Hello everyone and welcome to At Bairns.

I'm Andy Surwer and welcome to our guest Rob Arnott, veteran investor and chairman of research

affiliates.

Rob, great to see you.

Thanks for joining us.

Thank you for the invitation.

So let's start off maybe by you telling us about research affiliates. It's kind of a generic sounding name, but it's a company you've run for a while.

Yeah, we created the business back in 2002, and we're in an unusual part of the asset management

business.

We're basically an innovation engine.

Our job is to identify opportunities to create products that we make available through others.

Our two biggest relationships are with PIMCO and Schwab.

And there's a host of others legal in general, Nomura, Black Rock and SSGA manage some strategies using our ideas. Our job is to develop strategies,

and then we have affiliates, these other companies, that distribute our products. And obviously,

they don't need us. They have their own product innovation capabilities.

So it works if we are creating products that they haven't thought of, that are complementary

to their existing product line and that they believe, as we do, that the products will

work.

So it's only $140 billion asset manager with no actual assets under management.

And I get the affiliates name now.

Okay, so that's good.

So what are some examples?

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