There’s still a few moving pieces I can — it’s not going to be material, but it is — it’s obviously helpful both for the Singapore entity, and it’s helpful for a fee income, as a whole. But it’s not a large acquisition and there’s still some moving parts around which clients are actually coming across. And so I think — and there’s some movement in which staff are coming to service the clients. So, we’ll definitely come back, at the end of the quarter when we have certainty around the closing population, and talk a bit about what the pipeline is as well. I think, overall, the deal’s still within the stated parameters. The clients are — some of them are fantastic trust clients, and there’s a lot of additional opportunity for us to look at going forward.
But the initial push has really been to just kind of get it through the system. I would say there’s very few differences in the risk appetite. There are some, and that’s been put to sort of an arbitration committee to kind of discuss, and figure out whether we reject or whether there’s some way that we could take them on within a conditional way. So that discussion has been productive. So, I think, overall, it’s going well. There are some great clients, and Michael and I have been on early calls in Singapore talking to some of the families, talking through the process, and what they can expect to happen. So, very pleased with the quality, very pleased with the way that Credit Suisse has cooperated as well during this process. They’ve obviously got a lot going on, but I think they — very committed to getting this done with us, and so that’s been very helpful as well.
Yes. So financials, like, it’s a little earlier still, there’s still some moving pieces, but we’re definitely keen to come and talk about the next quarter.
Michael Collins: Yes. I think, we’re really happy about the quality of the client. So, I think what you — what we’re seeing is generational wealth in Asia. So the source of funds is pretty straightforward, because you can see industrial companies going down through generations. And so it’s a process. It takes a long time to move trust, it’s laborious. You’ve got to get client consent. Credit Suisse is being extremely supportive and helpful. It’ll take some time. But I think we’re very happy with the quality of clients.
Operator: Our next question comes from Tim Switzer with KBW. Please go ahead.
Tim Switzer: I had a quick follow-up on I guess your M&A pursuits and interest, just — I know it’s — you guys have been spending a lot of time doing this due diligence. Do you still have appetite to maybe acquire another trust business this year if you find the right opportunity, or is that kind of on the back burner for now? And then similar question if — I know with bank M&A, you don’t have too many options, but is that still of interest to you as well?
Michael Schrum: Yes. Thanks for the question, Tim. It’s Michael Schrum. So, the answer is we’re still interested and these things have a — tend to have a long gestation period and they tend to be a few curve balls, as you go through the negotiations. So, there’s still active dialogue. The CS deal took the better part of a year to kind of get from initial conversations to some of that work for everybody. And then, it’s another year to kind of get that team set up and integrate. So, in terms of just having conversations and making that pipeline work, and there are still some great opportunities for us out there both in Singapore, but also in our other jurisdictions, where I think coming out of COVID, some of the bigger franchise banks are looking at that business as a complex, low growing business in small places.
