Ali Dibadj: So, let me start, and then pass it over to Roger, just to give you the context. So, look in our guidance for Q3, you’ll see it’s a little bit different than consensus not massively. We just want to make sure a few things. One is that, people don’t just project forward the past couple of quarters of our delivery here, on net flows into Q3 and beyond. We said it, won’t be linear. We’ve also mentioned last quarter and this quarter that, we have to replenish the pipeline. We certainly talked about intermediary being challenging. That’s especially an EMEA comment for us particularly, in an environment where rates in that market are quite high. There’s a lot of uncertainty about the economic outlook. EMEA intermediary seems to be pulling back, a little bit.
And obviously, we’re going through some transitions that are internal in nature that will make us a better firm for the longer term. What I would say though, is that we continue to see our market share look better and better versus peers. And if you take a step back for the year, we certainly expect significant improvement versus 2022 numbers, despite what we expect to be outflow in Q3. Now, let me hand over to Roger for more comments there or broader on the fee rate.
Roger Thompson: Yes, sure. Okay. Yes, I mean remember that last quarter, we told you that in the near-term, our success in institutional would impact the fee rate, because we were winning with those large sovereigns and insurance clients. But over time, we’d anticipate the stable fee margin as we execute the strategy. And importantly, we’re not discounting business in order to win. I think when I look at our 10 largest strategies, our inflows and our outflows are actually at almost identical management fee levels. So, it’s not a pricing story. It’s around where the inflows have been. And in the first half of the year, we’ve been really pleased to see those sizable inflows in institutional, but we’d expect so that makes sense that the fee rate has fallen by about a basis point in Q2, but we’d expect that management fee rate to stabilize going forward.
Ken Worthington: Great. Thank you.
Operator: Our next question comes from Craig Siegenthaler from Bank of America. Craig, your line is now open. Please go ahead.
Craig Siegenthaler: Good morning, Ali and congrats on another better-than-expected flow quarter. And it’s also nice to see some of your stars returning like Marc Pinto. My question is on the flow side. I realize there were a few large institutional mandate wins in the second quarter number, but if you could really attribute two or three factors to the second better-than-expected net flow quarter in a row what would those factors be?
Ali Dibadj: Look thanks, Craig. Look I think it’s a culmination of a lot of things that we’re doing at the firm and hopefully continued progress around that. So look, if I take a step back and we’ve been talking at least at this firm for the past call it 12 or 13 months, I would argue that we are — I am very pleased about the progress that each and every person at Janus Henderson has done on behalf of our clients. I wouldn’t exactly have expected this kind of progress. If you told me a year ago, we’d be where we are from a flow perspective think about it plus $5 billion first half of the year, this year in inflows relative to negative $14 billion last year. So I think there’s a real improvement cycle there. And that has to your point translates results whether the EPS or flows, but underlying a little bit of that is a couple of things to your question.
