UBS identifies risk to JO Hambro performance fee and fund flow...

UBS identifies risk to JO Hambro performance fee and fund flow expectations.
The group has been a key earning growth driver for PDL since acquired 7 years ago.
Performance fees from JO Hambro have made up a large part of the overall growth
Performance of JO Hambro funds has been mixed over the past 8 months, so there are only 4 months left for each of the funds to reach performance fee hurdles and attract fees.

They break it down as well:
8% of assets under management is above high water marks ( so performance fees are being accrued)
4% of AUM is <2% below
58% is 2-5% below
and 31% is >5% below

So the next few months need to be strong for the business to accrue sizeable performance fees.

Flows haven't been great either but if AUM can remain steady, then investors can look longer term and hope for the following 12 months to have better performance.