Ann: Business Update, page-3

a pretty positive set of statements, however if HML divests all unlisted assets and "focuses on core global macro trading strategy", isn't that the same as BHD ?
what would be the point of running both ?
why charge higher fees with BHD ( 3% + perf. fee ) if they are both running the same strategy ?
why not merge the 2 together and have a more meaningful sized entity ?