Inside the U.S., I think there’s just a continued trend and appetite for outsourcing. That positions us well as firms really think about where they should be deploying their capital for growth. They see more of that really in product creation, alpha generation and distribution, and are really looking to SEI as a strategic partner for technology and operational delivery. And we’re really starting to increase our footprint, as I mentioned, in global. But Phil, do you want to provide a little bit more color either on certain spots or areas? We’re really enthusiastic about not just the existing pipeline, but the future runway in this business.
Phil McCabe: Thanks, Ryan. And this is Phil McCabe. Just real quick. The margins came in a little higher this time at 36.2%. If you look year-to-date, they averaged about 35%, which is right about where we said we would be over the course of the year or so. So, I expect that number to continue for a little while. And I think we spent a lot of time managing expenses. At the same time, we’re investing in the future. On the sales front, $19 million in net sales. If you look at that year-over-year for three quarters, we’re up about 16%. We have a net number of $61.5 million so far. And as Ryan said, the pipeline is strong, and we’re out in the market, we’re all over our clients and we’re getting a lot of traction globally, a lot of traction in the U.S. We talked about private credit and real estate and infrastructure before but I think we’re in a really, really good spot for the future.
I think, the runway is fairly long for what we see out there, and I think we’re in a really good spot.
Ryan Hicke: And the only other thing I would say, Owen, which we touched on a little bit on the call early, but there’s a big intersection right now, growth between kind of the private asset market and the intermediary space. And as Phil mentioned, I think a lot of the traditional investment managers are also looking at how they can create and distribute some alternative products, and that’s a good spot for us as well to really give them the infrastructure to get those things up and running and out in the market quickly.
Phil McCabe: Yes. To add to that. Right now, the percentage of alternatives within our traditional market is really, really small, but we have a major campaign going on now to try to push those products by way of interval funds and auction funds into that market. So I think we have a lot of traction, and we expect to see some good results in the future.
Owen Lau: Got it. That’s super helpful. And then on the press release, you mentioned, I think some of the revenue growth was driven by new products and additional services. Could you please maybe highlight some of these new products? Are you taking shares from competitors? But, any more color would be helpful on these new products. Thank you.
Phil McCabe: Yes. From a competition perspective, we have two or three competitors that are out there, but I don’t really think that we are — our clients are fairly large and sophisticated, and they’re not buying based upon getting a better deal or margin. So we are getting pretty much almost all of the new funds that are launched with our clients that are out there. And from a prospect perspective, when we’re in a deal, we’re usually in the final one or two, and we’ve been doing fairly well closing those books of business. So, we have three new clients on the alternative side so far this year — I mean, this quarter. And in particular, there’s one that — we don’t really name names, was the sort of deal of the year so far.
So, we’re in a good position when we’re out in the market. Our clients are referencing us very happily, and they’re glad to do it and we’re in a good spot. So I think we’re winning on a number of different fronts. I’m not sure I can pinpoint it to 1 particular competitor but I think we’re where we need to be right now.
