Shows sequential fee revenue falling as market declines reduced average AUM. Securities-lending revenue was $158 million, down from $169 million in Q4 2019 but above $148 million in Q1 2019.
Investment advisory, administration fees and securities lending revenue decreased $34 million from the fourth quarter of 2019, driven by the impact of lower average AUM related to recent market declines and the effect of one less day in the quarter, partially offset by the impact of organic growth.
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Shows sequential fee revenue falling as market declines reduced average AUM. Securities-lending revenue was $158 million, down from $169 million in Q4 2019 but above $148 million in Q1 2019.