Pirate Themed Office, page-9

Agreed, they've moved from offices in Spring Hill and a presence down on Eagle St probably helps lend credence to the brand they've been building with both JBL and JB Markets / JBFG.

As for the fit-out: good on 'em. It will be good for staff morale and an interesting talking point for visiting clients. JBL waived their HML fees last year but they'll be raking them in from both HML and BHD this year if all goes well, plus the new funds in the pipeline. The one-time cost of a move and office fit-out shouldn't blow the budget, especially if it helps get publicity for the new funds they're planning.

As pointed out, our fees from HML are fixed, so we're only paying indirectly. As for JBL holders, I think waiving fees last year would've cost much more than this fit-out, but both things are part of the steps they're taking in building up a serious fund manager. Good luck to them and to all of us.