A pickup I had was that they mentioned partnering with profit for member funds. I'm not sure if this is new. I thought they might distribute through them, but partnering has a different overtone. I assume they are talking industry super funds. This might be a very bad move, as these organisations will possibly become competitors at some stage, and it is a natural offering to make to their members. These organisations can offer this with a far less leveraged balance sheet as well. Might be a bit like the deals for manufacturing in China that western companies took, with IP and knowhow, rather than sharing profits, being the main target of the Chinese.
Also they have changed the ROE target. Probably very sensible to do so, but from 18% to 15.5% now, and possibly a bit over 14% later if rates keep falling is a big change in longer term outlook.
Q4 sounds like it will be a very poor quarter after there was a possibly a reduction in downward momentum in q3. Market will be wondering how bad, as we await the Q4 update in August.
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