Initially, I thought the same about net inflows. But looking at...

Initially, I thought the same about net inflows. But looking at page 2 of the announcement, pension payments haven't been included in flows. After accounting for pension payments (which are an outflow to me) flows have gone backwards overall and across all divisions except Financial Advice. Now I am not suggesting anything untoward about the accounting, rather to me it makes sense to include pension payments in outflows as they are funds no longer managed by IFL. A strong market and acquisitions have given FUMA a decent boost.

Still cheap at these prices and with AMP seemingly about to capitulate there should be further acquisition opportunities for IFL. I have only sold out due to the strong market meaning I have trimmed a number of positions and the general feeling that after the strong bounce, the IFL SP is now closer to fair value.