We spent $2billion to buy FUM and it is walking out the door. Best thing is to separate the fund management business and sell it. How much they going to get? This board and management will be the laughing stock for long time.
That is why they are selling crown jewels and leaving fund management, so someone can throw out all the high priced stock pickers who can't beat the index in 1 year, 3year and 5year basis.
Plus how many brands we have and which brand we going to promote. Also all these brands do similar thing so called "value managers". It is like buying same kind of stock under five different brands and expect to produce different level of performance. Then pay top dollar to five different people. I know this is bit over simplified but we we are not seeing any return for this complex fund management business.
glth & dyor
Ann: Fourth Quarter FY24 Business Update, page-43
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