Jay Horgen: Yes. Thanks, Brian. Thanks for your question. Look, the short answer is, yes, we do think that our own efforts will positively impact long-term flow trends at our Affiliates. So maybe I’ll step back then first to talk about why we think that. We have been, over the last several years, aligning our capital resources with growth opportunities. We do think centralized distribution and, frankly, centralized support on business initiatives will help our Affiliates over long periods. So it will be good for their partners, and it will be good for our shareholders. So we’ve strategically evolved our distribution capabilities across both institutional and wealth platforms over this period really to further align our resources with the ability to deliver the differentiated returns that our Affiliates have to end clients.
To more effectively do that, we reorganized and integrated our teams into a single effort, which we’re calling capital formation. That really brought together our product strategy and development, so Affiliate product strategy and development group, the platform and operations, everything that makes our ability to deliver those strategies to end clients and the client solutions, which were the sales groups, both institutional and wealth. And that overall group called the Capital Formation team, it really is focused on delivering the differentiated return streams of our Affiliates. We’ll collaborate more closely with our Affiliates on opportunities to launch new products and bring existing strategies to new client channels and new geographies, really to extend our Affiliates’ reach with their strategies.
So in addition to integrating and reorganizing these teams, we’ve also allocated senior resources to the effort. We’ve invested in a number of key hires in product development. We brought in a new Head of Client Solutions, Rachel Jacobs, to provide sales leadership across geographies and channels across both institutional and wealth. Rachel is a highly respected leader in the investment industry, who has deep relationships with key distribution partners and platforms and a track record of developing highly effective sales teams. So she’ll work closely with the product strategy team, and she’s already working on a number of initiatives with our Affiliates. So we’re excited about this. AMG’s Capital Formation capabilities position us strategically with our Affiliates.
So in addition to being a partner that leaves our Affiliates independent, both from an investment process and a day-to-day operations, we are able to help them and strategically deliver unique expertise, operational support and client-facing capabilities to them. So we’re excited about this. And again, to answer your question, we do think that — and we do anticipate that will positively impact their organic growth profile over time.
Operator: Our next question comes from the line of Patrick Davitt with Autonomous Research. Please proceed with your question.
Patrick Davitt: I’m curious how you would frame the impact of the bank dislocations over the last month or so on 2 fronts. One, given there’s a lot of bank-owned asset managers and wealth managers, have you seen any kind of tangible wins from all the assets in motion or potential assets in motion? And then on the other hand, do you think it helps or hurts the new Affiliate discussions? I could argue it either way, so just curious what you are seeing.
