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And that is why you’re seeing the massive increase in multi manager assets and those assets have more than doubled since 2017. You have to have a truly align feestructure and you have to kind of be willing to go down that road. Each are issues and legal issues and administration issues.
Joining me on today's call are Brian Armstrong, co-founder and CEO; Emilie Choi, president and COO; Alesia Haas, CFO; and Paul Grewal, chief legal officer. However, to be clear, we did not make any material changes to our feestructure in Q4. Paul Grewal -- Chief Legal Officer Thank you, Alesia. On to expenses.
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