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New Managers July 2014

PERSPECTIVES: Views and findings relevant to emerging fund managers

Freeman & Co reports mixed year so far for financial services M&A activity

In the first half of 2014, M&A activity was mixed across financial services sectors. Acquisitions of Broker-Dealers increased 25% compared to 1H 2013, while acquisitions of Financial Technology firms increased 45%. Acquisitions in Asset Management declined 36% in 1H 2014 compared to a very strong 1H 2013 for deal activity...

Looking ahead to 2H 2014 and beyond, Freeman & Co. projects the following M&A drivers:

With only 48 asset management transactions announced year to date, we expect transaction activity to remain flat during the remainder of 2014 due to the high volume of deal activity during 1H 2013.

Fee pressures continued to drive M&A activity in 2014 as smaller firms seek to remain competitive and large asset managers continue building upon their scale advantages through buy-side searches for targeted product gaps.

Shifting investor preferences have created a market opportunity for investment solutions, which address needs for diversification, asset allocation, and downside protection which will drive demand for firms providing liquid alternatives, smart beta and niche ETPs...

You can read the full press release here.

Comment: What's a hedge fund manager to do?

I know a small startup hedge fund that was flat last year versus the S&P 500's 32% total return. He's out of business, pack up the truck. Nothing he can explain or illustrate means anything to the handful of seeders who let him hold onto some money for a year.

Hedge funds have faced quite a conundrum recently. On the one hand, they're expected to be "non-correlated" to the risk and returns of the broader market. It's kind of the point of the whole thing, after all. Anyone can simply own the market. But the trouble is, the cumulative annualized growth rate for ......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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