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CPPIB also plans to contribute about $1 billion to the proposed merger between Novolex and Pactiv Evergreen Inc., interest in the public shares of Denmark-based DSV A/S to support the funding of DSVs acquisition of Schenker AG. Invested US$100 million in Bain Capitals financing facility to support its acquisition of PowerSchool.
In addition, our nIQ products such as commercial pricing and profitability allow financialinstitutions to broaden their customer relationships, cross-sell, and optimize for profitability. With high interest rates still in effect, financialinstitutions are seeing pressure on net interest margins.
Additionally, the acquisitions of Rushmore Servicing and Roosevelt Management added another 32 billion and brought us best-in-class special servicing capabilities in the infrastructure to launch our first MSR fund. The WMIH merger brought us 1 billion in deferred tax assets. At the time, there was skepticism about their value.
But if you include pending acquisitions, such as Home Point, we're over 950 billion, which is nearly on top of our 1 trillion target. Also contributing to portfolio growth, we completed the acquisition of Rushmore Servicing, which now makes us one of the largest special servicers. And that is now playing out as we foresaw.
Card outstandings were up 11% due to strong account acquisition and the continued normalization of revolve. I think it was this week or last week on Bloomberg, you're saying bank merger should be allowed. So I mean always say, assets acquisitions. Turning to Card Services and Auto. Expenses of $9.6
RITHOLTZ: Was this a distressed acquisition or — RIEDER: It was. But then over the years, you know, through an acquisition or their merger with Merrill Lynch Investment Management, all of a sudden became a big equity house. It’s the collateral. They get absorbed then Lehman buys them.
We don't operate with a cross-collateralized balance sheet like depository institutions. I would also point out with the larger financialinstitutions, there are things to do with them to provide some balance sheet relief. So, I think what's happening is good for the financial system. I was there this quarter.
ADVERTISEMENT) RITHOLTZ: Prior to 2022, when rates were cheap, when rates were zero, when capital was plentiful, it seemed like the entire industry went through this wild merger frenzy. RITHOLTZ: Now, let’s talk a little bit about the roll-ups and the mergers and acquisitions that are going on. HAMBURGER: Yes.
With more visibility into their own financial performance, more and more financialinstitutions have been able to refocus on strategic initiatives to improve their operations, create additional operating efficiencies, provide better user experiences for their clients, and improve their competitive positioning.
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