Net asset position, page-19

They only get Management fees on the funds under management, not the assets. This was the heart of the Glaucus issue with the nature of the reporting and promoting.

So based on my numbers above, assuming $4B in assets = $2B in Equity, 2B in Debt this generates $40M of management fees pa, if there is a re-valuation down 10% then the funds under management drop, $3.6B Assets = $1.6B Equity, $2B Debt, generating $32M in management fees.

So if you then draw some conclusions from the above - Significant adjustment for performance fees, management fees under pressure, limited interest in new funds, write downs on the co-investments in these funds plus a class action (because if the independent valuations come back less, then they have mis-informed the market) Then you are looking at a loss for FY18 and possibly the business starting a downward spiral. Somebody will step in and buy the funds management business for cents in the dollar and wind this up...