List Of Fund Of Funds Internally Managed Verus Externally Managed Funds For Investment Banking Spinoffs.?

Internally managed verus externally managed funds for investment banking spinoffs.? - list of fund of funds

Why do investment banks to choose such as Macquarie and Babcock & Brown, which split their assets in a fund managed externally Listed? What are the pros and cons of managed funds abroad? Also, what are the pros and cons of a fund managed internally in the context of these investment banks.