Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of William Katz – Buckingham Research.
William Katz – Buckingham Research
I was wondering, Sean, maybe it's just me. I just seem to say the same thing every quarter, but from your tone and comments, plus what was in the press release, it does seem like you have a higher level of conviction around the deal environment and you seem to continue to point towards global alternatives. I'm sort of wondering if you can help me think along those lines of what type of product and/or distribution makes the most sense right here? And then an update on pricing expectations?
Sean Healey
Well, I think you're right to read – in fact, I think the word that we used in our release was enthusiasm. Obviously, it's always a challenge for us to provide some gauge of the level of expected forward activity without describing transactions, which had not yet been announced.
But I think it is fair to say, as we have been saying for a while, but clearly we're at a point where we have very strong momentum in the new investment area. As you heard me say in the prepared remarks, our pipeline includes both high-quality traditional as well as alternative firms.
I would say the other kind of indicator I could give you is that what we have described. In fact, I described in my earlier remarks, the ongoing focus to increase what is already a significant relative position in global and international equities, as well as to continue to invest in the alternatives area.
And I would say in the alternatives area it's – and then maybe more broadly in thinking about investing in boutique firms. The silver lining to the challenges of the past year is that there was a great sorting process, both for boutique firms as well as for perspective investors and acquirers.
And so we're in a position now where we're able to see which firms – especially in the case of alternative firms – have weathered the storm, are positioned with strong franchises and outstanding products in areas like for example, distressed investing, which are currently seeing lots of organic growth and prospectively one imagines that will continue.
So that's the nature of the pipeline in as much detail as I can give. And I would say pricing, as we've said earlier – partly based on the changes in the competitive dynamics. Pricing continues to be attractive relative to what our historical range has been, although in a consistent pattern with our historical pricing.
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