Thank you for standing by. This is the conference operator. Welcome to the IGM Financial First Quarter 2025 Analyst Call and Webcast. As a reminder, all participants are on a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. To get assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Kyle Marten, Head of Investor Relations. Please go ahead. Thank you, Betsy. Good morning, everyone, and welcome to today's call. Joining me here, we have James O’Sullivan, President and CEO of IGM Financial; Damon Murchison, President and CEO of IG Wealth Management; Luke Gould, President and CEO of Mackenzie Investments; and Keith Potter, Executive Vice President and CFO of IGM Financial. Before we get started, I would like to draw your attention to our conference concerning forward-looking statements on slide three of the conversation. Slides four and five summarize non-IFRS financial measures and other financial measures used in the material. On slide six, she provides a list of documents available on our website related to IGM's Q1 results. That will take us to slide nine, and I'll turn it over to James. All right, thank you, Kyle, and good morning, everyone. I think we continue to demonstrate consistent growth during the first quarter, delivering adjusted earnings per share of CAD 1, a first quarter record. Our core businesses, IG Wealth and Mackenzie, also ended the quarter with record high client assets, while each of our strategic investments delivered double-digit year-over-year growth. Including strategic investments, our client assets grew by 19% year-over-year, surpassing for the first time CAD 500 billion at the end of the quarter. As our wealth and asset management businesses continue to execute on their plans, IGM Financial benefits from their diversified sources of growth across multiple geographies. We also benefit from their differentiated go-to-market strategies that are further elevated through real interconnectivity among businesses. This combination of diversification and growth is one dimension of our strong positioning as we navigate through today's complex economic environment and continue to execute toward our medium-term objectives. Another dimension is our balance sheet strength and financial flexibility, which is underscored by IGM's strong credit profile, modest leverage, and the significant unallocated capital balance, which exceeded CAD 600 million at the end of March. Turning to slide ten and the current operating environment for our businesses, starting with recent financial market conditions. While much of the first quarter was characterized by considerable uncertainties, the financial markets, for the most part, proved resilient until early April, when we saw a spike in volatility. Despite the volatility, our businesses remain well-positioned. This is a very good market for financial advice, a very good market for asset management, and this is a very good time to have diversification in our businesses and in our client assets. Importantly, the driver of recent market volatility is, at its core, solvable uncertainty. To the extent the underlying issues are solved, the strength of our businesses will be most evident in the near term. If the market chooses not to recognize this, we are in a very strong financial position and have the firepower to purchase more IGM shares and wealth. As shown on slide 11, the positive momentum we saw in the Canadian operating environment during 2024 continues into the RRSP season. By March, the uncertainty has shown signs of weighing on investor confidence. While redemption rates were stable, we saw growth tails soften slightly at the industry level. Damon and Luke will speak to this and each of their businesses during this call. On slide 12, we present our wealth and asset management earnings results, which Keith will address shortly. On slide 13, we see how each of the six wealth and asset management businesses contributed to IGM's strong asset growth over the course of the last year. We remain very confident in the business that we have architected over the past several years and its ability to drive strong medium-term earnings growth. Damon, over to you. Thank you, James. Good morning, everyone. Turn to slide 15 and Wealth Management's first quarter highlights, including IG Wealth, Rockefeller, and Wealthsimple. During the quarter, we saw record growth in flows and sales into IGM products, as well as record Q1 growth in flows from new clients. IG Wealth ended the quarter with an AUA of CAD 141.5 billion, up 11% year-over-year and up 1% during the first quarter, driven by financial markets and strong net flows. Growth in flows during the first quarter was CAD 4.2 billion, while gross sales into IGM products were CAD 4.9 billion. Net inflows for the quarter were CAD 718 million, and net sales into IGM products were CAD 944 million. April saw record gross sales and continued the first quarter trend, with gross and net sales into IGM products surpassing gross and net flows as clients continued to dollar-cost average into these volatile markets. Total growth inflows for newly acquired clients were CAD 1.3 billion, with mass affluent and high-net-worth clients representing 76% of these flows. Our mortgage and insurance businesses continued their momentum as we extended our partnership supporting our key industry wealth drivers in the first quarter while adding a new partner focused on philanthropy and legacy planning. For the second straight year, IG ranked number one in earned media share of voice among Canadian banks and independent wealth brands, and for 2024, we also earned the top position of industry spokesperson. Both Rockefeller and Wealthsimple have strong quarters, which I'll also speak to in coming slides. Turn to slide 15. You can see IG's Q1, April, and last 12-month net flows. On the left, you can see our first quarter and April net flows. While April is typically a seasonally slow month as clients focus on prepping and paying taxes, I'd like to highlight two important things. The first is this year's tax bills were higher than traditionally expected industry-wide due to clients triggering capital gains ahead of the proposed capital gains inclusion rate increase. Two, growth flows momentum slowed but still remained at record high levels even with this tough market backdrop. As seen on the right-hand portion of the slide, market volatility has not prevented our clients from continuing to dollar-cost average into the markets as our last 12-month net sales into IGM products continue to move closer to our total net flows. As our clients continue to adjust to this complex economic environment, we are more confident than ever in the value of our financial planning and our advisors' ability to partner with our clients to build, quantify, and preserve and distribute their wealth. Turn to slide 17. You can see our operating results, which provide further insight as to the strength of this business. At the top left, you can see the year-over-year decrease in our gross outflows rates. You can also see the split of our current client assets with current cash, TIC, and ISA balances, which continue to support our clients' dollar-cost averaging back into the markets today and over the coming quarters. Turn to slide 18 and our gross inflows from newly acquired clients. In the first quarter, we continue to show strong growth in new client inflows from massive, fluid, high-net-worth clients, which grew year-over-year by 10% and 80%, respectively. During the quarter, high-net-worth clients acquired accounted for over 38% of total new client inflows. This included over CAD 160 million from three clients. While we do not indicate that this size of client is a core focus, successful closes at this scale provide a further example of how we've transitioned this business and how we now have a firm position at the table as we vie for high-net-worth and even ultra-high-net-worth clients. Turn to slide 19 and our continued momentum in the mortgage and insurance businesses. I'll make two points here. The first is our mortgage funding was up 53% year-over-year, supported by more advisors who are collectively referring more mortgages and increased penetration across the country. Second point, our new annualized insurance premium increased by 15% year-over-year, reflecting our focus on investing and growing this business. Q1 is traditionally a slower quarter for the insurance business given the investment focus of our RFP season. The fact that this was our best insurance Q1 in first-year commitments since 2017 speaks to our strong momentum we have in this business. Now, turning to slide 20, this slide represents another important component of our journey. Having a national voice, sharing our thought leadership across a number of dimensions, and being omnipresent. 2024, for the second year running, IG Wealth was once again recognized as the number one wealth brand amongst independent and national banks from an earned media perspective. 2024 also brought two additional growth strategies. We ranked first in the Quebec market in earned media share of voice, and secondly, we took the top position for the most visible industry spokesperson. We continue to lead from the front in this country, showcasing our knowledge on financial planning, insurance, tax planning, banking, and investment strategy, while also providing our thought leadership and speaking to our best-in-class advice experience. We are communicating our ability to solve complex financial problems, which is increased in lockstep with the complexity driven by today's economic backdrop. Now, turn to slide 21, and I'll provide some updates on Rockefeller's progress. Client assets were up 16% year-over-year, driven primarily by inorganic and organic growth. Over the last 12 months, organic growth has driven CAD 5.5 billion in client assets, primarily through Rockefeller's core wealth platform. Rockefeller also continues to add to their private advisory network with 24 new advisors being added during the first quarter. Turn to slide 22 and Wealthsimple. Wealthsimple continues to deliver strong AUA growth driven by their ability to attract new clients and increase their share of wallet. Wealthsimple increased their client serve by 15% year-over-year, and their AUA increased by CAD 9 billion during the quarter, and this is up 89% year-over-year. With that, I will turn the call over to Luke Gould. Great. Thanks, Damon. Good morning, everyone. Turning to page 24, you'll see a few highlights for Mackenzie and for asset management during the quarter. We ended the quarter with record high AUM of CAD 219 billion of Mackenzie, up 7% versus last year and 2.5% in the quarter. Net sales of CAD 3.4 billion during Q1 included previously announced institutional awards of CAD 3.6 billion to net funds during the quarter. During Q2, another CAD 1 billion of these institutional awards will fund, and the size was extended around CAD 600 million beyond what was previously announced. Year to date, we've launched 11 new investment funds for retail focused on areas of emerging growth and to complement our existing offering. I'll give some cover on these in a few slides. At the bottom, both ChinaAMC and Northeast continue to have good growth during the quarter. ChinaAMC's investment funds have grown by 27% year-over-year, while Northeast delivered another consecutive quarter of CAD 1 billion in fundraising, as they've done every quarter since our partnership began with them four years ago. Turning to page 25, you can see the trend and history of Mackenzie's Q1 and April net sales. On the top left, our Q1 investment fund net flows were slightly positive and up meaningfully from last year, and growth sales were up 12%. In the bottom left, you can see that in the context of the challenging market environment, our April flows were up from 2024 and our best level since 2021. I'd also note that following the launch of a range of active equity ETFs last year, we're seeing an increasing proportion of our flows come in ETF form. On page 26, at the bottom left, you can see our net sales segmented between retail and institutional and by product type. While retail growth sales were up 11%, net redemptions were in line with last year. Improvements we're seeing in products with strong momentum have not yet offset the declines in products that have softer performance in the environment that we just exited. I'm going to review this trend on the next slide. In the bottom left, you can see the momentum in institutional investment funds, as well as the Q1 institutional funding, which brought net sales there to CAD 3.5 billion. At the top right, you can see a reduction in our share of assets in foreign five-star funds. We lost March of 2020, the start of the pandemic, from our five-year track record in a few of our larger, more durable funds that have generated significant alpha at the start of the pandemic. Importantly, these same funds are now generating meaningful alpha and strong performance within the current environment that we're now in. I'd also note that the share of assets that we have in five-star funds increased in the quarter from 7% to 11%. Turning to page 27, you can see our performance and net sales for our retail mutual funds and ETFs by receipt. As I spoke on the previous slide, we've moved out of that narrow, NVIDIA-led environment into this moment of greater volatility and threats of return. We are seeing very strong wealth investment performance being put on across Vanguard receipts. At the left, the third column from the left, you can see our IG franchise with its quality focus delivers very well in environments like this, and you can see strong near-term performance here. As you go across to the right, you'll see that we've also seen improvements in near-term performance in Bluew ater with its durable growth approach, as well as GreenShift with its focus on the environment transition. I'd also highlight towards the right the continued strength in our Global Quant Equity and Global Equity and Income receipts. You can see we've got net sales momentum here, which has been building, with retail net sales of CAD 529 million here this quarter, and this momentum continues in Q2. Turning to page 28, I want to take a moment to focus on one of our key priorities: product innovation and a breadth of relevance offering. We've had a very busy regional product launch program in 2024, and this is continuing into 2025, with a focus on areas with emerging growth and ensuring that we have the confidence of self with positioning in all the right places. 2024's product launch is focused on trailblazing in quant, as well as bringing active equity ETFs to market. Last quarter, we highlighted our Global Quant Equity receipts and their strong growth and recent business development wave, and we've updated that snapshot on the right. On the left, you can see the 11 mandates that we brought to market year to date, and we've highlighted this evening. Beyond these themes, upcoming 2025 launches will also be focused on better beta and expanding our Northeast private offering. With the four new quant products launched this quarter and the nine launched last year, we now have a very broad quant offering of 15 different mandates, all with very compelling track records delivered by our team's holistic quant approach. You can see as you go down the schedule on the left, we've extended our active fixed income ETF offerings with target date maturity ETF and the AAA CLO mandates that bring to retail a strong track record and improvement capabilities that we've developed elsewhere. We have also added to our liquid alts offering with two enhanced yield funds that combine our flagship five-star Global Dividend Fund with an optional strategy to enhance yield. We have also brought to the Canadian market our U.S. Alpha Extension Strategy that we've been running for FDI in the United States. This is the 1-20-20 long-short strategy with a very strong track record that seeks to generate excess returns with the same market exposure. I also do want to highlight that we brought our Asian and European Equity Teams to Mackenzie retail with an International All-Cap Equity Mandate, where we've brought a strong track record in a space that we believe is really well-positioned for the client share we're entering. Lastly, we partnered with Putnam to bring their flagship U.S. Value Mandates to the Canadian marketplace, and we are seeing a renewed interest in value investing. The only other comment I have on this slide is to remind on the right that we do have an additional CAD 1 billion in previously announced institutional and partnership business funding in Q2. Moving on to page 29, a few comments on the Chinese investment fund industry. On the left-hand side, the industry experienced net redemptions during the first quarter, and we did have some investment redeeming following equity market recoveries during Q4. ChinaAMC's market share and position remains very strong. They're the second largest in the market in long-term funding overall, and they saw their market share increase from 5.6% to 6.2% in the last year. On page 30, you can see that while ChinaAMC's long-short fund assets declined in live industry in the quarter, money market and institutional assets grew very well, driven by net inflows, and total assets have now reached a record high level of CNY 2.7 trillion or CAD 525 billion. Turning to page 30 through 31, as mentioned, you can see another quarter of strong growth in Northeast with CAD 1.1 billion in fundraising in the quarter and CAD 5.3 billion over the last 12 months. I'll now turn the call over to Keith Potter. Thank you, Luke, and good morning, everyone. On slide 33, you can see key highlights for Q1. Adjusted EPS, which includes live close other items, was CAD 1, our record Q1 high. We returned CAD 213 million to shareholders in the quarter, including CAD 79 million in share repurchases. During Q1, we accelerated our repurchases to offset the heightened offset exercises from Q4, and we expect our repurchases during 2025 will extend beyond the agitated loop of actual as we continue to execute our MCIV program to purchase up to 5 million shares. Our operations from support and business development expense growth was approximately 6% year-over-year. I will speak to this business-specific seasonality for IG and Mackenzie on their respective slides, but reaffirm our 4% expense growth target for the full year. Finally, our unallocated capital increased to CAD 615 million, which is a jump from CAD 531 million last quarter. This increase is primarily driven by retained cash earnings and a CAD 66 million dividend from China AMC. Turning to slide 34, you can see our AUM&A and flows, as seen on the right side. Q1 asset growth was positive and ended half a duck, 9.1% year-over-year and 1.7% in the first quarter. April was defined by significant volatility, which is visible on the chart on the left. The spicest assets were down only 2% compared to the end of March. Turning to slide 35, on point two, net investment income of CAD 7.8 million primarily reflects interest on cash balances, and this is down from prior periods due to lower interest on cash, lower seed capital gains, and FX lumped on U.S. cash balances. Looking forward, market volatility may impact net investment income in the coming quarters and seed capital gains. Point three for operations and support and business development expenses to help with seasonality over the model, we expect expenses to be slightly higher in Q2 than Q1, and are targeting Q2 expenses to be approximately CAD 290 million, plus or minus as you always have some uncertainty in timing of expenses. On slide 36, we present the key profitability drivers for IG Wealth Management, and I'll highlight a few points. On the left, you can see that average AUM&A was up 2.3% over the last quarter, driven by investment returns and net inflows. On the right, the advisory fee rate and product control grant fee rates are both in line for expectation, and the base compensation rate is down slightly in the quarter. As we move forward through the next couple of quarters, we do expect slight upward movements in the net rate. On slide 37, IG's overall earnings of CAD 128.4 million in Q1, and on point one, other financial planning revenue primarily reflects the insurance business, as well as mortgage results that were in line with our expectations excluding fair value adjustments. I am looking forward to the expectancy of similar results in the mortgage business next quarter, again excluding the impact of fair value adjustments. On other revenue, which is primarily comprised of insurance, but it also includes Zerola, some of our legacy banking program, we expect to see similar growth on a year-over-year basis in Q2 as in Q1. Also, as a reminder, insurance volume and revenue tend to be seasonally higher in Q4 relative to Q1, as Damon spoke to. On point two, IG's operations and support and business development expense growth was 2%. As we look forward, we expect seasonality for IG to be similar to 2024, so higher expenses in Q2 versus Q1 with a target of approximately CAD 170 million for Q2. Similar to last year, the second quarter will include higher discretionary expense. Moving to slide 38, we have Mackenzie's AUM by client and product types, as well as net revenue rates. On the left, you can see average AUM is up 1.7%, which is supported by the onboarding of CAD 3.6 billion in previously announced institutional wins. On the right, you can see our overall third-party rate, which dropped due to mix shifts driven by both our institutional wins and the ongoing success with our wealth management partnership. Rates were also impacted in the quarter by fewer gains during the first quarter, which we commented on on our Q4 call. Looking forward, the onboarding of CAD 3.6 billion institutional wins, but the expected CAD 1 billion win Luke commented on, will have a further one basis point impact on the overall third-party rate and a three basis point impact on the rate excluding Canada Life. To be clear, this is a pro forma perspective once the full CAD 4.6 billion has been onboarded for a full quarter. Turning to slide 39, you can see Mackenzie's earnings of CAD 52.6 million. On point two, I've already spoken to this change in net investment income relative to prior periods. On point three, we are maintaining our full year guidance of 6% expense growth relative to 2024. To help with seasonality in your model, we are targeting expense to be approximately CAD 120 million in Q2, slightly lower than Q1. First quarter expenses were higher than typical due to a number of items. First, Mackenzie's strength in their product breadth with the launch of several new products that were supported by retail and institutional distribution capabilities and marketing. Luke spoke to this just a few moments ago. Mackenzie has also strengthened core capabilities with continued focus on tech delivery and middle office and back office capabilities. Overall, we are willing to see a new client experience. Slide 40 has China AMC's results. First, on the left, AUM growth was strong in the quarter, increasing by approximately 8%. On the right, you can see China AMC's earnings of CAD 30.6 million for the first quarter, which includes CAD 3.6 million in fair value gain. Excluding those gains, results were in line with Q1 2024 and still up from Q4. The quarter's results reflect China AMC's ability to grow AUM and help offset some of the changes in fee rates we spoke to during our Q4 call. On the bottom right, you can see the annual dividend receipts of CAD 66 million. Slide 41 has the earnings contribution for company needs statements. A couple of comments on strategic investments. First, Rockefeller earnings were in line with last year, and we saw strong business growth in core global family office divisions during the quarter. Earnings were down from last quarter primarily due to timing of some transactional revenue, which we expect to pick up in the coming quarter. Northeast's first quarter earnings of CAD 6.7 million include strong annual intensity typically paid in Q1, and earnings would have been closer to CAD 4 million excluding these fees. On slide 42, at the bottom right, I'll point out that at the end of Q1, our strategic investments, including unallocated capital, now represent approximately CAD 6.5 billion in value. That's up over CAD 1 billion versus Q1 of last year. Slide 43 highlights execution again for capital allocation priorities. We can see the return of capital to shareholders and decreasing leverage. Our last 12 months of trailing cash dividend payout ratio of 46% is in line with last quarter. That concludes my remarks, and I'll turn it over to the questions. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing any key. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question today comes from Graham Ryding with TD Securities. Please go ahead. Hi, good morning. Luke Gould, I'll start with you. I just want to make sure I'm getting your message. It sounds like you're seeing signs of improving fund performance on some of your mandates. Global Quant Equity is performing well, and you're rolling out new products around that vertical. Is this what you think the pieces are that will turn flows positive? If so, is that a 2025 dynamic, or does it take longer to sort of turn the ship? Okay, thanks, Graham. Yeah, absolutely. On page 27, especially looking at the period from December 31 to where we're sitting right now, we have a number of boutiques that really do their best work in an environment like this, where things are much broader and there is some volatility. Within Quant and Global Equity Income, those are stories strong and just continuing, and they continue to put on strong numbers. Then beside them, you know, some of the boutiques that did not favor that narrow NVIDIA-like environment, like our durable growth Bluew ater boutique, our GreenShift environmental thematic boutique, and our ID Quality boutiques, those three boutiques have now really delivered a strong year-to-date performance, and you can start to see the one year, the three year, and other numbers changing favorably. We feel there is a lot of momentum and a lot of places for us to lean in. To your point, we are seeing a lot of momentum in Global Equity Income and Quant, as well as in the new products that we have launched in 2024 and 2025. Will we be positive in retail in 2025? That is our hope. We are pushing with all we have got, and we certainly have a lot of things to lean into right now. Okay, great. I will stick with you for one more, just on the private asset side. Can you sort of give us an update on what you are focusing on, either with Northeast or other managers? What are you doing in terms of marketing these funds or looking to potentially add? We have got our core product to market right now, which is Quant Infrastructure Private Equity Product Credit. We have been focused for the last couple of years on removing every single impediment since the quarter we have included these products in retail investment portfolios. Those impediments have included scale, and the costs are scaling nicely. We are at about CAD 500 million across the four products now. Things like RX and eligibility, where we required exempted release and now have it, to make sure the products can sit in registered plan. The other impediment has been educating advisors, making sure dealers have the right licensing to sell the products, making sure advisors are educated. With our sales team across the country, we have been doing a good job in getting notice. We are putting where our tipping point. The last thing we have been very focused on is making sure the products are approved on all dealers' shelves. We have been making very good progress on that in the last 12 months. On promotional activities, we are quite excited. We have an event in London, England, at the end of this month, where we have about 89 advisors coming who collectively represent the tens of billions of AUA. We are expecting that to provide a lot more momentum to the products. As mentioned, we do have a fifth product coming, a multi-asset product later in the year. This is feeling like a tipping point moment. These products, we call them the missing middle. They probably belong in retail investors' portfolios, and we are so excited to see one of the first leaders away on it. Is there any opportunity to sort of push on to sort of define contribution platforms to those products, or is it more of a, I think, a retail financial advisor is the focus? Yeah, that's our hope for Northeast in Canada and beyond. For any client who's got a target date solution, where target date 30, target date 40, whatever the key pricing, private asset classes fit very well. We do expect that those asset classes will evolve into group platforms over the next decade. They just sit there. Okay, sounds good. Then, Damon, similar theme, can you just give us an update on how much of your discretionary AUM today would be in private assets and sort of how you're thinking about that vehicle and asset class from sort of the top of the house? Yeah, so if you were to pick me down in terms of the total amount of assets, it would be approaching about CAD 6 billion when you include our real property fund. Our strategy is much like Luke's. We believe that private assets deserve a place in every single client's portfolio. It doesn't matter if they're mass market, mass or high net worth, or ultra high net worth. We want to be able to provide those solutions both in managed money solutions, but also à la carte leveraging Mackenzie's lineup to use OM. We have been able to do both of those things, and we will increase access to private assets. It's not just Northeast, it's also Cruz Sagar and a number of other managers that we have access to. Okay, excellent. Thank you. The next question comes from Tom MacKinnon with BMO Capital Markets. Please go ahead. Yeah, thanks very much. Good morning. The question with respect to Mackenzie, the impact on the net management fee rate. I think Keith already suggested what the decline would be just due to the mix by adding some institutional. Now, if I look here, ETFs are smaller as a percentage of the Mackenzie assets. It's really been the growth vehicle in terms of flows or one of the big momentum there, and it's certainly on the industry front there. You mentioned these active ETFs really gaining traction. I'm just wondering, as the mix potentially shifts to more and more active ETFs, does that have any impact on the net management fee rate? That's a good question, Tom. The ETF structure, when we brought active fixed income and now active equity market in ETF form, we priced them agnostically. Whether you choose to buy the mutual fund or the ETF, generally you're paying the same price for the services that you're getting. If someone's purchasing retail active ETFs, you can expect the margins to be very similar. If they start using different ETF types, like better beta, it will be lower down the price and continue. Of course, straight beta, cap-weighted benchmarking is going to be a much lower fee. For the active equity and the active fixed income, they're priced in line with the mutual fund structure. Priced in line, not from a fee rate perspective? I think you mentioned margins being similar, but priced in a fee rate perspective. From a fee rate perspective, you've got some. The fees are identical for the services being provided. The only difference in fee between the mutual fund and ETF tends to be administration because there isn't the same service attached to ETF, but the management fees are identical. Okay, and then I believe you said there's a billion expected in the second quarter in terms of institutional flows. I think there was something like CAD 350 million out in April in institutional redemptions. Was this billion on top of that? What drove the redemption and what's driving the billion coming in? Good question. We fueled some of that ETF in Hong Kong, run by our sister company ChinaAMC Hong Kong. There was a rebalance there that led to CAD 350 million out in April. The billion dollars of the awards that we announced last quarter, that will be coming in May and June. We also are seeing some, as I mentioned, we are seeing good fall in our business. We do have another award in the hundreds of billions of dollar range that should fund in Q3 as well. Okay, thank you. As a reminder, if you would like to ask a question, please press star then one to join the question queue. The next question comes from Jaeme Gloyn with National Bank Financial. Please go ahead. Yeah, thanks. Just looking for a quick update on Rockefeller, obviously a good success since acquisition and acquiring inorganically. What does the capital position look like over there at Rockefeller? Is there still a lot of capacity to continue to run at these rates, or maybe a quick refresh on where we are there? Yeah, it's seeing the capital structure remains strong. There's lots of capacity, which I don't think is a surprise given the credit markets out there. There's lots of capacity for them to borrow as needed, to fund advisor acquisitions. In fact, they've meaningfully increased their acquisition target for 2025 relative to 2024. The business overall is going very well. I mean, there's really no substantive change. The Rockefeller Global Family Office business is performing as expected. They remain a destination of choice for wirehouse advisors looking to leave. I'd also acknowledge the flow-in that we've spoken about in past quarters with respect to the M&A business back continues. Growth in the asset management business is modest. The delta to what we might have originally expected has nothing to do with the core business. The core business is Rockefeller. It's really related to M&A and to asset management. Okay, and the profitability of the business, I think when the acquisition was made, it was stated that it would replace the earnings of IPC, I believe, in 2025. Is that still the case or are we for a little bit longer runway here before we sort of profit on Rockefeller? Yeah, hi, Jaeme. It's Keith here. We would expect Rockefeller from our reports and experience to turn positive in the second half of the year. I'd say there's still work to do to replace IPC's earnings. As James mentioned, the M&A business and the asset management business are a little bit slower, but the core business is performing well in line with expectations. I would say it's pushed off a little bit. Okay, and last one, since you guys called it out or Damon called it out in the IG Wealth section around mortgage business and insurance, it seems like top line or KPIs are growing nicely, but we're not seeing a flow through into earnings necessarily that's been kind of flat from a quarterly basis for a couple of years now. I think this is an active push to grow these businesses, and what do you need to do to be able to get those earnings to sort of get out of its last several quarter run rate? Yeah, Jaeme, it's Damon Murchison, and then Keith will jump in. I'll say to you, first off, that there is 100% an active push to grow this business. We believe firmly that mortgages and the mortgage hold credit discussion is an integral part of the financial planning discussion. That's number one. Number two, it is a protest here. If you remember correctly, when we got out of the National Bank relationship, our mortgage book was actually shrinking. We've been able to stabilize that business now, and now we've started to grow it. It is more of a process than anything, but we've certainly turned the corner, and I feel quite bullish on this business going forward. Keith? Yeah, just to add, James, as Damon mentioned, the mortgage runner administration has stabilized, which is great. From this point, growth, and then we'll see growth coming in the early side. I'd also add just for this quarter and the next quarter, there's some higher margin business rolling off from five years ago. You are seeing that this quarter, you'll see a little bit of the next quarter, but that is just the improvement from in the second half of the year. On the mortgage business, it is going to be exactly similar results the next quarter. Great opportunity to grow and grow earnings as we grow the mortgage vendor event. Thank you. This concludes our question and answer session. I would like to turn the conference back over to Kyle Martens for any closing remarks. Thank you, Betsy. Once again, I would like to thank everyone who joined the call with us this morning. Betsy, I think with that, we can close out the call. That brings to a close today's conference call. You may now disconnect your line. Thank you for participating and have a pleasant day.