Maybe - although they talk about "Investing in Distribution" in the FY results announcement, plus staff wage inflation. They can't cut too many employees without annoying the fund ratings agencies, particularly in the back office. They also no longer have a combined CEO and CIO, so that's an extra cost.
Fund costs will come down a little, as they are often based on FUM.
Ann: Funds Under Management - December 2023, page-8
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