Michael Brown: Okay. Great. So, I was just looking at Slide 2 and I guess the private credit bubble that’s up at the top right there. Just it stands out. It’s obviously a very hot asset class today in asset management land. So I just wanted to expand on maybe where you can lean in more? It sounds like you are certainly leaning in with Bryan Krug and the Credit team. And I wanted to hear a little bit more about what that opportunity looks like and how that could grow? And maybe if you could size it a little bit for me? And then is there any desire to be larger there? Would you consider bringing on a team to have a more true bigger capability in the private credit space and what kind of goes into that decision today given it is, of course, a pretty hot asset class?
Eric Colson: Yes, certainly. It’s Eric. The private credit space is built up substantially over the last few years. In our minds, it’s clearly solidified a space and long-term asset allocation. So, it then becomes an area of interest for us. And so with that category, we’ll keep an eye on it and patiently wait for an opportunity to think about our existing teams or new teams to provide strategies and opportunities to invest. With regards to chasing a hot asset class and space, we have certainly not been well positioned to chase hot asset classes. Typically, it’s very hard to find talent during this peak excitement, and you have to have a strong almost retail distribution to tap that in a very short-term period. So with regards to something happened in the near term around private credit.
It would happen in our existing team as one-off investments in the high degree of freedom oriented strategies where we would see opportunities come. And we’ve been broadening out with Bryan Krug that you mentioned. And we have a fairly broad and robust Credit platform. Credit opportunities and now the dislocation fund, both of those are really taking advantage of the smaller public credit markets that, I guess, have been somewhat forgotten and ignored in capturing an illiquid premium in that, which we think is an incredible opportunity. We also are expanding out with the EMsights and the global unconstrained, which is a macro aware go-anywhere strategy that is long short in design. So, those are the areas that we’re leaning into the alternative credit.
I think we just list the private credit to keep an eye over the long term. And which is no different than how we looked at Emerging Markets over the last 10 years, and it took us quite a while to find the right team, and we brought the site team in. So that’s our thought on the upper end of the credit spectrum.
Michael Brown: Okay. Great. You’ve been making some shifts in your distribution capability and making investments there. You referenced the recent hire dedicated to the alt space. I guess what’s next in terms of investing in that distribution channel, where would you be kind of focused either by channel, region or asset class?
Eric Colson: Yes. I think the important thing is we believe we have a very strong distribution team that’s focused on who we are. And the highlights are less about increasing expenses to get more scale and broaden out and more about prioritizing and aligning resources to who we are today. And given the number of strategies and the complexity of those strategies, it’s very hard for channels or geographies to sell and service. So most of the change we’re talking about is how we’re managing the business to align to who we are today. So there’s a shift going on to get that focus and create more accountability into our sales effort and our service effort. And that’s the big change that we’re talking about.
Operator: There are no more questions in the queue. This concludes our question-and-answer session, and the conference has now concluded. Thank you for attending today’s presentation, you may now disconnect.
