wow - bleeding retail - your LARGEST (by a mile) fee earner!
so:
Jan FUM = $46.2bn
LESS
Feb client outflow = -(0.8bn)
= Feb FUM of $45.4bn
This implies that mkt performance was entirely offset by FX (fake) gains! the wild FX swing benefit shielded the result from being EVEN UGLIER by a very, very disappointing performance (that will drive FURTHER outflows)!!!
very lucky FX worked in your favour to hide the abysmal performance!!! had FX been neutral, this result would be -(1.4bn) WORSE ($44bn instead of $45.4bn)!!!
so much for stemming outflows.....retail has awoken to the RED ink for high fees conundrum!
Ann: Funds Under Management - February 2023, page-4
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