Ive been banging on about this for a while so i wont repeat myself. this interview gives much more detail and delivered much more eloquently than what i have written about the model.

https://open.spotify.com/episode/6PwAAjoW7S8LLtVgNMoQF2?si=0a5a231d4e8b4834

this is my (old) industry so i understand the challenges of building an investment business outside of delivering the investment results, which are the simple part.

in fact i would point to losing IC as a key risk for PNI, it is a specialised position usually dealing with large egos and delusional self-importance. appointing a "big swinging d***" could be a thesis destroyer imo. getting to a sustainable business is a balance. I thought Gavin Rochussen was very good for Pendal in this regard, but when he left, well we saw the decline.

enjoy for those interested