VRTS
#I addressed in my prepared remarks the impact on the fee rate to look to the second quarter open end fund fee rate as an appropriate base line for your models on a go forward basis.
And we will continue to provide transparency because there are a couple of things that are going in different directions inside the basis points related to the change.
Clearly the change from the former sub-advisor to Dorsey, Wright had a slight favorable impact but that was offset by reductions in the fee rate on the product side.
So I think that those things are generally netting, so using that fee rate from this quarter as a baseline for your models, I think, is a good way to start.
To for the extent there are changes going forward based on changes in the asset mix, we will continue to provide that transparency to help with your model.
Sure, I mean I do believe we have had a very meaningful focus on share repurchases and again our outstanding shares that we were down 3.3% year-over-year.
So we do see that and we're at the level of basically having return 102% of our net income as adjusted.
So we think those are meaningful share repurchases.
Again that is one of the uses of our balance sheet and we continue to consider the appropriate levels but we are at our highest levels of repurchases.
But fundamentally having the balance and the strong balance sheet we have at $52, so for the cash and investments as you know is $52 per share and if you subtract debt it's still $52 per share.
But with that you know the focusing on the future of the business and the growth is really a priority and we're very pleased with the fund that we seeded recently, the multi-strategy target return fund.
It's just a great opportunity that the incredible expansive nature of that product required $50 million of seed.
We think it's a great use of that capital.
We're very optimistic about the opportunities for that fund given the success that that strategy has had outside of the US with Aviva directly not through any relationship with us.
So we're very excited about that and we continue to see it as our obligation to balance returning meaningful capital to shareholders but to making sure that we're continuing to invest in sustainable long term growth throughout various market cycles so that's really where we're really focused.
Thank you.
I just want to thank everyone for joining us today and obviously we certainly encourage you all to call if you've any further questions.
Thank you.
