Unidentified Analyst: Hey, good morning. So, I just want to touch on the €“ on your European M&A business, you were obviously very clear on the broader advisory backdrop and outlook there, but given your unique perspective on Europe, how has your €“ the outlook for European M&A changed?
Kenneth Jacobs: Well, I was pretty surprised by our performance in Europe last year because we ended up having, in-spite of everything, I think record years in Europe on our advisory business. And so, given the events of Europe and the slowdown in the economies in Europe and all the fear, I was pleasantly surprised by that. So, I’m sitting here today, kind of pinching myself. Clearly, the first half of the year is going to be slower than last year, just given the pace of announcements in the second half of last year, but I’d say it’s pretty even right now in terms of U.S. and Europe in terms of dialogues. And so, we may see the same, kind of pickup as the year progresses in Europe as we’ve seen in the U.S. if these dialogues turn into announcements, and so we’ll see. I wouldn’t differentiate too much between my comments about the M&A market generally and thinking there are big differences between Europe and the U.S. moment.
Unidentified Analyst: That’s very clear. And then, sort of related one, obviously financing markets have begun to reopen. Maybe you could speak to the specific impact this is having on your business or maybe it’s too early? And then have there been differences in the impact of financing markets reopening across Europe or the U.S or is it sort of more similar?
Kenneth Jacobs: Well, look, I think as I said before, this is to M&A activity, these events all have to happen, unique constructive equity markets or valuations in equity markets you need more favorable credit conditions and improving sentiment for M&A to start to evolve and tends to be pretty procyclical. So, I think right now the fact that credit conditions are improving and they’re clearly improving in the U.S., as well as in Europe, I think you’re likely to find that dialogues pick up as a result of that and then announcements will follow if sustained. And that’s really the key thing. I mean, we’re in a more positive environment right now than we’ve been in over the last year. I think generally speaking the consensus is that things are better than anyone anticipated they would be at this point. If you look back six months, if this market stays €“ if this kind of sentiment stays intact, that’s a good sign for our advisory business as the year progresses.
Unidentified Analyst: Okay. Thank you so much.
Operator: Our next question comes from Matt Moon from KBW.
Kenneth Jacobs: Hi Matt.
Matt Moon: Hi, guys. Good morning. So, just one on the restructuring cycle. I think there’s been some optimism that the cycle could be relatively elevated for a prolonged period of time. And it sounds like from your prepared remarks that this thought remains, just wanted to take a pause on that sentiment today. I mean, I think there’s some kind of shifts in expectations since the start of the year and particularly for heightened expectations for soft landing. So, just wanted to get your updated thoughts there, particularly as we see Lazard on a lot of mandates and as we sit through the news.
