The battle over the control of Watermark's $200 million Australian Leaders Fund has usually been depicted as one between Wilson Asset Management's Geoff Wilson, who sits on its board, and disgruntled unitholder and ex-Rothchilds Australia chief David Kingston, whose leaked letters to Wilson (and Wilson's spicy replies) were the first public sign of the simmering dispute.
But a focus on the pair rather obscures one of the key dynamics of the whole affair, which is of BT's old guard first supporting then turning on one of their own.
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Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media. Connect with Myriam on Twitter. Email Myriam at myriam.robin@afr.com
