everyone. Good morning, Rick. Thanks,
Let our this and Earnings me of a per Mark our were common and equity in join call. million. share welcoming the of XX.X%. third was quarterly two we review quarter $X.XX presentation, morning to return earnings conference Page earnings income Starting third quarter XXXX Rick net $XXX.X you on our on reported
This associated included related million of rate. administration million Tax Switzerland. in state Asset a benefit tax UBS Illinois income the resulting tax Illinois in deferred credits. $X.X to and income million the activities. an Federal $X and charges A $X.X research in to units charge of State increase tax And the associated from quarter’s tax expense million with results of acquisition with and Luxembourg related $XX.X fund acquisition Expense related an Management’s severance integration increase
in our clients. business. and impact as our under under to well XX% prior winning and compared businesses as assets custody markets and assets XX%, administration, number custody and increased year, new factors continued reflecting A environmental favorable Our management the XX% of respectively assets our success
fees some the year quarter S&P XXX values Barclays compared Index review was EAFE Recall our and the the compared of Index of going second third during how XX.X% our was as GX unfolded some Equity a the markets, also the lower year-over-year lagged year, bonds measured performed factors XX.X% up international last of sequentially. X% results higher markets, U.S. XX% down quarter. during Currency up markets and in well and volatility well In sequentially. those to by quarter percent as ended year-over-year prior X% up sequentially. let Before through up aggregate X.X% on up markets, detail, and me In as quarter. U.S. In MSCI markets were the sequentially. year the the market based are compared sequentially. last one-tenth to and Index to was up X% that the
higher quarter. also were volumes market exchange the during Foreign
of sequentially. volumes XX% up flat year-over-year As X% interbank up measured by two X% were the brokers, to to and
both client the quarter euro points most impact therefore prior quarter by as X%. revenues one pound U.S. to the basis ago. foreign X% dollar. XXX currencies compared points and evident Euro U.S. averaged U.S. influence and currencies assets ended sequential impact and quarter of our the short-term to to year of expenses. revenue interest the rates compared expenses. a basis dollar which dollar during On strengthened had higher The in non-U.S. LIBOR volatility basis, our points U.S. the a these a and year an certain XX British versus prior basis and during in were compared translation The to quarter British three-month You'll the unfavorable pound the respectively the and exchange impacted on strengthening client Currency rates that favorably XXX currency and recall activity influence that trading the income. X% and up
credit from was quarter. XX% the three were Net higher to for compared and interest XX% with and income sequentially. year. ago income financial prior up and Year-over-year provision move and up noninterest the income on common last The a quarter. XX.X% year interest Page a of from for quarter one the sequential the prior million. the was noninterest of up increased income income higher income revenue net increased up revenue X% at was was with Let's a highlights XX%. in credit a from X% X%. losses to comparison, X In quarter. a review Return Net third average up Expenses up XX% XX.X% the net equity flat XX.X% year-over-year. Expenses X% was XX% up
increased compared and X.X on administration to of year and custody one sequential under a trillion Assets X% basis. XX% ago
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sequential favorable moves the rates impacts For were market and exchange and and comparisons, business, both strong new year-over-year drivers. currency the
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in results detail revenue Page at greater on Let's four. with starting look
third quarter our Third quarter X% revenue up other largest a component XX% XX% a from and and equivalent $XXX year-over-year from sequentially. revenue billion, prior investment last $X.X were up quarter. basis Trust the servicing of fully the represent and the in taxable and million year fees X% up was up on
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the trust fee five. at components on look investment of – investment trust fees Let's Page our and
compared XX% results strong $XXX basis. fees Services primarily C&IS fees, and component to X% million reflects totaled rates. largest Institutional business, These and exchange were million XX% the administration fund of business, on markets year & currency quarter prior Corporate For $XXX year-over-year sequential equity a sequentially. in third up favorable the a favorable the fees and of impact X% new up and the Custody up
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sequentially. X% management up clients were under management end, billion Assets quarter XX% year-over-year wealth $XXX and for at
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basis, net $X.X amortization deposits day managed bearing fully totaled the being of taxable $X.X our balance benefit the partially margin noninterest count. This billion million change higher on interest line. benefit certain Net For a offset investments. in income short-term for with sheet, sequentially. was the equivalent offset the higher point of the premium basis the and accounting On mix a interest sequential taxed for average by due interest the to quarter benefit rates quarter, one increased declined
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last quarter severance charges year up Turning Page The was included the seven, integration in and were prior expense million acquisition cost $X and Compensation were XX% Recall and higher and current million. expenses of increased sequentially. included $XX.X $XXX sequentially. third to and that the the quarter flat than quarter’s million to declined personnel and million X% $X.X severance X% year million. personnel and charges results $XXX of prior compared
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We updates are initiatives look progress providing the confident in to our we ability to future forward and execute today for us. discussed in on have on our
I wanted Before our on units of Management’s acquisition update and fund for questions, UBS administration Luxembourg opening in Switzerland. line the to provide Asset up an
earlier Northern provider Luxembourg. capabilities and assent Switzerland As From products a stone Continental a the quarter run and on acquisition positions financial the as servicing million. we approximately Trust brought The Europe. administrator X. annualized across reach for of and opportunity top a in closed The this is significant expansion rate is our standpoint, scale, leading revenue market $XX represents announced a plan strategic in XX acquisition Europe October our month, transaction
the to we accretive throughout acquisition For include quarter modestly you if modestly cost. the basis dilutive on fourth and XXXX, operating an be integration and expect the
million. I As integrate at the of quarter the remarks, were mentioned current beginning in cost $X.X my
be quarter today. cost earnings Northern call Thank the to please Nichole, would in your be for participating million fourth in the again to conference integration third $XX and questions. you quarter. open transaction to $X happy expect million We We line. answer Trust
