Just out of curiosity... I am guessing FUM is very closely...

Just out of curiosity... I am guessing FUM is very closely correlated to how the market is performing. And this correlation will likely have a Beta greater than 1 (that in a rising market inflows are likely to be larger and in a falling market we will have redemptions). I really like the FID model, but in the case of a 20% market "correction" in the next 1-3 years how would this impact the FUM of FID? Would such a correction put FID back into neutral or no profit territory or are we well past that stage?