But when I look at your cash AUM, you had no — for the quarter, it shows no inflows. Any color on why you didn’t benefit in that business also because you’ve historically been a big player in there?Dermot McDonogh So yes, like I think — and historically, I would say, and continue to be a very big player in that. our performance in our Dreyfus cash business has been excellent and continues to be excellent this year. The simple answer to that question is, we had some — we knew in January, we were going to have some known outflows. So we were projecting to be slightly down in Q1. And with the inflows as a result of what happened in March, that got us back to flat. So overall, I think the average balances were higher, but on a period-to-period basis, we’re flat, but we continue to feel very good about the business and more importantly, performance.
And then this business performance matters, so we expect that will — you’ll see better balances going forward.Vivek Juneja And the outflows that you’re talking about in January, what was driving that? Is that pricing? Is that something else? What drives that?Dermot McDonogh It was clients wanting to do something else with their cash. They told us that they were doing it. It was in our forecast time we knew what was going to happen. There was no specific reason.Robin Vince And I’d just add on to that. I think this quarter was a little idiosyncratic in a couple of different ways. And we — last year, we outgrew the market in the drivers money market platform and sort of two other observations. There’s a little bit of composition that you have to look at under the hood on these institutional money market funds in terms of where the money is coming from.
Was it really coming from sort of mega individual ultra-high net worth or was it coming from actual institutional flows. And so I think you have to look a little bit at that on a money market fund by money market fund basis as well.And then as Dermot pointed out, the broader — our broader connectivity to money market funds goes beyond our own money market fund. And so, we have this market-leading liquidity direct product. And so, even when money goes to other money market funds, we are benefiting from that because we have this connectivity. And so, we are a very large source of inflows to some of those other money market funds that you’ve seen growing. And again, this is the benefit of the ecosystem. It might be on our balance sheet, it might be on a money market fund, it might be in someone else’s money market fund.
It might be that we’re selling treasury bills to clients, but all of those things are in the mix as is the repo and Fed’s reverse repo facility.Operator And we will take a question from Rajiv Bhatia with Morningstar.Rajiv Bhatia Thinking about operational interest-bearing deposits versus nonoperational interest-bearing deposits, how much of the rate you paid differ between those two buckets?Robin Vince So we don’t disclose the exact rates on the different components, but let me just sort of broadly talk to you about the deposits, Rajiv, because I think this is quite important. So first of all, to me, the decision tree is not insured versus uninsured that’s a convenience. It’s sort of a retail expression. It’s a short hand that gets used in the market.
The ultimate decision tree is whether deposits are stable and sticky or whether they’re not.And in short, it’s just one lens of that, and that lens is a bit more relevant to retail than institutional. And by the way, even within insured, not all deposits are equally sticky, right? Because you’ve got checking, you’ve got high-yield savings, you’re going to have different outcomes for these, whether they’re true operational accounts, even on the retail side, but there are other types of sticky and stable.And so for us, 2/3 of our deposits in the first quarter are operational across our portfolio of businesses. And those are, as Dermot said earlier on, those are required in order to be able to provide clients with those operational services. And it’s diversified across our portfolio and you are custody, cash management, clearing, Corporate Trust, there are a bunch of different sort of business cylinders that give rise in that operational cash engine.And we obviously spend a lot of time and effort modeling all of these types of things and sort of — and we’ve seen that has really proven to be stable over multiple cycles.
And so that’s sort of why we focus so much on operational. And then for nonoperational deposits, look, there’s a little bit there associated with which we don’t expect them to leave, but we plan for them to be able to leave and obviously at a much, much higher rate than we would think about that on the operational side because we just think that’s good asset liability management.Rajiv Bhatia Okay. And then just one follow-up. In your prepared remarks, you mentioned that Wealth Management revenues were down in part due to changes in product mix. Can you expand on what that is and whether you expect that to continue?Dermot McDonogh So I think that just goes back to the point of the risk off sentiment in — that we saw in Q1 and people just wanting to, a, not do activity and move from fixed income products to equity products, normal behavior, nothing out of the ordinary that I would call out, totally expected just us working with the clients to deliver the risk appetite that they wanted to have for that quarter.The turmoil of March is kind of, you would say, for now, may have a basis and we may see a change in client behavior, but back when they took these actions in March, we didn’t know how long we’re going to be in this situation for us.
So, it’s behavior that we expected to see and is kind of I would view it as normal BAU.Operator Our last question will come from Betsy Graseck with Morgan Stanley.Betsy Graseck Just a couple of things. One, on the MMF discussion that you just had with WIC, you also benefited from MMF through your custody platform as well, right, because your custody a lot of MMF, is that fair?Robin Vince Yes, that’s right. We touch — it’s another touch point with money market funds on the Asset Servicing side.Betsy Graseck Right. Okay. And that helped the deposits, I’m guessing. So, my question really has to do with your role as a global payment provider, one of the top, obviously. And I think you’re involved in the FedNow pilot. I just wanted to get a sense as to how you’re thinking about how FedNow is integrated within your Global Payments platform get an update on the BNY Mellon digital asset platform?
And is there anything that’s going on within crypto that would have you lean in or out? So kind of three legs of that question.Robin Vince Okay. So let me start with real time. We are part of the FedNow test. I think actually might have been the first bank to start testing on it. We were the first bank to do a test on the clearinghouse real-time payment rails. And look, overall, when I step back from real-time payments, if I use that as the generic term that would cover both FedNow and the clearinghouse, it is a couple of things. It is a new payment rail.And I think that represents an interesting disruption, and we would like to participate in that disruption, which is one of the reasons why we’ve been leaning in. I think there’s a bunch of opportunities for clients there, quicker, cheaper, more control over the payments.
And so that’s a good thing, saves them dollars and ultimately, it’s quite helpful for the industry’s carbon footprint as well because it’s really a check, should be over time at check eradicate and there’s a lot of sort of carbon footprint and ESG more broadly in the handling of check. So that would be a good thing.We’ve got the opportunity to be part of that disruption because of our existing Treasury Services business, and we see that also as part of a broader solution set because we wrapped up in real-time payments. There’s payment validation, there’s fraud protection and there are other data services, and we find ourselves selling that bundle more often than not when we sell RTP. And I think we have a position you sort of framed it in terms of FedNow.
But we have a position in terms of real-time payments and payments more broadly as a pretty un-conflicted provider.As you said, we’re a very large provider. But that un-conflicted nature means that whether you’re a Fintech, whether you’re a smaller or medium size regional bank, whether you’re a foreign bank, we’re not threatening as a set of rails to plug into, and that makes us pretty appealing as a partner. But look, this is a multiyear endeavor. We’re pleased with the traction. We’ve done a bunch of stuff, and we’re playing it forward. But obviously, the story is going to be inextricably linked to seeing all of this take hold in the U.S.The other key question that you asked, Betsy, was on digital assets. And look, I haven’t changed my point of view here at all.
