Hi
@jace.hRegal historic FUM growth is high at 30+% performance/inflows. They could grow into the current market cap. I have to look deeper into earnings (got caught up with work last night, so didn’t have time).
VGI earn a lot from the small amount of FUM they have too and I think most is in performance fees (off the top of my head, $50M in performance fees on $78M in revenue). The VGI business is profitable only because of performance fees, would be running $10M loss without them.
You are right about performance fees for PAC. PAC only participates from a handful of boutiques earning performance fees. Most like recent investment in Banner Oaks do not contribute to performance fees, just management and distribution fees. Management get performance fees.
That said, this year should have a high number in performance fee line on P&L. VPC doing well, as is EAM and ROC.
Hi
@WestwindInteresting point. Substantial holding notices do not stipulate whether Regal are buying from a fund or as a potential takeover target.
Does anyone have information to clarify?
Best of Luck
Lost
(20min delay)