ACM manages about $4.8B in assets, and the deal is immediately accretive. Specializing in pooled commercial mortgages, there is risk here, but it adds new options for customers and adds specialized capabilities to EQB. Pension plans, charities and other long-term investors are its main clients, so its business does become diversified. With 75% being acquired and management staying, it should be an easy integration with ACM continuing to act independently. The value was not disclosed, but it is a cash and stock transaction, and we would view it positively.
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