In-scope revenue reached $159bn in FY24, 10% above FY23. Net interest income remained weak, but investment management revenue jumped, driven primarily by discretionary fees. As expected, transactional fees suffered a seasonal slowdown, but still gained almost 20% on full-year basis. Regionally, EMEA and APAC outperformed, particularly in the $10m+ client segment. Following several difficult years, APAC’s wealth hubs are recovering, and fast. Hong Kong’s regulators recently disclosed that private banks and wealth managers registered net inflows of $50bn in 2023, almost triple the 2022 total, with strong growth also recorded in 2024. Also, Hong Kong’s new CIES scheme – targeted