Time to Buy..., page-10

Quality business and because of that its always on my radar. But next year will likely see earnings flat. Impact of losing Pershing as a client will flow through and losses in the Capital Market business will increase as they increase investment there. UK Wealth will also slow, although off a larger base (40% revenue growth in FY15, very unlikely they get that this year, more likely to be 10-20%).

The upside is in the International Capital Markets business but they just don't have the regulatory drivers that existed in the UK (and which drove such rapid growth there). Each new customer will be a much harder battle than it was in the UK. Don't expect similar results as fast as the UK growth happened.

I expect acquisitions to try and fill the growth void in FY16.