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And so we are very, very focused on making our boards the center of vision and strategy and accountability. We’re looking to create a culture that is similar with regards to how we set strategy, with regards to how we create accountability on that strategy, with regards to how our boards get involved in driving that strategy.
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And over the past few months, the slate of client mandates we've been chosen for is the most broad and diversified has been in years: across active equity and fixed income, customized liquidity accounts, private markets, and multiproduct Aladdin assignments. Our annualized effective fee rate was flat compared to the first quarter.
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