This might make sense if the regulators looked purely at the overall returns for members. Where it doesn't make sense is when they get fixated on a metric like fund size for purely dogmatic reasons. There is no logic to their argument around fund size as can clearly be seen from the returns many smaller funds have been able to deliver over recent years. The Melbourne Grand Prix is only a few weeks away and those formulae one cars are pretty small and have small engines, but they go a heck of a lot faster than the V8's or lumbering semi trailers.
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