The market drop from April 2015 to Feb 2016 was 20%. In that time FIDs FUM rose 7% from $1244m to $1344m due to a combination of inflows and acquisitions. Also not all of their funds have pure equity exposure. But if you have a GFC type fall you can say goodbye to inflows.
FID was profitable during the GFC and the scale of the business was much smaller back then. Their worst year was 2012 from all the one off costs of implementing Fofa regulations. Maybe you could say govt is a bigger risk than a correction!
Ann: Half Yearly Results and Financial Report (incl Appendix 4D), page-10
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