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It says they're going to create a "new company" that is "to be separate".

If it is a new company in the sense of spun off and owned by someone else, why bother to say it is separate - that's redundant. It just seems to me like careful wording if they're going to sell the institutional business...

Since its small, but growing quickly, I wonder if they're just setting it up as a "separate" but wholly owned subsidiary. So before it gets big and the books get too intermingled, they want to draw some clear lines.

That way, when it gets big, they have the option of easily spinning it off (or not).

just speculation...

-Joe
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