With the decline in our assets under management the last couple of years, we felt there would be significant benefit in partnering with an organization like Aberdeen, which has vast financial strength and a delivered footprint of analytical resources.

Turning to revenues, total revenues and other operating income of $20.8 million decreased 60% from the fourth quarter of 2011 driven primarily by a 60% decrease in investment management fees as average AUM declined 52% to $15.9 billion. And the average speed rate declined to 51 basis points over the same period.

On a sequential basis, total revenues and other operating income decreased 23% driven primarily by a 23% decrease in investment manager fees associated with a 17% decrease in average assets under management and a decline in the average speed rate.

Turning to compensation, adjusted compensation costs decreased 27% sequentially as a result of lower salary and benefit costs related to lower headcount, reduced incentive compensation accruals, and lower costs associated with our long-term incentive program.

Adjusted compensation costs decreased 49% from the year ago quarter for the reasons just mentioned.

Listen, part of the reason for the deal from our perspective, is we think there’s an enormous opportunity to grow the footprint of our fixed income products. They have already over $58 billion of investments from clients within the North and South American geographical base. They have over 233 staff. Clearly they have a global reach from a distribution perspective, that’s an opportunity for them and ultimately for our investment teams over time to expand the assets under management.

So, yes, you’re absolutely right Michael, that’s a key opportunity going forwards, from a value perspective. At the end of the day, our investment products, our fixed income (guys) will have exactly the same product and exactly the same format within Aberdeen. And Aberdeen has a very significant financial base, and a very extensive opportunity going forward, which is extremely positive for our [inaudible] management teams. And one which we expect them to be – we know they’re very happy with, and one in which we expect to develop over time.

Look, at the end of the day as you know, in any part of the asset management business, scale is important. But it’s … fixed income. But clearly, fixed income being slightly lower margin than equities, it’s even more so. So yes, scale is key.