Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of Roger Freeman with Barclays Capital.
Roger Freeman - Barclays Capital
Hi. Good morning. I wanted to discuss... come back on the comp discussion. I didn't quite understand your accrual issue from the first quarter, leaking into the first quarter. If you could just sort of quantify that? And then also is part of the pickup, due to Perkins being consolidated, what I'm really trying to get at is how much sequential increase there was in base compensation?
Gregory Frost
The increase in base compensation was nominal. Perkins is a very lean shop. The numbers you'll see were really more on the revenue side than the expense. From a compensation perspective, from Q1-to-Q1 you saw the big decease, which was all asset from short-term performance.
From the forth quarter to the first quarter, what I was trying to make a point that you increase their and that's only because we took some significant decreases in Q4, as we trued-up our bonuses of what we actually paid. So, we were accruing at one rate for three quarters, significantly drop that in the fourth quarter. And now we are accruing at a different rate in '09, but just little mechanics working for you to see it a slight increase in Q1 to Q4.
Roger Freeman - Barclays Capital
And just part of that first question, is that a level then? I mean is there anything unusually high in there as a result of that sort of, we true-up whatever we want to call that, or is that level which something we should think about carrying through the year?
Gregory Frost
I would think you can look at the level where efforts that they are its pretty consistent throughout the year, obviously including the JIF, JAD cost as Gary mentioned.
Roger Freeman - Barclays Capital
Okay. And then my second and final question is, just around the performance so, obviously noted that your performance for the quarter improved. If you look at I guess just like the... with the last one month on a one month basis the Lipper rankings for most of your key funds deteriorated again a little. And I'm just wondering, can you talk about a count toward the quarter and then at the beginning of the quarter, financials were underperforming more and where you have probably less waiting?
And then in the third quarter and third month of the quarter that sort of reversed itself. How tired are you to think like sort of tech portion of the market and maybe just couple other industry factors.
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