Jason Tyler: Yeah. So first of all, that goal of 5% or below, that is still the goal. And secondly, it’s early in the year. And we got through first quarter and a little bit above that. But at the same time, we’re still working very hard to get expenses down. And the numbers that we gave in the opening give a sense of some of the bigger line items. But there are other areas where we’re continuing to push and even on those items, we’re continuing to push hard. We’re constantly trying to find opportunities to get expenses down. Enormous focus inside the company. And you’re right to confirm the numbers that we had there in things like outside services where we’ve got tech services and even cloud migration and consulting, those are all areas where we’ve seen some elevation, all for strategic reasons, but we’ve got to find productivity and make sure we’re finding efficiencies to get expenses where we want them to be early in the year, and we’re still pushing for that 5% or better.
Ebrahim Poonawala: Got it. And just I guess one follow-up to…
Jason Tyler: Yeah, one thing, just sorry to interrupt, Ebrahim. Yeah, I think as we think about the first quarter of the year, I think people should also appreciate how much the lift in markets had an impact on our expenses. And so when you think about things anywhere from market data to third-party advisory fees to sub-custody and referenced it quickly earlier on, but even something like the market’s impact on our supplemental benefit plans has significant impact on expenses. But for that supplemental benefit plan expense, there’s an offsetting increase in revenues. There’s no impact to profitability. So we got to put that aside a little bit. And — but the lift in markets definitely has an impact. And so a lot of the work that we’ve done in the first quarter and over the last year, it masked a little bit, but that’s just something we should all keep in mind as we’ve gone through this period of the S&P being up 25% year-over-year, 10% to 12% on a sequential quarter basis.
That plays into expenses as well.
Ebrahim Poonawala: That’s helpful. Thanks for that. And just one quick follow-up. I appreciate that it’s very hard to sort of handicap deposit behavior, but just give us a sense of pricing competitively? Have things stabilized, gotten better today versus three or six months ago? Thank you.
Jason Tyler: Pricing specifically and [what’s here] (ph) in deposits. Yeah. We did see — one of the biggest benefits we had in the quarter was that pricing came through better than we anticipated. We actually were up a couple of basis points in NIM and had anticipated that to go in the opposite direction. And so — and we’ve been a broken record saying we’re not a price maker or a price taker in this, but I think a lot of the work that we did, communicating with clients and bringing on high-quality deposits, it helped. And so it appears that, that pricing pressure that we were experiencing very significantly in third quarter in particular, it has abated things, less pressure on that dynamic right now.
Ebrahim Poonawala: Got it. Thank you.
Jason Tyler: You bet.
Operator: We will take our next question from Ken Usdin with Jefferies.
Jason Tyler: Good morning, Ken. How are you doing? Ken, if you are talking, you are muted.
Mokshith Reddy: Hey guys, this is Mokshith on behalf of Ken. Could you just talk about your servicing pipelines and just your wealth management growth? Just some more color on that would be fantastic.
Jason Tyler: Sure.
Mike O’Grady: Sure. I’ll start off with wealth management. So we did see nice organic growth in the first quarter, and we expect that to continue as we go forward. As was mentioned in the commentary there, I continue to see it on the advisory fee side of the equation. And also, we’ve gone through a number of quarters where the product level fees in wealth management have been more of a headwind just related to flows in some of the specific asset categories, and we saw that subside in the first quarter. So we expect that to also be a positive going forward. And you heard our family office business growing at a higher rate in the first quarter, also seeing strength in ultra-high net worth, which — those are the two segments that we’re primarily focused on.
And I would say in asset servicing, the growth has been relatively broad-based, certainly seeing strength with asset owners in North America, but also in Europe as well. So that has been a positive. And we’re seeing it outside of, I’ll say, core asset servicing with the capital markets area being an area where with integrated trading solutions, we’re seeing that as a, I’ll say, an increasingly utilized area for us to generate new relationships and then broaden them out from there. So I feel good about the breadth of the organic growth in that business as well.
Mokshith Reddy: Got it. Just another question on just flow of client assets between cash and fee generating and where that stands?
