The positive aspect is that FUM have continued to grow, albeit...

The positive aspect is that FUM have continued to grow, albeit not by much.

This is a better performance than some much publicised competitors.

The Auxillium initiative has a pleasing ring to it, but benefits will take time to emerge.

The PCCU acquisition hasn't gone as well as expected, but it is early days with FID having a good track record of eventually convincing advisers and clients that it truly adds value.

Was the 23 per cent of PCCU clients who elected not to transfer a higher than expected figure?

'Mr Market' may not like the dividend decrease but despite challenging times, FID remains in the black re NPAT. Again, that's not something every financial services entity can always boast.

My major concern would be the paragraph on page seven that says FID believes the worst is over with financial markets and that the latter 'may trade sideways for a number of months'. One doesn't want to be 'Dr Doom' but analysts such as Christopher Joye of Coolabah Capital heatedly disagree and suggest we're in for tough times on the equity and property markets/sectors.