Andrew Milgram

I think we have to look at our own business that same way.

I think we're at this moment in the asset management space where people are asking hard questions, the right questions about who's adding what value and how should that value be compensated?

And what are the collections of

services that asset managers should be providing to their customers?

How should we think about our relationships with our customers?

Is it really a customer relationship or is it more of a partnership relationship?

I think that partnership model is the model going forward.

I also think that we have to think about where we're accessing capital.

There's a big push to go into the retail channel.

I can make and I buy the argument that large portions of the retail market are under allocated into private markets.

I think that there are large portions of the retail market that are probably not super well equipped to have a ton of exposure.

We're going to go bump in the night trying to figure out where those lines exist.

They're going to be people will make mistakes.

Investors will make mistakes.

Asset management firms will have false starts.

But I think there's product design opportunity that is exciting.

There are some things that have gotten a lot of heat.

Interval funds are getting a lot of attention.

There are some strengths and some weaknesses to that.

Everything that's happening in the insurance space