普信集團 (TROW) 2024 Q4 法說會逐字稿

Good morning.

早安.

My name is Daniel, and I will be your conference facilitator today.

我叫丹尼爾，今天我將擔任您的會議主持人。

Welcome to T. Rowe Price's fourth-quarter, 2024, earnings conference call.

歡迎參加 T. Rowe Price 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

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.

提醒一下，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.

現在我將電話轉交給 T. Rowe Price 投資者關係總監 Linsley Carruth。

Hello and thank you for joining us today for our fourth-quarter earnings call.

您好，感謝您今天參加我們的第四季財報電話會議。

The press release and the supplemental materials document can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes.

新聞稿和補充資料文件可以在我們的 IR 網站 investors.troweprice.com 上找到。今天的通話將持續約 45 分鐘。

Our chair, CEO, and President Rob Sharps; CFO Jen Dardis; and Head of Global Investments Eric Veiel will discuss the company's results for about 20 minutes.

我們的主席、執行長兼總裁 Rob Sharps；財務長 Jen Dardis；和全球投資主管 Eric Veiel 將用約 20 分鐘的時間討論該公司的表現。

Then we'll open it up to your questions.

然後我們將開始回答你們的問題。

We ask that you limit it to one question per participant.

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.

我想提醒您，在本次電話會議中，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。

Please refer to the forward-looking statement language and the reconciliations to GAAP in the supplemental materials as well as in our press release.

請參閱補充資料以及新聞稿中的前瞻性聲明語言和與 GAAP 的對帳。

All investment performance references to peer groups on today's call are using Morningstar peer groups and for the fourth-quarter that ended December 30, 2024.

在今天的電話會議上，所有對同業的投資業績引用均採用晨星同業的業績引用，並且針對的是截至 2024 年 12 月 30 日的第四季度。

Now I'll turn it over to Rob.

現在我將把話題交給 Rob。

Thank you, Linsley.

謝謝你，林斯利。

I'm joined today by Jen Dardis, Chief Financial Officer; and Eric Veiel, Head of Global Investments.

今天與我一起參加的是財務長 Jen Dardis；以及全球投資主管 Eric Veiel。

They will provide a view of our 2024 financial and investment performance in a moment.

它們將立即提供我們 2024 年財務和投資績效的概覽。

But first, I'd like to share a few thoughts on the year.

但首先，我想分享一些關於這一年的想法。

As noted in our earnings release, we closed 2024 with $1.6 trillion in assets under management and $43.2 billion in net outputs.

正如我們的收益報告中所述，截至 2024 年，我們的管理資產為 1.6 兆美元，淨產出為 432 億美元。

Despite the large sub advisory redemption that we discussed on our third-quarter call, net outposts for the year were reduced by nearly half year over year and 30% from 2022.

儘管我們在第三季電話會議上討論了大量子諮詢贖回，但今年的淨前哨基地較上年同期減少了近一半，較 2022 年減少了 30%。

This trajectory demonstrates the progress we're making.

這一軌跡顯示了我們正在取得的進步。

Our associates are advancing key growth initiatives.

我們的員工正在推進關鍵的成長計劃。

The pace of redemptions is slowing with improved investment performance, and we are gaining traction on gross sales.

隨著投資績效的改善，贖回速度正在放緩，我們的總銷售額正在獲得成長。

I'm optimistic that we remain on the path of positive flows, and we're on pace to further reduce outflows again this year.

我樂觀地認為，我們仍將保持正向流動，而且今年我們將進一步減少資金流出。

We are seeing successes that support our optimism.

我們所看到的成功支持了我們的樂觀態度。

I'll share a few highlights from 2024.

我將分享 2024 年的一些亮點。

We're growing our ETF business.

我們正在發展我們的 ETF 業務。

With the 2024 launches of technology and intermediate municipal income, we now have 17 exchange traded funds, and 13 of those 17 are scaled with at or over $100 million in assets under management.

隨著 2024 年技術和中期市政收入的推出，我們現在擁有 17 檔交易所交易基金，其中 13 檔的管理資產規模達到或超過 1 億美元。

All told, we closed the year with almost $8 billion in assets under management in our ETF business.

總而言之，截至今年底，我們的 ETF 業務管理資產已達近 80 億美元。

Our target date franchise remains an industry leader with net inflows of $16.3 billion for the year.

我們的目標日期特許經營權仍然處於行業領先地位，全年淨流入量達 163 億美元。

We launched our first target date portfolios for Canadians and are seeing more interest in customized solutions and in the blend category.

我們為加拿大人推出了首個目標日期投資組合，並發現人們對客製化解決方案和混合類別的興趣日益濃厚。

We are delivering innovative retirement offerings, including personalized retirement manager and managed lifetime income.

我們提供創新的退休服務，包括個人化的退休經理和管理終身收入。

We are also helping clients navigate change and pursue better outcomes through the Social Security optimizer tool and our five dimensional framework which evaluates retirement income offerings.

我們也透過社會安全優化工具和評估退休收入產品的五維框架幫助客戶應對變化並追求更好的結果。

We are extending our alternatives business, launching our first interval fund and securing our first close for a private lending fund.

我們正在擴展我們的替代品業務，推出我們的第一個期間基金，並確保我們的私人貸款基金首次結束。

We're leveraging our relationships in the wealth management channel, hosting nearly 2000 alternatives related meetings with advisors in 2024.

我們正在利用我們在財富管理管道中的關係，在 2024 年與顧問舉辦了近 2000 場替代相關會議。

We are making significant inroads in insurance with a large insurance general account win in 2024 and the recently announced plans for a strategic partnership with Aspida.

我們在保險領域取得了重大進展，2024 年贏得了大型保險一般帳戶，並最近宣布了與 Aspida 建立策略合作夥伴關係的計劃。

Through this partnership, we expect to manage both public and private assets for Aspida.

透過此次合作，我們希望為 Aspida 管理公共和私人資產。

This highlights our continued commitment to the expansion of our insurance business and to delivering innovative investment opportunities for our clients.

這凸顯了我們致力於擴大保險業務和為客戶提供創新投資機會的持續承諾。

We look forward to the opportunity to develop tailored solutions with Aspida and other insurance partners over time.

我們期待有機會與 Aspida 和其他保險合作夥伴一起開發客製化解決方案。

We were also pleased our gross sales were up substantially for the year.

我們也很高興今年我們的總銷售額大幅成長。

Our net pipeline ended the year stronger than a year ago, largely driven by an increase in new opportunities, but also aided by a decline in assets deemed at risk.

我們的淨管道今年的表現比去年同期更加強勁，這主要得益於新機會的增加，同時也得益於被視為存在風險的資產的減少。

Client satisfaction scores remain strong across client types.

各類客戶的客戶滿意度得分均維持在高水準。

We are expanding strategic partnerships in order to bring our products and insights to more advisors and clients, including an agreement that provides access to an additional 10,000 financial advisors and 2 million end clients.

我們正在擴大策略夥伴關係，以便將我們的產品和見解帶給更多的顧問和客戶，其中包括一項可接觸另外 10,000 名財務顧問和 200 萬終端客戶的協議。

We are unlocking new ways to connect with clients and prospects globally with a refreshed brand, new advertising, and new partnerships.

我們正在透過全新的品牌、新的廣告和新的合作夥伴關係，開闢與全球客戶和潛在客戶建立聯繫的新方式。

Our balance sheet remains strong, and we returned over $1.4 billion to stockholders in 2024.

我們的資產負債表依然強勁，2024 年我們向股東返還了超過 14 億美元。

We continue to prioritize the recurring dividend while maintaining ample liquidity to support our seed capital program, opportunistic buybacks, and potential M&A and strategic investments.

我們繼續優先考慮經常性股息，同時保持充足的流動性以支持我們的種子資本計劃、機會性回購以及潛在的併購和策略性投資。

While our path to positive flows will not be a straight line, we expect 2025 will be better than last year.

雖然我們實現正向流動的道路不會是一條直線，但我們預計 2025 年將比去年更好。

We are building momentum, and these successes are indicators that we're moving in the right direction.

我們正在積聚力量，這些成功表明我們正朝著正確的方向前進。

Before I hand off to Jen for a more detailed view of our financial results, I want to thank our associates for their dedication to our clients and to our firm.

在我將我們的財務結果交給 Jen 更詳細的介紹之前，我想感謝我們的同事對我們的客戶和公司的奉獻。

My optimism and our path forward is grounded in my confidence in our associates in their work, our ability to deepen value to and our connection with our clients.

我的樂觀和前進的道路是基於我對我們的同事的工作信心、我們深化價值的能力和與客戶的聯繫。

With that, I'll turn to Jen.

說完這些，我就轉向 Jen。

Thank you, Rob, and hello, everyone.

謝謝你，羅布，大家好。

I'll review our financial results before turning to Eric.

在向 Eric 尋求幫助之前，我將先查看我們的財務結果。

Our adjusted diluted earnings per share for Q4 2024 was $2.12 bringing full year adjusted diluted EPS to $9.33 which is up 23% from 2023 on higher average AUM and investment advisory revenue.

我們 2024 年第四季的調整後攤薄每股收益為 2.12 美元，使得全年調整後攤薄每股收益達到 9.33 美元，較 2023 年增長 23%，這得益於平均 AUM 和投資諮詢收入的增加。

We had $19.3 billion in net outflows for the quarter, which, as Rob mentioned, brings our full year net outflows to $43.2 billion a significant improvement from 2023.

本季我們的淨流出量為 193 億美元，正如 Rob 所提到的那樣，這使我們的全年淨流出達到 432 億美元，與 2023 年相比有顯著改善。

The previously disclosed sub-advised variable annuity redemption was the primary driver of outflows in November and December.

先前揭露的次級建議變額年金贖回是 11 月和 12 月資金流出的主要原因。

However, this was partially offset in December by a few large wins in US equity from wealth management and institutional clients and with continued success in fixed income from the insurance channel.

然而，12 月份，財富管理和機構客戶在美國股票市場取得了一些大幅收益，保險管道在固定收益方面也繼續取得成功，在一定程度上抵消了這一不利影響。

We saw signs of strength across asset classes and channels this quarter and in a few areas ended the year with positive flows.

本季我們看到各種資產類別和管道都呈現走強跡象，有些領域在年底實現了正流量。

Our target date franchise had $2.2 billion of net flows, its strongest Q4 since 2019, resulting in full year target date inflows of $16.3 billion.

我們的目標日期特許經營權淨流入 22 億美元，為 2019 年以來最強勁的第四季度，導致全年目標日期流入達到 163 億美元。

This momentum was largely driven by the increasing success of our blend products.

這一勢頭很大程度上得益於我們的混合產品日益增長的成功。

Fixed income and alternatives had positive net flows for the fourth-quarter and full year, and from a channel perspective, the EMEA and APAC regions and the America's Institutional channel also had positive net flows for these time frames.

固定收益和另類投資在第四季度和全年均實現了正的淨流量，從通路角度來看，歐洲、中東和非洲 (EMEA) 和亞太 (APAC) 地區以及美國的機構通路在這些時間範圍內也實現了正的淨流量。

Within our growing ETF franchise, we had $1.4 billion in net flows during the fourth quarter, increasing our full year net inflows to $4.7 billion.

在我們不斷成長的 ETF 特許經營權中，我們在第四季度實現了 14 億美元的淨流入，使全年淨流入量增至 47 億美元。

Compared to full year 2023, our ETF net inflows more than tripled.

與 2023 年全年相比，我們的 ETF 淨流入量增加了兩倍以上。

In 2024, strong equity markets drove our average AUM higher, increasing our investment advisory fees, net revenues, and diluted EPS over the prior year.

2024 年，強勁的股票市場推動我們的平均 AUM 上升，使我們的投資諮詢費、淨收入和稀釋每股收益均比上一年增加。

Our Q4 adjusted net revenue of $1.8 billion increased our full year adjusted revenue to nearly $7.2 billion up 10.1% from 2023.

我們第四季的調整後淨收入為 18 億美元，這使我們的全年調整後營收增至近 72 億美元，較 2023 年成長 10.1%。

Our Q4 investment advisory revenue of $1.7 billion increased 2.5% from the prior quarter and 16% from Q4 2023, driven by higher average AUM partially upset by a decline in effective fee rate.

我們第四季的投資諮詢收入為 17 億美元，較上一季成長 2.5%，較 2023 年第四季成長 16%，這得益於平均 AUM 增加，但部分受到有效費率下降的影響。

Our full year 2024 investment advisory revenues of $6.4 billion were up 12.1% from the prior year.

我們 2024 年全年投資諮詢收入為 64 億美元，比前一年增長 12.1%。

Our Q4 annualized effective fee rate excluding performance-based fees was 40.5 basis points.

我們第四季的不包括基於績效費用的年化有效費率為 40.5 個基點。

This decrease from Q4 of last year was driven by a mixed shift in assets.

與去年第四季相比，這一下降是由於資產混合轉移造成的。

A large portion of gross sales were in strategies and vehicles that have lower than average fee rates, while a significant portion of redemptions were in asset classes and vehicles that have higher than average fee rates.

總銷售額的很大一部分來自費率低於平均水平的策略和工具，而贖回的很大一部分來自費率高於平均水平的資產類別和工具。

2024 investment advisory related performance-based fees of $59.3 million which we now present separately in the income statement, were $21 million higher than the prior year.

2024 年投資諮詢相關的績效為基礎的費用為 5,930 萬美元，我們現在在損益表中單獨列示，比上一年高出 2,100 萬美元。

These represent realized in-year performance fees from alternatives and equity products.

這些代表了替代品和股票產品實現的年內績效費。

Full year accrued carried interest income of $134.1 million was down year over year due to lower returns in 2024 versus 2023, reducing the accrual during the year.

全年應計附帶利息收入為 1.341 億美元，年減，原因是 2024 年的回報率低於 2023 年，從而減少了當年的應計金額。

Q4 adjusted operating expenses were $1.2 billion bringing full year adjusted operating expenses, excluding the carried interest expense to $4.46 billion which is up 6.3% from 2023 $4.19 billion and within the previously provided 2024 guidance of 6% to 8%.

第四季調整後營業費用為 12 億美元，全年調整後營業費用（不包括附帶權益費用）為 44.6 億美元，較 2023 年的 41.9 億美元增長 6.3%，且符合先前提供的 2024 年 6% 至 8% 的指引。

Considering average market conditions, we anticipate 2025 adjusted operating expenses, excluding carried interest expense will be up 4% to 6% over 2024 $4.46 billion.

考慮到平均市場狀況，我們預計 2025 年調整後的營業費用（不包括附帶權益費用）將比 2024 年的 44.6 億美元上漲 4% 至 6%。

This includes continued expense management to allow us to invest in our strategic priorities to support growth and the impact of real estate costs in 2025 as we move into our new headquarters in Baltimore.

這包括持續的費用管理，使我們能夠在2025年遷入巴爾的摩新總部時投資我們的策略重點，以支持成長和房地產成本的影響。

With regard to capital management, we remain committed to returning capital to our stockholders and to maintaining a strong financial position.

在資本管理方面，我們仍然致力於向股東返還資本並維持強勁的財務狀況。

During the fourth quarter, we bought back $71 million worth of shares, bringing our full year buybacks to $355 million and have continued to buy back shares during the start of 2025.

第四季度，我們回購了價值 7,100 萬美元的股票，使全年回購金額達到 3.55 億美元，並在 2025 年初繼續回購股票。

Our balance sheet remains strong, ending the year with $3.1 billion of cash and discretionary investments.

我們的資產負債表依然強勁，年底的現金和可自由支配的投資為 31 億美元。

We continue to manage our business with a long term perspective, carefully aligning our expenses with the market-driven nature of our revenues.

我們將繼續以長遠的眼光管理我們的業務，並仔細地將我們的支出與市場驅動的收入結合。

From this position, we can preserve our ability to deliver new capabilities for clients and invest in growth areas of the market.

從這個角度來看，我們可以維持為客戶提供新功能和投資於市場成長領域的能力。

And with that, I'll turn it over to Eric.

現在我將把話題交給 Eric。

Thanks, Jen.

謝謝， Jen。

For the second year in a row, we saw strong gains in most equity markets, particularly in the US, where technology stocks continued to drive returns.

連續第二年，我們看到大多數股票市場強勁上漲，尤其是在美國，科技股持續推動回報。

Fixed income markets were more muted for the year and were characterized by a significant interest rate volatility, with short rates falling and the long end of the curve rising.

今年固定收益市場表現較低迷，特點是利率波動較大，短期利率下降，而長期利率上升。

Equity market performance in 2024 saw similar themes to 2023, as large technology stocks continued to lead on the back of the growing impact of artificial intelligence, strong earnings momentum, and expanding valuation.

2024 年的股市表現與 2023 年的主題相似，在人工智慧影響力不斷增強、獲利勢頭強勁以及估值不斷擴大的推動下，大型科技股繼續領先。

The extreme narrowness in markets continued in 2024 as eight stocks drove 60% of the S&P 500's return.

2024 年，市場仍將延續極端窄幅震蕩的態勢，八隻股票佔據了標準普爾 500 指數 60% 的漲幅。

Our research also showed a significantly high level of factor volatility during the year within equity markets, despite the overall level of equity market volatility as measured by the VIX remaining low.

我們的研究也顯示，儘管以 VIX 衡量的股票市場整體波動水準仍然較低，但年內股票市場的因子波動水準顯著較高。

This type of market environment makes it more difficult for our strategies to outperform, given our given our disciplined focus on fundamentals and evaluation, and our emphasis on the long term.

鑑於我們嚴格關注基本面和評估並著眼於長期，這種市場環境使我們的策略更難表現出色。

Across asset classes, 54% of our funds beat their peer group medians for the year, and on an asset weighted basis, 61% beat their peer groups.

在所有資產類別中，54% 的基金當年的表現優於同類型基金中位數；若以資產加權計算，61% 的基金表現優於同類型基金。

In our equity franchise, despite mixed performance overall, I'm encouraged by the evidence that our research process and teams remain very strong.

在我們的股權特許經營中，儘管整體表現好壞參半，但有證據表明我們的研究流程和團隊仍然非常強大，這讓我感到鼓舞。

Our flagship US equity research strategy delivered another year of top quartile performance and outperformed the S&P 500 by 140 basis points net of fees.

我們旗艦的美國股票研究策略又取得了一年的最高業績，扣除費用後，其表現比標準普爾 500 指數高出 140 個基點。

A number of our sector products also delivered strong performance with science and technology, communications and technology, new era, financial services, and global technology, all top quartile performers for the year.

我們多個行業的產品也表現強勁，其中科技、通訊和技術、新時代、金融服務和全球技術均位居今年前四分之一。

These strong underlying strategy results translated into top quartile performance across a number of key diversified strategies, including midcap value, blue chip growth, and diversified midcap growth.

這些強勁的基礎策略結果轉化為一系列關鍵多元化策略的最高四分位表現，包括中型股價值、藍籌股成長和多元化中型股成長。

However, results were below our high expectations in a number of strategies, including mid-cap growth, new horizons, dividend growth, and emerging markets equity.

然而，中型股成長、新視野、股息成長和新興市場股票等多項策略的表現低於我們的高預期。

Our teams remain highly focused on improving performance in these and all of our strategies.

我們的團隊仍然高度專注於提高這些策略以及我們所有策略的績效。

I will also take the opportunity to highlight that for the 17th consecutive year, one of our flagship funds managed by David Giroux beat its Morningstar peer group.

我還要藉此機會強調一下，我們由大衛·吉魯 (David Giroux) 管理的旗艦基金之一連續第 17 年擊敗了晨星的同行。

This is the longest streak of outperformance versus its Morningstar peers among any US equity or multi-asset fund under the same portfolio manager.

這是同一投資組合經理人管理下的所有美國股票或多元資產基金中，連續表現優於晨星同類基金的最長紀錄。

This is not the only example of performance consistency, it's evident in a number of our products and across asset classes.

這並不是業績一致性的唯一例子，它在我們的許多產品和跨資產類別中都有所體現。

In addition to capital appreciation managed by Giroux, US.

除了由美國Giroux管理的資本增值外。

equity research, mid-cap value, institutional floating rate, Maryland tax rebound and the 2015 and 2020 vintages of our retirement funds all delivered top decile performance for the 3, 5 and 10 year time periods.

股票研究、中型股價值、機構浮動利率、馬裡蘭州稅收反彈以及我們退休基金的 2015 年和 2020 年業績在 3 年、5 年和 10 年時間段內均實現了最高十分位的表現。

Our broad target date franchise continued to deliver strong performance over multiple time periods.

我們廣泛的目標日期特許經營權在多個時間內繼續提供強勁的表現。

On an asset-weighted basis, 73% of our target date assets beat their peer group medians for both the one and three year time periods, and over 90% were top quartile for the 5, 10 and the 15 year time periods.

以資產加權計算，我們的目標日期資產中有 73% 在一年和三年時間內都超過了同類資產的中位數，超過 90% 的資產在五年、十年和十五年時間段內處於前四分位數。

In our fixed income division, a number of our Muni strategies as well as our short duration income, institutional floating rate and global high income products had top quartile 1-year performance.

在我們的固定收益部門，我們的許多市政債券策略以及短期收益、機構浮動利率和全球高收益產品的 1 年期表現均位居前四分位。

Conversely, our high-yield and international bond products had a more challenging year with performance lagging peers and benchmarks.

相反，我們的高收益和國際債券產品度過了更具挑戰性的一年，表現落後於同業和基準。

And in our ETFs, three of our fixed income ETFs, ultra short-term bonds, US high-yield and floating rate, all had top quartile one year performance, while the other two fixed income ETFs with one year performance beat their peer medians.

在我們的 ETF 中，三隻固定收益 ETF（超短期債券、美國高收益和浮動利率）的一年期表現均處於前四分位，而另外兩隻固定收益 ETF 的一年期表現也超過了同業中位數。

Returns across alternative strategies were generally positive in the fourth quarter.

第四季度，替代策略的回報普遍為正。

Structured credit generated the strongest returns while liquid strategies track the overall market backdrop.

結構性信貸產生了最強勁的回報，而流動性策略則追蹤整體市場背景。

Private market strategies experienced greater dispersion with private credit performing ahead of special situations and distressed strategies.

私募市場策略分散性較大，私募信貸表現優於特殊狀況與困境策略。

I've shared a few highlights related to investment performance.

我分享了一些與投資績效相關的亮點。

Now I'll turn to several important initiatives we've advanced in 2024.

現在，我將談談我們在 2024 年推進的幾項重要措施。

Last year brought exciting growth in our ETF business.

去年我們的 ETF 業務取得了令人興奮的成長。

We started the year with $2.5 billion in AUM.

今年年初，我們的資產管理規模為 25 億美元。

And as Rob mentioned, we closed the year with just under $8 billion in AUM.

正如 Rob 所提到的，今年年底我們的資產管理規模略低於 80 億美元。

In the fourth quarter, we filed to launch the capital appreciation premium income ETF, which will be managed by David Giroux and his team and the hedged equity ETF, which will be managed by our multi-asset team, and we expect to bring these to market this spring.

在第四季度，我們申請推出資本增值溢價收入ETF，該ETF將由David Giroux和他的團隊管理，以及對沖股票ETF，該ETF將由我們的多元資產團隊管理，我們預計將於今年春季將這些ETF推向市場。

We are considering additional strategies to offer clients in this tax-efficient wrapper and expect further launches throughout 2025 and 2026.

我們正在考慮採取其他策略來為客戶提供這種具有稅收效率的產品，並預計在 2025 年和 2026 年進一步推出。

As the largest provider of active target date products and an industry leader in retirement, we are always focused on anticipating and evolving client needs and expanding our offerings to meet them.

作為最大的活躍目標日期產品提供者和退休行業的領導者，我們始終專注於預測和發展客戶需求並擴展我們的產品以滿足他們的要求。

In 2024, we extended the target date range to include Personalized Retirement Manager, or PRM, as well as a managed lifetime income product.

2024 年，我們將目標日期範圍擴大到包括個人化退休經理 (PRM) 以及管理終身收入產品。

PRM is a service that uses personal data to create a unique asset allocation tailored to an individual specific saving goals, preferences and financial situation to help drive better retirement outcomes.

PRM 是一種使用個人資料來創建獨特資產配置的服務，該配置針對個人特定的儲蓄目標、偏好和財務狀況，以幫助實現更好的退休結果。

Our managed lifetime income product combines a managed pay-out product with the qualifying longevity and annuity contract, or QLAC, for Pacific Life to offer retirees stable and predictable monthly income for life.

我們的管理終身收入產品將管理支出產品與合格長壽和年金合約（QLAC）相結合，為太平洋人壽提供退休人員穩定且可預測的終身月收入。

We're also seeing continued success with our blend products, which we designed to meet the needs of price-sensitive clients who are interested in our target date expertise.

我們的混合產品也持續取得成功，這些產品的設計旨在滿足對我們的目標日期專業知識感興趣的價格敏感的客戶的需求。

Looking forward, we are exploring how alternatives could be used in our target date products if or when regulatory hurdles come down and client demand materializes.

展望未來，我們正在探索當監管障礙降低且客戶需求實現時如何在我們的目標日期產品中使用替代方案。

We've been managing integrated equity strategy for nearly two decades, combining fundamental and quantitative processes with our deep portfolio construction expertise.

近二十年來，我們一直致力於管理綜合股票策略，將基本面和定量流程與我們深厚的投資組合構建專業知識相結合。

Our 12 person integrated equity team manages about $12 billion across a range of integrated equity products, including US small, mid and large cap and global and international equity.

我們擁有 12 名員工的綜合股票團隊，管理一系列約 120 億美元的綜合股票產品，包括美國小型、中型和大型股以及全球和國際股票。

In 2024, we added an equity solutions portfolio manager who works closely with our clients to deliver customized solutions.

2024 年，我們增加了一位股票解決方案投資組合經理，與我們的客戶密切合作，提供客製化解決方案。

We closed the year with over $1 billion in equity solutions AUM and several other opportunities advancing in the pipeline.

今年，我們的股權解決方案資產管理規模超過 10 億美元，並且還有多個其他投資機會正在進行中。

Another way we look to deliver alpha for our clients has been through allocations to late-stage pre-IPO private companies in our US 40 Act mutual funds and other pooled products, which we've been doing since 2007.

我們希望為客戶提供阿爾法收益的另一種方式是透過在我們的美國 40 法案共同基金和其他集合產品中向後期 IPO 前私人公司進行分配，我們自 2007 年以來一直這樣做。

As one of the most active prominent managers of small and mid-cap equities, we've built a network of established relationships to put our team at the forefront of emerging investment opportunities.

作為最活躍的中小型股票管理者之一，我們建立了成熟的關係網絡，使我們的團隊處於新興投資機會的前沿。

Our private equity capability can draw on the expertise of over 230 global research analysts immersed in their industries and regions.

我們的私募股權能力可以利用超過 230 名熟悉各自行業和地區的全球研究分析師的專業知識。

At year-end, over 25 of our investment strategies were invested in privates.

截至年底，我們有超過 25 個投資策略投資於私募股權。

We are now exploring new ways to move beyond the (inaudible) fund structure to offer this capability to more clients in a dedicated product.

我們現在正在探索超越（聽不清楚）基金結構的新方法，透過專用產品為更多客戶提供此功能。

Our US equity research strategy with over '25 T. Rowe Price associate analysts contributing to the portfolio in their focus area of expertise, demonstrates the strength of our research platform across the breadth of the market and our pipeline of investment talent.

我們的美國股票研究策略由超過 25 位 T. Rowe Price 助理分析師在其專業重點領域為投資組合做出貢獻，證明了我們在整個市場範圍內的研究平台的實力以及我們的投資人才儲備。

Clients are responding to our rules-based portfolio construction and risk management that isolates our analyst stock selection skill as the alpha driver.

客戶對我們基於規則的投資組合建構和風險管理做出了回應，這種做法將我們的分析師選股技能作為阿爾法驅動因素。

In addition to the consistent long-term performance I mentioned previously, we saw strong gross sales to this strategy in 2024.

除了我之前提到的長期穩定的業績表現之外，我們還看到 2024 年該策略的總銷售額表現強勁。

We've broadened the equity research franchise with international and global equity research strategies, which mirror the time-tested approach of our US equity strategy.

我們透過國際和全球股票研究策略拓寬了股票研究特許經營權，這反映了我們久經考驗的美國股票策略的方法。

These newer strategies hit their three year track records in September of 2024.

這些新策略在 2024 年 9 月達到了三年的業績記錄。

In addition, we are developing a small and mid-cap structured research capability within our T. Rowe Price Investment Management Adviser that we plan to see this year.

此外，我們正在普信投資管理顧問內部開發小型和中型股結構化研究能力，計劃今年實現。

We formed a T. Rowe Price Investment Institute with the overarching mission of creating a center of excellence within investments that focuses on our clients and our investors.

我們成立了 T. Rowe Price 投資研究所，其首要使命是創建一個專注於客戶和投資者的投資卓越中心。

Led by Justin Thompson, the institute will enhance our offer to clients beyond investment performance through differentiated thought leadership, client training and other value-added experiences for clients that showcase our investment and research capabilities, we will assist with their investment decision-making and ultimately help drive enhanced commercial outcomes for us.

在賈斯汀湯普森的領導下，該研究所將透過差異化的思想領導、客戶培訓和其他增值體驗，為客戶提供超越投資績效的服務，展示我們的投資和研究能力，協助他們做出投資決策，並最終幫助我們提高商業成果。

The institute will also help to support our global investment team, the heart of our investment capability, with wide range of investment skills training from analysts best practices to portfolio construction.

該研究所還將為我們的全球投資團隊（我們的投資能力的核心）提供從分析師最佳實踐到投資組合構建的廣泛投資技能培訓。

With Justin's new role, we took the opportunity to review our equity organization and have combined our US equity and international equity divisions into one global equity division.

隨著賈斯汀擔任新職務，我們藉此機會審查了我們的股權組織，並將我們的美國股權和國際股權部門合併為全球股權部門。

This allows us to build on our strengths to ensure we maximize our investment performance, attract, develop and retain the highest caliber of talent, maximize our efficiency and optimize our commercial success.

這使我們能夠發揮自身優勢，確保最大限度地提高投資業績，吸引、培養和留住高素質人才，最大限度地提高效率，並優化商業成功。

Josh Nelson has assumed the role of Head of Global Equity. 2024 was Arif Husain's first year as Head of Global Fixed Income and momentum is building across the franchise.

喬許·尼爾森 (Josh Nelson) 擔任全球股票主管。 2024 年是阿里夫·侯賽因 (Arif Husain) 擔任全球固定收益主管的第一年，整個特許經營業務的發展勢頭正在增強。

On an asset-weighted basis, 65% of our fixed income assets outperformed their peer groups in 2024 and we had $12.6 billion in positive net flows to fixed income, bringing our fixed income AUM to $188 billion at the end of the year.

以資產加權計算，2024 年我們 65% 的固定收益資產表現優於同類資產，固定收益淨流入金額為 126 億美元，使我們的固定收益 AUM 在年底達到 1880 億美元。

We've made a concerted and fruitful push into the insurance sector, and fixed income is the main asset class of interest for these clients.

我們齊心協力、卓有成效地進軍保險業，固定收益是這些客戶感興趣的主要資產類別。

It is this insurance channel that drove much of our strong fixed income flows in Q2 and Q4 of 2024.

正是這項保險管道推動了我們 2024 年第二季和第四季強勁的固定收益流量。

Our fixed income team is also upgrading the tools our investors use and working with our distribution teams to ensure we have the sales and support staff to further enable our fixed income growth.

我們的固定收益團隊也正在升級投資者使用的工具，並與我們的分銷團隊合作，以確保我們擁有銷售和支援人員，進一步促進我們的固定收益成長。

We have been building capabilities in data science, machine learning and predictive models since 2017.

自 2017 年以來，我們一直在建立資料科學、機器學習和預測模型方面的能力。

Our approach has always been one of intelligent augmentation, enabling our investors with additional data points to aid their decision-making and to unlock productivity gains.

我們的方法一直是智慧增強，為我們的投資者提供額外的數據點，以幫助他們做出決策並提高生產力。

We now have 280 investors using our AI tool, Investor Co-Pilot, a custom chatbot embedded within the private environment of our research platforms to summarize proprietary research and service insights.

現在，我們有 280 位投資者使用我們的 AI 工具 Investor Co-Pilot，這是一個嵌入在我們研究平台私人環境中的客製化聊天機器人，用於總結專有研究和服務見解。

We believe Generative AI technology is still nascent in its capabilities to add material lift to common task and investment research, but that there is potential to add material business value as the technology and our use cases mature.

我們相信，生成式人工智慧技術在為常見任務和投資研究帶來實質提升方面仍處於起步階段，但隨著技術和用例的成熟，它有潛力增加實質的商業價值。

I'm pleased with the progress we made in 2024 and that we made this progress while staying firmly rooted in our three pillars of people, process and culture.

我對我們在 2024 年的進展感到滿意，而且我們在取得這一進展的同時，牢牢紮根於人才、流程和文化三大支柱。

We remain singularly focused on pursuing investment excellence from our clients, and I'm confident we have the right team and resources in place.

我們始終專注於為客戶追求卓越的投資，我相信我們擁有合適的團隊和資源。

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

現在，我想請接線員開通熱線來回答問題。

(Operator Instructions)

（操作員指令）

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen 公司。

Great, thank you very much.

太好了，非常感謝。

Appreciate the extra disclosure and color this quarter.

感謝本季的額外披露和色彩。

Just coming maybe where you ended the conversation, a couple of days ago, you announced a venture with Ares and Aspida.

也許就在您結束談話的時候，幾天前，您宣布與 Ares 和 Aspida 建立合資企業。

And I was just sort of wondering if you could tie together a couple of points associated with that.

我只是想知道您是否可以將與此相關的幾個觀點聯繫起來。

First, just how do you think about the opportunity set in insurance and maybe talk through how many other platforms you might be working with?

首先，您如何看待保險業的機會？

Secondly, you mentioned in your prepared comments that you sort of tweak it around on alts into retirement.

其次，您在準備好的評論中提到，您會對 alts 進行一些調整以使其退休。

I'm wondering if this relationship would be portending anything along the way?

我想知道這段關係是否會預示著什麼？

And then third, I'm sorry if I missed the question.

第三，如果我沒有回答好問題，我很抱歉。

How do you think about M&A here to continue to expand your product set in a world where public and private investment seems to be converging?

在公共和私人投資似乎正在融合的世界裡，您如何看待透過併購來繼續擴大您的產品組合？

Thank you.

謝謝。

Good morning.

早安.

Yes, thank you for the question.

是的，謝謝你的提問。

I'll start with Aspida and then maybe talk about insurance more broadly and then hand it over to Eric to give some perspective on how we're approaching the potential for alternatives and defined contribution.

我將從 Aspida 開始，然後可能更廣泛地談論保險，然後將其交給 Eric，讓他就我們如何接近替代方案和固定繳款的潛力給出一些看法。

With regard to Aspida, I'd say we're really excited to partner with the Aspida team and with Ares.

關於 Aspida，我想說我們非常高興與 Aspida 團隊和 Ares 合作。

As you said, we just announced this.

正如您所說，我們剛剛宣布了這一消息。

So while we're really just getting started, as we engage with those teams, we identified a number of areas that we could work together both on T. Rowe Price's fixed income platform and with OHA.

因此，儘管我們才剛起步，但在與這些團隊接觸的過程中，我們確定了可以在 T. Rowe Price 固定收益平台和 OHA 上進行合作的多個領域。

I would say importantly, working with the Aspida will allow us to refine our insurance asset management offering, particularly in the life and annuity space, which should create additional opportunity with other insurers.

我想說的是，重要的是，與 Aspida 合作將使我們能夠改進我們的保險資產管理產品，特別是在人壽和年金領域，這將為與其他保險公司創造更多機會。

In time, we've also discussed evaluating codeveloping some investment offerings with Aspida and potentially with Ares.

我們也討論了與 Aspida 以及可能的 Ares 共同開發一些投資產品的評估。

We should see some direct benefit from this year and expect that it will build over time.

我們應該看到今年的一些直接利益，並期望這種利益會隨著時間的推移而逐漸增加。

If we do a nice job for Aspida and their book grows, I think there's a tremendous amount of potential here.

如果我們為 Aspida 做好工作並且他們的書籍銷量成長，我認為這裡有巨大的潛力。

With regard to insurance broadly, it's an important area for us and one that we've been focused on for a number of years, where I'd say we really started to build momentum in 2024, even before announcing the partnership with Aspida.

就廣泛的保險而言，這對我們來說是一個重要的領域，也是我們多年來一直關注的領域，我想說，我們在 2024 年真正開始積聚勢頭，甚至在宣布與 Aspida 合作之前。

We had improved organic growth in fixed income and a substantial amount of that was driven by some additional commitments from existing insurance clients.

我們的固定收益有機成長有所改善，其中很大一部分是由現有保險客戶的一些額外承諾所推動的。

We also are engaged with a number of potential insurance clients.

我們也與許多潛在的保險客戶進行了合作。

The arrangement with Aspida isn't exclusive.

與 Aspida 的協議並不是獨家的。

But again, it's one that we're really, really excited about.

但再說一次，這確實是一件讓我們非常非常興奮的事情。

In terms of how we evaluate opportunities from either a strategic investment or an M&A perspective, I think it's the same framework that we use across the board.

關於我們如何從策略性投資或併購的角度來評估機會，我認為我們全面使用的框架是相同的。

We're -- we have a strong balance sheet, and we have capacity to make strategic investments or do M&A to the extent that it brings us additional capability or allows us to access a broader range of clients.

我們擁有強大的資產負債表，並且有能力進行策略性投資或併購，從而為我們帶來額外的能力或使我們能夠接觸到更廣泛的客戶。

I think we're mostly interested in doing that in areas where we don't have the potential to build the capability organic or leverage our existing investment capabilities.

我認為，我們最感興趣的是在我們還沒有潛力建立有機能力或利用現有投資能力的領域這樣做。

I think we're also interested in kind of any opportunity to reach a broader range of clients.

我認為我們也對任何能夠接觸更廣泛客戶的機會感興趣。

So we evaluate those one by one.

因此，我們會逐一進行評估。

It's an area where there's been a fair bit of activity.

這是一個活動相當頻繁的地區。

And while I can't say that there's anything specific that we're working on right now, I wouldn't be surprised to see additional developments in this area over the course of coming quarters or coming years.

雖然我不能說我們現在正在進行什麼具體工作，但如果在未來幾季或幾年內看到該領域取得更多進展，我不會感到驚訝。

And Bill, in relation to your question around alts into retirement more broadly, obviously, defined contribution is a critical part of our business.

比爾，關於你關於退休的更廣泛問題，顯然，固定繳款是我們業務的關鍵部分。

It's a very large part of our business.

這是我們業務的很大一部分。

And so we've been focused on this for some time.

因此我們已經關注這個問題一段時間了。

We're fully in favor of anything that leads to better client outcomes.

我們完全支持任何能為客戶帶來更好結果的行動。

And our research is going deep into what asset classes like private credit could do to improve the risk return equation for different participants within that channel.

我們的研究正在深入探討私人信貸等資產類別可以如何改善該管道內不同參與者的風險回報方程式。

We have been engaging with clients and consultants and our investment team on this.

我們一直在與客戶、顧問和我們的投資團隊就此事進行溝通。

Obviously, to date, a lot of the activity has been more on the custom side.

顯然，到目前為止，很多活動更多的是集中在客製化方面。

But we think it's increasingly likely that there'll be an opportunity to broaden that discussion out into more standard offerings but there's a lot of work to do.

但我們認為，越來越有可能有機會將這項討論擴展到更標準的產品，但仍有許多工作要做。

We still have hurdles, fee budgets, liquidity, daily pricing, but it's our belief that over time, client interest is likely to grow in this area.

我們仍然存在障礙、費用預算、流動性、每日定價等，但我們相信，隨著時間的推移，客戶對這一領域的興趣可能會增長。

And we think it's an important part of the value proposition for active managers, and we're excited about what we can do over time there.

我們認為這是主動管理者價值主張的重要組成部分，並且我們對未來能做的事情感到非常興奮。

Benjamin Budish, Barclays Capital.

巴克萊資本的本傑明·布迪什 (Benjamin Budish)。

Hi, good morning and thank you for taking the question.

大家好，早安，謝謝您回答這個問題。

I wanted to ask a question about, Jen, your comments on sort of the fee rate dynamics in the quarter.

Jen，我想問您對本季費率動態的評論。

You mentioned that a large portion of sales were in strategies with lower-than-average rates and a portion of redemptions were in asset classes with higher-than-average fee rates.

您提到，很大一部分銷售是採用低於平均的利率策略，而部分贖回是採用費率高於平均的資產類別。

So just curious, what did the sort of exit fee rate look like coming out of the quarter?

所以只是好奇，本季的退出費率是什麼樣的？

What are you seeing in January?

一月你看到了什麼？

And how should we think about those sort of dynamics into 2025?

那麼，我們該如何看待 2025 年的這類動態呢？

Thank you.

謝謝。

Sure.

當然。

Thanks, Ben.

謝謝，本。

So I think starting out to say, we have seen higher fee compression this year than on average.

因此我認為首先要說的是，今年我們看到的費用壓縮比平均值要高。

In the past, we've talked about an average level of about 1% to 1.5% per year.

過去我們談論的是每年平均約 1% 至 1.5% 的水平。

I mean it's fairly persistent within the industry as we see scale players being able to command lower fee rates and just the higher competitive level of fees in the industry.

我的意思是，這種現像在行業內相當普遍，因為我們看到規模參與者能夠要求更低的費率，並且行業內收費的競爭水平更高。

This year was about 2%.

今年約為2%。

And I would say -- the first thing that I would highlight is it's the same trends that hit our flows over the past two years that have also influenced the effective fee rate.

我想說——我要強調的第一件事是，過去兩年影響我們流量的相同趨勢也影響了有效費率。

So if you think about the places where we've seen elevated net outflows, it's primarily been in equity products. and these tend to have higher fee rates on average.

因此，如果你想想我們看到淨流出增加的地方，它主要出現在股票產品中。這些機構的平均費率往往較高。

It's also important to consider as you think about the direction of travel, but it's not really just the net it's about sales versus redemptions.

當您考慮旅行方向時，這一點也很重要，但實際上它不僅僅是淨額，還涉及銷售與兌換。

And so we've seen elevated redemptions in mutual funds that also tend to have higher average fee rates and sales have come in lower fee vehicles, such as common trust, ETFs, and institutional separate accounts, which on average tend to be lower effective fee rates.

因此，我們看到共同基金的贖回量增加，這些基金的平均費率也往往較高，而銷售則透過費率較低的工具進行，例如共同信託、ETF 和機構獨立帳戶，這些工具的平均有效費率往往較低。

And I'd say, finally, we see the impact of some of our strategic choices.

我想說，我們最終看到了一些戰略選擇的影響。

These are places where we're attempting to grow in the marketplace and where we've seen good success that were highlighted by Rob and I in comments.

這些是我們試圖在市場上發展的地方，也是我們已經看到良好成功的地方，Rob 和我在評論中也重點提到了這些地方。

Some of that is success in our target date blend product, some large wins in fixed income insurance and some places where we've used pricing levers to scale new products as we grow in new markets.

其中一些是我們的目標日期混合產品的成功，有些是固定收益保險的巨大勝利，有些是我們利用定價槓桿來擴大新產品規模以適應新市場發展。

And then in certain cases, although this has tended to be a smaller portion of what we do, we have done some selective repricing to position more competitively in places where we think we have a good value proposition for clients and the right to win.

然後在某些情況下，儘管這往往只占我們所做工作的一小部分，但我們會進行一些選擇性的重新定價，以便在我們認為能夠為客戶提供良好價值主張並有權獲勝的地方更具競爭力。

I'd just end by saying that while much of this is persistent, there are some trends that should help to offset this over time.

最後我想說的是，儘管這種情況在很大程度上是持續存在的，但隨著時間的推移，有些趨勢應該有助於抵消這種影響。

And that's largely that equity redemptions have eased significantly in the back half of the year, and we would expect that trend to continue.

這主要是因為今年下半年股票贖回大幅減少，我們預期這一趨勢將會持續下去。

And the alternative products that we offer also tend to be higher fee, which offsets a portion of that as that grows as a portion of the book.

而且，我們提供的替代產品的費用也往往更高，隨著帳面收入的成長，這可以抵消部分費用。

Yeah, I'll add a little bit of color, Ben, on this topic.

是的，本，我會在這個主題上添加一點色彩。

First, we don't manage to a specific fee rate.

首先，我們沒有規定具體的費率。

We've been navigating fee pressure for quite some time.

我們已經應對費用壓力很長一段時間了。

This is an intensely competitive business and a number of our competitors are really focused on being a low-cost provider.

這是一個競爭非常激烈的行業，我們的許多競爭對手都致力於成為低成本供應商。

We expect fees to continue to come down in a manageable way over time.

我們預計，隨著時間的推移，費用將以可控的方式持續下降。

My view is that lower fees are good for clients and that they enhance our value proposition.

我的觀點是，較低的費用對客戶有利，而且可以提升我們的價值主張。

And I think to an extent, there is a toggle or a trade-off between fees and flows.

我認為在某種程度上，費用和流量之間存在切換或權衡。

As Jen said, we've got a number of strategies that are specifically oriented towards clients with either lower risk or fee budgets including, Eric mentioned in his prepared remarks, our suite of equity research offerings.

正如 Jen 所說，我們有許多專門針對風險或費用預算較低的客戶的策略，其中包括 Eric 在準備好的演講中提到的我們的一系列股票研究產品。

We also have a full suite of integrated equity offerings that leverage our fundamental insight and our quantitative capabilities blended hybrid in the retirement date suite, QM bond.

我們還擁有全套綜合股票產品，利用我們的基本洞察力和量化能力，混合退休日期套件和 QM 債券。

We've got a number of offerings that we'd like to grow where the fee is lower than our blended fee rate, but where we think the economics are still attractive for us and where the value proposition is really compelling and can stand up both to active and to passive competition.

我們有多項服務可以發展，其費用低於我們的混合費率，但我們認為這些服務的經濟效益對我們來說仍然具有吸引力，其價值主張也確實令人信服，能夠經受住主動和被動競爭。

Finally, as Jen referenced, we see big opportunities in areas like insurance, where if you think about buy and maintain liquid public for a general account, that's pretty low fee business, but there's also opportunity in plus sectors like emerging market bond or in alternatives where the fee rates are more compelling.

最後，正如 Jen 所提到的，我們在保險等領域看到了巨大的機會，如果你考慮為一般帳戶購買和維持流動性公共資金，這是一項費用相當低的業務，但在新興市場債券等優質行業或費率更具吸引力的另類投資中也有機會。

So I think there are going to be give and takes, but I think we forecast that while the fee rate will continue to come down, it will come down at a very manageable pace.

因此，我認為會有取捨，但我認為，我們預測，雖然費率將繼續下降，但下降速度將非常可控。

And kind of ultimately, with some of these lower fee strategies, it will kind of quicken our ability to get back to positive net flow.

最終，透過這些較低費用的策略，我們將能夠更快地恢復到正淨流量。

Glenn Schorr, Evercore ISI.

格倫·肖爾（Glenn Schorr），Evercore ISI。

Hello, thanks very much.

你好，非常感謝。

So I have a question that kind of spans across OHA, Aspida and your insurance comments.

我有一個問題涉及 OHA、Aspida 和您的保險評論。

And it's more of what you're seeing for -- in terms of client demand or the potential for hybrid products across public and private, particularly in fixed income.

就客戶需求或公共和私人混合產品的潛力而言，尤其是在固定收益領域，這更多的是您所看到的。

And what really peaked my interest is, in your prepared remarks, you talked about doing both public and private for Aspida.

真正引起我興趣的是，在您準備好的發言中，您談到了為 Aspida 進行公共和私人事務。

So I don't know if you could comment on, is that a set allocation?

所以我不知道您是否可以評論一下，這是固定分配嗎？

Or do you manage actively across public and private for them?

還是您積極地為他們管理公私事務？

So big picture of more hybrid potential and managing actively across public and private?

那麼，在公共和私營部門之間是否存在更多的混合潛力和積極的管理？

Thanks so much.

非常感謝。

Glenn, at a high level, there's been a lot of discussion with regard to convergence of public and private markets.

格倫，高層已經就公共市場和私人市場融合進行了大量討論。

I think in certain structures, more traditional GP/LP, you've had firms like OHA that have offered multi-strategy credit offerings for an extended period of time.

我認為在某些結構中，較傳統的 GP/LP，會有像 OHA 這樣的公司在較長時間內提供多策略信貸產品。

And if you look at some of their flagship funds, there -- they basically have the ability to invest in credit kind of across liquid public and private, high-yield bonds, loans and private credit.

如果你看看他們的一些旗艦基金，你會發現它們基本上有能力投資於流動性公共和私人信貸、高收益債券、貸款和私人信貸。

So OHA has got a demonstrated capability in doing that over an extended period of time.

因此，OHA 已經證明了其在長期內實現這一目標的能力。

I think what's newer is that there are offerings now in the wealth channel through interval funds or BDCs that cut across public and private in credit.

我認為較新的一點是，現在財富管道中有一些服務是透過區間基金或 BDC 來跨越公共和私人信貸的。

And I think people are evaluating opportunities to do something similar in equity over time.

我認為人們正在評估隨著時間的推移在公平方面採取類似行動的機會。

We've engaged not only with OHA, but with some other some other alternative asset management firms to discuss opportunities with regard to kind of bringing a combined liquid public and private offering to the marketplace.

我們不僅與 OHA 合作，還與其他一些另類資產管理公司合作，討論將流動性公募和私募相結合的發行方式引入市場的機會。

I would say nothing that I would characterize as particularly advanced right now.

我現在不會說出任何我認為特別先進的東西。

But I think eventually, if you think about some of the areas that Eric referenced need to be solved for in terms of fee budgets, liquidity that may be part of the solution and the opportunity eventually to bring alternatives to the defined contribution marketplace.

但我認為，最終，如果你考慮到艾瑞克提到的需要解決的一些領域，例如費用預算、流動性可能是解決方案的一部分，以及最終為固定繳款市場帶來替代方案的機會。

Specifically, as it relates to Aspida, we basically have talked about areas where we really think we can add value to their portfolio and their underlying returns and have agreed on areas that will work together.

具體來說，就 Aspida 而言，我們基本上討論了我們真正認為可以為他們的投資組合和潛在回報增加價值的領域，並就將合作的領域達成了一致。

There aren't any specifically identified kind of targets or allocations, but there are several areas where we have capabilities, expertise and a strong track record that they believe would be additive.

雖然沒有明確確定任何目標或分配，但他們相信，在多個領域我們擁有能力、專業知識和良好的業績記錄，這些將具有附加價值。

And you have ultimately, we'll get the opportunity to prove that out.

最終，我們將有機會證明這一點。

And I think that's true both with regard to T. Rowe Price fixed income capabilities, but also across the spectrum of what OHA does from private credit to many of their structured offerings.

我認為這不僅對於 T. Rowe Price 的固定收益能力而言是正確的，而且對於 OHA 的業務範圍（從私人信貸到其眾多結構化產品）也是如此。

So I think there's a big opportunity there for us to work with them on both sides.

因此我認為我們雙方都有很大的機會與他們合作。

Craig Seigenthaler, Bank of America.

美國銀行的克雷格·席根塔勒（Craig Seigenthaler）。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

Just following up on Glenn's question, but I really wanted to focus on the [401k] channel, so not insurance with Aspida.

只是想跟進 Glenn 的問題，但我真的想專注於 [401k] 管道，所以不關注 Aspida 的保險。

But is T. Rowe Price planning to make 100% of future private equity or private credit allocations to retirement products from internal capabilities, including leveraging OHA?

但是，普信集團是否計劃利用內部能力（包括利用 OHA）將未來 100% 的私募股權或私人信貸分配給退休產品？

And could this trigger future strategic M&A in white spaces?

這是否會引發未來白色領域的策略性併購？

Or will T. Rowe look to form partnerships with third parties, which could include in Ares?

或者 T. Rowe 會尋求與第三方建立合作夥伴關係，其中可能包括 Ares？

I'll start.

我先開始。

We want to offer best-in-class investment solutions.

我們希望提供一流的投資解決方案。

I mean we are a leader in retirement.

我的意思是我們是退休領域的領導者。

We're a leader in retirement solutions, whether that's our suite of retirement day funds or retirement income.

我們是退休解決方案的領導者，無論是退休日基金還是退休收入。

We have tremendous confidence in our own capabilities, including OHA.

我們對我們自身的能力，包括 OHA 非常有信心。

But in certain areas, we're open to or may even need to partner with other managers who have a demonstrated capability in areas that -- where we don't.

但在某些領域，我們願意甚至需要與在我們沒有的領域擁有出色能力的其他經理人合作。

So we're open to it.

因此我們對此持開放態度。

Kind of ultimately, whether that takes the form of partnerships, or takes the form of M&A, I would say, is to be determined.

最終，我認為，無論是採取合作形式，還是併購形式，仍有待確定。

There are still also obvious liquidity and regulatory issues with offering different types of private investments in that environment, Craig.

克雷格，在這種環境下提供不同類型的私人投資仍然存在明顯的流動性和監管問題。

So we're -- while we're looking at this over time and within different vehicles, it's not -- we're not in a position where this just happens automatically.

因此，雖然我們正在從不同角度和不同載體來研究這個問題，但我們還不能讓它自動發生。

Yes.

是的。

I mean, as Eric said earlier, most of the activity to date has been kind of more in custom retirement date.

我的意思是，正如埃里克之前所說，迄今為止的大部分活動都更多地是在自訂退休日期。

We do think in time with potential for safe harbor and client interest and research that shows an enhanced risk return profile for defined contribution participants that there may be an opportunity to broaden that to either retirement date funds or retirement income offerings.

我們確實認為，隨著時間的推移，隨著安全港的潛力和客戶興趣的增加，以及研究表明固定繳款參與者的風險回報狀況增強，可能有機會將其擴大到退休日期基金或退休收入產品。

But that could also be quite some way off.

但這也可能還有一段距離。

And we want to be prepared, we want to be open to anything that really helps us deliver a best-in-class investment solution.

我們希望做好準備，我們希望對任何真正有助於我們提供一流投資解決方案的事物持開放態度。

But this is, I think, very, very early days and an area that is likely to come to fruition.

但我認為，現在還處於非常早期的階段，而且這個領域很可能會取得成果。

But kind of in terms of really going to market or impacting our underlying business, it could be years off.

但就真正進入市場或影響我們的基礎業務而言，可能還需要幾年時間。

Daniel Fannon, Jefferies.

傑富瑞的丹尼爾‧範農 (Daniel Fannon)。

Thanks, good morning.

謝謝，早安。

Wanted to expand upon your comments around gross sales trends.

想要擴展您對總銷售趨勢的評論。

Rob, you were quite optimistic around the improvement you're seeing.

羅布，你對所看到的改善非常樂觀。

Could you give a little more context around maybe the backlog and particularly maybe in the target date side of the business and maybe on the institutional side, where you have a little bit more line of sight and any granularity or context around kind of versus prior periods would be helpful?

您能否提供更多關於積壓訂單的背景信息，特別是業務的目標日期方面以及機構方面的情況，您是否能對此有更多的了解，並且與前期相比，任何細節或背景信息都會有所幫助？

Thank you.

謝謝。

Yeah.

是的。

Dan, thank you.

丹，謝謝你。

Look, we saw improved gross sales across almost all distribution channels and geographies.

你看，我們看到幾乎所有分銷管道和地區的總銷售額都有所成長。

In fact, it was our best gross sales year since 2021, which was elevated, as you'll recall, by pretty abluent markets during the pandemic.

事實上，這是我們自 2021 年以來最好的銷售年，您可能還記得，疫情期間市場相當活躍，推動了銷售成長。

Overall, '24 was a significant improvement over '22 and '23, but we're still not where we need to be.

總體而言，24 年比 22 年和 23 年有了顯著的進步，但我們仍然沒有達到我們需要的水平。

Importantly, we saw less pressure on redemptions in equities, particularly large cap growth, where we've had strong absolute and improving relative performance.

重要的是，我們發現股票贖回的壓力較小，特別是大盤股成長，我們的絕對表現強勁，相對錶現也不斷改善。

We had our third best year ever in retirement date funds with $16 billion in net inflows.

我們的退休基金淨流入金額達 160 億美元，是史上第三好的一年。

As I said, we grew in fixed income, including some notable insurance wins.

正如我所說，我們的固定收益業務實現了成長，其中包括一些顯著的保險收益。

We grew in alternatives, and we saw an inflection point in our ETF business.

我們的另類投資領域不斷發展，我們的 ETF 業務也迎來了轉捩點。

I'd also say that we closed out '24 with really strong momentum, right?

我還想說，我們以非常強勁的勢頭結束了 24 年，對吧？

I mean despite the large sub-advisory redemption that we talked about on the third quarter call that basically came through in December, we funded a number of new mandates in December, which served to partially offset that.

我的意思是，儘管我們在第三季電話會議上談到的大規模次級諮詢贖回基本上是在 12 月完成的，但我們在 12 月資助了一些新的授權，這在一定程度上抵消了這一情況。

So for '25, we really feel like we're in a position to build on this momentum.

因此，對於 25 年來說，我們確實覺得我們有能力繼續保持這種勢頭。

The year is off to a good start, and our net pipeline ended the year stronger than a year ago, reflect, I'd say, both new opportunities across channels, and you asked specifically about retirement date funds, we feel very good about our pipeline and our opportunity set there.

今年開局良好，今年年底我們的淨管道比一年前更加強勁，我想說，這反映出跨渠道的新機遇，而且你特別問到退休日期基金，我們對我們的管道和我們在那裡創造的機遇感到非常滿意。

And look, the net pipeline is also helped by less at risk with fewer mandates at risk, primarily in equities.

而且，淨管道也因風險較低的任務（主要是股票方面）而受益。

So look, our base case is that in '25, we further reduced net outflows and set the stage to return to organic growth.

所以，我們的基本情況是，在25年，我們進一步減少淨流出，為恢復有機成長奠定基礎。

I know there's a tremendous amount of interest in our perspective on when we believe we'll get back to net inflow.

我知道大家對我們何時能恢復淨流入的看法非常感興趣。

It's just really difficult to say.

這真的很難說。

It depends on a handful of things that are in our control, right?

這取決於我們能控制的少數事情，對嗎？

Do we deliver great investment performance?

我們的投資績效是否出色？

Are we successful with our go-to-market and strategic initiatives in wealth, retirement, alternatives, insurance and outside the US.

我們在財富、退休、另類、保險以及美國以外地區的市場進入和策略性措施是否成功？

But it also depends on some things that are less in our control or outside of our control.

但這也取決於一些我們不太能控製或無法控制的事情。

If you think about the market backdrop, last year was certainly much better than the environment that we faced in '22 and '23 in terms of investor appetite for risk assets.

如果你考慮市場背景，那麼從投資人對風險資產的興趣來看，去年肯定比我們在 2022 年和 2023 年面臨的環境要好得多。

But it's been an extraordinarily challenging environment in terms of the return profile of the market for active management.

但從主動式管理市場的回報狀況來看，這是一個極具挑戰性的環境。

It has been really, really difficult to generate alpha where the cap-weighted benchmarks have continued to deliver strong returns dominated by the largest positions in those benchmarks.

在市值加權基準持續提供強勁回報、且回報主要由這些基準中最大的部位主導的情況下，產生阿爾法值真的非常非常困難。

It's also taken interest away from a lot of things that we've historically done really well.

它也使我們對許多我們過去做得非常好的事情失去了興趣。

While it's benefited our large-cap growth suite, it basically has meant that there's been little to no interest in areas like small and mid-cap, there's been little to no interest in areas like non-US, emerging markets, international and global.

雖然它使我們的大盤股成長受益，但這基本上意味著人們對中小型股等領域幾乎沒有興趣，對非美國、新興市場、國際和全球等領域幾乎沒有興趣。

So look, I think to the extent that we're in a more constructive environment for alpha generation, you have a broader opportunity set where there's investor interest.

所以，我認為，就我們處於一個更有利於產生阿爾法收益的環境中而言，在投資者感興趣的地方，你會擁有更廣泛的機會。

We're confident that we'll find our way back to net inflows.

我們有信心找到恢復淨流入的途徑。

It's just really, really hard to say when that will be.

只是真的很難說那會在什麼時候發生。

Patrick Davitt, Autonomous Research.

戴維特 (Patrick Davitt)，自主研究。

Hey, good morning, everyone, thanks for the question.

嘿，大家早上好，謝謝你的提問。

You've mentioned the offsetting wins in December a few times.

您已經多次提到 12 月份的抵銷勝利。

Would it be possible to get a little -- dig in a little bit more on the color of those wins and possibly frame the scale of those wins as we think about the repeatability of things like that?

當我們思考這類事情的可重複性時，我們是否有可能更深入地了解這些勝利的顏色並可能界定這些勝利的規模？

Thank you.

謝謝。

Sure.

當然。

Thanks for the question.

謝謝你的提問。

I'd say the good news of this was that it was across asset classes.

我想說的好消息是它涉及跨資產類別。

And so we saw some in equities.

我們在股票市場也看到了一些這樣的情況。

We saw some in multi-asset, which -- it was the first positive flow of quarters in the target date franchise since 2019.

我們在多種資產中看到了一些跡象，這是自 2019 年以來目標日期特許經營中首次出現季度正流。

So we were pleased to see some of the growth there, and we also saw inflows in fixed income.

因此，我們很高興看到那裡有所成長，我們也看到了固定收益的流入。

So it was fairly broad-based in terms of where we saw those flows.

因此，從我們所看到的這些資金流動範圍來看，其基礎是相當廣泛的。

We had some stats.

我們有一些統計數據。

We don't typically share these, but I think there were 10 or 11 that were above $200 million that came in, in December alone.

我們通常不會分享這些數據，但我認為光是 12 月份，就有 10 或 11 筆資金流入超過 2 億美元。

So again, it was a nice set of wins that we saw that came in across the board.

因此，我們再次看到，我們全面取得了勝利。

Yeah, it was really broad.

是的，範圍真的很廣。

I mean it was across strategies in equities and across channels.

我的意思是它涉及股票策略和管道。

So large cap growth in wealth, structured research or US equity research strategy and institutional fixed income win in insurance, a big retirement date fund win that funded.

因此，財富的大型股成長、結構化研究或美國股票研究策略和機構固定收益在保險中的勝利，以及大型退休日期基金的勝利。

So we obviously, as disappointed as we were to lose the sizable client mandate that redeemed in November and December, we were pleased to -- for the month of December to be able to partially offset that and flow the year out with some pretty nice momentum.

因此，顯然，儘管我們對失去 11 月和 12 月兌現的大量客戶授權感到失望，但我們很高興 - 12 月份能夠部分抵消這一損失，並以相當不錯的勢頭度過這一年。

Kenneth Worthington, JP Morgan.

摩根大通的肯尼斯‧沃辛頓。

Hi, thanks for taking the question.

你好，謝謝你回答這個問題。

So equity outflows have been elevated in recent years.

因此，近年來股票資本流出增加。

Performance was an issue.

性能是一個問題。

Is performance -- is improving performance enough to turn the tide and move your equity franchise back to positive sales?

績效－提高績效是否足以扭轉局勢並使您的股權特許經營權恢復正銷售額？

Or do you really need more at this point given how the market, the ecosystem has sort of evolved?

或者說，考慮到市場和生態系統的發展情況，你現在真的需要更多嗎？

And so when we think about the innovation that you're pursuing, product structure, distribution, what do you see as most likely to drive improved equity sales of the initiatives that you have underway?

因此，當我們考慮您所追求的創新、產品結構和分銷時，您認為什麼最有可能推動您正在進行的舉措的股權銷售改善？

And ultimately, what are you most excited about in terms of what could move the needle?

最後，就什麼能夠推動這項進程而言，您最興奮的是什麼？

Ken, this is Eric.

肯，這是埃里克。

I'll take that first.

我先拿這個。

We view performance as clearly a necessary but not solely sufficient circumstance to drive flows in the equity business and frankly, across all of our asset classes.

我們認為業績顯然是推動股票業務以及坦白說所有資產類別流動的必要條件，但並非唯一充分條件。

But taking equity specifically, it's obviously critical to have that performance and to be able to deliver it.

但具體到公平問題上，擁有這樣的表現並能夠實現它顯然至關重要。

But increasingly, we have to meet clients where they want to be from a vehicle perspective, from a price perspective and from a risk appetite perspective, and I would say, included in that vehicle perspective is increasingly an emphasis, especially in the US

但我們必須越來越從車輛角度、價格角度和風險偏好角度來滿足客戶的需求，我想說，車輛角度越來越成為重點，尤其是在美國

on tax efficiency.

稅收效率。

That drives you towards having more vehicles like our ETF franchise, like our retail separately managed account franchise on platforms and available to the clients in ways that historically we've been growing, and that's important, but it will take time to fully get on those platforms to have the right arrangements in place to do it.

這促使您擁有更多類似 ETF 特許經營權、類似零售獨立管理帳戶特許經營權等平台工具，並以我們歷史上一直在增長的方式向客戶提供這些工具，這很重要，但要完全進入這些平台並做好正確的安排還需要時間。

So I feel really good about where we are from an underlying performance perspective, as I talked about, and I'm increasingly confident that we're building the right set of products to deliver the performance to clients and the packages that they want across our equity franchise.

因此，正如我剛才所說，從基礎業績的角度來看，我對我們所處的階段感到非常滿意，而且我越來越有信心，我們正在構建正確的產品組合，以便在整個股權特許經營過程中為客戶提供他們想要的業績和套餐。

But as you see from the data every day, the overall active equity market is in outflows for everybody, not just for us.

但正如你從每天的數據中看到的那樣，整個活躍的股票市場都是所有人的資金流出，而不僅僅是我們。

And so that's the headwind that we're facing.

這就是我們面臨的阻力。

Importantly, I would say, Ken, in areas where our performance is strong, we have a number of strategies that have been in net inflow over multiple years’ time horizon.

重要的是，肯，我想說，在我們表現強勁的領域，我們有許多策略在多年的時間範圍內一直處於淨流入狀態。

So performance is very important.

所以性能非常重要。

I think the research that we've done suggested 3- and 5-year performance is most influential on flows, it varies across channels.

我認為，我們所做的研究表明，3 年和 5 年的表現對流量的影響最大，並且因通路而異。

There are certain channels that are more sensitive to the 1 and 3, but kind of in many really important channels defined contribution investment only home office from a wealth perspective, institutional, the 3- and 5-year numbers are really important.

某些管道對 1 和 3 更為敏感，但在許多真正重要的管道中，從財富角度來看，固定繳款投資僅限家庭辦公室，機構，3 年和 5 年的數字確實很重要。

I think for us, we're -- we obviously want to deliver great investment performance every year, but this is an important year because we roll off '22, which was a poor year for us in the 3-year number.

我認為對我們來說，我們顯然希望每年都取得出色的投資業績，但今年是重要的一年，因為我們即將迎來 22 年，而從 3 年數據來看，這是糟糕的一年。

So I think we're on the path to delivering better performance.

所以我認為我們正在走上提供更好績效的道路。

But in areas like the equity research strategy, global focus growth, capital appreciation, all cap opportunities where kind of we've had good performance, we continue to have good flows.

但在股票研究策略、全球焦點成長、資本增值、所有資本機會等領域，我們都表現良好，並且持續保持良好的流動性。

Brennan Hawken, UBS.

瑞銀的布倫南‧霍肯 (Brennan Hawken)。

Good morning.

早安.

Thanks for taking my question.

感謝您回答我的問題。

I was curious to touch on the expense outlook.

我很好奇地想談談費用前景。

So thanks for providing that.

感謝您提供這些資訊。

I know that sometimes you provide the expense outlook as of -- not necessarily as of the first day of the quarter, but intra-quarter.

我知道有時您會提供截至…的費用前景，不一定是截至季度第一天，而是截至季度內。

So is that the case?

那麼，事實確實如此嗎？

And could you let us know what date that is and what's your market assumptions?

您能告訴我們具體日期嗎？

And also, you flag real estate costs.

此外，您還標記了房地產成本。

I'm guessing that's the HQ move.

我猜這是總部的舉動。

Can you give a sense of magnitude there?

您能給出那裡的規模感嗎？

And is that just going to be a 2025 event?

這僅僅是 2025 年的事件嗎？

Thank you.

謝謝。

Sure.

當然。

Thanks for the question.

謝謝你的提問。

In terms of our market assumptions, we essentially looked at an average for the final quarter of the year, which was fairly similar to where the year ended from AUM perspective.

就我們的市場假設而言，我們基本上是看今年最後一個季度的平均值，從 AUM 的角度來看，這與年底的平均值非常相似。

So we have some carryover impact of the rising average AUM through the year 2024 on to 2025 variable expenses.

因此，2024 年平均 AUM 的上升會對 2025 年的變動費用產生一定的延續影響。

In terms of market expectations for 2025, we use our standard assumption which is kind of -- we blend in an average return on equity markets and fixed income that aligns to our mix of business.

就 2025 年的市場預期而言，我們使用標準假設，即——我們將與我們的業務組合相符的股票市場和固定收益的平均回報率融合在一起。

Specifically with regard to real estate, yes, that is the new move to headquarters.

具體關於房地產，是的，這是總部的新舉措。

In Baltimore, I'd say, depending on timing, that's somewhere between $20 million and $30 million of impact.

在巴爾的摩，我想說，根據時間不同，影響金額大約在 2,000 萬美元到 3,000 萬美元之間。

Part of that is onetime of double rent as we move from one building to the other.

其中一部分是當我們從一棟大樓搬到另一棟大樓時，一次性的雙倍租金。

And the rest is sort of a onetime step up given the additional capacity in the space, in the new location.

考慮到新地點空間和容量的增加，其餘部分只是一次性升級。

What I would highlight there is, though it's not a this year impact, we continue to look at excess capacity in our real estate portfolio.

我想強調的是，雖然這不是今年的影響，但我們仍在繼續關注房地產投資組合中的過剩產能。

So we'll look at opportunities over time to see how we might be able to bring expenses down in other spaces with the addition of this new space downtown.

因此，我們會隨著時間的推移尋找機會，研究如何透過在市中心增加這個新空間來降低其他空間的開支。

Alexander Blostein, Goldman Sachs.

高盛的亞歷山大‧布洛斯坦 (Alexander Blostein)。

Thanks.

謝謝。

Good morning.

早安.

Thanks for squeezing in here.

感謝您擠在這裡。

I wanted to ask about an interim target or medium-term thought around the expense management for the business.

我想詢問有關業務費用管理的中期目標或中期想法。

Very encouraging to obviously hear the flow commentary for 2025.

聽到 2025 年的流程評論顯然非常令人鼓舞。

That said, we all know that the fee rates matter more than the flows, right?

話雖如此，我們都知道費率比流量更重要，對吧？

So when you kind of think about the areas where you guys are seeing traction, those tend to be a lower fee rate than the back book.

因此，當您思考那些您看到有發展勢頭的領域時，您會發現這些領域的費率往往低於後台費率。

So with that in mind, as you think about expenses and call it 1/3, I think, has been historically relatively tied to the market or revenue levels, the other two-third used to grow probably in the mid-single-digit range, maybe a little below that, is there room to bend that kind of non-sort of variable part of the expense base to be more aligned with the organic revenue growth?

因此考慮到這一點，當您考慮費用並將其稱為 1/3 時，我認為，從歷史上看，它與市場或收入水平相對掛鉤，而另外三分之二的增長速度可能在中等個位數範圍內，可能略低於這個數字，是否有空間來調整這種非可變部分的費用基礎，以使其與有機收入增長更加一致？

And what would that look like?

那會是什麼樣子的呢？

Maybe I'll just start at a very high level and then turn to Jen to talk a little more in specifics.

也許我會先從一個很高的層次開始，然後再和 Jen 更詳細地談談。

I think, Alex, the question is spot on in the sense that if fees are going to be under slightly more pressure than they've been in the past, then I think you need to think differently about our controllable expense growth rate.

亞歷克斯，我認為這個問題是正確的，如果費用承受的壓力比過去略大，那麼我認為你需要以不同的方式思考我們的可控費用成長率。

And I do think that there is opportunity for us to do some things that are more structural that can bring that down.

我確實認為我們有機會採取一些更具結構性的措施來解決這個問題。

I think those things take time to do right.

我認為要做好這些事情需要時間。

But we're evaluating a number of things that kind of can be helpful in the 2026 and beyond time frame.

但我們正在評估一些可能對 2026 年及以後的時間框架有幫助的事情。

Some of those things require some upfront investment.

其中一些事情需要一些前期投資。

So it's a bit of the spend to save.

因此，這可以節省一些開支。

And we've got a little bit of that expense in the forecast for '25, but not a lot of it because a lot of that work is relatively early stage.

我們在 25 年的預測中已經包含了一小部分此類費用，但不會太多，因為許多工作還處於相對早期的階段。

But the arithmetic that you laid out holds, I mean if ultimately, your revenue growth is going to be slightly adversely impacted by more pressure on fees.

但是，您列出的算術是正確的，我的意思是，如果最終您的收入成長將因費用壓力的增加而受到輕微的不利影響。

If you want to invest in your business, you've got to self-fund more of that investment and you've got to leverage your scale and drive towards efficiency.

如果您想投資自己的企業，您必須自行籌措更多資金，並且必須利用自己的規模和動力來提高效率。

So we'll work really hard on trying to figure out what we can do.

因此，我們會非常努力地尋找我們能做的事情。

That said, this is a talent business.

話雖如此，這是一個人才產業。

We need to take care of our talent.

我們需要照顧我們的人才。

And we do want to invest in capabilities as we see them paying off.

我們確實希望對能力進行投資，因為我們看到它們會帶來回報。

If you think about the growth that -- we're really beginning to see accelerate with OHA.

如果你考慮一下——我們確實開始看到 OHA 加速成長。

If you think about some of the opportunities that we're seeking in retirement outside of the United States.

如果你考慮一下我們在美國以外退休後尋求的一些機會。

If you think about continuing to penetrate the opportunity that we have in US wealth and broadened our coverage in specialty sales in areas like ETF and alternatives, a lot of those require additional hires and additional capabilities.

如果您考慮繼續滲透我們在美國財富領域的機會並擴大我們在 ETF 和另類投​​資等領域的專業銷售覆蓋範圍，那麼許多工作都需要額外的招聘和額外的能力。

So I'd say there is scope for some structural cost savings, but at the same time, we don't want to save our way to prosperity.

因此，我認為存在一些結構性成本節約的空間，但同時，我們不想透過節省來實現繁榮。

We want to invest in the business and get the business into a place where kind of in time, we're delivering more regular growth.

我們希望對業務進行投資，並使業務隨著時間的推移實現更穩定的成長。

Yeah, you've covered it well, but maybe just a couple of specific comments.

是的，你已經講得很好了，但也許只需要一些具體的評論。

As we've gone through our planning processes, what we've tried to do is step back from episodic reductions because those tend to be less specific if you're reacting to market conditions, and look more structurally over multiple years, how can you start to lay these projects in so that you can have more sustainable and repeatable savings that you can bank on.

在我們進行規劃的過程中，我們試圖做的是停止階段性削減，因為如果你對市場狀況做出反應，這些削減往往不那麼具體，而是從多年的結構性角度來看待，你如何開始實施這些項目，以便你能夠獲得更多可持續和可重複的儲蓄。

Because when you're looking at processes, these things don't happen very quickly, they tend to happen over a period of years.

因為當你觀察過程時，這些事情不會很快發生，它們往往會在幾年的時間內發生。

As Rob mentioned, you might have to spend upfront to be able to take savings out over time.

正如 Rob 所提到的，您可能需要預先付款，然後才能隨著時間的推移提取儲蓄。

So as we look at how we want to spend for new capabilities that Rob mentioned, we've been targeting, I'd say, over the past year or two trying to come up with 2% to 3% of savings a year on a structural basis to be able to fund some of those new initiatives.

因此，當我們考慮如何為 Rob 提到的新功能投入資金時，我想說，在過去的一兩年裡，我們一直致力於在結構性基礎上每年節省 2% 到 3% 的資金，以便能夠為其中一些新舉措提供資金。

Thank you.

謝謝。

This concludes our question-and-answer session and today's conference call.

我們的問答環節和今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。