Suren Rana: Mike, Yes, that’s right. We still haven’t had an open window. We don’t know for sure when we might have one. It’s certainly possible in the next year that we may have one, we can say that for sure. But in terms of magnitude, we’re approaching close to $100 million in terms of what we might have available for buybacks. We’ve got $143 million of cash. We’ll use some of that proceeds. And maybe, call it, $25 million or so for cash balance. So we’re getting close to $100 million, which we would have flexibility could be a tender or it could be open market, but obviously the best execution at the time when we are approaching that decision.
Michael Cyprys: Okay. And then just a follow-up question with investment performance quite strong and improving as you mentioned earlier, maybe you could help us size up the opportunity for potential performance season. The fourth quarter, which is typically seasonally strong for you? And what’s the scope for fourth quarter performance fees this year to be even better than what we saw in a year ago fourth quarter.
Suren Rana: Yes, there’s still a couple of months to go. So it’s always hard to say with the performance fee because there are a variety of different strategies and different clients. And so the measuring period that is coming up, a number of those are for the full year of 2023. So it’s hard to say – now we’ve had a couple of strong years of performance fee. 2021 was definitely high. We had $67 million for the full year. ’22, we had $49 million for the full year. So it’s hard to say, but I would say in the 40s number, we’d be happy, but it’s hard to tag anything at this point.
Michael Cyprys: Okay. And then just given the – if I could squeeze another one in here, given the commentary on the healthy pipeline, maybe you could just help unpack any way of sort of sizing it? Is it any bigger today than last quarter? And maybe you can provide a little bit more color on kind of what’s in there and any scope to kind of get back to positive inflows as you look out over the next quarter or so?
Suren Rana: Yes, the pipeline has been healthy. It’s at the same level as we’ve had for some quarters, which has been historically healthy. It has been moving a bit slower than we hoped for. So hopefully, that changes at some point, but it’s robust, not as much speed though as we wanted. But that side is pretty good. And the flip side, as I said, managed volatility is one strategy where we’re hoping to stay flat, but not – but there could always be reallocation decisions that could happen there. So it depends on essentially the balance of the two, we would hope to generally be flat or positive.
Michael Cyprys: Great. Thank you.
Suren Rana: Thanks, Mike.
Operator: Our next question comes from John Dunn with Evercore ISI. Please go ahead, John. Your line is open.
John Dunn: Thank you. Maybe you could talk about how you think about the flow ramp for the equity alt strategy. in ’24? And then maybe any other strategies you think are set up well and want to highlight for next year.
Suren Rana: Yes, we’ve got our core strategies that are generally positioned well. Most of them have had with investment performance. That’s why you see the long-term results are really good across the board. And then there’s a new strategy with there are basically two equity alternatives and the systematic credit will actually be seeded this month to start to build a track record. Equity alt already has started to build a track record with the seed capital and some client teams as well. So we’re starting to talk to clients about that and the reception has been good. So we would hope to get assets in the coming years in that strategy in the equity alt strategy. On the systematic credit strategy we’ll probably spend the next few quarters to build that track record and sometimes some clients come in early – if they have enough conversion, sometimes it could take some time.
But hopefully, we could – in the back half of ’24, we can at least start to get some early client wins. Did that answer your question?
