“Excluding the impact of this ongoing deconversion, which we expect to weigh on our reported net new assets for several quarters, net new assets grew at a mid single-digit annualized growth rate.”

In context

“the impact of a large client corporate action in the current quarter was tempered by the absence of Russia-related client activity in the second quarter of last year. Next, Market and Wealth Services on Page 8. Market and Wealth Services reported total revenue of $1.4 billion, up 10% year-over-year. Fee revenue was up 5%. Net interest revenue increased by 24%. In Pershing, investment services fees were up 4%. The increase reflects the abatement of money market fee waivers and higher fees on sweep balance, partially offset by lower transaction volumes, consistent with the decline in U.S. equity exchange volumes and the impact of lost business. The net new assets number was a negative $34 billion in the quarter, reflecting the deconversion of a regional bank client that was acquired in May. Excluding the impact of this ongoing deconversion, which we expect to weigh on our reported net new assets for several quarters, net new assets grew at a mid single-digit annualized growth rate. We remain confident in Pershing's underlying momentum and prospects. Importantly, our continued investments to enhance Pershing's core platform as well as the business' access to the strength and breadth of the whole company is being recognized by clients as a differentiator, especially in the current market environment. Also, as Robin mentioned earlier, Wove is off to an excellent start. In Treasury Services, investment services fees decreased by 2%, reflecting higher earnings credits for noninterest-bearing deposit balances and lower payment volumes, partially offset by continued momentum across payment and liquidity solutions. In Clearance and Collateral Management, investment services fees were up 10% driven by U.S. government clearance volumes reflecting elevated volatility and U.S.”