Aradhna Dayal: How do you see Asian hedge funds modifying or rebuilding their business model to cope with the new world?
Ray Kwok: Investors are clearly looking to spread the counterparty risk, and what we’ve found in the last year is that we have opened a number of managed accounts – again very client-driven. The clients come to us and say, “We like what we see, but we’d like to add a little bit more to it,” and often they like to have a separate administrator, a separate custodian and commonly require two prime brokers. Also, the investors require more transparency in the data, down to the trade level.
Brian Pohli: On having the right investor base, I think it comes down to an alignment of skill sets. If someone came in and said, “We want to be a private equity firm that invests in soccer teams,” obviously...