Good morning to everyone, and thank you for joining us today in this Q1 2022 trading update. As you may have seen in the statement we have published this early morning, today, we also announced the acquisition of instiHub, a company with unique data insight solutions for the asset management industry. This is the second acquisition we execute following the announcement of Web Financial Group earlier this month. I'm very excited about these two acquisitions and the opportunities and value add that they will bring to our clients and our marketplace. We published a brief document on Web Financial Group in particular, and that we will discuss later on this call. Let me first walk you through the highlights of this quarter. First of all, year-on-year assets under administration were up 10.3% since March 2021 for Allfunds Group and almost 13% for Platform Services, excluding our dealing and execution activity. This growth was driven as a result of a strong organic net flows and positive market performance, especially during 2021. In Q1 2022, given the strong volatility experienced in global markets due to the worsening geopolitical events and inflationary concerns, we saw assets decreasing at 6% to EUR 1,405 billion. Assets related to Platform Services, which as a reminder, drive the vast majority of our revenues, declined by only 5.5%, demonstrating a greater resilience as a result of new clients migration onboarding to our platform. This compares with a decrease of 6.4% for the European mutual fund industry according to Morningstar. We continue to outgrow the market even in times like this. In summary, negative market performance across almost all asset classes, but especially in fixed income as well as equities, contributed to virtually all of the decline. While net flows from existing and new clients were basically flat. This was a result of modest existing client outflows of about -1% during the quarter, which were then compensated by new client migrations. The existing client outflows were concentrated on the month of March as a result of the escalating crisis in Ukraine. We have since then seen a stabilization of the trend during April as markets have settled and stabilized a little bit. Let me reassure you that this is very much consistent with what we have experienced in many previous times of market and geopolitical turmoil. During times of uncertainty and market declines, we tend to see clients temporarily shift from invested assets into cash, and therefore parts of these assets leaving our platform. Typically, these assets then return onto our platform once market is stabilized and return to growth, in addition to the ongoing recurring flow of new investment. What we are used to see in these periods of turmoil is some modest outflows followed by accelerated net inflows in the recovery phase. We would ultimately expect the same to happen when things settle and grow again this time. I would also like to reiterate today that we remain highly confident in the attractive prospects of our business and the growth levers at our disposal. We have continued to see strong new client activity, demonstrating our ability to continue to win market share. During the quarter, we onboarded about EUR 10 billion of assets from new clients onto the platform, and we signed 18 new distributors, one third of them coming from direct competitors. Our new client pipeline remains very strong, and while it is this year more weighted to the second half of the year, we would expect to see similar new client flows as last year's record year. Our secular growth drivers remain absolutely intact. First, outsourcing. Second, shift to open architecture. Third, digitization. On top, we continue to win market share and expand regionally. In terms of M&A, we are progressing with our strategy, as seen with Web Financial Group last month, and today with the additional announcement of our acquisition of instiHub. With Web Financial Group and instiHub, we have acquired highly complementary and strategic business to broaden our customer value proposition and enrich our service offering to our clients. What makes me particularly excited is that this business have been founded and run by entrepreneurs who now decided to execute their vision within Allfunds as a partner that can help them to open massive opportunities with our unique base of more than 2,000 partners, including both distributors and fund houses. This is a compelling and very differentiated proposition for these founders and entrepreneurs. Now, let me move to the acquisition of Web Financial Group. Now we are going to share with you the presentation and the document that we attached, okay? For the presentation, I'm going to ask Álvaro Perera, okay, our CFO, to cover the different slides. Okay. Álvaro? Thank you, Juan. You can jump in. Sure. Thank you, Juan, and good morning, everyone. It is a pleasure to walk you through the main highlights of the Web Financial Group transaction. As you have heard from Juan, we are very excited with this opportunity, given the strategic complementarity that broadens the Allfunds Connect value proposition. Web Financial Group enhances Allfunds capabilities as a key strategic partner for our clients' digital ecosystem for the following reasons. First, it reinforces Allfunds Connect with new functionalities, multi-asset solutions, multi-data capabilities, and front-end capabilities. Secondly, the cross-selling opportunities across both our client bases, with a strong regional and client base overlap, as you can see on page four of the presentation that we uploaded. Finally, with this acquisition, we boost the Allfunds talent with an international tech team of around 75 software developer engineers and a team of around 20 sales specialists. I would also like to highlight the attractive financial profile and the fact that we expect this acquisition to be EPS accretive. On page six of the presentation that was uploaded, we have included a side-by-side view of the full- year 2021 pro forma financials for both Allfunds and Web Financial Group. The total consideration is EUR 145 million, implying a 6.5x EV revenues multiple for 2021, and a 23.8x EV EBITDA excluding synergies. With this acquisition, we integrate the business with our recurrent revenue model, which is growing at double digits. It also doubles Allfunds subscription revenue to approximately EUR 42 million, which represents roughly 8% of 2021 pro forma total net revenues. The combined adjusted EBITDA margin remains above 70%. Finally, it is expected to add 2%-4% EPS accretion in year one and have a neutral impact on Allfunds Bank Group solvency position. Juan, do you want to talk a little bit about the enhanced value proposition? Thank you, Álvaro. I think you have already covered the most important points. Now, as you said, it clearly reinforces Connect with new functionalities, especially multi-asset now solutions, multi-data capabilities and front-end capabilities. It's a clear opportunity to cross-sell Allfunds platform solutions, you know, and Allfunds existing digital solutions to existing Web Financial Group clients and Web Financial Group models to existing Allfunds clients. No, it's a clear win-win, no? As you mentioned, I think this is all about attracting talent. I think this new strategy for open Connect of attracting founders, CEOs that want to partner with Allfunds is our new growth driver. As you said, this international team close to 100 people, 75 software developers and engineers, and around 15 sales senior people around the world that will definitely help us to boost our digital services. Those for me are the key takeaways of this deal, no? Okay. Finally, I would like to spend the last minute of the call on the acquisition of instiHub that we have just announced this morning. instiHub is small, but niche specialist providing best-of-breed data solutions in the financial industry. This transaction is again another perfect fit to complement Allfunds existing data and analytics products, and will boost our proprietary best-in-class data tool Telemetrics. Price will not be disclosed as agreed with the relevant parties, but the entity, instiHub, will contribute to revenues since day one and is currently not loss-making. We welcome Andreas, CEO and Founder, and his fantastic team to the company. Thank you very much. I think that now we can open Q&A. Thank you. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, it will be star followed by one on your telephone keypad. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. Our first question today comes from Philip Middleton from Bank of America. Philip, please go ahead. Your line is now open. Yeah, good morning, Juan, and thank you very much for the update. I wondered, could you talk a little bit about the new client acquisitions you've made over the quarter, and what geographies are those coming from? Because you've tended to be quite strong in growing in, say, Asia and offshore LATAM recently. Have you seen that continue? And also, what progress have you made on the upselling to the BNPP execution only book? Thanks for that. Thank you very much. Yeah, very quick. I mean, in this case, in Q1, I mean, we have seen clients coming from all around the world. I cannot really mention one specific area, which I think is very positive, no? It's kind of our key goal, no? To grow in many different countries and not just in our core countries. Very, very diversified, new distributors joining the platform. Regarding the BNPP conversion, no, I believe that's the question. It's on track. I mean, it's on track. Remember that we said that we were going to commit and to finish this, call it, the first phase, no, of client conversion in Q1 of next year and it's on track Nothing relevant really to comment on that. Okay, thanks. Is any of that in your new client, AuA for the quarter? Clients, you mean if we are including in the 18 new clients any? Yes, that's right. Yeah. Any? No. No, no. No, I mean, we never take into consideration the client conversions, okay? It's a part, these are no distributors. Okay. Thanks very much. That's helpful. You're welcome. Thank you. The next question today comes from Alex Medhurst from Barclays. Alex, please go ahead. Your line is now open. Yeah. Morning, Juan, Álvaro. Thanks for taking my questions. I have three if that's okay. The first one, c an you just help us how to think about, revenue margins in the first half of this year, in particular that transaction element, given, you know, on the one hand, we've got higher volatility, but on the other hand, we've got lower flows and weaker sentiment. Just any help on the revenue margin picture would be useful. Secondly, it's useful to hear your views on the sort of shape of how flows from existing clients trend in these weaker conditions and then come back when conditions stabilize. Can you give us any sort of clues as to when you'd expect that sort of flow to return? You know, what conditions would we need to see for that to come back? Third, just on the Web Financial Group acquisition, is there any color on, you know, the shape of how the financials will develop over time? You know, are we expecting a linear benefit to earnings or will it require any sort of investment in the early periods before sort of hockey stick further out? That's all from me. Thank you. Juan, let me take that one. Yeah, please. Starting with your first question, the platform margin for Q1 we expect it to be in line with the latest guidance we provided, so on track on that front. Regarding the second question on the flows, really, it's difficult to assess what's going to happen in this market environment, as you know, and you'll probably have your own view. What we've seen in the past is that the negative client flows that we're seeing right now are in line with the expectations that in a period of market turmoil and client uncertainty. As Juan said, we've seen a stabilization in the last few weeks. In any case, once the market stabilize, we typically see these assets returning to the platform, as cash is moved into investments and there is a catch-up from savings effect and structural tailwinds to our open architecture. That is what happened in the past. In any case, during a turmoil, we would also expect that we can generally compensate or more than compensate negative existing client outflows through new client migrations. That is what has happened in Q1. As we move into the second half of the year, we expect to see an acceleration of those migrations, which would help in any case, in case the market environment does not improve and we continue seeing some existing client outflows. Finally, on the Web Financial Group question, we do expect very limited investments given it is a highly complementary business. It's a business with a strong track record and we expect a linear development in terms of growth and economics. Yeah, definitely. I don't know, Juan, if there's anything you wanna add or if I answered. If anything remained unanswered, happy to do that. Not so much. Yeah. Thank you. Okay. I think we have some, I mean, track record of recovery now of organic flows. You know, last time we saw a big drop was in March 2020, no? If you're all coming from COVID, and that was March, and in April we already started to see positive, you know, organic flows, you know. It was really it was just a month. It looks like in this case it's not gonna be unfortunately, you know, unfortunately such a short period of outflows because unfortunately, you know, we turn on the TV and you keep on seeing, you know, these terrible images, you know, and news coming from Ukraine, you know, and the war. As long as this is still there, unfortunately, this uncertainty will remain in our investors client base. Well, two things can happen, you know, I mean, one is that they remain invested, so they do not redeem. Basically, it's what is happening. It's pretty positive. They decide to start redeeming, you know. It's gonna really depend on what we see, you know, unfortunately, very related to the war, you know, unfortunately. Helpful color. Thanks very much. Thank you. Thank you. The next question today comes from Arnaud Giblat from BNP Paribas. Arnaud, please go ahead. Your line is now open. Oh, yeah. Good morning. I've got two quick questions, please. Firstly, at the IPO, you indicated that Connect revenues would grow from 5%-10% over the medium term, roughly adding 1% per annum. I'm just wondering with the acquisition of Web Financial Group and the beefing up of your development capabilities, your sales capabilities, whether that organic pace can accelerate from here. And what sort of new products you might envisage with the added, I suppose, capabilities? My second question is on further M&A. I mean, clearly, it's good to see the development there. I'm just wondering if there are many opportunities out there to do further bolt-ons to help accelerate the growth in data and other services inorganically. Thanks. Okay. Yeah, very good questions. Well, regarding the first one, we continue, you know, with maintaining the guidance now that we gave you during the IPO, the famous 10%, the midterm, no? Around three years, no? I mean, definitely, thanks to this acquisition, we are already in 8%, okay? It's clear that it's going to accelerate also not just through inorganic and acquisitions, but also, as you said, no? This is going to boost also our organic subscription fees growth, okay? Because it improves the current value proposition now that we have, no? However, I think the message here is that we will definitely try to anticipate that 10%, okay? That we are still in that 10% goal, okay? Midterm. We're not gonna change it for the moment, okay? This is regarding Web Financial Group. Regarding if we see more bolt-on acquisitions coming opportunities? The answer is definitely yes. I think it's what we have been saying, no, since IPO. Previous years were all a game of acquiring assets, okay? It was like the platform deals, acquiring assets and penetrating new countries for us, no? What we did in Switzerland, in Sweden, in France. We also said that once we had enough scale, it was all, I mean, all our focus, all our resources were going to concentrate on enhancing our value proposition. We have an unbelievable and unique opportunity of these 2,000, more than 2,000, partners with fund houses and distributors. Then what we need to do is to serve them and to provide them with the best possible tools and products, no? For that, well, I think the best strategy in my opinion, okay, apart from trying to do everything in-house and with my current team, is to try to convince founders of companies, of fintechs, CEOs to join our group, no? This is the strategy. I think there are several more opportunities there. In fact, there are many more opportunities than when we talk about other fund platform, you know? That's pretty. The opportunity in other platforms is pretty limited. The opportunity with bolt-on acquisitions is much more proven. That's helpful. If I can just follow up, could you maybe indicate what sort of cash and debt capacity you have on balance sheet to do further deal? Okay. Álvaro, do you wanna cover that part? Sure. On balance sheet, Arnaud, we have around EUR 300 million. Of course, we do have other financing sources as you know well. For the Web Financial Group acquisition, we have drawn entirely on the revolver, the EUR 145 million. There is still excess financing capacity simply on the revolver, plus whatever additional we might want to extend. Yep. Okay. Thank you. You're welcome. Thank you. The next question today comes from Tom Mills of Jefferies. Tom, please go ahead. Your line is now open. Good morning. Thank you. I just have three questions, please. Firstly, you kind of indicated the outflows in the first quarter were skewed towards fixed income. Could you give us an idea, were those fixed income outflows biased towards a certain set of fixed income strategies, or was that quite broad-based? Do you have a sense as to whether the drawdown in fixed income markets year-to-date could have a more prolonged impact on kind of fixed income flows? Secondly, with respect to the pipeline for migrations, I think you commented, Juan, on that they could be a similar level to last year, which sounds encouraging. Perhaps just similar to Philip's question earlier, could you give us an idea, perhaps where that pipeline is coming from, if you're able to? Would you anticipate a kinda similar proportion coming from competitors as you've kind of indicated for the first quarter, i.e., about a third? Then just finally, just on the kind of acquisition side again, I thought it was encouraging that the WebFG deal was neutral for the sort of bank solvency side of things. To what extent could that be a constraint for you doing kind of further bolt-on deals in the kind of very short term? Or could you envisage doing kind of similar size deals to WebFG this year? That's all for me. Thanks. Okay. Thank you, Tom, for interesting questions. Let me cover the second question, regarding migrations, and I will ask Álvaro to cover the other two. Regarding migrations pipeline is about EUR 100 billion, okay? Having said this, afterwards, you know what we have to do is to migrate those assets during the year, no? That's why, well, one thing is the pipeline, and a different thing is the assets that we are able to migrate, and that we will be able to migrate this year, no, in 2022. But yes, I think the number is gonna be very similar to last year's number. And coming mainly from Europe. Yes, I mean, we are acquiring clients from Latin America, from Middle East, no, from Asia, but the largest migrations I can anticipate that will come from Europe. With this, probably Álvaro, you can cover- Sure. -the other two questions. Yeah. Hi, Tom. On the fixed income outflows, we haven't seen any specific asset class, let's say, outweighing the rest. It has been rather across the board. With regards to the second question on the acquisition and potential impact on capital, you're right. The operating or the acquiring entity in this case has been Allfunds Digital, which is under the regulatory perimeter. The good thing is we do have, well, we have a buffer, which also gets replenished, let's say, over time. Let's not forget that we do have PLC, so the listed entity, which is outside of the regulatory perimeter, and that gives us much more flexibility in terms of how we can structure future potential transactions in a way that are accretive and capital say neutral. Thanks very much. Great. That's very helpful. You're welcome. Thank you, Tom. The next question today comes from Andrew Coombs from Citi. Andrew, please go ahead. Your line is now open. Good morning. I just wanted to come back to the topic of the net new money flows, migrations, and just think about it in terms of cyclical versus structural. First, if we think about cyclical, you talked about the experience during the start of the pandemic. We don't have the quarterly figures back then, but if I look at the half- year figures, you were still in inflow territory. If I look at first half 2020, I think your net new money run rate was still around 4%. Likewise, in the 2018 downturn, you were still at 4%. This is the first time I can see that you've moved negative. Is there any reason why you think this episode has been more pronounced than what you've seen in the past? That would be the first question. Second question on structural growth. At the time of your IPO, you talked a lot about the shift to open architecture, then to third-party outsourcing. There's very little evidence of that structural growth in today's numbers. I just wanted to get a feel for whether you think some of the distributors who are keeping this business in-house are delaying these decisions in light of recent volatility. Thank you. Okay. Thank you very much. I'm gonna cover the last question, okay, and I will ask Álvaro to cover all this kind of historical data, okay? Well, I think that there is a clear tailwind, no, and I'm not really seeing that is changing because of all this geopolitical concern, no, and volatility in the market. In fact, I believe that it's exactly the opposite, no. I think that in the middle of any crisis that we have experienced, no, in the history of Allfunds, more than 22 years now of history, you know, when there's market volatility, when things are, I mean, get tougher and more difficult, I think there is a clear increase, no, in the appetite for outsourcing. This is the key word, no, in our business, which is outsourcing. It's, you know, distributors, banks outsourcing their access, no, to open architecture, to platforms like Allfunds, no. That's my first reaction, no, to your question. And open architecture, I mean, as a business, no, like as a reality, I think it's unstoppable, no. It's very difficult that any crisis or volatility can make, I don't know, a bank that was selling best of breed products or, you know, the products of the best asset management companies in the world to take the decision to suddenly decide to tell their best clients to, "Sorry guys, but now you can just buy, you know, our proprietary products. Not because I don't know, because there is a lot of volatility in the market, and whatever, no? No, I think the two most important drivers, secular drivers of Allfunds' growth, open architecture as a trend, unstoppable trend and outsourcing are here to stay, and to remain, and it's clearly helping, you know, Allfunds' strategy, you know, of keep on growing. Probably, Álvaro, you can help us, you know, with some historical data, no? Theories, no? Yeah. Sure. Hi, Andrew. Look, we acknowledge that this is an unprecedented time and especially in Europe, we are extremely mindful of the impact on the capital markets that these uncertainties create. In the past, we have already experienced market cycles and you mentioned 2020, but we've seen it in previous years as well, and the business has shown strong resilience. In 2020, just to give you an example, we saw one very, let's say, bad month in terms of market performance with also negative flows during that period, and that organic flows picking up again in a matter of a few weeks and months. We also have another example where this market volatility stayed for a longer period. In particular, I'm talking about Q4 of 2018. In this case, we did indeed see a steady market slowdown throughout a period of three to four months and a sharp decline in AuA coming from market performance. We saw then the market coming back at the same pace. When we looked at how flows behaved, we did see some negative or some outflows during a longer or more prolonged period of time than what we saw in 2020. Then afterwards, flows came back to the platform. In fact, we experienced very strong organic inflows. Ultimately, it will depend on the duration of this volatility situation. We are confident that in the medium and long run, once everything stabilizes, we should expect our business to continue gathering inflows from existing and, of course, new clients. Helpful. Thank you. You're welcome. Thank you, Andrew. The next question today comes from Angeliki Bairaktari from Autonomous Research. Angeliki, please go ahead. Your line is now open. Good morning. Thanks for taking my questions. First of all, can you give us a little bit of color on the outflows from existing clients that you saw in Q1? Were those driven by any particular network? I'm in particular interested in the performance of the networks, where you have exclusive agreements like Santander, Intesa, BNP, and Credit Suisse, and also were they driven by any particular geography? Secondly, on the capital impact for WebFG, I would imagine that most of the EUR 145 million price that you're paying is going to be goodwill and intangibles, which would be on the banking group entity. It would be around 700 basis points-800 basis points of capital. Can you give us a little bit more color on how the neutral impact comes about in your estimates? Because in my estimates, it would take quite a few of retained earnings to replenish that hit. Thank you very much. Okay. Thank you very much. Very good questions. Let me cover the first one, and I will ask Álvaro to cover the latest one. Okay. These redemptions, we have seen some concentration in two countries, okay? Spain and Italy, it's true, on the redemption side, but not in any particular distribution network. No, I think you mentioned Santander and probably Intesa. No, I think it's something that we see in the more than 140 clients that we have in Spain. Some redemptions is coming from the Spanish market. Again, not coming from any specific network, are the same in Italy. Regarding Web Financial Group, Álvaro? Yeah, let me take that one. Okay. Hi, Angeliki. The reason why, and you're correct, the EUR 145 million purchase price will have probably a substantial portion of goodwill. We'll need to wait until we have the purchase price allocation done to see how much. But you're correct. I think in your assumption that that's correct. The reason why this is capital neutral and there is no deduction that you would be expecting is that we are pushing the funds that we're drawing on the revolver from PLC level down in the form of a capital increase shareholder funds. By doing that, we compensate the negative deduction due to goodwill and intangibles with an increased capital. That's very clear. In terms of M&A capacity going forward, you could theoretically then issue debt out of the PLC and push it down in the form of capital increase in the banking entity as well. That is correct. That would be one of the alternatives. Correct. Thank you. You're welcome. Thank you. The next question today comes from Antonin Baudry from HSBC. Please go ahead. Your line is now open. Yes, good morning, everyone, and thank you to take my question. In fact, I would want to come back on platform margin. You told that you were in line with the last guidance, but again, would it possible to have more flavor about the impact of current environments on your platform margins? Would you be more comfortable with the low end of the range you target or the high end you target in H1, taking into account volatility of the market? The second question is would it possible to have an update on your initiatives on cryptocurrencies? Thank you. Juan, should I take the first one, and let you the second one? Hi, Antonin. Well, you need to clarify again because I unfortunately didn't get the question, so but let's cover the first one. Álvaro, please take. No, but Antonin, hi, this is Silvia here. Can you please clarify because we don't have cryptos. Sorry, blockchain initiatives. Sorry. Understood. Okay, perfect. Thank you. I'm sorry. Okay. Álvaro, you wanna- Sure. Okay. Yeah. Back to your question on the platform margin. I referred to a range. I can try to be a bit more specific. Let's say, we're probably more towards the mid or perhaps high end of the range. The reason is, even if we've seen some AuA decline versus the end of the year, reality is, as you know, that transaction income tends to be stronger during periods of volatility. In this quarter, we can say that we have had a good performance from transactional income, which is contributing positively to the platform margin. Thank you. Regarding blockchain, well, it's performing very well. You know, it's a technology, a proprietary technology that we developed in Allfunds Blockchain subsidiary, you know. It works. In fact, you know that a couple of months ago, we launched the first tokenized fund in Spain, okay, in a sandbox that was launched by the Spanish regulators, CNMV. Because it was a complete success. Now we are working two very specific projects, you know, Allfunds in Spain and in Italy in order to use the blockchain technology in all the transfers, you know, and funds transfers. Today, it takes weeks, and we are going to reduce all this time in seconds, you know. With, I mean, bringing a huge efficiency, you know, to the industry. We have apart from this initiatives, you know, we have the team really involved in conversations with TAs with fund houses and with distributors in order to, well, to try to implement our new and unique technology. It's very exciting, you know, with blockchain. Very exciting. Thank you very much. You're welcome. Thank you. The final question today comes from Reg Watson of ING. Reg, please go ahead. Your line is now open. Morning, all. I'd like to start with the new distributors that you've brought on board, please. Of the 18, you mentioned a third have come from competitors. I'm guessing that's a third by numbers and six of them. Please could you break down the actual net new money that has come from the new distributors in terms of proportion? So rather than being six, six, six what actual euro value have the different categories accounted for in the net new money? That's the first question relating to that. The second question is, which competitors have you recruited some of your new distributors from? Once you've covered that, I'd like to move on to the BNP Paribas third-party book as well. Because I don't know. Well, Álvaro, please go ahead. Please. Hi, Reg. I got your first question, but not sure I got your second question clearly. Sure. Okay. Do you mind? Sure. Yeah. The second question is simply of the six distributors that you've brought on board, which competitors do they come from? Yeah. Okay. Well, I can answer the one on the competitors, because unfortunately, the answer is that we are not gonna give that information. Apologies for that. Of course, I have it, you know, but I mean, we prefer not to really talk about Okay. I understand that there may be reasons, but it'd be helpful to understand why. I would've thought you'd be trumpeting the success and making a point of who you're winning against. Yeah. Well, nothing has really changed. I mean, I think we still have a unique value proposition, which is non-comparable to any other competitor. And therefore, you know, I think the trend of gaining market share, gaining new clients and not losing clients that you saw last year when we presented the 2021 numbers. With more than 85 new clients and without having lost a single client. Well, I understand, and I also realize that probably in the future we will not be able to maintain these statistics of gaining so many clients and never losing clients. It looks like nothing has really changed, at least in Q1. We are still gaining market share in every country where we operate and convincing clients that are working, you know, with other platforms to join us. That's something that for the moment, it remains intact. Okay. Regarding Álvaro, I don't know. Well, of course we have the info, no, regarding those- Yeah. I think. -clients. Yeah. Yeah. In terms of volume, those migrations that we've seen in Q1, you can say that two-thirds, so around 65% of the volume is coming from competitors. Okay. It's 1/3. Yeah. There's 1/3 by number, so six distributors. Yeah. 1/3 by number. It's 2/3 by volume by value. 2/3 by value. Yeah. Correct. Okay. Then Juan, I'd just like to perhaps circle back on this issue of who you're winning business from. I appreciate you don't want to give the names, and that, you know, I'm not gonna change your mind now, but could you give us more color then, please, on who the strong competitors are for you, who the weak competitors are. I'm just trying to build a picture up of who you're winning business from and why. Anything you can give us to help us with that would be helpful. It has not really changed. Anything has really changed. I mean, you know, in the past there were four competitors, you know, global competitors, no? Euroclear, unsettled MFEX, no? The Deutsche Börse with the Clearstream, no, and UBS Fondcenter, and now there are just two, no? Because, you know- Yeah. I mean, Euroclear has bought MFEX and Deutsche Börse has bought UBS Fondcenter. Now there are just two global competitors. Well, that's all I can really say, no? Okay. Regarding- Yeah. Yeah. Regarding the regional, I think I already covered that part. Okay. No, no, that's fair enough. You only see the global competitors as your competitors. There's no local competitors who perhaps we haven't heard of- No. -that you're taking. No. Okay. No, no. I'm not saying with this that, you know, that there are some local small champions here that we might win some deals against them. I think that, well, competition is not definitely in the local champions or local platforms. Yeah. The competition, past competition, present competition, and especially I think future competition is going to be, you know, with these big platforms out there. Of course, no, they are doing their homework, and as you can see when you follow them, they are in some way trying to, well, to replicate our business model, which I'm very happy that they do because that shows that we were right. No, that's fair. Thanks for that. I kind of gave you a heads-up that I was gonna circle back on the BNP Paribas third-party distributors. You mentioned earlier on that everything is on track, but you've been quite coy about giving us the details of that track. Could you give us some more information, please, on the quantity of AuA and perhaps some color on what you're finding easier about the conversion of that client base and what is proving more difficult with the conversion of that client base? Juan, I think that's something we can do. As I was gonna say, we were planning to be a bit more specific in the second half when we publish. Right. Sorry, first half of the results presentation, yeah. Right. Okay. There'll be more in- We will commit with. I mean, I remember last year we were not able, you know, to give a lot of detail about this client conversion. Probably we gave too much, you know, when we published 2021 results. Now, what I can say is that I think it makes no sense to, I mean, to keep on updating every quarter, you know, giving specific numbers. What I can tell you is that what we said and the assets that we were going to convert are the ones that we are going to convert. I mean, this is the message that the plan is completely on track. Okay, it's working as expected. A different thing is whether you think that it's good or not, because for us it was. The numbers were very good, the examples that we presented. Listening to the feedback that investors and the community gave us was that they were expecting more. We will commit, you know, with the numbers that we disclosed on the 24th, I think it was November. Okay. As Álvaro said, in first half, okay, we will give you much more detail, okay? Okay. Thank you. I think I was the last on the call and we've still got a few more minutes. If I may take the liberty of just steering the conversation somewhere else. Sub-advisory. I don't think we've heard much on that of late, and I'm just wondering what sort of progress you're making there and how that's measuring up against your original expectations. It's funny because my investor relations told me that it was a 30-minute half an hour call. When you say that- Sorry. Okay. We're well over time, are we? 22 minutes. Well, it's very good. Well, I think we have very good news from sub-advisory, in my opinion, coming from this specific week. It's that finally, you know, we got the license and the approval from the CSSF. Okay? The Luxembourg regulator for our ManCo. Okay? You know that we were expecting to receive it in Q4 of last year. And unfortunately, you know, well, these things sometimes are difficult to control all these regulatory approvals. We finally got it on Monday, okay? Now we have the ManCo. As you know, we already have the team and now we are gonna be able to launch all the products and services that we want to provide out from our solutions. Which as you know, are not just a mandate, but we also want to enter into the fund hosting business, for instance, and some other initiatives. Now we have the company ready for that, and I will be able to give you some more color and data about how the business performs, for sure you know in H1 okay review. Okay. Fantastic. Okay. It looks like we're gonna have to be patient. Thank you very much. I'm sorry for- Exactly -pushing the envelope even further there. All right. Okay. Thank you. Thank you very much. Thanks, Alex. Thank you. That concludes today's question- and- answer session. I would now like to pass the conference back over to Juan Alcaraz for closing remarks. Please go ahead. Thank you very much. Well, my only comment is that, again, thank you very much for attending this call and for your interest in Allfunds and for your support. Thank you very much. Have a nice day.