So feeling quite good about our structural strengths and expanding capabilities to continue to drive market share. Again, it’s hard to be very precise in terms of a quarter of two. I’m very bullish on the long-term prospects. I don’t have any reasons to believe the next two quarters will be weaker but hard to be very precise on the exact quarter dynamics.
Seth Bernstein: I think I would also add, Craig, that maybe turning weakness into a strength while our investment performance in munis is superb at nearly all of it is four or five star rated. The fact is we were quite underpenetrated in the muni mutual fund space, and it’s there where you’re seeing structurally much less interest with the advent of ETFs. And I think frankly, more importantly as wealthier people tend to be the buyers, the advent and growth, widespread growth of separately managed accounts, which we manage in a predominantly automated fashion. And I think it’s really provided a competitive advantage for us.
Operator: [Operator Instructions]. Our next question will come from the line of John Dunn with Evercore ISI. Please go ahead.
John Dunn: Thanks. Good morning. You talked about in the retail channel, U.S. equity is doing well. Can you kind of frame maybe if there’s any difference between overseas redemptions is that going to continue going forward, or what was that kind of one-time?
Onur Erzan: I can take on that John. Hi, Onur again. In terms of the retail equity strength, it goes back to some of the investments we are making across different vehicles. I touched on already SMAs and ETFs. But another structural strength category for us has been CITs, where we increasingly deploy commingled investment trust kind of structures with our retail partners, which is a very a persistence business with typically low redemption rates, given the high duration of defined contribution assets in retail. So that is definitely contributing to some of the momentum in retail. Overseas, again, very broad. It’s hard to generalize. I think the one geography that lost a little bit of momentum particularly in the first quarter was Japan.
We picked up more sales momentum in the second quarter. So like it’ll depend on a lot of different factors, what happens with the currency. Obviously it matters as well as some of the broader equity market outlook. But definitely structural strengths in U.S. retail with the vehicles. And if you look at the institutional pipeline as we talked about, institutional pipeline has a healthy equity composition and then pre-pipeline, we are definitely having a lot of good dialogue on the institutional side with a wide range of equity strategies as well. So that’s I think how I would summarize the outlook.
John Dunn: Got you. And then just thinking about the second half for Private Wealth, you talked about munis. Can you kind of frame what other products you think are going to potentially drive positive flows in the back half of the year?
Onur Erzan: Sure. We have a very good first half in terms of alternatives in our Private Wealth channel. As you know, we have been using alternatives particularly private credit, private equity secondaries, real estate in our client portfolios for a long time. So we will have new strategies that we launch in our Private Wealth channel. For instance, our new interval fund that we will launch out of the CarVal platform will be available in the second quarter. So that will be one example and we’ll continue to see flows into our evergreen vehicles as well, whether it’s our real estate REIT product or the private credit BDC those are a few examples. We saw continued interest in our direct indexing platform. We call it PAT [ph] we exceeded $3 billion in assets in that platform in Private Wealth.
