Hello, I'm Stefan Isaacs, deputy CIO of our fixed income business here at M&G, and I'm joined by Tony Balestrieri, the CIO of our Americas business. Steph, great to have you here in Chicago. Thanks, Tony. First of all, Tony, can we start off with why did we open the office here? As you remember, prior to the demerger in 2019, Prudential was a global company. The premier asset management operation was in London, but you had affiliates in the US and Asia that you could source capabilities from. Fourth quarter of 2019, that all changed. The company split up and assets that were traditionally run in-house suddenly were managed by third party asset managers. At that point in time, M&G decided that we want those capabilities back, and they began the process of putting up an office in the US and in Asia. So now we actually have presence in both markets. Why do we do that? Two reasons. One, there was a substantial amount of assets that left M&G. Answer to one is to bring them in and then two, if you look at the sheer size of the market, if you think about the US market overall, it's about $31 trillion. So a large market, a very liquid market, the largest market in the world. You wanted to have boots on the ground to be able to operate in the market. Many of the funds in the UK have the ability to flex into multiple markets. So it was important to the existing managers on the ground there to have the capability to access the market here. So maybe you can talk a little bit more about those boots on the ground. Who have you got out here? What is the focus? So we've got about 19 investment professionals in the office, five portfolio managers. We have three fixed income, two equity. And the equity team is relatively new. Three fixed income that really focus on investment grade and high yield fixed income. We have five traders that trade the entire spectrum of investment grade and high yield. And then we have nine analysts. Now, the nine analysts are part of a much bigger team, the core of which is in London and is supplemented by the team in the US and the team in Singapore. And there's lots of interaction across the platform. And the beauty of the model is that if you're a manager and you sit in London or Chicago or Singapore, the deliverable on the credit side is very consistent. So you know what you're going to get from a ratings perspective from each of the analysts. And that makes it easy I think no matter where you sit in the world to get that input. The other thing that's important, I think, is just the connectivity between the teams. So we try to do things, even though there are time differences between the teams, we've tried and done stuff using technology to make sure we're all informed. So when the UK has their morning meeting, which is usually 3:00 our time, it's taped, so when we come in in the morning, we can see what was going on there. You happen to be in when we do our morning meetings, so generally when we do ours, a lot of folks in the UK are dialling in, likewise in Asia. So we have that connectivity where we all can get information globally, which is very important. So away from the Chicago office, what else is going on in the Americas? We have a number of offices around the country. There's a distribution team in Miami that sells into Latin and South America. There's also two distribution folks in New York that actually sell in more private assets into Canadian and US pension funds. And then there's the Catalyst team. It's five folks in New York that really look at private assets with a sustainability focus as well. So more than just Chicago here, we do kind of act as a central hub. We do support those offices on IT and operation areas to just make their lives a bit more easy. And switching tack a bit to the investment process, can you sort of talk us through your investment process and the way that you and the team look to manage money here in Chicago? Sure. Not terribly different than the institutional team in the UK. So our focus is really sector and security selection. So if you were to look at our alpha generation over time, the expectation would be that alpha is going to be generated through sector and security selection. We aren't big duration players, so we'll never have a very large interest rate bet in the portfolio. Maybe a curve bet, but really leveraging our analyst team globally, I mean, that is really our strength. We've always been known as a credit shop. And it's the same theme here, leveraging that large global team to generate alpha for the client. Great, thinking a little bit about the sort of medium-term ambition for the US office, how would you articulate that? So you know job one was to get up and running and bring the dollars in-house. So we actually run a significant portion of the money for the life fund, about $13 billion. That was job one, to make sure we're up and ready to deliver performance in those assets. Two, broad strategies. One is a low duration, high quality strategy five years and then investment grade only. The other one, which frankly, is a bit more fun to run, is what I would call a core credit strategy and has the ability to flex between IG and high yield. So those are the two strategies we run for them. We are going to be introducing two new products, leveraging off of what we already do. So one will be a US focused high yield fund and one will be a US focused credit fund. So the high yield fund will be really a building block product. Traditional US high yield, big market, $1.2 trillion, very diversified, complementing well the global fund you do in Europe. And then on the investment grade side, it will be primarily investment grade fund with the ability to flex into high yield. Once again, leveraging the analyst capabilities that we have here. And when we built a team in the US. We looked at the global structure and said, we don't want to duplicate efforts, right? The idea was to make it additive. So if you look at the analyst team here, they're tilted slightly to maybe a bit more senior and a bit more of a high yield focus. That's largely because of the size of the US high yield market. And it's about, three plus the size of both the euro and sterling market combined. So it's a big market. You wanted to make sure you had coverage there. Fantastic. Well, it's been great to be out here again. I think this office is just another example of M&G's commitment to our global business, our global footprint and the way that we want to continue to service our clients in a global manner. So thanks for having me out here and look forward to being back again soon.