I'd agree with your sentiment here @Marla. The other factor that...

I'd agree with your sentiment here @Marla.

The other factor that I have not read elsewhere in any other valuation or investment case for MFG is what happens if this is just the first domino to fall? Surely if St James Place have reviewed MFG and decided to pull their funds then this would be a clear signal for all other clients of MFG/fund managers in MFG funds to review their mandates with MFG. And if these clients/investors didn't review their mandates then surely the end clients of these fund managers would be asking the question "Why not? If SJP think its a steaming pile, then why don't you?".

It will also give the clients of MFG an enormous amount of leverage to say to MFG - "Reduce the fees or we will walk!"

"Money Follows Money"......in both the good times and the bad times. This has the potential to get very ugly for MFG's FUM position - as if it wasn't already ugly enough.