“the clients' excitement about that product continues to kind of give us confidence about saying mid-single-digits through the cycle as it relates to M&A.”

In context

“which is good for us. As it relates to NNA growth and opportunity, it's -- like, it's a choppy environment. I would put it down to timing. We had some decent-sized mandates that could have signed in Q1 slipped to Q2, and that's like just more about the timing of when stuff comes on. So from quarter-to-quarter, I expect we'll see a little bit more choppiness of that. But on the more positive side, I would say we continue to see kind of strong client uptake in the pipeline for Wove. We gave a guide in January, which was for 2025, roughly $60 million to $70 million. We still feel very good about that guide. We've now got 52 clients on the platform. We signed 22 contracts in Q1. And so now we're kind of building up ahead of steam in terms of client migrations onto the platform. And so that -- the clients' excitement about that product continues to kind of give us confidence about saying mid-single-digits through the cycle as it relates to M&A. Steven Chubak: That’s great. And the Atria impact? Dermot McDonogh: We don't necessarily disclose individual transactions, but coming to a store near you this -- either next quarter or the quarter after. Steven Chubak: Understood. Well, thank so much for taking my questions. Operator: And we'll take a question from Betsy Graseck with Morgan Stanley. Betsy Graseck: Hi, good morning. Robin Vince: Good morning, Betsy. Betsy Graseck: A couple of questions. One, just on the Treasury Direct Express program that's moving over to your platform. I just want to confirm that already started and wanted to get a sense as to anything you can share on how we should expect that's going to roll through and impact, if at all, visible P&L? Dermot McDonogh: So, I don't think -- Betsy, the P&L won't be visibl”