“And that's going to cost money on margin in the short term, but it will give us the opportunity for growth as we move forward over the long term.”

In context

“those are places we see secular growth trends, and we're making sure to be there with -- for our clients. Now alternatives is going to be higher fees, just basic private credit, et cetera, will be higher fees than you might see in Parametric. That being said, I don't see it simply as a fee sort of game, but rather the greater the assets, the more opportunity and the more to be the leader in the space and to continue to attract new capital to seek new opportunities. So, overall, I see it more as a strategy associated with asset building, aggregation and being there to service our clients, but also making sure that we have the capital there to invest. So, things like Parametric, you're going to need to spend money on more market data. You're going to need to build relationships with Wealth. And that's going to cost money on margin in the short term, but it will give us the opportunity for growth as we move forward over the long term. Operator: Our next question comes from Brennan Hawken with UBS. Ted Pick: Good morning, Brennan. Brennan Hawken: Hey, Ted, good morning. All right. So, I'm willing to risk the wrath of Sharon here and ask a question on NII. And I totally appreciate it's just a part of the Wealth business, right? So, totally get that. But I thought it was really encouraging to see the end-of-period deposit costs tick down pretty decently quarter-over-quarter. So, maybe is that driven by the fact that you've seen a lot of those deposits shift into like the higher cost and therefore, higher beta products? And so, would that be sustainable? And then, when we're thinking about a combination of that de facto higher beta, the potential for reinvestment tailwinds in the securities book and loan growth, is it too”