The insto mandate has nothing to do with their cost increases. Their investment performance has been excellent which is how they've been able to secure the mandate. And $120m is small in terms of insto mandate, min size is usually $250m.
The problem is the growth is baked into the price already, unlikely to go any higher (although I thought that at $90). This year's financials will require a detailed review.
The insto mandate has nothing to do with their cost increases....
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