It's a bit more than the traditional concept of management...

It's a bit more than the traditional concept of management rights. In the traditional concept the manager controls letting rights to an extent and has usually small real estate componant with direct ownership of the majority of real estate held directly unit holders.
In this concept you are totally at the mercy of management's compedancy with all but no control over them nor is there any real regulatory body to provide any guidance as to how big a mess they can make of it.
At this point my guess is mc bank is quitting to distance itself from the stink it's management of the fund caused.