“So in the longer term, as we see a liquids and private markets as a bigger contributor to our business mix, we would expect that to have positive leverage on the fee rate.”

In context

“e basis or driver of the strategy. We're focused on meeting client needs across the whole portfolio. We're focused on technology. We're focused on driving organic growth in the most efficient way possible. But I do think you're grabbing on the point that we see, which is as we grow our private markets business, and we're going to go from $170 billion of client AUM with GIP to call it $285 of client AUM, as we grow our private markets business, we would expect to see positive leverage to base fee revenue. We'd expect to see positive leverage to average fee rates and organic growth over time. Going into Q4 ex-GIP, we'd expect the entry rate to be flat. And as I noted, consolidation of the GIP portfolios into our business is expected to lift the fee rate by about a 0.5 to 1 full basis point. So in the longer term, as we see a liquids and private markets as a bigger contributor to our business mix, we would expect that to have positive leverage on the fee rate. Operator: We'll go next to Bill Katz with TD Cowen. Bill Katz: Okay, thank you very much. Good morning everybody. Happy anniversary. I think I was there at the beginning. Sad to say. Indeed, I remember that meeting like it was yesterday. So question for you, I was very intrigued by your statement about revolutionizing the wealth management opportunity. I was wondering if you could maybe unpack that a little bit. I think you mentioned that the whole portfolio opportunity could be better than everything on the evergreen side to date. And just wondering if you could expand your thinking a little bit just so we get a sense of the magnitude and the opportunity and maybe any go-to-market strategy we should be thinking about as we look into the new year? Thank you. Martin S. Small: Thank you. Th”