Devin Ryan: Okay. All right. That’s fine. Thanks a lot. And then a follow-up here, maybe for Peter, just on kind of broader trends within the M&A market. And, we’ve been tracking more corporate activity. Really, over the past year plus versus sponsors, I think Lazard’s been well-positioned for that, given strong corporate relationships. It does seem like sponsors are gearing up to do more, and so I’d love to just kind of get some color from you around what you’re seeing in that balance between corporates versus sponsors and the degree that sponsors are picking up behind the scenes and kind of what’s maybe shifting the behavior or catalyst for them coming back to the market. Thanks.
Peter Orszag: Sure. I agree with your characterization, which is, to date, the strategics have been kind of leading the way, but I think we’re now in the stage of the cycle where sponsors are coming back on the playing field. So, I think you’ve got the market characterization correct, and that’s what we’re seeing in our own business, which is the share of our revenue that was coming from private capital had declined over the last year or two as strategics were picking up more quickly than private capital was. But we are in the early stages of seeing that, yeah, the dialogue and the activity with sponsors starting to accelerate. One thing that I would highlight is I think maybe, as I said in my remarks, perhaps unappreciated is how much Lazard has been strengthening our connectivity to private capital over the past couple of years so that we are positioned for this shift as it occurs.
And that’s not just in private equity, but it’s across the whole array of what these now large alternative asset managers are focused on. So private credit, fundraising, restructuring liability management, as I mentioned, and then, yes, private equity and sponsor coverage. We’ve been investing in all those areas, and so your historical perception of Lazard may be, may need to evolve a little bit because of the investments that we’ve been making. And I will tell you that several of the very large alternative asset managers have remarked how much our coverage has improved and how much connectivity, expanded connectivity they are seeing between Lazard and their firms.
Devin Ryan: All right. Thank you very much.
Operator: Thank you. We’ll take our next question from Ryan Kenney with Morgan Stanley. Your line is open.
Ryan Kenney: Hi, good morning. Thanks for taking my question. Wondering if you could give some color on what you’re seeing around the election and how boards and CEOs are thinking through it. Do you sense any hesitancy to wait and see what ultimately transpires and what the impact to the antitrust environment would be or no? Thanks.
Peter Orszag: So, a couple comments here. One, yes, the U.S. has an election. It’s one of more than several dozen elections across the globe. So, when I said that geopolitical forces are something that’s on clients’ minds and that they often look to a place like Lazard to help navigate, we’re seeing a lot of demand for insight into the combined geopolitical and business environment because you can’t make a business decision today without taking geopolitical forces into account. And Lazard is very well positioned to help clients on exactly those sorts of issues. With regard to the U.S. election specifically, honestly, there’s sort of typically two parts to a client meeting. The first part is the sort of the warm-up and the second part is the meet of the meeting. The U.S. election still is in the warm-up section and typically not in the meet of the meeting section of client interaction.
Ryan Kenney: Great. Thank you.
Operator: Thank you. We have no further questions at this time. This does conclude Lazard’s first quarter 2024 earnings conference call. Thank you for your participation. You may now disconnect and have a wonderful day.
