Roger Thompson: I think it’s just a priority — sorry, Ed, I think it’s a priority of is what we’re talking about. And again, that hierarchy has never changed. We’re always looking at how do we — can we get a bigger return in terms of investing in the business, either organically or inorganically. So — and the buyback is from excess from once we’ve satisfied all of those things. So no buybacks are not off the agenda, but we’re pretty excited about some of the things we can do organically and inorganically at the moment.
Ed Henning: And maybe just to clarify that a little bit further. I understand what you’re saying. But is this just — obviously, we’re talking about the ’23 strategy was that the time frame we should think about and you potentially relook at this in ’24?
Roger Thompson: Yes. I think again, we will give — we will continue to give more clarity on the strategy as we go through further calls. Again, this is a Q4 call. We’ll update on capital with Q1 and buyback as part of that.
Ed Henning: Can you just touch on — you talked about obviously changes in the industry. You’ve seen markets very strong at the moment. Are you seeing any change in flows coming into different segments of the market? And then from there, can you just talk a little bit more about your pipeline, what you’re excited about or any spots that you’re concerned about the potential flows going forward, please?
Ali Dibadj: Sure. Let me start that, and Roger can chime in. Look, it’s clearly a very dynamic marketplace right now. Dynamic from a pure stock and fixed income markets perspective, but also from an industry perspective, things are changing. And look, that offers opportunity for us. That offers opportunity for us to deliver better for our clients where they have needs that aren’t met. And we’d like to capitalize on that. And we’re putting investments to the earlier question, significant investments to try to capitalize on some of the movements that are there. I wouldn’t say we’re seeing massive changes in the channels right now just from what’s happened in the markets recently. Maybe if you squint a little bit, the intermediary markets are a little bit better.
But again, that could be quite volatile quite quickly, depending on what happens in the markets. I’d say in the institutional channel, there’s clearly more activity. Part of the reason we highlighted it today is that a lot of our clients and potential clients are putting more money to work in that area, and we’re investing to be able, again, to support them in those endeavors. So a little bit more activity in institutional, particularly, I’d say, around the fixed income area, not unanticipated by all of us that when rates change, fixed income becomes a lot more interesting. And there is money in motion there. And we do see similarly some opportunities within equities, obviously. And we are seeing some signs of a shift away from passive in some institutional businesses to something more from an enhanced index view.
And so those are some of the areas that we’re looking at, clearly, institutional, always intermediary. You’ve seen it be a very big focus for us globally and certainly in the U.S. And again, we want to invest and make sure we can capitalize that by delivering for our clients.
Operator: Our next question comes from Ken Worthington from JPMorgan. Please go ahead, Ken, your line is open.
