Fund managers, page-213

@lost
Hi Lost,
That's a good point.
Probably the way also companies are also looking at it.
Is it more interesting to acquire successful teams or buy an existing fund manager ?
PNI gave a clear answer to this question. They prefer to buy teams, as it allows them to limit the price of acquisition (due to 0 AUM initially), while they are often able to get rapidly significant AUM with their new teams.
As you mention it, GQG seems also to follow PNI's example and prefers to acquire teams.

Unfortunately, it seems to show that there is not much value for fund managers which looks cheap, because they had large redemptions. It could be one reason for the large valuation gap between the successful fund managers (able to get net inflows) and the others.