LTI benefits in a similar way. LTI has its own investments but it also indirectly gets fees from managing Lindsell Train's clients' investments through its stake in Lindsell Train.
There's a valuation problem. They have a formula for stating the NAV for the value of the fund management company in the overall mix, but the market may or may not believe in it. I think they relate it to the funds under management so when Hargreaves announced it was moving fund management away from LTI because LTI was a shareholder in Hargreaves, that affected the NAV. It's a problem with any IT as to how much the unquoted investments are really worth, so the problem is devolved to the wider market who will mark the share price to a premium or discount.