We are the first global asset manager to get this license. We are setting up a UAE branch to offer onshore funds, empowering clients to invest in our global strategies through a local gateway.

Geopolitical events are in focus. Conversations with clients center around market volatility and, leading from that, diversification.

Key trends: clients are looking to add alternatives and diversify away from US assets, including into precious metals like gold. There's also a notable shift in sentiment towards Chinese and Asian equity due to AI development.

We invest a lot in developing alternative capabilities to help clients weather volatility. This trend is starting with institutional investors and picking up in the wealth space.