Right. Good morning. nice to see everybody, and a warm welcome to you all online. We have a few stragglers here as well. As you'll be aware, this morning, Rathbones announced what we believe to be a compelling transaction in the U.K. wealth industry. Our agreement to combine with Investec's U.K. wealth business is not only a significant step forward for us, but it's an event that presents huge amounts of future opportunities for the enlarged group. We very much look forward to taking you through the details of that today. Please do accept our apologies for the short notice of this call. I'm afraid that's inevitable when you have transactions like this. I do hope you'll understand those circumstances. As I said earlier, we've corralled one or two colleagues in here. If I can just remind the colleagues that we're in here, remember those mobile phones, please. I'd be very grateful. I'm joined today by our Chair, Clive Bannister, and Jennifer Mathias, our Group Chief Financial Officer. Clive will introduce the combination. Then I will talk through some of the specifics, together with some of the more of the strategic and financial rationale, with Jenny adding details on that a little later on. There will be plenty of time for Q&A, so bear with us through that process. Then, Clive, it's time to hand over to you, I think. Thank you very much indeed. Good morning, everyone, and may I add my welcome to you all. What a good day for Rathbones and our new Investec colleagues and their clients. We are very proud. For a number of years, the Rathbones board has actively discussed the fast-paced changes in the U.K.'s wealth industry. We've been convinced that the industry needs to consolidate in order to grow and evolve for the benefit of our clients. I'm therefore delighted to announce our agreement with Investec for an all-share combination with their U.K. private client wealth management business. Both businesses have a great deal in common. This is a strategically pitch-perfect in-sector consolidation boosted by a strong cultural fit and affinity. We believe both sets of shareholders will benefit greatly from what our two organizations can do when combined. Investec is a very high quality, long-term oriented, client-focused business that is at the right stage in their own technology journey to gain maximum advantage from this transaction. This further supports the broad, compelling strategic and financial rationale at the heart of this transaction. It will also accelerate Rathbones' own growth strategy. Why? Because Rathbones clients will be advantaged from the increased scale that this combination provides. Upon combination, this will position Rathbones Group as the U.K.'s leading discretionary private client wealth manager with approximately GBP 100 billion of funds under management and administration. Importantly, Rathbones will remain an independent listed business and will retain its 281-year-old prestigious and influential brand. The combination makes the commercial destinies of both companies more certain, swifter, and of greater value. This is a smart transaction for both parties. It has been an honor for me to work with Fani Titi, Investec's Group Chief Executive Officer and his colleagues over recent months. We look forward to the many future benefits from the strategic partnership that we will forge with the broader Investec Group. We welcome them as our long-term strategic shareholders in the enlarged Rathbones Group. I will now hand over to Paul to provide the details. Clive, thank you. Many of you will have, I'm sure, digested the summary terms of this morning's release. Before I go to some of the rationale for that, I thought I'd talk a little bit about some of the key points. We're effecting this combination by issuing new Rathbones shares to Investec Group in exchange for their U.K. wealth business. Just to avoid any confusion, the U.K. wealth business includes Investec Group's wealth and investment management business in the U.K. and Channel Islands, but excludes Investec Bank Switzerland and Investec's wealth and investment international business, both of which will remain in the Investec Group. The agreed structure brings together a number of advantages for both sides. Not only will it enable Investec Group to share in the benefits of the combination through their continued ownership, but it creates a clear alignment between us. Secondly, it provides a really compelling and strategic financial position against the current challenges in the wealth management industry. I'll talk about those in a moment. Thirdly, it adds a significant shareholder to our register that not only understands the U.K. sector, but is also committed to supporting our future growth as an investor, and as Clive said a moment ago, a strategic partner. This deal is just as much about growth as it is about industry consolidation. The shares we issue to Investec Group will mean that they have voting rights equivalent to 29.9% of the enlarged group, and additional non-voting rights, giving a total economic exposure of 41.25%. I will be privileged to lead the enlarged group as Group Chief Executive Officer, Clive will continue as Chair. The combination brings together an experienced leadership team from both businesses, including Iain Hooley, the Chief Executive Officer of Investec's Wealth business. Post-completion, Investec Group will have the right to appoint two non-executive directors to the combined board. In terms of timing from here, the shareholder vote will be called in the second quarter of this year, as it is a Class one acquisition for Rathbones. Completion is expected in early Q 4, subject of course, to regulatory approval. I hope the message to investors is clear. Alongside opportunities to grow together organically by working very closely as a management team in recent months, we've identified some significant opportunities to improve financial returns and create value over the short and medium and long term. We expect the combination to deliver at least GBP 60 million in run rate synergies with over 90% of them, that's 90% of them, to be realized in the third full year following completion. Jenny will give some further details on this in a moment, but very broadly, they allow Rathbones to leverage its digital investment across the enlarged group, increase net interest income, and create other operational efficiencies. We expect underlying earnings accretion in the first full year following completion and are targeting low teens underlying EPS accretion in the third year following completion. Whilst it's not a perfect metric in an all-share transaction, we're also targeting a double-digit post-tax return on invested capital by the third full year following completion. These targets take no account of the potential for additional revenue opportunities that we will be actively pursuing as the combination beds down and we work more closely together. Given this attractive return profile and strong capital position, we are confident to reiterate our progressive dividend policy. Let's take a step back from the details of the transaction this morning and talk a little bit about the strategic rationale, which I'm sure a lot of you understand. The industry dynamics we all face present a significant opportunity, as I mentioned in our preliminary results announcement only a few weeks ago. There are a number of long-term structural drivers. We expect about GBP 5.2 trillion of liquid assets in the U.K. wealth management market in the near term. The UK's aging population, the rise of intergenerational wealth transfer, pension freedoms, they've even got freer more recently, means that our clients have a much greater need for advice and guidance than ever before. The demand for our attractive wealth and advice propositions across the combined group continues to increase. At the same time, though, the industry faces headwinds. Persistent inflation, I'm sure you're all familiar with. Competition for the best people and proposition, ever-increasing regulation and a rising expectations from clients, rightly so, for engagement, service and investment performance. The combination of these factors, in our view, as Clive mentioned earlier, drives an ever-present need to be as efficient as possible and actively seek out scale economies. Together with Investec Wealth, we have found a compelling opportunity to keep pace with these ever-changing client needs and expectations, deliver high-quality advice and service together, continue to invest in our investment proposition, build a robust and scalable operating platform, and extend our reach and methods of distribution. Strategically, many of you, I'm sure, will recognize the top four segments in this donut slide that you can see. Each of them will be positively impacted by this combination. We've also added a fifth pillar now to our strategy going forward, representing the opportunity to partner with the Investec Group. The combination adds skills, resources that will certainly strengthen our investment process, systems, research capability. Enhancements will include market-leading support to client-facing investment teams on strategic asset allocation, portfolio construction, and will broaden the overall investment universe we will be able to invest in. As we search, of course, for continually positive client outcomes. This enables all of our teams to deliver together a range of services from bespoke discretionary to fund-based discretionary solutions and funds themselves in response to client and advisor demand. The combination also grows our financial planning footprint and complements our own ability to provide a range of advisory services from full wealth planning to point-in-time advice. We have common goals. By delivering our digital capabilities across the enlarged Rathbones Group and benefiting from the skills within the Investec Group, there's a significant opportunity to accelerate our digital delivery and extend to a wider range of clients and advisors. Aside from the synergy targets, the combination presents many other opportunities to streamline processes and drive that efficiency agenda as we learn from each other, and we will, leveraging from our mutually beneficial technology collaboration. The enlarged group will present a formidable distribution capability, not only an impressive client base, but 925 client-facing professionals operating from 23 U.K. locations, and an extensive network of financial advisors and industry professionals. Operating at this scale allows us not only to expand our marketing capability, but expand client-facing teams, focus on key affinity groups and third-party advisors to promote organic growth. It also extends our funds distribution network materially. We are a people business, and we will be a people business, and the combined business will continue to place people at the heart of everything we do. We truly welcome the opportunity to learn from every corner of both businesses. We're confident that Rathbones will provide a compelling and natural home for Investec Wealth's people, and we welcome them hugely and really look forward to sharing with them the benefits of this combination. We have a terrific opportunity ahead of us to foster an inclusive, professional, collaborative culture that exists in both businesses to really be an employer of choice, and that is our aim. A leading employee proposition that helps us attract and retain the best talent and create as many opportunities as we can and career development for our combined people. Of course, culture is a critical part of any business, and particularly both our businesses, and it's especially important when bringing two of these businesses together. Our fundamental underlying characteristic is our commitment to providing a personal service. That is the common platform we'll all use to bring these businesses together. The attributes on the left-hand side of this slide outline operating principles that I know are shared across both businesses. As we manage through this combination, it's our job to leverage these attributes and move towards the right to achieve the client outcomes that are highlighted there. We will work tirelessly to ensure that clients don't witness any disruption or change. They don't need that. We don't want to impose it on them. Instead, our aim is that we're not only reassured by the stability of the combination, but actually they are pleasantly surprised by the incremental improvements we make in terms of how we engage them and what services we can offer to them. Those are our goals. Clive mentioned a unique opportunity to benefit from technology. Rathbones has always had the intention to leverage its investment in digital across a wider platform. Investec Wealth was looking to invest heavily in the digital journey that we have already begun. When planets align on technology, it's quite clear that that is an important factor that de-risks the underlying transaction and a combination of this size significantly. The combined business will operate on Rathbones platform, and you can see the model there on the slide. As we've outlined before, we aim for it to be a leading model that provides as much service optionality that we can provide to clients, a common digitally enabled client service experience from across the group, leading investment wealth systems, and a robust, scalable custody and settlement platform. The combination also offers us the opportunity to benefit over time from the extensive technology capability that exists within the Investec Group. This latter collaboration presents several exciting opportunities to leverage economies on an even wider scale to reduce future operating costs. The strategic partnership, though, with Investec isn't just about that. As I mentioned at the start, it's about growth. Investec Bank is an award-winning business. We've met them. They're some great people, and they will be an important strategic partner for Rathbones going forward. What this slide demonstrates is that Investec has already worked hard to effect a cooperation between the bank and its wealth management business, generating annual referrals around GBP 500 million a year. This combination aims to accelerate this by adding dedicated resources and financial planning capability to deliver an all-round high-quality client service to an attractive client segment. Rathbones, of course, will continue to offer its Lombard lending proposition to clients, but as the enlarged group will now be able to access trusted banking service options to clients who need it. We've deliberately not based the business case of this transaction on a cross-referral story, management teams in both businesses are committed to fostering a partnership that I'm absolutely confident will present a future growth opportunity. As the Investec Group team are presenting to shareholders shortly, of course, many of you will have the opportunity to see and listen to that. I would strongly encourage that you do so. We also recognize that this is not a small transaction, there's a huge importance placed on the success of an integration. We have an exciting opportunity to really combine a lot of our integration expertise and the extensive work that's been undertaking by both businesses over recent months. Chief OperatingOfficer teams have worked very closely together to develop a future operating model, document detailed delivery plans, identify execution risks and their mitigations. I've never been in a party to a transaction that has achieved so much in advance of an announcement date, and I'm hugely grateful to everybody involved for getting us to where we are. Now, of course, we hope to press on. We're planning the integration of two businesses in four phases, as you can see from this slide. Both parties are very keen to maximize the use of the pre-completion phase to, frankly, let us get on with it and secure the smooth running of an integration process to ensure that stability we are both craving for. Our integration plan, as you can see from that, you know, rather sad-looking star on the slide, expects that the migration of clients onto the Rathbones platform, which is central to synergy delivery, is achieved in the first half of 2025. That timing also allows more than enough time to complete Rathbones' current digital program aspirations and the integration of Saunderson House. Unfortunately, you have to have put up with the statutory photographs of Clive myself, so I do apologize for that. Clive is very excited at the prospect. I know that, Clive. For my part, I'm very proud to have the opportunity to work with Iain Hooley, whom I've known for many, many years, and also a very experienced leadership team across both businesses. Attracting talent is hard and hard-fought in today's environment, so I'm thrilled at the quality I've seen across the combined business. As I reiterate again, we can learn a great deal from each other, and I'm committed to getting the best of what I can from a terrific group of people. The slide also shows a few governance mechanisms and important governance mechanisms we will put in place to manage the integration. As I said earlier, we've given this a lot of thought, and there's been a great deal of collaboration. I started this presentation talking about the importance of scale, so forgive me if I end talking about the importance of scale. This slide hopefully demonstrates our market positioning on a pro forma basis when we combine. The chart here shows discretionary, and we've taken the liberty of adding on non-discretionary and our funds business to get to the GBP 100 billion here. You can clearly see that this will be a force to reckon with in the U.K. marketplace. I do want to stress this. Size is hugely important for the reasons I've outlined, but we still want to feel small and personal to our client base. I hope that's been helpful to take you through some of the rationale. Jenny, if I can hand over to you now to talk to some of the details that we've on the financial side that we've announced today. Thank you, Paul, good morning, everyone. Let me start with a quick overview of the Investec U.K. Wealth business. As this slide shows, it has strong fundamentals and a financial profile very similar to that of Rathbones. At September 2022, funds under management and administration were approximately GBP 40 billion. Nearly 75% of the business serves private clients, with the balance focused on intermediaries, charities, and Court of Protection. These are all specialist areas in Rathbones today. Looking at flows, the business has achieved consistently positive net inflows in recent years of up to 3.5% per annum, similar to those in Rathbones, demonstrating its focus on organic growth. In terms of profitability, over the last two financial years, the U.K. Wealth business saw underlying operating profit margins not dissimilar to those reported in Rathbones, demonstrating steadily improving revenue growth while disciplined expense management. One final point on this slide on the financials. The separation agreement that will take effect from completion will benefit from approximately GBP 7 million of annual savings when compared to the annualized costs incurred by the Investec Wealth U.K. business to the six-month period of September 2022. This GBP 7 million will be the result of reduction in central charges, central recharges no longer required when separated. By putting both businesses side by side, you can see the scale that can be achieved by bringing these two prestigious and high-quality businesses together. It's significant. In relative terms, Investec Wealth UK bring a similar number of investment managers to the combined business, along with a further 45 financial planners who will join the Saunderson House, Vision, and Rathbone planners and advisors. This will greatly increase our reach and distribution and underpin continued growth. The funds under management by mandate demonstrates a strong alignment with the vast majority being in high-quality discretionary investment management. This very much reduces the complexity of integrating the businesses and migrating the clients to the Rathbones platform. Clients will benefit from deeper insights and capabilities, as well as access to the Rathbones single strategy and multi-asset solutions from our funds business. Overall, the increased scale and capacity will enable us on a combined basis to accelerate future investment in the client and employee propositions. Now let's take a look at the financial benefits. Turning to the synergy slide. There's a lot of information on here, so I'll take you through it as slow as I can. We are targeting at least GBP 60 million of run rate synergies. These benefits will arise in three broad areas. Firstly, technology and operations. Our recent investment in digital and our market-leading investment systems will be rolled out across the enlarged group, therefore spreading the cost over a wider revenue base. Alongside that, collaborating with the Investec Group will support further operational efficiencies across the technological estate. Second, other operational efficiencies will arise from the consolidation of enablement functions, property, and third-party contracts and services. Finally, an increase in net interest income of GBP 10 million as we migrate Investec Wealth U.K.'s client and corporate cash to our platform where we benefit from our banking license, which allows us to deploy our beneficial treasury strategy. Overall, this gives a total of GBP 60 million of synergies from across these areas, where approximately 70% will be achieved by the end of the second year post-completion, and more than 90% by the end of the third year post-completion. Of course, this doesn't include, as Paul mentioned, the other broader benefits to growth and revenue that are expected to come from the combined business. Turning to cost to achieve the synergies, we expect to incur in the region of GBP 98 million of net cash costs across the first and second financial years post-completion. Of the GBP 98 million, approximately GBP 78 million is expected to be incurred as non-underlying expenses, and approximately GBP 20 million related to property leases that will be depreciated in accordance with IFRS 16 over a period of approximately nine years through underlying expenses. Separately, to secure the benefits of the combination, we're also committing to invest up to GBP 65 million to incentivize key employees. Of the GBP 65 million, GBP 31 million is being contributed by the Investec Group. These costs will be incurred approximately across five years post-completion, primarily in the form of Rathbones share-based payments. What does this all mean as we look out to the future years? The deal we're announcing today only reinforces the optimism and the outlook for the Rathbones Group. Paul and I, just four weeks ago, described to you our confidence in being able to deliver a low 20s underlying margin for this financial year, complete our digital investment, and realize the Saunderson House synergies, and return to a high 20s underlying operating margin for the financial year of 2024. We remain confident in these goals while always being mindful of the markets which we cannot control. The key drivers of our previous guidance are laid out here, are repeated here on the slides for years 2023 and 2024, and demonstrate strong operating margin improvement over time. Three full years post-completion, we will have a fully integrated business propelled by the benefits of the synergy realization today and the partnering initiatives with the Investec Group, and all putting us in a very strong market position for growth. This all underpins the forecast to deliver the low teens earnings accretion and the mid-teens returns on capital that Paul took you through earlier. To add to that, we're forecasting a medium-term underlying operating margin of at least 30%. Finally, we and our board are remain committed to a progressive dividend policy and a conservative balance sheet. I'll hand you back to Paul now, and I look forward to your questions at the end. Jenny, thank you. So just to remind you again of the timeframe that we are now going to pursue. We expect to publish a circular and prospectus sometime in the second quarter of 2023, and obviously that will be followed by a shareholder vote. Of course, just to remind everybody, we do have to make the combination subject to regulatory approval, and therefore completion is targeted in the fourth quarter of 2023. In summary, I do hope that we've been able to demonstrate to you this morning what we think is a compelling opportunity for Rathbones to combine with a prestigious competitor to create a really exciting future business. Not only do businesses have a great deal in common, but there's a strong strategic sense and financial rationale behind this combination that will deliver attractive returns to shareholders, an accelerated growth strategy, and of course, provide enhanced opportunities for our people and our clients. As the U.K.'s leading discretionary wealth manager with circa GBP 100 billion funds under management, this combination is a truly exciting one, and under a leading U.K. brand will present many growth opportunities. Can I thank you all for taking the time to listen to us today. I now open the floor up for questions, starting with those on the phone, please. Thank you. As a reminder, if anyone would like to register a question, please press star followed by one when it's your turn to speak. If you would like to withdraw your question, please press star followed by two. That's star followed by one on your telephone keypad to register a question. Our first question is from Alex Medhurst from Barclays. Alex, please go ahead. Your line is open. Yeah. Morning, everyone. Morning, Alex. Thanks very much for the very comprehensive presentation. Morning. I just had a couple of questions potentially on sort of some of the risks. To start with, I mean, we have obviously heard a lot about the attractive potential synergies from the transaction, but maybe just to touch on risks around maybe some dyssynergies. Specifically, how do you manage any risks around, say, synchronization of rate cards or risks around client churn? One other thing, anything else that you see as something that you have to manage through this transaction? Another couple of questions. Just quickly, do you have any view on how the regulator will see competition on the back of this deal? thirdly, just interested to hear how you plan on running the brands, on an ongoing basis, you know, day one and then further out as well. Thank you very much. Alex, thank you. A comprehensive range of questions there. I think, what I'll do is try and take a few of those, and hopefully, we can knock a few of those off quite quickly. Look, we're under no illusion that combining two businesses of this size together is going to create risks. That's really one of the reasons that we stressed a lot of the integration, coordination that's gone on before this. Clearly, the number one thing in terms of the client experience is to demonstrate that stability, and that robustness in terms of the way that we deal with those, as well as a continuity in the people that they're dealing with. Jenny mentioned incentivization. We think we've got that right, and we think we want people to join the combined group, stay with the combined group, and actually be part of that leading employee proposition that we're talking about. We've worked very hard on that before announcing today to manage those risks. There are some differences, particularly this is a wealth management industry that has a number of different views on pricing, depending on published rate cards. Of course, we've had the opportunity to work very closely, again, with both finance teams of both organizations. Overall, from a rate card perspective, there's a high degree of alignment. It shows, I think, that we're in a pretty efficient market when it comes to wealth management. Whilst there are undoubtedly pockets of different pricing, overall on average, the structures are. There's a lot more commonality than you think. From a client perspective, as I said, I think the number one risk here is just not being able to provide stability and not being able to provide reassurance. That will be our number one goal in terms of making sure that that continues to happen. We think we'll be able to manage that risk. Bear in mind that certainly the integration expertise in Rathbones has faced this a number of times, albeit, not on the scale that we're talking about today. People will be important, our client interaction will be important, our integration planning will be important, and there's not, you know, much difference on a sort of average basis from a rate card perspective. In terms of the competition authority, well, of course, we can't speak for them, Alex, but we've weighed that up. And I'm sure, suffice to say at this moment in time, we'll be putting in a, you know, a robust and compelling proposition to them, which we believe will be successful. You know, we can't obviously speak for them. In terms of brands, as we've said, we will be keeping the Rathbones brand going forward. And as soon as we're able to implement that, we will. Clearly, we'll be sensitive to cost, and we'll be sensitive to clients' and investment manager and planner sentiment on all of this to make sure that it's managed in a structured way. Very easy to spend an awful lot of money on a big brand exercise, when actually a more slow and incremental approach would be much more economic and better received by clients. You know, a lot of details, obviously, on that to sort out between now and completion, but we will do that. Just to stress again, it's the Rathbones brand that will be taking the enlarged group forward. Thank you, Alex. Great. Thank you very much, and congratulations. Thank you. Thanks for the questions. Thank you. Our next question is from Kim Bergoe from Numis Securities. Kim, please go ahead. Your line is open. Morning, all. Thanks- Morning. Thanks for the presentation. I just had one question or maybe it's two questions, really. It's first, I think, it was mentioned in the beginning, I think it was Clive Bannister mentioning it, that, you know, one of the benefits was of this was gonna go to Rathbones clients as well. I just wanted to ask about what's your sort of outlook in terms of pricing in the industry in general? Is this, I guess, one of the benefits? Could that be that people should receive the same sort of underlying service just cheaper? Is that implied within that? Then secondly, it also mentioned that sharing the benefits with Investec employees. I take it that's what was mentioned on the synergies and costs. Just to confirm that. Thanks. Look, Kim, I think we can confirm the second question. Yes. That's true. Very straightforward. I'm looking to my right to Jenny who's nodding vigorously 'cause, Tim, you're able to see that. Look, I think in terms of overall industry pricing, as I said earlier, I think the overall industry is pretty efficient in terms of pricing. What Clive Bannister, I think, was alluding to, is we've got the offer to the opportunity here, and we're starting to do this in Rathbones. They've already started to do it in Investec, it'll be great that we can combine those together. Is to give clients a range here between pure single strategy funds, all the way through to funds-based DFM solutions, which, and both of those are cheaper, more institutional. To model discretionary solutions all the way to de-bespoke discretionary solutions, all up and down the pricing scale. The aim here is not necessarily to be running, to the lowest price in the market, but it is all about to provide as much optionality on price and service as we can with our client base. As you might imagine, you know, that, I'm sure will increase our appeal to a, to a wider group of clients. Kim, did that answer your question? It did indeed. Yes. Thanks. Thank you. Thank you. Our next question is from Ben Bathurst from RBC. Ben, please go ahead. Your line is open. Morning, Ben. Morning, everyone. Thanks for the presentation. Thank you for taking my question. Question's in two areas if that's okay. Firstly, on the strategy piece. Can you just talk a bit more about where Investec Wealth is along its journey to build out its own financial planning capability? Clearly Rathbones accelerated in this area with the Saunderson House deal. Will combining the planning offerings, the two businesses, will that fully scale across the entire group, do you think? Does it maybe leave you in a position where you may need to add further financial planners to avoid diluting the offering? Secondly, on the numbers for Jenny to there as well. In terms of the cash synergy target of at least GBP 60 million, what rate of interest have you assumed in calculating the higher net interest income, not just the current four and a quarter percent base rate? I also wonder, could you give an indication of the proportion of the Investec Wealth operating income that's coming from commission income? I think Rathbones was 11% in 2022. Is Investec similar? Okay. Ben, let me take the first question, and then we'll throw in Jenny to answer the second one. If we go back to slide 16, Ben, if you can do that, I think that gives you an indication of the overall size and scale of the financial planning capability. Within Rathbones today, we have 72 financial planners. Within Investec W&I today, they have 45 financial planners. A really welcome addition of scale in financial planning. Also some very interesting ways in which financial planners are working with investment teams, some sitting with them geographically, some in a sort of separate, in a group, and some obviously targeted at growing externally. Certainly, with a financial planning business of that size, it is very credible. It begins to get to the scale that we want it. That's not to say that we're gonna sort of sit on that scale and not add high-quality financial planners or more importantly, maybe grow high-quality financial planners. Because the bigger that we are, the more opportunity we have to grow and develop people in our own organization. So, you know, it's a very welcome addition, in large part, Ben. As you know, Saunderson House was a big, you know, cultural shift and capability shift for Rathbones, which put financial planning well into the mix of the group. Investec just, I say just amplifies that, which is really welcome. Ben, thanks for the question. I know the footnote is very small, but we do state there. It's based on current cash balances at Investec at a rate of 4% when these synergies would deliver. Just to remind all, while the Investec Wealth U.K. business is part of a bank, this business is on a client money basis. When the business' client and corporate cash move over to Rathbones' platform, they'll migrate to a banking basis, so we can put our broader treasury policy to play, Ben, that we've spoke about a few times, where we can put out longer tenor at more preferential rates. Does that answer your question, Ben? Yes. Thanks, Jenny. The second part was just around the composition of the operating income. Oh, it's... Commission- Yes. -versus fee. Sorry, Ben. Yeah, it's slightly higher. It's slightly higher in the Investec business. Okay. Thank you very much. Room for another question. Thank you. This is all the questions we have on the phone line, so I'll hand back to the room for any online questions. Lovely. Thank you very much for taking that, taking us through that so gracefully. I'm looking internally, if any questions on the floor, and it's looking pretty quiet, I have to say. What I'll do, can I thank everybody again for the time this morning. Time is very precious. It's a busy time. We're very excited, so we look forward to communicating with you how we get on as a few next steps to get on with in the next few weeks and months. Thanks again for listening. That ends the presentation this morning.