The on going risk for them the market will ask who exit next? are they the next platinum asset management? once the money start to leave they keep leaving and don't come back etc...
I think a lot of people under estimating the disruption of ETFs to these type of business just like they dismissed Amazon and the brick and mortal store until they get hit with a brick and got shocked and awe.
Remember Amazon moto "Your Margin Is My Opportunity" I can see that applied to ETFs and fund management business in exactly the same way
Ann: St James's Place Mandate, page-132
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