The failures of Shield Master Fund and First Guardian Master Fund has pushed governance to the forefront - particularly among wholesale investors, according to Magellan Financial Group. About 12,000 retail investors have lost more than $1 billion from the two managed investment schemes. It's interesting to see that word come up so much more in the wholesale space, even in a matter of two or three months," she said. And that's perhaps [due to the] recognition of regulation and foresight of more regulation that's to come." I definitely agree that needs to bleed into the wholesale space and the retail space more and more," she said.