MFMN: In your estimation, what is the state of e-commerce in the fund industry today vs. what people three or even four years ago expected it to be?
McCalley: That's a good question. When I think back to when e-commerce really started to evolve in the mid-nineties there was a lot of discussion as to Is this a new distribution channel? Is it a new business unit?' All of the conversation tended to cycle in and around e-commerce being a separate business. And I think, clearly, we're at the point now where electronic commerce is part and parcel of the business. I mean, to think that you can have an e-business strategy and a business strategy is really not appropriate. You have a business strategy, which has elements of an e-business strategy. That's part of the fabric of what we're doing.