"The impact of this is likely to be some redemptions, although given most Japanese retail exposure is likely to be in the form of structured product with average duration over a number of years and with early exit fees, the risk is more likely to be the impact on future sales," says the broker.
While the FUM exposure to Japan means the stock is likely to continue to underperform other asset managers, the broker believes the stock now represents fair value. The target price is unchanged at 244p.
