I am not sure shameless spruiking will help their cause.
Maybe if they stop with the advertising for a second and look to implement real changes to the industry, everyone will stop cursing it.
(1) remove conflicted commission payments for those flogging LICs to mums and dads.
(2) set minimum capital requirements for all closed funds to ensure there is a sufficient secondary market.
(3) implement mandatory buy backs for funds that have persistent discounts of greater than 10%. Including, if necessary, liquidity events whereby investors can redeem at NAV, subject to strict guidelines.
(4) limit closed funds to illiquid assets which rely on a stable capital base.
(5) stop with the complex and deceptive performance reporting. Yes, I am talking about Wilson Asset Management and their love of pre-fee performance figures.
You want to improve the industry... get rid of the dinosaurs.
WLE Price at posting:
$1.28 Sentiment: None Disclosure: Held
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