A reasonably good AGM, all considering.
The timely appointment of the next CEO is pretty critical to the future of the business now, particularly after SM's retirement from the Board. I worked with SM many years ago and his knowledge of the funds space was very deep.
The current strategy seems a mix of 1) Slightly cutting fees, 2) Changing employee entitlements on the fly, and 3) Waiting for relative performance to improve in the existing funds. I just can't see that being enough to stem outflows and it certainly won't help drive inflows.
The whole Asset Management industry has changed hugely over the past 15 years, and PTM has launched like 1 new strategy in that time. It's one thing for the Chairman to lament the growth of ETFs and Fixed Income funds, but I'd much rather him talk about how PTM is going to start getting their own inflows from new products in that space.
Ann: 2023 PTM AGM Chair's address and slides, page-2
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