There is no new trading information. We revisit our forecast positioning in light of market movements and US Election outcome. We believe industry trends are positive – an increasing propensity to seek advice/invest irrespective of uncertainty. We make no changes to estimates, but should these trends continue we see potential upside. MW has strong earnings quality (90%+ recurring revenue, 50%+ revenue not linked to value of assets) which is deserving of a premium. We note strengthening of the Custodian Capital team, underscoring MW’s commitment to developing specialist asset management expertise for clients.