“As we move forward and transition from integration to optimization for client experience, we expect to see greater scale benefits from our investments over time.”

In context

“nefits of our investments over time. These efforts are well underway. In the year, we grew client relationships by over 600,000 across the franchise. This was led by success in the workplace channel, as we continue to win corporate plans and add participants in stock plan. In the prior three years, we saw an average of $50 billion of workplace assets migrate to the investor led -- the advisor led channel on an annual basis. This year, client migration was up 25% year-over-year despite economic headwinds, and on the product side, our financial advisors are offering clients investment opportunities such as private credit, private equity, and all their other alternatives. Bringing wealth and investment management closer together will create greater opportunities for ongoing product creation. As we move forward and transition from integration to optimization for client experience, we expect to see greater scale benefits from our investments over time. Investment management reported full year results of $5.4 billion and fourth quarter revenues of $1.5 billion. AUM increased year-over-year to $1.5 trillion, supported by higher asset values. Long-term net inflows of approximately $7 billion -- excuse me, long term net outflows of approximately $7 billion were driven by headwinds in our [MSIM] active equity growth strategies. Within alternatives and solutions, we continue to see demand for parametric customized portfolios across both equity and fixed income strategies as more retail clients seek customized solutions. Liquidity overlay services had outflows of $6.6 billion. Weaker institutional liquidity flows were partially offset by demand for parametric's overlay product and the combined parametric brand, inclusive of overlay and its ret”