$1.3billion funds under advice, page-6

So a base EBIT of approximately $2m;

then the potential growth drivers to increase EBIT are literally too many to list:

- Obvious cross sell opportunities (SEQ clients doing their share trading transactions through MWS, and MWS clients buying SEQ services)
- New SMSF's being set up (28.4% growth YTD (Sept 30th14),Over 100 new accounts in process of establishment)
- General market growth in SMSFs will drive demand for Structured Investment Products - this is SEQ's core expertise
- the new relationship with JSAM will enable establishment of a funding vehicle for the development of a new financial product for the Australia market, to be introduced by MWS / with other structured investment products
- D2MX, with new focussed and committed Management, will be aggressively looking for market share, and have CFDs scheduled to be added to platform in 2015

The key here is that MWS now have a range of attractive services/products (MWS/SEQ combined) to distribute to the combined client bases of MWS and SEQ (total FUA of $1.3b) and to other advisors/planners.

The downside is the obvious integration / execution risk, but Management seem pretty switched on here - they still have to prove themselves but.