One is significantly uptick to client activity. So we’ve been talking to more clients. And frankly, I like, we like what we’re hearing from clients. They want to do business with us. They’re pleased that we’re “back” on the radar screen. And that has filtered through. That has filtered through clients who were waiting and seeing what the transition would look like and they’re pleased with what they see. They’re giving us their vote of confidence and suggesting that we’re very much on track in terms of our progress and our delivery to our clients, and that’s culminating exactly as you described so far and good quarters of flows. Again I don’t think we’re out of the woods, I don’t think that we can promise linear and positive flows going forward.
But what we are seeing is real improvement from a market share perspective take US intermediary as an example. I mentioned in the prepared remarks that US intermediary business was at negative 6% last year, we’re at negative 1% this year and that’s really driven by some of the lumpiness in the retirement channel, as opposed to the core wholesaler-driven intermediary business. So you’re seeing tangible progress here. And again, I think it’s built up on a lot of the great work that the team has done over the past year and we’d like to see that continue. I wouldn’t expect it as Roger mentioned to continue into Q3 particularly, given we’re not assuming large institutional inflows in Q3 at this point. It’s really focused on intermediary and we have also mentioned obviously the intermediary challenges that we have in EMEA that in the macro environment there is — feels like it’s a little bit on a lag in terms of improvement relative to the US.
So hopefully that answers the question Craig. There’s a whole bunch of things that point us in the right direction.
Craig Siegenthaler: Helpful Ali. My second one is on the momentum you’ve been seeing with your insurance clients. And I want to get a read on the appetite for Janus to take this one step further and form a partnership with an insurance company that could provide strategic benefits to both parties? I know you have a lot of experience with it.
Ali Dibadj: So look we think that there’s a real opportunity to provide our skill sets to a broader insurance clientele. We have very strong clients in the insurance market right now that we’ve had long-standing relationships with. And we’re actually increasing the number of insurance clients that we have very sophisticated global insurance clients, most recently particularly in Europe, where we have been able to deliver for them, and we believe that we have the skill set to deliver them even further. You’re right that historically, I’ve had some interactions with insurance companies and relationships there that have been mutually beneficial, and we have been quite active in speaking with insurance companies and seeing if there’s something that we can do together with them.
There’s nothing to talk about today. Again, we’re focused on our clients and our clients’ clients, whether it be insurance clients or otherwise, we think we can continue to deliver great product to them from performance perspective and a client service perspective on the strong foundation Janus Henderson has and broadening that client base insurance and otherwise is certainly part of our focus.
Craig Siegenthaler: Thank you.
Operator: Our next question comes from Dan Fannon from Jefferies. Dan, your line is now open. Please go ahead.
Dan Fannon: Thanks. Good morning. Wanted to follow-up on a comment you made around the pockets of internal transition I think impacting flows. So maybe talk about some of the headlines we’ve seen, but ultimately where you are in this process? And as you think about the guidance for 3Q for flows, how much of that potential disruption as part of that? And whether you think that’s going to continue for a few more quarters thereafter?
