It’s been a strategic area for us. It will continue to be under my realm as well. And I’m very excited to continue that strength and to work with Jen as she joins us here early part of this year. In terms of the flows, I would say, it’s been fairly broad. I’d say the areas of strength, we continue to see strength in Q4. It was a lot driven by fixed income, , some of our local strategies, U.S. equities and others saw some very nice flows, the beginning of this year continues on that strength where we’re starting to see it more broad based. Even the EM space is seeing a lot of quant searches, a lot of quality searches that we’re participating and working with clients for new mandates that are coming online over the first six months of this year.
So, I would say it’s not any one specific area. It’s been spread out over most of our platforms. And it continues to feel like it’s been strengthening and it’s across the board. I’d say particularly our continues be very, very active in this environment and continues to play well in the spaces that they’re in. And a lot of that is driven by just the great performance of so many of the teams. I think you’re starting to feel, as I mentioned, moving away from markets that were momentum in growth and, sort of getting back fundamentals across the board the way we invest. I think you’re starting to see that in performance because the markets are becoming more rational. These are the types where areas where you can truly see the benefit of the Lazard platform and the great people that work here that produce great returns.
And so, I think it’s all sort of coming together and markets starting to move in our direction and I think investors’ sentiments and allocations are moving into that area. And we’re just going to continue to get out there and try to capture as much of it as we possibly can.
Matt Moon: Great. Appreciate the color.
Operator: Our next question comes from Jim Mitchell from Seaport Global.
Jim Mitchell: Hey, good morning. You talked a little bit about, Ken, about starting some new groups like Geopolitical Advisory. We’ve talked a little bit about restructuring, but maybe taking a step back and thinking about your non-M&A businesses more broadly, is there any way you can kind of help us think through the size, contribution from those businesses and how you think are they a little bit less volatile than M&A? Can they help you, kind of get through this slower M&A period in a reasonably good way? How do we think about those businesses near-term and over the long-term?
Kenneth Jacobs: Peter, you want to take that one?
Peter Orszag: Sure. Look, I think that they are less volatile in the sense that they’re less lumpy. They’re often €“ many of these businesses tend to be more retainer based fee structures rather than dealer success based fee structures and for that reason they are less lumpy. With regard to the size, look we’re €“ I mean, geopolitical is a great example. We just launched it a few months ago, so it is in a growth stage and we’re really pleased with the initial feedback from clients and the mandates that we’re exploring and winning, but it’s early days and so you shouldn’t expect something after a few months to be a significant share of revenue obviously. What we’re excited about is building that over time. So, broadly speaking, you’re spot-on in terms of the objectives, which is to obtain not only additional sources of fees and revenue, but things that have different volatility characteristics.
