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Asset Managers Weather Stormy Stock Markets Dec 02
Standard & Poors, Dec 2002
Abstract
Despite investors' disenchantment with stock markets that have fallen far from their highs during the boom years, asset management firms are holding their own by retaining and even increasing investments while offsetting performance losses by cutting costs and reducing debt. 'Firms aren't even approaching taking any type of bottom-line losses,' explained Jonathan Ukeiley, a director who follows asset management firms at Standard & Poor's. 'Growth rates are not as strong as they were five years ago, but firms are still generating a lot of cash. If revenue is reduced but debt is reduced correspondingly, debt holders aren't in a worse position.' Standard & Poor's is maintaining a stable outlook on the 11 U.S. monoline asset managers it rates, all of...
Companies mentioned in this report are: Citigroup Global Markets Inc.,National Bank of Canada,JPMorgan Chase & Co.,Citigroup Inc.,Credit Suisse Group AG,FIL Ltd.,Banque de Financement et de Tresorerie,Caisse Centrale de Reescompte,Schroders PLC,UBS AG,Waddell & Reed,Affiliated Managers Group Inc.,Gamco Investors Inc. ,Dundee Corporation,Neuberger Berman Inc.,Janus Capital Group Inc.,HBOS PLC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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