BTT: JO Hambro performance fee continues to grow

Bell Potter

Stockbroker

JO Hambro’s underlying performance fee estimate for the first two months (January and February) is tracking at ~$49m. This compares to $73m for ALL of calendar year 2015, and $37m for the entire 2014. The performance fee was tracking at ~$33m at the end of January, so there is a further ~$16m gain. In our last note (attached) we highlighted how the performance fee potential has significantly grown in the last few years, with 1% out-performance now worth over $40m in revenue, whereas it was $12m a few years back. In addition to strong performance fee potential, the company has robust organic growth, particularly in the JO Hambro business. BTT remains a top pick, and we reiterate our Buy recommendation with a $13.60 Price Target.


Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.