Kenneth Jacobs: Yes, I think our view on this is, probably a little bit more nuanced in the following way. I’d say that the restructuring cycle here is going to be liquidity driven more than it is anything else that is a lot of the financings have been pushed €“ were pushed out. They’re kind of covenant light. So, I think that the transactions that we’re going to see more of, we’re going to be more liquidity driven. And so, from our perspective, this cycle may last longer, because of that, but it may not get to the heights that we’ve seen in previous cycles, but we’ll see. That’s premised in part on the improving outlooks for GDP in both here and in Europe. But again, a lot depends on how that unfolds, but that’s our hunch at the moment.
Matt Moon: Great. And then shifting gears just on the asset management. You guys recently announced the hire of Jennifer Ryan from BlackRock for the asset management business. I’m just curious, Evan, if you could, kind of speak to the rationale of the hire, especially since you’ve been at the helm for that business for over a quarter now? Kind of would just love to hear what you expect for her to bring to the table for Lazard and how she’ll be additive to the leadership capabilities? And then just appreciate the update to AUM inflows was just curious if you could drill down a little further into, kind of the products where you’re seeing both strengths, as well as weaknesses as it relates to that 200 million in inflows you’ve seen so far year to date?
Evan Russo: So, as Ken mentioned, look, we seek to continue to focus on investing in talent when we find great people. And I think this is just a continuation of that. We’ve obviously have a tremendous focus on continuing to strengthen the team we have and add to it frankly to take advantage of what we’re seeing in the marketplace today. In many ways, making senior hires in distribution is not surprising for us, right. We’re continually expanding our distribution network, our global distribution across all of our channels over the last several years. It’s been a strategic focus is for us to continue to broaden, strengthen, and deepen in every channel we have, adding Jen to this team is just in the continuation of that and continues to show the focus that we’ve got to make sure that we’re capturing all the potential value off the great performance of so many of our funds.
As we said, more than two-thirds of our funds have been outperforming on a one and three year basis. It’s a great opportunity for us to be out there. We’re seeing a lot of interest in so many of our products and I think just continuing to strengthen and deepen those relationships and just continue to build out a broader team and augment the great work that’s been done for so long by so many of our other teams. It’s just a great addition to the team. I don’t think there’s anything more than that just the continuation of all the things that we are doing to strengthen that focus. Our focus on distribution will continue. We’re going to continue to build out and strengthen and deepen that team. There’s just a lot of places that we have opportunities for.
