I think you miss the point, they have moved into other areas that are not what they have been doing from inception. Barenjoey is the classic. The beauty of a funds management is the fee generation is consistent based on your FUM. Investment banking is anything but. Historically transactional based biz gets valued at a multiple of one, funds a lot higher. It was an incredibly dumb move and if you track the performance of MFG to that investment there is an off correlation with the share price.
And getting involved in poaching big investment banks staff is never a good idea when they help generate flow and pump out research.
MFG Price at posting:
$29.36 Sentiment: None Disclosure: Not Held
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