Probably depends on whether we have a friendly bear or an angry bear. The market drop from April 2015 to Feb 2016 was 20%. I'd put that as a friendly bear. In that time FIDs FUM rose 7% from $1244m to $1344m due to a combination of inflows and acquisitions.
If we had an angry bear, like a GFC induced 50% fall in the market well yes, that is going to see net inflows become net redemptions. You don't want to own wealth stocks when you have an angry bear
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