The first thing I will tell you is that we're very focused on our cost structure. I think it's an important thing. It's not our money. It's the beneficiaries' money. That being said, we also think and believe that active management provides better return, and in order to get that you need the proper people, the proper infrastructure. We've made a decision this year that we think that a global footprint.... When I say “global”, I mean a few offices in key markets will also significantly help us. We've already seen the benefit of that to our New York office and our private debt group.
We are very concerned, but at the same time we are growing.