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Fee revenues benefitted from stronger equity markets during the quarter. In aggregate, fee revenues were up 13% versus 1Q'13. Within fee income, asset servicing posted a 2% increase reflecting higher securities lending volumes and increased asset servicing fees on new business. Issuer services logged a strong increase of 24% relative to 1Q'13 due to increased corporate actions and technology reimbursements. Foreign exchange also posted healthy increases, having been on a declining trend over the past few quarters on the volatility in foreign exchange markets. The good growth in fee revenues and rally in financial markets reinforces the strong interdependence between fees and markets.
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