DANIEL GARROD | BARCLAYS CAPITAL
Equities inflows surprise on the upside at £2bn for July/August with encouragingly good diversification away from just GEM. However, the share has been a very strong performer so we could see a little bit of profit taking.
HALEY TAM | CITI
Strong high margin flows into Asia Pacific, Global EM and Global
Equity continued into Q4. Gross inflows into GEM did slow versus Q3 as planned, but net flows actually look to be on a better run rate due to better retention.
DAVID MCCANN | NUMIS
Net flows were -£0.1bn, but this masks a strong +£2bn into high margin equities (ahead of our three-month forecast of £1.5bn) and a weaker -£1.3bn in low margin fixed income (behind three-month forecast of -£0.3bn).