Mark R. Fetting: We view managers like PCM as core managers and not on the metric of AUM but the contribution that differentiated strait they might have in either the investment style and/or the client segment that they serve.

Robert Lee: Is there going to be noticeable need to spend on infrastructure? You have the build the distribution capability or is there selling else so they can leverage off those?

Mark R. Fetting: No. On the distribution front, both the strategically, have good leverage upside on distribution.

Robert Lee: Looking at the tax deferral add-back to the cash net income, is the $20 million in this quarter an indicative of the run-rate and what is causing that to move around?

F. Barry Bilson: Yes, around this 30 level, and could move up one or two.

Jeffrey Hopson: In terms of ClearBridge, what is going on there with flows between Smith Barney and institutional and new retail open architecture situations?

Mark R. Fetting: Retail business has turned the corner where assets are coming outside of the Smith Barney city channels. At ClearBridge, there is a good relationship but we are diversifying because of the capabilities there have some good differentiation.

Jeffrey Hopson: What about paying down debt versus share repurchase?

Mark R. Fetting: The debt is we want to keep a conservative balance sheet as a 35% debt-to-capital ratio that is in that zone. But where there is an advantage we take, we pursue it.