Um, how do you feel about that when it comes to the mundane tasks of reporting, compliance tasks, et cetera?

No, you're, you're, you're touching on a, a very important topic that we are, uh, also working on, uh, within, within Alfie, looking at, uh, very closely.

Um, may-maybe to, to go back a little bit in, in time.

So I think, uh, over the past ten years, what we have seen is a gradual shift of, uh, the mundane tasks to offshore jurisdictions.

So that was the kind of offshoring, nearshoring, uh, trend, which also enabled Luxembourg to absorb more business.

Um, because we, uh, you know, through the use of resources located outside of Luxembourg, uh, we were able to continue growing and, um, you know, especially in the private asset space where we now have...

So that's private equity, private debt, infrastructure, real estate.

Less than inflation