SUMMARYAcadian Asset Management Inc. (AAMI +0.97%) reported record assets under management and management fees, driven by 10 consecutive quarters of positive net client cash flows. Welcome to the Acadian Asset Management Inc. earnings conference call and webcast for the second quarter 2026. Global equity markets delivered strong double-digit performance in Q2 2026, while navigating significant volatility with a challenging geopolitical and macroeconomic backdrop. Our Q2 2026 variable compensation ratio decreased to 37.5% in Q2 2026 from 45.4% in Q2 2025. Assuming revenue mix and levels similar to Q2 2026, contractual allocations would imply a full year 2026 variable compensation ratio of approximately 38%-42%.