Silly question, new to AEF and a little confused about how the company is set up in relation to its ASX listing.
My understanding is that the FUM is the total amount of money AEF has invested - which is mainly super and component of managed funds. So therefore, as a retail investor I could go to AEF and invest my super or directly into one of their managed funds (i.e. income, balanced, emerging), and similar for institutions.
In relation to the listed entity does AEF generates its value from the revenue generated from 'management fees' tied to the FUM?
Is this is the case is this business easily scalable - considering it has the ability to grab more of the super pie and not increase expenses too much?
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