Ann: Watermark to withdraw from global equities, page-6

“it was a difficult decision to close the book on our project in global equities, particularly given the calibre of investors that we were able to attract to the business."

Are these the same investors who continue to flog off their shares at 20% discount to NTA into the share buy back? 

SP = NTA - excuses 

Disclosure, I sold the remainder of my shares end of last year to finish flat after dividends over the last 6 months. Won't be buying in again until I can see a catalyst for closing the SP/NTA gap. Market is smarter than I thought and won't close this gap given the track record of Fund Manager. 

Btw, have they split out the ASX performance vs global performance over the last 3 years to justify keeping any current managers?