Allison Dukes: Sure. I’ll start, Marty, chime in. I mean, I would say a couple of things as we look at alternatives, again, a lot of what we saw in terms of outflows would be the liquid alternatives. So commodity ETFs in particular, currency ETFs. So, I think from that perspective that would be €“ those would be lower fee alternatives that were flowing out. Boiling that down to private markets that also was an outflows at about $1.6 billion, but that was largely driven by global bank loans, direct real estate, we were an outflows to the tune of about $200 million there. So that’s really, again, realizations net of acquisitions there, negative $200 million. Continue to gather commitments and have a fair amount of dry powder and direct real estate about $7.5 billion coming into the year overall on that side.
On a private credit perspective, I think it’s been a €“ it’s an interesting environment. It was an interesting year for private credit overall, just the floating rate nature of loans and some of the attractive fundamentals there have helped mitigate losses, but certainly as recession fears kind of persist and trying to navigate what that may or may not look like, that certainly impacts credit appetite overall. And so we continue to navigate that. I think we, coming into this year, we’re bullish on all of our private market asset classes. We feel like we’re really well positioned. We feel very good about the funds that we have launched and will be launching and that they’re going to be well positioned for where we expect to see client demand this year.
But certainly your perspective on higher yields and what the attractive entry point is going to really dictate how our flows come together as we make it quarter-to-quarter through thus. So, overall I think we’ll continue to see good strong demand there. But the liquid alt and some of the movements and currencies and commodities have put overall downward pressure on the flows there.
Dan Fannon: Got it. Thank you. And then I think, Marty, you mentioned for fixed income, obviously the positioning and is positive and you’re helpful for pickup and demand, but I think you need to, you said interest rate stabilizing is the kind of key factor for decision making. So, as we think about growth sales or redemption activity, do you feel like it’s more stagnant and so we kind of get more of a direction of where rates are on a global basis and then we start to see much more assets in motion?
Marty Flanagan: Yes, absolutely. So, look, I think that’s true of equities also, right? Some certainty to the future is going to be a really, really important thing for how investors react this year. But for fixed income, absolutely that’s going to be the case. It’s on the back of a broad set of capabilities, very good performance. And I’ll just follow on to Allison’s point in REIT, which we’ve talked about over the last year. It is now being launched on a very important Wirehouse , which is one of the things we’re waiting for. And we’re also in development of some follow on capabilities in our private markets that will end up in the wealth management channel. But again, that will be a multi quarter introduction. But we’re now underway. So it’s again, this won’t be immediate, but we’re now moving forward, which is a really important thing for the firm.
Dan Fannon: Thank you.
Operator: Thank you. Now, Brennan Hawken with UBS.
Brennan Hawken: Good morning. Thank you for taking my questions. We’d love to start on flows. Marty, you had some commentary in the press release suggesting, you were waiting on a recovery in flows, some of the indications, maybe a week start to China, slower funding on the institutional side. So are you all generally signaling that you’re expecting flows to remain soft here, just given that uncertainty that you’ve talked about based on what you can see in the activity here?
