The Role of Alternatives in Diversifying Portfolios

The role of alternatives has picked up significantly over the course of this year. And there's a certain recognition that more allocation to real assets partially by our private markets, because they're not so easily accessible, makes sense. Trend following strategies have become a real diversifier. We found historically that's been the case as well to some extent in previous periods of higher inflation. So I think we certainly see investors think about alternatives as a bit of a solution. But it's a slow moving process because there's not always the liquidity and it takes time to get these type of things in the portfolio.