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Speaker 2: Here we are Nashville, Tennessee for bny mel and twenty
Speaker 2: six Annual Insight Conference, two thousand financial intermediaries from top
Speaker 2: asset management firms. We also want to keep you updated
Speaker 2: on the data. John was just talking about the ISM
Speaker 2: services beating estimates. You're looking at business activity and at
Speaker 2: eighteen month high.
Speaker 3: This was This was the ISM and then the services
Speaker 3: part did really well as well.
Speaker 2: Let's get to Anthony Javis, chair of the ISM Services
Speaker 2: Business Committee.
Speaker 3: What drove the increase? We're over expansion again.
Speaker 2: We don't have to freak out about slipping below fifty
Speaker 2: as we did last month.
Speaker 3: What drove it?
Speaker 4: Well, when you look at the report on business release
Speaker 4: this morning and you hit it on the head business
Speaker 4: activity up ten point three percentage points to sixty one
Speaker 4: point two. We had thirteen industries, Thirteen of the eighteen
Speaker 4: industries reflected growth month over month. We're measuring that directional change,
Speaker 4: and we had just under the fifty baseline last month,
Speaker 4: which showed reflected contraction in the report still above in
Speaker 4: the positive areas as it relates to GDP growth, it
Speaker 4: was a little bit like over zero point one percent
Speaker 4: point there. But when you look at this, what's really
Speaker 4: driving this is again two of the industries in the
Speaker 4: top four real estate rental and leasing, health care and
Speaker 4: social assistance had increases month over month. And the picture
Speaker 4: would even be stronger if the employment was better. At
Speaker 4: forty seven point one, that's one of the four indexes
Speaker 4: that make up the composite, and that's kind of dragging
Speaker 4: a bit still as employers are still remaining cautious about hiring.
Speaker 5: So, Anthony, I noticed, you know, not being an expert
Speaker 5: in this some month to month volatility here, what's the
Speaker 5: best way to look at this ism data is on
Speaker 5: like a rolling six month kind of basis. And if so,
Speaker 5: what's that telling you?
Speaker 4: You know, it's a great question. We look at the
Speaker 4: data and we always want to see how it trends out.
Speaker 4: We don't, you know, look at it as just one month.
Speaker 4: And to your point, I like to look at trends
Speaker 4: is three to four months, and this is pretty much
Speaker 4: in line with what we had on our semi annual
Speaker 4: forecast going back to December and most recently, our respondents
Speaker 4: indicated the second half would be better than the first half.
Speaker 4: And what we're seeing is this directional change again, and
Speaker 4: so we're seeing the increases month over a month, and
Speaker 4: so far the services sector has been fairly resilient and
Speaker 4: would be even better. Our respondents are very much still
Speaker 4: concerned about inflation and interest rates.
Speaker 2: Before I let you go, Anthony, one big thing, what
Speaker 2: are the worry spots?
Speaker 3: Can you just talk us through that a little bit.
Speaker 4: Well, definitely, we're seeing the geopolitical concerns that have been ongoing,
Speaker 4: and as I just mentioned, inflation and interest rates, interest rates,
Speaker 4: there's numerous comments from our respondents in the report indicating
Speaker 4: that capital reinvestment is affected the cost of money. So
Speaker 4: those are the two areas that are highlighted as the
Speaker 4: most concern for our respondents.
Speaker 5: All right, Anthony, thank you so much. We appreciate it.
Speaker 5: Anthony Yavi's chair of the Ism Services Business Committee, talking
Speaker 5: about that data compucity better than expected.
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Speaker 2: We also want to keep you updated on breaking news
Speaker 2: out of India. Indian Prime Minister are in the Modi
Speaker 2: ones crucial backing from two key allies in his coalition
Speaker 2: and that allowed him to form a government and extend his.
Speaker 3: Decade in power.
Speaker 2: His party was forced to join with the National Democratic
Speaker 2: Alliance as well as the Teugu Dessam Party. So we
Speaker 2: want to get you an information on what all of
Speaker 2: that means and how it sets India's growth up going forward.
Speaker 2: And the current is a global economy reporter at Bloomberg.
Speaker 2: He's covered all of this stuff for a very long time.
Speaker 2: And what did you make of this coalition? What does
Speaker 2: it mean? How our investor is going to take it?
Speaker 6: Well, what we know is that a deal has now
Speaker 6: been agreed to set up a government and it gets
Speaker 6: Prime Minister Remodi back into office sort of done a
Speaker 6: quick negotiation. It puts an energy uncertainty on that side
Speaker 6: of things, but that's probably about all we know so far.
Speaker 6: We don't quite know what's behind the deal yet. Obviously
Speaker 6: this is coalition, which means there has to be concessions
Speaker 6: and trade offs. It's not clear how that will play
Speaker 6: out in terms of cabinet postings, policy priorities, and what
Speaker 6: it means of course for economic growth going forward for India. Remember,
Speaker 6: in the past, India's had coalition governments. One of the
Speaker 6: great pitches of the Modi government was and it was
Speaker 6: a strong, stable government able to push through change and reform. Well,
Speaker 6: I've seen some economist notes this morning questioning where that
Speaker 6: will go from here. It's obviously a Modi government, but
Speaker 6: the weekend Modi government so uncertainly on the domestic front.
Speaker 6: And then of course we don't know what it would
Speaker 6: mean for India on the world stage yet either. India
Speaker 6: has been the darling of the global economy, one of
Speaker 6: the fastest growing, emerging as kind of an alternative to
Speaker 6: China in the middle of the geopolitical arguing with the
Speaker 6: US playing a security role in the US led Quad
Speaker 6: for example, et cetera very confident place in the world
Speaker 6: stage for a prominent's remote in India. Will that direction
Speaker 6: now change, Will they carry on us as they wore
Speaker 6: I think, so, I think a lot of question marks
Speaker 6: on certainly over where this government goes over the months
Speaker 6: and years ahead.
Speaker 5: So and then with with you know, twenty four to
Speaker 5: forty eight hours here of hindsight, is there a decent
Speaker 5: narrative emerging about why mister Mody lost so much support
Speaker 5: that we find ourselves at this point where we have
Speaker 5: to form a coalition government like what happened.
Speaker 6: I think it'll probably take a little while for that
Speaker 6: to become fully clear. Just you know, from what our
Speaker 6: own colleagues New Delhi are saying, it sounds as though
Speaker 6: economic matters were certainly at least part of it, inflation
Speaker 6: and living costs, and this feeling that on the one hand,
Speaker 6: as I mentioned earlier, India had become this kind of
Speaker 6: global growth star, stand out on the world stage, a
Speaker 6: new confident kind of outlook, maybe capitalizing on the challenges
Speaker 6: China was facing. But underground, listening to our colleagues there,
Speaker 6: they're making the point that maybe that growth story wasn't
Speaker 6: trickling down, or perhaps people on the ground weren't necessarily
Speaker 6: feeling was trickling down. So clearly some degree of this affection,
Speaker 6: but it will take time for that to become clear.
Speaker 6: What is clear is that India had been benefiting from
Speaker 6: some of the shifts happening right now. FDI had been increasing,
Speaker 6: their markets were certainly on a chair. Companies and investors
Speaker 6: were looking at India or maybe wishing to look at
Speaker 6: India in a different light than they had been. But
Speaker 6: of course there are limitations so that it's still no China.
Speaker 6: It's it doesn't have anything like the scale infrastructure that
Speaker 6: China offers. So the economy has a long way to
Speaker 6: go in terms of development, and clearly people underground maybe
Speaker 6: reflecting that point.
Speaker 3: And now this was me yesterday.
Speaker 2: I was sitting by the pool here in Nashville, Tennessee
Speaker 2: with Damien Sassar on the phone being like, I don't
Speaker 2: get it.
Speaker 3: Break down India, South Africa and Mexico for me.
Speaker 2: The stuff you said about India was quite interesting in
Speaker 2: that now that we have a coalition, Mody is going
Speaker 2: to have to do something to get those.
Speaker 3: People that are very disaffected by the.
Speaker 2: Government and sort of left behind, because all you're talking
Speaker 2: about is on capital investment in the stock market, but
Speaker 2: the people left behind, and that means larger budget deficits,
Speaker 2: bigger fiscal deficits, more borrowing.
Speaker 3: Do you see that in the market. Do you think
Speaker 3: that that's on the table.
Speaker 6: Well, that's the corollary. Our colleagues in New Delhi made
Speaker 6: point that the coalition partners he's signed up with are
Speaker 6: especially unreliable. So that would suggest that obviously any incumbent
Speaker 6: would want to try and do what they can to
Speaker 6: keep them onside. And if you're trying to keep them onside,
Speaker 6: that lends us healthy idea of everyone has their pet projects,
Speaker 6: everyone will want to investment in spending in their home state.
Speaker 6: And of course that suggests it would be more pressure
Speaker 6: on the on the public finances, being on welfare, being
Speaker 6: investment in infrastructure or whatever. But we have to wait
Speaker 6: and see what particular policy does come out of it.
Speaker 6: But at the very least, not just India, but any
Speaker 6: country where you have a coalition government, that means there
Speaker 6: has to be trade offs, That means there has to
Speaker 6: be compromised. That means everyone has a wish list, and
Speaker 6: when you have a wish list government to try and
Speaker 6: keep things together in that typically does mean more pressure
Speaker 6: and spending. We'll just have to see how that plays out.
Speaker 6: In the months ahead.
Speaker 3: All right, and so good to chat with you.
Speaker 2: Thank you so much for joining us and the current
Speaker 2: He is Bloomberg Global Economy reporter joining us from DC
Speaker 2: So I think that's quite interesting.
Speaker 3: We'll see, we'll see how much money is.
Speaker 5: But again we've all heard this pitch. I think over
Speaker 5: the last several years, as China has had its challenges,
Speaker 5: whether it's government cracking down on business or their economy
Speaker 5: slowing their you know, folks will come up to me
Speaker 5: and say, what you guys thought about China for the
Speaker 5: last ten twenty years, Take them and put it onto India.
Speaker 5: That's where the opportunity is and you have better rule
Speaker 5: of law, better you know, expectations of business, and that
Speaker 5: can be a real opportunity for the next ten to
Speaker 5: twenty years. We'll have to see how this change in
Speaker 5: government maybe impacts that.
Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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Speaker 2: Cara Malex Steel alongside Paul Sweeney. This is Bloomberg Intelligence Radio.
Speaker 2: We bring you all the top news with our analyst
Speaker 2: Lens from Bloomberg Intelligence. They cover two thousand companies and
Speaker 2: one hundred and thirty industries worldwide, and occasionally they let
Speaker 2: us go on the road and do stuff. So today
Speaker 2: we are broadcasting live from that magnificent Gaylord Opu Land
Speaker 2: Resort in Nashville for BNY Melon's twenty six annual Inside Conference.
Speaker 2: They have over two thousand financial intermediaries from top asset
Speaker 2: management firms. And I'm grateful that someone is here now
Speaker 2: from Pershing who's going to give us some insight into technology.
Speaker 3: Joining us now is Avesley Simmons.
Speaker 2: She's president of Pushing X, head of strategy for B
Speaker 2: and Y Melons Pershing, and head of product management for
Speaker 2: BNY Melons.
Speaker 3: You do a lot of stuff.
Speaker 7: Yeah, that's a lot of titles there you go.
Speaker 3: So first off, what is Pushing X.
Speaker 8: Yeah, Pushing X is a fintech inside of the Bank
Speaker 8: of New York Mellon that was started about two and
Speaker 8: a half years ago. So I was the first employee.
Speaker 8: My background's in FinTechs and I came to be and
Speaker 8: why to really drive innovation inside this story two hundred
Speaker 8: and forty year old institution, so we're never resting on
Speaker 8: our laurels.
Speaker 7: We're always moving.
Speaker 8: Forward, and doing it with a fintech inside of the
Speaker 8: bank has been a super efficient way to go.
Speaker 5: So what are some of the initial products that you
Speaker 5: guys have been bringing to market for your clients.
Speaker 8: Yeah, so last year we launched our first product, which
Speaker 8: is called Wove Advisory, and that really.
Speaker 5: Is WOV Wove Wove.
Speaker 7: Yeah.
Speaker 8: The reason we call it Wove is it brings together
Speaker 8: a lot of disconnected technolog and really that's kind of
Speaker 8: an advisor workstation if you think about it. Let's advisors
Speaker 8: sort of build portfolios, trade them, report on them everything
Speaker 8: they need to service a client. This year we launched
Speaker 8: three more products, so we've been busy. We launched Wove Data,
Speaker 8: which is a cloud based data aggregation service so that
Speaker 8: advisors can have access to all the data they need
Speaker 8: to service their clients across any custodian and any firm.
Speaker 8: We launched Wove Connect, which is a suite of APIs.
Speaker 8: Lots of people need to build through APIs and so
Speaker 8: we've offered that. And then the third product is probably
Speaker 8: the one I think people are most excited about, which
Speaker 8: is wove Investor, which is an investor portal that can
Speaker 8: be configured to any firms branding so that they can
Speaker 8: have their investors log into a really simple.
Speaker 7: And easy to use experience. Wow, that's fintech man, right there,
Speaker 7: you do?
Speaker 5: I think? Well, I think what happened during the pandemic?
Speaker 5: You're you weren't going into yourinancial advisor, you weren't going
Speaker 5: into your commercial right local brand. So people were forced
Speaker 5: to get yeah, tech savvy, and I think probably from
Speaker 5: the provider perspective, you guys were probably forced by the
Speaker 5: marketplace to make up more investments. So what are you
Speaker 5: hearing from your advisors? What do they what do they
Speaker 5: really need? Do they want to empower their clients? So
Speaker 5: they just want to be smarter when they're talking to
Speaker 5: the clients.
Speaker 8: Well all of the above, right, Like, so they really
Speaker 8: want their clients to have a very easy to use experience.
Speaker 8: And today, just given the way the industry has grown up,
Speaker 8: they are usually having to ask their and investor to
Speaker 8: log into multiple accounts, one for financial planning, one for
Speaker 8: performance reporting, one for trading.
Speaker 7: Nobody wants that.
Speaker 8: Anymore, So you remember that now, I can't remember that
Speaker 8: many passwords. So Wove Investor brings all that together, and
Speaker 8: that's why I think people are super excited about that product.
Speaker 7: But you can't pull.
Speaker 8: Together a really great investor experience unless you have all
Speaker 8: the data pulled together. So Wolf Data is also a
Speaker 8: really important product. So Wolf Connect, Wove Advisory, Wove Data,
Speaker 8: Wolve Investor, they all create a suite. And the way
Speaker 8: to think about it is kind of like the Microsoft suite.
Speaker 8: You know, you got your outlook, you got your teams,
Speaker 8: and they all work together.
Speaker 7: That's what we're doing here in wealth.
Speaker 2: So when I log onto my wealth management MIENT site, yeah,
Speaker 2: and I can see my investments and my bank accounts
Speaker 2: and my savings and my furrow one K and then
Speaker 2: I see like what the planning is.
Speaker 7: That's all that.
Speaker 8: Stuff stuff, and we're putting it all together for any firm, right.
Speaker 8: So a lot of large firms have made those investments
Speaker 8: if you're working with you know, like a large wirehouse
Speaker 8: or something like that. But these are independent, mostly independent
Speaker 8: wealth advisors, and they don't have that kind of capital
Speaker 8: right to build something that end to end, So we're
Speaker 8: doing it for them and they can own it fractionally
Speaker 8: and not have to make that massive investment that the
Speaker 8: Bank of New York Mellon is making on their behalf.
Speaker 5: What's the business case for the investments that you get?
Speaker 5: So when you go to your CFO and Astra Capital
Speaker 5: to make some of these investments, what's the business case
Speaker 5: you make to your CFO.
Speaker 8: Yeah, so it's pretty easy to make the case for
Speaker 8: this platform because this helps our Persian custody business, it
Speaker 8: helps our investment management business, it helps our wealth management business,
Speaker 8: and it helps our asset manage our clients. So because
Speaker 8: Bank of New York Mellon runs across all of those
Speaker 8: different business lines.
Speaker 7: This pulls it all together.
Speaker 8: So it's i'm the best dollar to spend because it's
Speaker 8: really lifting all these different business lines across B and Y.
Speaker 8: And that really was the reason that we've made the
Speaker 8: investment in this platform.
Speaker 3: So what else then do you work on? And this
Speaker 3: sounds great?
Speaker 7: Yeah, yeah, done and done? No, never done.
Speaker 8: So we'll be driving forward with a lot more and
Speaker 8: I'll be back here on the stage next year with
Speaker 8: more releases on WOVE.
Speaker 7: But we've also been working on strategy.
Speaker 8: So I took over the head of Persian strategy back
Speaker 8: in November, and what was really exciting is here we
Speaker 8: were able to release our new mission and our new
Speaker 8: vision and let me just quickly run through it. Our
Speaker 8: new mission is to help advisors help more people. So
Speaker 8: we believe that there's not enough advisors in the in
Speaker 8: the United States to serve all the clients that need service.
Speaker 8: So there's not many more people, you know, coming into
Speaker 8: the industry. So our job is to make the ones
Speaker 8: that are here more productive so that it can just
Speaker 8: help more people.
Speaker 7: So it's pretty simple.
Speaker 8: And then our new vision is to create the most
Speaker 8: connected and productive platform for the future of wealth. We
Speaker 8: really see a world now where everything has to be connected,
Speaker 8: and that's the mission we're on.
Speaker 5: So why aren't more young people coming into the business
Speaker 5: Because all I read about is the big macro story
Speaker 5: of all this wealth from the boomers has to be
Speaker 5: transferred and has to be managing. It seems like a
Speaker 5: twenty thirty year runway.
Speaker 7: It is.
Speaker 5: So my number three offspring is going into that part
Speaker 5: of their business scheme.
Speaker 9: Yeah.
Speaker 5: Why, I've heard from a lot of your colleagues that
Speaker 5: that's a challenge, right, Yeah, it.
Speaker 7: Is a challenge. I think there's some structural challenges.
Speaker 8: A lot of part of this business is still very
Speaker 8: you know, kind of commission based, and young people want
Speaker 8: potentially a different kind of onboarding model. But I also
Speaker 8: just think we have a bit of a pr problem.
Speaker 8: You know, people don't realize how mission driven a financial
Speaker 8: advisor is. You know, you really are helping families create
Speaker 8: a different future, and I think if we can sort
Speaker 8: of change the narrative a little bit, I mean, I
Speaker 8: hate to use that term, but it is a really
Speaker 8: noble ambition, and I think a lot of kids don't
Speaker 8: see it that way. They sort of see it as
Speaker 8: like yuckie Wall Street, but it's not that at all.
Speaker 8: Financial advice is really a community based, heartfelt type of occupation,
Speaker 8: especially if.
Speaker 2: You're able to touch families and lives that aren't multi billion.
Speaker 8: Yeah, that's the whole thing, right, Like everybody's like, okay, cool.
Speaker 8: But the reason our help advisors help more people. Ambition
Speaker 8: is so strong is, you know, the more we can
Speaker 8: help advisors be more productive, the more sort of lower
Speaker 8: down the economic chain they can go, and we can
Speaker 8: really truly change lives.
Speaker 7: So I'm super passionate.
Speaker 8: About it, and I think that you know, we're just
Speaker 8: going to keep working until we can get millions more internally.
Speaker 2: You know, change for such a large institution that's been
Speaker 2: around for hundreds of years, especially in the technology sense,
Speaker 2: can be really hard.
Speaker 3: Yeah, what kind of mandate do you feel like you
Speaker 3: were able.
Speaker 7: To have an execute?
Speaker 5: Like?
Speaker 7: Yeah, I'm how on bored? Is everybody with all the change?
Speaker 8: I feel so so privileged because this has been a
Speaker 8: you know, kind of top of the house embraced initiative,
Speaker 8: right so, our our CEO, Robin Vince, this is one
Speaker 8: of his key initiatives, our CFO, our whole executive's office,
Speaker 8: and people are so supportive. And what they love about
Speaker 8: this kind of fintech model that we've put together is
Speaker 8: we're actually now going to start to adopt this whole
Speaker 8: model firm wide. And I think it's going to make
Speaker 8: the future of Bank of pre Yorick Mellon as as
Speaker 8: bright as its past has been.
Speaker 5: And Bank of New York the best address global financial services? Okay,
Speaker 5: number one Wall Street?
Speaker 3: Yeah?
Speaker 5: How cool is that?
Speaker 3: I mean that's a good is that good? Pr rom
Speaker 3: in right now?
Speaker 8: I always think it's pretty cool when I think about
Speaker 8: Alexander Hamilton as our founder, I mean, what a visionary,
Speaker 8: what a revolutionary?
Speaker 7: So I I don't mind sharing.
Speaker 5: And what would you think of b and why Melonson?
Speaker 8: I think it'd be pretty proud. Yeah, I certainly hope
Speaker 8: he would be.
Speaker 5: Well, I think that that's a good recruiting tool. You
Speaker 5: go go on campuses. You know that Hamilton musical that
Speaker 5: you have eyes.
Speaker 3: Such a good point.
Speaker 2: Ainsley, thanks, love, really appreciate thanks for stopping by with us.
Speaker 2: Ainsley Simmons, President of Pershing X, head of Strategy for
Speaker 2: Being y Melon's Perching and head of product management for
Speaker 2: Being My.
Speaker 5: Men Canadian and Canadian.
Speaker 3: There's so much that she does.
Speaker 1: Apparently you're listening to the Bloomberg Intelligence Podcast. Catch us
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Speaker 5: Alex Feel Pulse when you live here in our down
Speaker 5: the Ashville, Tennessee. At the b NY Mellon Insight conference,
Speaker 5: we are at the Gaylord Entertainment Grand opry Land Resort,
Speaker 5: and this is a serious resort. So if you're ever
Speaker 5: done in the Nashville area, come take a look. They
Speaker 5: got everything here, all right, Alex and I've been spending
Speaker 5: the past a day or so talking to a lot
Speaker 5: of the good folks at bny Mellon about how they
Speaker 5: try to serve their investor clients. Let's see if they
Speaker 5: actually get it done here. No, I'm Tash, he joins
Speaker 5: its head of Revenue and Partnerships at BNY Mellon's Pershing
Speaker 5: X and Mohan grew up Pockum. He's a chief information
Speaker 5: officer at Stewart Partners and investment advisory firm. So we
Speaker 5: got client, we got like the person who kind of
Speaker 5: works for the client. We got all together here at
Speaker 5: one stage. So no, and let's talk about let's talk
Speaker 5: to you first, what type of investor? What type of
Speaker 5: clients do you guys look for on your platform? What's
Speaker 5: an ideal type of money management client for you guys
Speaker 5: at B and Y.
Speaker 7: Persian'side from obviously O.
Speaker 10: Mohans the ideal and you be sure a bit more
Speaker 10: about that, but we look at the whole range. We
Speaker 10: can serve everybody, everything from a traditional broker dealer to
Speaker 10: independent ria or hybrids, aggregators and you know, fast growing
Speaker 10: companies is really where we are. We believe that heavy
Speaker 10: tech adopters are the ones that are growing fastest. We
Speaker 10: actually see research that tells us that advisory firms that
Speaker 10: adopt tech heavily you can see client growth and AUM
Speaker 10: growth of three.
Speaker 5: X what do others do?
Speaker 10: And so those are the types of provider of advisors
Speaker 10: we want to work with because what we're doing is
Speaker 10: delivering delivering to them the most connected tech because there's
Speaker 10: still even for those adopters, there's still a lot of
Speaker 10: challenges and pains that come along with that tech.
Speaker 2: So Mohan, Stewart Partners is actually quite large, right, Can
Speaker 2: you tell us a little bit about the firm and
Speaker 2: sort of what works for.
Speaker 3: You that Pershing X is doing.
Speaker 11: So absolutely thanks for having us. First of all, So
Speaker 11: Stewart Partners, we are a hybrida, we are a blocker
Speaker 11: dealer and we're headquartered in New York. Roughly thirty five
Speaker 11: billion dollars in assets, two hundreds on the advisors. A
Speaker 11: lot of our advisors come from a breakaway firms from
Speaker 11: the bultch firms like big firms. Some of the officers
Speaker 11: softly twenty six states a large footprint and in terms
Speaker 11: of our relationship with posing. You know, we have two
Speaker 11: strategic relationships. One is for the custody business obviously right
Speaker 11: the biggest player, and of course beyond the custody we
Speaker 11: are also very excited to be part of the Pushing X.
Speaker 11: We are one of the earlier actors. We just started
Speaker 11: the rollout, so more feedback to come, but we are
Speaker 11: truly excited by what we're going to see.
Speaker 5: Mohun, I've heard. I guess what we've learned over the
Speaker 5: last couple of days is that the number of advisors
Speaker 5: out there isn't growing. There's a greater demand. There's more
Speaker 5: demand for advisors than maybe there are advisors. How do
Speaker 5: you grow your advisor base? Do you wait for some
Speaker 5: of your breakaway from a bultch bracket firm. Do you
Speaker 5: you try to go out there and attract them proactively?
Speaker 5: How does that happen?
Speaker 11: So we look at two different options. The first one
Speaker 11: is obviously approved my right, there are breakaway advisors. So
Speaker 11: if you look at the breakaway advisors, they are mostly
Speaker 11: seeking independence. That is something that is not well understood.
Speaker 11: They seek independence in how they run the business.
Speaker 5: So this is somebody from say like a Merrill Inch
Speaker 5: or something, or Morgan Stanley says, I want to kind
Speaker 5: of go out on my own a little bit, get
Speaker 5: a little bit more autonomy.
Speaker 11: Well at autonomy and how they run the business, and
Speaker 11: that inevitably translates into the technology stack. We need to
Speaker 11: win for them, right, That is one option. But also
Speaker 11: we are looking at a lot of M and as
Speaker 11: this pace is quite i would say, like active.
Speaker 5: In the M and day space.
Speaker 11: If you look at the number of areas with more
Speaker 11: than ten billion dollars in azards like ten fifteen years
Speaker 11: versus where it is right now, that segment is growing
Speaker 11: really fast. So we look at multiple options. You know, recruitment,
Speaker 11: we have a very robus pipeline, but also we are
Speaker 11: very active in the M and day space and we
Speaker 11: will not hesitate to go after the right target.
Speaker 5: That was one of the topics.
Speaker 10: You Actually Mohan joined me on a panel yesterday and
Speaker 10: one of the topics was how do we differentiate leveraging
Speaker 10: tech in a heavily active M and A environment and
Speaker 10: how do we recruit and keep those assets at the
Speaker 10: advisory form firm. A lot a lot of that is
Speaker 10: where we're trying to add in value as as woe offering, flexibility, offering,
Speaker 10: connectivity and really allowing these advisors that are breaking away
Speaker 10: to still have that comfort of a full stack that
Speaker 10: oftentimes can be really challenging if you're try and go
Speaker 10: out there on your own and start over.
Speaker 3: How does the relationship between client and provider work? Like,
Speaker 3: does mohon go to you and is like, look, no,
Speaker 3: I got some problems.
Speaker 2: I need to help me fix them, Like how can
Speaker 2: you help my efficiency or productivity? Or do you go
Speaker 2: to them and say, look, these things are going to
Speaker 2: make your lives a lot better and this is why.
Speaker 3: How does this evolve?
Speaker 10: It always starts with the client.
Speaker 3: Okay, so you were like, I need help.
Speaker 11: It's always a dialect, right, I think that's the most
Speaker 11: important part. It's a dialect.
Speaker 5: It's it's not.
Speaker 11: You know, uh, it's it's both. It's both ways. Be
Speaker 11: give the feedback in terms of what we hear and
Speaker 11: what we see. We have much closer to the advisors,
Speaker 11: like because we work with them on a day to
Speaker 11: day basis, and we also, you know, like to hear
Speaker 11: from the broader trends from you know, closing closing X.
Speaker 11: They obviously see a much broader size of the market
Speaker 11: than we do, so we send feedback, we get feedback.
Speaker 11: We both jointly put together technology strategies to help us
Speaker 11: move off.
Speaker 10: The We have a philosophy of meeting our clients where
Speaker 10: they are, so we're never coming and trying to pitch
Speaker 10: a widget.
Speaker 5: We're always coming and listening.
Speaker 10: Where do you have your biggest pain points and let's
Speaker 10: figure out how we can help solve those pain points
Speaker 10: or even advise you as to where we're seeing clients
Speaker 10: go elsewhere to solve those pain points.
Speaker 5: Who's your biggest competitor?
Speaker 10: That's a great question, I think right now, end to end,
Speaker 10: it's a there's a different types of competitors. There's the
Speaker 10: fully outsourced model that we see some clients go to
Speaker 10: where they're getting everything all in one shop, but they're
Speaker 10: also you know, have to sacrifice a bit of their
Speaker 10: brand and independence. And then there's dissemblers, those clients that
Speaker 10: are going out there and quite a little really putting
Speaker 10: together twelve different pieces of technology. And then you have
Speaker 10: this new category that we've brought to the market, and
Speaker 10: so the new category of actually having it curated for
Speaker 10: you in one spot.
Speaker 5: I think it's really a new category.
Speaker 3: What do you want him to fix next? What are
Speaker 3: you telling him, now, well.
Speaker 11: Stay through to the core philosophy of being flexible but integrated.
Speaker 3: Right.
Speaker 11: That is my one feedback, which is, you know, we
Speaker 11: should not lose sight of the broader philosophy, which is
Speaker 11: to build a technology ecosystem that works for the advisor.
Speaker 11: They sign our paychecks, so we got to make sure
Speaker 11: that they're happy at the end of the day.
Speaker 7: Fair point.
Speaker 3: All right, guys, thanks for coming by.
Speaker 7: This was really helpful.
Speaker 2: We got the Lolan wove before and it's nice to
Speaker 2: see how it interacts Nome Tash He's head of Revenue
Speaker 2: and Partnerships at ME and Y Melons Pershing X and
Speaker 2: also a Mohan Guru Pakiam, a Chief information officer at
Speaker 2: Steward Partners or the interconnection between client and technology.
Speaker 3: Thank you so much much.
Speaker 1: Guys, you're listening to the Bloomberg Intelligence Podcast. Catch us
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Speaker 1: Just Say Alexa playing Bloomberg eleven thirty Alex Deal Paul Sweeney.
Speaker 5: We were live here in Nashville, Tennessee. At the BNY
Speaker 5: Mellon Insight Conference. We are at the Gaylord opry Land Resort,
Speaker 5: which is this spectacular, world class water park. Alex did
Speaker 5: you go yesterday? John Right?
Speaker 3: I did.
Speaker 5: Some kids tried to cut line in front of me.
Speaker 5: He's gonna think twice about doing that again. Let him
Speaker 5: believe it that exactly.
Speaker 3: This is a good life lesson that one must learn exactly.
Speaker 5: Hanaka Smith joins us here. She's a global head of
Speaker 5: Investment Management at BNY Mellon. Hanneack, I know in the
Speaker 5: investment management business for BNY melon. You guys had a
Speaker 5: pretty big announcement this morning. Talk to us about that.
Speaker 12: Yeah, so we're actually announced something in collaboration with our colleagues.
Speaker 12: It's Pershing, which is why I'm so excited to be here.
Speaker 12: And that's a bundled service offering between Pershing and investment Management.
Speaker 12: So Pershing, of course already offers custody retail managed accounts capabilities,
Speaker 12: and now what we're also going to be offering clients
Speaker 12: is access to investment management products, but in a much
Speaker 12: more cost effective way than they've been able to access before.
Speaker 12: And the way this is going to work is that
Speaker 12: once they're on what we call the WOVE platform in
Speaker 12: this tech enabled environment and manage their accounts through pershing.
Speaker 12: The more assets they allocate to IM products, the greater
Speaker 12: the discount up to forty percent. So it's one going
Speaker 12: to simplify advisor's life because they it will free up
Speaker 12: time through this tech enables environment. It's also going to
Speaker 12: give them choice and it's also going to reduce the cost,
Speaker 12: which is really important.
Speaker 3: What I mean, aside from the cost, what problem was
Speaker 3: this trying to solve?
Speaker 7: So it is one of the things that.
Speaker 12: Is trying to solve is actually giving advisors more time
Speaker 12: to spend with their end client because the environment for
Speaker 12: them is becoming increasingly complex through regulatory pressures, technology pressures.
Speaker 12: And the first thing that this is resolving this first
Speaker 12: through onboarding clients onto the WOVE platform or the advisors,
Speaker 12: which is where they can bring their technology and their apps.
Speaker 12: And then secondly we're going to be helping them by
Speaker 12: putting institutional quality portfolio advice on that platform and also
Speaker 12: giving them the full breadth of investment management product as
Speaker 12: a choice.
Speaker 5: It seems like this was something that should have been
Speaker 5: done day one. Why is it happening now?
Speaker 12: It is happening now, partly because we have been working
Speaker 12: quite hard in insight being wide to be more for
Speaker 12: our clients, as we call it, we have better technoology
Speaker 12: solutions that we didn't have before. And Thirdly, and also
Speaker 12: really importantly, we've been investing time in educating our colleagues
Speaker 12: that work with the advisors about the expertise that exists
Speaker 12: in investment management two degree that we hadn't done before.
Speaker 12: What's been the response so far, Well, we're it's a
Speaker 12: day old. We have of course tested this with some
Speaker 12: clients before we sort of rolled it out into the
Speaker 12: broader market, and it's been very very well received, and
Speaker 12: working with some of our key clients considering these offerings
Speaker 12: previously really made us consider that we should roll this
Speaker 12: out further.
Speaker 5: As globalhead of Investment Management at BNY Mellon, how are
Speaker 5: you guys viewing the market here these days when you
Speaker 5: kind of just start from the thirty thousand foot level,
Speaker 5: where do you start?
Speaker 7: So where do you start?
Speaker 12: Well, it's very difficult not to start without talking about rates,
Speaker 12: what's going to happen. And we're still of the view
Speaker 12: that rates will be higher for longer and that we're
Speaker 12: coming out of what was an abnormal environment in a
Speaker 12: very low rate environment. Notwithstanding that, we are expecting perhaps
Speaker 12: a rate cut later in the year, both here as
Speaker 12: well as it will be interesting to see what the
Speaker 12: ECB is going to do tomorrow as well. There's been
Speaker 12: tiny optic in inflation in Europe, but it was really
Speaker 12: really tiny that it seemed to be set for a
Speaker 12: rate cut.
Speaker 3: Will be if they have telegrammed that raid cut that
Speaker 3: if they didn't know.
Speaker 12: So that's of course on industor's mind, but we're keenley
Speaker 12: of course, what really watching what the Fed is going
Speaker 12: to do, and it does seem that there's some that
Speaker 12: the economy is slowing down a little bit. I was
Speaker 12: actually looking through some of the figures around hiring and
Speaker 12: what's really interesting to see is that the hiring rate
Speaker 12: is slowing down.
Speaker 7: I know we're always.
Speaker 12: Looking at employment figures, but hiring rates slowing down, I
Speaker 12: think is also a sign. Plus, the data that we
Speaker 12: saw coming out of manufacturing may indicates a little bit
Speaker 12: of a slowdown and may lead to a cut.
Speaker 2: What I find so interesting about this moment in time
Speaker 2: is that we're really reversing like fifteen years of zero
Speaker 2: interest rates and twenty years of no inflation, and now
Speaker 2: you have a world where fixed income makes money, Yes,
Speaker 2: just from the dividend, like I mean actually yeah, like
Speaker 2: cash makes money. I mean, forget about appreciation anything. You
Speaker 2: can just make money by sitting there. And I wonder
Speaker 2: how that changes what a wealth manager does. I mean,
Speaker 2: this has been a world that hasn't been seen in
Speaker 2: like two generations of investors at this point. How does
Speaker 2: someone with your experience think about that?
Speaker 12: Well, that in itself is actually quite a big issue, right.
Speaker 12: We have a lot of people who are just not
Speaker 12: experienced in this type of environment, who on their own
Speaker 12: actually have considerable experience, maybe fifteen or twenty years of investing,
Speaker 12: but they haven't seen this before for and they don't
Speaker 12: really know how to react. So it is important that
Speaker 12: people like us keep training not only our own colleagues,
Speaker 12: but then also the end advisor as they work with clients,
Speaker 12: because you need to plan for your future and we
Speaker 12: do know, of course we're hitting we're hitting the issue
Speaker 12: of how clients are going to fund their retirement, and
Speaker 12: we haven't really solved for that, so you could perhaps
Speaker 12: you know, income will be important and in a higher
Speaker 12: rate environment and inflation coming down that rate environment will
Speaker 12: actually be quite helpful with income, but that will not
Speaker 12: be sustainable so that when you think about retirement sort
Speaker 12: of over a fifteen twenty year term, so you will
Speaker 12: also have to continue to have some risk other risk
Speaker 12: assets in the portfolio with a longer term view to
Speaker 12: both grow your capital base that also have assets in
Speaker 12: the portfolio that can generate income, and that whole diver
Speaker 12: versification journey, how to plan for that is a journey
Speaker 12: in itself, you.
Speaker 5: Know, coming to events like this, I was always surprised
Speaker 5: about alternative investments and how they are top of mind
Speaker 5: on some of these wealth managers. I thought that was
Speaker 5: just a big institutional allocation, but retail I mean, you
Speaker 5: know rias are thinking about that. How do you What
Speaker 5: are the conversations that you have with some of these people.
Speaker 12: Well, we are, We were just in a conversation earlier
Speaker 12: this morning with Jenny Johnson from Franklin Templeton as well,
Speaker 12: and we are seeing the demands coming through from the
Speaker 12: end investor. So first of all, you need to think
Speaker 12: about how we make those investments accessible to a retail investor,
Speaker 12: because you still need to be a qualified investor to
Speaker 12: actually access those products. Then secondly, you need to make
Speaker 12: sure that the advisors are appropriately trained to really explain
Speaker 12: to the end investor the risks that come with a
Speaker 12: type of investment. They can provide a lot of upside.
Speaker 12: They're obviously have to create the opportunity to generate higher
Speaker 12: returns someone who can achieve in the public markets, both
Speaker 12: fixed and equities. But the investments are illiquid.
Speaker 3: And so you have to plan for that.
Speaker 12: And it does mean that those investments cannot be a
Speaker 12: very large allocation of end client's portfolios, and that has
Speaker 12: to be well understood and appropriately managed from.
Speaker 3: A risk respective like hunder ten percent.
Speaker 12: Yeah, but I think what's also happening. I think the
Speaker 12: markets have been running quite hot. There's also fewer listed companies, right,
Speaker 12: that's just there are fewer companies going IPO. We've also
Speaker 12: seen a trend of the D listings, so there's actually
Speaker 12: fewer companies available. So if you want to invest in
Speaker 12: the US economy, you kind of have to go private.
Speaker 3: Such great insight.
Speaker 2: Really appreciate your time, Thank you so much for stopping by,
Speaker 2: Congratulations and unveiling your new Speedo products. Hanaga Smid's a
Speaker 2: global head of investment management for b ny Melon, and
Speaker 2: that's so interesting. It's like, yes, you're gonna have alternative assets.
Speaker 3: Be a part of the portfolio, but I don't know
Speaker 3: if we know just how much that's going to be.
Speaker 5: And you mentioned that ten percent number. I remember being
Speaker 5: in a conversation with one of these events a couple
Speaker 5: of years ago, and some retail advisors were saying, no,
Speaker 5: twenty thirty, forty percent. I mean, that's kind of almost
Speaker 5: like an endowment allocation with good Yeah, when you go
Speaker 5: to an endowment. And so that really surprised me that
Speaker 5: they're willing to take that level of risk on, or
Speaker 5: the private our clients are probably willing to take that
Speaker 5: level of risk on. So it's private equity, private credit,
Speaker 5: hedge funds, all those types of things are out there.
Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live
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Speaker 1: Auto with the Bloomberg Business App. You can also listen
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Speaker 1: just say Alexa playing Bloomberg eleven thirty.
Speaker 3: It's a Bloomberg Intelligence Radio.
Speaker 2: We bring you all the top news and finance and
Speaker 2: business through our lens of our Bloomberg Intelligence analysts. They
Speaker 2: cover two thousand companies at one hundred and thirty in
Speaker 2: is worldwide. For the last two days, we've had the
Speaker 2: honor being right here in Nashville, Tennessee, broadcasting live from
Speaker 2: the magnificent Gaylord Opuland Resort in Nashville for BNY Melons
Speaker 2: twenty sixth Annual Insight Conference with over two thousand financial
Speaker 2: intermediaries from top asset management firms. We've seen a lot
Speaker 2: of guests that we usually have on TV to stroll
Speaker 2: and buy see of them. Person is always really fun
Speaker 2: and we were just ended the last conversation on alternatives
Speaker 2: and we could not find a better person than to
Speaker 2: talk to about alternatives. Lisa Lewin is director of Prime
Speaker 2: Services at BNY Melons Pershing and she joins us here. Lisa,
Speaker 2: it's great to see you, Thanks for being here.
Speaker 9: Good morning, Thank you for having me.
Speaker 7: It's great to be here.
Speaker 2: So we're just talking to Hanaka about alternatives and what
Speaker 2: part they should play in their portfolio and sort of
Speaker 2: with the risk allocation should be.
Speaker 3: You are on a panel earlier.
Speaker 7: That talked about just that.
Speaker 3: What were some of your takeaways?
Speaker 9: Yep, absolutely, so we moderated a panel yesterday that was
Speaker 9: on the topic actually around the democratization of alternatives, and
Speaker 9: what we really focused on was the trend that we've
Speaker 9: seen over the last several years here at BNYMEL and
Speaker 9: Pershing and where there's been an increased interest from advisors
Speaker 9: and other clients in the wealth management channel to allocate
Speaker 9: or increase their allocations to alternative investments. So that's obviously
Speaker 9: been very exciting for us since we work with both
Speaker 9: alternative investment managers but also advisors to help them navigate
Speaker 9: kind of what that means for their business, what they
Speaker 9: should be thinking about, how they should look at alternative
Speaker 9: strategies where those can fit into their asset allocation. And
Speaker 9: that's really what we focused on during our discussion yesterday.
Speaker 5: Like I came to one of these events a couple
Speaker 5: of years ago and I was talking to an advisor,
Speaker 5: and I thought that their allocation would have been ten percent,
Speaker 5: it's a lot higher. What's your experience about what some
Speaker 5: of these wealth advisors think about in terms of allocation
Speaker 5: to alternatives. Great question.
Speaker 9: So it's actually really varied from what we've seen advisory community,
Speaker 9: and that really depends a lot on the advisor, kind
Speaker 9: of their comfort for an educational level with alternatives, their
Speaker 9: profile of their clients that they service. We see more
Speaker 9: that right now advisors have more of a I would
Speaker 9: call it maybe two to five percent allocation to alternatives.
Speaker 9: But the data that we've seen and the statistics from
Speaker 9: when we've talked to our clients in this space is
Speaker 9: that they're actually looking to increase their allocation to alternatives
Speaker 9: the closer to ten to fifteen percent of their clients
Speaker 9: overall portfolio waiting.
Speaker 3: So where's the risk here?
Speaker 2: So usually what we talking about private investments like, they
Speaker 2: just are alternative investments. I think of private credit, I
Speaker 2: think of crypto all that kind of stuff. Yeah, they
Speaker 2: haven't been around very long. So what's the conversation around
Speaker 2: risk management?
Speaker 7: Excellent question.
Speaker 9: There's definitely a lot of conversation around risk management, and
Speaker 9: that really folds into the larger conversation which is around
Speaker 9: education and the need for education and alex I think
Speaker 9: to your point, one of the biggest challenges that both
Speaker 9: advisors and alternative investment managers have is trying to provide
Speaker 9: the edge to these clients who have not been as
Speaker 9: traditionally invested in these types of strategies about why they're
Speaker 9: beneficial in their portfolios. So it's talking about everything from
Speaker 9: risk to liquidity to you know, where they provide diversification
Speaker 9: from your traditional stalk and bought investments to how you
Speaker 9: should bucket them and your overall allocation. All of that
Speaker 9: is kind of part of the conversation that is still
Speaker 9: being had in education that you know, a lot of
Speaker 9: people are looking to provide in this space.
Speaker 5: All Right. I grew up with private equity and with
Speaker 5: hedge funds hedge funds as my main alternatives. Now this
Speaker 5: new thing, private credit has come in and become such
Speaker 5: a huge market. What's the view of bny Melon Pershing
Speaker 5: on the private credit market.
Speaker 9: The private credit market has definitely been huge. One of
Speaker 9: the things that my panel has actually talked about yesterday
Speaker 9: is that private credit strategies have actually seen the most
Speaker 9: inflows from their advisor clients, so they've seen certainly a
Speaker 9: lot of interests in private credit strategies.
Speaker 5: You know.
Speaker 9: One of the things that we also heard is that
Speaker 9: a lot of the managers of these private credit strategies
Speaker 9: have really been kind of on the forefront of creating
Speaker 9: structures that make it more like a little easier for
Speaker 9: these clients.
Speaker 5: To access their strategies.
Speaker 9: So that's certainly helped as well, but they can We
Speaker 9: continue to see in my panel has talked about this yesterday,
Speaker 9: a lot of interest in private credit and inflows into
Speaker 9: those strategies.
Speaker 2: How do you think that investors and wealth managers are
Speaker 2: using private credit? Is it long term, riskier bets that
Speaker 2: will return more than say the stock market.
Speaker 7: Is it just hey, let's just throw.
Speaker 2: Some money here, see what happens, because money's going there
Speaker 2: and it could be really good return.
Speaker 3: Like, what's the best use of it?
Speaker 7: Excellent question.
Speaker 9: I think the best use of it from what we're
Speaker 9: seeing is again like another way to diversify away from
Speaker 9: that traditional kind of sixty to forty portfolio allocation that
Speaker 9: so many people have traditionally stuck to. It is another
Speaker 9: way to maybe provide kind of higher returns for their clients,
Speaker 9: you know, diversification again away from the public markets. So
Speaker 9: that's really how we're seeing clients use these private credit strategies.
Speaker 5: In the pastime. How I've interacted with prime services is
Speaker 5: you know, I've got some trader on Morgan Stanley's equity
Speaker 5: or bond desk, and she has a great three or
Speaker 5: four years and she takes that track record and says,
Speaker 5: calls you up and say, go raise me a billion dollars.
Speaker 5: There's so how much money you can raise. I want
Speaker 5: to go out on my own. Does that happen anymore?
Speaker 9: Well, maybe not as easy as you describe, but certainly
Speaker 9: one of the services that we do provide our clients
Speaker 9: is what's called capital introductions, So we help our hedge
Speaker 9: fund and other alternative asset management clients meet potential investors
Speaker 9: to raise capital. So that is certainly something that we do.
Speaker 9: We also work with our clients to structure different financing
Speaker 9: arrangements and to facilitate any type of securities lending activity
Speaker 9: if they have a shortening component to their strategy.
Speaker 3: What else are you.
Speaker 2: Guys talking about that we don't know about yet that
Speaker 2: like the clients are saying, like, this is a really
Speaker 2: cool alternative that we have to start talking about in
Speaker 2: a different way.
Speaker 7: Question a few things.
Speaker 9: I think one of the things that I found interesting
Speaker 9: in my panel yesterday is that they're seeing a lot
Speaker 9: of inflows into an addition to private credit, also to
Speaker 9: PE secondaries.
Speaker 7: I thought that was.
Speaker 9: Interesting, and that they're also starting to see more interest
Speaker 9: and inflows into real estate credit. So I thought that
Speaker 9: those were kind of two interesting things that they highlighted
Speaker 9: that are trends that we certainly plan to continue to watch.
Speaker 3: The secondaries.
Speaker 5: Yeah, I don't so is crypto in your world? So
Speaker 5: we crypto is in our world.
Speaker 9: I do not really deal with crypto, and I will
Speaker 9: be the first to amit. I am not the expert
Speaker 9: on the space.
Speaker 5: Like, I don't know if it's an alternative, it's is
Speaker 5: it a currency, is a commodity? I don't know.
Speaker 2: I think that's kind of the issue, right, Like if
Speaker 2: you're a wealth management like management manager, how do you
Speaker 2: pitch that and what percentage of your portfolio?
Speaker 7: Should that be? Excellent question?
Speaker 5: I No, it knows.
Speaker 9: No one knows, and I think part of that is
Speaker 9: just around No one really fully understands crypto.
Speaker 5: Yeah, I think that's fair to say, except for the
Speaker 5: just the real maybe the grey scale people over there.
Speaker 5: They have the nice big booth this year, so maybe
Speaker 5: they do.
Speaker 3: It's the young kids, Yeah, that's what I was gonna say.
Speaker 7: You got to ask someone that's young. Yeah, they'll understand it,
Speaker 7: all right.
Speaker 5: Lisa, thank you so much for joining us. Really appreciate
Speaker 5: Lisa lew And she's a director of Prime Services at
Speaker 5: b n Y Melon Pershing with life here in Nashville,
Speaker 5: Tennessee at the Gaylord Opperland Resort for the BNY Melon
Speaker 5: Insight get together here, which they do every year, and
Speaker 5: here we're in Nashville, so good stuff. Here we can
Speaker 5: talking to a lot of smart people about the wealth
Speaker 5: management business, learning a lot as well.
Speaker 7: I have to say I did learn a lot.
Speaker 5: Yeah, I know.
Speaker 3: I don't think I really understood what like pershing did
Speaker 3: it be?
Speaker 2: And why Melon and how instrumental it is to the
Speaker 2: functioning of like my wealth manager.
Speaker 5: Yeah. So the next time you're on Wall Street, go
Speaker 5: to number one Wall Street on the corner. That's the
Speaker 5: original site of the Bank of New York. Alexander Hamilton.
Speaker 5: Good stuff.
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