Very impressive report, the revenue figures are just now starting to show the rewards for the past fum growth. I found the comments about the future growth the most exciting part, 13 more employees, business been setup in the UK, and this quote "we are very pleased with our relationship with Frontier Partners and the depth of the prospective client pipeline." all on top of the local fum growth.
The mix of fees was interesting, $22,000,000 management fees and $9,000,000 of out performance fees. We know that out performance will not last for ever.
They did disclose their average fum fee of 0.71% which based on the current $4,136 mil this will bring in over $29 mil in annualised fees without performance fees or extra fum.
These guys are not short term thinkers but must be excited by the 3 month average fum of $83 mil to even mention it. A company that is growing this fast deserves a high PE! Can not wait till Monday.
MFG Price at posting:
$2.75 Sentiment: LT Buy Disclosure: Held
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