Welcome to our session on administration of assets. Well, first of all, let's just have a look and see what assets under administration actually means. Assets under administration are beneficially owned and managed by clients who contract with a custodian administration provider. Services offered by asset administration providers include fund accounting, tax reporting, trade reporting, custody, and more. Asset administration service providers include some of the world's largest banks and finance institution within administration of assets, the service offerings focus on the administrative and operational aspects of an investment fund's needs. Administration service providers perform all of an investment company's administrative services, or some portion, at least. Both institutional and retail funds require extensive support for administration. You may also hear of assets under administration under the abbreviation of AUA.