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

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

Rating:Citi Resumes its Look at Asset Managers Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 05, 2009

Citi Resumes its Look at Asset Managers

by: Armie Margaret Lee

A fresh pair of eyes is now watching the asset management industry on behalf of Citigroup. Keith Walsh, a 10-year Citi vet, is now covering U.S. asset managers. He takes over from Prashant Bhatia, who left Citi in November.

Citi resumed its coverage of asset managers with Walsh's note to clients dated March 4.

"We see no reason to step into this group aggressively until markets stabilize and EPS revisions bottom out," Walsh stated.

Walsh has a buy rating on BlackRock, and a sell rating on Legg Mason and Franklin Resources.

BlackRock, he said, is an "AUM magnet" that capitalizes on its reputation in the institutional channel and its presence in the fixed income space.

Legg Mason, meanwhile, faces "significant challenges across the board," Walsh said. As for Franklin, Walsh pointed to weaker relative performance and slowing global markets as headwinds for the firm.

He issued a "hold" rating on Invesco, AllianceBernstein, Federated Investors, T. Rowe Price Group and Waddell & Reed Financial

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

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q1
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:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use