Cerulli Edge - U.S. Edition Topic: Mergers and Acquisitions
Cerulli Associates, April 2010, Pages: 20
The Cerulli Edge™- U.S. Asset Management Edition is a monthly research publication focusing broadly on key U.S. financial services industry trends and topics. Each issue is devoted to a different theme, providing clients with current access to a broad range of our insights and analysis of topics related to product development and strategy, distribution, pricing, and market segmentation.
In the April 2010 issue of The Cerulli Edge - U.S. Asset Management Edition, Cerulli analysts consider the prediction that numerous pressures on the investment management industry (e.g., depressed asset levels, crowded distribution outlets, regulatory pressures on fees) will result in a rise in merger and acquisition (M&A) activity. The report examines mergers of the recent past to determine the success factors necessary for investment management M&A and present alternative strategies to M&A activity that investment managers are employing in their quest for scale. The issue also explores the profitability squeeze in the consulting industry (highlighting some of the rare M&A transactions in this space).
This month’s Quantitative Insights contains additional information on the pressures facing the investment management business, including the volatility of fund flows, the increased rate of product closures, and the resultant layoffs.
Overview: Lower asset levels are just tip of the iceberg
- Pressures on the Investment Management Industry, 2010
Case Studies of Asset Management Mergers: Virtuous versus Vicious
Past mergers reveal success factors
- Alliance Capital Management and Sanford C. Bernstein Pre-Merger Characteristics, June 30, 2000
- TCW Mutual Fund Assets and Flows, August 2009–January 2010
- Mutual Fund Overlap: Invesco Aim and Morgan Stanley/Van Kampen Funds by Morningstar Category, 2009
- Enhanced Fixed-Income Capabilities After the Merger of Invesco Aim and Morgan Stanley/Van Kampen, 4Q 2009
Strategies for Growth Beyond M&A: Merge Ahead: Choose Alternate Route
Asset managers embrace varying solutions in the quest for scale
- Potential Merger Pitfalls for Investment Managers, 2010
- Asset Managers' View on Whether Distributors Are More Reliant Today on Focus Lists, 2010
- Asset Managers' View on Focus List Effectiveness When Distribution Is Contingent on List Being Limited to a Small Number of Managers, 2010
- Financing Decision Tree, 2010
Investment Consulting: Clashing Desires
Client demand for alternatives and risk mitigation is driving M&A activity
- Top-20 Consulting Firms By Global AUA, 2009
- Global Single-Manager Hedge Fund Assets, 1999–2009
- Private DB Net Flows, 2009E–2014E
- Private DB Asset Allocation, 2008
- Percent of Private Defined Benefit Plans That Use a Consultant, 2009
Quantitative Insights
Growth Strategies
- Wealth Management M&A Metrics, 1998–2008
- Selected Multiaffiliate Firms, January 2010
Firm Contractions
- Announced Layoffs, 2008–2009
- Net Change in Number of Mutual Funds, 2004–2009
Hedge Funds and Funds of Hedge Funds
- Single-Manager Hedge Funds and Funds of Hedge Funds Net Flows, 4Q 2007–4Q 2009
- Distressed Investing: Pressures on Hedge Funds and Funds of Hedge Funds, 2010
Mutual Funds
- Top and Bottom Morningstar Categories by Flows, 12-Months Ending January 2010
- Top-20 Mutual Fund Managers by Net Flows, 12 Months Ending January 2010
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