The debt-to-equity ratio for Ocio Finance remains at 0.42, a conservative level compared to industry averages. This financial health metric bolsters long-term growth expectations and M&A capability. So that would explain that. In terms of outlook, we'll see what happens to the rate environment. The interest -- our fiduciary interest income is going to be a function of balances and rates, and we've got about $11.5 billion of balances. So, depending on what you want to assume for the trajectory of rates, the math is pretty straightforward. Mercer owns a massive share of the OCIO business — as of March 31, the group managed $354 billion in assets globally. Vanguard, meanwhile, has an estimated $59 billion in its OCIO business, according to consultant Charles Skorina’s annual OCIO report. Revenue diversification into sustainable investment products has boosted Ocio Finance’s ESG profile. Analysts expect greater institutional allocations as ESG mandates tighten globally.
