“Going forward, we expect net new asset growth to reaccelerate as we completed this previously disclosed deconversion in the third quarter.”

In context

“year. Segment expenses of $1.7 billion were up 6% year over year, driven by higher investments, severance, revenue-related expenses, and employee merit increases, partially offset by efficiency savings. Security Services reported pretax income of $806 million, up 26% year over year, and a pretax margin of 33%. Onto Markets and Wealth Services on Page seven. In our Markets and Wealth Services segment, we reported total revenue of $1.8 billion, up 14% year over year. Total investment services fees were up 9% year over year. In Pershing, investment services fees were up 7%, reflecting higher market values and client activity. Net new assets were $3 billion in the quarter, driven by inflows from existing and new clients, partially offset by the deconversion of business lost in the prior year. Going forward, we expect net new asset growth to reaccelerate as we completed this previously disclosed deconversion in the third quarter. In Clearance and Collateral Management, investment services fees were up 12%, driven by broad-based growth in collateral management balances and clearance volumes. Average collateral balances increased 14% year over year, growth from both existing and new clients. And in Treasury Services, investment services fees were up 7%, primarily reflecting net new business. Net interest income for the segment was up 26% year over year. Segment expenses of $895 million were up 7% year over year, driven by higher investments, employee merit increases, and higher revenue-related expenses, partially offset by efficiency savings. Taken together, our Markets and Wealth Services segment reported pretax income of $875 million, up 24% year over year, and a pretax margin of 50%. Turning to Investment and Wea”