“And look, it's reasonable to expect that they will continue to grind higher from here, but I would say no meaningful change.”

In context

“u expect to see in your deposit pricing for the rest of the year. But I guess if we look at the deposit beta over the course of this quarter, it looks like it was pretty close to 100% on a currency adjusted basis. Maybe help us break down the deposit cost in the U.S. and non-U.S. and maybe the type of -- what kind of deposit pressure and client conversations are you seeing in the kind of different regions. Dermot McDonogh: So on the catch up, Alex, I would say when we talked about this last quarter, we kind of said our Q1 results were kind of largely a little bit of the price lag there, which we feel is largely behind us, and that catch up has happened in Q2. So overall, I think we feel pretty good about the catch up. Mid to high -- cumulative basis are in the mid to high 70s for dollars. And look, it's reasonable to expect that they will continue to grind higher from here, but I would say no meaningful change. If you take the overall deposit book in total, it's largely a dollar-based book, 80% dollars and then 10% split between euros and sterling. And the betas for sterling and euros are roughly in the kind of 50% to 60% range. And then I'll just reiterate like the point, and I think it's a very important point. The deposit book is largely institutional, sophisticated clients. And we've really repriced our book quite efficiently over the last 1.5 years, and that's really the message I'd like to leave you with. Alex Blostein: Makes sense. Thank you. And then, Robin, a question for you, maybe a little bit more on the strategic side. When we look at the Investment Management business at BNY Mellon, there are some areas that one could maybe characterize as sort of subscale. The organic growth has b”