what the market was looking for, page-7

funds management tends to be valued at zero because we haven't seen it return anything substantial to our bottom line profits, and it appears as Zero in our balance sheet.

From what I can gather all the funds management revenue in Europe seems to be offset by corporate overheads / high staff costs. Need to trim some fat off this company IMO. Something those potential takeover bidders running the ruler over the company are probably thinking as well.