Michael Policarpo: Good morning, Adam. The solutions business for the Amundi U.S. business is really a multi-asset offering. So very similar to the offering, some of the offerings that Victory has. Within Victory, our solutions include multi-asset. It also includes some risk-based as well as target date product, as well as our rules-based ETF business. We don’t envision consolidating the Amundi U.S. solutions business into our platform. They are distinct enough and will remain under the kind of current Amundi U.S. investment team platform. We are excited about the opportunity to take on additional solutions offerings. And we think there’s an opportunity, as Dave had mentioned earlier, to take some of the products that Amundi U.S. offers and package those into ETF offerings that we think will have a tremendous opportunity to see organic growth going forward that they currently don’t have an ETF offering.
Adam Beatty: Great. That’s helpful. That fills it out. Thanks. And then just as a follow-up, kind of the reverse of Mike’s question around distribution, in terms of Victory and Amundi U.S. products being distributed through Amundi outside the U.S., just wondering, you mentioned that a lot of those products right now obviously come from Amundi U.S., but that there are also other providers. So just wanted to get a sense of kind of the asset mix within those other providers where Victory might be kind of taking some share there? Thank you.
David Brown: I think there’s a couple elements to it. First is, there’s probably an under-allocation from the Amundi client into U.S. products. So part of this is actually open space that we’ll be taking. And you think about the evolving platform that they have, where they are in China, they are in India, and what’s happening in some of those countries, around allocation to US markets over a longer period of time. So some of this is perspective on what is, we anticipate happening. So that’s the first piece. I think the second piece is, there are other solutions that are on their platform outside the U.S. I would say that we’ll probably take some of that market share, I would presume. And they’ll have an economic incentive to want to do that, because they’ll have a 26.1% economic stake in our business.
And I would also just reiterate that the Amundi U.S. business, if you average it over the last five years, its $12 billion a year in gross flows. That part of their business has been net flow positive over the last five years. And then, I think with our added product set, and then as I mentioned before, our desire and ability to reinvest in the platform, I would imagine that would only accelerate as we think about going forward. And then, you put just underneath all of that is, we have excellent investment performance from a firm wide perspective. So the products we would be able to offer the Amundi clients would have really good investment performance. And then, we also have the ability to create new product, and go out and acquire new product.
Adam Beatty: Great. So it sounds like, yes, more of a bigger pie situation than straight substitute. Thanks a lot. Appreciate it.
David Brown: Correct.
Operator: I’ll now turn the call back over to David Brown for closing remarks. Please go ahead.
David Brown: Thank you. And again, thank you for your interest in Victory Capital. We look forward to keeping you updated on the Amundi transaction as we move forward and to the definitive agreement that we anticipate by the end of the second quarter. Have a wonderful day.
Operator: This concludes today’s call. Thank you all for joining, and you may now disconnect your lines.
