thanks. yea, $20.6 bn might be closer to the mark. I might have overestimated what the management fee might be for St James Place. 61 bps is the average over all institutional and retail I would say that St James Place having such an enormous amount of funds under management (12%) compared to other fund managers meant that they had a special deal with Magellan. if it was 50 bps, FUM would be around $17bn if it was 40 bps, FUM would have come in at about $21bn @ 40bps a rough back of the envelop calculation would give you $95bn so it could be that even One good thing about SJP leaving is that it might significantly derisked the stock as any one institution leaving will have less impact on earnings from here on
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