some quick calcs

Great September FUM inflows, which is the result of the relationships and reputation Magellan is building across the financial services industry. We seem to be comfortably bringing in at least $25 mill of higher fee paying retail FUM each month, over a full calendar year this will bring in $300 mill at the retail fee of 1.25% will bring in $3.75 mill on an annualised basis. This will have a significant impact on last years bottom line of $5.6 mill with the majority of capital costs have been spent setting the business up. Obviously some very simple calculations but it shows the magnifying effect on profit, (assuming they retain current FUM) keep in mind these figures do not include any new wholesale mandates either locally or now from North America.
Did anyone notice that total funds under administration increased by $126 mill yet new funds was only $24.1 mill? With the markets so badly during September I can only assume it was the positive impact due to the AUD reducing in value. This fact makes Magellan an extremely defensive asset to own in these volatile times.