Boom. So the chickens are coming home to roost and Glaucus has...

Boom. So the chickens are coming home to roost and Glaucus has been proved to be right about the underlying valuations being too aggressive.

That's a scary prospect where a review of 12 out of 93 assets representing 25% of FUM results in a writeback of NPAT of $7m due to over-accrued performance fees because the valuations were too high. Admittedly a downward revaluation of assets where no performance fees have been accrued won't have an impact on NPAT, but this validates Glaucus' argument that the business model is fundamentally flawed.