Focusing on FUM as a determinant of the performance of a wealth manager such as IOOF is akin to focusing mainly on the levels of production of a mining company.
As you know, there are plenty of things below the production level line that need to be considered in order to form a view of how that miner is performing (things such as commodity price, operating cost, capital investment, competitive positioning, management track record, asset quality, scope for acquiring struggling competitors on value-accretive terms, etc.)
IFL Price at posting:
$8.84 Sentiment: Buy Disclosure: Held
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