yes. Tough situation when assets under management are decreasing.
Excluding variable remuneration, staff costs increased by 12 % (surprising given the decrease of assets under management).
But this increase of employee costs is mainly due to variable remuneration which increased by 35 %.
Interesting to see the reason : " staff expenses are up, primarily due to higher variable compensation accruals due to strong investment performance".
So it means that this trend for variable remuneration may continue as long as investment performance is good, while AUM may continue to decrease as long as they do not get net inflows.
I know that a link is expected between investment performance and net inflows. But we have been waiting for this link for some time now, while Platinum International fund had a significant recovery.
Ann: 2023 Half-Year Financial Results Analyst Presentation, page-8
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