Philip Snow: Hey, Ashish. It’s Phil. I’ll start. So, yeah, we’re seeing very good pipelines for both Analytics and CTS. And this really I think is just in line with the mega trends that we’ve seen on the buy side for the last few years. So all these firms are going through their own transformations. They want to do more with less partners essentially. So they’re looking for those anchor partners like FactSet that they can work with that have the majority of what they need from a technology and content standpoint, and then they want to shorten the tail. There’s also a shift to outsourcing. So we’re seeing a lot of the asset services beginning to do more for asset management clients. You know, we think we’re in about 70% of the asset services at different stages of working with them, but we’ve got very good partnerships there that’s really built up over the last year or two where FactSet’s superior middle office solutions, whether it’s risk performance reporting or all the multi-asset class capabilities.
We can deploy those now to the buy side either directly ourselves or through partners like asset services. So that’s a big trend. We’re also seeing very good strength in asset owners. That firm type accelerated this quarter for — for some of the same reasons, just the strength of those solutions that we offer. So that’s a trend. I think also, you know, Helen mentioned sort of the open technology that’s working very well with wealth clients. That’s true with, you know, asset managers as well. So there’s lots of ways that we can help them. On the CTS side, the real time data had a very strong quarter. We had that key deal. We see a lot of opportunity there, a very strong pipeline for what we’re calling market data-as-a-service. So FactSet is delivering this through the cloud, which is new.
So for clients that have had very heavy on-prem solutions for real time, historically, we’re offering a next generation solution for them that we think is very exciting. So that’s one of the things I would highlight in CTS.
Ashish Sabadra: That’s very helpful color. Sorry, go ahead.
Linda Huber: I was just going to add one quick thing. In this sorts of periods, the thing you want to focus on as well is retention. And our retention has continued to be incredibly strong. And as we think about the expansion with the buy side from a workflow perspective, we continue to see strength in the middle office with performance solution. And as Phil said back office with real time where we’re the only provider with a ticker plant in the cloud and that’s a differentiating factor that’s very much resonating. And then to your last point, when we see delays, we are not seeing — seeing those deals necessarily fall out, meaning they’re not lost or cancelled. And I think that plays a bit into the comment made around when they will — when they will come actually become monetized.
Ashish Sabadra: That’s great color. Thank you very much. And maybe if I can just ask on the wealth front, despite the BMO, when the wealth was not highlighted as a strength in the second quarter. So I was just wondering, does that come in the back half of the year or does that get classified as something else in terms of ASV? Thanks.
Linda Huber: Yeah, no, wealth is a terrific growth area for us and Bank of Montreal deal is in this quarter, but it’s just part one we believe as they continue on their complete digital transformation. In fact, it’s in the statement that they gave in the press release, we’ll — we’ll follow them through that. So but it is in this quarter.
Ashish Sabadra: That’s very helpful color. Thanks.
