Now I’d like to point out the cautions regarding forward-looking statements on slide two of our presentation. Some of the information we present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure. You can also find our cautions regarding forward-looking statements in the MD&A of our 2011 Form 10-K, which we filed this morning.
I’d also like to remind you that under Regulation FD, management may only address questions of a material nature from the investment community in a public forum. So please ask all such questions during this call.
Now, I’ll turn the call over to Peter.
Peter KrausThanks, Andrea, and thank you all for joining us for our fourth quarter earnings call. Today, I’m going to go through our business highlights. Ed will, of course, review the financials. And as Andrea said, I’ve asked Jim Gingrich, our new COO, to join us well. The three of us of course will take any questions that you may have at the end. Let’s start today’s presentation with slide three. In a year of extremely volatile markets and risk aversion on the part of investors, it was a difficult year for active managers to outperform. Performance in our largest equity services disappointed, and we ended up with greater net outflows in 2011 than in 2010. AUM declined by 15% in 2011 and average AUM was down about 5%. At the same time, however, we had $56 billion in gross sales in 2011 and nearly a $165 billion over the past three years. We are profitable with very little long-term debt and high credit ratings from the agencies. And we’ve returned a $146 million in distributions to our unit holders this year. Also, we finished the year with quarter-to-quarter improvement in gross sales, net outflows and end of period AUM.