“And we're now with the deconversion behind us, we expect growth in net new assets to reaccelerate for the balance of the year.”

In context

“owing through the results. And sometimes we don't see the underlying performance of the business because of the deconversions. But I would say, overall, this year, Pershing has performed well for us. Q2 had high levels of activity, and I would say the DARTs were high because of all the activity that we saw in terms of client behavior around Liberation Day, and then Q3 kind of being a seasonally quieter business. And look, when we take a step back and we'll think about Pershing, and it's a $3 trillion AUM business, within the wealth tech sector space, and you see new entrants into it. And we like competition, and the fact that new entrants are coming in kind of allows us to show what we have to offer clients. So a, we're excited about the business. We're excited about the growth potential. And we're now with the deconversion behind us, we expect growth in net new assets to reaccelerate for the balance of the year. Brennan Hawken: Excellent. Thank you for taking my questions. Operator: We'll take our next question from David Smith with Truist Securities. David Smith: Hey, good morning. You mentioned some potential turbulence and headwinds in the money market ecosystem. Coming up right now with the rise of stablecoins on the one hand, coming amidst the backdrop of falling rates. You think either of these could put pressure on fee rates? Is this an area of the fund space that has seen less pressure than equities and fixed income over the last decade or two? Robin Vince: David, I would not describe what's been happening as turbulence. I would regard it as frankly as opportunity. You're right, the money market funds have reached record levels as essentially rounding to $8 trillion, making new highs pret”