So that is a good tax management capability given the increase in the equity markets that will continue to be a handy and useful strategy. So I’m bullish about that in the second half of the year. And then we continuously adding our ETFs into our platform and definitely that will be another kind of expansion of the platform. So all in all, starting with July, we see good interest from our clients. The big obviously unknown is how fast we can convert some of the money market and fund assets to higher yielding strategies. We have taken action on the money market pricing as well, so that’s good news. But obviously whatever you do outside money market funds is even higher yielding from a revenue perspective. So that’s the other backdrop here.
Operator: Your next question comes from the line of Alex Blostein with Goldman Sachs. Please go ahead.
Alex Blostein: Oh, hey guys, good morning. Sorry for phone issues earlier. The institutional pipeline continues to build pretty strongly, and obviously the fee rate has been very robust as we’ve seen for the last couple of quarters with the market getting a little bit on stronger footing and kind of the rally broadening out a little bit. How are you thinking about the timing of institutions funding this pipeline? Should we expect that to accelerate a little bit over the next 12 months? And maybe some color in terms of which strategies are likely to hit first would be helpful. Thanks.
Seth Bernstein: Why don’t I start? But Onur, I think is probably better positioned to give specific color on it. It was up, the pipeline was up about $1.3 billion quarter — in the quarter and we funded about $1.2 billion Alex, which I think is important because we continue to see realizations there, which have been helpful. And it very much is comprised, well, it’s across the firm, but really all to predominate with — certainly with respect to the fee rate of not the actual AUM involved in it. We continue to see fundings moving forward there, while it had slowed earlier in the year, we’re beginning to see people funding on a pretty consistent basis. CarVal is just or is about to complete its Clean Energy Fund. It’s imminent, it’s — I think it’s triple the size of their original fund.
This is their second and we’re launching either their flagship fund, credit fund, fix now, and that’s about a year. So those will be coming on slowly as they find opportunities to invest that money. But perhaps Onur, you could give some additional color.
Onur Erzan: No, absolutely. Number one, again, to be factual, in July, we funded that, that one large kind of mandate that we had talked about. So definitely that was deployed very quickly over $1 billion mandate in equities. So that is a good sign to your point, Alex. In terms of the broader pipeline, I mean in general I think it’s going to move ahead with like normal speed, I would say. I don’t see anything that is particularly accelerated or slowing down. A good chunk of the pipeline is also alternatives with Equitable again, that’s moving ahead with the commitments we have, which also Equitable made public in their Investor Day as we are well aware. So all in all, I think we are making good progress with the pipeline. So there are no speed bumps that I can see. And July I think has a couple of good data points that suggest that institutional investors are moving ahead with their equity commitments and funding them.
Alex Blostein: Great. Thank you, Onur. For the follow-up, you mentioned Equitable actually I was going to go there next. So super encouraging obviously to get that $10 billion commitment from them for sort of the next tranche or the partnership. Can you spend a couple of minutes on maybe how they’re thinking about allocating the $10 billion and also about what timeframe you’re — you realistically think that could be deployed through the AllianceBernstein franchise? Thanks.
