I think they’ll be very, very productive. So hopefully that everyone’s green shoots turns into trees and it’s worth hoping for. I think Paul gave six to 12 months before we think industry wide not just us it will really start getting, but that’s the unknown. It really just is the unknown right? We certainly have the capacity and once the market picks up I think we’re well positioned. Clients are engaged, but that’s the million dollar question I can’t answer. But if we ever got to the point we thought it was more of a permanent or longer term kind of hiatus, we would manage cost as tightly as we could.
Alexander Blostein: I got you. All right, thank you both.
Operator: The next question comes from the line of Brennan Hawken with UBS. Please proceed with your question.
Brennan Hawken: Thanks for taking my question. So I know Paul, that you, I won’t go into junior or senior. Paul, you commented that you were limited in what you could say on the — we go charges was totally understandable not all resolved. But now this is the second quarter in a row we’ve had some we go charges and is it right to assume we’re probably going to see a third quarter because you said they’re not all resolved and so therefore should we expect some bleed into next quarter, how should we think about that?
Paul Reilly: Yes, I mean there could be certainly additional reserves and there probably will be additional reserves in future quarters, we’re hoping that they’ll be pretty big drop off from the $66 million or so that we saw this quarter that was obviously unusual for us if you look back at our history. So time will tell, but as obviously, this quarter was obviously elevated relative to sort of what you look at for an average reserve for quarter for us.
Brennan Hawken: Yes, okay fair enough. And then I was wondering if you could give a little bit of color around the ending of the relationship with the independent contractor that you spoke about that impacted M&A this quarter, what kind of counterparty was that and what led to the decision by either them or you to go in a different direction?
Paul Reilly: Yes I think we’re not going to talk about firms or stuff, but I think that just based on our strategy it was an independent contractor firm, a normal independent contractor firm based on their strategy and what they wanted to do and ours and us looking at our profitability and I think what they thought they could do and other things, we just thought it would better have another home and they went ahead and we supported their move and then we, again as we said we kept a lot of the advisors, the advisors had a choice. And so we call it just strategic differences in both of our businesses and profitability as we said we don’t think that the — that there’s a negative impact to our profitability on that change. So we’re both making our bets and both going in the directions we think we’re right.
Brennan Hawken: Okay, thank you for the color.
Operator: The next question comes from the line of Jim Mitchell with Seaport Global Securities. Please proceed with your question.
James Mitchell: All right thanks, good afternoon. Paul, just maybe can you talk a little bit about, can you speak to the maturity profile of the AFS book? It’s still yielding around to a little over 2%, so just great to get your thoughts on how quickly that portfolio runs off and you get a chance to reinvest at high rates?
