The risk for this market is that there won’t be sufficient scale to get the kind of quality solutions that you’re getting in Europe, that you’ve been getting in the United States for a long time and that are not yet available in Asia. The Computershare argument would be, ‘you’ve got to be able to borrow this scale, and you’ve got to be able to expand beyond your own boundaries in order to make this a sensible proposition. But certainly our work says that it can be a sensible proposition’. Bryan Gray: People don’t know what they’re missing out on. Where I find it is when you get a foreign fund manager, US fund manager, comes down here that’s launching a product. They say ‘We’re going to have to have our distributions done on day one, we want a 14 hour turnaround to get applications back. Is that reasonable in the Australian market?’ And our response is,’ You know what? Three weeks is probably alright.’ And they can’t understand that, you know, but that’s it. In the US market, if you don’t get your statement back the same day, you’d be on the phone …

Here people go, ‘If I get it in a week and a half, that’s probably fine’. Warwick Angus: Greg, to your point on specialisation, if you think back to unit registry, it’s a bundling of a whole lot of disparate services, really. It’s transaction execution, it’s web development, it’s client reporting. We think that the DIY super boom might be indicating we’re going to see more unbundling, and that really investors, they don’t know what a platform is, let alone what unit registry is. They want efficient administration of direct assets, and managed funds. And they’ll be looking – we might see firms that are good at client reporting, firms that are good at web development, firms that are good at transaction execution. Bryan Gray: All of the [Australian Custodial Services Association] members need to view unit registry as an activity that’s not a competitive advantage, and I don’t think we’re quite there yet with that, and I think that’s part of the problem, because there isn’t anything else in the marketplace. And because of the bundled buy behaviours at the moment between custody and administration and registry, there’s obviously going to be custodians who say, ‘Well, hey, I’ve got a capability and I can bundle it up and sell it; if you don’t have one, then I’m going to win business that you don’t win’.