We said we expect to raise $40 billion to $50 billion this quarter — this year. Obviously, the $15 billion keeps us on pace for the $40 billion to $50 billion we said we could raise this year. That doesn’t stop this year. We think we have a very strong fundraising machine that can continue for a number of years going forward. So we’re focused on the things that matter in Asset Management. What matters? Performance matters, client experience matters. We’re incredibly focused on both those things and working hard to make sure we use our global scale and the depth that we have around the world to execute very — very effectively.
Operator: Thank you. We’ll go next to Christian Bolu with Autonomous Research.
Christian Bolu: Good morning, guys. Maybe I’ll ask Glenn’s question in a different way. If I look at that 18% ROE for the Global Bank and the Markets business, it really — it really catches my eye here. So how would you characterize this quarter’s performance? Is it like sort of normal-ish to you? Does it feel maybe peak-ish to you? Again just trying to figure out if 18% ROE is anywhere sustainable for that business.
David Solomon: That was — it was a — it was — there’s no way to shade this. It was a strong quarter for Global Banking and Markets. Peak, I mean, I can point in the last few years to quarters in Global Banking and Markets where the returns were higher. But I certainly wouldn’t say that this is what we expect to be an average quarter in Global Banking and Markets. We’ve said clearly, we think this is a mid-teens business through the cycle. The performance this quarter was higher. There were performance last year was meaningfully lower. I think the right thing to focus on, Christian, is mid-teens through the cycle. That’s the way we think about it. And there was client activity and opportunity set for us this quarter and I think one of the things that we continue to try to talk about is that when there is opportunity with our clients, there is opportunity in the market.
We’re good at capturing that, delivering that for shareholders. And then when the environment is more tough though, this is a more durable and sustainable business than people may have looked at the past. But I would view this as a very strong quarter on Global Banking and Markets and not what we would target as the average run-rate for the business.
Christian Bolu: Okay. That’s very helpful. Maybe on to private wealth, if I’m reading Slide 9 correctly, you had something like $17 billion of inflows into Wealth Management AUS. So that would equate to something like 9% organic growth, which is well above peers, I would call it best-in-class. So can you give more color on what’s driving that growth? Maybe any color by regions or products as to what’s resonating with clients? And again, longer-term, how are you thinking about sustainability of that level of organic growth?
David Solomon: Yes. Again, this I think comes down to focus and you know we made some very — we talked about conscious decisions. We have talked about broadening our Wealth platform to get much more broadly into what I’d call kind of high net-worth Wealth Management. And with the sale of United Capital, we continue to be very focused on our ultra-high net-worth platform. It is an extraordinary platform. I do think it’s a best-in-class platform. I do think that the ultra-high net-worth business is still a very fragmented business. While we have leading share, I think those shares are still on a global basis, a leader is a single-digit share. There’s a lot of wealth in the world, there’s a lot of wealth accumulating. But we are very, very well-positioned to continue to capture that secular trend.
And I think the business is performing very, very well. So, our alts franchise, I think is differentiated and we’re allowed to deliver alts in an effective way to wealth clients. I think that’s something that gives us a strong secular tailwind. We’re expanding our private banking activity. That’s not something that we have been focused on, which I think is also strengthening our position as a wealth manager. So, I think there’s a good runway for this business. I do think it’s a best-in-class franchise that has room to grow. And I think you’re seeing it perform well and we’re very focused on it. I think the sharp decision around how we’re going to focus this business, I think we’re benefiting from at the moment.
Christian Bolu: Great. Thank you.
Operator: We’ll go next to Betsy Graseck with Morgan Stanley.
Betsy Graseck: Hi. Good morning. Can you hear me okay?
David Solomon: Good morning, Betsy.
Denis Coleman: Good morning.
Betsy Graseck: Okay. All right. Great. Just want to make sure.
David Solomon: We can hear you fine. Thank you.
Betsy Graseck: All right. Thanks. So, just two follow-ups. One, I heard all the commentary about how the 1Q is run rate a little bit better than run rate on average over time. But it doesn’t take away from the fact that 1Q was very strong. And I just wanted to understand, was there anything that we should understand about the revenues in equities and fixed income, for example, that were different this quarter? And the reason I ask is, VaR efficiency was so strong, right? You’ve delivered very strong trading revenues on VaR that was, you know, basically flat Q-on-Q. I mean, a little down, a little up, depending on which asset — which asset class you’re looking at. So, was there anything in the — in — when you mentioned, you stepped into client activity and opportunity set, was there anything unique about that opportunity set that enabled you to do this in a way that didn’t really tag VaR at all?
Denis Coleman: Sure. So, Betsy, it’s Denis. Nice to hear from you.
Betsy Graseck: Thanks.
