present the case to bny mellon committee. i would like to thank spurs operations team in helping us to collect all supporting documents for the meeting with the bny mellon committee and stay current with bny me mellon reporting requirement for the second facility and the second reason to increase the second facility is our large allocation to private investments. spurs -- for strongen investment have been possible due to large allocation to private markets. the trade-off is that the private investments have limited, dairy boat and difficult to forecast liquidity and private management increased your market volatility to take advantage of the market uncertainty and low evaluations and as a result, the stress liquidity can be considerably higher than the base case estimate and this further increased the value to spurs of a credit facility. the third reason is the increased in pension obligation. in fiscal year 22-23, purchases net investigations are 800 millions and they're expected to grow to $1.3 billion in three years and do

the chief growth officer at bny mellon.d on traders to post better-than-expected profit after its key wealth management business was hit by slowing client activity. the ceo spoke to bloomberg. >> you see transaction income down from a year ago. generating assets are still positive. more money going into manage. then, you see a real pickup and demand. indeed, from an income perspective, there is money flowing in that region. manus: the biggest threat -- in your view, what is the biggest threat? >> if you look at this quarter, the current circumstances apple challenges and opportunities, the challenges -- the threat is, transaction revenues going down on the wealth management side. more and more money is coming through. the brand is out there is a beacon of stability. capital strength shows clients have trusted us. you see opportunities and threats, and with things being unpredictable, you can only rely on what you are strong at, your own advice instability. manus: when i look at china, there is a sense of panic in the curren

always timely, alisha levine at b and y levine -- alecia levine -- alicia levine at bny mellon. explain to an audience with a domestic portfolio by dollar-yen crisis matters. alicia: good morning, and it is great to see you even though the world seems to be giving us issues every time we wake up. our central bank is much tighter and much more willing to hike rates than anywhere else in the world because our economy is stronger than any other economy in the world, and what that means is a much stronger dollar for the u.s.. it is great if you're traveling, not great if you are a multinational company that has business overseas because your business is sourced in euros and those have to be converted back to dollars at a much more expensive dollar. so you've got pressure on earnings from overseas companies , and in general it is not great to see these currencies of our major trading partners so week because it suggests there is real strength in the system here because of the differential in central banks. jonathan: the trade used to be go long equities. that is not the trade anymore