“We remain confident in our ability to grow these more durable revenues at a high single digit pace over the coming years, and alternatives fundraising remains strong.”

In context

“very strong performance across both intermediation and financing. Overall, our global broad e-platform remained exceptionally well positioned to support our clients’ evolving needs across products and asset classes. In the Asset and Wealth Management, our position as a leading global active asset manager the top five alternatives player and a premier ultra-high network franchise afford us significant opportunities in secular growth areas. Our assets under supervision reached another record this quarter surpassing $3 trillion, and representing our 27th consecutive quarter of long-term net inflows. We demonstrated further growth and more durable management, other fees and private banking and lending revenues, which together were a record $3.4 billion this quarter and up 9% versus last year. We remain confident in our ability to grow these more durable revenues at a high single digit pace over the coming years, and alternatives fundraising remains strong. We raised over $50 billion year-to-date, and now expect 2024 fundraising to exceed 60 billion, as we see ongoing demand across asset classes, including private credit, private equity, secondaries, and infrastructure. Wealth management, we grew our total client assets to $1.6 trillion, and our ultra-high net worth franchise is well positioned to continue to grow globally as we expand our advisor footprint and our leading offerings and our lending offerings to clients. Our pre-tax margin and AWM is up meaningfully from last year and in line with our mid-20s target. We remain focused on further improving the margins and returns in this business, while also investing to drive growth across wealth management alternatives and solutions. As I look at the operating backdrop, the U.S. economy cont”