Hi All Over the previous couple of weeks have been reviewing the...

Hi All

Over the previous couple of weeks have been reviewing the ownership structure of a couple of funds and came across an interesting resource that shows SEC data on fund structures.  To me it explains what had happened to WHV and Tamro and how the Trust paid down debt.
The resource for the following data is from https://www.brightscope.com/ which states the information is from the SEC.
To begin with here is the table of assets owned under the Northern Lights Midco and current percentages of ownership:

	Column 1	Column 2	Column 3
0	Fund Name	% ownership from Brightscope	Notes
1	Aether	83.33%	This was the biggest surprise for me and reflects positively on potential revenue gains this reporting season. They have grown from $1 Billion FUM to $1.5 Billion.
2	Alphashares	20.83%	See previous posts
3	Blackcrane	35.71%
4	Del Rey	0%	Appears previous owner took back Northern Lights share, but FUM has decreased significantly since the merger was announced.
5	EAM	11.36%	FUM has performed poorly since the merger. WHV also owns 11.36% of this company.
6	Ellesar	? assume 20%	There is no information available for this one
7	Goodhart	14.29%
8	Nereus	? assume 20%	This company is based in India
9	NLAA	? assume 20%	There is no information available for this one, based in London
10	Raven	27.78%
11	Seizert	42.86%
12	Tamro	0%, assume previously was 74.07%, now owned by ABN Amro	No relationship from what I can see. Not sure if they are a related party in Northern Lights, none of the directors have relationship with ABN Amro)
13	WHV	0%, assume previously was 76.92% as this is owned by Laird Norton	Manages small funds for EAM and Seizert Capital. Jeff Vincent is a related party with Laird Norton. Pacific Current board and the Aurora Trust, they owned a large part of Northern Lights).

For those I have sent the PAC Fund Analysis spreadsheet too, I have updated and will forward through again.

Some key points on the above data:
- Believe WHV and Tamro were sold for money to repay debt, this is where the cash came from to pay down debt.
- Not suggesting there has been anything underhanded in trust transactions (unannounced to the market clearly, yes, but not untoward in anyway), if anything believe it is a good thing WHV and Tamro were sold out of the fund.  The FUM for WHV have dropped from $11.9 Billion at the time of merger to $1 Billion as reported to the SEC.  The FUM for Tamro has dropped from $2.2 Billion to $629.4 Million.
- It shows the previous managers of Alphashares still have an active ownership interest in the fund.  This varies my previous post, I am assuming the SEC data is correct.  Burton Malkiel and family still have an interest in Alphashares too, which I believe is a positive thing, given he is at the forefront of the robo-advisers today.  He is on the board of Wealthfront.
- Aether appears to be performing significantly better than I thought and PAC holds a large percentage of this company.

Above is to get to a point of understanding of PAC, the merger announced and the assets they own.  Believe the information should be publicly available via PAC and keen to ensure they do this as soon as possible.

Also keen to understand the structure behind the trust and who is managing in our economic interests.

Best of Luck
Lost