True but FID is not currently just an organic growth story. They are also using their excess cash to acquire financial planning practices where they can gradually move the acquired funds under advice on to their platform and into their funds. So as well as shorter term cost synergies there are longer dated revenue synergies.
Between March and August 2015 FID via three acquisitions added $226m of funds under advice. These acquisitions probably contributed very little to the most recent interim result. However in this half the cost synergies should be coming through and I estimate could add around $1.35m EBITDA and lets say around $0.95m OCF. So there is some material acquired growth over and above their organic growth.
True but FID is not currently just an organic growth story. They...
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