Paul Shoukry: I think you can also look at, most of the ESP balances came from cash balances elsewhere, money markets, treasuries, I mean, so it was really, I think, if you look at the assets, the cash yield play, it just happened to be secured with FDIC, and more people viewed it as more secure with FDIC insurance. So it’s not like it came out of everybody ran from equities into the products. So and if you look at the percentage of our assets in cash, we’re certainly not at — we’re more closer to historic levels than we are at record levels. I mean, are so — but as Paul said, we are always more cautious with the new product and understand it can move and also are used to competing. So we will see in the quarter, but again, we have a big cushion right now. That’s why we haven’t slowed down deposits, just understanding that it could have a little more volatility, but we’ll see.
Michael Cyprys: Great, thank you.
Operator: And our last question comes from the line of Devin Ryan with JMP Securities. Please proceed with your question.
Devin Ryan: Great, thanks so much. Good evening, Paul and Paul. I’ll just keep it at one there, most of it was covered here. But I do want to ask about corporate M&A for the firm. And we obviously saw recent press around a reasonably sized public independent broker that could be mulling a sale and so I thought that was interesting. And so without getting into details around where Raymond James might be interested specifically, it’d be great just to hear about kind of what you guys are seeing in the marketplace because it would seem that conditions could be getting better for you guys as well just with valuations recovering your stocks up as well. Confidence is improving in the marketplace to some degree and that’s a little bit of a better environment for M&A. So just love to talk about what you guys are seeing in the marketplace today, if you can, what that pipelines of opportunities is looking like right now relative to a year ago?
Paul Reilly: Thanks Devin. Now as you know we just hired a new head of our Corporate Development Practice, so we certainly didn’t do that to slow down. And I didn’t see the article you’re alluding to. But we’ve always had a course of firms that we believe would fit us well, especially in the Private Client Group space where we really know them all and our focus hasn’t changed. And as we’ve said in the past, the private are not for sale, so it does not help but we stay close and if it ever changes, we want to be their only the first call. So we continue to keep that strategy and then on the M&A with Suraj [ph] who has joined us is really focused on also other opportunities. We’ve looked at M&A firms that we talked to pre, market, adjustment.
And because we thought valuations are way off, and we continue dialogue with those that we think fill holes in the practice. And again, pricing has gotten much better there. We’ve had a few assets in the asset management space, and some we’ve talked to and couldn’t come up with pricing versus the market, but that’s not unusual for us. And looking at other ancillary technology fit in place, like SumRidge, which has really been a huge positive, so all eyes are not off the ball at all, for M&A. In fact, we always assume the tougher the market, the better opportunity to really add people to the family. So, again, has to be a culture fit, strategic, be able to integrate it, and then it’s price. And so we’re pretty price disciplined too, so we’re working away.
And we always have, so but, we went where we didn’t close any for a while, and we closed three quickly. So the notes.
Devin Ryan: All right, good stuff. Thanks so much, guys.
Paul Reilly: Thanks, Devin.
Operator: And there are no further questions. Mr. Reilly, I’ll turn the call back to you.
Paul Reilly: Yes, thank you for joining. I know it’s always a busy time with everyone, with earnings, but I really feel like we’re in great shape, you can see our asset growth in our recruiting growth and certainly Capital Markets is a tough market, but that we’ll return to and we have a great franchise in that business when the market returns. They’ll return and we believe we can continue growing the other businesses. So thanks for joining and we’ll talk to you next quarter.
Operator: That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line.
