Ann: 2023 Half-Year Financial Results Analyst Presentation, page-15

Yes no need to be all things to all people. Nor a return to the go-go days of Magellan with Hamish thinking he was the messiah.

To run a successful investment business you need:

1. Good performance and a solid investment team underpinned by a shared sound philosophy on investing coupled with technical execution ability (as executing on ones idea is often more important than the idea)

2. Decent distribution capability (as whether you like it or not, some investors will draw down as they age, and you need to keep replacing this pool with new investors)

3. Fair fees (often reducing as scale benefits accrue to the investment manager)

4. Efficient operations and robust back office systems

The opportunity for PTM remains the same, whether anyone else is involved or not, be it Regal or Magellan. It's to run a successful investment management business that largely provides international equity exposure for Australian savers. Currently they are not making the most of their opportunity.