So, there’s lots of exciting things happening here in London. And if I look at the future and the growth, I’d say that it’s very much here and it will come through notwithstanding that last year was obviously a difficult year as we all know because of the reasons that we do know. And I’m not going to comment on accounting, that’s Tom’s job to do accounting, but I’m a fund manager and I look for the future and the future in this looks exciting to me.
Patrick Davitt: Helpful. Thanks. Just a quick follow-up. Could you give the performance fee number for the quarter?
Tom Donahue: It’s 3.3 million.
Patrick Davitt : Thank you.
Chris Donahue: That’s performance fee and carried interest.
Patrick Davitt : Got it. Thank you.
Operator: Your next question today is coming from Mike Brown at KBW. Mike your line is live.
Mike Brown: Great. Good morning. Want to start on the €“ maybe on the balance sheet here. So, I guess the buybacks were lower in the quarter, but I did notice that your cash position has grown, meaningfully it stands at more than 25% of assets. So, how are you thinking about your cash levels and capital allocation more broadly, could we see a return to buybacks or a special dividend here?
Tom Donahue : Well, yes, cash has grown. It’s spectacular since we raised the long-term debt at what we view a very favorable rate and we bought back pretty significant amount of shares. And we historically have not wanted to hold on to cash. Now, starting new products has become more expensive i.e. more investing is needed. So that’s, kind of a demand for resources to have seed assets, but on a long-term basis, we have not been a group to hold on to the cash. So, we will see, we want to do acquisitions that’s been our first desire with the use of the money because of our returns on them. And we of course have the regular dividend. As you know, we paid five special dividends, and we bought back a lot of stocks. So, all of those are on the table for us to figure out what to do with the cash with no timetable and not trying to lead you to €“ we’re going to do this through this through this.
Chris Donahue: One other point I’d mention here is that even though earnings are down on a kind of impairment, we still have cash available to do a lot of the things, Tom said, which I would phrase as investing for the future. And this means putting money into the platform in the private equity area over the UK. It means $140 million worth of commitments in technology that it doesn’t hit income in any one-year as you all know. And Tom mentioned the fact that investments in seed assets those are running at about 140 million, again the same number obviously not related. And so, those are €“ were the interest of cash, but they all point to building for the future.
Mike Brown: Great. Thank you. And then if we could just switch gears to the flows. The ultrashort fixed income flows, can you just expand on what drove the outflows there? What’s some of the investor dynamics that would cause that to happen? And then on the money market side, it sounds like you’re basically just down a little bit in totality from the 4Q EOP levels, but the mix has shifted a little bit. Any additional color you can put around that? What’s €“ we’re kind of driving the growth of the SMAs? And is that more sticky than the fund side, which sounds like it benefited from some seasonality in 4Q?
