Agree that expense growth outstripping revenue growth consistently would not be good. However taking one data point does not make a trend. Breaking down into the detail you will note that they've made new hires (which you noted) in combination with some variable expenses relating to platform enhancements.
This business is all about scale. And what I see here are signs that management are confident of increases to come and are making tentative pushes to ensure they are well placed for this - rather than playing catchup after being caught offside.
Additionally, the fee reductions show me that the business is growing in confidence and expects that lower fees will continue to further drive FUM growth.
This is probably all a bit too "into the weeds" though, I'm just seeing a few inklings of this growth push - in reality expenses are mostly tracking in-line and the business is hardly going wild with the cheque book..
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