I just made the connection between this on MFO about the Invenomic Fund Balter Divorce:
"BLA (i.e., Balter Liquid Alts) informed the Board that it was making this request because it is currently exiting the investment advisory business due to uncertainty involving a “seed investor” which could potentially affect its ability to provide services to the Fund and other funds in the future. BLA believes that this transition is in the best interest of the Fund and its shareholders as it will provide continuity for the Fund and create a more direct relationship between shareholders and Invenomic. The seed investor currently holds a non-voting equity interest in BLA and initially contributed seed capital for the Fund."
and this:
https://cnbc.com/2014/01/03/sackler-family-makes-100m-bet-on-low-fees-with-balter-fund.html It doesn't affect my feelings about the fund, but it does show the importance of who owns a fund firm.
