At the heart of our diversification strategy has been a strategic emphasis, a combining act of passive capacity and capabilities to offer clients a holistic investment solution.

Our diversification gives us a powerful competitive edge as we move into 2013. In fact, BlackRock, more than any other organization is equipped to meet these client needs in an environment of unprecedented complexity and uncertainty that will differentiate us and help us ensure that we continue to track clients and nurture increasingly deep, hopefully productive, relationships with them.

We have been living in a strange investment environment for some time. Economic and political uncertainty persist. Unfortunately, it will -- they will continue to persist. Lower rebate -- rates remain. A tax on savers remains a problem in terms of the underfunding of pension funds -- plans that are getting worse. And demographic because they're changing with more people entering retirement and living much longer in retirement and are not prepared to meet the needs of elongated longevity of life. So we are seeing with these big macro challenges, we're seeing several megatrends in investment behavior. The secular shift to passive investing in ETFs, a focus on income and retirement, clients are barbelling risk using passive and high alpha product strategies including alternatives. Importantly, these themes represent strategic growth areas for BlackRock with ETFs, income and retirement products, index and alternative strategies, which have accounted for over 50% of our flows in the fourth quarter and 75% of our flows of the year.

Over the last several years, we've invested heavily in our businesses and businesses and teams to position ourself for these megatrends.

As we look forward, we will continue to invest in our brands. I would expect 2013 marketing expense to be roughly in line with 2012 for the full year, though we do plan to begin the year with very strong messaging. Given the positive client reaction to the campaign, we remain highly confident that this is a critical, long-term investment in the business.

In addition, in 2012, we began marketing the BlackRock and iShares brand far more aggressively than ever before. Our marketing communication efforts are designed to raise awareness about the investment challenges facing our clients and the breadth of solutions that BlackRock and iShares offer to help navigate these very challenging environments. These efforts have been extraordinarily positive, even more than I and all of us have expected. As measured by increased awareness of our brands, more traffic to BlackRock directly and through intermediaries, and most importantly, in growth in our market share and assets, which is particularly evident in our ETF flows.

To me, it is particularly gratifying that our people have shown quite dramatically that active and passive not only can live together, but indeed flourish to the benefit of our entire organization, but more importantly, to our clients. Our clients are coming to us, not just on one strategy, but a holistic approach. And the fact that we can provide them a beta, a alpha with risk management overlay, no other organization in the world can do that.