Des O'Donohoe: Hi everybody, Des from Fund Recs. Still here at the Funds Congress. It is going really, really well. I'm here with Pete Townsend from Norio Ventures. Pete, any key takeaways today?
Pete Townsend: Absolutely. Just heard Manny Roman at the very beginning, from PIMCO talk, he was on satellite live from LA, well it might have been recorded though, right?
Des O'Donohoe: Okay.
Pete Townsend: And what he said was very poignant, that passives are here to stay, and with the increase in costs of tech, that consolidation will continue in the asset management industry. And that thing about the cost of tech was really important, because it doesn't have to be that way. Right?
Pete Townsend: I thought that all the legacy systems that are being maintained in the asset management industry, if they were to start with a new proposition in a new market, the cost would be one tenth from a tech perspective, of what they're spending today.
Des O'Donohoe: So start again, buy tech, that's the message.
Pete Townsend: Absolutely.
Des O'Donohoe: Pete, thanks for stopping by.
Pete Townsend: Thanks Des.