Team and integrated firm strategy; wealth/investment manager alongside investment bank working together.

Middle East crisis was exogenous but not a 'bang COVID'; clients wanted to express views, hedge, diversify, leading to dispersion activity.

Good vol when clients are in mood to act; bad vol when risk-off and pencils down.

If conflict can be 'boxed', expects coming to market of great companies and sponsor companies via IPO or M&A.

Logjam over last couple years; pipelines show corporates and sponsors want to come. Some companies need more time due to higher rates.

Biggest risk is inflation imported via energy complex, clearing cost of capital, leading to 'R word' (recession).

If better understanding/ narrowing cone of uncertainty around Middle East, folks can manage imputed energy costs and continue game plan of getting bigger to diffuse AI costs.

Private credit is a learning period, growing like a weed.

Will see dispersion of returns among asset managers; over time will find place as growing asset class.