Fum hasnt been growing because of USD. Flows continuing.
I have 0 concern over future funds management business given the flows have been steady. As I said if we get mean reversion in currency MFG will back on the growth path with their fee revenue.
Hamish has also been on the front foot:
1. Private equity investments (guzman & Finclear)
2. Poached all top UBS bankers for M&A and investment banking (barrenyjoey)
3. Retirement product in the works
They are smart operators. Could care less about what GS think, have known Hamish and Chris for over 10 years, these guys aren't stupid.
Ann: Funds Under Management and Performance Fees - December 2020, page-23
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