00:00So what is it about this environment where you particularly need scale, Aaron? Is it rates coming down? Is it
00:06fee compression? Is it all of the above? Is it something completely different?
00:10It's a big mix of all of the above. The reality is the cost at Schroeder's were under pressure. They
00:17were being viewed as too expensive. Their stock was down 25% in the last five years and people were
00:23just worried money investments were just not going through Schroeder's.
00:27So, you know, they really felt the pressure, which is why even if they were publicly saying, no, we're not
00:32planning to sell behind the scenes, people familiar with the matter said they've been talking to various parties over the
00:38months.
00:38And they obviously found the partner they wanted, which has made commitments to staying, you know, having a big presence
00:44in London, keeping employees here, keeping the Schroeder's name, which, you know, is a very storied name in the UK.
00:50So it is a bit of a U-turn came as a big surprise, even if there had been rumblings
00:55for days, if not weeks.
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