This is the part that concerns me. Historically been a huger driver of FUM as you point out, but has been weak for the last half. This could turn around next half or could represent the structural change that has been happening across the sector - More Insto's taking funds management in house or using ETF's.
Having said that, retail and sub-advised groups are charged higher fees, so if they can drive more growth across those channels the NTM margin will increase. It's just harder to drive FUM growth through those channels.
It's a pass mark for me, not blown away to be honest. I want to see those insto flows pick back up next half.
Ann: Mid Year Results - Investor Presentation, page-4
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