I can't help but agree with a lot of the comments made in...

I can't help but agree with a lot of the comments made in that AFR article.

Their investment strategies are polar opposites. On one hand you have Regal, known for taking big bets... and embracing high growth industries.

On the other hand you have a largely buy and hold, value, bottom up strategy. I can understand why those in the industry would be scratching their heads.

Knowing the reputation of Rob, let's hope we don't have a soon to be classic battle of the personalities.

I believe there can be synergies with merging two seemingly contrarian investment managers. But, it will take a lot work and commitment by the the key investment officers.

With respect to VG1 and VG8, how these vehicles will
be managed will be interesting - and whether there is a change to the overall strategies.

The thing that is most appealing about Regal's listed fund, RF1 is the novel approach of giving investors access to a range of varying investment strategies. The very strategies you would need vasts sums of money to access directly through their unlisted funds. It's essentially a fund of funds without the duplication of fees you usually encounter.

I would love to see access to these very strategies in both VG1 and VG8 - creating a more unique investment opportunity.

The continuing exodus of personnel from VGI strongly suggests a packing up shop for VGI, rather than the merging of two hedge fund titans. Especially given I have not heard of key personnel departing Regal.

Overall, although two very different styles, I am confident this is a positive step forward for holders of both VGI and their respective funds. Notwithstanding, part of me did wish for an opportunity to simply exit at NAV - given the disappointment this has been.