Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Glenn Schorr - UBS.
Glenn Schorr - UBS
So we had some acceleration of some of the accretion this quarter on as you mentioned some of the prepayments picking up. So 2009 accelerates, 2010 stays the same, but 2011 moves forward. How come that’s not shared across the years? I don’t know if I am harping on something irrelevant, but it just seems weird to me that 2010 would stay the same, that some of that wouldn’t be pulled forward.
Edward Resch
Glen, it depends on our security specific analysis and we go through that for the quarterly determination, it really depends on what we see, security by security for those securities that we are targeting for future discount accretion. So, it's not a linear type of thing at all.
Glenn Schorr - UBS
Okay. I don’t know if I missed this in the prepared remarks, but what drove the processing fees jump up, I guess it's 45 from 17 last quarter?
Edward Resch
Nothing in particular. Just a combination of a lot of relatively immaterial items that resulted in the $28 million sequential quarter gain. So there is nothing specific to point to there.
Glenn Schorr – UBS
Okay. We’re starting to see a bunch of consolidation in asset management land, you have Ameriprise Columbia, yesterday you had Morgan Stanley Invesco. Just thoughts on some of the recent transactions on how you are impacted specifically and then just maybe just the more general view on consolidation asset management, how you are impacted?
Ronald Logue
I think we are continue to see more of that if past performance or any indication of future success there I think it will be positive for us and I can cite a number of cases the most recent one last I think last quarter we talked about when Wells and Wachovia merged we were doing the majority of the work for Wachovia, had done actually nothing for Wells Fargo and then won that significant piece of business. I forgot what the assets were I think there were about $230 billion. So we were major beneficiary there.
So we had two other situations. We got Columbia for whom we do most of the work purchased by Ameriprise for whom we do nothing and we have (inaudible) for whom we do everything, which is the deal that was announced I guess late last night, and Invesco in that situation we do a lot for Invesco as well.
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