In institutions, gross redemptions were down $7.4 billion sequentially. Of that decline, $5.2 billion is due to the absence of AXA related outflows that we saw in the prior quarter.

Gross sales were up 50% both sequentially and year-on-year. And net outflows of $3.7 billion were about $9 billion lower than the first quarter.

It's also worth noting, the Vanguard lease, we terminated our equity services. This will reduce our July AUM, but the financial effect will be immaterial.

In private client, a $2.6 billion, we saw a sequential pickup in net flows. Gross sales were down particularly in June in the wake of very weak equity markets in April and May. Redemptions were also higher due in part to the spike we see each April associated with tax seasons.

Expensive times drilling down to specific channels beginning with institutions on slide five. Clearly, strong year-to-date sales growth coupled with lower redemptions has helped our net outflows in 2012. They are down about 40% versus the first half of 2011. We also added nearly $5 billion to our pipeline during the quarter to finish at $11.3 billion. That is the highest it's been in the time that I've been here.

Most but not all of that growth has been driven by strength in fixed income. As you can see from the pie at the bottom left that fixed income accounts for about 2/3 of our pipeline.

The list at the bottom right gives you a sense of diversity of our new fixed income additions including global, regional, emerging market, U.S. debt, levered loans, and short duration high yield. In fact, we're seeing increased RFP activity across both fixed income equities. RFP activity is up 40% on an annualized basis year-to-date.

Beyond fixed income, the greatest demand is for emerging market and multi-asset services, U.S. small, and SMID cap end select equity.

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