So let’s start with the market. As you know, global equity markets ended the year with strong returns despite continued economic and political challenges. Both the S&P 500 and the All Country World Index SUX were up more than 15%. In a reversal from 2011, bonds were in line with historic returns and stocks outperformed bonds.

For the past several quarters we’ve talked about some of the market trends that have worked against our active fundamental approach to investing five portfolios. For example, time-market correlations and a preference for lower beta and dividends have been headwinds for us.

In 2012 we saw several of these headwinds dissipate, particularly towards the end of the year. For example, high equity correlations were significantly reduced by the end of 2012. Equity dividend yields, as driving as returns, reversed during the third and fourth quarters. Yields on U.S. Treasuries were range bound for most of the year and a higher percentage of active managers were able to outperform market benchmarks this past year.

We discussed in past calls that we would expect a reduction in these headwinds to lead to improved results for our various track record. In 2012, we saw just that as many of the peer’s investment strategies delivered strong, absolute and relative returns by year end.

As we enter 2013, we are continuing to focus on the depth of our multi-channel distribution structure and new products and solutions. We added six new U.S. based hires to our direct sales channel over the course of 2012. We continue to integrate those new hires into the organization and we see early signs of adoption in some of the new territories already.

In 2013, we plan to continue this expansion with the focus on the West Coast. In addition, we added two dedicated service representatives this January to enhance service levels with high net worth individuals and thereby free up time for sales representatives to do more prospecting.

Within our intermediary channel we added two key accounts position, which we expect to strengthen our relationships with targeted brokers and retirement platforms. We also added a dedicated platform sales position which we expect to drive new sub-advisory and platform relationships. These hires were largely made at the end of 2012, so we expect the impact of these roles to be felt mid-to-late 2013.

Beyond deepening these current channels, we continue to look at ways to expand our global distribution including leveraging our current relationships in Europe and expanding into new markets.

We continue to incubate several alternative strategies with competitive initial results. In addition these proprietary strategies, we’re actively reviewing potential acquisition targets that would help us get up and running in the alternative space more quickly.

Clearly we have an existing sales force that’s much larger than the new hires we made last year. So, I would say the fact that we have had, you know, for the majority of our investment strategies, and the good absolute and positive returns that we closed the year with, that there’s no question that our existing sales force has had – you know, the intense service environment has abated. So, I think that will have the, you know, the biggest impacts on new production going forward.

However, the new hires that we made, and we’ve made – you know, some of them were made early in the mid, and some in the latter part of the year. We’ve already seen production out of most of the hires that we have made through the recent past. So, they are – you know, the hires that we’ve made that are more regional in nature, meaning that they dig into a geography and will sell to individuals, endowments, small businesses, not for profits, they tend to get closing faster. They tend to close relatively smaller, you know, pieces of business, but they tend to close faster versus the institutional representative who are, you know, looking at much larger potential closes that typically have a longer sale cycle.

So, all in all we’re pleased with the progress that the new hires have made. And we’re certainly pleased with the performance allowing our existing long-term reps to once again drive new assets.

First of all let me point out that we have, you know, we have hundreds of relationships. So we have, you know, - as we look at these platforms, you know, - when you go to a single institution it can have five, six, seven different platforms on them. So, we continue to believe that there’s tremendous growth potential on the platform side of things. Both with companies that we already have a couple of relationships we think we can expand those, and there are some companies that we don’t have any relationships currently that we’re hopefully going to penetrate over time.

That said, you know, when you get on a managed mutual fund platform where they allocated a certain amount to you, you reached the point where you have saturated that particular platform. And that’s what I mean by mature relationships. And we don’t have any – we’ve had no single relationship or mature relationship that represents a significant portion of our [inaudible]

But with those, there’s a combination with our U.S. equity of some redemptions based upon performance. There’s in the case of our non-U.S. equity, it’s more of a rebalancing. So, it’s a combination of factors that I believe have impacted some of the flows on those mature relationships.

…, in total, I think what we saw through all the channels is what Patrick said. Is the direct channel brought assets in, and that’s where we have the real direct client relationships, and we saw that in, you know, non-U.S. and in multi-asset class products. And we saw it in the intermediary space we continued to see reasonable traction, and we heard good things from the sales force in that space as well.

Where the challenges came, I think we’re more on a few platforms that were larger relationships, and they were U.S. equity relationships. So, U.S. equity across the board a bit from a performance standpoint, and a bit from the markets and the environment as a whole, not really looking to put a lot of money to work in U.S. equity and active U.S. equity. That seems to be the softer spot.

The rest, I think, we’re relatively happy with how we moved through the year, as we continue to see a lot of positive traction.