Jason Tyler: We look at it all the time. It actually–it’s more–that comes more into play on the institutional side, and we’ve got a really–we’ve got a very large and successful money market mutual fund business. We do a lot of liquidity work for our clients, and so even now there are some strategic waivers that we have in the institutional side of the business, where we’re working pricing to ensure that we’re as attractive as we can be. But it’s not just pricing that clients look at. On the institutional side in particular, they look at size and they look at the underlying quality of the assets. A lot of the ultra-large investors have investment policy restrictions on how big they can be within a fund, and so the fact that we’ve got funds that are $40 billion, $50 billion, $60 billion, it enables those large investors to put money to work, and so the competition set is a little bit lower on the institutional side.
We’re above that threshold, so in the long run, that’s very good for us. There will be ebbs and flows based on other factors, but in the long run it’s good. On the wealth side, that’s just going to ebb and flow with the business. Traditionally it’s been more aligned, this is just a period of time where our clients, they’re also thinking about deploying to building their own treasury portfolios, laddering in portfolios there, and then potentially other products, they’ll use ultra short. We do have high confidence that the mix of the usage of this product is going to come back to where it was historically, and you’re exactly right – it’s a very attractive engagement for us economically.
Alex Blostein: Okay, thanks. I’ll hop back in the queue.
Operator: Thank you. We’ll take our next question from Ken Usdin from Jefferies.
Ken Usdin: Hey, good morning guys. Jason, sorry to come back to NII, but I was just wondering, can you kind of put that all into context for us in terms of if the balance sheet’s shrinking, you get a little bit of help from the repositioning, can NII grow from here based on what you still expect on the rate curve? I guess that would be the question. Thanks.
Jason Tyler: Yes, I appreciate you pushing on that. The answer is yes, it can absolutely grow from here, and we anticipate that throughout the year, it will. I don’t think first quarter is going to see–I’m not sure it’s going to see meaningful growth, but the trajectories are still in our favor. The balance sheet repositioning in and of itself is–that’s an attractive lift, and then betas are not 100%, and so with the Fed actions, we’re going to do well. We’ve also got the runoff which helps us too, so the only offset to that is volumes. That’s what–you know, we’re not sure what that’s going to look like, but even that remained relatively flat, right–it was at the top end, maybe a tiny bit above what our anticipation was last quarter. If I look out through the year, absolutely the anticipation for NII is to be growing from this 550 level.
Ken Usdin: Okay, thank you. My follow-up to that is how do you think about incremental betas from here in terms of deposit cost increases? You had said you expected a decent move up this quarter – you did get that, so how do we just understand that mix of deposits and the beta that you’re looking at? Thank you.
