“We continue to expect our full year tax rate to be approximately 23%, which will exhibit some quarter-to-quarter volatility.”

In context

“come team. Our investments across a broad array of strategies and capabilities, including active ETFs, Parametric customization and alternatives position us well to benefit from the diversification as well as to serve our global client base. Turning to the balance sheet, spot assets were $1.2 trillion, largely in line with the prior quarter. Our standardized CET1 ratio stands at 15.1% and SLR at 5.5%. Standardized RWAs increased quarter-over-quarter, primarily on client activity, consistent with seasonal patterns. We continue to deliver on our commitment to return capital to our shareholders, including buying back $1.5 billion of common stock. Our tax rate was 19.3% for the quarter. The vast majority of share-based award conversion takes place in the first quarter, creating a tax benefit. We continue to expect our full year tax rate to be approximately 23%, which will exhibit some quarter-to-quarter volatility. As James discussed, the fallout resulting from the events in March is not indicative of the systemic stress that the industry faced during the global financial crisis. Our clear and consistent strategy allowed us to enter this environment well positioned. The outlook for the remainder of this year is difficult to predict. We are keenly aware that opening and functioning markets and economic stability are integral in aiding confidence moving forward. In the interim, we remain focused on supporting our clients and attracting assets to our platform. With that, we will now open up the line to questions. Operator: Thank you. [Operator Instructions] We’ll take your first question from Daniel Fannon from Jefferies. Daniel Fannon: Thanks. Good morning. Just thinking about the environment and the”