x date, page-20

It is still tanking from what I can see. Volumes seema bit low perhaps but still heading south.

There are some really interesting indicators in the fundamentals of AMP that you don't read about. They have an over reliance on consulting firms, this indicates that management wont or cannot make a decision. They have a long term top heavy management team, this suggests that many of the management team are not being held accountable for poor performance. Some managers are paid over $150kpa but it is not clear what they do or how they add value. AMP have never made their strategic direction clear. The current revenue streams are under massive threat. Their FUM funds outflow is now massive and their inflow has always underperformed the general market. They are cutting fees on all of their products to try and catch up but the market has already moved against them thus perpetuating the outflow of funds. Their figures will look OK for the next few years but it is not clear how they will stem the outflow or even remain profitable. I'd suggest that to stay in the game they've got to reduce costs by 30% and retain FUM but that is going to be a hard ask.