Question-and-Answer Session
Operator
At this time, we'll open the floor for questions. (Operator instructions) Our first question comes from Frederick Kirby [ph] with EverKey Global. Sir, you may begin.
Frederick Kirby – EverKey Global
Hi, thank you. Congratulations guys on the fantastic results. It's Fred Kirby from EverKey Global. Couple of questions. One, have you – you've had very good returns in the asset management side now, and I wondered how the third-party marketing is going, whether you're ramping that up, and what you're expectation is, whether you have something in the pipeline to come in. And then secondly, to try and understand the comments you made, Jaime, about not increasing the dividend in spite of being overcapitalized or the potential Dutch auction. Is that something that you expect when things normalize a little bit? Is that the correct view of what you were saying, that you will in fact increase the dividend or look to do a Dutch auction share repurchase? Thank you.
Jaime Rivera
Thank you, Frederick, for your comment. I'll take your questions sequentially. Third-party asset management is going well. As you remember, last quarter I had mentioned that we hope to get our first institutional investor to invest with us. That in fact happened. And starting next quarter we would be separating the report for – the result for the proprietary business from the results of the third party business. It's going well. There's a lot of interest. We have the first investor. You might have seen we’ve already – we also hired somebody to allocate specifically to the sales function. Given our track record, there's a lot of interest out there. We hope that the business will ramp up nicely. And again, as mentioned in the past, we don't need much in terms of assets under management to make a real difference in our fee income line.
Frederick Kirby – EverKey Global
What is the size? Have you disclosed the size of that first institutional investor?
Jaime Rivera
No, we haven't, and I can't. But again, starting next quarter you will get an idea from the fee you have – from the fees that we will be collecting, and you can work back on that. Our fee structure is marked 2/20.
Frederick Kirby – EverKey Global
Okay.
Jaime Rivera
And you can track it.
Frederick Kirby – EverKey Global
Okay, all right.
Jaime Rivera
And in terms of going – our capital management policies going forward, all I can say is the following. If you go back to the last four years, I think you will find out that we have established a tradition of making the right move at the right time. And as a result, we have established things like repurchase programs and we have increased the dividend along with increasing profitability, and the need to – or the convenience of managing our capital to some target. We will continue to do so. And I just like you to please bear with us while things in the market settle. It's something that I usually do [ph] constantly. I think again we stand on our record. We have always done the right thing at the right time. We just don't think this is quite the right time yet.
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