One, we approach each individual platform of the customer who’s important to us, and we pay their various fees to get on the platform, and we send various information to them one by one. Or alternately we support the product that the Stock Exchange has underway, the AQUA Project, which some of you might not be aware of. AQUA is basically a bulletin board style of listing environment, so not a tradeable environment – a bulletin board style of listing that communicates most of, if not all of, that similar sort of information out to various platforms. Now, by virtue of being on the Exchange, you’re automatically registered onto more platforms, theoretically. This is not been switched on at this stage. My understanding is the Exchange is still working with different platforms to get commitment from them to be, I guess, picking up the signals that are being sent through.

But the important thing from our perspective is that we don’t want to go out and establish and pay fees to every single platform. We need a more efficient way of doing it. The most efficient way I’ve seen in my experience I take from my instalment warrants background, where we outsource the registry to Computershare, we managed our own inbound phone calls from advisors by having an advisor line and contact point; all of the individual retail clients went straight to Computershare for copies of statements, changes of addresses, and those sorts of questions. But by virtue of being on the Exchange, we got scale. It was efficient, we had CHESS settlement and all those sorts of things, that I think allowed us to reduce our costs and increase our distribution. And that’s the way I probably do see it going from our perspective. I might just make a point that some of the things that we would look to list, and some of the things that exist in an off-market sense, are not necessarily just unit trusts.

And one of the things that steers us away from unit trusts is actually the cost of administering the unit trusts. So we end up putting a lot of product into deferred purchase agreements or various other sort of derivative-type products, but our methodology is still the same in that we outsource the registry, we have a direct interface with the advisor, we approach the platforms to get those on platforms. So at the end of the day I see some similarity in that scenario for where unit trust administration will go. Chris Bain: Computershare’s big point about technology is that the economics needs to make sense. We’ve done some work on what the drivers for outsourcing are, and we’d say that the future is quite bright for [some], insofar as in the end, as fund managers really, truly start to better understand their economics, they’re just going to have to say, ‘I’ve got to do this better, I’ve got to do it more efficiently’.