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

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

Rating:Will the European Crisis Produce Another Neuberger Berman? Not Rated 1.0 Email Routing List Email & Route  Print Print
Wednesday, August 10, 2011

Will the European Crisis Produce Another Neuberger Berman?

Reported by Neil Anderson, Managing Editor

Several U.S. mutual funds have European parents (see chart below). What does the recent market volatility, particularly, mean for those fund firms?

A case in point is Los Angeles-based TCW, which is backed by French bank Societe Generale. SocGen's stock (PINK:SCGLY) has dropped more than 40 percent in the past 16 days, taking hits last week after reporting a profit dip (see Bloomberg) and again today as rumors swirl about a possible downgrading of France's government debt (see Bloomberg, Reuters and Reuters again). Today SocGen executives held a press conference to reassure investors that the bank is solvent.

A spokeswoman for SocGen referred inquiries to TCW, and a spokesman for TCW told MFWire.com that the rumors swirling around SocGen "have no impact on TCW."

Yet even in a worst-case, nightmare, collapse scenario for SocGen, TCW executives should draw comfort from Neuberger Berman's example: when Lehman Brothers collapsed, Neuberger executives seized the opportunity to do a management-led leveraged buyout (LBO), one that looks pretty successful two years later [see MFWire.com, 5/12/2011]. So if disaster strikes, TCW might just find itself independent.
European Parents of U.S. Mutual Fund Firms
Ticker Company (Fund Firm/B-D) Share Price 8/10/2011 Percentage Change Since 7/25/2011
PINK:AZSEY Allianz SE (Pimco) 10.13 -25.09
NYSE:CS Credit Suisse Group AG 28.78 -23.5
NYSE:DB Deutsche Bank AG (DWS) 40.36 -27.17
LON:OML Old Mutual plc 104.8 -20.86
PINK:SCGLY Societe Generale SA (TCW) 6.46 -40.37
LON:SDR Schroders plc 1404.17 -16.1
NYSE:UBS UBS AG 13.61 -22.27
BIT:UCG Unicredit SpA (Pioneer) 0.967 -26.63
Source: Google Finance
 

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

1.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
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. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use