Are you referring to 'performance fees' or 'trading profits?'.
Performance fees were only charged on their funds (TOT - $2.5M approx).
Trading profits - were from EP1 stake (~$9M), as well as IAP (which is unrealised). And I would consider trading profits more material for 360's performance.
To answer this - it would depend on your views on IAP (owned both TOT and TGP still owns 6.5%), as well as their digital assets (outside of GDC - still have a PE investment in fibre connex). On this last point - I anticipate a gain on exit - which was highlighted in the FY21 presentation (MTM valuation).
Re: high costs of doing business, I expect a significant reduction in headcount as they exit the public equities space, the head of the business left July-1, and company announcements reveal significant headcount rationalization for FY22
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