William Stone: And I would just add a little bit, Alex, that we’re a technology company, right? So we need to make these products better and we compete against big gigantic financial institutions that you guys are very familiar with. And we think our ability to out innovate, our ability to deliver more product, our ability to have more intuitive systems is one of our greatest strengths. And some of GIDS, as you’re well aware, is in a pretty mature business. But at the same time, if we can continue to innovate, then when we go up against our competitors, there is really — they don’t have a chance. I think that’s our real opportunity and that’s why we’ve stuck with the knitting and that’s what we’re doing both in GIDS. That’s what we’re going to do with DomaniRx. That’s what we’re doing across everything we’re doing. That’s why we remain reasonably bullish.
Alex Kramm: Fair enough. Thanks guys.
Operator: Thank you. We go next now to Ella Smith at J.P. Morgan.
Ella Smith: Hi. This is Ella Smith on for Alexei Gogolev from J.P. Morgan. So my first question is for you, Bill, surrounding M&A. Are you seeing anything for sale in the market? And if you were to pursue a tuck-in acquisition in the next six to 12 months, what products or businesses do you think could enhance or complement SS&C’s existing offerings?
William Stone: Well, we’re constantly in the market — marketplace and it all depends on what’s for sale, at what price and can we sell our stuff to their client base, and can we take what we buy and sell it into our client base. So I would imagine, just like [high risk] (ph) that we did here a couple of months ago, and we have a few other small tuck-ins that we’ll probably do, we really like the Australian market. We really like the Canadian market as well as the US market. And there’s some things that we like in the UK that we think are pretty interesting. So I think we might deploy $100 million in the next three to six months on acquisitions, but we don’t have anything right now that we would be closing on in that range. So we like M&A, we think we’re good at it. We think we can drive margins and give the people a good place to work. But you got to get them at the right price and you got to be disciplined about it. And so, that’s how we operate.
Ella Smith: Great. Thank you very much, Bill. And I think this next question would be for Rahul or whoever wants to take it, but you’ve alluded to this that retirement did quite well in the third quarter, growing 15%, much higher than in the first and second quarters. I was hoping you could speak more to what’s driving the growth there?
Rahul Kanwar: I think it’s primarily — we’ve been working on a number of large deals and bringing them live. And as they come live, we see our revenue take up. So that’s — there was some backlog on that revenue that kind of showed up in the quarter, which we were happy to see. And we do think that we have some more opportunity to have these kinds of step changes in 2024 as well.
Ella Smith: Great. Thank you all so much.
Operator: Thank you. [Operator Instructions] We go next now to James Faucette at Morgan Stanley.
James Faucette: Thank you very much. Just a quick question on [Azus] (ph). It was great to see the press release on [ES Eclipse] (ph) earlier today. Any sense as to how the new client figure of 60 compares to last year that you can share with us, or maybe what a more normalized hedge fund formation market might look like. Just trying to get a sense on what growth trajectory and potential is for [indiscernible], especially on [ES Eclipse] (ph).
