AFR: Paul Biddle talks Netwealth and the Banking Royal CommissionJune 8, 2018 5:15 am
Celeste Funds Management portfolio manager Paul Biddle also believes the likes of Netwealth (in which his fund is invested) have further to run, despite the dear price tag on the shares.
He says the market has “just started to realise” that if you get $10 billion peeled out of the $140 billion or so managed by AMP, and if that $10 billion is split up between the small independent platforms, that’s a hefty potential extra $3 billion on top of Netwealth’s $15 billion on its platforms now.
“Nobody has factored in any step-change,” Biddle says.
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