Hi @SP007 - I think NGI is a good pick for this type of strategy - market cap of $327M. They are also looking to change the business earnings by accelerating the Dyal merger. The only thing I would flag is the issuing of shares, I haven't looked into this in detail.
Here is the FUM Analysis of ASX Listed Fund Managers:
Also have a look at NSC (Naos Small Caps). NSC undertaking a buy back. AEF would be a potential company to take this one over. I don't own shares in NSC.
