The next thing to look out for is any evidence of staff...

The next thing to look out for is any evidence of staff departures (actual or planned) at levels below the C-Suite.

There may well be a lot of ambitious bright young things at BLA looking around, holding some severely out-of-the-money options and watching their bonus targets in jeopardy, contemplating the impact on their CVs of stagnant/shrinking FUM, the difficulty of raising new mandates and generally being associated much longer with one of the more spectacular corporate blow-ups recently.

And if Macquarie taking a substantial stake in BAF is a prelude to shareholder agitation for a change in manager of that fund, it will only get worse.

In a business like this primarily dependent on people, this sort of reputational damage can quickly lead to staff heading for the exit, especially if there is any whiff of 'redundancy' in the air.

Recruiters for investment banks, private equity funds and real estate investment vehicles may well see an uptick in interest from qualified candidates from BLA.

I would not be surprised to see Glaucus' fair value per share tested soon.