The Smith Barney lineup is kind of thin. They seem to have spotty records in other areas of the market. You haven't seen many managers stand out.

Considering the fact we have been thin or illiquid in some areas in the market it wouldn't surprise me if there had been some hedge fund selling.

Smith Barney will call something a buy; somebody else will call it a purchase. We have to look at the transaction code structure of every custodian, every record keeper, every hedge fund and every private partnership and map that into a [format] that allows the advisor and the client to see what they're worth from the top down. It's very tough.

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The companies really fit, ... [Salomon's] strengths are where Smith Barney is not strong and Smith Barney's strengths are where Salomon is not strong.

What you see can be nauseating, but you kind of get used to it. Without complications, it takes an hour-and-a-half, usually.