Ann: FY18 Update, page-11

Looks like support at 11.40ish which is where I bought over last 2 days.

Be interesting to see if they can transition that 700+M across for Fitzpatricks by November, will all depend on how good their transition team is and probably more importantly how good the administration is of whomever is losing the assets held currently. Never an easy thing, even though it should be much easier than it often is.

Given Fitzpatricks have such UHNW clients they will have alot of software demands and the costs and therefore margins are likely to be squeezed significantly as a result, however still think this is extremely positive for Hub, however analysts viewing margin pressure, even if mostly related to one transition may think otherwise.

The pressure will atleast help their product/functionality development pipeline, even if scalability improvements will take a backfoot for a while, so this will help win new business and possible their chances of taking the Investment Trends functionality award for 2018, however Netwealth won't make it easy.

Still wait Netwealth number 1 in the market, however growth may be better for Hub in the shorter term.

Still a buyer up to 13 though, so still reasonable value given growth I expect they will achieve.