“I would be very surprised if this firm doesn't do some transactions in both wealth and asset management over the next three years outside the U.S.”

In context

“Japan. There are ways to organically take advantage and move forward in places of growth that have more secular growth trends such as India. So there are tremendous opportunities where we see that we can take, like I said, product-client relationship and also work across institutional securities and various places in investment management. Dan Simkowitz has talked a lot about that of raising funds through those partnerships and being able to look for ways to work together to also source talent internationally as we work across the organization. James Gorman: And I just said, I mean, I was in the Middle East a few months ago, we're opening an office in Abu Dhabi. If you think of the combination Middle East, India, Japan, kind of, offsetting what's going on in China. And then strategically, I would be very surprised if this firm doesn't do some transactions in both wealth and asset management over the next three years outside the U.S. I think we have a game plan for it. Strategically, the team has worked on a lot of ideas. And obviously, we want to make sure when we do it, we're, you know, we're fully ready and we understand all of the, you know, the diligence issues around some of these relationships and careful about that, but I think the opportunities are clearly there. Operator: We'll go next to Dan Fannon with Jefferies. Dan Fannon: Thanks, good morning. I wanted to follow-up on flows. Obviously feed-based flows strong in the quarter, but the total flow number came in and understanding the environment was a bit softer here in the third quarter? Could you maybe talk about the channels where the pullback was seen the most? You didn't mention workplace, so I'm not sure you would love some color there as well? Sharon”