C.J. Daley: Yes, Mike, it’s C.J. Good questions. As we look forward, as I mentioned earlier, we’re really focused on, in 2023, filling the capacity we have. As we sit here today, we have no major seed capital requirements that are planned. So, I would say, as we’re sitting here today, it’s sort of status quo on the seed. We did mention on the dividend that we held back $20 million. That’s really looking forward to continued growth and continue to build a little bit of a chest to seed future requests. But as we look at 2023, there’s nothing material planned.
Michael Brown: Okay. Great. And you guys are certainly focused on really building out a lot of the infrastructure and ensuring the success of the EMsights team. At what point would you start to consider other opportunities to bring on new teams? And how does — how is the kind of market at the moment here? Is there some good interest in potential opportunities to bring in new talent?
Eric Colson: Yes, Mike, it’s Eric. There’s always opportunity in the marketplace, and we see quite a few teams a year. I think what we’re thinking of right now is that we’re really looking for that no-brainer talent that’s out there. And that would be someone that if you apply the right economic alignment and the right resources and align them to their own four walls at Artisan, really, you’re just — it’s just a matter of time before it works here. So, we’re always in the marketplace looking for no-brainers. And so, if we see something out there, we’re going to, of course, take the opportunity to meet and think about these individuals and teams. But really to become a destination for a no-brainer, you need to deliver on what you have.
You need to deliver on the resources. You need to deliver on the talent around that person. You need to put the vehicles in place and they need to bring in the early assets to get that moving. And we’ve just launched quite a few strategies and teams over the last couple of years in this more uncertain market. And right now, our focus is to deliver on those. We’re more focused on sales and service and marketing than we have in past years, given the breadth of strategies we’ve had, and the ability to get out in the marketplace and really react to due diligence calls and react to opportunities. Because if you don’t deliver, then the no-brainer question is, is this the right spot? And we want to remain in that. I think, a small group of investment firms that if a talent becomes available and they say, where do I put my career?
Where do I — whose hands do I put it in to make sure that I can become successful. We want to be that first call. And to become that first call, you have to deliver on what you have.
Michael Brown: Okay, great. Thanks for taking my questions.
Operator: This concludes our question-and-answer session and today’s Artisan Partners Business Update and Earnings Call. Thank you for attending today’s presentation. You may now disconnect.
