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is shaking up the top ranks of management, creating a new global product strategy group led by Stephen Cohen that will latch onto the global growth of exchange-tradedfunds and combine active and index strategies. Not just sovereign wealth funds, US, Canadian and European pensionfunds too.
BlackRock's infrastructure franchise and our private markets business more broadly benefited from the firm's global footprint, our deep network of clients and distribution relationships, and access to high-quality dealflow. Operator Thank you. I want you to think about it this way.
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