yes important point is that this is NON CASH......and in the same vein that these are mark to markets down......we can also in the future have mark to markets up ......which is not improbable given rates have been signalled down in the future......which should mean share markets will start to rally in the future.....which should mean more FUM .....and then more fees!
also JO hambro was part of pendal....so this is a bit of the "pendal" writedown
Ann: Non-cash impairment, page-7
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