What a great letter! Many, many quotable quotes, but the one that really stood out for me was "A good fund manager does not retain FUM by holding blocking stakes in the funds it manages; it does so by delivering excellent performance returns to its investors." Ouch! Might be worth a punt on a turnaround over the next few years if Tanarra gets traction here. Will keep an eye on it...
AFR Article, page-9
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