@daicosisgod Hi, Thanks to have mentioned again PNI.
In fact, I had forgotten a bit about it for 2 main reasons : - active fund management is a really tough area with the competition from passive funds, more retail investors managing directly their portfolio and superannuation funds bringing funds in house, - but the main reason was that I thought that they may had reached the point of peak net inflows (see my message above to Lost).
Happy to see that I was wrong on that last point. Even if we consider that there is some catch up effect from last year, the average of net inflows during the last 2 years is still above FY 19, which is a great performance, in a sector of active management which struggles to get net inflows. Of course, the main question is to wonder if they can continue to grow their net inflows at such a pace and where the growth will come from. Apparently, they are getting really optimistic about offshore instos (1.2 bn net inflows from there between Jan and April 2021). That's interesting as the potential is significant and they are probably at the initial stage there.
