Question-and-Answer Session
Operator
(Operator Instructions) The first question comes from William Tanona – Goldman Sachs.
William Tanona – Goldman Sachs
You guys have been pretty aggressive out there in terms of new hires, particularly on the fixed income side. Obviously we saw the announcement today and then I think last quarter we saw the announcement of you guys hiring the Greenwich team on the mortgage side. It seems like mortgage is becoming an increasing focus for you guys. I’d just like to get a sense for how was the performance within the mortgage business this quarter. Can you give us some type of contribution of that as well as the other businesses within the FIC line?
Richard Handler
We haven’t broken out by division but across the board in our fixed income business including corporate and mortgage it was an exceptional quarter and the contributions from the folks at RBS Greenwich have hit the ground contributing immediately. It has been a good turnover of the inventory. The clients are very receptive to us providing liquidity in a very tough environment. It has been a very profitable business for them to start with us.
William Tanona – Goldman Sachs
In terms of the commission revenues, you certainly saw a significant bounce back there. We know there was a lot of dislocation in the market place. How much of that do you think is just increased level of existing customer activity versus you guys gaining market share as the result of the some of the dislocation that existed?
Richard Handler
It is hard to be sure but what I can tell you is it sure feels like we are gaining market share across our sales and trading businesses. We have obviously seen extreme volatility but our clients need us more than ever. We mentioned that in the script. The reality is liquidity is key. We are a very big liquidity provider in our sales and trading businesses so we have been very active across all asset classes.
William Tanona – Goldman Sachs
In terms of the outlook, could Brian provide us some pipeline information on the investment banking side and then Rich given what has happened here since the quarter has ended if you could provide us with some highlights from the high yield and asset management business just given the volatility and the declines that we have seen across the global markets.
Brian Friedman
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