more than factored in. and the new cowboy wanting to join the board isnt proposing anything new to the current strategy apart from boo hoo we're selling a great brand name. move on. BTIM became pendal, made up of JO, TSW etc as is perpetual, made up of many brands that exist in their own right. Who cares what the parent entities ultimate name is? How much FUM does the former PPT entity actually hold vs the group? 25%? at best...
take the deal, clear the debt and half the remaining headcount. its exactly what is happening now.
lets face it, PDL screwed PPT, the fact that a few years on and the one off costs are only now in decline means pdl really had them trapped by the nuts.
the next phase will unravel with or without new leadership. PDL integration is ending early next year, with Wealth and corp gone so does our debt and interest issue. Then its to fix the AM side of things, simply downsize the headcount to link to FUM outflows, consolidate like for like teams, then drive a rem process linked to the bottom line, carving out every FAT as we can afford to drop some internal egos.
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