Ann: Funds Under Management - November, page-5

Phoenix the outflow / inflow trend is not going to turnaround month to month or even year to year. The reality with these businesses is that FUM seeks out skill and moves away from no skill (qualitative skill but also quantitative (performance). PTM lost its skill maybe 5 years ago when Kerr phased down but it takes time for FUM to move (thats the attraction of this industry).

Platinum is a legacy business and as such is likely to stay in outflow unless they change the culture and invest in their business (not currently the strategy). From a PTM shareholders view its not particularly cheap either. If they because cheap enough I think they would be a good acquisition target for someone that could replace the investment teams and create a good message to the market but the shareprice is way too high for that IMO.