Gareth Wilson

Yeah, very much so.

And we saw a little bit of a movement away from some of the more conservative asset classes.

So where we saw equities increased by something like 3%, we saw cash reduce by 2%.

Yeah, I think you're right.

And I think we always use it as a little bit of a barometer in terms of risk appetite and conservatism.

And in markets that are growing where individuals see greater value in terms of stock and equity markets,

They're obviously taking on a greater risk position.

Fixed income, we also saw increase when we looked at 24 versus 25, Meron.

So again, by something like two percentage points.

And interestingly, alternative investments, we saw a little bit of a decline.

So there was a move away from some of the alts.

into fixed income and equities.

But I think to your point, I think those high net worth individuals were really following where they saw the performance and the value in 2025.

private equity, private credit, some of the hedge funds.

And again, not all of those investment asset classes are available to everyone.

I know you've discussed this in the past in terms of both the liquidity associated with private assets, but also in terms of accessibility.

But again, I think that breadth of asset class and those breadth of investments is something we're seeing greater appetite for.

I think they want more access to it, Maren.

That's not necessarily going to say they're going to commit, but having the option.

And I think this, for high net worth individuals, access to products and services is a real driver.