It's very difficult, objectively, to say how much bigger the wealth management market in London is, because of privacy. But it certainly is bigger.

In 2006, we have a number of initiatives in our wealth management and insurance business which will take advantage of the increasing size of our retail customer base.

A year ago, average management fees were falling, but this turned around in 2005 with average management fees rising fairly strongly. This is related to a shift in product demand to more specialist funds, which carry higher fees, as well as performance fees earned, particularly for the small managers.

Mark is a proven team leader who brings a wealth of international project management know-how to his new position.

Greg is an outstanding executive with a wealth of global supply chain management experience. As we continue to grow the company into more diverse geographies and markets, and as we are faced with an increasingly challenging global cost environment, it will be critical to have someone with Greg's experience on our team to help us leverage our supplier relationships and better serve customers.

At first glance, I think it's an excellent result. Wealth management and the investment bank are the clear drivers.