Given this ongoing success, we are continuing to add resources to our distribution platform in key markets worldwide including the recent addition of senior level marketing personnel to cover Germany and Switzerland. Our affiliates are involved in a growing number of searches and finals across Europe, the Middle East, Australia and Asia and we see a broader array of opportunities to win new business in these markets.

Our strong organic growth from net client cash flows has occurred in a period when industry flows have been concentrated in passive and fixed income products. While much of the rise of passive has come at the expensive active, to a large extent the growth of passive products also reflects a trend, where clients are separating their risk between beta and alpha portfolios and migrating away from equity products and the index hugging middle.

In our view these barbell strategies benefit not only providers of passive beta, but also value added equity and alternative products which can generate true alpha for the other side of the strategy. We see this trend continuing and we believe that firms such as our performance oriented affiliates will continue to see strong organic growth, even as passive beta products also grow.

With respect to fixed income as we along with many others in the industry have observed, current outsized levels of flows into fixed income reflect extreme investor risk aversion and will inevitably reverse. No one can predict when this reallocation will occur, but when it does we believe that we will generate even stronger growth in our return oriented products and unlike many other firms, we will not have a drag from fixed income outflows.

Now, turning to new investments. We added two outstanding new affiliates, Yacktman and Veritable during the quarter and this morning we were pleased to announce our significantly increased investment in BlueMountain Capital Management, one of the leading credit alternative managers in the world. We have tremendous respect for Andrew Feldstein, the firm’s CEO along with the rest of the senior team and in the transaction the firm’s top eight partners have entered into new commitments to BlueMountain, as well as to the AMG partnership and are reinvesting the large majority of the proceeds from the transactions into BlueMountain funds.

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