Ann: Fourth Quarter FY24 Business Update, page-48

as i said "unless your funds fire on all cylinders, good luck with growth"

pdl tried for years. FAILED. Legacy wbc was in major attrition, exposing the investment case...then the well timed acquisitions came! had to, domestic fum is a challenge to continually outperform, our asx returns are mediocre at best - just look at our index, 16 years on and barely higher than the GFC high and heading backwards again....

mngt knew that overseas fum was the key! look at the dow jones, nikkei, dax etc. investment performamce mantra is diversification and that what they pursued....

inherent issue now is extracting corporate (aka shareholder) value out of the boutiques. its long been known that fund managers are in it for themselves, theres a high cost of servicing the egos in the sector and it comes at s/h expense. PPT need to extract this value, reign in the boutiques and rotate fum out of poor, low margin offerings into new, higher bps funds. this all takes time.

buckle up....

meanwhile, is our mkt cap less than the $2.1bn t/o price yet?