John Dunn : Just to extend the institutional pipeline question a little bit. Anything — do you have line of sight to anything chunky in or out over the next quarter or so? And I understand things are taking longer, but what’s a decent assumption for how — like time to fund going through the pipeline?
Suren Rana: Yes. Thanks, John. I guess, outside of managed volatility strategy that I touched on, we do probably expect more outflows there particularly in light of the environment as there is a soft landing and markets do well then that maybe is more of a defensive strategy that’s played out over long periods as it has promised to do and deliver the same or better returns as market with lower risk. But this is not the ideal environment for it. So we probably expect more outflows from that strategy. But outside of that, there’s nothing specific that we know of that’s large and chunky in terms of what we see add risk. But in terms of other strategies, we are — it’s a good pipeline, pretty diversified across different strategies.
And how it converts is really just depends on — it’s very — it’s hard to have some rules or guidepost because it’s pretty diversified by stage as well. Some are in late stages, some are in middle stages, some are very early, but it’s — and this is also in terms of time to convert is just, it just ebb and flows, some move quickly, some move slower. So it’s not that anything structurally, that things are just taking longer structurally, it’s just like those things also change. So it’s really hard to say. But what we are pretty satisfied and happy with the pipeline that we have. And yes, the team is really on it and connecting with clients and serving them and hoping to get some of these wins. We do have some mandates that have been won that we’re expecting to fund.
So they’re really across different stages.
John Dunn : Got it. And then you talked about some of the puts and takes of managed volatility institutional pipeline, but it being diversified. Can you just go through kind of the puts and takes for the fee rate for the next stretch?
Suren Rana: Yes, we would expect it to be pretty stable around this level, 38 bps, for the next few quarters. What would really change it going forward, I guess, from a longer-term perspective would be as we execute more on our Equity Alts and our Systematic Credit strategies, those are higher fee. So as we start to get larger flows in those 2 strategies, particularly Equity Alts because that has much higher fee, and Systematic Credit, we are starting with High Yield, which is higher fee as well. So that will start to change the mix toward higher fee. And as you may have noticed generally also, the outflows are coming out from managed volatility strategy, which has been low fee traditionally, and the inflows have been coming from these other strategy equity ex-U.S. and small cap and those are higher fee. So I would say, for the next few quarters probably, 38 bps is a good baseline. And longer than that, we would expect it to start to go up a little bit gradually.
Operator: This concludes our question-and-answer session. I’d like to turn the conference call back over to Suren Rana.
Suren Rana : Thank you, operator. Thanks, everyone, for joining us today. We appreciate it.
