@lost Thanks very much for all this. That's a lot of work ! Need some time to digest everything.
You made a good point also about the limited share of performance fees which goes to PNI. So far, I thought it was just a function of their holding in each affiliate. But it is more than that. I probably need to better understand that point.
In case you have not seen it, I made other comments previously in that thread about PNI. It is not always positive. I try to have a balanced view, as it helps me to challenge my own ideas.
Please do not hesitate to ask me questions on asset managers or other companies. I keep searching for new ideas, so I had a look at a number of stocks and sectors.
