Q1 saw upgrades, largely due to the shape of equity markets, and H1 results have also led to consensus upgrades, 90% for the same reason. Our own numbers do not rise, however, and our 2025E estimate falls 4%, because of more recent market action. It remains the case, however, that Q2 saw better gross inflows, even if there was still, net, no growth, since many will hope the current high rate of gross outflows is a temporary elevation. As anticipated post Q1, the rest seems to be on track (synerg ....
