Ann: Funds Under Management - June 2017, page-8

Hi Both
PAC management have always been vague about the way fees are earned with GQG (assuming due to commercial agreements).
Goldman Sachs are partnering with GQG to generate Retail investors via GSIHX, see details:
http://www.businesswire.com/news/ho...an-Sachs-Asset-Management-GQG-Partners-Launch
You would need to find how much are Retail versus what PAC are assisting in selling via Institutional Investors. PAC don't generate Retail sales, therefore don't get any lead generation revenue.
Previous statements made by PAC management is that they will be generating revenue, but the cost to generate will be high, therefore low margins (PAC outsource to ALPS Distributors in the US to lead generate for Institutional Investors, a subsidiary of DST, not NLCG distributors which was owned by Northern Lights Capital Group at merger).
Financial Announcement will show part of the year, but not all.
Best of Luck
Lost