I think again, it’s fair to say that the investment banking team will present this in more detail and probably name some names that you don’t already know, at the investor day. So there’s a lot more information on what we’ve done, how we’ve shaped the strategy of the Investment Bank and where we’ll be focusing in future.
Daniel Zulauf – Basler Zeitung
Thank you.
John Cryan
I think we have time for a couple more questions.
Operator
The next question is from Mrs. Teresa Nielsen, Bank Vontobel. Please go ahead, madam.
Teresa Nielsen – Bank Vontobel
Yes, hello. I have some questions on the Wealth Management side. And I was wondering if you could go more into detail in Asia Wealth Management. Is there a hiring ongoing on relationship managers in Asia or do you see more flat amount of relationship managers? You gave in the second quarter a statement that you had net new money inflows. Can you give a similar statement for the third quarter? And regarding gross margins, do you see an increase in gross margins from the Asian business? Thanks.
John Cryan
On hiring in Asia, the answer is a categoric yes. We are definitely hiring there. On the net inflows, we did have net inflows in Q2. In Q3, we had very, very modest net outflows. And on the gross margin, Asia has historically been slightly lower than our average gross margin but we will present, in a couple of week’s time, a number of plans generally to improve our margins across the board. So yes, Asia would be included in that strategic thrust to improve our revenues.
Teresa Nielsen – Bank Vontobel
Yes. In FICC business, can you give some kind of run rate for the fourth quarter or for 2010, where it’s going? It was very good about 1 billion francs here in the third quarter. Is that going to improve, you think, for the fourth quarter?
John Cryan
Well, clearly we’d like it to improve. I think what we’d prefer to do is take you through in quite considerable detail at the Investor Day, the plans we have for FICC. And you’ll be able to see, hopefully, the breakdown between the different asset classes, as to where we think our revenues can come from and what sort of ambition levels we have for each of those. But at the moment, you’re right, the current run rate for Q3 was around about 1 billion francs, a little over perhaps and it’s been, for the past couple of quarters, in the 1 billion francs to 1.5 billion francs range.
Teresa Nielsen – Bank Vontobel
Thanks.
Operator
The last question for today is from Mr. Jacques-Henri Gaulard, Autonomous Research. Please go ahead.
Jacques-Henri Gaulard – Autonomous Research
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