PMI has seen AuM tick up by 3% qoq to £10.5bn, slightly ahead of SCMe £10.3bn, driven by positive performance. Net outflows have continued, albeit a little smaller. UK equity outflows have reduced against recent trends, whilst net inflows have continued in fixed income and absolute return. We update our model for the Q3 outturn driving a negligible increase in estimates (1-2%). With the shares already trading on a full multiple (14x PER post-SBP), we think the shares are already pricing earnings momentum whilst outflows remain. We reiterate our HOLD with rolling forward our 12m TP to 65p (from 55p).