PDL -7.35%: The global fund manager provided an update today with funds under management down ~11% in the quarter to ~$111bn which included $4.2b of net outflows, $13.8bn in marked to market offset by a +$4bn contribution from a weaker AUD. They did say that St James was putting in $4bn shortly, if you recall these are the guys that left Magellan (MFG) a week or so after Hamish Douglas confirmed no institutional investor was concerned about performance! All in all, a weak update, not unsurprising though given their exposure to weak markets, although the ~7% sell-off disappointing.
MM has just added PDL to our Income Portfolio
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