The bond division doesn't have a single league table. It comprises lots of components. In US investment grade bonds we're the number two lead manager in the first quarter. And in Latin America we have an unbelievable leadership position. In the first quarter of this year we were number five.
Equities is the biggest challenge and the toughest business for outsiders to burst into.
That's not going to be the instant success the others seem to be. But we are long-term confident, and know we can hire quality people. In Asia, the purchase of Jardine Fleming gave us a tremendous equities capability. However, if we buy a broker in Japan, we are really buying a fundamentally retail operation. It has branches and small customers.