“So what I would say is roughly kind of 5% on markets from here is about kind of $70 million in fees. That's the rough sensitivity”

In context

“d of 2% and yielding assets into current market rates. So you're correct, David, in terms of like a lot of proactive management of the balance sheet on the asset side is given us confidence around that mid-single-digit guide. Brian Bedell: Okay. Okay, great. And then shifting to the fee side. It looks like this guidance is sort of an alpha guide. You talked about the drivers of being higher organic growth as you make progress on the platform strategy, of course, partially mitigated by -- by current currency headwinds. But does this assume generally flat markets? I guess that would be in line with your uncertainty commentary and then I guess if we do have very strong equity markets, say, if we're up just 10%, what would be the rough delta to revenue on that? Dermot McDonogh: Thanks, Brian. So what I would say is roughly kind of 5% on markets from here is about kind of $70 million in fees. That's the rough sensitivity and to your kind of the first part of your question, we kind of given the last couple of years have, as you say, really strong performance in markets. We are kind of more neutral on kind of market growth in terms of our guide. Brian Bedell: Okay. Dermot McDonogh: [indiscernible] Operator: We'll take our next question from David Smith with Truist Securities. David Smith: Hi, good afternoon. You managed to hold your -- hi you managed to hold your AUCA flat despite a big decline in fixed income markets in the fourth quarter. Can you remind us just how much of that $52.1 trillion might be showing off of the lag and not reflect the full decline in markets we saw later in the quarter? Either way, it seems like inflows to the asset servicing business were really strong in the quarter. Could you”