Ali Dibadj: So let me start and maybe pass it over to Roger. So, I think there are a couple of things that are going on from redemptions perspective for sure. One of them is we have certainly delivered better performance consistently across the board and better performance from a long-term perspective most importantly. And that is being recognized more and more as we talk to clients better performance over the longer term, yes or maybe expect the volatility across that and you may have seen that last year for example where it was quite a unique market with bonds and stocks going down to significant amounts. But over the long term we can deliver that performance and I think that’s something that clients are seeing and entrusting us with.
So, the short-term volatility and performance, Anthony, doesn’t really impact the redemption as much. The second thing is that clients were waiting and seeing a little bit in terms of what the changes are at this organization and change is often a worrisome term for clients. But I think what clients are realizing is that the change that we’re making here is for them. The change that we’re making here for Janus Henderson is for our clients and we can certainly deliver stability, but I don’t agree to any client to deliver stagnation because it’s not good for them. So the changes that we’re going about here I think are seeing very, very positively. The last thing I’d say before I hand it over to Roger is that our client service folks are talents that we have in the field that are interacting face-to-face with clients are thinking about our clients our clients’ clients are world-class and continue to be improved from a talent perspective as we bring more and more people in.
I think that goes a long way to delivering on our clients’ needs and thus curtailing some of the redemption. So I’d argue those three points performance, waiting on the positive change that they’re now seeing and the client service personnel that we have and the upgrade that we brought to bear. Roger I don’t know if you have more detail maybe to bring to bear to Anthony.
Roger Thompson: Yeah the same points, but as you said a little bit more detail. If you remember our small and mid-cap growth performance in the US was pretty challenged in ‘21 and bounced back very strongly in ’22 and you can see that the strength of those numbers now. Flows take a little bit longer to term, but it’s really pleasing to see small cap growth is positive in flows this quarter. Interestingly balanced, which is our biggest capability — biggest single capability about $40 billion again, had a tough first part of 2022 perhaps. But again, as I said earlier is, now ahead of benchmark and right up there in top quartiles for 1 3 5 10 and even longer time periods for balance. That’s still an outflow. Again, these things take a little bit of time to turn.
So hopefully, that will also recover in the same way as we’ve seen with small- and mid-cap growth. And our European equity performance is also strong. And then as Ali said, it’s really around activity and getting in front of clients. But I think, flows do tend to follow performance and that strength of performance that we’ve seen has certainly shown coming through in small- and mid-cap growth.
Anthony Henning: Great. Thanks for that. Can I ask also a follow-up question, just around your dual listing on the Australian exchange? It looks like currently, you only have about 5.5% of your shares listed on the ASX, which is a decline of around about 25% just four years ago. How you think — how are you thinking about maintaining this dual listing? How costly is it for you to maintain this?
