Helen Shan: Yes, I’ll take that. That’s a great question. So let me try to touch on that. I would look at it maybe not necessarily on firm type, but maybe even size. So in our premier book, which is our most key large accounts, make up about 41% of our total, then they’re really looking for the ability to — they have flat budgets. And so they’re really looking for the ability to make some room to invest in gen AI themselves. And so I think that’s where making large decisions becomes a little bit tougher. We’re seeing a lot of demand. Part of the growth in our H2 is on the data solutions side, and I think that reflects some of what you would expect in the market. So I think what we’re seeing is yes, the larger deals are related to platform. We have a good pipeline of them. We need clients to feel comfortable enough to be able to act on it. And — but data continues to be a strong point and we think will drive our second-half.
Operator: Thank you. One moment for our next question. Our next question comes from Toni Kaplan with Morgan Stanley. Your line is open.
Toni Kaplan: Thanks so much. Helen, you just mentioned a couple of questions ago the pipeline focusing on the competitive displacements and how that’s been very strong. Is that directionally, I guess, stronger than it has been? And just any changes in the competitive environment maybe because of the challenges in the market has it been a little bit more competitive when you’re sort of up against other players? Thanks.
Helen Shan: Yes. No, thank you, Toni. So yes, I would say a couple of things. The type of total cost of ownership conversations is definitely higher. We’ve had a lot of C-suite conversations, which I would say is probably more than we’ve had in the past. And the need to find, I’ll say, new alternatives is on top of clients’ minds. So I’d say yes to that. As it relates to the pricing, as mentioned on new business, we’re seeing greater pressure there. Is pricing overall coming down? I would say it depends on the firm type of large deals. I think you’re seeing more of that leverage coming through. But so far, our price realization has been flat to last year.
Philip Snow: To add to this, Toni, that I think we’re in a very strong position competitively. When I think about the buy side and the fact that we’ve got portfolios on the system and clients want to work more with us, it’s really giving us a good opportunity with these TCO conversations. And I’m seeing, for the first time in my career, much more of a top-down push for cost savings and giving some of the users a little less choice than they had in the past, which I think, in many cases, is tipping things in our favor. We’re also seeing that some of our competitors’ platforms are becoming — are less flexible and less able to scale, which we’re taking advantage of. So that’s on the buy side. On the wealth, we’re doing incredibly well there.
We had that one-off thing this quarter, which I wouldn’t be concerned about if you’re thinking about sort of the longer-term trends for wealth. We still have a lot of large opportunities in front of us, some good ones in the pipeline. And we’re beginning to expand the workflows that we’re addressing for wealth, including things like prospecting and proposal generation. So I see a lot of opportunity on the wealth side. And then with our continued investment in content around deep sector, private markets and the technology investment we’re making now around generative AI, I think there’s a massive opportunity for us not just across banking, but across some of the smaller firm types that we deal with like private equity, corporates and even hedge funds where we may not have played as much in the past.
So I think we’re set up very nicely here. And I think — when the market turns, I think we’ll really be able to capitalize on this.
Operator: Thank you. One moment for our next question. Our next question comes from Owen Lau with Oppenheimer. Your line is open.
Owen Lau: Good morning, and thank you for taking my questions. So I’m trying to reconcile some of the commentaries here. Could you please talk about the reason of anticipating lower ASV — organic ASV growth and GAAP revenue to land at the lower end of the guidance? And I mean your comments about the pipeline was quite constructive, especially for the fourth quarter. I mean you said because of the UBS-Credit Suisse deal that lead you to lower your expectation. Or is there any specific event that drives your decision? And then one more, it’s about your outlook, your updated expectation about the capital markets recovery. Could you please talk about how you incorporate that into your guidance right now? Thanks a lot.
Helen Shan: Sure. Owen, I’ll touch a bit on that. So I think there’s a couple of things that we’ve taken into account. Yes, we do have a very strong pipeline, as mentioned. That being said, we also have the impact of the CS-UBS merger. We talked a little bit about that on our last call. Timing of that, of course, is not in our — we don’t control that. So that’s being reflected in our lower end of the guidance. We also had the large wealth — cancel that Phil just mentioned there. That is a one-off, but that also plays into our view as well. And we are a little more conservative in how we’re looking at the environment. I’ll let Linda talk about the capital markets piece, but we don’t try to build in a bounce back into our numbers.
