Question-and-Answer Session
Operator
(Operator Instructions) And your first question comes from line of Devin Ryan of Sandler O’Neill.
Devin Ryan - Sandler O’Neill
Good morning, I am sorry if I missed this in the prepared remarks but can you talk about how you feel about liquidity position today and then, you announced that your $250 million credit facility is now committed; just want to get some comments there?
Deborah K. Roesler
With the addition of that US bank line which is committed and really replaced discretionary over that line that we really increased our total back lending capacity by $150 million and we had a debt line of product just looking at our overall funding needs and also want to have a portion of our bank money in the form of committed line, I think in that the amounts of our total lines is significantly greater than what we are borrowing on an overnight basis under inventories.
Devin Ryan - Sandler O’Neill
Okay and can you talk a little bit more specific we adopt what you are seeing in the competitive environment you mentioned that some of your other competitors are may be out of particular markets, can you just give maybe some more specifics there, where the biggest opportunity is, is this a fixed income equities international or is that all the above, just want to get some comments there?
Andrew S. Duff
Yeah, I think the more near term, it is just an evolving pictures, I think we all recognized the full implications aren’t visible yet. I think the most diligent are probably two-fold, one geographic expansion like we’ve continued to do in our pubic finance franchise and then I would says sector expansion for investment banking franchise. We also think that are beginning to see some asset management opportunities as well significantly different than they were previously, say year is up
Devin Ryan - Sandler O’Neill
Those were asset management in terms of actual acquisitions or how do you think about that?
Andrew S. Duff
Yeah both.
Devin Ryan - Sandler O’Neill
Okay, and just kind of on asset management in FAMCO it looks like assets under management declined a fair amount during the quarter?
Andrew S. Duff
That was really market driven. They had a modest inflow, but market valuation reflects that decline.
Devin Ryan - Sandler O’Neill
Okay, and how has performance been in FAMCO? We have not seen any numbers on that.
- To read the full transcript on Seeking Alpha, click here »
