Asset GrowthNet new asset growth was softer than expected, equating to annualized growth of 4.0%, but would have been 5% excluding a couple of large departures.
Asset OutflowsWhile net new assets were robust, they are still below prior levels with an expectation of additional outflows related to the office of supervisory offboarding.
Revenue DeclineFor F1Q25, the company expects spread revenue to decline 5%, assuming no rate cuts and not including offsets from loan growth and balance sheet growth in general.