Ann: PTM turnaround program update, page-66

The proposed restructure does not go far enough. A 26% cut in overhead costs ($25m) is not significant when total overheads currently stand at $96m:
- they have $15b in FUM (soon to become $14b)
- I did a quick search and cash wages is $22.9m (ie FY $45.8m)
- for FY23 PTM appeared to pay c. $50m in base wages and $6.5m in bonuses (not including share based performances which is circa $16m pa)
- I found on their website that they have >120 employees (average of $416kpa before bonuses - how do I get a job)

When managing $14b in FUM and in this day and age of outsourced administration, how much infrastructure do they really need. Particularly if MFG is anything to go by, FUM still has a significant way to fall until they restore confidence and steady the outflow blood letting. Which could still see a significant amount of the FUM exit. This is particularly given that their original advantage when they started out in the mid-90's of access to international investments no longer exists from other international managers that have set up (including the tiger cubs of PTM), ETF's and direct.

There is way too much fat ($96m in o/heads) for a manager that is only managing this small amount of FUM.

JP, you have been put in place to do a job. Grow a pair and make some real change.