What I also feel it is important to point out is that, of the...

What I also feel it is important to point out is that, of the +9.8% YoY increase in FUMAS, +6.3% has been due to Net Inflows, and only the remaining +3.5% to market movements (net of margin compression).

Intuitively, I would have rather expected it to be the other way around, given the strong performance across asset classes over the past twelve months.

But this is clearly the better way from an earnings growth sustainability perspective, because it indicates a continuing strong capability to organically grow the business, regardless of the vagaries of capital markets.

I am personally not so sure about the capability to maintain fees going forward, given the increasingly competitive environment and the relatively commoditised nature of most IOOF services, but this result looks like a nice one to me.