New outflows improved to $169 million which is the lowest quarterly outflow since the third quarter of 2011 and compares to $845 million of outflows in the prior quarter. Excluding our large Japanese sub-advisory client, Daiwa, we actually generated $588 million of net inflows during the quarter. The inflows were spread across four different investment strategies, commodities, preferred securities, global listed real estate and global listed infrastructure. Almost half of these inflows were derived from our new distribution partners in Asia. These new distribution relationship together with additional product and marketing initiatives from our existing partners will be the key to continued progress here.

There are other developed markets in Asia where wealth -- well there are significant wealth management platforms. There is several actually that we're focused on in one of which we're, we made meaningful progress. We're not at the point where we can announce or say anything, but its real and again income oriented products particularly in Asia are in huge demand. And as we talked about earlier, what we're excited about is being able to offer the full range of our income oriented capabilities, real estate, infrastructure, preferred securities, MLPs and multiple wealth management markets and institutional markets throughout Asia.