No comment on MFG valuation, but as soon as HD quit it gave the consultants (who run Aust FM industry--whether thats a good thing is a separate question) a thesis breech. IFA were itchy to get out, but as always, want to keep their credibility, so HD going was a gift, i expect no significant reversal in flows and outflows could be lagged as IFA move through their entire client list and get them out. just my view could be wrong

remember the millions of FUM are with DIY investors, the billions with advised wealth imo