Stock price when the opinion was issued
The $4B withdrawal is fairly serious, though FSZ does have $166B, and it continues a trend of some assets leaving the company (including money that earlier flowed out to Pinestone following Nadim Risk's departure in 2021). On the plus side, it is coming at a time of good markets, and FSZ has seen some positive momentum recently (we have comments on its quarter posted). The 10% drawdown seems a bit much on the news, but any large $$ exit is never good for sentiment. But the drop may have been partly profit-taking as well, as shares have been on a roll prior to this event.
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They are in the business of asset management. Their fixed income exposure could be a bit of concern to the market. He is a holder, thinks it is good value and expects a dividend increase going forward. They announced a $5 billion acquisition of a high net worth investment business last week.