And specifically that the type of diversified approach that you’ve seen be so successful in infrastructure and private equity we’re seeing a lot of interest in that type of approach for credit. And we are hopeful that we’ll be able to announce wins and growth and good news in that regard going forward. Aside from just last quarter, we remain very — we remain bullish on the insurance channel. There’s a lot of activity there. There is we’ve been pretty effectively stuffing the pipeline there continuously and we continue to believe that’s going to — will grow and take more and more of a larger percentage of AUM.
Jon Levin: Ken, I would just add one point to what Michael said which is really just going deeper on the point he said. When Michael talks about, it’s not a new capability, but it’s a diversified approach to credit. And we’re seeing a lot of interest from clients all different types of channels kind of globally. What we’re really talking about there and the similarities that, Michael also referenced between private equity and infrastructure is, the ability to invest in primary funds, co-investments, secondary investments, direct investments. And so when you think about the evolution of the private credit it’s kind of subsector of the alternative industry and this has been noted on a number of the calls even this quarter a lot of that has been focused on the sponsor direct lending kind of franchises.
And obviously, credit is just a much bigger world then you have sponsor, you have non-sponsor, you have asset backed, you have structured. And so our ability as clients mature in that allocation to help them build out that allocation but also do it on a cost-effective basis by using co-investments in the same way they’ve been used in other alternative asset classes is something that we’re excited about and think we’ll have – we’ll be resonating nicely in the marketplace.
Ken Worthington: Great. Thank you.
Operator: [Operator Instructions] Our next question comes from the line of Michael Cyprys with Morgan Stanley. Please go ahead.
Michael Cyprys: Hi, good morning. Thanks for taking the question. I just wanted to ask on the absolute return business that you have. If you could maybe speak a little bit to the gross sales environment. It’s been a volatile year in public equity markets most stocks down on the year if you look at the S&P Equal Weight Index. I guess what’s the scope for greater LP demand within your absolute return business? What strategies are resonating most today with LPs? And how do you see that evolving as you look out over the next 12 months?
Michael Sacks: So I think that we definitely have activity in that space. I’m actually calling in from Hong Kong, Michael and was with our team here today. They think they’re – they see activity specifically talking about ARS. I think our general budgeting approach hasn’t changed. I don’t think we – think we’re in a massive – in a strong net inflow environment but we do think gross inflows will pick up the – was mentioned on the script we’re performing there and we’re performing relative to expectations. We’re performing relative to peers. We’re performing relative to indices and so we think that’s important. There are a couple of funds inside absolute return that have good numbers that we are actively showing them to the marketplace. And so no change in terms of our net flow base case assumptions but we do see growth in inflows there and it all starts with performance, which is in line with expectations.
Michael Cyprys: Great. And just a follow-up question on secondaries. I was hoping you could speak to the deployment environment there, the discounts that you’re seeing how that’s evolving as this seems like it’d be a helpful solution for LPs facing liquidity constraints. What’s the prospects for that activity in the secondary space to accelerate meaningfully from here?
