That’s coming off a lower base because, as you know, we initially had given you guys, 13% to 15% increase. We actually came in closer to 11%. So we’ll be growing off a lower base, and that will continue to be driven by the variety of things that I mentioned on the call, Hudson Yards, technology to scale ops and, obviously, the annualization of a number of expenses, including our Aladdin cloud migration costs. But I really want to remind everyone that our highest margin business is beta. And obviously, we’ve seen that both on the way up and we also see it on the way down. And as markets hopefully recover we are very confident to see — to say that our revenue growth over the long term should meaningfully outpace our growth in any of these discretionary expense items and ultimately be accretive to our operating margin.
Operator: We’ll take our next question from Michael Cyprys with Morgan Stanley. Please go ahead.
Michael Cyprys: And Gary congratulations on an amazing 10-year run as CFO, I wish you all the best in your new role. Just a question on Aladdin. Hoping you could unpack a bit of that you’re seeing in Aladdin with the record wins? And how you think about extending the platform to other use cases and verticals and how you’re thinking about the drivers of growth over the next several years?
Laurence Fink: We have been incredibly focused in broadening the capabilities of Aladdin, as you know, over the last 10 years, whether it’s Aladdin provider or the work we are doing related to the trading platforms. So on top of that, Aladdin accounting, using Aladdin for private markets through eFront. And then I would say probably a little more interesting directions is using a lateral whole portfolio reviews and views. All of this is just leading to more and more conversations. On top of that, as we built up deeper and deeper expertise in different products, the clients who have historically hired us years ago who are only, let’s say, in a fixed income platform are now looking at Aladdin across privates, across equities, across other areas.
So let’s be clear. A lot of the growth is with existing clients, but also a lot of growth is now with the new clients. So, we’re not only just seeing clients in the old geographic footprint. We’re seeing new clients expanding geographically. More and more clients flows now in Europe, much more in the Middle East. We won our first client in Africa. Over the years, we’ve become one of the leading technology platform for the pension fund community in South America and Mexico. So Aladdin is becoming one of the key enterprise components of the ecosystem in various parts of the world. And I do believe when you have market shocks, when you have dislocations and volatility, it truly underscores the need for a more fulsome connected enterprise operation.
Historically, people thought of Aladdin as risk management. Most people are not hiring Aladdin for risk management as much as its flow-through enterprise operating system. Having that connection with the custodial bank, having the ability to have accounting, having a whole portfolio analysis and helping them truly drive a whole portfolio analytical understanding. And so, all of this is just leading to more and more opportunities whether it’s a focus on sustainability or a focus on operations or focusing on, again, risk management, Aladdin is just very well positioned to meet the needs of the clients, and we’re more focused than ever on enhancing the Aladdin value proposition. Let’s be clear, in declining markets, clients are worried about their expenses.
And yet, what we proved in ’22 with declining expenses, Aladdin enterprise system can actually lower expenses in a holistic way. And so, what we’re trying to do is show the true ability to clients worldwide about how can Aladdin be a component to drive greater and greater success in terms of operational success, investment success. But over time, Aladdin can drive down expenses, too, for any operation.
