i always look to ex-FX FUM for fee revenue. mngt fees should be in native currency and hence retail outflow of ~-$3bn and huge insto outflow of ~-$8bn will result in a decrease H1 vs H2. the headline numbers are just the financial gloss.....
lets c what the financials spit out...should be interesting how they polish it.
Some Peeps forget the sliding scale impacts of a significant loss of fum. A year presents the aggregate of monthly "averages", the year that follows will be met with a reset (-$25bn FUM) FUM base + impacts of outflows (unabated trend). The revenue this year (as it did last yr) will shroud the significant impact this downward re-basing will have on revenue and flows for FY24!
Kirsten will have her work cut out for her to dress this one up, she never had much flair to begin with, bit of the vanilla type from memory having worked with her back at pwc...lets c if she's developed a few masking techniques...
MFG Price at posting:
$8.67 Sentiment: Sell Disclosure: Not Held
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