Better than first thoughts.
Similar to 2H 2020 without the help of performance fees.
2H 2021 FUM revenues should increase again with averages higher a bigger proportion of revenues paid in the 2nd half.
Management also hinting performance fees will be higher in 2nd half.
That’s telling me we can still expect growth for the year and an increase in dividend. Maybe not as much as we were all hoping for but still good value and possibly good buying opportunity.
Ann: 1H FY2021 Results and Investor Presentation, page-2
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