Witty comment. On serious note IB activities can be very bulky. B’joy is involved in some good transactions at the moment and if those come to conclusion well and good. Current environment is supposed to be pretty good IB with low interest rates. When the tide changes I have no idea how B’joy is going to manage with 250 staff. Not like Macquarie or foreign IB which have other sources of income. That will be the point where Magellan will have to be well discipline to walk way I suppose writing off the balance of $156m less $41m already written off. I have all the confidence with the fund management side of the MFG business with very well thought out portfolio of shares which has done well in past as will do well in the future. I think the other investments MFG in GYG and FinClear will do well on continues basis.
MFG Price at posting:
$41.31 Sentiment: Buy Disclosure: Held
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