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A prime brokerage A prime brokerage is a group of services offered to ultra-high-net-worth individuals (UHNWI) or hedge funds. These are called private placements, and most of the time, the shares are sold to investmentbanks or hedge funds.
I was actually running the InvestmentBanking Club at BYU, and you know, thought I was interested in that, interested in going to Wall Street. We had a group that was doing small growth capital investments in Germany and Switzerland at that time, a fund doing secondaries. Look, our parents all had pension funds.
But other than that, we continue to invest pretty heavily in our talent, and we would expect to do so coming in the future. I know you had highlighted difficult comp on performancefees in the quarter. Weston Bloomer -- UBS -- Analyst Great, thank you. And then, my second question is on wealth solutions' organic.
She is an author and former hedge fund trader, specializing in distressed assets. Her book, “Damsel in Distressed: My Life in the Golden Age of Hedge Funds”, is really a fascinating read. It’s very witty and charming, and revealing about an industry in a way that most books on hedge funds simply are not.
So that was a while back, but nonetheless, I don’t know if it was love at first sight, but we got to get along pretty well, and after a few years working for investmentbanks, he then joined Goldman Sachs. I joined, effectively, Deutsche Bank. We decided to try to have a go on our own. We were 28, 30 respectively.
Excluding the prior year's net investment securities losses, it was up 21%, largely on higher asset management fees and investmentbankingfees. In terms of credit performance this quarter, credit costs were 2.6 Next, the commercial and investmentbank on Page 6. NIR ex-markets was up 3.1
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