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Rating:Who Will Buy Your Fund Firm? Wall Street Wonders Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 03, 2016

Who Will Buy Your Fund Firm? Wall Street Wonders

News summary by MFWire's editors

Fundsters could be forgiven for thinking, or at least hoping, that the M&A flood gates are about to open. Yet some notable industry watchers are worried that it isn't so.

Marty Flanagan
Chief Executive Officer
"Don't hold your breath for an asset-management merger frenzy," writes Chris Dieterich of the Wall Street Journal.

Last week Invesco CEO Marty Flanagan (himself an acquirer earlier this year, though of a roboadvisor and not an asset manager) told analysts that, when it comes to small- and mid-sized asset managers, "not everybody is going to be a willing buyer of some of those firms." And analysts Brian Bedell (of Deutsche Bank) and Bill Katz (Citigroup) echo Flanagan.

"M&A may remain constrained by wide bid-ask spreads between any acquirers and potentially weaker asset manager targets," Bedell reportedly says.

"Did Marty Flanagan just pop the M&A hope trade," Katz wonders.

Yet are Bedell, Flanagan, Katz, and the WSJ right to be so down on asset management M&A? They're all reacting to the planned merger between Janus and Henderson, two big global asset managers that definitely don't fall into the small and mid-sized range that Flanagan's comments directed at. On the flip side, the article makes no mention of the impending sale of Calvert, a much more modest-sized fund firm, to Eaton Vance. 

Edited by: Neil Anderson, Managing Editor

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