@lost Hi lost, Did you see the trend for PNI net inflows : - FY 18 : 7.9 bn, - FY 19 : 6.5 bn, - FY 20 : 3 bn, - FY 21 (up to April) : 15.4 bn (5.5 bn for H1, then 9.9 bn for H2 up to April).
As you pointed out before, there is quite a good correlation between the share price for fund managers and their net inflows trend. PNI share price peaked in Sept 18, as the market may have anticipated that their growth peaked. Since the beginning of 2021 calendar year, the share price has a significant rebound, in line with the significant rebound of their net inflows.
