Question-and-Answer Session
Operator
Thank you. If you would like to ask a question at this time please press *1 on your telephone keypad.
Thank you. Our first question comes from Andrea Jao.
Andrea Jao – Lehman Brothers
Good morning, how are you? The Corporate Client Services revenues have been amazingly resilient in the face of the tough market conditions. I was hoping you would?you mentioned a few things in your prepared remarks but I was hoping you would give us more color so that we can get a sense of whether these should continue to be resilient in coming quarters?
Bill Farrell
Andrea this is Bill Farrell. As everyone is aware and Ted mentioned it has been challenging in the capital markets for a lot of the traditional products, asset back issuance, high yield debt and the auction agent business including trust deferred type work. What we have done over the last few years is try to really diversify and increase our portfolio products and what we’ve been able to do is continue to pick up business in other areas such as tender option bonds, project finance, loan administration, escrow work, our default administrative work and the other businesses that work along with that whether it be collateral agent or escrows were very strong during the first quarter. So I think once again it sort of goes back to the mantra that we have been preaching and that is a diversified product set will help us in the long term. Needless to say we would like stronger capital markets across the board.
Andrea Jao – Lehman Brothers
That is very helpful. Now with respect to [all of your] advisor affiliate managers clearly impacted by market conditions I was hoping you could remind us about the timing recognition of revenues?
Bill Farrell
In terms of how we calculate our fees, Andrea?
Andrea Jao – Lehman Brothers
Yes.
Bill Farrell
It is a bit of a mix. Our Wealth Advisory business on the market based fees typically take their fees every month. Cramer and Roxbury it is a mix between in arrears and in advance and if you recall Cramer Rosenthal does have incentive fees on some hedge funds that tend to be a bit volatile and those were down a bit from fourth quarter especially.
Andrea Jao – Lehman Brothers
Okay great. Thank you so much.
Operator
Thank you. Our next question is coming from Charlie Ernst.
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