I am fairly new to MFG so I probably do not have all the info...

I am fairly new to MFG so I probably do not have all the info that the old hands have. I've been caught with the share price drop so I attempted some approximate calculations.

Based on the 2021 Annual Report - Note 5 (page 59) and Chief Executive Officer’s Letter (page 14), it seems that revenue from the retail FUM is about 1.27%pa and from the institutional FUM about 0.39%pa. This is roughly consistent with a revenue reduction of 12% in a full year from the loss of the SJP mandate.

Therefore, the FUM drop from Dec-21 to Jan-22 of $1,484m (retail) plus 469m (institutional) equates to a drop in revenue of just over $0.11 per share on an annualised basis.From Jun-21 to Jan-22 the drop in revenue (including the SJP loss) would be just over $0.50 per share.

Although harder to calculate, I could see MFG dividends based on the Jan-22 FUM at about $1.60 per year (presumably still 75% franked).

Hopefully I have got all this approximately right, but I am happy to be corrected if someone can do better.

Looking at the history of MFG FUM, it has grown rapidly over the last several years. So perhaps the lofty share price in mid-2021 was based on an expectation that the FUM would keep growing at a rapid rate. That expectation has now been dashed. But nevertheless at current levels, MFG is positioned to return some 13% in grossed up dividends (including franking credits) based on the current share price, in a full year at these levels. I don't know where the FUM will go in future, but that's not bad.