We’re giving them opportunities to grow. We’re thinking it’s a real strategic opportunity for us. And we think that’s important. And then the other businesses like equity capital markets and equity trading are actually well-positioned and everybody seems to be gaining some ground in a relative sense. So debt advisory, the same. Wealth management, I think, is doing quite well. I think — so, I think, the answer to your question is that these are good businesses and they will drive performance. Right now, they continue to be in the one-third area. And I don’t think that’s going to change because I think that — I think our merger opportunities will continue to grow. So, I think — right now, I think it’s not changing dramatically other than I feel like we’re — we feel good about the prospects of those businesses and really how we’re — the dialogs that we’re having in there.
Celeste, do you want to say anything more on that?
Celeste Mellet: Yeah. I mean, as John said, the merger business will remain the most important business for us as a firm. As you pointed out, ECM will ebb and flow. A strong ECM year for us can help that number and helps a lot of things that provides us with a lot of operating leverage. But I think as John mentioned, we’re investing in all of our businesses and — but the merger business will remain the most important that we’re very happy we’ve invested in delta diversification over the last 10 years.
Matthew Moon: Great. Thank you.
Operator: Thank you. Our next question will come from Jim Mitchell with Seaport Global. Your line is open.
James Mitchell: Hey. Good morning. You mentioned Europe is being — having a record year last year. It did start off strong just from the environment perspective, but I know you’ve been investing heavily there too. So can you just talk a little bit about your outlook there, both from your own investment standpoint, the momentum you have as well as the environment?
John Weinberg: Sure. The environment started out very strong at the beginning of last year as you know and I think a lot of our competitors, I think, felt the same thing. The environment started to basically cool off a little bit towards the latter part of the year. Our prospects are that, we actually see that we are feeling good about the beginning part of this year with that business. I think we were kind of midway through or towards — midway through the third quarter, we were wondering, but we feel like it’s actually strengthened. And so, we feel good about that business. In terms of our investment in Europe, we continue to think that we should stay on the course that we have been, which is we are really making strategic investments there.
We basically targeted certain areas that we think we can actually really build and do it productively for our shareholders. And so, we’re willing to continue to invest there. In fact, we are aggressively looking for opportunities in those areas to really grow. And I think we’re in the middle of some very, I think, important dialogs. So our intention is to continue to grow Europe, but do it in a way where we are really being thoughtful and careful about making sure that when we — what we’re doing there and when we’re putting shareholder money to work there that it returns. And I think right now it’s actually working quite well and we’re going to continue to be careful and diligent about how we do it.
James Mitchell: Okay. Thanks for the color.
Operator: Thank you. Our next question will come from Devin Ryan with JMP Securities. Your line is open.
