You can't compare PAC's NPAT/FUM against other fund managers unless you account for their equity interest in the FUM. The reason their margin looks low is they don't own 100% of the FUM.
PAC might only own 10% of a manger with $10b of FUM but they still record it as $10b in the quarterly FUM release even though they only get 10% of the underlying profits from that particular manager.
Their FUM updates are misleading, they should quote their equity interest not a gross total
You can't compare PAC's NPAT/FUM against other fund managers...
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$10.77 |
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