Allison Dukes: Sure. There are many puts and takes. I think as we think about the revenue side of it, you’re right, markets have been a little bit better only a few weeks into January. That’s certainly a positive. But I do think it’s really important to underscore the mix shift that we saw in our portfolio overall in the fourth quarter. We pointed to the $6 billion of outflows in two particular active equity strategies, developing markets as well as global and international funds. Those are €“ that has an impact overall in the jumping off point as we think about the revenue dynamics. At the same time, a lot of encouraging signs as we’ve pointed to, as we see real strength in inflows, in our ETF capabilities and fixed income in particular.
But as you certainly understand that comes at a different revenue level than what we’ve experienced as we see some of the remixing of the portfolio. So while market could be a positive this quarter, there’s also a bit of a headwind in the jumping off point in terms of remixing relative to prior quarters. As we think about expenses, overall I noted in comp expense, you should expect a usual seasonality of $20 million to $25 million in the first quarter. That would be offset by what we would €“ would not expect any recurrence and performance fees like we saw in the fourth quarter just given the seasonality there. And of course the market will be what the market will be, we’ll adjust for that. So hopefully that gives a little bit of color as you think about some of the puts and takes.
Overall it’s a difficult environment to navigate because you see a lot of forces moving at the same time and we’re trying to get our arms around that as well.
Operator: Thank you. And now Brian Bedell with Deutsche Bank.
Brian Bedell: Great, thanks. Good morning folks. Thanks for taking my questions. Maybe just one more on expenses, Allison, just to finish that thought, just the €“ I missed the number I think that you said in property office and technology that seemed like it was one-time in 4Q. So did you also want to get the jumping off point there? I realized that you’re going to have some duplicate expense I think in the first half, as you transition to new headquarters. But maybe just an outlook in that context for 2023 if you can. And then also in G&A considering that spiked up in 4Q, but it sounds like you’re working on some cost saves during the year in G&A.
Allison Dukes: Sure. Let me do my best to try to walk through a few of these. On property office and technology, a couple of points on some of, what we’re experiencing really specific to our Atlanta headquarters. As a reminder, we’re carrying the cost of two headquarters right now. That will persist for a few more quarters. That’s somewhere between $2 million to $3 million of incremental expense. We had a $2 million non-recurring charge in the fourth quarter related to decommissioning the existing, or I’ll say outgoing headquarters we are in. We also pointed to some uncertainty, because we had a pipe burst in our new building on Christmas Eve and that happened around Atlanta and that will cause some delay in moving. And so there is a little bit of uncertainty right now as we try to work through what all of this means.
