Ann: Funds Under Management - October 2020, page-10

Hi Lost,

Thanks for bringing PAC to the attention of MFG investors.

While both companies report having FUM above US $100 Billion, it appears the business models are very chalk and cheese.

MFG is in my circle of competence as an investor as the business model is relatively simple and transparent.

PAC in an ASX release 30 October 2020, includes the following statement:



On the basis of PAC's helpful guidance; it is apparent that great care should be exercised in comparing FUM growth trends of PAC to the likes of PTM and MFG.