Question-and-Answer Session
Operator
(Operator Instructions) First question comes from the line of Roger Freeman with Barclays Capital; please proceed.
Steven - Barclays Capital
Hi, good morning. It’s Steven here for Roger. I’m wondering if you could talk a little bit more about the nature of these inflows. Are you seeing risk appetite coming back and in particular, can you talk about what’s going on in the U.S. and broader trends you’re seeing in terms of institutional versus high net flows? Thank you.
Noam Gottesman
Yes, thank you, Steve. We’re definitely seeing a risk appetite comeback. I would say that, we’re beginning to see the inflows back, but I would say that the level of meetings and duty that we’re in is roughly up 10 folds in the last quarter. Really very, very busy and busy across more strategies about highlight in particular.
Our European Long-Short, are emerging market offerings, and convertible and credit related, but it’s mainly, I would say, more heavily long-short in emerging markets. We are seeing interest from institutions from private banks. We’re seeing still very little from the high network community. It’s definitely more institutional.
Vis-a-vis the U.S., again very pleased with what you’re seeing a highlight that we received with some buy ratings from consultants, which is a critical component we have learnt of getting money from the U.S., that third party validation is very important. We have done well. We are pleased with the progress. We are having meetings as we mentioned and highlighted one of the new clients that we have is a Fortune 100 clients. It’s a very good mandate. It’s going better than I could have hoped a quarter ago.
Steven - Barclays Capital
That sounds great and what about in terms of sovereign wealth fund?
Noam Gottesman
We gained a new one, a large new mandate, which we didn’t have before. We continue to work with all the others that we had before and we’re continuing to see inflows pretty much across the board.
Steven - Barclays Capital
Okay, and can you talk about the nature of the, to say pipeline of inflows? I mean, it sounds like things are going well and when do you expect to have even more meaningful inflows coming and going forward?
Jeff Rojek
I think it’s very hard to forecast. We were very pleased with the third quarter, as we’d highlighted in our second quarter, though we expected to see roughly $4 million to $5 million of outflows in connection to the final new lifting of suspended fund that we had and so clearly we had very significant inflows through September, that trend appears to be continuing.
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