Ann: Interim Results Presentation - 31 December 2017, page-2

Took the opportunity of share price weakness to take a position, looks great value from a discounted cashflow valuation.

Result looks excellent, despite the investments in more resources (which will reward us in future growth eg. The larger shared New York office) the company still produced higher earnings and solid cash generation. There is no tangible effect from US tax changes, the CFO estimates at least 5-6 years before any tax is paid in cash, and then it will be at a very modest 21%. There's a lot to like about management's focus on profitability, not necessarily AUM growth, and a determination to act in the long term interest of the business.