Marty Flanagan: Yes, look, I think that’s a rational line would get you there, right? But as I say, we’re, from my perspective, we’re a lot closer to the end of the uncertainty than the beginning. And what we point to is just look at our relative flows, vis-Ã -vis our competitors how we’re positioned. There’s a lot of things that are going well and you don’t need a lot of change and sentiment to really start to make a really meaningful impact in our flows. And so as they say, they don’t ring the bell at the bottom, but we’re a lot closer to that, and I think that’s going to be a really positive development for Invesco.
Allison Dukes: Yes, Brennan, I might point to just the improvement we saw from the third quarter to the fourth quarter. Look, it’s a dangerous game to predict flows, and we’re certainly not going to try to enter that game, but as we look at the drivers coming out of the quarter and just some of the overall market sentiment right now, we saw the decay rate. Yes, the decay rate in third quarter was 2.9%. That improved to a negative 1% in the fourth quarter and some really positive drivers there that again, this is a dangerous game, but we would expect those to continue to hold up through the first quarter. So the ETF platform in particular and our strategies there 7% organic growth in the fourth quarter. Despite some of the tax loss harvesting and the bullet shares maturity, again, a lot of strength coming into the year there.
Fixed income for the reasons we’ve just discussed have has performed well and certainly hinges quite a bit on the rate environment. But we feel like the fundamentals are strong there. We’re well positioned. The institutional channel does seem to be coming back underscoring Marty’s point that perhaps we’re closer to the end than is the beginning. And so, as we saw a lot of institutions sit on the sideline, and remix depend €“ waiting on some conviction that, that could improve here at this quarter. Active equities very difficult quarter for us in the fourth quarter. I think a lot depends on just some of the earlier conversation around developing markets and as people find the right time to come back into that asset class and that exposure just diminishment and that headwind will help us quite a bit.
And then the wildcard at the moment is China. What’s happening there is really unique. And as they’ve changed their COVID strategy and done a 180 , it’s having a real impact, but we also expect that to be relatively short term and the fundamentals are really still strong there. So, I think, we feel maybe a little bit better than we did a quarter ago. But that sure is a hard place to be at the moment because it’s been a wild ride of a year. And we’ll see where things go over the next month or two.
Brennan Hawken: Thank you for that all that color. That is very, very helpful. Shifting gears a little and thinking about real estate and your capabilities there. Allison, I believe you made some positive commentary on how the year shook out there on the real estate front. And I think, Marty, you referenced that you’re getting close to a warehouse launch on a product. I guess, number one, on the wealth management side, have you been looking at what some other products and some of the struggles and the gates that we’ve seen in some of these products on the retail side? And how are you making adjustments? How you’re thinking about structuring your own product in light of some of the lessons learned there? And then, on the institutional side, there’s been some press around the queue building on redemptions and yet prioritization sort of given to the not addressing the queue, but rather addressing the needs of sustained investors, which makes perfect sense.
It’s just how are you managing maybe that delicate customer service dance in order to make sure relationships aren’t damaged?
