“We expect roughly 2% to be driven by organic growth and approximately 1% by market driven factors.”

In context

“row at a steady pace and were $321 billion, up 12% year-on-year. Page 11 shows the results of the Other segment. I will close with our outlook for 2022 on page 12. I'll start with a reminder that our outlook is based on the current forward curve. With that in mind, we currently expect NIR to increase by approximately 10% in 2022, primarily driven by higher rates and balance sheet mix, partially offset by an expectation for lower deposit balances. Our expectation for continued organic growth and lower fee waivers result in total fee growth of approximately 7% in 2022. More specifically, we expect roughly 4% up to 7% increase to be driven by the recovery of money market fee waivers based on the current forward curve and assuming some runoff in money market fund balances from current levels. We expect roughly 2% to be driven by organic growth and approximately 1% by market driven factors. And as a reminder, we generally expect a quarterly run rate of around $60 million for investments in other revenue. But as you know, this line can be lumpy due to seed capital gains through these strategic equity investments and other components. For expenses, ex notable items, we expect an increase of approximately 5.5% year-over-year. Roughly 60% of the increase is expected to be driven by higher revenue-related expenses, which include higher distribution and servicing expenses associated with fee waivers and the impact of inflationary pressures. The remainder is driven by investments, roughly half of which is just the annualization of incremental investment in the second half of last year. Specific to the first quarter, I'd like to remind you that staff expenses are typically elevated”