Ann: Market update, page-44

My impression is still that it's a bit too early (although happy to be proven wrong on this one) but at some point I would like to own this business.

Nice to see Haitong go live with Syn but I just don't see the type of catalyst for growth that the wealth division had (and still does have) in the UK in what is otherwise a very slow moving industry.

I like management and they tell it how it is. The longer term growth story remains intact and in time the UK business alone is probably worth the current market cap but there is a lot of work and investment to go into the other businesses in the mean time. The UK business was a hard slog to get it to where it is today and people seem to forget that, they now have to do the same in other markets without such favourable regulatory tailwinds.

Am a buyer at the right price.