But Phil, I don’t know if you want to dive in little deeper.Phil McCabe Sure. Thanks, Ryan. Hi, Owen. Just real quick, as you can tell by our sales in the first quarter, they were pretty solid, especially Q1 is normally a little bit of a slower quarter for us. We have a very, very, very active pipeline. The market, there is a ton of activity going on. A lot of our clients are larger private equity and alternative managers.They have a lot of dry powder. They’ve been investing in taking these opportunities when the market is a little bit dislocated just to buy more and more companies and things along those lines. So our private credit book is strong, real estate is strong, infrastructure is strong. I mean, in general, we’re in a really good spot.
So the team is large and the bench is deep and we’re doing really well.Owen Lau Got it. That’s very helpful. And then I want to go back to a private banking side. The margin was up in the first quarter and revenue was better than our expectation. Just maybe can you please just add more color on the potential revenue trend and also margin from here? And I think a couple of quarters ago, you highlighted State Street and Union Bank of California will be converted in the first half of 2023. Could you please give us an update on that? Thank you.Ryan Hicke Yes, that’s great, Owen. Sanjay and I will maybe tag team this one. So your opening point, I mean, I think we’ve been very clear hopefully, very consistent over the last few quarters that we were really focused on getting those margins from banking back on a growth trajectory on a path back to historical levels and really doing that through a combination of not just managing expenses, but really getting that pipeline build up to a way that the revenue that’s coming in is dropping through to the bottom line.I think Dennis touched on that in his remarks.
So we are really encouraged by that progress. We know we had a couple of headwinds that you just highlighted. I’ll turn to Sanjay on that front. But we have had an extremely aggressive effort over the last few quarters engaging our existing clients and really solidifying that foundation for growth and building those pipelines.So we feel good about where we are right now. We know what the expectation is to continue to grow those margins. But, Sanjay, do you want to talk about a couple of the specific examples Owen had maybe your overall view of where we are.Sanjay Sharma Yeah. Thank you, Ryan. Hey, Owen. How are you?Owen Lau Good.Sanjay Sharma So, Owen, you are right that we’re recovering from the previously-announced client de-conversions. And the full impact of those de-conversions is visible this year.
But at the same time, those de-conversions are not easy. I mean think about State Street you to call out that de-conversions got delayed many times and last month itself State Street talked to us asking for further delay.So but we know that there is a small de-conversion. We had to deal with that. But at the same time, as Ryan mentioned, we have been very disciplined about our margin and expense management and employing our client engagement to solidify the banking foundation. As you could see the number of the re-contracts in the last nine months and securing long-term revenue, that’s a good example of our efforts.At the same time, if you look, as Dennis called it out, the backlog deliveries are another major focus area with a view to improve our bottom line growth.
You would see the results of our improved backlog delivery capabilities and discipline in coming quarters. Dennis mentioned $40 million plus worth of backlog, almost 50% of that getting delivered in the coming quarter.Also the ongoing conversion of US Bank as our first software-as-a-service client is opening up new opportunities in the market. Good part is the Union is getting acquired by US Bank. So those clients we are directly migrating on SWP and that is presenting more opportunities for us to support such agendas.Owen Lau Okay, that’s perfect. And then if I may just can I add one more housekeeping question on buyback. So we purchased $80 million of shares in the first quarter and then you just announced an additional $250 million. So should we think about you have $183 million remaining for your share buyback, Dennis?
Thanks.Dennis McGonigle Not to fit. The remaining — what we had remaining before the additional authorization was about $12 million. So we have about $262 million of authorization now.Owen Lau And then you purchased $80 million in the first quarter, should we subtract $80 million from $263 million and get to $183 million?Dennis McGonigle Basically, what we did, we came into the quarter with $92 million of authorization.Owen Lau Got it. Okay.Dennis McGonigle Used up $80 million of it and just increase it by $250 million.Owen Lau Got it. Okay. Thank you very much.Operator [Operator Instructions] And next we’ll go to line of Jeff Schmitt with William Blair. Please go ahead.Jeff Schmitt Hi. Good afternoon. Looking at revenues in the Institutional Investor business, they were down 14% in the quarter.
I think you referenced some client losses around defined benefit plan clients. Is that correct? And how should we think about growth for the year there?Ryan Hicke Yes, I mean, Paul is on the call as well. So, I’ll let Paul comment. But we did have some net kind of wins and losses during the quarter. And I think this business line, the pressure point on it has been on the corporate defined benefit segment of the market. And so Paul and his team’s credit over past five, six years, they’ve worked really hard to diversify this business to make that part of the business a smaller and smaller percentage of overall assets and revenue.But we do see those pressures on — in that segment of the market will continue. Even though there is opportunity to win business there, it will continue.
And now, all the pressure is actually on Jay Cipriano, so it’s kind of shifted or will shift in about as soon as we hang up this call. But Paul, do you want to add anything or –Paul Klauder Yeah, I can give my parting comments. Yeah, a couple of things in the dynamics of the Institutional business. First and foremost, even though we saw a marked recovery in the first quarter, the comparative you are using is comparing against perhaps a time when interest rates were lower.And that — the reason that’s relevant is we have a lot of long duration fixed income assets that are there commensurate to the liabilities. As interest rates go up, those assets go down, equities went down and alternatives went down.So, we really had three levers, even though corrected in the first quarter that impacted the asset values and obviously our revenues are derived on the asset value.
