Unidentified Analyst : And then I know it’s early days with respect to the debit card offering, but I was curious if there’s any insights you could share about the initial response from existing users?
Will Peck: Initial response has been great. It’s actually been very helpful in terms of our marketing strategy. We’ve seen an uptick with debit card messaging. We’re seeing people open the cards, beginning to spend on it. So the debit card has been, it’s always been a key component of it and that’s being borne out in the marketing so far.
Unidentified Analyst : And then just with respect to the flow so far through Q2, obviously there’s a little bit of a headwind in the European business. Just curious if you had any additional color on what’s driving that?
Jono Steinberg: Jeremy or Jarrett, do you want to start? One of you?
Jarrett Lilien: Sure. I can give a start and Jarrett, you jump in. What we’ve seen is some money in motion. You’ve seen some repositioning especially in commodities, so you’ve seen some big moves. And in Europe, you tend to see that. It’s chunky business. It tends to move in big blocks at one time and then comes back into the market. So in terms of customer distribution though, still growing number of customers, still feel very positive. And one area where you can really see it is in our UCITS business, which is now over $6 billion and that is an important part of the European growth strategy is and again the product development strategy is to continue to launch UCITS. We launched QGRW UCITS yesterday, I believe, in Europe, and we’ve seen inflows into UCITS every year since 2014.
So still feeling very good about what’s going on in Europe, but the nature of the business is pretty chunky when money moves around and people change their allocations. Also though, it’s great to talk about the U.S. for, I know a lot last year and the year before, a lot of people were asking, okay, are you worried about USFR because we’ve seen some great flows there. And our point always was no, this is a core holding number 1. So, we’re not even when interest rates change direction, we’re not expecting large outflows, you might see some. But more importantly as a core holding and for many a cash substitute, it puts us in the position to be in the conversation of where that money goes and you saw that first quarter in spades where you saw some money moving out of USFR, but moving into things like QGRW into India, into the currency hedge strategies, into models, and really helping drive something really significant in the first quarter was the quality of the overall flows into basically higher fee products, but driving real revenue growth.
So, a lot of great things going on with the flows both in Europe and the U.S.
Operator: At this time, we’ve reached the end of our question-and-answer session. I’ll turn the floor back to management for closing remarks.
Jono Steinberg: This is me, Jono Steinberg. I don’t think we have any closing remarks. We want to thank you all for your time and attention and support, and we’ll speak to you next quarter. Thanks, everybody. Have a great day.
Operator: This will conclude today’s conference. You may disconnect your lines at this time, and have a wonderful day.
