“In the first half of this year, we will bring a number of Eaton Vance and Calvert funds onto our international distribution platform.”

In context

“he diversification of this business and a greater contribution from more durable management fee revenue. Total AUM rose to a record high of $1.6 trillion, of which long-term AUM was also a record at $1.1 trillion. Total net flows were $12 billion in the quarter driven by liquidity and overlay services. Long-term net flows were slightly negative. For the full year, net flows were $115 billion. Asset management and related fees were $1.6 billion in the quarter. The 8% sequential increase was driven by higher performance fees. As a reminder, performance fees are mostly recognized in the fourth quarter. Performance-based income and other revenues were $166 million, reflecting broad-based gains in our diversified alternative platform. Finally, the integration with Eaton Vance remains on track. In the first half of this year, we will bring a number of Eaton Vance and Calvert funds onto our international distribution platform. We are also now offering MSIM model portfolios on the E*TRADE platform, and we are seeing positive traction. Turning to the balance sheet. Total spot assets were $1.2 trillion. Risk-weighted assets were essentially flat to the prior quarter at $472 billion. We adopted SA-CCR on December 1, resulting in a $23 billion RWA increase. This was offset by a decline in activity and lower market levels towards the end of the quarter. Our SA-CCR mitigation efforts were better than we anticipated and resulted in an impact lower than our initial guidance to produce a better outcome. We repurchased approximately $2.8 billion of common stock during the quarter. We remain well capitalized post the adoption of SA-CCR, and our standardized CET1 ratio now stands at 16%, flat to the prior quarter. Our tax r”