Jeff Wilson seem to give very good reasons, for the establishment of a new open ended fund.
As I understand, he was under pressure to establish it from representatives of high net wealth, individuals who could not access his LIC products, the way they wanted too. The implication being they wanted to invest with the Wilson stable, but would not until they opened up the new fund.
Geoff is allocating $5 million to the new opening ended fund as well as keeping his investments in the close funds. He highlighted they all serve a different purpose.
I have previously thought that the LIC product can provide benefits that an index fund cannot, and they both have a different market. The clear benefit of LIC's is that they provide stable income in your portfolio.
perhaps index funds are having the moment in the sun with what seems like endless new funds being opened, which cover everything . Meanwhile the LIC sector is undergoing massive consolidation and shrinkage as the product is now dated and more appealing to the older investors (Over 50 ).
I think that there case for diversification 1/3 into direct holdings 1/3 into LIC products, 1/3 into index funds .
LIC's trading at a discount over a long period of time is a concern for fund managers. This was a concern for many years with PGF Trying various tactics to close the gap. I just never saw the point of selling PGF and swapping for an index fund because at the end of the day you need to have a foundation of stable income and PGF provided that income. 
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