Ann: Monthly FUM and Fund Performance, page-3

Will be interesting to see what income they will receive from the new FUA. A sizeable portfolio and hope in the FY announcement, assume will be next week, will be giving some clarity on what they are earning. Expect a good clip in performance fees but don't know what negatives they need to make up first. FY could show earnings around 1.2-1.5cps. A dividend announcement would be in order if this is the case given $10m in lazy cash on the balance sheet - which should probably be invested better than cash/bonds. No franking credits is no excuse to hold back a dividend. They obviously don't need the cash.