It is an unforgiving environment.

With very strong overall performance early in the quarter, we are seeing flows into the industry pick up once again, in contrast to the recent trend of assets remaining on the sidelines.

The data show that this remains an enormously active marketplace, with new funds entering and exiting at a higher rate than ever before. But it is also an unforgiving environment, as the current record level of attrition shows.

Seeing a mixed performance year come on the heels of another difficult year in 2004, a record number of funds felt the pressure or succumbed to the fate of poor performance.

Performance had been mixed early in the year, but they finished on par with last year after a strong second half.

There are fears the data will be strong and Greenspan will lay the groundwork for tightening. In that environment, how do you bring in buyers?