“Number one, our net interest revenue outlook for the full year '23 remains unchanged for 20% growth year-over-year.”

In context

“net outflows from long-term products as clients continue to derisk and rebalance their portfolios. And despite competitive investment performance, we saw $9 billion of net outflows from cash. In Investment Management, revenue was down 9% year-over-year primarily reflecting the sale of Alcentra and the mix of cumulative net inflows, partially offset by improved seed capital results and lower money market fee waivers, while Wealth Management revenue decreased 10% driven by lower net interest revenue and changes in product mix. Client assets of $286 billion increased by 8% year-over-year, reflecting higher market values and cumulative net inflows. Page 10 shows the results of the Other segment. I will close with a few comments on our current financial outlook for the second half of the year. Number one, our net interest revenue outlook for the full year '23 remains unchanged for 20% growth year-over-year. This is based on market-implied forward interest rates towards the end of the quarter. We are pleased with our net interest revenue trajectory and balance sheet management year-to-date, but mindful that we are operating in a very uncertain environment with continued rate volatility and higher for longer rate market backdrop and uncertainty surrounding meaningful U.S. treasury issuance in the coming months. Number two, we are ahead of plan when it comes to executing on our efficiency efforts. We remain focused on outperforming our target of 4% expense growth excluding notable items for the full year '23 and will work hard to drive this closer to 3% in the coming months. While we expect the operating environment to continue to weigh on fee growth relative to what we expected at the beginnin”