catching a falling knife here....next fum nose bleed on its...

catching a falling knife here....next fum nose bleed on its way...thankfully bailed high teens, took a decent hit. but hindsights a _#@%! isnt it.

cant c any upside, more fum will outflow, simple kneejerk to Hamish's departure and loss of confidence. Takes years to turn the tide. where FUM will settle, esp with mkts on tenterhooks, who knows, but will be less than half the lofty highs.

how that translates into bps earn rate mix, shredded perf bonuses and overall divi ability post buy back - who knows? but one thing is certain, they look very, very expensive vs peers who have twice the fum now (pdl only 1.7bn mkt cap / ppt ~2bn vs 2.7bn MFG - how to justify such a premium now??)....and b4 some smartie tries to pull the hiostoric p/e's, thats so irrelevant now its not funny...