The second thing that I’d say is that we have learned a lot in taking a strategic plan, executing it in the North American market, particularly on the intermediary side and seeing results that were broad-based so far, as you can tell. We think that there’s a real opportunity to lift and shift those experiences into UK, EMEA, perhaps, LatAm, other areas that have not been as successful for us given some market trends for the past little while. So certainly, that is something that we are very focused on for that marketplace, and the teams here are very, very conscious of what’s happened in the U.S. and how we can apply, with adjustments, some of those tools to lift and shift to success in the EMEA market. The third thing that I would say is for that marketplace, we are seeing some success applied there.
So, for example, if you think about our market share in some of the areas, take Latin America, for example, take the U.S. offshore market, for example, we continue to do well over long periods of time there and have a brand to build on. As Roger was saying a moment ago, the headwinds of that marketplace have been quite steep from a market perspective, from an industry perspective. So, when hopefully, the headwinds turn a little bit more to tailwinds, we’re in a really good position to grow those. And in that case, going to the first point, we should be very flexible and focused on bringing resources in the right vehicles for the right investment strategies that that market in EMEA, in particular, would require. So, last point effectively is to be agile and flexible as you see trade wins move and apply resources in different ways.
Operator: Our next question comes from Michael Cyprys of Morgan Stanley. Michael please go ahead.
Michael Cyprys: Great, thanks. Good morning. Just a question on ETFs, you spoke about the Fixed Income side. Just curious how you’re thinking about the opportunity with respect to active equity ETFs and maybe thoughts on mutual fund ETF conversions, how you’re thinking about that, maybe what holds you back? And more broadly on launching more and driving more growth on the active equity ETF side, how you’re thinking about that? What sort of products might make sense there?
Ali Dibadj: Sure. Thanks a lot, Michael. So first off, from the ETF franchise in and of itself, I mentioned this a little while ago, but it’s important perhaps to underline that the strategy we’re putting in place with the ETF franchise is very much one around democratization of institutional-level investment skill sets. So, taking those skill sets that we have, securitized is the first rendition of that, more broadly in the Fixed Income world and bringing that to our client base. That has been successful, we’ve learned a lot, we think there are, point number two, opportunities to bring that to other areas of our business as well. Along the strategy of democratizing things that are institutional in nature from an investment perspective.
The good news is, as you know, Michael, we have a lot in our menu, a lot in our palette that has institutional-level investment strategies that we can bring to our client base. And so it leads to the third point, which is, well, how do you do that? Well, we mentioned ETFs for sure, but there is a broader palette of vehicles we can bring to bear. In other words, we want to be vehicle-agnostic. We said this before, we said this publicly several times, we want to be vehicle-agnostic and be able to deliver in different forms, again, to democratize and broaden the skill sets that we have to different client sets. So to Patrick’s question earlier, EMEA could be an example of that, other channels could be example of that, for example, in retirement to CIT launch that we’ve had or SMAs that we’ve had, et cetera, along the way, how we want to broaden the scope, not just in ETFs but be more agnostic from a vehicle perspective and deliver on that client.
Michael Cyprys: Great, thanks. And just a follow-up question on the expense side, I was hoping you could elaborate a bit on the cost savings, where you’re finding them, how you’re able to deliver better than your initial expectations? And as you look to 2024, maybe you could just elaborate on where you’re looking for savings and efficiencies in 2024. Thank you.
Roger Thompson: Yes, hi. Let me start on that, and then Ali may want to pick up on it. But yes, I mean we started the year and guided to, I think, it was low double digits on non-comp and have done a lot during the year to refine that. There are things that we worked out how to do cheaper, there are things that we paused where it didn’t make sense to do it and then there were investments that we obviously made. As we pointed out, what we’ve done was very much under that ‘Fuel for Growth’ banner. We’ve taken the money, we’ve taken it from one place and reinvested in a place where we thought we could see better returns. And the U.S. intermediary space is a good example of that. We invested in our brands for the first time in many years.
A lot of people know of Janus Henderson, but a lot of people really weren’t considering investing with Janus Henderson, and building that brand is really important. So, there are a number of places we’ve done that. We achieved the ‘Fuel for Growth’, as Ali said, a little bit more and a little bit quicker than we had originally indicated which is pleasing. And we’ll continue to do that. I mean, I think that the important thing is, is that this is a business that you need to constantly manage. You need to constantly be looking at where should you be spending money and refining that. So, we will continue to take some targeted actions and reinvest that money where we can see the strength and the results. And some of those things are hard results, it’s flows, and some of them are things that we measure really hard.
So a brand campaign is difficult to measure the results of, but we measure that really hard to determine are we being successful and can we take that further. So that’s something we’ve done in the U.S. so far. We’re starting to leverage that a little bit around the rest of the world, and should we continue to see success there, then that’s something we do more. Again, all of that is built into the guidance that I’ve given. But yes, it’s an ongoing management of expenses, both on the comp side and the non-comp side. And I think the other bit is around automation. As we seek efficiencies and we automate things, you do move a little bit from comp to non-comp. So again, you would expect our fixed comp expenses are pretty flat year-on-year, including the inflationary element, and our non-comp, as I said, we’re guiding to sort of mid- to high single digits.
Operator: Our next question comes from Adam Beatty of UBS. Adam the line is yours.
Adam Beatty: Yes, thank you very much. Good morning. I wanted to ask about the retirement channel, which can be seasonally strong, especially here in the U.S. in first quarter and first half. Just maybe using Ali’s construct of leading indicators, just wondering what you are seeing in terms of activity, maybe discussions with planned sponsors or other signs of momentum and how you feel you are positioned for the retirement contribution season. Thank you.
