From memory the positions in the Thorney ones are tiny. Guessing it just helps his connections with Alex to get invited to parties and develop more business and political connections.
In the case of something like the NAOS exposure I think that was probably just a mistake a decade ago that got transferred across from WAM. Doesn't seem like he wants any more of it and it's too crap for anyone to buy the pile of NAOS so it just sits there and rots.
From memory the positions in the Thorney ones are tiny. Guessing...
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