I understand your point, and I think Cutty has hit the nail on the head. It is difficult to know what MFGs intrinsic value is given the substantial ongoing outflow of FUM.
A classic example of a good buy back, was the one pursued by Berkshire Hathaway over the last couple of years where their shares were undervalued by the market, Buffett could not find any good value investments to make, and he had nearly 150 Billion USD earning next to no interest. He quite reasonably concluded that the best capital allocation was buying back for his shareholders shares in Berkshire at a price some of his shareholders were happy to sell for. The Berkshire share price has gained about 40% over that time.
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