We don't try to confront the industry directly.

What we're really trying to do is build an alternative path. We want to let investors access returns more directly, to bypass all of these intermediaries.

The industry hasn't had the drive to modernise. So, for an industry that is really only about information, it is still very physical. It is moving pieces of paper, money and people around manual processes. This is a very inefficient way to go.

What we are trying to do is move to a digital operating model where it is just information streams. And if you think about it, moving an information stream or adjusting an information stream is essentially frictionless, costless and instantaneous. Moving people, money and pieces of paper is manual, costly and inefficient.

Simultaneously, when we're dealing with information in an efficient way, we can make better decisions. We can select the return streams that are working better now or we can cut off return streams that are having problems. This way, we can provide better transparency, and that transparency leads to better alignment.

It is time for change.