Yesterday Regal Partners (ASX:RPL) announced  RPL's CY 25 performance fees are expected to be $172m - just over double that of CY24.

The RPL CY25 net profit after tax guidance given was $145m - up from $98m last year. 

For CEO Phil King this represents a remarkable recovery from the misery of March last year where they dropped $220m on an investment in the failed biotech Opthea. 

RPL now has around $21b Funds Under Management and base management fees on this are running at about 1.1%.

RPL has a current market cap of around $1.2b and is selling on a multiple of around 8 times.

 If RPL or any of these currently out of favour Fund Management business can retain and grow their FUM they can do OK on the base management fees alone.  And unlike the old Hamish Douglas led Magellan (ASX: MFG ), RPL has the advantage of a wider spread of investment mandates, locked-in FUM in listed entities of around 15% of its total FUM and around $160m of cash & seed investment on its balance sheet.

Maybe the greatest risk to RPL shareholders is Phil and his band of bandits and just how much money they extract before you see any of it.