Yeah not bad, expenses always seem to run a bit ahead of my...

Yeah not bad, expenses always seem to run a bit ahead of my estimates but FUM growth has been surprising on the upside too. 20x sounds full but there is excess cash and underlying growth is very strong. PNI is another high growth wealth play and the PE is much higher

Looking out to FY18 with current inflows and being more conservative on my cost estimates, I still see very healthy growth which justifies the PE. As long as they can steer clear of any new dramas for the year