I like to factor in tangible assets some time, but I don't think...

I like to factor in tangible assets some time, but I don't think we are talking any real risk of closing up just yet Noomx!
Agree Magellan is a cautionary tale for MAM. But even they are still of a chance of hanging on, they still have $40Bn on FUM (roughtly) which would be the envy of just about every fund mgr in the country (MAM included).

So I only factor in their co-investments here on the basis of adjusting the PE to an EV/E...
MAM still showing it's got strong margins and FCF in a tough year (with NO perf fees).
Though I was surpised that mgmt fees weren't higher, given that Jun-23 FUM was higher than Dec-22 (+7%).
Maybe the Av FUM was more like $535M for the 6 months.... likely given the dips

My questions for anyone on the know...
what is the FUM breakdown by strategy? (Deep value, high income etc)
which funds (if any) are near High water mark, and therefore - face any prospect of performance fees in FY24?
Certainly performance of some of them was OK last year...