Tiger Fund roars thanks to Old Mutual
From Wall Street Journal
Among the winners in yesterday's acquisition of United Asset Management by Old Mutual was Julian Robertson's Tiger Fund which most recently owned 15 percent of UAM's shares. Tiger gained $24 million due to the buyout bringing it even for the year -- too bad Robertson is liquidating the fund. Why are Europeans snapping up U.S. asset managers firms as if they were high-priced Beanie Babies? There is a scarcity of shops in Europe and U.S. firms are trading at a discount to the valuation of European firms is the reason cited by Graeme Lewis an analyst with Credit Suisse First Boston (CSFB acted as an advisor to Old Mutual in the UAM deal).
And the winning report writers are ...
Baron, Acorn, Clipper, Oakmark, Tweedy Browne, Third Avenue, Janus, Bridgeway, Oak Associates, Brandywine, Weitz and T. Rowe Price are among the fund families with the best shareholder reports, according to reader feedback at TheStreet.com.
Smart Money gives tips on funds investing in TIPS.
CBS MarketWatch writes on ProFunds 17 new sector index funds.
The day's other deal (Federated/IAI) gets coverage at CBS MarketWatch.
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