“We continue to expect our fourth quarter tax rate will be approximately 24%.”

In context

“liquidity strategies. Revenues of $1.7 billion increased 13% compared to the prior year. The increase was driven by higher asset management and related fees. On the back of higher average AUM. Performance based income and other revenues $117 million supported by gains in infrastructure, private equity and real estate. Turning to the balance sheet. Total spot assets grew to $1.4 trillion Standardized RWAs increased sequentially to $536 billion as we actively supported clients. Exposures rose intra quarter. On greater levels of activity and reduced into quarter end as we syndicated risk. Our standardized CET1 ratio stands at 15.2%. We opportunistically bought back $1.1 billion of common stock in the quarter. Our quarterly tax rate was 23%, excluding $50 million of net discrete tax benefits. We continue to expect our fourth quarter tax rate will be approximately 24%. The firm is operating with momentum across all segments. We enter the fourth quarter from a position of strength with a combined $8.9 trillion in total client assets. An engaged client base, healthy pipelines, and global reach. We remain focused on continuing to invest in our business, as we look ahead. And with that, we will now open the line up to questions. We are now ready to take in questions. To get in the queue, you may press star and the number 1 on your touch tone telephone. If your question has been answered or you wish to remove yourself from the queue, please press star and the number 2 on your touch tone telephone. You're allowed to ask one question and one follow-up, and then we'll move to the next person in the queue. Please stand by while we compile the Q&A roster. We'll t”