Funds Hub
Money managers under the microscope
Green shoots?
We’re hardly out of the woods yet, but more and more fund management companies are beginning to feel confident enought to say conditions are improving, if only very slightly.
Today Crosby Asset Management stuck its neck out.
“A modest, but noticeable, improvement in the operating environment was discernible,” it said in its half-yearly report, adding that business at its wealth managment unit “is showing modest signs of improvement”.
Crosby must think this can’t come soon enough. Assets have slumped from $2.2 billion in Q1 2008 to $600 million, while it has said it will close almost all remaining funds from its high-profile but ill-fated acquisition of funds from Forsyth Partners in 2007. In the meantime it is reducing costs and realising assets “wherever possible” and surely hoping those shoots don’t wither.
Exporting Insight
BNY Mellon Asset Management which today acquired Lloyd’s fund management unit- Insight Investment- for 235 million pounds is betting on a boom in liability driven investment (LDI) to boost its coffers over the coming years.
Vice chairman Jon Little told us that Insight’s fixed income and absolute return businesses were expected to grow rapidly, but it’s Insight’s LDI business that seems to have played the decisive role in the deal.
from DealZone:
Deals du jour
AIG plans to float its Asian crown jewel, Volkswagen halts talks with Porsche, Nomura hires for a massive push in U.S. equities, and more. Here are the latest deal-related stories:
AIG to launch IPO for Asia crown jewel
Volkswagen halts tie-up talks with Porsche
Nomura hires for massive U.S. equity push
Cubs' offer won't be voted on next week: sources
Babcock & Brown infrastructure fund gets acquired
China pension fund plans foreign PE deals: sources
China government OKs Minmetals' OZ Minerals deal
Daiwa SMBC to buy unit of Britain's Close Brothers
Whitehaven says to drop merger deal with Gloucester
Metro to present Karstadt deal outline: sources
And in Europe's morning papers:
* Hedge fund manager Noam Gottesman, co-chief executive of GLG Partners Inc (GLG.N), plans to move to New York from London to build up the fund's U.S. assets, the Daily Telegraph said.
