i think the moment where people need to deploy a, at school gail, in liquid markets has been somethingo soften. the trend has been in passive, in private equity if you look at the number of asset that no longer sit in the public domain. that has been the theme over the last 10 years. i think when private equity doesn't have as much cash, we are not -- when the raising is harder, when lending is harder, these are opportunities for niche spaces and expertise to come about, and they want scale, they need to be able to approve it at scale and having an organization that can deliver the mountain of scale we put in play. the pit that's less sexy and exciting. that infrastructure, the ability to take businesses and grow them is what we do. francine: what do you think of the city of london, will it lose lester, there's a lot it can offer, where do you see it in five years? >> you are talking to u.k. listed ceo. i could not be more interested in u.k. plc. i think we have held such an extraordinary position in financial markets, so anything we can do to keep that shine i think it's important, bu