There actually are reasonable reasons that international partners are utilized. It's really a reflection on the development still required in this industry within Canada. There certainly are certain types of investment instruments, such as ETFs, for example, that require significant operational capability to do the large volumes of clearing and settling of activities. That's the value that's currently added by international partners.
That said, Tetra would advocate that Canadian institutions can still hold most assets domestically with limited tactical amounts of assets residing with international custodians as the Canadian marketplace continues to grow.