i used to release those statements myself back in the day. i...

i used to release those statements myself back in the day. i could dissect the whole thing in my mind without even looking. i ran the interfunding and did every analyst preso pack, so i might know a thing or two about it champ

look historically, BTIM (when it split from WBC-pre GFC) ~30bn fum
Pendal + JO H ~60b

Pendal now >100Bn. time is all relative. Pendal have done growth by acquitions (only real way to grow significant FUM) plus, avg bps earned has risen from ~38bps back in my dayz to ~50bps now thanks to all the bolt ons (now 3 times the listing fum).

thats what i was referencing.....the ups and downs of qtrs i dont care about. simple. all mkts copped a shellacking the last qtr/year. To ONLY lose 13.8bn/124.9bn = 11% in mkt movt is NORMAL for the period we just went thru and size of our FUM (lets c how much ppt lost!), just look how the hang seng has performed in the last year, dow, dax, ftse...take your pick.....what is more concerning is if we lost 20bn of client redemptions like when MFG lost St J and PDL gained them! the 4bn of FUM outlfow, almost half was in domestic insto at the lowest 32 bps earn rate (so who cares!)....

mfg has lost 9bn of its 70bn in the qtr...(13%) and are still worth 2.6bn vs PDL mkt cap of $1.7bn yet have just over half PDLs FUM . try explaining that one??? do they earn twice our margin (i doubt it )....lucky PPT doesnt have to shell out $3bn to us, because thats what it would need to stump up for mfg in todays priing for half the FUM and non stop hemorrhage of clients!