There is something brewing here. Looking at the monthly FUM updates we have a very sharp increase of FUA (Funds Under Advice) throughout 2022 to date.
Looking at last years presentations they have diversified their business away from purely FUM (Funds Under Management) into these other areas as well. Assuming a positive correlation of revenues against this sharp increase in FUA, why is there complete silence across this story? They are profitable just with the old FUM business so this FUA growth is pure profit margin. Am I missing something here?
Ann: Monthly FUM update, page-2
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