FRC is at the forefront of the alternative products marketplace through our extensive work assisting investment managers in the design, construction and implementation of registered hedge funds. We believe that open-architecture platforms, which incorporate many investment structures including mutual funds, separately managed accounts, and hedge funds, will accelerate the use of alternative investments. The clients that are most likely to veer toward open-architecture platforms are those in the Semi-Affluent ($500,000 to $1 million in investable assets) segment, which are generally the most profitable clientele for fund companies.