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Capital Matters At Asset Managers Apr 08
Standard & Poors, April 2008
Abstract
Standard & Poor's Ratings Services' fundamental credit analysis of independent asset-management companies focuses, among other things, on franchise value and asset managers' ability to generate earnings and cash flow for servicing outstanding debt obligations. Capitalization has historically been considered as a secondary factor in the rating process because asset managers, in contrast to banks and brokers, are less balance-sheet intensive financial institutions. Nevertheless, as a result of changing industry dynamics, including, for example, recent market phenomena that are forcing some asset managers to shore up their funds, we are placing increased emphasis on capitalization for asset managers. Although we continue to focus on cash flow as the primary source of an asset manager's ability to service all obligations, we will...
Companies mentioned in this report are: Bank of America Corp.,State Street Corp.,Legg Mason Inc.,Citigroup Inc.,Federated Investors Inc.,AllianceBernstein L.P.,Eaton Vance Management ,Franklin Resources Inc.,BlackRock, Inc.,Janus Capital Group Inc.
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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