“We think if we are able to drive 5% organic growth, continue to execute on this financial rubric I laid out. We should be able to drive industry-leading margins and margin expansion and double-digit EPS growth.”

In context

“ep putting up and huge margins too. So, I want a high-level question. You mentioned the word multiple expansion once or twice during the conversation and it's just -- I think earnings growth needs to be part of the equation too. When you have strong growth and everything, you have big margins. I'm just curious why 5% EPS growth this quarter, should we expect these initiatives as they layer in and you consistently hit your base fee targets to actually bring the earnings growth along with it too. I appreciate that. Thanks. Martin S. Small: Thanks so much for the question, Glenn. So we're focused on driving differentiated organic growth, meeting our 5% organic growth targets through the cycle driving operating leverage. And as you said, I think you see those results very much coming through. We think if we are able to drive 5% organic growth, continue to execute on this financial rubric I laid out. We should be able to drive industry-leading margins and margin expansion and double-digit EPS growth. I think in the quarter, I mentioned our effective tax rate was 26% in the quarter. And that's the main driver between some of that lighter EPS here was the $22 million of discreet expense that we had in this quarter versus the $215 million of benefit that we had last year from discreet. Operator: We'll go next to Brian Bedell with Deutsche Bank. Laurence D. Fink: Hi Brian. Brian Bedell: Hi, good morning. Congrats on a great quarter. Maybe just back to the 5% organic base fee growth and maybe a different angle on this in terms of the fee rate. Obviously, the rate is going up with the GIP acquisition of that 0.5 to 1 basis point. Do you feel better now than you have maybe in a long time on the potential for the fee rate to either be stable or even move up sequentially in the next several ye”