Ali Dibadj: Dan, thanks very much for the question. So look the transitions are specifically things that we’re doing that may increase volatility in the short-term for sure, but are definitely the right things for the future and the right things for the future particularly for our clients. All of these transitions at least the ones that are control or client led. And so far as our clients entrust us to manage their well-being, their money and we want to take that responsibility even more seriously than we have before and very much make sure that when we’re managing the money we’re entirely focused on managing their money from a colleague and employee perspective. The specific transitions are going to be surgical very focused on delivering again for client needs and they typically take two flavors of broad transitions.
One is and every company needs to do this whether it be in our industry or other industries look at the products that they have and look at them to make sure that performance expectations are being met compliance making sure that there is real growth in those businesses making sure there’s real profitability in those businesses overall. We’ve done the bulk of that to your question from a Fuel for Growth perspective already, but there are a few stragglers here and there. The easiest decisions are when things don’t meet performance and aren’t particularly big and clients don’t like it those are some easy decisions, but some of the other decisions come through as well when only one or two of those criteria are met. The bulk of that again as I mentioned have been done.
What I would say is there’s a second flavor, obviously, which is more typical right? So typical turnover in this industry which happens quite a bit. Just I’d ask you to think about your client base and how that turns over. We’ve been fortunate Janus Henderson that we had less than industry turnover across the board for us, but we have turnover nonetheless. Typically those things are retirements that are expected. Usually there is lots of time to manage that. And the great news is that because we have really great tenure and we have 330 investment professionals around we have long-standing processes that each of the investment teams hold to. We have risk overlays, we have portfolio construction tools, we have all sorts of other things that make the transition even more seamless let alone obviously a very clear succession plan in bench.
We believe that these transitions will be somewhat seamless across the board. And again over and over again, they’re going to be in our client led in every instance that we can deliver.
Dan Fannon: Thanks for that. I appreciate the color. And then another kind of clarification of your kind of longer-term view of one to two positive quarters over the next one to two years for flows. And so thinking about institutional being the swing factor and then having as we think about intermediary showing steadily improving in the US and still may be challenged in outside the US and direct kind of being stable just trying to think about how you think about that progression in that scenario of one to two positive quarters over the next one to two years?
Ali Dibadj: Yes. So look just to clarify even further the — remember that the first quarter of this year was positive and we anticipate one to two more quarters between this year and next year. We’ve established our strategic road map we’re focused on the longer term. We’re implementing that strategy with a revamped and a very focused team and the strategic plan has taken hold. To your point, we’re seeing progress in these intermediary channel. We’re seeing progress in institutional. We’ve had $9 billion of net institutional flows this year. Again, we can’t — don’t want to project that going forward. There’s a long cycle for those but certainly the signs are positive. In other areas, where we’re focused like diversified alternatives we’ve seen 35% growth in the first part of this year.
