The deal pipeline continues to be satisfactory overall, including investment banking and equity capital markets.

Broadly, soundings with investors indicate a continuing interest and appetite for new products.

It is unlikely we will receive substantial performance fees this half.

I look at my forecast and, frankly, I was off by $180 million on their investment-banking side. M&A did extremely well.

Today's package actually tells players to put away any major investment plans and rely on regulation instead.

It's a terrific move. It creates two businesses, each focused on their own area, and two investment vehicles that are more closely aligned with the kind of performance that investors are looking for.