Thanks for the post. It makes me re-think my investment thesis. I was under the impression that the growth of funds under management is the key driver. According to the above, it is not asset management but wealth management. ... and wealth management would be much harder to gauge in terms of margins, cash flow, risks etc. than asset management (to me at least). I am thinking also that income derived from wealth management would be more fluctuating than fees and margins from asset management. A reduction of funds under management is a negative for me. ... Yet, Mr. Market views it positively atm. ... Possibly on the old paradigm that the parts are / were worth more than the sum.
IFL Price at posting:
$4.72 Sentiment: Hold Disclosure: Held
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