The fundamental questions you raise are the right ones for mind, the clients are sticky however so is everyone else's, the platforms are all pretty much as good as each other at this point and yeah even the dinosaur's like BT have a good platform on Panorama. These guys are still growing FUM albeit at moderate pace and growth in the entire sector is topping (you can only invent the wheel once). Not a chartist by any means but its ugly and I'm currently out but on an extremely bad day I'll be back in. My thesis is that as sector growth becomes difficult the larger 2 will look to buy growth, basically without the chance of a TO I couldn't be a part of it but I do believe this is a very attractive target and will be bought out.
PPS Price at posting:
54.5¢ Sentiment: Buy Disclosure: Held
(20min delay)