinction reflects the value of our corporate access model and the importance of our differentiated research capabilities.

在《機構投資者》2024 年美國頂級資產管理公司排名中，我們在 330 多家被提名的資產管理公司中保持了第二名的位置。這種差異反映了我們企業訪問模式的價值以及我們差異化研究能力的重要性。

And for the 14th consecutive year, the firm was named one of Fortune Magazine's World's Most Admired Companies. I'm proud of these accomplishments, and I'm grateful to our associates around the globe, who continue to put our clients first in everything they do.

該公司連續 14 年被《財星》雜誌評為全球最受尊敬的公司之一。我為這些成就感到自豪，並感謝我們全球各地的員工，他們在所做的一切事情中始終將客戶放在第一位。

With that, Jen will now provide an overview of our first quarter results.

Jen 現在將概述我們第一季的表現。

Thank you, Rob, and hello, everyone. I'll review our first quarter results before turning to Dee for a look at our Retirement business.

謝謝你，羅布，大家好。在向迪伊了解我們的退休業務之前，我將回顧我們第一季的業績。

Our adjusted earnings per share of $2.38 for Q1 2024 was up 40% from Q1 2023, driven by higher average AUM and investment advisory revenue and offset marginally by higher expenses.

我們 2024 年第一季的調整後每股收益為 2.38 美元，較 2023 年第一季成長 40%，這得益於平均資產管理規模和投資諮詢收入的增加，但費用的增加略有抵銷。

As Rob mentioned, we had $8 billion in net outflows for the quarter. Across asset classes, outflows were concentrated in U.S. equity, particularly large and mid-cap growth strategies. However, it's important to note that this quarter's U.S. equity outflows were less than half the level in the first quarter of last year, a meaningful improvement driven by higher sales and lower redemption rates, and consistent with improved investment performance.

正如 Rob 所提到的，本季我們有 80 億美元的淨流出。在各個資產類別中，資金流出主要集中在美國股票，尤其是大中型成長策略。然而，值得注意的是，本季美國股票流出量不到去年第一季水準的一半，這是由銷售增加和贖回率下降推動的有意義的改善，並且與投資業績的改善相一致。

There were a few notable areas of strength within the equity franchise, including U.S. structured research and U.S. smaller companies, both of which had strong flows to the CCAP product from EMEA-based clients.

股權特許經營權中有幾個值得注意的優勢領域，包括美國結構化研究和美國小型公司，這兩個領域都有大量來自 EMEA 客戶的 CCAP 產品流量。

In fixed income, strong investment-grade flows in the institutional channel were offset by continued outflows from stable value in the DC channel.

在固定收益方面，機構通路中強勁的投資等級資金流被 DC 通路中穩定價值的持續流出所抵銷。

Our target date franchise was positive for the quarter, with inflows of $6.8 billion, offset in part by outflows from other multi-asset products. And finally, we had just under $1 billion of outflows in alternatives from manager-driven distribution. However, we are encouraged by recent trends in fundraising and expect capital raising to increase through the year.

我們的目標日期特許經營權在本季度表現良好，流入 68 億美元，部分被其他多資產產品的流出所抵消。最後，我們有近 10 億美元的資金從經理驅動的分銷中流出到替代品中。然而，我們對最近的融資趨勢感到鼓舞，並預計全年融資將增加。

Turning to our income statement. Q1 adjusted net revenues were $1.8 billion, a nearly 14% increase from Q1 of last year, driven by higher average AUM. Our investment advisory revenue of $1.6 billion included $17.6 million in performance-based fees, predominantly from 2 of our U.S. equity strategies. These performance-based fees had a 0.5 basis point impact on our effective fee rate of 42.1 basis points.

轉向我們的損益表。第一季調整後淨收入為 18 億美元，比去年第一季成長近 14%，這得益於平均 AUM 的提高。我們 16 億美元的投資諮詢收入包括 1,760 萬美元的績效費用，主要來自我們的 2 個美國股票策略。這些基於績效的費用對我們 42.1 個基點的有效費率產生了 0.5 個基點的影響。

Our Q1 adjusted operating expenses were $1.1 billion, which is up almost 5% over last year from market-driven expenses, including the interim bonus accrual and distribution and servicing costs. Expense growth was tempered by the cost savings efforts we announced last summer. Our adjusted operating expenses were down nearly 7% from Q4 2023, due to the Q4 seasonality in stock-based compensation, professional fees and advertising and promotion expenses.

我們第一季調整後的營運支出為 11 億美元，比去年增長了近 5%，這是由市場驅動的支出（包括中期獎金應計費用以及分銷和服務成本）造成的。我們去年夏天宣布的成本節約措施抑制了費用成長。由於第四季度股票薪酬、專業費用以及廣告和促銷費用的季節性，我們調整後的營運費用較 2023 年第四季下降了近 7%。

Adjusted operating income increased 31% from Q1 2023 to $692 million. This brings our rolling 12-month adjusted operating margin to 36%, up from 35% a year ago.

調整後營業收入較 2023 年第一季成長 31%，達到 6.92 億美元。這使得我們的滾動 12 個月調整後營業利潤率從一年前的 35% 上升至 36%。

Given the rise in equity markets over the last few months and related impact on our market-driven expenses, which, as a reminder, is about 1/3 of our expense base, we now expect 2024 adjusted operating expenses, excluding carried interest expense, to be up 5% to 7% over 2023's $4.19 billion.

鑑於過去幾個月股市的上漲以及對我們市場驅動費用的相關影響（提醒一下，該費用約占我們費用基數的1/3），我們現在預計2024 年調整後的營運費用（不包括附帶利息費用）比 2023 年的 41.9 億美元成長 5% 至 7%。

Maintaining a strong cash position and distributing capital back to our stockholders remains a priority. We bought back $80 million worth of shares during the first quarter, reducing the shares outstanding to 223.5 million as of March 31, and have continued to buy back in April. Combined with our quarterly dividend of $1.24 per share, we returned $365 million in the first quarter.

保持強勁的現金狀況並將資本分配給股東仍然是我們的首要任務。我們在第一季回購了價值 8,000 萬美元的股票，截至 3 月 31 日，已發行股票減少至 2.235 億股，並在 4 月繼續回購。加上每股 1.24 美元的季度股息，我們第一季的回報為 3.65 億美元。

With $2.9 billion of cash and discretionary investments on our balance sheet, we have ample liquidity to support the recurring dividend, continue opportunistic buybacks and if they were to arise, to pursue select M&A opportunities to add capabilities to our business.

我們的資產負債表上有29 億美元的現金和可自由支配的投資，我們有充足的流動性來支持經常性股息、繼續機會性回購，如果出現回購，我們還可以尋求精選的併購機會來增強我們的業務能力。

We continue to manage the business with a long-term lens, balancing the investment in our strategic initiatives to drive growth over time with the need for ongoing expense discipline. From this position, we can continue delivering exceptional value for our clients by decking resources against new opportunities and added capabilities, while also identifying process improvements and driving efficiency.

我們繼續以長期的眼光來管理業務，平衡對策略計畫的投資，以推動長期成長，同時滿足持續的費用紀律的需要。以此為基礎，我們可以透過利用新機會和附加功能來配置資源，同時確定流程改進和提高效率，從而繼續為客戶提供卓越的價值。

And now I'll turn it over to Dee.

現在我會把它交給迪伊。

Thank you, Jen. I am pleased to join today's call to talk about our Retirement business. As Rob noted, our clients have entrusted us with $1.54 trillion in assets. Of that, over $1 trillion, more than 2/3, are identifiable as retirement assets, demonstrating that retirement is a critical component of our business. Slides 15 and 16 in the supplemental deck provide a detailed view of our retirement assets.

謝謝你，珍。我很高興參加今天的電話會議，討論我們的退休業務。正如 Rob 指出的那樣，我們的客戶將 1.54 兆美元的資產委託給我們。其中，超過 1 兆美元（超過 2/3）可被識別為退休資產，這表明退休是我們業務的重要組成部分。補充幻燈片中的幻燈片 15 和 16 提供了我們退休資產的詳細視圖。

I want to take a moment to share a few highlights. First, the majority of our retirement assets, $676 billion or 65% are in U.S. defined contribution plans, with the balance in defined benefit and individual IRA accounts.

我想花點時間分享一些亮點。首先，我們大部分的退休資產，即 6,760 億美元或 65%，都存在於美國固定繳款計畫中，其餘則存在於固定福利帳戶和個人 IRA 帳戶中。

Taking a closer look at our U.S. defined contribution assets, 395 billion or almost 60% are in our Target Date franchise. In fact, we are the top manager of active Target Date assets, a position we have held for 7 years, and we have the third largest market share overall.

仔細看看我們的美國固定繳款資產，我們的目標日期特許經營資產中有 3,950 億美元，即近 60%。事實上，我們是活躍目標日期資產的頂級管理人，我們已經保持了這一地位 7 年，並且我們擁有第三大市場份額。

But our DC business is more than Target Date. Plan sponsors select T. Rowe Price for equity and fixed income investment options as well, with U.S. large cap growth equity and stable value being the largest proportion of the balance of our DC business.

但我們的 DC 業務不僅僅是目標日期。計畫發起人也選擇T. Rowe Price作為股票和固定收益投資選擇，其中美國大盤成長股票和穩定價值是我們DC業務餘額中最大的比例。

We serve the DC channel in 2 ways. The majority of our DC assets are DC investment-only or DCIO, where the consultant adviser or plan sponsor selects T. Rowe Price to provide one or more of the investment options in their plan that is a record kept on an external platform. We are the fifth largest DCIO provider in the U.S.

我們透過兩種方式為 DC 管道提供服務。我們的 DC 資產大多是 DC 投資專用資產或 DCIO，其中諮詢顧問或計劃發起人選擇 T. Rowe Price 在其計劃中提供一項或多項投資選擇，並在外部平台上保存記錄。我們是美國第五大 DCIO 供應商。

About 1/4 of our DC assets are in our full-service record-keeping business, which we refer to as retirement plan services or RPS. Plan sponsors hire us to provide record-keeping services as well as key investment options for their plan lineup. As of the end of 2023, we provided these services for over 8,100 retirement plans.

我們大約 1/4 的 DC 資產用於我們的全方位服務記錄保存業務，我們稱之為退休計畫服務或 RPS。計劃發起人聘請我們為其計劃陣容提供記錄保存服務以及關鍵投資選擇。截至 2023 年底，我們為超過 8,100 個退休計畫提供了這些服務。

About 60% of all of our RPS assets under administration are invested in T. Rowe Price products, which has been consistent over the past several years and is a significantly higher portion of proprietary assets than the industry average of 27%.

我們管理的所有 RPS 資產中約有 60% 投資於 T. Rowe Price 產品，這一比例在過去幾年中保持不變，並且自營資產的比例明顯高於 27% 的行業平均水平。

We provide solutions for a wide variety of clients, including our broad array of equity and fixed income strategies and our market-leading Target Date franchise. These are offered through a range of funds, common trust and custom solutions.

我們為各類客戶提供解決方案，包括廣泛的股票和固定收益策略以及市場領先的目標日期特許經營權。這些是透過一系列基金、共同信託和客製化解決方案提供的。

Within our Target Date franchise, we offer higher and lower equity glide path and approaches that include both active and passive building blocks. And our solutions extend to not only investment products, but also to tools and services to help clients, plan sponsors and participants manage their retirement accounts, track progress along their retirement journey and help improve their overall financial wellness.

在我們的目標日期專營權範圍內，我們提供更高和更低的股本下滑路徑和方法，包括主動和被動的構建模組。我們的解決方案不僅涵蓋投資產品，還涵蓋工具和服務，幫助客戶、計劃發起人和參與者管理他們的退休帳戶、追蹤他們退休之旅的進度並幫助改善他們的整體財務健康。

Through our record-keeping business as well as our individual investors channel, we have direct retirement account relationships with over 3.2 million end investors. The insights we derive from these relationships, coupled with the emerging trends we identify from our work with plan sponsors and intermediaries, enhance our ability to design innovative solutions and research to pursue better retirement outcomes.

透過我們的記錄保存業務以及個人投資者管道，我們與超過 320 萬名最終投資者建立了直接的退休帳戶關係。我們從這些關係中獲得的見解，加上我們從與計劃發起人和中介機構的合作中發現的新興趨勢，增強了我們設計創新解決方案和研究以追求更好的退休成果的能力。

As a generation of retirement savers have aged and shifted from the accumulation phase to the decumulation phase, developing solutions to help people convert their retirement assets into income has become increasingly important.

隨著一代退休儲蓄者逐漸老化，並從累積階段轉向減少階段，開發幫助人們將退休資產轉化為收入的解決方案變得越來越重要。

Our proprietary research suggests that participants will need a variety of retirement income products and services to meet their individual needs in the decumulation phase. So we take a broad approach to retirement income. That means stand-alone retirement income products such as our managed payout products, single strategy investment products such as fixed income funds, along with the various services we offer, including guidance, retirement thought leadership and calculators are all included within our definition of retirement income.

我們的專有研究表明，參與者將需要各種退休收入產品和服務來滿足他們在累積階段的個人需求。因此，我們對退休收入採取廣泛的方法。這意味著獨立的退休收入產品（例如我們的管理支付產品）、單一策略投資產品（例如固定收益基金）以及我們提供的各種服務（包括指導、退休思想領導和計算器）都包含在我們退休收入的定義中。

Our broad distribution organization allows us to access all retirement client segments, whether direct to the consumer or through intermediaries, institutions, consultants or advisers.

我們廣泛的分銷組織使我們能夠接觸到所有退休客戶群體，無論是直接面向消費者還是透過中介機構、機構、顧問或顧問。

We also have been adapting the expertise we have honed in the U.S. retirement market to pursue opportunities in the large retirement savings market in other countries. This access, along with directly managing end investor relationships, uniquely positions us to anticipate and deliver what our clients need. And as a result, we are continuously innovating and adding new capability.

我們也一直在調整我們在美國退休市場磨練的專業知識，以在其他國家的大型退休儲蓄市場中尋求機會。這種存取權限以及直接管理最終投資者關係，使我們能夠獨特地預測並滿足客戶的需求。因此，我們不斷創新並增加新功能。

A few examples include our managed payout products, an all-in-one solution for retirees, which offers the familiarity of our Target Date product, with the benefit of providing stable monthly income throughout retirement. We added a 2025 version of these funds in January.

一些例子包括我們的管理支付產品，這是一種針對退休人員的一體化解決方案，它提供了我們熟悉的目標日期產品，並具有在整個退休期間提供穩定的月收入的好處。我們在一月份添加了這些基金的 2025 年版本。

The recently launched social security optimizer tool, which is designed to help individual investors and participants maximize social security benefits, which are a critical part of the retirement income equation for many favors. This is an early example of the impact of last year's Retiree Inc. acquisition.

最近推出的社會安全優化工具，旨在幫助個人投資者和參與者最大化社會安全福利，這是許多福利的退休收入方程式的關鍵部分。這是去年收購 Retiree Inc. 所產生影響的早期例子。

And the retirement advisory service, which offers ongoing access to advisers and personalized financial planning. The financial plans include tax aware retirement income planning and actively managed portfolios led by the expertise of our multi-asset investment professionals.

還有退休諮詢服務，提供持續的顧問服務和個人化的財務規劃。財務計劃包括稅務意識退休收入計劃和由我們多元資產投資專業人士的專業知識主導的積極管理的投資組合。

We are excited we will be launching our new personalized retirement manager in the third quarter. This is an evolution of our robust Target Date offerings, driven by a highly customized approach. We plan to deliver a dynamic personal glide path for each participant by using plan level data, additional factors provided by participants and analyzing their portfolio through a monthly multifactor assessment.

我們很高興我們將在第三季推出新的個人化退休經理。這是我們強大的目標日期產品的演變，由高度客製化的方法驅動。我們計劃透過使用計劃層級數據、參與者提供的其他因素並透過每月的多因素評估分析他們的投資組合，為每個參與者提供動態的個人滑行路徑。

And in the fourth quarter, we plan to launch a managed lifetime income solution that will allow participants to combine a managed payout strategy with a qualified longevity annuity contract or QLAC. The product is designed to enable a consistent income stream in retirement, while guaranteeing a minimal level of income for life after a defined age.

在第四季度，我們計劃推出管理終身收入解決方案，讓參與者將管理支付策略與合格的長壽年金合約或 QLAC 結合。該產品旨在實現退休後穩定的收入流，同時確保在規定年齡後的生活保持最低水準的收入。

It is also important to mention that the breadth of our retirement platform enables us to develop industry-leading thought leadership and research on key retirement topics. We leverage both to build client relationships, advance our position as a retirement leader and enable clients and participants to pursue better retirement outcomes.

另外值得一提的是，我們退休平台的廣度使我們能夠針對關鍵退休主題發展業界領先的思想領導力和研究。我們利用兩者來建立客戶關係，提升我們作為退休領導者的地位，並使客戶和參與者能夠追求更好的退休成果。

I will close by saying that the leadership team and our associates are deeply committed to helping our clients confidently prepare for, pay for and live in retirement. We are grateful for their trust in us, and we will continue to use our expertise to drive capabilities and solutions that meet their evolving needs.

最後我要說的是，領導團隊和我們的員工都堅定地致力於幫助我們的客戶自信地為退休做好準備、支付退休金和生活。我們感謝他們對我們的信任，我們將繼續利用我們的專業知識來推動滿足他們不斷變化的需求的功能和解決方案。

With that, I'll ask the operator to open the line for questions.

然後，我會要求接線員開通提問線路。

(Operator Instructions) Our first question comes from the line of Craig Siegenthaler with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Craig Siegenthaler。

Given that Dee is joining us, I do have a retirement question for her. If alternative investments enter the retirement channel, is it more likely through single investment elections or inside of a Target Date fund? And given that T. Rowe's ownership now includes OHA, is there potential for alts inside of a T. Rowe Target Date fund anytime soon, because we understand price may be one headwind with DC plan sponsors.

鑑於迪伊要加入我們，我確實有一個退休問題要問她。如果另類投資進入退休管道，透過單一投資選擇還是目標日期基金內部更有可能？鑑於 T. Rowe 的所有權現在包括 OHA，T. Rowe 目標日期基金內部是否有可能很快就會出現替代品，因為我們知道價格可能是 DC 計劃發起人面臨的一個阻力。

With regard to alternatives, this is an area we have been actively researching. Given preferences and regulatory guidance, there are some complexity around adding alternatives within a 401(k) plan such as the daily NAV. However, if we were to introduce alternatives for our Target Date strategy, we could act quickly with Target Date solutions, including T. Rowe price solutions or OHA solutions or others because we have a long list of partners that would be able to work with us in order to do that.

關於替代方案，這是我們一直在積極研究的領域。鑑於偏好和監管指導，在 401(k) 計劃中添加替代方案（例如每日資產淨值）存在一些複雜性。但是，如果我們要為目標日期策略引入替代方案，我們可以透過目標日期解決方案迅速採取行動，包括T. Rowe 價格解決方案或OHA 解決方案或其他解決方案，因為我們有一長串能夠與我們合作的合作夥伴為了做到這一點。

In regards to the specifics, we would likely offer that in a custom solution with a plan sponsor, and we have the benefit to be able to work with many plan sponsors, who are asking us around how can we continue to advance solutions.

至於具體細節，我們可能會在與計劃發起人的客製化解決方案中提供這一點，並且我們有能力與許多計劃發起人合作，他們會詢問我們如何繼續推進解決方案。

Certainly, we could offer this also in a stand-alone parallel solution, and that would be another way that we could bring this to market when and if it makes sense.

當然，我們也可以在獨立的平行解決方案中提供此功能，這將是我們在有意義的情況下將其推向市場的另一種方式。

Yes, Craig, this is Rob. I'll just add a few things. One, it's a priority for us to continue to evolve and improve our Target Date offering. And this is an area that we've given a lot of thought to.

是的，克雷格，這是羅布。我將添加一些內容。第一，我們的首要任務是繼續發展和改進我們的目標日期產品。這是我們深入思考的領域。

My first observation is that we've seen very limited interest from plan sponsors in incorporating alternatives into defined contribution lineup, either as a stand-alone investment offering or as part of target date funds. And as Dee mentioned, there are some limitations around accommodation of the record-keeping system daily liquidity, daily pricing, those sorts of things. There's also a tremendous amount of fee sensitivity in the defined contribution marketplace and alternatives naturally have higher fees.

我的第一個觀察是，我們看到計劃發起人對將替代方案納入固定繳款陣容的興趣非常有限，無論是作為獨立的投資產品還是作為目標日期基金的一部分。正如迪伊所提到的，記錄保存系統的日常流動性、每日定價等方面存在一些限制。固定繳款市場也存在巨大的費用敏感性，而替代方案自然會收取更高的費用。

Where we have seen interest and where we've engaged are primarily in custom target dates that are designed by corporate clients, usually where they have a defined benefit plan, and they have an investment staff and an existing roster of alternative investment managers. So it's something that we're paying a lot of attention to. We're engaging with our plan sponsor clients and listening to what they want. But so far, there's been really very little adoption or interest in alternatives in defined contribution.

我們看到的興趣和我們參與的地方主要是由企業客戶設計的客製化目標日期，通常他們有固定的福利計劃，並且他們有投資人員和現有的另類投資經理名冊。所以這是我們非常關注的事情。我們正在與我們的計劃贊助商客戶互動並傾聽他們的需求。但到目前為止，人們對固定繳款替代方案的採用或興趣確實很少。

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

我們的下一個問題來自邁克爾·賽普里斯 (Michael Cyprys) 與摩根士丹利 (Morgan Stanley) 的對話。

Maybe just sticking with the retirement theme. I was hoping to double click on decumulation. Just hoping you could talk a little bit more about the opportunity set that you see for decumulation products. What product structures, in particular, do you think have the biggest opportunity as you look out over the next 10 years?

也許只是堅持退休主題。我希望雙擊減量。只是希望您能多談談您所看到的累積產品的機會集。展望未來 10 年，您認為哪些產品結構擁有最大的機會？

And with the products you have so far, just curious what traction you're seeing and with the new managed lifetime income solution that you're slated to launch later this year, just curious what ultimately you think will be the most successful way to approach that from a distribution standpoint to win as you think about the channels and go-to-market strategy?

就目前您所擁有的產品而言，我們只是想知道您所看到的吸引力是什麼，以及您計劃在今年晚些時候推出的新的終身管理收入解決方案，只是想知道您最終認為最成功的方法是什麼從分銷的角度來看，當您考慮通路和進入市場策略時，您會獲勝嗎？

Great. Thank you so much for the question. I'll start us off. So first, I think I would highlight the breadth of our retirement platform, which gives us access to plan sponsors, intermediaries and participants. And this is really important because it allows us to really understand what types of retirement income solutions are critical for the varying types of participant needs in the decumulation phase.

偉大的。非常感謝你的提問。我就讓我們開始吧。首先，我想我要強調我們退休平台的廣度，它使我們能夠接觸到計劃發起人、中介機構和參與者。這非常重要，因為它使我們能夠真正了解哪些類型的退休收入解決方案對於累積階段不同類型的參與者需求至關重要。

What our research indicates is that these needs and preferences are diverse, and our perspective is that there will not be a one-size-fits-all solution for retirement income.

我們的研究表明，這些需求和偏好是多種多樣的，我們的觀點是，退休收入不會有一個一刀切的解決方案。

As you noted, we currently offer managed payout solutions, and we do have nearly 60 retirement plans that are using those solutions, which represents approximately 20% of our AUA in terms of overall coverage.

正如您所指出的，我們目前提供管理支付解決方案，並且我們確實有近 60 個退休計劃正在使用這些解決方案，就整體覆蓋範圍而言，這約占我們 AUA 的 20%。

Our payout solutions, our retirement income 2020 solution has been launched 7 years ago, and then we extended that to offer it through our retirement plan services solution.

我們的支付解決方案、2020 年退休收入解決方案已於 7 年前推出，然後我們將其擴展為透過退休計畫服務解決方案提供。

As you noted, we are working on a retirement insured solution, which we're calling Managed Lifetime Income product. This will be a collective investment trust vehicle, and we're planning to launch that in the fourth quarter of this year.

正如您所指出的，我們正在開發退休保險解決方案，我們稱之為管理終身收入產品。這將是一個集體投資信託工具，我們計劃在今年第四季推出。

We also are planning to launch, as I mentioned earlier, personalized retirement manager, which is also a way to extend, as time goes by, into retirement income as well. This is a managed account program that we're excited about launching, and it will be introduced in the third quarter of this year.

正如我之前提到的，我們還計劃推出個人化退休經理，這也是隨著時間的推移延伸退休收入的一種方式。我們很高興推出這個管理帳戶計劃，並將於今年第三季推出。

So long-winded way, perhaps of saying that we do believe that it's really important to offer a variety of types of solutions in order to meet the different types of needs, and that's what we found by working with participants, individual investors, plan sponsors as well as advisers.

這麼囉嗦，也許是說我們確實相信提供多種類型的解決方案以滿足不同類型的需求非常重要，這就是我們透過與參與者、個人投資者、計劃發起人合作發現的結果以及顧問。

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

我們的下一個問題來自 Dan Fannon 和 Jefferies 的對話。

Rob, I was hoping you could provide additional context around the trends you discussed of better gross sales as well as lower redemptions. It seems like April here is a bit more mixed. But can you talk to maybe the difference in the channels and/or geographies where you're seeing the biggest improvements versus what we saw last year?

羅布，我希望您能就您所討論的銷售成長和贖回減少的趨勢提供更多背景資訊。看來這裡的四月有點複雜。但您能談談與去年相比，您看到的最大改進的管道和/或地區的差異嗎？

Yes. Dan, thanks for the question. At a high level, I would say that our outlook for flows for the year really hasn't changed from what we discussed in January on the fourth quarter call. Although I would say that we have higher conviction now that our outflows this year will be substantially lower than they were last year.

是的。丹，謝謝你的提問。從較高的層面來看，我想說，我們對今年流量的展望與我們一月份在第四季度電話會議上討論的內容相比確實沒有改變。儘管我想說，我們現在更有信心，今年的資金流出將大大低於去年。

As I've talked about in the past, I think investment performance is a good leading indicator and continue to be pleased with what we're seeing, particularly in U.S. equity. Performance in U.S. large cap growth is clearly having an impact. We've seen redemption rates there normalize. And we've begun to see the beginnings of a recovery in gross sales in that suite.

正如我過去談到的，我認為投資表現是一個很好的領先指標，並且對我們所看到的情況繼續感到滿意，特別是在美國股市。美國大盤股成長的表現顯然正在產生影響。我們已經看到那裡的贖回率正常化。我們已經開始看到該套房的銷售總額開始復甦。

Obviously, outflows in Q1 being half of last year's level is an encouraging data point. I'm encouraged that the retirement date fund flows remain strong, just shy of $7 billion in Q1. I'd say our ETF momentum, Dan, is building, it's small, but growing to a point where it is having an impact.

顯然，第一季的資金流出量僅為去年水準的一半，這是一個令人鼓舞的數據點。令我感到鼓舞的是，退休日期資金流量依然強勁，第一季略低於 70 億美元。我想說，丹，我們的 ETF 勢頭正在增強，雖然規模很小，但正在增長到產生影響的程度。

And I would just say our pipeline is healthier in general. With improved performance, we have less AUM marked as at risk. We have more in the way of notified unfunded wins, fewer notified terminations, and there's just more activity around new opportunities.

我只想說我們的管道整體上更加健康。隨著效能的提高，我們標記為有風險的資產管理規模減少了。我們有更多通知的無資金勝利，更少的通知終止，並且圍繞新機會的活動更多。

At OHA, I think the capital raising pipeline there is going well, and ultimately that will convert to growth in fee basis, AUM and flows.

在 OHA，我認為那裡的融資管道進展順利，最終將轉化為費用基礎、資產管理規模和流量的成長。

With regard to channels, we actually had modest positive inflows in 3 of our channels in Q1. And even in the areas where we remain with outflows, we did see less in redemptions and improving gross sales.

就通路而言，第一季我們的 3 個管道實際上有適度的正流入。即使在我們仍然存在資金外流的領域，我們也確實看到贖回減少和總銷售改善。

Look, flows are extraordinarily hard to predict. As I noted in the prepared remarks, we did have some rebalancing impact in April that was very short notification and went against us. That easily could have gone the other way. I mean ultimately, there are instances where you have really compelling performance or you manage an asset class that has outsized performance, and the underlying clients need to target back -- or rebalance back to their target allocation.

瞧，流量是極難預測的。正如我在準備好的演講中指出的那樣，我們在 4 月確實產生了一些重新平衡的影響，但通知非常短，這對我們不利。這很可能會走向相反的方向。我的意思是，最終，在某些情況下，您的業績非常引人注目，或者您管理的資產類別具有超強的業績，而基礎客戶需要重新調整目標，或重新平衡回目標配置。

So those sorts of flows are part of the business. I think that is -- it makes me much less concerned than when we're losing mandates or being terminated.

因此，這些類型的流程是業務的一部分。我認為這讓我比我們失去授權或被終止時更不擔心。

The last thing I would say with regard to flows is that the industry backdrop really seemed to be firming in the first part of the year really through Q1, and it has been softer in April from the high-frequency data that we get. So I think we'll just have to watch with regard to whether that's a blip or kind of whether it's the beginning of a period of softer underlying flows broadly.

關於流量，我要說的最後一件事是，從今年上半年到第一季度，行業背景似乎確實變得堅挺，而從我們獲得的高頻數據來看，四月份的情況更加疲軟。因此，我認為我們只需要觀察這是否是曇花一現，或者是否是基礎資金流動普遍疲軟時期的開始。

But ultimately, there are a lot of things that I see that are encouraging that will allow us to, as I said, kind of have substantially less in the way of outflows throughout the course of the year, even if it isn't linear improvement.

但最終，我看到很多令人鼓舞的事情，正如我所說，這將使我們全年的資金外流大幅減少，即使這不是線性改善。

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

我們的下一個問題來自自主研究中心的 Patrick Davitt。

My question is on the expense guide. Are you factoring in the full 1Q AUM mark to that? Or did you discount it a bit given the Q-to-date beta quite negative?

我的問題是關於費用指南的。您是否將第一季度的 AUM 全部考慮在內？或者考慮到 Q 至今的測試版相當負面，你是否對它打了折扣？

Yes. Thanks, Patrick. We -- similar to last quarter, we used first quarter average as an estimate for our expense growth guide, and we try to give a range around reasonable assumptions for market movement from that average in our percentage guide. And as you noted, we've had some decrease in markets in the first start of the -- in the start of April in the quarter, but that puts us back around the place we started from an average perspective.

是的。謝謝，派崔克。與上季類似，我們使用第一季平均值作為費用成長指南的估計，並且我們嘗試根據百分比指南中的平均值給出一系列合理的市場變動假設。正如您所指出的，我們在本季 4 月初的第一次開始時市場出現了一些下降，但這使我們從平均角度回到了開始時的位置。

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

我們的下一個問題來自德意志銀行的布萊恩‧比德爾 (Brian Bedell)。

Maybe just to go back to the retirement business. Can you talk a little bit about how you viewed the DCIO segment versus the full-service record-keeping segment in terms of economics to T. Rowe Price? I know full service is more costly, can be lower margin, but you, I think, have a better ability to capture IRA rollovers there. So if you can talk about that dynamic.

也許只是為了回到退休事業。您能否向 T. Rowe Price 談談您如何看待 DCIO 細分市場與全方位服務記錄保存細分市場的經濟性？我知道全面服務的成本更高，利潤可能更低，但我認為，您有更好的能力捕捉 IRA 滾存。那麼您是否可以談談這種動態。

And then as you evolve your solutions, do you have more flexibility to do that with the record-keeping plans, hence that makes that segment more attractive than DCIO from that standpoint?

然後，當您發展解決方案時，您是否有更大的靈活性來透過記錄保存計劃來做到這一點，因此從這個角度來看，這使得該細分市場比 DCIO 更具吸引力？

Sure. So thanks for the question. Let me offer a couple of points. So the first point that I would offer is when you look at our U.S. defined contribution assets under management, roughly 75% of those defined contribution assets are our DCIO channel. And so we feel really strongly about the fact that we continue to offer solutions across many different types of record-keepers and through many different types of accounts in that DCIO channel, and that's through hard work with partners on the intermediary side of our business.

當然。謝謝你的提問。讓我提出幾點。因此，我要提出的第一點是，當您查看我們管理下的美國固定繳款資產時，會發現大約 75% 的固定繳款資產是我們的 DCIO 管道。因此，我們對以下事實感到非常強烈：我們繼續為許多不同類型的記錄保存者以及透過DCIO 管道中許多不同類型的帳戶提供解決方案，這是透過與我們業務中介方面的合作夥伴的努力工作實現的。

With specifically about our retirement services business, we feel really good about that business in the fact of 2 things. So number one, as I mentioned in my earlier remarks, in the fact that 60% of that business overall is in proprietary products, and that's unique for T. Rowe Price.

具體到我們的退休服務業務，我們對這項業務的感覺非常好，有兩件事。因此，第一，正如我在先前的評論中提到的，事實上整個業務的 60% 是專有產品，這對於 T. Rowe Price 來說是獨一無二的。

The second thing about that retirement business is we do also have an individual investor channel where a participant, if they should choose, can roll over. And we do see that, that is an advantage for us in terms of overall economics, but overall meeting participant needs where they are. So hopefully, that's helpful perspective.

關於退休業務的第二件事是，我們確實還有個人投資者管道，參與者如果願意的話可以展期。我們確實看到，就整體經濟而言，這對我們來說是一個優勢，但總體而言，會議參與者需要他們所在的地方。希望這是有幫助的觀點。

Yes. The one thing that I would add quickly is within our individual investor is one area that we've been investing in is our advisory capability, specifically around rollovers and retirement.

是的。我要快速補充的一件事是，在我們的個人投資者中，我們一直投資的一個領域是我們的諮詢能力，特別是在展期和退休方面。

So in addition to the Retiree acquisition last year, which is another tool to help optimize decumulation, we've been investing in retirement advisory services, and it's part of the individual investor business that's growing.

因此，除了去年收購退休人員（這是幫助優化退休金的另一個工具）之外，我們還一直在投資退休諮詢服務，這是不斷增長的個人投資者業務的一部分。

Maybe picking up on one more point that you mentioned, Brian, because we do have the recordkeeping business in-house, we are able to more quickly roll out solutions that we want to add on from a plan sponsor perspective.

也許再提一下你提到的一點，布萊恩，因為我們確實有內部記錄保存業務，所以我們能夠更快地推出我們想要從計劃發起人的角度添加的解決方案。

So all the services that Dee talked about earlier, because we have the interworkings of the planned record keeping, we're able to launch those more quickly than if we had to do that on another platform. But it does allow us to kind of test those and then roll them out more broadly as clients prefer.

因此，迪伊之前談到的所有服務，因為我們有計劃的記錄保存的相互作用，所以我們能夠比在另一個平台上更快地啟動這些服務。但它確實允許我們對這些進行測試，然後根據客戶的喜好更廣泛地推廣它們。

It also gives us some pretty meaningful perspective to engage with clients outside of the U.S. as defined contribution schemes evolved. So we have an existing opportunity in Asia. We're working on another one. And there are a handful of opportunities to partner with folks to leverage the expertise that we have as a retirement date fund provider. But also as a plan sponsor to kind of partner with people outside of the U.S. as they really develop their approach to defined contribution.

隨著固定繳款計畫的發展，它也為我們提供了一些非常有意義的視角來與美國以外的客戶互動。所以我們在亞洲有一個現有的機會。我們正在開發另一項。並且有很多機會與人們合作，利用我們作為退休日期基金提供者所擁有的專業知識。但也作為計劃發起人與美國以外的人合作，因為他們真正制定了確定繳款的方法。

And our next question will come from the line of Alexander Blostein with Goldman Sachs.

我們的下一個問題將來自高盛的亞歷山大·布洛斯坦（Alexander Blostein）。

I was hoping we could dig into OHA a little more, just kind of thinking about the underlying growth drivers from here. The revenue base has been a little bit more range bound over the last couple of quarters, and it's nice to see you guys launch a nontraded BDC out, so that's up and running.

我希望我們能夠進一步深入研究 OHA，從這裡思考潛在的成長動力。在過去的幾個季度中，收入基礎受到了一些限制，很高興看到你們推出了非交易 BDC，所以它已經啟動並運行了。

But as you think forward, what do you see as kind of the key building blocks to accelerating revenue growth in this business? And are there any other known redemptions that you might call out kind of related similar to what you've seen regionally?

但當您展望未來時，您認為加速該業務收入成長的關鍵要素是什麼？還有其他已知的贖回活動嗎？

Yes, Alex, thanks for the question. On the latter, I would say nothing that kind of would be material enough to call out in terms of known redemptions there.

是的，亞歷克斯，謝謝你的提問。對於後者，我認為沒有任何實質內容足以引發已知的贖回。

If you take a step back, I'd say there are many elements of the OHA deal that I'm very happy with. I think it's been an excellent cultural fit. They are very good investors. They have associates that are deeply committed to their clients. Their investment performance across their range of strategies from distressed to structure to multisector has been very strong.

如果你退後一步，我會說 OHA 協議的許多內容我都非常滿意。我認為這是一種極好的文化契合。他們是非常好的投資者。他們擁有全心全意為客戶服務的員工。他們在從不良資產到結構性再到多部門的一系列策略中的投資表現都非常強勁。

We have some emerging distribution synergy. You mentioned launching the BDC in the wealth channel, so that's the first of many potential opportunities there. And I'll spend a few seconds more specifically on that. But we've also seen multiple T. Rowe Price referrals from institutional relationships around the globe that are now translating into new business for OHA.

我們有一些新興的分銷協同效應。您提到在財富管道推出 BDC，這是那裡眾多潛在機會中的第一個。我將花幾秒鐘的時間來具體討論這一點。但我們也看到來自全球機構關係的多個 T. Rowe Price 推薦，這些推薦現在正在轉化為 OHA 的新業務。

But as you noted, the growth in fee-based AUM has been slower, particularly over the course of the last couple of quarters. There have been some redemptions primarily in their liquid book. There's been some challenges around deployment. Some of what they do in distressed is trigger based. And it -- I suppose it's a good thing that there hasn't been a lot of distressed or spreads haven't been wide enough to actually trigger calling and deploying some of that capital.

但正如您所指出的，收費資產管理規模的成長速度較慢，尤其是在過去幾季。主要是在他們的流動帳簿中進行了一些贖回。部署方面存在一些挑戰。他們在痛苦中所做的一些事情是基於觸發的。我認為這是一件好事，沒有出現太多的不良資產，或者利差還沒有大到足以真正觸發呼叫和部署一些資本。

There's been less new issuance in private credit in general, and OHA has been less active in some of the parts of the market that have grown most rapidly. So insurance or senior direct lending.

整體而言，私人信貸的新發行量較少，OHA 在市場成長最快的一些領域也較不活躍。所以保險或高級直接貸款。

That said, I think the direction of travel here is encouraging. I noted earlier, when I was talking about flows, that our capital raising pipeline is strengthening. I would expect call it, mid-teens growth in capital under management, and in particular, their dedicated senior private lending product is gathering a lot of momentum.

也就是說，我認為這裡的發展方向是令人鼓舞的。我之前在談論資金流動時指出，我們的融資管道正在加強。我預計管理資本將出現十幾歲左右的成長，特別是他們專門的高級私人貸款產品正在累積強勁動力。

I do think, ultimately, they'll have, call it, kind of mid -- high single-digit growth in fee-based AUM this year, and that will start to build momentum going forward.

我確實認為，最終，他們今年的收費資產管理規模將實現中高個位數成長，這將開始形成未來的勢頭。

Specifically as it relates to OCREDIT, we had almost $1.4 billion in invested assets in OCREDIT at March 31. And I think we're doing all of the things we need to do to deliver a great experience for our wealth partners and their underlying clients.

具體來說，與OCREDIT 相關的是，截至3 月31 日，我們在OCREDIT 的投資資產接近14 億美元。的體驗。

The most important order of business right now is scaling and successfully launching on multiple platforms. We had an important launch our first wire house earlier this month, and we've had several smaller launches and have several lined up for the May to July time frame, and are working on filling things in beyond that. And I would say I'm encouraged by those discussions and the visibility, with regard to how that will unfold over the course of the next year.

目前最重要的業務順序是擴展並在多個平台上成功啟動。本月早些時候，我們發布了第一個電線屋，這是一個重要的發布，我們已經發布了幾次較小的發布，並在五月到七月的時間範圍內安排了幾個發布，並且正在努力填補這一時間之外的東西。我想說的是，我對這些討論和關注度以及明年將如何展開感到鼓舞。

We've had really good conversations with a range of clients from large broker-dealers and private banks to regional RIAs. We are investing in our sales capacity and field support, including education and additional alternative specialists. Again, this is the first of several offerings that we hope to bring to the wealth channel.

我們與從大型經紀交易商、私人銀行到區域 RIA 的一系列客戶進行了非常良好的對話。我們正在投資我們的銷售能力和現場支持，包括教育和其他替代專家。同樣，這是我們希望為財富管道帶來的多項產品中的第一項。

I think what I found is that this is a long sales cycle. It's the first time we've done this. So it has taken longer than I would have anticipated or I think the OHA folks would have anticipated at the outset. But I still think that it's a very, very large opportunity and I'm really enthusiastic about kind of what it will bring in time.

我想我發現這是一個很長的銷售週期。這是我們第一次這樣做。因此，這花費的時間比我預期的要長，或者我認為 OHA 人員一開始的預期。但我仍然認為這是一個非常非常大的機會，我對它及時帶來的東西充滿熱情。

Our next question comes from the line of Ken Worthington with JPMorgan.

我們的下一個問題來自肯·沃辛頓與摩根大通的對話。

Dee, a couple more questions for you, please. BlackRock announced its Paycheck product. Does the BlackRock announcement change the equation at all for de-accumulation or the competitive environment in retirement?

Dee，請再問你幾個問題。貝萊德宣布推出 Paycheck 產品。貝萊德的公告是否徹底改變了去累積或退休競爭環境的方程式？

Maybe second, do you feel that T. Rowe is ahead of peers in decumulation or retirement customization? And if so, are you ahead enough to win new business? Or is this more about keeping existing business?

也許第二，你覺得T. Rowe在減損或退休訂製方面領先同行嗎？如果是這樣，您是否足夠領先以贏得新業務？還是這更多的是為了維持現有業務？

In terms of -- let me answer your second question first. I think we are in a really good position where we are with our overall approach to retirement income and how we are making sure that we are continuing to meet the evolving needs and addressing the complexity of decumulation. And so we certainly already have products in the marketplace. And then I mentioned a couple that are already in development that we're excited about launching later in the year. And so I would tell you, I feel really well -- really good about our position overall to be able to meet the needs of plan sponsors and end investors.

就——讓我先回答你的第二個問題。我認為我們處於非常有利的位置，我們對退休收入的整體方法以及我們如何確保我們繼續滿足不斷變化的需求並解決累積的複雜性。所以我們當然已經在市場上有產品了。然後我提到了一些已經在開發中的項目，我們很高興能在今年稍後推出。所以我想告訴你，我感覺非常好 - 我們的整體定位非常好，能夠滿足計劃發起人和最終投資者的需求。

I think it's also important to note that we do plan to continue to extend those relationships through our other channels, including our intermediary channel, making sure that we're partnering with advisers and their end clients. And so we feel good about our lineup that we have today as well as the lineup coming. So that would answer the first question -- or the second part of your question.

我認為還需要注意的是，我們確實計劃繼續透過其他管道（包括我們的中介管道）擴展這些關係，以確保我們與顧問及其最終客戶合作。因此，我們對今天的陣容以及即將到來的陣容感覺良好。這樣就可以回答第一個問題──或是問題的第二部分。

Regarding the first part of your question, what I would tell you, though, is as we think about retirement income, it's just important to note that there is a fair number of solutions in the marketplace. And where I would say we are differentiated is in the fact of the breadth of our platform.

關於你問題的第一部分，我要告訴你的是，當我們考慮退休收入時，重要的是要注意市場上有相當多的解決方案。我想說的是，我們的與眾不同之處在於我們平台的廣度。

If you think about the fact that T. Rowe Price is uniquely positioned in the fact that we work with plan sponsors. We work with end investors. We work with intermediary clients. We work with institutions. We work with clients across the globe. We are uniquely positioned to be able to support that all the way across.

如果您考慮 T. Rowe Price 的獨特定位，因為我們與計劃贊助商合作。我們與最終投資者合作。我們與中介客戶合作。我們與機構合作。我們與全球客戶合作。我們擁有獨特的優勢，能夠全程提供支援。

More specifically around retirement income, we also have solutions comparable to the solutions that you've mentioned. And so I do feel that we are well positioned, and there isn't anything that I would say is notable to say that we're behind to mention on this call.

更具體地說，在退休收入方面，我們也有與您提到的解決方案類似的解決方案。因此，我確實覺得我們處於有利位置，我想說沒有什麼值得注意的地方可以說我們在這次電話會議上落後了。

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

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

I was curious about a couple of things on the expense front. You mentioned that there's a capitalization of labor in the U.K. So curious about what that impact was in the quarter and how you expect that would impact the expense growth going forward. You also referenced a change in practice around explicit payment for research. So curious about what sort of impact that has on 2024 growth in expenses?

我對費用方面的一些事情感到好奇。您提到英國勞動力資本化，因此很好奇該季度的影響是什麼，以及您預計這將如何影響未來的費用成長。您還提到了有關明確支付研究費用的實踐變化。很好奇這對 2024 年支出成長有何影響？

I think for the first part of the question, just maybe to clarify, it wasn't about a capitalization of labor. This was related to our U.K. entity where we moved into a new building at the end of last year, and we had a nonrecurring benefit in the first quarter of this year related to that. It's not material in terms of operations and really wouldn't be expected going forward. We just called it out as a onetime benefit.

我認為對於問題的第一部分，也許只是為了澄清一下，這與勞動力資本化無關。這與我們的英國實體有關，我們在去年年底搬進了新大樓，今年第一季我們獲得了與此相關的非經常性收益。就營運而言，這並不重要，而且確實不會預期會繼續下去。我們只是稱之為一次性福利。

With regard to research fees, yes, we did call that out as a benefit in 2024. I think what I would say is that we remain fully committed to external research and its value, but the mix of hard and soft dollar will flex over time as we work with different regulations and work with how our clients want to receive those.

關於研究費用，是的，我們確實將其稱為2024 年的一項福利。將隨著時間的推移而變化因為我們遵守不同的法規，並根據客戶希望的方式來接收這些法規。

Yes, that mix is really driven by the regulatory environment and client preference.

是的，這種組合確實是由監管環境和客戶偏好所驅動的。

Our next question comes from the line of Aidan Hall with KBW.

我們的下一個問題來自 Aidan Hall 和 KBW 的對話。

Just wondering if you could provide us with some color on the trajectory of fee rates by asset class, just given some of the mix shift that's taking place in the asset base. And then it was nice to see the contribution of performance fees this quarter. I know it's tough to predict, but should we be thinking about that as a more normal contributor on a go-forward basis? Have you seen some stronger performance from your products?

只是想知道，考慮到資產基礎中正在發生的一些組合轉變，您是否可以為我們提供按資產類別劃分的費率軌蹟的一些資訊。然後很高興看到本季績效費的貢獻。我知道這很難預測，但我們是否應該在未來的基礎上將其視為更正常的貢獻者？您是否看到您的產品有更強勁的表現？

Sure. So I mean, we've spoken in the past, on average, if we take a step back, I mean, a number of our products, whether it's by different vehicles or by larger institutional clients, we tend to see about 1% to 1.5% fee compression annually. Again, that can be higher or lower depending on specific choices we make about fees.

當然。所以我的意思是，我們過去說過，平均而言，如果我們退後一步，我的意思是，我們的許多產品，無論是透過不同的工具還是透過較大的機構客戶，我們往往會看到大約1%每年 1.5% 的費用壓縮。同樣，這可能會更高或更低，具體取決於我們對費用做出的具體選擇。

But certainly, the direction of travel has been that when clients can take advantage of scale, they will get discounts for the pricing and when they come in and we have a number of large relationships that we manage as part of our strategic relationships.

但當然，旅行的方向是，當客戶可以利用規模優勢時，他們將獲得定價折扣，當他們進來時，我們擁有許多大型關係，我們將其作為戰略關係的一部分進行管理。

With regard to performance fees, this was one-off. I mean, there are a handful of equity products that we have, not a significant number that have fee arrangements. Of course, within the OHA product range, there are more. This one in particular, this quarter related to a handful of equity products on the T. Rowe side.

至於表演費，這是一次性的。我的意思是，我們擁有少數股票產品，但有收費安排的數量並不多。當然，OHA 產品系列還有更多。尤其是本季與 T. Rowe 方面的少數股票產品相關的產品。

Yes. We use our scale to invest in our value proposition. And I would say that within asset classes, the trend of fee compression has -- is something that we've navigated for a very long time and is comparatively stable right now.

是的。我們利用我們的規模來投資我們的價值主張。我想說，在資產類別中，費用壓縮的趨勢是我們已經探索了很長時間並且目前相對穩定的趨勢。

A few years ago, we made a substantial investment in fee competitiveness of the target date funds and called that out specifically at the time. But I would say, overall, I feel very good about our value proposition and our fee competitiveness right now. So where you see fee compression, I think it would be natural where you have a migration from funds to trust where you have more rapid growth in some lower fee vehicles or kind of ultimately, there are puts and takes.

幾年前，我們在目標日期基金的費用競爭力方面進行了大量投資，並在當時特別指出了這一點。但我想說，總的來說，我對我們目前的價值主張和費用競爭力感覺非常好。因此，當你看到費用壓縮時，我認為當你從基金遷移到信託時，你會在一些較低費用的工具中獲得更快的增長，或者最終出現看跌期權和看跌期權，這是很自然的。

I'd say market movement also drives a fair bit of this from quarter-to-quarter. But I don't think that there's anything unusual or that I would call out with regard to the fee environment right now.

我想說，每季的市場走勢也在很大程度上推動了這一趨勢。但我認為目前的收費環境沒有什麼不尋常的地方，也沒有什麼值得我指出的。

Yes, this is Eric. The one other thing I would add to that is that even within asset class, again, client preference is an important part of that. And when you have really strong performance in something like structured research in the U.S. equity business, which competes directly with passive but at a better fee versus passive, but lower than our overall average fee, you'll see some mix within asset class, but that's really a good business for us and is a really strong endorsement of our underlying research capabilities.

是的，這是埃里克。我要補充的另一件事是，即使在資產類別內，客戶偏好也是其中的重要組成部分。當你在美國股票業務的結構化研究等方面擁有真正強勁的表現時，它與被動式直接競爭，但費用比被動式更好，但低於我們的總體平均費用，你會看到資產類別中存在一些組合，但這對我們來說確實是一筆好生意，也是對我們基礎研究能力的有力認可。

And this completes our Q&A portion. I'll now turn the call back over to Mr. Rob Sharps for closing remarks.

我們的問答部分就這樣完成了。現在我將把電話轉回給 Rob Sharps 先生做總結發言。

All right. Great. Well, we appreciate your questions and your interest in T. Rowe Price. Thank you for joining us this morning. Hopefully, you found Dee's retirement update informative. We will continue to evaluate special topics to integrate into future calls, so we can give you a deeper understanding of our business.

好的。偉大的。好的，我們感謝您的提問以及您對 T. Rowe Price 的興趣。感謝您今天早上加入我們。希望您發現迪伊的退休更新資訊內容豐富。我們將繼續評估特殊主題以融入未來的通話中，以便我們可以讓您更深入地了解我們的業務。

So again, thanks for joining us, and have a good day.

再次感謝您加入我們，祝您有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。