Not good looking, page-11

I don't think so. Both bravura and GBST provide software for platforms. The platform market is in major decline. Investors won't pay their fees in in a low return environment. Why do you think Cofunds was sold??

Where an application software company has declining revenue it only means one thing, lost clients. Note the big increase in R&D this year. Why? Aging software in need of total revamp.

GBST is a solid company but faces a real struggle over the next few years as they face the twin gorillas in the room, declining platform market to sell into and the money needed for major technology overhaul.