RPL +5.49%: The fund manager announced strong 1H23 numbers today with Net Profit up 98.5% to $13.1m, covering more than half of the FY23 consensus numbers in the process. Costs fell 10.7% as they realised synergies following the VGI Partners merger completed last year. Flows have been strong, FUM was up 23% in the last 12 months largely thanks to strong performance numbers in new and alternative investment options. They had $234m cash in hand at the end of the period, making up about a quarter of the value of the business and supporting plans for more M&A.
MM is bullish RPL ~$2.50
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