Outflows continued in Q4 although we note that the popularity of fixed income and absolute return strategies offset the redemptions in equities. A further £2m annualised cost savings have been identified and these will be captured over the next 12 months. Some senior leadership changes have been made with Paul Marriage taking the Head of UK Equities role. The impact of cost savings negates some of the drag from continuing net outflows. We reduce our EPS by -5%/-8%/-9% assuming continued outflows in equities. We remain at HOLD with a 60p 12m TP (from 65p) noting the valuation is already full at 11x PER.
