Yeah, no performance fees. Rising costs, falling revenue, preserve cash. The outflows will grow, fast, wait until the dealer groups start telling their FP's to remove their funds from client portfolio's.
McKay is a great man to step back in, he is the anti Hamish in terms of personality, quietly spoken, considered and not a big noter. It will take time but if he is allowed to take control of the portfolio's he will gradually clean them up. Getting rid of investments in non core assets like Barenjoey would be a good start. That was a shocking investment on many levels.
Ann: Hamish Douglass - Medical Leave of Absence, page-118
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