Our GWP efforts remain concentrated on capturing U.K. GWP markets as well as launching GWP in the U.S. We recently passed on an important milestone in our launch of GWP in the U.S. Just a few weeks ago we released a large amount of U.S. functionality which permitted five of our larger advisor clients to convert to GWP.
Now Wayne will provide some more detail on that. In addition I continue to be encouraged by the feedback I receive from our clients and our prospects and it's confirmed by our sales events across all of our markets. Now, our investments in the infrastructure and new service offerings are helping us differentiate ourselves from our competitors and we certainly expect to capitalize on this even in these challenging markets.
Our new service offerings coupled with our financial strength positions us well for the long-term growth. Now this concludes my remarks. So I will now ask Dennis McGonigle to give you an update on LSV and the Investments in New Business segment. And after that, I'll turn it over to the other business segments. Dennis?
Dennis J. McGonigleThanks, Al. Good afternoon, everyone. I will cover the second quarter results for the Investments in New Business segment and discuss the results of LSV asset management. During the second quarter 2012, the Investments in New Business segment continued to focus on the ultrahigh net worth investors segment, the integration of our capabilities acquired in the NorthStar acquisition and the further development of new web-based investment services. During the quarter, the Investments in New Business segment incurred a loss of $2.7 million, which compares to $2.8 million loss during the first quarter of 2012. There have been no material change in this segment and we expect losses in the segment to continue in this range during 2012.