Hi M22
You are correct, PAC’s earnings are difficult to assess against FUM, which is what the segment in the Annual Report you have copied above refers to.
This is the same as PNI.
Not many venture into either PAC or PNI due to complexity, business and addressable markets are somewhat different (they all manage money) and generate fees differently.
I believe due to this the businesses (PAC and PNI) will grow FUM faster rate and MFG is displaying slower FUM growth characteristics due to its size and market.
Best of Luck
Lost
Ann: Funds Under Management - October 2020, page-11
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