“We remain focused on supporting clients on their path to advice, deepening existing client relationships and using our scaled platform to achieve sustainable 30% pretax profits over time.”

In context

“down on a spot-to-spot basis, average sweeps were roughly in line with last quarter, broadly consistent with our modeled expectations. Net interest income was $1.9 billion flat to the fourth quarter's results, consistent with our guidance. The moderate increase in average deposit cost was offset by several factors, including the reinvestments of assets at higher market rates. Looking ahead to the second quarter, the deposit mix will continue to be the primary driver of NII. Assuming the current forward curve and that our assumptions around client behavior materialize, we would expect NII in the second quarter to again be roughly in line with the first quarter. Our strategy is working. We have a clear path to $10 trillion in client assets across wealth management and investment management. We remain focused on supporting clients on their path to advice, deepening existing client relationships and using our scaled platform to achieve sustainable 30% pretax profits over time. Investment Management reported revenues of $1.4 billion increasing 7% versus the prior year. Results reflect higher asset management revenues, which increased 8% year-over-year, driven by growth in average AUM on higher market levels. Total AUM increased to $1.5 trillion, long-term net flows were strong at $7.6 billion inflows were driven by strengths in alternatives and solutions and reflect the benefits of our diversified product offering. Within alternatives and solutions, demand for parametric customized portfolios was robust as retail clients, including our own wealth management clients, allocated investments to Parametric's equity based products, underscoring the value of the integrated model. Flows were further supported by global interest in our active fixed income strategies. Liq”