“we think we have a good ability and the right to win and grow our net-new assets at mid-single digits through the cycle and that's across the space, whether it's RIAs, whether it's broker-dealers, banks”

In context

“s. So we saw a really solid rebound in net-new assets at Pershing this quarter. So curious if you could maybe compare and contrast how that would look like for net-new assets in prior quarters ex the offboarding, which we were dealing with. And, Robin, I believe you spoke to ultra-high net worth as like a client segment driving or wealth strata driving some of this. But could you speak to maybe what type of firms are driving this growth? Is it RIAs? Is it broker dealers, any particular sources of strength? Thanks. Dermot McDonogh: So thanks for the question, Brennan. Look, '24, it was a noisy year given the large offboarding and we had, as I said in my prepared remarks, a large onboarding in Q4 and look, we kind of -- I guess the way to think about it is, we would like to reiterate our -- we think we have a good ability and the right to win and grow our net-new assets at mid-single digits through the cycle and that's across the space, whether it's RIAs, whether it's broker-dealers, banks, that's -- and we have the team and the technology in place. And if you just look at Wove this time last year, we kind of gave a guide on Wove, we executed the guide on that. We've re-guided higher again this year on Wove. We've now got 36 clients on the platform. We have 41 signed contracts. So all in all, we feel like we have kind of really, really big momentum on Pershing in the forward and it's one of the bigger pieces of business that's going into the platform operating model in Q1. So we [seek] (ph) to see incremental benefits for that. So Pershing continues to be a very, very strong business for us and we continue to see it growing. And like Robin will touch on the wealth tech sector, but that is one of the fastest-growing areas in the market and we are a big player in that space.”