Right. If you look at the size of the funds in the CEM database, they go as small as $100 million and as large as $400 billion. We actually do see a very considerable size range. What you find over that range is that for every tenfold increase in size you get about a 20 basis point, or 0.2%, reduction in costs. So there is a significant difference between a $100 million fund and let's say a $20 billion fund.
The interesting question is, is there such a thing as getting too big? In other words, can you run into dis-economies of scale if the operation gets too large? I think, theoretically, yes. We haven't seen it very much yet in our database in that range we're looking at, where the maximum largest funds in the world are funds that are $200 billion, $300 billion.
The other way to look at it is in terms of the size of the membership of the fund, of the pension plan. Again, there, numbers like 100,000 minimum membership work a lot better than 20. Whether you need to go to a membership of one million versus 100,000, I don't think so. I think you'll get very good scale effects at 100,000.