With us on the line to discuss the company's results for the quarter are Sean Healey, Chairman and Chief Executive Officer; Nate Dalton, President and Chief Operating Officer; and Jay Horgen, Chief Financial Officer.With that I turn the call over to Sean Healey. Sean Healey Thanks, Ally. Good morning, everyone. Despite the increased market volatility in the second quarter AMG reported strong results including economic earnings per share of a $1.56 reflecting excellent execution across all aspects of our growth strategy. With our ninth consecutive quarter of outstanding net client cash flows, two transactions closed in the quarter and our announcement this morning of our increased investment in BlueMountain Capital Management, we have substantially enhanced the growth prospects and earnings power of our business. Even in a challenging market environment with muted investor risk appetite, our affiliates have generated $47 billion in net client cash flows over the past two years including $7 billion in the second quarter. We continue to benefit from our strategic position and differentiated value added products in the global equities and alternative areas, which represent approximately 70% of our earnings and are seeing ongoing demand from clients globally. Our affiliates in these product areas have outstanding long-term track records of outperformance, including Tweedy, Browne, Harding Loevner and Genesis were the largest products in global international and emerging markets equities or in the top quartile across virtually all relevant periods. Our alternative managers including Pantheon, AQR, BlueMountain, First Quadrant and ValueAct continue to generate strong returns and we remain positioned to realize meaningful performance fees in 2012. Our results reflect the continued strong execution of our global distribution strategy as our affiliates are winning new business and market share though affiliate level marketing efforts as well as by leveraging our centralized platform which enhances the presence of our affiliates across channels and geographies.