Still mostly going to wrong way though to be fair, they're losing the high fee retail business and picking up some likely pretty low fee insto business.
Given most of their international and Infrastructure funds are in multi-year underperformance that performance fee looks like they might be switching some "management fee" for "performance fee" on some of their more recent insto mandates.
Ann: 2023.07.11 Funds Under Management - June 2023 PTM, page-108
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