Hi @RustycageHere is the sum of the FUM detail from last...

Hi @Rustycage

Here is the sum of the FUM detail from last quarterly FUM Report:


There is a breakdown in the last few columns of FUM ex-GQG and with GQG, based on ownership %'s. With current ownership levels PAC has the following:
Based on % ownership
- $AUD11.2B Ex GQG in FUM
- With GQG it is $AUD16.257B
Aggregate FUM
- $AUD43.8B Ex GQG in aggregate FUM
- With GQG it is $AUD170B

FUM based on ownership jumped significantly when PAC bought Banner Oak with the 1% of GQG they sold off. PAC has an ownership stake of 35% in Banner Oak.

One of the complexities of PAC is the growth in FUM, it doesn't mean immediate returns. Some of PAC's boutiques distribute earnings toward the end of the life of a fund or over a four to five year cycle (Carlisle and Victory Park Capital). Victory Park Capital (VPC) is about to generate larger returns for PAC as a number of their funds become end of life (VPC replacement FUM is being generated now, the last close of capital raise was $USD2.4B more than doubling the size of a fund that it is replacing - ensures revenues will not decline long term). This lumpiness is risky, for VPC there may be an issue in 2027 that investors need to monitor, but earnings will restore after this period. The risk is that there may be one financial year period beyond 2026 where a VPC funds life does not end and PAC will need to rely on other boutiques to replace revenue for that one year. I would anticipate that PAC has a lot more boutiques by then and will have minimal impact, but investors need to monitor.

Boutiques like GQG and Banner Oak distribute dividends on an annual basis. GQG revenue received when dividends are paid. Banner Oak is a preferred revenue share and is paid throughout the year.

I am assuming because you invest in similar US based fund managers you are familiar with the Distribution Methods - here is a good website for reference (https://fnrpusa.com/blog/american-vs-european-equity-waterfalls/#:~:text=In%20a%20European%20waterfall%2C%20the,time%20as%20the%20Limited%20Partners.)

Here is the industry wide review of all ASX listed Fund Managers:

This highlights the growth over the years. This will continue with the purchase of one or two more boutiques over the next year with the debt facility.

I'll leave you to reading through.

Best of Luck
Lost