George Aylward: Well, on the second piece, I think the macro view on mergers and acquisitions is not the most favorable that it’s been. So that’s going to have an impact on how people look at strategies like that. So again, with some of the headlines and some of the transactions, I think, unfortunately, some retail investors are incorrectly being a little more negative on those types of strategies than they should be. Going back to fixed income, our view is that there really should be a lot more of an interest in some of those strategies. We’ve seen some increases in some of our strategies, improvements from where they were, but not to the levels where we need to be. But the hope would be, as people start getting a little more clarity on the rates going forward, they’ll start taking advantage of some different strategies than previously what they’ve been doing.
Sumeet Mody: Great. Thanks for taking the questions.
George Aylward: No problem.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of Michael Cyprys with Morgan Stanley. Your line is open.
Michael Cyprys : Hey, good morning. Thanks for taking the question. Maybe coming back to some of the commentary on the institutional pipeline. I guess my follow-up question here would just be how do you sort of characterize the fee rate on the pipeline compared to the 31 basis points or so institutional fee overall? And I think you mentioned that you had a low fee institutional mandate fund in the quarter. Maybe you can help quantify is that single-digit sort of zip code? And what sort of strategy that was in the quarter?
George Aylward : Yes. And on that, I think Mike referred to it as lower fee. So again, in the mix in terms of what we see going forward, I think we’ve — in the comments, basically indicated that we still feel very comfortable with the range of the 42 to 44, which, again, given the mix could move up and down a little bit. But to some of my earlier comments, sometimes we will see some larger mandates because of their size or their strategy such as investment grade will be lower than other fees. And then other strategies, more sophisticated or high conviction equity strategies will have higher. So we kind of look at that collectively in terms of the bucket because you’ll be having some coming in and going out. So that one account did not impact the guidance that we’re giving in terms of what the reasonable fee rate is because there’ll be — there are a lot of moving parts.
And then including on the underlying assets, which for institutional or mix of fixed income as well as equity, the relative sizes based upon market appreciation will also change. Anything else, Mike, you’d add?
Michael Angerthal : I think, George, you summed that up pretty well. I think and specifically, Michael, looking at the pipeline, it does support the current quarter’s level of institutional just above that 31.5 fee rate level. It has — given the breadth of it, it has fixed income as well as equity. It has a breadth across geographies as well. And looking at the new business that was also part of the strength in institutional in the current quarter, excluding this larger mandate, you’re actually above the fee rate. So you’ve got some puts, some takes. But when we look at the breadth of the business, I think the current quarter’s level is appropriate for modeling and supports, again, some of the strength that we’re seeing on that institutional side.
