DANIEL GARROD BARCLAYS
A strong set of results. Group flows were slightly weaker than expected, although a slowdown has been flagged, and Asia-Pacific equity remains strong. These results show the margin expansion story is still intact, benefiting from positive product mix.
DAVID MCCANN NUMIS
Another strong beat. Adjusted earnings per share was ahead of our estimate. This was partly due to better than expected performance/transaction fees and partly due to an operating margin of 43.8 per cent due to excellent cost control.
ARUN MELMANE CANACCORD GENUITY
A good set of overall numbers. We are witnessing the rise in revenues and earnings per share to justify the valuation upgrades seen recently in the sector. We expect the revenue accretion to come through to justify the current valuation given the lag in revenues growth as average assets rise.