We probably haven’t grown that asset class in, at least, a year, probably two. So, no big changes, no stress, no deferred payments. We’re seeing no stress yet, but it’s something we’re looking at, of course. It’s — as you said, it’s an evolving asset class.
Operator: The next question is from Scott Chan from Canaccord Genuity. Please go ahead.
Scott Chan : Good morning. Maybe I’ll stick with you, Jon, just on the private wealth side. Saw that you specified 6.2% in net flows over the last 12 months. Maybe a perspective on what the AUA in that segment, just to kind of get a number on that? And in a very tough year is up 6.2% — above historical averages?
Jon Hountalas : What was the question exactly? I’m sorry, I had trouble following.
Scott Chan : I just on the private wealth side, Canadian, the 6.2% of net flows over the last 12 months, and it seems like a pretty good number in the tough tape and just wondering how that stacks up versus historically and kind of the outlook on what you’re doing in that segment to get that incremental?
Jon Hountalas : Thank you for the question. Net flows have been good. I guess the tale of two — two halves — two businesses. The mutual fund business overall has been slow across the industry. Net redemptions. after a record year in ’21, ’22 was negative. This year, so far, for the whole industry, negative. We’re in the mix. Where we’re having real success is in our private bank and in our Wood Gundy franchise. It’s just normal sales discipline, referrals, staying close to our clients, financial planning. Like we’ve got the products, we’ve made the investment, and we’re seeing success in Gundy and in a private bank, and I think in the mix on the broader mutual fund sales like the industry starting to turn even on the mutual funds sales so probably feeling some optimism which I haven’t felt in a while.
Victor Dodig: And Scott, just to build on Jon’s comments, again this kind of ties back to our strategic investment agenda. We’ve been investing significantly in our private bank, and that’s been driving really strong flows. We’ve been investing in our private wealth on the investment side. As Jon mentioned, CIBC Wood Gundy, those flows are coming from existing clients, they’re coming from new clients, and they’re coming from more competitive recruiting as people see the investments that we’re making in our platform on Wealth Management being something that they want to be part of. And that’s why you’re seeing those flows and you should see those flows continue going forward.
Scott Chan : Okay. And then maybe just lastly on DFS. I guess, overall very solid revenue on a year-over-year basis. But just — maybe just focusing on Innovation Banking, probably some headwinds on the EC side over the last 12 months. Maybe you can comment on that performance relative to solid year-over-year growth and perhaps an outlook into fiscal 2023?
Jon Hountalas : Perfect. So, it’s Jon, and I’ll start with innovation banking, and then I’ll send it over to my colleague, Harry on DFS. So, we were — we highlighted the innovation banking business on Investor Day. We put out bold targets. I talked about exceeding every target we’ve put out. I’m convinced we’ll exceed the targets we put out on Investor Day. All that said, the industry is quieter, for sure. We were probably doing 50% loan growth in the first three or four years of the franchise. That’s not happening today. We’re watching the book carefully. It’s doing very well. You have to remember, we brought over a group of pros from Wellington. They’ve been doing this for 20 years. They’ve been with us since fiscal ’17. We’ve teamed up with our own CIBC team.
