poor folks at open today, page-6

Before the end of this calendar year actually.
MFI recurring management fees will cover all recurring expenses. The expected substantial one-off fees (establishment, acquisition, etc.) will then be mostly going straight to EBIT, thereby delivering a significant boost to profits.

The revaluations and unrealised gains will always form part of this company's revenue I expect, as with other similar companies, but as assets under management keep growing, the cash component will increase.

I think from FY08 onwards we will see a more stable and consistent earner. This H1's cash earnings were pretty good anyway.

Bill Ireland has said on a few occasions now that MFI will produce strong growth in EPS for the next 2 to 3 years. They have numerous new offerings for the H108, which will see AUM increase to double current AUM.