Ann: Funds Under Management and Performance Fee Update - Dec 2022, page-101

A non-investor but an interested observer here (working in the industry).
This just looks like a death spiral. A few people have noted the falling SP is all just about negative sentiment. I hate to say it, but a lot of the fund management business (most?) is built on sentiment and confidence -- much like a bank. Once confidence is gone -> FUM falls. Lower FUM means lower fee revenue, means you have to cut headcount, meaning you have less talent to possibly outperform (or at least match your investment management goals). Confidence falls even further, the consultants cut the ratings of the funds they manage, super funds stay away because they don't like firms that are in the press and going through governance changes, FUM falls further, the vicious circle continues. Much like a bank run, its pretty hard to stop this downward spiral.
Again note: I have no skin in the game here so attack me all you want. But this is what it looks like to me.