really?.....
MFG had OVER $100BN FUM not long ago (Jun21)....theyre at a fraction of where they used to be! FUM keeps dropping at an incredible rate relative to remaining FUM....look at the % drop. Its not unreasonable for us to lose 2%, but theyre dropping 3.5-12% each quarter!!
meanwhile.....SP, theyre UP 14% since August last year.....and YET, theyre down -7.8% on overall FUM YoY...
we're down -14%even with a $2.1bn partial sale.....
and YET, we are UP +1.4% on overall FUM YoY...
did I mention partial the sale...for $2.1bn....
Ann: Fourth Quarter FY24 Business Update, page-36
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