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Quick update to the Back of envelope:FY25 Average FUM - $12bn...

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    Quick update to the Back of envelope:

    FY25 Average FUM - $12bn (assume mkt up, but outflows continue over the year)
    Average Fee - 105bps (factoring in some fee cuts, some of which they have announced)
    Revenue - ~$126m
    Total costs ~$72m (they said previously the turnaround would cut their $96m ongoing costs by 25%)
    Pre-tax profit ~$54m (before any profit/loss from ownership of the Funds)
    After tax profit ~$38.9m (assuming net 28% tax, as there may be some offsets)
    Shares on issue ~582m
    Profit per share ~$0.067

    Anything I'm missing? The value of the Cash/Seed sits external to that.

    Last edited by mrriesq: 11/07/24
 
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