The fund manager posted a better-than-feared quarterly update yesterday and while flows of -$2.3bn were negative, it showed a significant improvement (slowdown) versus recent qtrs (3Q -$4.0bn) and better than the market had feared.
- PDL is our preferred way to play the depressed Funds Management sector, with an improving operational performance along with some corporate appeal via Perpetual (PPT).
MM is bullish PDL ~$5
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