Michael Hect (Banc of America): Is there seasonality this quarter versus the fourth one where the incentive fees would typically be heavier?

Colm Kelleher: Not particularly.

Jeff Harte (Sandler O’Neil and Partners): The operating environment at the last quarter and then looking forward in the first quarter had great trading volumes across a whole bunch of different products in asset management. How do you think of the potential for that to continue going forward against the back drop of what seems to be a slowing economy and not a lot of investment banking activity models?

Colm Kelleher: There are a few dynamics at work. One is we had liquidity coming through the system which would help. Two is you might not get the degree of trading volume but you are getting increasing participants in the market particularly in terms of equivocation of new markets and so on. Then finally there will be some reduction in competitors. We will have a gapped leader make ups that we can make in some of these markets or where we are a leader we can extend them. I am not unduly concerned about that to be honest. I think the secular trends are towards growth of capital markets, increased activity and so on.

Jeff Harte (Sandler O’Neil and Partners): Can you talk about risk appetites that you are seeing in some international and domestic markets?

Colm Kelleher: The credit market is a global phenomenon. Away from that we are seeing good risk appetite in liquid products and the equity markets still seem to be vibrant.