Operator: Good day, everyone, and welcome to the Northern Trust Corporation Second Quarter 2013 Earnings Conference Call. Today's call is being recorded.
At this time, I'd like to turn the call over to Director of Investor Relations, Bev Fleming, for opening remarks and introductions. Please go ahead.
Beverly J. Fleming - IR: Thank you, Beth. Good morning everyone and welcome to Northern Trust Corporation's second quarter 2013 earnings conference call. Joining me on our call this morning are Michael O'Grady, Northern Trust's Chief Financial Officer; and Jane Karpinski, our Controller.
For those of you who did not receive our second quarter earnings press release or financial trends reported via email this morning, they are both available on our website at Northerntrust.com. In addition and also on our website you will find our quarterly earnings review presentation, which we will use to guide today's conference call. This July 17th call is being webcast live on Northerntrust.com. The only authorized rebroadcast of this call is the replay that will be available through August 15th. Northern Trust disclaims any continuing accuracy of the information provided in this call after today.
Now, for our Safe Harbor statement. What we say during today's conference call may include forward-looking statements, which are Northern Trust's current estimates and expectations of future events or future results. Actual results, of course, could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties. I urge you to read our 2012 Annual Report and our periodic reports to the Securities and Exchange Commission for detailed information about factors that could affect actual results.
During today's question-and-answer session we ask that you limit your initial query to one question and one related follow-up. This will allow us to move through the queue and allow as many people as possible the opportunity to ask questions as time permits.
Thank you again for joining us today. Let me turn the call over to, Michael O'Grady.
Michael G. O'Grady - EVP and CFO: Thank you Bev. Good morning, everyone and welcome to Northern Trust's second quarter 2013 earnings conference call. As usual we've organized today's call into three sections. I'll review our second quarter results, update you on our driving performance initiatives and comment on our capital. Bev and I would then be pleased to answer your questions.
Starting with some overview comments on Slide 2, this morning we reported second quarter net income of $191 million and earnings per share $0.78. In the second quarter, we were successful in growing the business and revenues, while improving productivity, profitability and returns. Our value proposition continues to resonate with clients and we grew both our personal and institutional businesses. Wealth management clients continue to build confidence and we remain well-positioned as a valued advisor.
With institutional clients, we're seeing a good pace of activity across global regions, products and client segments. The operating environment continued to be mixed with both positive and negative implications on our business. Equity markets in the U.S. and Europe were generally higher and supplemented our strong new business results. However, lower fixed income markets detracted from client asset values.