Flows have improved, but still redemptions overall (BPS outflows > MPS inflows), alongside a performance drag. Market conditions have not been helpful but we are reassured to note positive direction of travel. Current year trading remains in line with expectations. We had forecast group net inflows by mid-year but given macro uncertainty we now expect this later in the year. We leave FY25e unch and reduce outer years by 6-9% acknowledging the backdrop. We reiterate BUY and 2500p 12m Target Price ....
