Ann: MA Financial 1H23 result - record first half inflows, page-5

This issue has long washed over. With offices in HK and Singapore they are now directly targeting foreign investors unrelated to need for SIV investors which is continually decreasing as a percentage. That was an easy way to get things started but now they are moving next level. Combine that with a significant uptake in high net wealth local investors and you can understand why their FUM is up 300m in the first 7wks. Annualised that out and you have 2.4B or 28% increase exceeding this years 20% increase. If you look deeper into the numbers you see they are focused on developing a wide moat that brings in significant and continuing to grow baseline reoccurring revenue. In doing so the variable corporate advisory performance fees then become icing on the cake when the present global macro environment changes.