iFAST is becoming stronger and less vulnerable to bear markets. For the third quarter of 2022, net inflow was SGD600 million of net inflow lower year on year but still higher than per-pandemic levels. Diversification into cash management and bonds is paying off! Increased bond turnover on iFAST platforms stood out with bonds offering higher yields in a rising interest rate environment. Access to bonds is limited for the average retail investor because a single trade requires SGD250,000. iFAST previously spoke about their plans to apply for a bond marketplace license. Securing a “recognised market operator” license will improve efforts to develop a retail bond marketplace for individual investors and will differentiate iFAST. Assets under administration (AUA) fell 7.6% y/y and 3.9% q/q to SGD16.9 billion as a result of falling share and bond prices but this trend was roughly in line with the company’s peers. As expected, 3Q22 net revenue (-1% y/y) and net profit (-73% y/y) was poor because of...