Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:El-Erian Sees More Banks Going the Way of Merrill Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 13, 2008

El-Erian Sees More Banks Going the Way of Merrill

by: Armie Margaret Lee

Pimco's co-chief executive and co-chief investment officer Mohamed El-Erian has weighed in on the reshaping of the U.S. banking industry, saying that more banks will follow Merrill Lynch's path.

"Merrill Lynch’s recent announcements reveal the path that will be adopted increasingly by the industry: sell non-core businesses (such as Merrill’s stake in Bloomberg), dispose of non-core assets in what will seem to many as distressed sales (selling the CDO portfolios to Lone Star), and raise highly dilutive capital to bolster core activities," El-Erian wrote in a Viewpoints column posted on Pimco's Web site.

In his column, El-Erian made no mention of specific banks that will follow the Merrill model. But in the last couple of months, some banks' names have surfaced as possible sellers of their asset management units.

National City has reportedly hired an investment bank to help facilitate the sale of its Allegiant Funds Arm (see >The MFWire, July 23, 2008). Fifth Third is also said to be reviewing options for Fifth Third Asset Management. Another name that cropped up as a possible seller of its asset management arm is Key Corp, which owns Victory Capital Management

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use