Ann: 2014 Full Year Statutory Accounts, page-14

Earnings are linked to FUA and right now that number would be trending down. And for as long as the banks and miners are under pressure so will the XJO and the fund balances of all Australian fund managers / planners.
I have halved my FPS holding since the results (which did increase in the lead up to the result), sold out of CAF in recent days and substantially reduced my holding in AEF after its unusual ex div strength.
I view the current shake out as potentially the worst we will have seen for a couple of years and thererfore am happy to stand aside. Small caps are usually slower to recover when the market picks up which normally gives you an opportunity to pick up illiquid stock.
The only wealth play I haven't sold down is HFA. I've actually bought more since the block trade overhang. It's FUM is not as highly correlated to equity markets and its earnings are USD.