Low short-term rates pressure our net interest margin and result in ongoing fee waivers in connection with our money market mutual funds, although waivers declined in the quarter.

Investment management fees for [Corporate and Institutional Services] were $74 million in the fourth quarter, up 22% year-over-year and 1% sequentially. In the year-over-year comparison, new business and higher markets drove the increase. The sequential quarter increase reflects new business, primarily in index, fixed income and mutual fund management. Waived fees associated with institutional money market mutual funds and impacting C&IS declined from $12 million in last year's fourth quarter to approximately $6 million this quarter and were down about $1 million sequentially. Lower fee waivers primarily reflect higher gross yields achieved in the underlying funds.

Where there are other components, such as holdbacks, which we just don't think will meet with client expectations for these types of vehicles. So we know it's going to continue to evolve. As we've said before, we're really trying to just make sure we're positioned for whatever the change is because, to the extent that a money market fund becomes less attractive for our clients, we want to make sure we can provide other alternatives for them, like deposits on the balance sheet or like other ultrashort vehicles. We did introduce in the fourth quarter I mentioned the 6 new ETFs.

The fourth quarter was also strong for our personal business as we were well-positioned to provide Wealth Management and Asset Management solutions to new and existing clients that address the uncertainties presented by the changing tax and investment environment. Winning mandates such as these from new and existing clients is the primary driver of growth for Northern Trust over time.

,…alternatives is an area that is, I would say, a strategic focus for our asset management business. And the primary focus there for our clients is to be able to provide them with a robust set of alternatives within the alternatives space. So the way we've approached it is through both hedge funds of funds and private equity funds of funds primarily. And that business, and I don't have any specific numbers in front of me, but continues to do well. But as you pointed out, we haven't seen an increased level of risk appetite, if you will, on the clients' part that has changed the trajectory in a meaningful way where we're seeing outsized growth in that category. It'll continue to be one of the things that's at the top of the list for NTGI. And I think it's going to have to be a combination of our ability to offer more alternatives for them, and at the same time, the risk appetite of the clients also increasing.