replacing in the tcq forum, page-2

going from memory here only, but

Funds management is one of about four income streams. They would potentially lose five(5) unlisted funds and keep the couple you mentioned? plus the Trinity Stapled Trust.

Don't forget they own significant portions of those unlisted funds themselves (some close to 50%).

Then they have $200m+ of direct property investments outside of the unlisted funds which they manage totally inhouse.

IMO losing the unlisted funds actually reduces not only heaps of overheads, but also potential for conflicts of interest and related party transfers. For eg. as they have a 12% benchmark return on the TPT, is there an incentive to invest or divest properties in/out of this fund in order to maintain the return?

I would rather see them either become totally a manager of other people's funds/property, or focus on their own direct assets and behave more like a normal trust themselves.

Just an opinion, and at the end of the day who else will tender for these funds anyhow? The tender could be just for appearances and showing good governance etc.