Alex Blostein: Hey, good morning. Thanks for the question. Maybe I’ll pivot a little bit. I was hoping to spend a couple minutes on the wealth management and the global family office trends. You guys highlighted outflows, client outflows, asset outflows I think in both of those for the quarter. Wealth management tends to kind of ebb and flow, but global family office historically, I think, has been a source of stronger organic growth, so maybe help us unpack what’s driving the outflows in both of these businesses, and maybe also hit on the strategic price reductions that you mentioned, how much of that is fully captured in the Q4 results. Is there any kind of negative carryover effect into Q1 as we think about fees, and again maybe a little bit more color on the reasons behind these pricing reductions and what you ultimately expect to achieve there.
Jason Tyler: Sure, so let’s just walk the fees, because that’s probably what–is kind of how you’re framing the question. Fees down roughly $20 million for the quarter, right, half of that is markets and then a quarter of it is the re-pricing that we mentioned earlier. As this group knows extraordinarily well, in the asset management side of the business, fee compression is still persistent, and so we have not done those types of reductions a lot recently. We want to make sure that we’re priced appropriately, and so with some of the indexed products, we took a–we took fee reductions, that’s only on the product side, not on the advisory side. Those are done, so there’s a step down there, no incremental benefit going forward and, at this point, no plans to do more.
The other quarter of the decline was outflows, and that was–but that was product-related outflows, so really client repositioning in the money market space, in the liquidity space. We’ve seen a journey there for our clients across both wealth as well as asset servicing. It’s very closely aligned to what we saw in deposits of large decline as we came into COVID, and decline as markets gained more confidence and then started to redeploy assets into risk assets. The way we litmus test the business in wealth is to think about our advisory fee, frankly, not the product side but what are the assets and what are the fees related to the advice we have with clients. That’s gone well – in the quarter, client flows for wealth management from an advisory perspective overall were positive.
On a linked quarter and year-over-year basis, the net new business and flow activity that we track was positive – low single digits, but it was positive, so the business is not in decline. What we’re seeing is a lot of clients deploying away from their historical mix of using our money market funds and then, in this quarter, re-pricing of product.
Alex Blostein: Got it. As you think about pricing broadly for the products, not the advisory component, but if you think about the money market offering, given the fact that money market funds are actually giving a pretty healthy yield, is there any thought around reducing your money market fees as well to become more competitive to maybe capturing more of those flows or prevent folks from leaving and seeking better yield options net of fees?
