Roger Thompson: John, if I can add to that. If you look on slide 5, you can see the gross flows in intermediary are pretty constant at around $9 billion. So, as Ali said, we’ve seen very significant improvement year-on-year in the North American intermediary flows, which for Q1 and Q2 are basically flat compared to $3 billion and $2 billion out in the first couple of quarters of last year. And in EMEA, both in the UK and on the continent outflows. It is a tough market as Ali said. But again, we think we’re at least holding and possibly taking a little bit of market share in what is a very tough market.
John Dunn: Right. Okay. Cool. And then, you have a lot of experience building in business, Ali and the JV is definitely a step in the right direction. Can you kind of frame, what you think the next couple of years of building that out could be?
Ali Dibadj: Absolutely. So we are very, very involved as I’ve mentioned over the past several quarters and we saw each other live as well in the M&A landscape on private credit. I think, one has to make sure from an institution perspective from Janus Henderson perspective, what one’s skill sets are and what can do inorganically organically or through some combination of partnership. From an investment skill set perspective in the private world particularly — in a private credit world, we do think, John, that M&A has to be part of the story. So we’ve been very active in the M&A landscape. I will suffice it to say, any deal you’ve seen occur big or small, we’ve looked at. The M&A team has been very active and very strong looking through this.
And if we’re not involved in the final culmination of a deal, it’s because of our decision either on valuation or potential to grow or fit with our business from a cultural perspective or client need. And so we would expect M&A to continue to factor into growing our private credit business whether it’d be through partnerships like a Privacore or wholly owned businesses in private credit, but we have to make sure most importantly it’s the right team to deliver for our clients. The flexibility we have just to remind everybody is very easy to see if you look at our balance sheet. So we have real ability to leverage our balance sheet to grow — to acquire inorganically and grow in that way. And then, of course the value that we bring inclusive of Privacore, is our distribution capabilities to grow any M&A partners that we sign and targets that we bring on board both, in the retail channel in the US and globally as well as the institutional channel on a global basis.
So, we would only buy things we think we can grow and we will only do it at the right price. And of course, of course, probably the most important thing I think I mentioned this a couple of quarters ago, we’ll only do it if the cultural fit is there i.e. investment focus and client-led.
John Dunn: Thanks very much.
Operator: Our next question comes from the line of Anthony Henning from CLSA.
Anthony Henning: Thanks and good morning. I just had two questions. Firstly, thinking about your net flows, if we’re thinking about gross sales versus redemptions in the past couple of quarters at a high level at least look like you’ve seen improving trends in redemptions. Is there anything deliberate that you’ve done in there or is that simply an outcome around of market trends et cetera? And going forward, how are you thinking about that?
