Marty Flanagan: Yes. Let me make a comment then Allison can pick up. So, what we’ve been using our balance sheet for right now, and we’ve talked about it in different ways are really investment that are going to continue for any other company to grow in the future. So the alternative capabilities, this scenario, where we’ve been using the balance sheet. Yes, we’ll continue to do that. And you’ve heard us talk over time. MassMutual has been an amazing partner helping us to really augment our balance sheet to a very material degree. So that’s really been the more specific we’re talking about now in some of these foundational enterprise programs that Allison was referring to. They might not be €œinteresting€ if they’re necessary, but that’s what creates scale within an organization. And so that’s the other way that we’ve been using very, very short term. But Allison, you want to pick up more on the other elements of the balance sheet?
Allison Dukes: Yes, I mean, I think, Marty hit some of the high points. But again, we just continue to be focused on supporting our future growth and maintaining a really strong balance sheet to do that. And part of that is continuing to be really good stewards of our capital overall, being very thoughtful about the debt on the balance sheet, which has been top of mind for us and we’ve been shipping away at and feel really good about the progress we’re making there, making progress there. It’s freeing up capacity for us to again, continue to focus on our own future growth. Some of that is investing in our product launches. We are fortunate to have a really good strong strategic partner there with us. But we continue to really prioritize investing in ourselves, both in terms of our product launches, but also the technology projects and some of the foundational capabilities that we know are really going to be necessary to create the scale and this business that we expect to have over the coming years.
Hopefully, that’s helpful?
Alex Blostein: Yes. Thanks so much.
Operator: Thank you. Bill Katz with Credit Suisse. Your line is open.
Bill Katz: Terrific. Thank you very much for taking the questions. Appreciate all the colors so far. Marty and Allison, you both mentioned sort of the longer-term outlook for China does sound very strong. Could you help unpack a little bit about where you have a queue for product launches for 2023? And if you could break down the mix between equity and fixed income and other assets in the region? That’d be super helpful.
Allison Dukes: Sure. Well, I’ll take a stab at it. I would say in terms of product launches, overall, hard to say exactly, but I’ll tell you the demand there does favor balanced and fixed income products over equities. So it would probably skew a little bit more to the balance side than fixed income than equity. But that’s not a perfect science, as I think about just the mix overall in China. I would say it’s skews probably 50% or so balanced and fixed income maybe as much as 60%. Balanced is a very popular asset class there. So equity is probably a little bit smaller in the overall mix there relative to what you might expect to see and a portfolio in the United States.
Bill Katz: Okay, thank you. And just to follow-up certainly hear you on sort of all the different drivers for flows. When you think about the base fee rate exiting the year entering 2023, where does that sit today and should we presume sort of a gradual decline just given the ins and outs between across geographies products and distribution channels?
