I haven't really focused much on MFG before and I'm a little...

I haven't really focused much on MFG before and I'm a little confused. I'm hoping that someone can enlighten me.

FUM at 30-Sep was $113.3bn. SJP withdrew $23bn so that leaves $90.3bn

Net outflows for the qtr were $1.552bn (which compares with $1.527bn incl $1bn rebalancing and $0.438bn distributions in the Sep qtr and compares with $0.351bn in the Jun qtr). We don't know what the gross inflows/outflows were, but the net outflows of $1,552bn = 1.72% of the $90.3bn FUM (after SJP).

So $90.3bn FUM less net outflows of $1.552bn = $88.752bn.

And yet FUM at 31-Dec is $95.491bn - some $6.739bn higher than the $88.752bn calculated above.

Where did the $6.739 increase come from? Is that fund income + increased valuation for the qtr (=7.06% of $95.491bn)?

I would be grateful if someone would provide an explanation.