RPL -1.26%: full-year results for the fund manager today, shares closed slightly lower on a volatile session. The numbers were solid, if not a little messy given the acquisition of VGI Partners in the middle of the year. FUM ticked higher, seeing $0.7b of net inflows, partly offset by $0.2b of negative performance in the second half. They still managed to gain $14.5m in performance fees despite difficult market conditions, positive 2H NPAT of $18.2m. The balance sheet is in great shape, even after the acquisition of East Point which they picked up earlier this month. Regal are doing a good job of growing organically and through M&A, we expect to see further consolidation in the space which will benefit RPL.
MM is bullish and long RPL in the Emerging Companies Portfolio
Add To Hit List
