Nicole

Where are we trying to get

Does that make sense from a total fund perspective?

Do we have the right decision making?

Do we have the right delegated authorities?

Are we communicating and educating the board in real time to make sure we're getting their buy-in from day one?

There was really just a set of questions we posed to one another to say, are we as agile?

Are we as transparent?

Are we holding ourselves accountable for what the individual decisions that are being made in asset classes?

Are we being held accountable through the lens of total portfolio to move the needle at the total portfolio approach?

We didn't call it TPA.

I didn't try to introduce that as a formal shift at the time.

I really just wanted to get the teams talking and

I wanted to try to break down any structural impediments.

I think one of my deputies, Dan Bienvenue, used the term sand in the gears, which I thought was a perfect way to articulate.

Sometimes we would just stand in our own way.

We had policies in place that didn't make sense.

Maybe they are from time past, but they still existed.

We had committees or meetings in place that you really didn't need.

And so we really, we went through a whole exercise to make sure that

We were setting up the decision making.