Ann: FUMAS for period ended 30 June 2018 and ANZ Wealth update, page-16

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
1	Macquarie	27/07/2018	1	Outperform	$11.40	24.32%
2	COMMENTARYJune quarter net inflows were more than $2.8bn in the June quarter. Macquarie believes the underlying business is continuing to perform well in spite of the distractions surrounding the sector.The broker considers the current valuation already incorporates a significant discount for potential regulatory reforms and this is not really justified. Outperform rating. Target reduced to $11.40 from $12.20.
3	Citi	27/07/2018	1	Buy	$10.90	18.87%
4	COMMENTARYRecord flows have lifted FUM well above Citi's forecasts, although helped by the $2bn transfer of an advisor group. The broker expects FY19 and FY20 EPS should benefit but has previously flagged downside risk from increasing price competition on platforms.Consequently, the broker offsets the uplift with an allowance for an increased squeeze on margins. Buy rating and $10.90 target maintained.
5	UBS	27/07/2018	3	Neutral	$9.30	1.42%
6	COMMENTARYFUM in the fourth quarter was ahead of UBS estimates, primarily reflecting flows from an additional adviser network. UBS envisages medium-term downside risks to the company's share of external platform economics as contracts are renegotiated over time.Separately, the company has indicated the full completion of ANZ wealth business will not occur until March, a six-month delay. Neutral rating and $9.30 target maintained.
7	Credit Suisse	27/07/2018	1	Outperform	$12.00	30.86%
8	COMMENTARYIOOF reported an above expectation 6.0% increase in June Q funds under management, from 3.6% positive market moves and 2.4% inflows. Inflows were well above expectation, the broker notes, albeit supported by the one-off transfer of new partnerships with ASIC data.A delay to the separation of ANZ's ((ANZ)) wealth business was also announced. With IOOF currently trading around a -25% PE discount to the ASX200 and offering a 7-8% yield, the broker retains Outperform and a $12.00 target.
9	Morgan Stanley	27/07/2018	1	Overweight	$12.00	30.86%
10	COMMENTARYNet flows were surprisingly strong at $2.8bn in the June quarter and Morgan Stanley estimates that around $2.0bn related to a block of advisers transferring from another licensee. This highlights the attractiveness of the company's advice-lead model to planners, in the broker's opinion.Overweight and $12 target retained. Industry view: In Line.

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