I don't think there is any issue with referring to AUM as fair or market value (ie equity plus debt). The issue, and one needs to read both Glaucus and Blue Sky statements carefully, is reference to "fee earning" AUM.
BLA says:
1. It reports on market value AUM (which is fine);
2. It had "fee earning" AUM of $3.9b at 31 Dec 17 (rather curious, as this implies AUM is equal to "fee earning" AUM); and
3. Its peers such as Charter Hall, Dexus, GPT and Goodman per Appendix 2 of their response to the Glaucus report use market value for AUM (no problem for the peers) but BLA avoids any reference to how said peer group refer to "fee earning" AUM (which is the real issue).
BLAs response was not particularly robust and has a number of gaps, which is why the stock has traded down since coming out of suspension.
BLA Price at posting:
$8.54 Sentiment: Sell Disclosure: Not Held
