But on top of that, we are specifically recruiting those financial advisers that are more productive and that have higher net worth and ultra high net worth clients and are in those geographies where we expect much faster growth, general geographies where there is quite some entrepreneurial wealth creation because the fastest growth in the U.S. in the U.S. wealth pool comes from entrepreneurial wealth. So it is much more than just a couple of top lines. It is very specific as to where do we recruit our FAs, where do we expect the wealth creation to be, who have a proven track record through which we can work, how can we support them with sophisticated products, where does banking play a role there in the stickiness of those relationships so that they can continue to build a franchise.
So there’s a couple of indicators that we are looking at as to how we actually grow this business sustainably and not only tactically. That is the important element of our U.S. business. Now when it comes to the Middle East, it’s not new to UBS that we bank the Middle East, but we are growing our teams there. Over the last 2 years, we did open our office in Qatar, in Doha. We have recruited people there. Beyond the wealth business, we also do services activities there as well. So we’re committed to that. And you see on the back of recruiting teams in the Middle East, you see more clients coming through and also the flows coming from those clients. And in the fourth quarter, yes, there were also flows coming through there. These are the ultra high net worth individuals in the Middle East, so they come with high tickets.
Operator: The next question is from Stefan Stalmann from Autonomous Research.
Stefan Stalmann: I would like to start with a question on NII, please, on your guidance. You’re guiding quite specifically about what should happen between Q4 ’22 and Q1 ’23, but you’re a bit less specific for the whole year. Do you see any reasonable scenario where on an FX-neutral basis, your NII in any of the following quarters, Q2 to Q4 ’23, could be lower than it was or than it is expected to be in Q1 ’23? And the second question, I guess, goes back somewhat to what Magdalena just asked in GWM and the U.S. business. Your Chairman toyed with the idea in the recent interview about publishing separate KPIs for the U.S. Wealth Management business. And I was wondering whether you would consider doing that. And given that you’re currently not breaking out the U.S. business at all, whether that would require a change in the divisional setup.
Ralph Hamers: Thank you, Stefan. I will answer the last one and then Sarah will answer the first one. So on the last one, it’s under consideration.
Sarah Youngwood: So in terms of what you should expect, first of all, if you look at the forwards, that is what is underlying our guidance. So if you take different forwards, you could certainly see different scenarios going there. And we give you on each quarter more information very precisely about the following quarter, but we wanted also to cement that there is a very good story for the full year, which is why we gave you the annualized guidance.
Operator: The next question is from Andrew Lim from Societe Generale.
