thank you for this information, i also add that Capital markets function the same way as manufacturing or any other industry. The pros and cons of a 5-year contract vs a yearly contract are the same.
The difference between a captive fund and an independent fund is similar to a manufacturer controlling its distributor or not.
As an investor, perhaps the question you want to ask yourself is: would you rather be married in a 5-year contract you cannot break or would you rather be dating and re-evaluate your relationship any time you wish?