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Sales increased 22% sequentially to $7.6 billion due to continued momentum in our institutional business. On the retail side, sales declined primarily in domestic equity, though global equity sales increased significantly. Retail separate account sales were essentially unchanged from the prior quarter. Our net flows are breakeven, a significant improvement from the prior quarter due to institutional. By product, institutional net flows of $2.2 billion improved from modest net outflows in the first quarter with strong sales and net flows across affiliates, strategies and geographies. Over the past four quarters, institutional has generated 5% organic growth in a challenging environment. Fund net outflows of $2.1 billion compared with $1.8 billion in the first quarter as an improvement in fixed income strategies was more than offset by lower equity flows consistent with the industry.

Finance, Investments

Within equities, both global equity and domestic SMID cap generated positive net flows. Retail separate accounts continue to be at relatively breakeven levels. In terms of what we're seeing in July, our institutional pipeline remains strong with one but not funded mandates exceeding known redemptions, and we see opportunities in the CLO market. For open-end funds, trends have improved meaningfully including continued positive flows in our global funds as well as our ETFs. Our second quarter financial results reflected the impact of market appreciation on AUM levels particularly near the end of the quarter as well as the addition of a new affiliate at the beginning of the quarter. The operating margin was 32.3%, up sequentially from 26.8%, primarily due to the impact of seasonal employment expenses in the prior quarter.

Earnings per share as adjusted of $5.43 increased from $4.20 in the first quarter. Excluding prior quarter seasonal items, earnings per share as adjusted increased 2% sequentially. Turning now to capital. Our balanced and prudent approach to capital management supported by significant financial flexibility has positioned us to invest in growth initiatives such as strategically adding affiliated managers, while returning capital to shareholders and maintaining appropriate levels of working capital and leverage. During the quarter, we closed on AlphaSimplex with existing financial resources, including utilization of our revolving credit facility. We also repurchased approximately 52,000 shares for $10 million. And in June, we repaid $10 million of the credit facility.

We ended the quarter with modest net debt positioning us to continue to be flexible in prioritizing capital allocation and circumstances warrant, including paying down the credit facility this year and repurchasing shares, which are key priorities. With that, I'll turn the call over to Mike. Mike?

Michael Angerthal: Thank you, George. Good morning, everyone. Starting with our results on slide seven, assets under management. At June 30th, assets under management were $168.3 billion, up 9% from $154.8 billion at March 31st. The growth reflected the addition of $7.8 billion of assets from AlphaSimplex and $6.3 billion from favorable market performance. Average assets in the quarter increased 7% to $163 billion, and ending assets under management were 3% higher than the quarter's average. Our assets under management remained diversified by asset class and product type. We've continued to expand our investment capabilities in less correlated and alternative strategies, which now represent 11% of AUM, up from 7% prior to the acquisition of AlphaSimplex.

Fixed income and multi-asset were each relatively unchanged sequentially at 23% and 12% of AUM, respectively, though each increased during the quarter. Notably, institutional now represents 37% of total AUM, up from 32% a year ago and non-US clients are 17%, up from 15% last year. We also continue to have compelling long-term relative investment performance across products and strategies. As of June 30th, approximately 69% of institutional assets and 89% of retail separate account assets were outperforming their benchmarks over five years. In addition, approximately 62% of rated fund assets had four or five stars, up from 43% last quarter and 87% were in three, four or five star funds. We had 38 funds that were rated four or five stars, including 11 with AUM of $1 billion or more, up from seven last quarter.

On a five-year basis, 77% of our rated fund AUM was outperforming the median performance of their peer groups. I would also note that our managers performed well year-to-date in volatile markets with 67% and 86% of institutional and separate account AUM, respectively, beating benchmarks for the period and 70% of mutual funds AUM, outperforming the medium performance of the peer group. Turning to slide eight, asset flows. Total sales were $7.6 billion, up 22% from $6.2 billion last quarter due to strong institutional sales. By product, institutional sales were $3.7 billion, nearly double the prior quarter level due to a new larger low fee fixed income mandate and several significant contributions to existing accounts. Fund sales of $2.6 billion declined from $3 billion as higher global equity sales were more than offset by lower sales and other strategies, particularly domestic equity.

Retail separate account sales of $1.3 billion were largely unchanged sequentially. Total net flows were breakeven with the improvement from $1.9 billion of net outflows in the prior quarter due to institutional. Reviewing by product. Institutional net inflows of $2.2 billion increased from modest net outflows in the prior quarter with strong net flows across strategies. Institutional net inflows also continued to be well diversified across affiliates. For open-end funds, net outflows were at similar levels to the prior quarter was $2.1 billion compared with $1.8 billion. Within open-end funds, both global funds and ETFs had positive net flows. Global funds, which had $4.2 billion of AUM at June 30th, had positive flows in both the global large-cap growth and small-cap focused strategies.

And while fixed income funds remained in net outflows, nearly all fixed income strategies had a sequential improvement. In retail separate accounts, net outflows of $0.1 billion compared with net inflows of $0.1 billion in the first quarter as continued positive net flows in private client were offset by modest intermediary sold net outflows. Turning to slide nine. Investment management fees, as adjusted, of $171.1 million increased $13.5 million or 9%, reflecting the 7% sequential increase in average assets under management, a modestly higher average fee rate and an additional day in the quarter. The average fee rate of 42.2 basis points increased by 0.2 basis points from 42 in the prior quarter. The fee rate was unfavorably impacted by 0.3 basis points due to a discrete transitional expense item related to the AlphaSimplex funds that will not recur.

The sequential increase in the average fee rate largely reflected the addition of AlphaSimplex's higher fee rate alternative strategies, which was mostly offset by the mix shift given the relative growth of the institutional business. Performance fees in the quarter of $0.3 million compared with $0.2 million in the first quarter. Looking forward, we believe our range of 42 to 44 basis points remains appropriate for modeling purposes, which, as always, will be impacted by markets and the mix of assets. Slide 10 shows the five-quarter trend in employment expenses. Total employment expenses as adjusted of $95.8 million decreased 3% sequentially, reflecting $11.4 million of seasonal items in the prior quarter, largely offset by the addition of AlphaSimplex.

As a percentage of revenues, employment expenses were 50.3%, up from a seasonally adjusted 49.3% in the first quarter due to the addition of AlphaSimplex. For the third quarter, given beginning AUM levels and continued market appreciation, it is reasonable to expect that employment expenses as a percentage of revenues will be toward the lower end of our 49% to 51% range. As always, it will be highly variable based on market performance, in particular as well as profits and sales. Turning to slide 11. Other operating expenses, as adjusted, were $31.7 million up $1.9 million or 7% from the first quarter. The sequential increase was largely due to the addition of AlphaSimplex as well as the $0.9 million of annual grants to the Board of Directors.

Excluding AlphaSimplex, other operating expenses declined 3% over the prior year period reflecting continued close management of all discretionary expenditures. Looking ahead, we believe other operating expenses, as adjusted, will be in a quarterly range of $31 million to $33 million down modestly from the previous range. Slide 12 illustrates the trend in earnings. Operating income as adjusted of $61.6 million increased by $14.2 million or 30% sequentially due to the prior quarter seasonal employment items and a higher average assets under management. Normalizing for the seasonal items, operating income increased 5%. The operating margin as adjusted of 32.3% compared with 26.8% in the first quarter or 33.2% normalizing for the seasonal items.

Other income expense as adjusted increased by $0.7 million due to higher unrealized losses on investments. Total net interest income expense increased by $1.1 million, reflecting the higher gross debt and higher variable interest rates. Net income as adjusted of $5.43 per diluted share increased 29% from $4.20 in the first quarter. Second quarter net income per diluted share included a $0.16 per share reduction from the discrete item. Regarding GAAP results. Net income per share of $4.10 compared with $5.21 per share in the first quarter and included $0.31 of net acquisition-related expenses, including transaction costs, partially offset by fair value adjustments to contingent consideration, $0.30 of net realized and unrealized losses on investments and $0.21 of favorable fair value adjustments to affiliate noncontrolling interests.

Slide 13 shows the trend of our capital liquidity and select balance sheet items. On April 1st, we completed our acquisition of AlphaSimplex for $113 million in cash, including $50 million drawn on our revolving credit facility. In June, we repaid $10 million of the revolver and ended the quarter with net debt of $99 million, representing net leverage of 0.4 times EBITDA. We continue to expect to repay the $40 million outstanding on the revolver over the course of the year. Largely, as a result of the transaction closing payment, working capital declined to $124 million at June 30th from $184 million at March 31st. In addition, during the quarter, we repurchased 51,840 shares for $10 million. We continue to have a strong balance sheet with more than adequate levels of working capital and modest leverage, providing meaningful financial flexibility.

With that, let me turn the call back over to George. George?

George Aylward: Thanks, Mike. We will now take your questions. Tawanda, would you please open up the lines?

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