Brennan Hawken

have you considered looking at some of these tools within your own network? And how are you considering that development that's likely to come down the pike

is it reasonable just to take that $18 billion and kind of like allocate it across four quarters and call it a day

Can you speak to what portion of expense growth we should expect to come from investments? And how long a duration those investments will take

I'd love to drill into the bank channel. We see continued consolidation among the regional banks

How should we be thinking about the loan growth as maybe also a partial offset within the bank as we move through 2025?

I was a bit surprised that the funding agreement flows were so resilient given the spread dynamics in the quarter

The fundraising was really quite strong. I want to say $12 billion, up about 50% versus last year. So really picking up and that's in a market where we're seeing increased competition.

Based on your expectations today, where do you see those trends shifting and what primary factors are going to drive that

was there actually negative catch-up fees in the fourth quarter or was just the prior quarter's revised down

Was there anything in particular in the quarter that caused the pickup in fundraising on wealth to be particularly noteworthy

how should we think about potential magnitude for that, and what are the primary factors driving it?

Could you talk about what sort of flows you are seeing on a quarterly basis

Would you have any expectations for EFR, either both in the coming quarter and then if you have a view maybe for the balance of the year

Maybe what caused the timing for the first close to slip? What are your updated expectations for size?

is that coming out of the full year and will that ramp through the year?

we had really robust year-over-year both DARTs and AUC growth, but the revenue growth was not quite as robust

The deposit trends were stronger than expected. I was hoping maybe you could speak to quarter-to-date trends and around betas

you also landed a nice Wove win recently with the TIAA wealth management business

What early trends have you seen on the back of that? And how should we be thinking about modeling those revenue lines

Could you maybe help us understand what you would think the trajectory would look like

we saw a really solid rebound in net-new assets at Pershing this quarter

Curious to hear your plans around that and the NASDAQ complex, and whether you are considering a fee holiday

how you're adjusting the approach to integration in order to maintain that One BlackRock, Inc. approach even though these businesses are rather different?

quarter-over-quarter base fee growth has slowed in recent quarters. We understand you have several large funds on sea holidays

In the perpetual wealth management strategies, what does the AUM base look like across geographies? Particularly interested in what the exposure is as far as Asia goes

What I'm really curious about is what is the feedback you're hearing from the wealth management channel, given the big reaction in the public markets around some of this?

Is it possible to quantify what impact you saw from spread tightening working through the FRPR line here this quarter?

Do you have any color on what proportion of your fixed financing exposure is tied to direct lending counterparts

how big of a setback is the valuation reset and tighter financing markets that cohort

could you help us maybe understand the right way we should be thinking about, like, platform's run rate after it closes

Was that just a timing change, or is there going to be contributions just the back half going forward

is it more around the capital side or do you still have continued room on the profitability front

I was hoping you could speak to lending penetration and where that sits versus your target within the wealth business

what's the right way to think about incremental margins on revenue growth as we move forward

You touched on the non-U.S. dollar sensitivity to rates with 1/3 of those balances there

are the upside and downside scenarios symmetrical? Or do they differ if rates are moving up

It seemed as though the decline in the amount paid, the yield did not come down quite as much as we were looking for. Just some color around some of those dynamics, and what might have caused the l...

I believe the comment period for your bank charter application ended today. Could you maybe update us on that process, what you have heard back from the regulators, and what kind of impact we shoul...

Could you talk about how the trajectory that played out in the quarter? What impact we could expect if we were to see capital markets activity ramp, as is broadly expected, and what kind of benefit...

Whether you book Marcus, several years ago, Thomas had suggested that AI would lead to higher trading volumes. So I don't know whether or not you have any visibility or any idea about whether or no...

Margin balances have really shown very, very solid growth despite the volatility in the market

some of the different cohorts of your customer base, advisers are a larger portion. When we think about penetration

What are some of the strategic priorities that investors should be thinking about?

what's a reasonable expectation that we could have for securities funding that you might be able to generate from that product?

how should we think about the impact of the Qs and all the other moving pieces potentially impacting the comp ratio outlook?

what's the right way to think about all those moving pieces and the impact to net revenue yield on a go-forward basis?

Are all three proposals progressing similarly, or is there any divergence in between one, two or three?

I just want to confirm, is that considered a marketing expense of the fund, and is there any sort of spend threshold where over that it starts to become an operating expense for Invesco?

what has been the experience so far? What are your expectations for some of that operational – increased operational effectiveness?

the 1% increase that’s versus the $3 billion and $30 million adjusted reported base, just want to confirm that

how is the potential for further delays in monetization and realizations going across with the LP community

Could you help us understand what will drive that? Talking with investors, there's a little bit of a view that it's a black box

how should we think about cash and then net new? And what the expected impact is on that this year

What are you hearing from the field around the temperature on some of these non-traded BDCs

how long has it taken before we see some of the recycling out of those yield oriented cash equivalents

Could you talk a little bit below the surface around what you're seeing on the loan side?

Is the organic growth in that business less tied to deposits the way we normally think about that, and therefore, that's the divergence? And also maybe could you give a little color around your new...

So Dave, you flagged strength as far as the deposit growth goes. And it looks like a lot of -- from the presentation, a lot of the deposit growth was driven by the servicing business. You also flag...

Can you speak to your conviction in driving change across the organization? And like when you think the timing of some of this traction could start to come through in the financial results?

Can you speak to what drove the lower cost on the IB side?

did you guys see fee rate pressure in some of the other businesses this quarter as well

Is that growth comment, like, an indication that it's gonna be more about profit growth than top line growth?

In the past, you guys have spoken to targeting keeping the expense growth in 2025 at 5% or better

Did you see that -- did that impact you guys were you guys able capitalize on some of that movement

it sounds like you guys are setting up for solid revenue growth as we come into the coming year. Is that fair

is pace sustainable? Are you actually seeing maybe a little bit more demand as we see rates come down

How should we be thinking about that line? And how much of that balance is going to grow when we move into 2026

the revenue side of that is really primarily moves with the policy rate, and so therefore, the offset partial offset would be the deposit beta

How should we think about C&I loan growth going forward? And how are you thinking about that as you think about moving into the fiscal

Should we just assume that that's a roughly 100 beta product as we see cuts?

Is this a good sign that sponsors are beginning to reengage in the mid-market space? Or were there some lumpy results

an announcement that JPMorgan has made in rolling out a product to reduce the friction around brokerage cash

could you maybe speak to the differences that you've seen in trends between Advisor Services and Investor Services in recent quarters

How are you thinking about redeployment and reinvestment? Should we be thinking that securities will be -- the likely target

Could you speak specifically to appetite if we end up seeing TD? TD has sort of made some public comments about their stake

Are those hikes included in your updated outlook?

could you share your perspective on active ETF platform fees and why the impact would be manageable

how long of a process is it going to be transitioning from on-prem to SaaS when you hit that tipping point

what should we be thinking about for loan growth?

it does, at least in the minds of a lot of investors, seem to suggest that Aladdin picking up some momentum

could you speak to where reinvestment rates versus roll off rates are? How much you're picking up?

The deposit betas here recently, so the euro and the sterling, the pound sterling looked a little bit lower than what you guys normally talk about

could you speak to the types of loans that you are adding, the efforts involved

is that the case in could you let us know what date that is and what's your market assumptions? And also if I had real estate, cost