How is the joint venture with China Merchants Securities going
Ryan It's going well. We're preparing to launch our first fund. We have now about 50 staff over there, including three ING secondees. The deputy general manager for the company is a guy who worked here in Hong Kong for ING for the last couple of years. The chief investment officer came from our Taiwan business. He has twenty plus years experience. And another very experienced equity manager from Singapore. We see opportunities to set up a very high quality investment management business there, even within the constraints of the local market.
The constraints are that A...