Michael Cyprys : Great. And just on the international distribution, also if you could update us on the build out there, how that’s progressing, and how much that contributed in terms of AUM and flows? And maybe talk about some of the initiatives from the sales and distribution teams’ standpoint?
George Aylward : Yeah. We continue to be very happy about that. And Mike give a little color around the relative contribution. But as I noted, we continue to be increasing that business, which for us, non-U.S. clients have gone from roughly zero to 5%, 10% to 15%-ish, as we stand here now, did give some attribution for the quarter that we had that contribution. So a lot of things that are going on there. The non-U.S. has been a great opportunity for many of our managers, because previously, they hadn’t been big participants in it, right. So there’s a lot of open opportunity for various managers. So over the last year and a half, two years, we have commented several times on large mandates outside the U.S., mandates for multiple affiliates, large mandates from multiple affiliates in the same quarter.
And so that’s been an area that we have been focused on. And one of the attributes of the Stone Harbor transaction was that brought along some additional high caliber, non-U.S. institutional distribution resources that have done a tremendous job of getting themselves ready and prepared and have been very active in marketing, our managers to markets where we might otherwise not have had the ability to market readily. So some of the initiatives we’ve had behind that are really sort of support that maximize that. There’s a different, obviously regulatory environment in some of those areas. So we’ve been focused on streamlining some of the ways that we can sort of maximize the footprint that we can have there. And then the resources that are supporting them, but we’ve been happy with that.
Mike, the attribution on the contribution?
Mike Angerthal : Yeah, I think you highlighted it. But just to put a finer point on it, we’ve had, where in the past, we’ve had maybe one affiliate or two affiliates contributing selectively. Internationally, we had four or five affiliates deliver both new mandates and additional fundings through existing mandates. And George alluded to the pipeline, that trend continues in the pipeline, where we’re seeing it across affiliates, and across geography. So it really is gratifying to see that investment bring us to a level of consistency, especially in this market environment.
Michael Cyprys : Right, and maybe just last one for me. Maybe coming back to your point earlier, George that you’re looking to build out capabilities to position the firm for growth. So I guess as you look at the firm today, how well positioned is it relative to the opportunity set? And where you’d like to see that? Where might there be opportunities to further extend into either from a footprint or a product set opportunity? How are you thinking about that either organic, as well as inorganic? And maybe you can update us on some of those conversations, how those are progressing today versus a year ago?
George Aylward : Sure, so on the organic side. So we always think about the product offering set. Again, we feel very well represented in terms of traditional active, right. And then our area of focus on the inorganic side has led to — have really been in the non-correlated or less correlated alternative types of strategies. So we still think that there’s opportunities there. The other areas where we see an opportunity and where we have a focus is taking advantage of, the individual strengths we have amongst our affiliates with more multi assets, as well as more model-based and more collective types of products. Again, we have them provide the building blocks of a well-diversified portfolio. But while we do provide some comprehensive solutions, I think there’s great opportunities in some of the recent resources that we’ve added will allow us to sort of accelerate some of the work we want to do in that area.
