Or is that much more of a longer-term goal? And then I’ll do a follow-up question separately.Dermot McDonogh Okay. So Brian, let me start with Pershing. So I would say in both businesses that you asked a question on Q1 was — it was predominantly a risk-off environment, but notwithstanding the risk-off environment for Pershing, we attracted $37 billion of new assets onto our system. And so we’re growing organically at a nice clip, which we’re very pleased about. So I would say Pershing feels good.The outlook feels good and we’re going to do the launch — official launch of Pershing X in June. And so, the clients that are beta testing that feel good about what they’re seeing. We’ve got the partnership with Snowflake. So, I would say the outlook for that business overall in terms of our continued growth in assets — and as a consequence of that, notwithstanding the risk off sentiment in Q1, we believe being the number one in the market with broker-dealers and several million active clearing accounts that we have on the system.
We feel pretty good about the future for that one.Asset Servicing, I think the way I would kind of think about asset Servicing is more steady as she goes, yes. It’s a big business. We kind of have a mixtures like, in the past, people have talked about as of as being a fixed income house. And so I would characterize it, we’re both a fixed income house and an equity house. And so 2/3 of what comes in is kind of largely fixed income related, 1/3 equities. And we continue to grow our AUC and our AUM and so over time, that mix shift between fixed income and equities, where they either play to our strengths or kind of it will slow us down a bit. So overall, we feel like it’s a steady as she goes environment for Asset Servicing.Brian Bedell Okay. That’s great color.
And then if I could just follow up with the comments you made on the global multi-asset trading capabilities. Similar question there. Is that something more near term or a little bit of a longer-term build out? And is that coming in Asset Servicing? Or the FX and other trading line? And then if I can sneak in on Pershing X, if you’re rolling that out in June, should we expect a revenue ramp contribution in the second half to that? Or again, is that more of a longer-term build?Robin Vince So I’ll start with Pershing X. That is a longer-term build. We’ve talked about the fact that it wasn’t going to meaningfully contribute over the course of couple of years since we first talked about that. And so, that’s really a ’22, ’23 thing. You should expect essentially nothing from it in that period of time, but we’ll update as we go past launch, we’ll give you some updated view on that.But I view that as being a ’24, ’25, ’26 story overall in terms of its ramp.
And again, we’re still in beta testing. We feel quite enthusiastic about the client response to the product, but I’m going to reserve judgment until we start signing contracts and we launched live in the market on that. In terms of outsourced trading, so this is something that we’ve launched and we made the public launch during the quarter, hence, we’ve made the comment, but this is a very medium, long-term opportunity.We talked before about the fact that as a firm, we are very interested in up the value chain of the various different businesses that we do in Asset Servicing. Once upon a time it was custody and then middle office got added and now data solutions get added an integration and these various different components that create a broader solution set for investment management and asset owner clients.And now we’re adding to that and saying, “Hey, there’s not actually a ton of alpha for an asset owner or investment manager, particularly one that is managing in the tens or hundreds of billions of dollars of AUM.
There’s not a lot of alpha associated with execution. The alpha is in portfolio construction, asset selection, but the actual buy-sell action isn’t. And in fact, it’s not great scale because clients often need desks in multiple locations.If they’re a multi-asset asset manager, they need lots of different specializations when it comes to the execution. So we have all of that. We’ve executed $1 trillion or so a year of exactly that type of broad-based asset management execution for our own investment management firm. And so now we’ve turned that into a platform that can operate not only for ourselves, but also operate for clients.We’re externalizing an existing at-scale platform, which is fully capable across products and we’re externalizing that now for clients and saying, “Hey, there’s no real alpha for you associated with your own trade execution.
Let us take it off hands. And I view this in also in a way as an extension of what we already do in foreign exchange, where we do exactly that on a range of different execution basis for our clients in foreign exchange.And so this is something that we know how to do and something that we already do, now we’re externalizing it, and I view it as quite an exciting evolution, but it’s a very medium long-term thing as part of our overall journey on fee growth over time.Brian Bedell That’s very interesting. Looking forward to hearing a lot more about that in the future.Operator And our next question will come from Robert Wildhack with Autonomous Research.Robert Wildhack You called out the strong pipeline in asset servicing, while holding the line on price, and I wanted to unpack that a little more.
First, how does the current backlog and velocity of new business compared to past periods? And then second, given that you’re being disciplined on price, what are the common elements that you think are driving your success here?Robin Vince So, this is part of our overall March to 30% margin in the Security Services business, Rob. And so when we look at that, Dermot talked a little bit about the focus on the expense line. That’s important. And it goes a little bit hand-in-hand here. If you look at our margin last year of 20%, now 26%, depending on last year or this year’s stat, but if you just take this year stat, we should be putting 4x as much energy into the expense line as the revenue line in order to be able to get the same net effect at the bottom line.And so we’re doing that.
But on the revenue line as well as driving new activities, this discipline point pricing pressure is a normal part of this business, but as we look back and we review certain deals that have been struck over the course of the past few years, going back, in some cases, going back several years, I think we did win in some cases, on price. And we look at and we now have new capabilities about reviewing the margin on a deal-by-deal level. And when we look at some of those deals, we’re pretty disappointed.So that’s causing us to engage with those clients and talk to them about the other things that we would like to do for them that help us to be able to broadly improve the margin at a client level. And then in some cases, there have been deals and I’m thinking of one example in my mind of a client who came and they had a real expectation about pricing at a certain level.
And we were like, we’re just not going to do the business at that level and we negotiated and we substantially increased the price to a level which we thought was appropriate for the actual business involved.And look, I don’t know about the past, how that would have happened. But if I look at the history of deals that we’ve actually got on the platform, my guess is that, that behavior is not something that would have occurred before and therefore, it’s yielded a different outcome. So this focus on the true cost to serve and then the standardization that needs to be done across the platforms that will improve and in fact, reduce over time the cost to serve. So even the same piece of business can be more profitable, not only because we’re pressuring on price, but also because we’re making it cheaper to actually execute that business and the trick will be doing both.Dermot McDonogh Yes.
Look, the point I would add in there having the growth rates and becoming more efficient as a company. So all the work that we do on expenses and efficiency management feed into that discussion as well. So you kind of have to join the expense narrative again with the pricing good business narrative to get the complete picture.Operator And we’ll take a question from Vivek Juneja with JPMorgan.Vivek Juneja A couple of clarifications. The deposit inflows in March that you were talking about, which businesses did you see that in?Dermot McDonogh So I would say, broadly speaking, we saw it across the ecosystem. The point-to-point was up 1%. We finished the quarter on a period-end basis at $281 billion. our average for the quarter was, I think, roughly $277 billion.
But there was no one business. It really was broadly spread. And I guess the important point that I would call out here is, we made a strategic decision about 15 months ago to kind of centralize how we think about deposits into one platform.So we kind of think of deposits as a platform as well as a product. And we have very, very good client connectivity and engagement. So when we talk about deposits, we talk about it across the system, and that will echo Robin’s point about connecting the firm, dissolving different businesses, so we think of deposits as an enterprise effort. And that’s how it came together for us in the quarter.Robin Vince Okay. And the flip side, during this turmoil in March, there was a lot of inflows into money market funds.
