“Given the scale and reach of our businesses, we expect to deliver this pace of asset accumulation going forward.”

In context

“continue to grow attractive high-quality loans. On the other side, our deposit franchise has grown significantly since 2019 and will continue to support future NII through various cycles. Approximately 90% of our deposits are sourced from our Wealth Management client base. And in the current rising rate environment, our cost of deposits is more efficient than that we experienced in the last rate hiking cycle. Sharon will discuss this important topic and our outlook around NII further in a few minutes. Let's turn to Slide 11. This now talks about NNA growth, net new assets. Over the last three years, our platform generated nearly $1 trillion of net new assets showing a clear step change from prior periods and marking Morgan Stanley as a leader across our peer group as an asset accumulator. Given the scale and reach of our businesses, we expect to deliver this pace of asset accumulation going forward. Obviously, there will be up and downs in individual years. But over a three-year period, we expect to drive approximately $1 trillion in net new assets. Most importantly, as you can see on the right-hand side of this page, no single source is accounting for greater than 25% of this net new money. Some people think it's just a result of recruiting. It is absolutely not. It's a combination of several things, which the team has described as filling the funnel of net new money. You can see on Slide 12, which shows our growth in client assets, we have experienced that through our workplace channel. We estimate now that relationships wealth held away has expanded by about 4x in the last three years. With our ability to serve clients across the entire wealth spectrum, we're well positioned to co”