The increase was primarily due to the continued shift in the mix of our assets under management towards open funds ... It is notable that we have recorded net inflows into open-end funds in 19 of the past 21 quarters. If you annualize second quarter flows, open end funds had a 14% organic growth rate.

Starting with investment performance, absolute and relative returns for all of our strategies were strong in the second quarter and for the latest 12-months. Including MLPs and commodities as core strategies, seven of nine teams outperformed their benchmarks in the second quarter and all nine teams outperformed for the latest 12-months. By any measure, our teams have been delivering strong and consistent alpha.

The sub-advisory channel was the only weak segment in the quarter experiencing net outflows of $650 million. $506 million of the outflow came from a single large cap value relationship and as Matt mentioned, subsequent to the end of the quarter, the client informed us that they plan to terminate the remainder of the account which is approximately $960 million. While the loss of such a large relationship is disappointing, looking ahead we don’t foresee any additional accounts to be at risk and our outlook for future sub-advisory flows is now positive.

But we had this one extremely large sub-advisory relationship who has taken money out previously and now terminated. And that's done …

The other sub-advisory relationships are all significantly smaller and generally focused on real estate and so on, and they are going fine. And not that dramatic either way … And I think following this quarter and the termination of the large cap value relationship, the sub-advisory channel is going to be much simpler and directionally will be following the other two channels [i.e. retail and institutional].

Well, we had mentioned previously that last year Matt Gannon joined us. Very successful and experienced leader in the DCIO marketplace. And we have worked together to put together a comprehensive business plan that ranges from making sure that we have, whether it's in our mutual funds, CITs, whatever the vehicles are, that we have the appropriate vehicles and structures for the large medium and small segments of the DCIO marketplace.

We are in the process of adding several senior national accounts people there to develop the relationships with record keepers and others and we are in the process there. And again, many of these institutes are aimed at gatekeepers including those involved in the DCIO marketplace. Now lastly, we are also going to, which is somewhat new for us, is add personal for direct sales in the DC marketplace and heretofore we have not had a significant effort in direct sales in our institutional group.