Ann: Leadership Changes, page-16

I bought in with this thesis - I think its a very attractive target to acquire and migrate the FUM, provided the clients stick.

PPS has half the FUM and a market cap which is 7.5x greater. On a stock transaction, PPS could afford to pay a hell lot for MGP and still be value accretive.

What I don't know is just how low margin are the big MGP accounts - i.e. do they have such a sweetheart deal locked in that an acquirer can't make it work.