12% of revenue and 6% of profit
Magellan again mis-leading shareholders.
2021 Rev. 699.1m
Net profit before associates 454.4m
profit margin of 65%,
12% revenue loss would account for 7.8% profit reduction.
fund managers scale both ways.
they have a low fixed cost base, any incremental revenue will fall to the bottom line after tax.
On the flip side with outflows, any loss in revenue is all out the window.
This is the first, it's now more of a when question rather than will others follow at this point.
Ann: St James's Place Mandate, page-21
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