Tony Bisegna: Thank you Taryn, Gino, for joining us today. I thought we'd talk a little bit about financing solutions, specifically prime services. And Taryn, you're relatively new. Coming into prime services was formerly called enhanced custody. I'd like to get your thoughts a little bit about the business and where you see the opportunities going forward through your lens and maybe Gino also chime in a little bit as well as to what you think some of the really big growth opportunities are.
Taryn Siglain: Absolutely. Thanks for having me here today. Yeah, you mentioned the name change recently, which was really exciting for the business. Certainly since the business was founded about ten years ago, there's been quite a bit of evolution and change both in terms of the marketplace as well as our business here at State Street. And so it felt time to maybe modernize and to change the name to Prime Services where we stand today. I think as part of that, what we're trying to develop and continue to push forward on is that feeling of a one stop shop for our clients. Clients are looking for high touch solutioning and a partner through different market cycles. And so that's somewhere that we're really focused and we continue to innovate. I think one good example of innovation that we've done is our direct access platform in partnership with our agency lending business, where we can offer clients peer to peer offerings for their financing needs. Other areas that we were able to push our advantage in is our custody model so we can differentiate through offering some liquidity solutions like self-borrowing through that wrapper as well. I think on a different lens, clients are also looking for thought leadership and I've been really excited to be able to partner with our research division here. We have more and more offerings to come in the near future, but we're in the middle of academic minds here in Boston.
Tony Bisegna: It's a very unique research offering that we have, and it's very interesting to our clients for sure.
Taryn Siglain: Absolutely. And three Bentley alums here.
Tony Bisegna: That’s right, I didn’t think about that.
Taryn Siglain: I know we're excited to be here in Boston with Harvard and MIT and all these different schools. And so research is able to partner with those academics and our vantage point. We manage $30 trillion in custody assets here. I mean, that's hard to get my mind around for sure. $30 Trillion. And so that that offers us some good insight into data and flows. And so we're able to work with our research department to provide that information in the form of research to our clients, which is invaluable when we're trying to ensure that we help them make that that right trade decision and ultimately drive alpha.
Tony Bisegna: Great. Gino, thinking about your agency and your prime services, looking at prime services, where do you think the strategically the next wave of growth is going to come from?
Gino Timperio: Yeah, I think it's as you think about our client base, they're getting into different asset classes and so forth. So with Taryn's thought leadership and so forth, just serving clients across the full spectrum of opportunities and as Taryn's touched upon it earlier, one stop shopping. Really what they're looking for is a partnership to Taryn's point in a stable environment. So different market cycles. We need to be there for them and I think under Taryn's thought leadership we’ll certainly enhance that across our full spectrum of client base.
Tony Bisegna: And as you as you look forward to relatively new again to the shop here. What has struck you about State Street and this product in particular, what really drew you here to it and what are your early day views of it?
Taryn Siglain: Absolutely. I think I've been really, really impressed with our ability to sell the firm. So again, we want clients focused on trade decisions, and so we're able to partner with our fund admin business, with the custody side of the business, with agency lending to really deliver one State Street for clients. And I think that's been really fun to meet all the different areas and to partner to determine the right offerings for clients. And I think also just the strength of our balance sheet, our capital, our liquidity. At the end of the day, we have to be durable. We have to be there for clients through different market cycles. And I think with that capital liquidity footprint, we're able to do that. And I think that's ultimately what a client is looking for, that that durable partner.
Tony Bisegna: I like the way you phrase that durable. I think that's important to a lot of things we do in markets. And I'm glad to hear you say that. I think that's really important. We like to partner with our clients over the long term, so that's really good to get that view from you on that. With that, it was great to have you guys here today. The three Bentley alums. I didn't realize that when I came up here. It's great to meet. So it shows you the strength of the school.
