Why? - would Packer have come on board while it stayed in CTN?? CAML was going nowhere in CTN.
It was an internal manager barely breaking even. Now its 'the-next-Challenger' - still barely breaking even - but with huge upside if they can grow the FUMs (and that is the key...). There were too many conflicts of interest while it was wholly owned by CTN for it to be on the same growth path as is planned now. And clearly none of the CTN Board have the contacts of a Packer...
CTN got a great price for their internal manager. CGA is worth far more outside those constraints. A stronger, more resourced CGA is good for all their clients - including CTN. Our (CGA's) gain is their (CTN's) gain - as CTN want a strong performing manager - and that is a precursor for growing FUM.
