Yeah, probably around $120M for the year, lowest since 2015. Hopefully it's just a temporary downturn (market got spooked in December, perhaps it was just a quiet Dec/Jan, and bouncing back now). But even if this is as good as it gets, that's still about 1-2% annual growth from net flows, add another 5%+ from growth in assets and you're still looking at ~$10B FUMAA in 5 years with an EBITDA ~$20M (2.5x FY2018)
Yeah, probably around $120M for the year, lowest since 2015....
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