Hi Greg
I agree with the Management Fee (100%) through Aether Investment Partners and Performance Fee (25%) through Aether General Partners.
I believe the $AUD8M to $AUD10M is correct for Management Fee revenue from new FUM - Aether Investment Partners revenue. That is 0.8% to 1% for management fees on $AUD1B ($USD750M). I don't believe management fees will go down to 0.6% on average, despite range in the SEC brochure.
I believe Aether earns a bit more through performance fees for its current FUM due to management targeting this method to generate money for themselves (the other 75%). The brochure states "performance-based allocations do not exceed 5% of profits and are subject to certain preferred return hurdles". Believe performance fees make the difference up of between 0.4% and 0.6% on existing FUM and have assumed it will for future FUM.
I have dug around to see why I have 1.4% on older Aether FUM (I will post when I find it). This could change with future FUM and the amount of FUM being sought. I use 1.4% as a guide only - also includes the fact that Aether is a Tier 1 Fund and needed to generate this on historical FUM to get to Tier 1 status. The 1.4% fee would mean $AUD14M in revenue is generated.
I do like the conservative NPAT figure of between 8c to 10c ($AUD4.1M and $AUD5.1M). This is an uplift of between 15% to 19.5% on an annualised EPS basis from the Aether FUM itself - based on last years earnings without Banner Oaks. I can't tell what the uplift in costs will be if Aether generated additional FUM.
The other item to consider is any Distribution Fees generated by PAC's sales team. Does PAC have a distribution agreement with Aether? I have assumed not. This would increase revenue as well as employee costs, but should be profitable if there is.
Best of Luck
Lost
- Forums
- ASX - By Stock
- Aether Real Assets Seed Partners I - $750M Capital Raising Target
Hi GregI agree with the Management Fee (100%) through Aether...
-
- There are more pages in this discussion • 3 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add PAC (ASX) to my watchlist
(20min delay)
|
|||||
Last
$11.00 |
Change
0.300(2.80%) |
Mkt cap ! $574.1M |
Open | High | Low | Value | Volume |
$10.90 | $11.31 | $10.75 | $6.456M | 584.2K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 339 | $10.99 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$11.22 | 5000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 5000 | 10.950 |
1 | 1995 | 10.910 |
2 | 6000 | 10.900 |
1 | 100 | 10.880 |
1 | 150 | 10.700 |
Price($) | Vol. | No. |
---|---|---|
11.220 | 5000 | 1 |
11.260 | 11313 | 1 |
11.750 | 500 | 1 |
11.980 | 1500 | 1 |
14.000 | 500 | 1 |
Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
Featured News
PAC (ASX) Chart |
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online