I wouldn't say it's "much like a bank" at all - they're...

I wouldn't say it's "much like a bank" at all - they're completely different business models. A bank will always earn more money of time because of:

• Immigration - this is the main driving force of bank's success.
• Productivity and other strategies to improve NIM
• Other diversified business lines, such as stock trading, deal advisory, and bank fees etc.
• Low barriers to entry/lack of choice

The government will always guarantee confidence in a bank because it cannot afford to have social upheaval.

But for Magellan - who cares? There is tonnes of choice and nobody cares if one fund manager goes into a death spiral at a stock level because the underlying fund monies are aren't really affected by what's happening to the company.