“We continue to expect to reach our annual target of $1 billion over the medium term, supported by approximately $4 billion of unrecognized incentive fees as of the last quarter.”

In context

“successful execution on our strategic priority to improve the durability of our revenue base. Moving to Asset and Wealth Management on Page 5. Revenues of $3.8 billion were up 16% year over year. Our more durable management and other fees and private banking and lending revenues reached a new record this quarter of $3.4 billion. Management and other fees increased 3% sequentially to a record $2.6 billion for the quarter and $7.6 billion for the year to-date well on the way to achieving our $10 billion annual target for 2024. Private banking and lending revenues rose sequentially to 756 million. We are seeing positive momentum in this business, and we remain focused on increasing lending penetration and expanding our loan product offerings. Incentive fees for the quarter were $85 million. We continue to expect to reach our annual target of $1 billion over the medium term, supported by approximately $4 billion of unrecognized incentive fees as of the last quarter. Equity and debt investments revenues totaled $294 million reflecting NII in our debt portfolio and markups in our public equity portfolio. For the year to date, we generated one and a half billion in combined equity and debt investments revenues. Now moving to Page 6. Total assets under supervision ended the quarter at a record of $3.1 trillion, bolstered by $37 billion of liquidity products net inflows, and $29 billion of long-term net inflows across asset classes. We continue to see traction in our solutions business where we are leveraging our SMA capabilities and outsource CIO platform to deliver customized multi-asset solutions. Turning to Page 7 on alternatives. Alternative AUS totaled $328 billion at the end of the third quarter, driving $527 million in management and other fees. G”