Fund managers, page-1114

For me, the main interest of PAC for Regal is its alternative investment business.
It is not going to improve the visibility of Regal's earnings, given the complexity of PAC.

Not great for GQG, as it means that Regal has been accumulating a lot of shares, which risk to be sold on the market after this transaction.

Interesting question to know if Pinnacle will join a bid for PAC.
Quite unique opportunity to get into a lot of US managers and increase their alternative investment exposure.
But I am not sure that they are ready to face the complexity of PAC structure.