Question-and-Answer Session
Operator
(Operator Instructions) Our first question or comment comes from Jeff Hopson from Stifel Nicolaus. Your line is open.
Jeff Hopson - Stifel Nicolaus
Okay, thank you very much. You may have given this, but in terms of Permal, is there a pipeline of funds waiting with that 90 days, and what would you think has the behavior, so to speak, at the margin change in terms of what those clients are trying to do?
Mark Fetting
Yeah, Jeff, this is Mark. Clearly, October leading to kind of mid-November redemption was the surge. Things have stabilized significantly since then. As you may know, Permal's performance overall compared quite favorably, and so their performance story on a relative basis is a strong one. It, of course, is in the context of a market concern that continues to be difficult.
The fact that there was no Madoff exposure, and has never been, is a very important fact that's helped, but I think if Isaac were responding, he would want to point out that it's less a redemption issue now and more of an acknowledgment that sales going forward for the near term will be tougher than normal.
Jeff Hopson - Stifel Nicolaus
Okay, great. Thank you.
Operator
Our next question or comment comes from the line of William Katz from Buckingham Research. Your line is open, Sir.
William Katz - Buckingham Research
Okay, thank you. I do have two questions. The first one, I just want to be clear . . . The identified cost savings that you've raised the guidance on, was any of that in the quarter that just ended in December?
Mark Fetting
Yes. Let me give the preface, and then C.J will be more specific, Bill, if you need it. There's $108 million of run-rate in the quarter ended December. There will be, and we have high confidence, 135 by 331. We're not going to stop there, but some of the other things may take a little longer to actually see. So we don't want to get ahead of ourselves, but C. J., anything more specific?
C.J. Daley
I mean, I think that's basically it. On a run-rate basis, we'll be at 135, so I think the message is that in the December quarter, you didn't see a full quarter's of run-rate on a normalized basis, because we still have a portion of that to realize in the March quarter.
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