The Bank of New York Mellon mentioned money market funds and its "portal" in a couple of places during its first quarter earnings call. Chairman & CEO Gerald Hassell says, "In Investment Management, we had a good quarter with revenue up 8% and pretax income, excluding intangibles, up 24%. Our adjusted pretax operating margins rose to 34% helped by increased revenues and various expense actions. Overall, asset management flows improved to their highest level in several years. Of note, our cash business [was] above the industry trend of outflows and in the quarter, we added $13 billion in assets inflows." CFO Thomas Gibbons explained, "First, we experienced solid revenue growth in Investment Services fees and Investment Management and performance fees, both were up 4%. Second, while our net interest revenue and our net interest margin benefited from the rate increases, both results were a little lighter than we anticipated due to the slightly smaller balance sheet. Now the dynamics of that I'll discuss later in a little more detail. I will also provide with you some additional color on how additional rate increases are expected to benefit both NIR and the NIM.... Clearing services fees increased 7% year-over-year and 6% sequentially, primarily driven by higher money market and mutual fund fees.... With regard to short-term flows, as Gerald noted, we added $13 billion in cash and we did that by focusing both on the performance as well as increasing distribution through our liquidity portals. This was in contrast to the cash industry which experienced overall outflows.... Regarding fee waivers, we have recovered nearly all of the pretax income related to the interest rate sensitive fee waivers."

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