Alex Blostein: Hello. So first, just a follow-up to maybe Steve’s questions around deposit and the sweep deposit trends. Your monthly commentary seemed to have suggested that the deposit trends and the outflows improved in September. I think you said they were up in September versus August, today’s results seem to be a little bit more muted. So maybe just kind of the cadence of deposit sweep trends over the course of the quarter? And then I guess relative to the $11 billion of sweep deposits on balance sheet, I guess, call it, about $600 million in third-party banks. Where do things stand today and does that include the sort of the monthly billing dynamic?
James Marischen: Yeah. So I would say at a high level, the inflows and outflows within the sweep program can be lumpy on a day-to-day basis. And we just happened to see a decent sized outflow in pretty much the last day of the quarter, which accounted for the discrepancy between those two dates. As I mentioned earlier, the sweep program and the decline we’ve seen there over the — basically the first month of the fourth quarter, it basically matched the cadence of decline you saw during the third quarter. So we have not seen an increase on there. It was just some lumpiness over a particular few days.
Alex Blostein: Got it. Okay. A little bit bigger picture question. So Wealth Management continues to do nicely here. I think you guys said mid-single digit organic growth in net new asset growth in the third quarter. Ron, you alluded to a really strong pipeline, and I guess there’s maybe a mix shift occurring as well with the top advisers you’re bringing in. So as you look a little bit further out, what do you see as a reasonable net new asset growth for this business for you guys? And then the assets that are coming in, can you give us a sense of how much is going into sweep deposits as a percentage of client assets in other words, in line with kind of firm-wide average or more kind of balances disproportionately go into higher-yielding options? Thanks.
Ron Kruszewski: Look, I think the growth is — as we said this quarter, I think mid-single digit growth is reasonable and is what I would say, asked to try to project that growth. As it relates just overall to recruiting, our — just our recruiting pipeline, what I’m most encouraged about is the quality and frankly, the fact that we have large teams that are really talking to us that we haven’t had in the past. So we’ve had — that’s the biggest thing, is the quality and the level of the teams that are joining us. I’m not sure that I see any difference in the [indiscernible] accounts as to what’s in sweep or what goes into our smart rate, I think it’s really pretty consistent. I would note, though, that one of the things that is noticeable to me is the amount of cash that we have in bills, less than one year, which is up almost approaching probably $10 billion.
And that’s where when you talk about cash sorting, it’s not just between our sweep and our smart rate, it’s a fact that today, the trade that everyone likes to talk about is, well, I don’t know what I want to do so find me a six-month treasury and we’ve seen a lot of that. But the good news is that money is not going. It hasn’t left. It’s just geographically somewhere else on our balance sheet. And as client assets. So that — I don’t know, if you have anything to add to that, Jim.
James Marischen: I think you covered it.
Alex Blostein: All right. Thank you very much.
Operator: We go next to the line of Brennan Hawken with UBS. Please go ahead.
Brennan Hawken: Good morning. Thanks for taking my questions. I wanted to start with the fact that the credit — well, appreciating that it’s small as a percentage of assets and loans, like more than tripled in the quarter. So could you talk about what drove that? And — yes, and the outlook, please? Thank you.
