Ina falling rate interest environment, it’s actually on a flow basis, from an assets under management standpoint, a positive situation in the marketplace for money market funds. Despite what has been thought of from a media perspective as being a wall of cash that will start to exit money market funds in a falling rate environment, that has not been the case in what we’ve seen historically, unless you’re in a situation when interest rates in fact are going to zero, and that’s certainly not what we expect in the current environment. When you’re in a lowering and gradual easing process in the marketplace, money market funds lag the direct market, and generally, institutional clients in particular, increase their holdings in money market funds and decrease their holdings in the direct security. So from our expectation standpoint, a declining rate environment that goes to something like 3%, maybe in the Euro market, something like 2.5%. Our expectation would be for assets under management in money market products to increase.
