Agree with poor management, but stating revenue impact is much more accurate than FUM.
Level of FUM doesn't directly matter, level of revenue from it does.
Ofcourse, the larger the FUM, the larger the rebalancing they'll have to do in their portfolio to liquify those assets, which is bound to worsen their returns on their broader portfolio. Self-feedback Loop.
Not even 20 seems tempting to me right now, the lackadaisical response, the least they could have done is address what steps they're putting in place with the other insto's to hold onto them.
Ann: St James's Place Mandate, page-14
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