PTM can't merge with Magellan. Magellan is facing even more fee pressure than PTM. They'd be better off merging with RPL as nobody is complaining about the performance of either the regal or PM capital funds, and they don't face fee pressure. Paul Moore and his team could take over the PTM FUM and they could look to keep the best of the PTM analysts on board to reduce turnover. RPL should first have a crack via PM Capital's own Listed investment company (PGF) at taking over the PMC listed investment company which is a dog and is trading at a discount. PMC holders may well go for such an offer (similar fee, also long/short, better performance so no discount to NTA). This would be a good test regarding the broader PTM fund investors' appetite/acceptance of such a merger (risk of retail FUM loss if they don't like the change of management) and if successful, this LIC takeover would then set the stage for a bid for the broader PTM business. Assuming of course that Kerr Neilson would be open to it?
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