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Capital Matters At Asset Managers Apr 08 Product Image

Capital Matters At Asset Managers Apr 08

  • Published: April 2008
  • Standard & Poors

FEATURED COMPANIES

  • AllianceBernstein L.P.
  • Bank of America Corp.
  • BlackRock Inc.
  • Citigroup Inc.
  • Eaton Vance Management
  • Federated Investors Inc.
  • MORE

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 READ MORE >

- 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.

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