Q Derek, Tony, I want to turn to how you turn this into an investment strategy. You have to start with finding the managers to put on the platform. How'd you go about that process?
A That was one of the most difficult things, because our typical sourcing prior to this was build relationships with the blue chip firms, fight for capacity. Think about the funds that everybody wants access to, they're already closed. You develop a relationship, you explain why UTIMCO is a great partner, and you get that incremental capacity. These are the PMs that would likely join those firms. This is an alternative to joining a Ballyasny or a Point-seventy-two, et cetera. They may not want to join for whatever reason. Maybe they want diversification in their capital base. Maybe they want complete independence. Maybe they don't want to be subject to stop losses. It was finding those PMs who are considering, do I join the platform or create a single PM SMA business, pounding the pavement, talking to PBs, attending conferences, speaking with peers, finding out who's out there, mapping it all out, putting together a portfolio. What we're looking to do Is find the best specialists in every sector, every region, and put it in this wrapper that's really cash efficient.
AI assessment note: “pounding the pavement, talking to PBs, attending conferences, speaking with peers”