What was your take on the release today? I had expected net inflows to be roughly flat. In your opinion is 50 basis points of inflow for a funds management business statistically significant? I guess that would annualise 2% which seems attractive when coupled with (hopefully) growth in listed prices of their portfolios.
The advice arm seemed to take the lion's share of this proportionally (up by over 1% in the quarter) and I imagine they are higher margin and in some cases clipping the ticket twice (advice and platform fee)? When I say margin I should clarify what I mean in that the advice takes a higher % fee than the platform.
My take was mildly positive - would be great to hear your view.
Thanks
Andrew
IFL Price at posting:
$8.96 Sentiment: None Disclosure: Held
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