or taking the question. So keeping on topic of the bank, you had a few billion of securities maturing in 2023. What kind of incremental reinvestment spread are you looking at picking up here relative to what’s rolling off?
Walter Berman: Okay. So yes, we have about $3 billion maturing during the year. So right now, we are thinking in the range that will be 200 to 300 basis points, so we’ll pick up from it. I don’t have the exact, but I’ll have stepping to get back, but we will pick up reasonably good spread from what’s maturing versus what we can invest at.
Unidentified Analyst: Got you. Helpful. That’s awesome. Thank you. And then switching gears to firm-wide. Do you have any thoughts on how you’re thinking about firmwide G&A growth in 2023 off of the $3.6 billion, $3.7 billion base, if this is the right base to think about?
Walter Berman: Yes. Listen, we manage — I think we’ve always managed, we’re very disciplined in managing our expenses to ensure that we are investing for growth. At the same time, analyzing the margin capabilities as it relates to it. So we will remain disciplined as we go and we look at shifting and where that is from that standard and getting the efficiencies that we are constantly evaluating. So I would say the ranges you’ve seen is the ranges that we believe will certainly be sustainable, but it’s situationally driven as we manage our expenses very tightly.
Unidentified Analyst: Great. Thank you.
Operator: Your next question is from the line of Jeff Schmitt with William Blair. Please go ahead.
Jeffrey Schmitt: Hi, good morning. In Wealth Management, just thinking about cash sorting and I guess, you may be capturing some of that, if that’s being shifted into the certificates business. But do you have a sense on how much has sort of shifted maybe in the sort of third-party mutual funds or some other investments?
James Cracchiolo: Yes. So over the course of the year, as you would imagine, and started last year, you would have a higher level of cash from clients as they move things to the sideline or et cetera, that put it fully back in the market or even in fixed income. And so went into money markets, went into broken CDs, went into other short-duration products, just like we have the cash here going into some of our certificates. The amount of cash we’re holding pretty much on transactional is pretty at the consistent levels. It’s not where that has built up tremendously. We just had more client flows coming in and that just as a percentage. And then we got a piece of that into our own certificate program as an example. And now when we actually launch some of the preferred savings and deferred deposit programs within the bank, we’ll start to capture even a bit more, hopefully, of that.
But new cash has come in, and that has raised our levels overall, but there’s been sorting all through this going into those other instruments as well. As our advisors look at what that balances, what’s positional versus transactional. So that’s why we feel like those levels are pretty consistent because things have already sorted as through the year.
Jeffrey Schmitt: Okay. Is that lower than some peers maybe just because of the client mix? I mean, is there a greater concentration maybe of lower account value that would…
James Cracchiolo: Well, in our case, as I said, I think if you look at certificates, which is actually investing out a bit, and you just look at the amount in our cash sweep products, et cetera, you’re actually less than 5%. And so that’s consistent with our history based on the level that clients keep for both emergency and transactional activity. So I — that’s why I said, I think money has already been in all these different positional areas to garner a level of interest that the clients want with the advisors. So I actually feel comfortable. Now some of that, I think, will go back when they feel comfortable putting more back into RAP and investment programs as well or longer duration products in the fixed income market.
Jeffrey Schmitt: Okay. And then just one on the bank portfolio. I think that’s mainly invested in MBS securities. But how much — what percentage of that book is in fixed rate investments?
Walter Berman: Well, the majority isn’t fixed. But and like I said, it’s in structured. The majority of construction, high AA rated and certainly at the highest levels of the security ladder.
Jeffrey Schmitt: Okay. Thank you.
