As a somewhat recent recruit from Merrill, I can tell you that from our point of view, Marten has positioned this firm very well to be a real leader in the HNW and UHNW space. It seems that the vast majority of the issues were not caused by Marten and he has done his best to navigate the various storms that have hit the industry and the firm. The resources to win in these niches are much stronger at UBS than at Merrill in many ways. The firm is tightly focused on these target markets rather than trying to be everywhere and constantly worried about touting having the larges force of FAs. The entrepreneurial nature of the organization (at least compared to Merrill) really enables one to be creative and get things done. The advisors, at least in my office, are uniformly intelligent, do the business the right way and are having great success. Marten also appears on his conference calls to be a very straight shooter who pretty much tells it like it is and accepts responsibility where warranted. We were very happy at Merrill and truly thought it was the best place to be until the B of A acquisition, which led us to look at other options so we are by no means anti-Merrill. We diligently researched all the options including MS, SB, JPM, CS, DB and going independent and came here because we believed this firm was truly going in the right direction. We haven ot been disappointed and were surprised how much better we believe we are positioned to tackle these market niches now than before. We only hope that the firm continues in this direction and strongly believe that Marten should continue to run UBS.