Where we are appointed to be lead advisors, or are directly managing a large portfolio that anticipates using other specialist firms to manage parts of that portfolio, one of our roles is the selection of managers for the separately managed parts of a portfolio. We work with a number of specialist investment advisory firms who have been identified as having superlative skills, experience and performance statistics in asset classes such as private equity, hedge funds, real estate, commodities, managed futures, etc. We will identify, interview, select, oversee and report on such separately managed accounts and their managers, as part of the overall management of a client’s portfolio. Even when a portfolio is under our sole management, we often seek to allocate portions to specialist managers with whom we have had excellent past experiences. We do not receive any incentive payments or commissions from such managers.