Ann: Notice of Conference Call, page-3

The result was reasonable given the environment.

MTM, Corp revenues and Perf fees were down - as you'd expect in a market like this.

To have overall revenues increase is impressive, and is largely attributable to their move away from Perf fees overall.

The biggest issue is the drawdown on the credit facility, which resulted in a relatively high interested charge (roughly 9.3% from memory) on funds drawn. It'll be deployed, sure, but the timing of the facility and drawdown is not ideal - especially since they backed out of the deal at the last minute (for good reasons I presume).

Should these market conditions reverse on lower inflation, we should see elevated mgment fees remain (if not increase due to more FUM flows) and a return to Perf/MTM revenues.