30billion there it is!!!, page-83

I thought you guys might be interested to know that I have had it confirmed from the company that for relative performance mandates there are 2 hurdles for the High water mark in calculating performance fees....the absolute unit price AND the cumulative relative performance since a performance fee was last paid. This makes the practice in line with industry standard policy which is a good thing.

Implication: I would expect very little if any performance fee on the relative performance mandates to be paid for the half to Dec 14. Absolute performance mandates are a different kettle of fish.....but I suspect they are a much smaller part of the business.

Cheers