everyone. Thank good morning, Robin, you, and
consolidated me on presentation results X the in Page additional the with of start details some quarter. on Let second our financial
by balance year-over-year. driven interest X% was $X.X partially revenue was was of by changes rates, up Fee in revenue back interest the mix lower the volumes of size the of money mix. abatement X% revenue XX% Net FX higher offset sheet fourth market lower by the primarily in offset Alcentra year-over-year inflows cumulative of and revenue net waivers. on Total billion fee quarter, driven down AUM up and the sale and by of volatility, partially
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credit commercial by the quarter, largely $X forecast, Provision changes was real reflecting resulting losses for million estate, institutions. relating in in reserve reserves financial related offset to to releases higher in the macroeconomic
XX% items. XX% earlier, share continued to up Pre-tax mentioned notable per up earnings margin Robin or XX%. excluding to $X.XX, As were year-over-year improve
to improved equity common tangible on return Our XX%.
on Turning to Page capital liquidity X. and
down X.X%, increase The basis generated increased up ratios roughly XX driven quarter-over-quarter, quarter-over-quarter capital an XX remained by capital CETX by average primarily reflecting capital earnings The dividends. ratio was and slightly was points Tier leverage through CETX net capital. of in returns basis XX.X%, Tier primarily Our points buybacks higher ratio regulatory assets. driven X capital unchanged. X through
on our common we quarter April, quarter. our and of the buybacks of XX% second have to earnings, including second uncertain a basis, in Overall, in we returned the conservative returned tapered dividends we approximately maintain the $XXX approximately buffers being of On earnings. $XXX targets million environment. buybacks million said we above As call XXX% of of in year-to-date management mindful earnings
of XXX%, The consolidated the X ratio quarter. increase points with was prior percentage compared coverage liquidity an
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line have that, was they were flat. Interest-bearing Average remained Overall, down were Underneath balances XX%, up in XX%. cash balances deposits by as average quarter-over-quarter. an reverse repo X% interest-earning elevated Loan Noninterest-bearing increased and were to expectations. X%. our increased on relative X% deposit sequentially up our basis. assets with deposits expectations
X%. was investment down Our portfolio securities
Turning the items and on relating excluding a reported on quarter litigation year-over-year to expenses flat notable were Page X% Expenses for and to basis X. up severance.
higher investments savings the impact reflects this offset and Alcentra partially earlier, the inflation, and revenue-related by mentioned efficiency expenses I As and of divestiture.
continue we summarize, multiyear of our our To growth greater model time. operating to firm over pushing investments increase forward for scalability and the with transform the trajectory
Importantly, we on remain leverage positive focused delivering expansion. continued pre-tax driving margin and operating
As incremental an second of course entirety the example the the year. funded mentioned, self do are and for of spend Robin the to importantly, quarter, on discipline the full same that expense we for our investment
Turning X. Page our starting segments, to business with Services on Securities
performance our financial and our described and earnings the of discuss and themes the for in the Market investment on I comment Services As I Wealth release each Services segment, Securities line services press will supplement. of business
XX% flat. In volume. by total market was lower client FX was underlying and and down $X.X this, Servicing, current Within billion, up fees the investment XX% revenue Asset up year-over-year. new Fee the Securities were lower XX%. Net transaction environment. down services revenue revenue investment X%. clients, healthy Services existing back flat of was activity, volatility of services from with interest fees offset on were revenue growth reported reflecting
growth Importantly, we continued. number AUC/A market markets industry launches, our servicing business. [ph] and and funds serviced strength private slowdown hedge strong High single-digit old growth, an Despite in of in for fund ETF attractive both segments saw continued.
our driven Within Issuer fees by up X% Receipts. were Depository service investment Services,
quarter activity large corporate client in quarter the was of in current of last second the client Here, year. of by the the a tempered absence action Russia-related impact
revenue Page Services Next, XX%. revenue Wealth X. increased XX% and and by billion, $X.X on total year-over-year. Market Fee interest of was Services up revenue up Net Wealth Market reported X%.
business. a lost billion number The volumes exchange May. impact in $XX higher of equity and market quarter, In Pershing, assets by with the the services transaction lower in consistent on the was negative up money that The reflects volumes, new offset regional the fees waivers client was the X%. of reflecting deconversion fees balance, were sweep and increase U.S. decline net partially abatement bank fee investment in acquired a of
Excluding several the grew impact underlying growth annualized confident net expect new our of single-digit for at a prospects. We and rate. this remain reported ongoing new quarters, deconversion, weigh to mid assets on net Pershing's which we momentum in assets
enhance core excellent differentiator, business' to is market breadth an as especially the investments continued and as a as earlier, platform whole our to start. Pershing's Also, of being the to Robin is Importantly, company mentioned in clients off environment. the well strength current the as recognized Wove access by
In reflecting higher balances solutions. by fees decreased and deposit by volumes, and earnings momentum X%, for Treasury services payment lower continued Services, offset investment payment liquidity across credits partially noninterest-bearing
were In U.S. of U.S. Clearance government reflecting XX% up treasury and by issuance debt fees clearance following elevated resolution Collateral volatility Management, investment driven services ceiling. the volumes and
collateral management healthy fees. also We in saw growth
our expanding and pools. include global largest triparty we truly manager, new market to types trade platform the continue As to by collateral increase markets, connectivity collateral
by balances to $X XX% Our average collateral triparty year-over-year trillion. management increased
Wealth Management year-over-year. capital XX%. reported Turning revenue $XXX and to $XX XX% Investment Fee down was declined primarily Investment X. interest net of XX% Wealth revenue year-over-year. other Page quarter, and down revenue million Investment and was and Management revenue reflecting gains, seed in total the million, on
trillion of decreased year-over-year. management $X.X under X% Assets by
markets decrease impact mentioned offset I driven U.K. of partially cumulative dollar. the in lower year-over-year income the weaker inflows by divestiture, net As this the values decrease and favorable largely the reflects by Alcentra market fixed earlier, and
cash. we products In their we derisk net from investment of outflows the to of $X clients saw net rebalance $X outflows And quarter, from continue despite saw competitive billion billion long-term performance, portfolios. and as
by down net net product In was cumulative primarily and Investment driven while seed and Wealth and billion Client X% X% improved reflecting year-over-year, inflows. net lower by market changes revenue of values the reflecting fee capital assets XX% revenue in of and mix inflows, cumulative Alcentra market partially year-over-year Management the offset decreased of by waivers, sale money Management, higher lower increased interest revenue $XXX mix. results
the with our comments for net one, end results based of for unchanged outlook Page the Other revenue segment. is current close This growth of on XX I forward the of will year remains financial interest on quarter. the the half Number second shows the our XX% a interest full few rates the market-implied year-over-year. for outlook 'XX year. towards
are We U.S. higher for market are environment treasury operating the net balance volatility our sheet uncertainty a year-to-date, trajectory very uncertain with that interest and in continued management and with coming issuance revenue rate pleased backdrop mindful meaningful rate in and but we surrounding longer months.
executing of we excluding X% X% 'XX Number on our to focused coming closer We work year drive this full two, to target are of growth will our ahead items months. plan the when it efficiency hard expense outperforming to and the for on comes remain in efforts. notable
leverage positive continues we year. we this growth to our the While our continue the expense to operating fee beginning the expect weigh what year, on operating side ability environment the on deliver in of to expected us relative to confidence to at give progress
XXX% Number while to the our or considering with earnings to continuing to three, more over we ourselves operating levels, full our still of uncertainty. amount year respect of conservatively expect our shareholders position the to capital return
that and pleased sense conclusion, the well growth with the backdrop against operating we And to of of environment. against am In I complex to company efficiency great our report continue continues to a urgency initiatives. execute perform
can you for please operator, open line Q&A? that, the With