Despite what the management say, there is two ways this could...

Despite what the management say, there is two ways this could go. There are two ways that this could incentivise the new fund manager owners:

1. Increase FUM by actually performing and increasing shareholder wealth, through increasing NTA.

2. Increase FUM by screwing the existing shareholders and issue new shares at less than NTA - thereby transferring assets to their new shareholder mates.

Option 1 would place them in the minority. Having directors in both management and fund companies makes this unknown.