I think most would agree that current share price is well justified even 2010H1 result is similar to the previous half - or even there is no FUM/AUM growth and no improvement in expenses savings.
I think there are a few possible surprise upside may emerge in the short term:
1. managed account investment growth continues to be strong (there was $370m inflow in previous half) and HFA redemption outflow stabilized;
2. expenses savings and no equity settled transaction expenses will improve the bottom line;
3. Man group's GLG aquisition has set a reasonable indicator on HFA's value - they have similar balance sheet, investment performance/platform;
4. should Lighthouse proceed to win the major institutional hedge fund of funds award next week, it may boost its profile and inflow.
Alphasigma
Please do your own research
short term outlook
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