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2004 Outlook for the U.S. Brokerage & Asset Management Industries Jan 04
Standard & Poors, Jan 2004
Abstract
Standard & Poor's Ratings Services expects steady albeit slow improvement in the environment for investment banking, securities brokerage, and asset management during the next one to two years. Good earnings performance is primarily due to healthier equity and bond markets today as compared to the early part of last year. This has resulted in higher underwriting volumes, favorable trading opportunities, and higher valuations of assets under management (AUM) at asset management firms. When compared to the two prior years, 2003 looks quite strong. This was a year of rebuilding, during which fixed income markets showed great strength early on, followed by a sharp rise in equity markets. This environment was a great relief to the securities and investment management industries....
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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