H1 earnings are in line with our forecasts; 50% of our FY24e are now covered. This reflects a sustained flow performance year to date, primed to continue into H2. The opportunity in MPS is compelling with a “doubling” in AuM not out of the question; both from adoption in existing relationships and wider segment growth. The board has re-phased the dividend from 33:66 to 50:50 given plentiful cash, driving a 78% increase in the interim dividend. There is no change to the overall dividend forecast, ....
