Ann: Hastings Performance Fee , page-4

hastings already get paid to "manage" the fund which only has one asset ( ie not really diversified). Epic Energy manages the actual pipelines etc . The fee is outrageous - basically it doesnt capture any underperformance but as soon as the share price rises in relation to the index hastings (westpac) get a motza - doesn't matter that the share price for the last few years is still below the issue price. Its not a million miles away from the macquarie model. The "outperformance" has been based on takeover speculation and then a takeover offer. To get $54 million for this is shameless.