The increase also reflects higher traveling-related expense and continued investment in communications and information services.

Feb 4, 2025 / CFO / receipt, needs a key / Helen Meigs, CFO | earnings call 2025-02-04 | transcript 6a9a5235-1442-4d22-bbb9-28112040c5e3 | chars 4048-4176 | segment 4

Overall, we expect our total non-compensation expense in 2025 to grow at a similar rate to 2024, with the highest contribution to growth coming from travel expense driven by increased business-related activity, as well as continued investment in our technology and data infrastructure.

Feb 4, 2025 / CFO / receipt, needs a key / Helen Meigs, CFO | earnings call 2025-02-04 | transcript 6a9a5235-1442-4d22-bbb9-28112040c5e3 | chars 4411-4696 | segment 4