It wouldn't be surprising if we were to see additional ripple effects from El-Erian's departure. Although it's difficult to predict exactly what those effects could be, we are keeping a close eye on several areas, including any future personnel changes. Future departures of key managers would trigger reassessments of individual funds or groups of funds. Should that trickle of departures increase, we'd look to identify whether recurring themes were driving managers' departures and whether those departures were truly detrimental to the firm's research depth. Departures of any of the sector heads or new deputy CIOs (Worah, Mark Kiesel, Dan Ivascyn, Maisonneuve, Scott Mather, and Balls), for example, would be red flags.