Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from the line of Tom Gallagher with Credit Suisse Securities.
Tom Gallagher – Credit Suisse Securities
(inaudible) talk a bit about what is going on in international institutional within asset management that is really where you had the main delta in terms of net flow turnaround and I know you had mentioned that Zurich still had net outflows, can you talk about what has been driving that positively?
Jim Cracchiolo
Yes, the Threadneedle business is starting to experience some good wins in their institutional mandates for external clients and the stronger institutional offset some of the continued outflows in the Zurich book, but we are seeing some good wins there based on their investment performance both in fixed as well as equity and people are beginning to get back into the markets both in Europe as well as we are winning some mandates in Asia in the Middle East.
Tom Gallagher – Credit Suisse Securities
And Jim, would you say there were any jumbo type transactions or were these a type of wins that you think are going to be recurring sustainable so we can see this as more of a permanent level?
Jim Cracchiolo
Yes we cannot predict but I think there are a number of wins, there was not necessarily one or two big mandates but they are reasonable size mandates and we see our pipeline there looking pretty positive.
Tom Gallagher – Credit Suisse Securities
Got it, okay. Next question is can you just give an update on the incentive fee outlook for asset management relative to where you are versus (inaudible) on the assets you manage with incentive or performance fees?
Jim Cracchiolo
I think overall our performance has been coming back in a number of areas, I mean we still have some negative PIAs in some of our retail funds so that has been a little bit of a drag on us but as we looked at the performance coming back this year, it is quite positive particularly in the fixed income area. When I look at the hedge funds particularly around (inaudible) area that has been performing quite strongly and so that will be positive and we should be getting some performance fees that we will be booking in the fourth quarter there.
Tom Gallagher – Credit Suisse Securities
And you still do the one-time true-up in 4Q for performance fees?
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