“While we expect the growth of NII to moderate from the pace of the last two quarters, we anticipate continued expansion in the first quarter of approximately 5% sequentially, assuming the forward curve is realized.”

In context

“or our savings offering among our Wealth Management clients. We have seen success with our strategy to provide advisers with expanded tools needed to offer their clients choice in varied market environment. Further, the pace of sweep outflows also moderated in the quarter. As a result, we have a favorable deposit mix, largely sourced from our Wealth Management client base with attractive pricing and options to meet our clients' needs. Net interest income was $2.1 billion in the quarter. The 52% increase from the prior year was driven by the benefits of the increased rate environment, an efficient deposit mix and strong lending growth over the last 12 months. Looking ahead, we do not believe that NII has peaked. We enter the year with an attractive deposit base with higher intrinsic value. While we expect the growth of NII to moderate from the pace of the last two quarters, we anticipate continued expansion in the first quarter of approximately 5% sequentially, assuming the forward curve is realized. Investment Management reported full year revenues of $5.4 billion, declining 14% from the prior year. The challenging market backdrop led to lower accrued carried interest in several of our private funds. Also -- and also impacted our AUM, which declined to $1.3 trillion. Fourth quarter revenues were $1.5 billion. Long-term net outflows of $6 billion in the quarter were driven by equities and fixed income, reflecting the challenging public market backdrop, partially offset by demand for alternatives and solutions, particularly parametric customized portfolios as well as our special situation strategies and private credit. Fourth quarter asset management and related fees were $1.4 billion, declining on the back of lower average AUM, partially offset by higher liquidity revenues. As a remin”