Hey JGundy,I have had the same thought - why are they trying to...

Hey JGundy,
I have had the same thought - why are they trying to roll out 5 different strategies at once?
Shouldn't they limit their focus to property and debt which are their core strengths?

However, I am still interesting in 360 - and now their approach doesn't look as "scattergun".

1. They have acquired additional sector-specfic management expertise in last 18 months (e.g. David Yuile at TDI, and the PE and Equities divisions were acquired with long stranding management in place).
2. I assume that the AYF acquistion is effectively a backdoor listing for their private credit fund (currently unlisted entity) and this may eventually absorb the lending segment from TOT.
3. Digital instructure is just a specialised set of property. Yes - they are obviously nuances, but that is why they brought in an expert (Mr. Yuile).
4. They still have soooo much cash from their sale to Centuria (3 years ago). That they are keen to deploy into fee earning businesses.
5. Related to point 4 - there might be an element of "experimentation" with things like the Private Equity or Equities strategies. Both were acquired very cheaply (TGP preso's use the term "nominal sum") So it is not the end of the world if they do not pay off.

But time will tell, as last few weeks revealed new stakes in Evans and Peet... strategy has not yet been communicated to the market on these new purchases.