Tue, Jan. 27, 7:53 AM| Comment!
Mon, Jan. 26, 5:30 PM
Dec. 17, 2014, 8:17 AM
- AQR's principals, among them Cliff Asness, will continue to hold a majority interest in the hedge fund, and all have signed long-term commitments to stay there.
- Terms of the deal weren't disclosed, but Affiliated Managers Group (NYSE:AMG) describes the transaction as meaningfully increasing its minority investment. The deal is expected to close this year, and should boost economic EPS by about $0.60 next year.
- Source: Press Release
Nov. 3, 2014, 7:56 AM| Comment!
Nov. 2, 2014, 5:30 PM
Aug. 26, 2014, 1:14 PM
- "We look for 2-4 acquisition announcements over the next 12 months, while we also look for strong (5-8%) organic growth through 2016," says Credit Suisse, reiterating its Outperform rating and $260 price target on Affiliated Managers Group (AMG +3.7%). "We estimate AMG will generate the highest organic growth in our coverage - but also relatively higher quality flows driven by significant product/manager diversification which drives lower risk/variability in results."
Jul. 29, 2014, 8:00 AM| Comment!
Jul. 28, 2014, 5:30 PM
- ACI, AET, AGCO, AIXG, AKS, ALLY, AMAG, AMG, ARW, AUDC, AVX, AXE, BP, CARB, CAS, CNX, CPLA, CRS, CVLT, CYNO, DIN, DSX, ECL, ENTG, ETN, ETR, FDP, FIS, FSS, GLT, GLW, GNC, GTI, HCA, HMC, HRS, HW, ICON, IP, IPGP, ITW, KLIC, LVLT, MDC, MDSO, MDXG, MHFI, MLM, MMC, MRK, MSO, NCI, NEE, NLSN, NMM, NOV, NYT, OSK, PCAR, PFE, POR, RAI, RYN, SAVE, SIRI, SNCR, ST, TLM, TRW, UAM, UBS, UBSI, UDR, UPS, UTHR, VSH, WDR, WM, WYNN, XYL, YNDX
Jun. 30, 2014, 1:11 PM
- Based in Louisville, River Road Asset Management value-oriented equity strategies to a broad and diverse institutional and retail client base, including mutual funds, endowments, foundations, retirement plan sponsors, corporations and sovereign wealth funds worldwide.
- River Road's executive team and key investment professionals have agreed to long-term commitments to remain with AMG and maintain an ongoing relationship with seller Aviva through a number of sub-advisory mandates.
- Terms of the deal are undisclosed.
- Source: Press release
Jun. 24, 2014, 5:44 PM
- Joining the S&P 500: Affiliated Managers (AMG)
- Leaving the 500: Forest Labs (FRX)
- Joining the S&P MidCap 400: Forest Labs, LaSalle Hotel (LHO), Rayonier Advanced Materials (RYAM - about to be spun off from Rayonier), TimkenSteel (TMST - about to be spun off from Timken), Belden (BDC).
- Leaving the 400: Affiliated Managers, Intrepid Potash (IPI), Fidelity National (FNF), Greenhill (GHL).
- Joining the S&P SmallCap 600: Intrepid Potash, Greenhill, Synergy Resources (SYRG), Veritiv (VRTV - about to be spun off from International Paper), Sagent Pharma (SGNT).
- Leaving the 600: La Salle Hotel, Belden, JAKKS Pacific (JAKK), Spartan Motors (SPAR), Higher One (ONE).
- AMG +3.3% AH. LHO +1.8%. SGNT +3.3%. SYRG +3%. FNF -1.3%.
Jun. 16, 2014, 8:25 AM
- Affiliated Managers' (AMG) bid for a 20% stake D.E. Shaw would value the hedge-fund giant at more than $2B, reports the WSJ. The holding is up for sale by the estate of Lehman Brothers (Lehman paid between $750M-$800M in 2007).
- D.E. Shaw manages about $32B and is known for its quantitative strategies.
- AMG was one of six invited to bid on the asset, and others invited include Blackstone and KKR, but some are finding the terms limited as Lehman's original agreement allowed it a share of profits, but not much say in the business' direction or management.
May. 15, 2014, 4:48 PM
- BlackRock (BLK), says analyst Brian Bedell. starting the stock with a Buy and $358 price target, is best positioned among the large-cap asset managers and has three catalysts over the next year: 1) Rising organic growth, 2) Continued strong execution, 3) The likelihood the company will not be judged a SIFI by regulators.
- T. Rowe Price - also a Buy and with $93 price target - catalysts: 1) Inflection to improved inflows after a rough 2013, 2) Continued traction in target date funds, 3) Continued margin improvement.
- Invesco (IVZ) rates only a Hold and $39 price target, with Bedell saying the risk of elevated outflows in Europe could weigh on the shares and provide a better entry point.
- Also rated a Buy is Affiliated Managers Group (AMG).
Apr. 29, 2014, 1:55 PM
- Affiliated Managers Group (AMG +9.1%) trades higher after cruising past earnings estimates and making another acquisition, this time Asian equity manager Veritas Asset Management with $17B in AUM. It's AMG's 4th deal in the past five months.
- More to come? "We continue to see substantial opportunities for investments in additional outstanding boutique firms including both traditional and alternative firms on a global basis."
- Previously: Affiliated Managers Group beats by $0.11, misses on revenue
- Source: Press Release
Apr. 29, 2014, 7:30 AM| Comment!
Apr. 28, 2014, 5:30 PM
- ABB, AGCO, AIXG, ALR, AMG, ARRY, AXE, BMY, BP, BSX, CARB, CCJ, CHKP, CIT, CMI, CNX, COH, CPLA, CRY, DBD, DDD, DORM, ESV, ETN, FDP, FLWS, FRX, GAS, GEO, GLT, GT, GTLS, HCA, HCBK, HRS, HUN, HW, IPGP, IRWD, KLIC, LG, LKQ, LRN, LYB, MGI, MGLN, MGM, MHFI, MLM, MRK, NMM, NOK, OSK, PCAR, PES, PH, POR, RESI, ROK, RTRX, RYN, S, SAVE, SCOR, SLAB, ST, TRW, UBSI, UDR, UTHR, VAC, VLO, WAT, WDR, WRLD, WWW, XYL.
Apr. 14, 2014, 11:12 AM
- A check of some mutual fund managers after TIAA-CREF agrees to buy Nuveen for $6.5B find Janus (JNS +2.9%), Invesco (IVZ +1.2%), Affiliated Managers (AMG +1.4%), and Federated Investors all posting gains. Acquisitions in this industry don't happen too often as key assets - star fund managers - can pick up and leave pretty much when they choose.
- Top tick? Nuveen's P-E owner Madison Dearborn purchased the company for $6.3B in June 2007. TIAA-CREF chief Roger Ferguson's purchase today takes Madison out at near breakeven.
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