Ann: December 2020 quarterly update, page-12

Great report IMO - plenty more upside once the synergies start flowing through, not including new flows.

The other thing to keep in mind is HUB has spread itself very thin promising many things to many new client and the grapevine rumours are that their development pipeline , delivery standards and quality are all under serious pressure. IMO their purchase of XPL (Explore) is a big mistake as that business was a bag of vipers, with unhappy clients exiting and significant tech debt. Again IMOO they have no pedigree in Non-Custody and this is a completely different business model and skill set and to boot they have also bought the Ord Minnett Book which will further exaserpate this new ulser.

PPL along with one or two of the new agile players (eg. WealthO2, ROAR) (not meaning NWL or HUB - these are both now fairly old tech) I believe could really start shifting the deck chairs going forward.

Obviously all IMO DYOR