A challenged opening slide from PTM. FUM down, fees down, expenses up.
The shift away from active management continues, both in general, and to PTM specifically.
Admittedly, much of this is explainable through the underperformance of the flagship international fund. 10 years with negative alpha annualised. Equally, Value, as a style, as a strategy has been deeply out of favour for many years now, and this is not such a criticism.
The fees %’s outlined below are total (including performance fees) and the managers vary in how they table, so we try to go for the lowest common denominator (whatever gets combined b/w mgmt fees and investment fees).
PTM yearly numbers are now ~115bps (from the latest results deck) and shows that the fee pressure building.
Manager differences are mostly product dependant. You’ve got largely pure equity businesses in that graph, mixed in with diversified managers (e.g. fixed income) and advice businesses, even those differ (e.g. more wholesale vs general etc) as such the comparisons to make are mostly relative to their own history.
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