Agree sale pattern was not typical of retail client base with...

Agree sale pattern was not typical of retail client base with auto sale programme refilling orders. However, false sell side stacking is not typical which put some doubt in it being M&G trying to lighten their load. Remember the underlying funds have rules around being nearly fully invested at all times.....not sure why you'd sell your winner rather offload your loser???

Personally was thinking it was UBS coprorate clients offloading their position in a orderly manner....numbers don't back it up this theory yet.

IMO any backup plan should involve moving away from Azure as their only corporate adviser. They have done their job but aren't necessarily the right mob from this point.