Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Investment Management Industry Newsletter | Q1 2020 | Focus:...Mercer Capital
The document summarizes the performance of the investment management industry in the first quarter of 2020 amidst the COVID-19 pandemic. It discusses how publicly traded RIAs suffered their worst quarter since the financial crisis as the S&P 500 fell 20% in the first quarter. It then focuses on the struggles of actively managed asset managers, noting their underperformance over the past decade has led to outflows into passive investments. The pandemic has further accelerated outflows from active funds and put pressure on asset manager revenues and profitability. The outlook for M&A in the RIA space has also changed from a record pace in 2019 to an expected slowdown in 2020 as firms focus on preserving capital during the downturn.
Mercer Capital's Investment Management Industry Newsletter | Q4 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Investment Management Industry Newsletter | Q4 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Value Focus: Auto Dealer Industry | Year-End 2020Mercer Capital
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes a macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital | A Layperson's Guide to the Option Pricing ModelMercer Capital
Mercer Capital's whitepaper on the option pricing model, often used to value ownership interests in early-stage companies. Developed in response to the need to reliably estimate the value of different economic rights in complex capital structures, the OPM models the various capital structure components as a series of call options on underlying total equity value. Through a detailed example, Travis W. Harms explains key concepts including breakpoints and tranches in a straightforward and non-technical way, taking the mystery out of OPM terms such as “breakpoint” and “tranche”. Relative to the probability-weighted expected return method, the principal strengths of the OPM include the small number of required assumptions and auditability. The PWERM, in contrast, offers greater flexibility and transparency. Harms closes with some thought on reconciling OPM results with the market participant perspective.
Mercer Capital's Asset Management Industry Newsletter | Q3 2012 | Focus: Alte...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
This document provides an overview and guidance for implementing ASC 820, which establishes standards for fair value measurements and disclosures in financial statements. It summarizes key aspects of ASC 820 including the definition of fair value, requirements for level 3 fair value measurements and disclosures, and the effective dates. The document is intended to help alternative investment funds comply with ASC 820 which aims to increase consistency, comparability, and transparency around fair value reporting.
Mercer Capital's Financial Reporting Update | Goodwill Impairment Mercer Capital
Mercer Capital’s latest financial reporting update focuses on the topic of goodwill impairment. In this whitepaper, we feature five articles:
Financial Reporting Fallacy: The Whole May Appear Healthier Than the Parts
Industry Considerations for Step Zero: Qualitative Assessments
Accounting Standards Update 2016-01: Impairment Considerations for Equity Investments
What is the Order of Testing for Impairment?
Tax Reform and Impairment Testing
Mercer Capital's Investment Management Industry Newsletter | Q1 2020 | Focus:...Mercer Capital
The document summarizes the performance of the investment management industry in the first quarter of 2020 amidst the COVID-19 pandemic. It discusses how publicly traded RIAs suffered their worst quarter since the financial crisis as the S&P 500 fell 20% in the first quarter. It then focuses on the struggles of actively managed asset managers, noting their underperformance over the past decade has led to outflows into passive investments. The pandemic has further accelerated outflows from active funds and put pressure on asset manager revenues and profitability. The outlook for M&A in the RIA space has also changed from a record pace in 2019 to an expected slowdown in 2020 as firms focus on preserving capital during the downturn.
Mercer Capital's Investment Management Industry Newsletter | Q4 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Investment Management Industry Newsletter | Q4 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Value Focus: Auto Dealer Industry | Year-End 2020Mercer Capital
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes a macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital | A Layperson's Guide to the Option Pricing ModelMercer Capital
Mercer Capital's whitepaper on the option pricing model, often used to value ownership interests in early-stage companies. Developed in response to the need to reliably estimate the value of different economic rights in complex capital structures, the OPM models the various capital structure components as a series of call options on underlying total equity value. Through a detailed example, Travis W. Harms explains key concepts including breakpoints and tranches in a straightforward and non-technical way, taking the mystery out of OPM terms such as “breakpoint” and “tranche”. Relative to the probability-weighted expected return method, the principal strengths of the OPM include the small number of required assumptions and auditability. The PWERM, in contrast, offers greater flexibility and transparency. Harms closes with some thought on reconciling OPM results with the market participant perspective.
Mercer Capital's Asset Management Industry Newsletter | Q3 2012 | Focus: Alte...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
This document provides an overview and guidance for implementing ASC 820, which establishes standards for fair value measurements and disclosures in financial statements. It summarizes key aspects of ASC 820 including the definition of fair value, requirements for level 3 fair value measurements and disclosures, and the effective dates. The document is intended to help alternative investment funds comply with ASC 820 which aims to increase consistency, comparability, and transparency around fair value reporting.
Mercer Capital's Financial Reporting Update | Goodwill Impairment Mercer Capital
Mercer Capital’s latest financial reporting update focuses on the topic of goodwill impairment. In this whitepaper, we feature five articles:
Financial Reporting Fallacy: The Whole May Appear Healthier Than the Parts
Industry Considerations for Step Zero: Qualitative Assessments
Accounting Standards Update 2016-01: Impairment Considerations for Equity Investments
What is the Order of Testing for Impairment?
Tax Reform and Impairment Testing
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
This document summarizes key points from a report on portfolio valuation of private equity and venture capital positions. It discusses how recent declines in public markets may create pressure on valuations at year-end. Specifically, it notes that leverage loans, high yield bonds, and public equities are under pressure, with the Russell 2000 down 15% and S&P 500 down 10% from highs. This could lead to markdowns of private positions unless markets reverse course. It also warns that a potential risk is reduced capital flows into private investments, as many rely on new funding. The magnitude of potential markdowns is unknown after years of strong returns, but historical patterns suggest markets may see an opposite excess after periods of excess in one direction.
Mercer Capital's Investment Management Industry Newsletter | Q2 2021 | Focus:...Mercer Capital
The document discusses investment manager performance in the second quarter of 2021. Alternative asset managers significantly outperformed other sectors, rising 26% compared to 15% for traditional asset/wealth managers and 6% for aggregators. The segment focus looks more closely at alternative asset managers, which have benefited from rising allocations to alternative investments and the attractiveness of illiquid assets. The document also addresses ongoing strong M&A activity in the investment management space, driven by favorable market conditions and potential tax code changes.
Mercer Capital's Portfolio Valuation: Private Equity and Credit | Q1 2020Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
The document discusses fraudulent conveyance and solvency opinions. It provides:
1) An overview of fraudulent conveyance laws and how solvency opinions are used to evaluate transactions that could potentially leave a company with inadequate capital or unable to pay its debts.
2) A summary of the four tests used in solvency opinions - whether a transaction leaves a company balance sheet solvent, cash flow sufficient to pay debts, with adequate capital, and with surplus assets over liabilities and capital.
3) An example of how Mercer Capital provides solvency opinions to evaluate potential fraudulent conveyance issues for transactions like leveraged buyouts and dividend recapitalizations.
Mercer Capital's Investment Management Industry Newsletter | Q1 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
This document discusses ways that hedge fund managers align their interests with investors through various fee structures and incentives. It finds that high water marks and hurdle rates above 3% are commonly used. Managers also provide transparency, have personal investments in funds, and offer tiered fee structures where fees reduce as assets grow. The goal is a collaborative relationship where both managers and investors benefit from knowledge sharing, customized solutions, and long-term investing. There is no one-size-fits-all approach, and different methods should be tailored to individual situations to incentivize mutually beneficial behavior.
Mercer Capital | Valuation Insight | Corporate Finance in 30 Minutes Mercer Capital
This document provides a primer on corporate finance for directors and shareholders. It summarizes key concepts in three areas: capital structure, capital budgeting, and dividend policy. For capital structure, it discusses the tradeoff between debt and equity and how the optimal structure minimizes overall cost of capital. For capital budgeting, it outlines how management should select projects with expected returns exceeding the cost of capital. For dividend policy, it addresses shareholders' preferences for income versus growth and how these fit a company's strategic position. The goal is to give directors and shareholders a framework to meaningfully contribute to major financial decisions.
Mercer Capital's Value Focus: Auto Dealer Industry | Mid-Year 2021Mercer Capital
The document discusses options for auto dealerships to allocate excess capital, including reinvesting in the business through M&A or organic growth, or returning capital to shareholders through dividends or share repurchases. It notes that some public auto dealers have focused on share repurchases recently. For private dealers, reinvesting options like adding new locations may be limited, so returning capital to owners could be preferable if attractive growth prospects are absent. The document analyzes growth strategies and capital allocation considerations for both public and private auto dealerships amid high current profitability and liquidity levels.
Mercer Capital's Value Focus: Venture Capital | Mid-Year 2016Mercer Capital
Mercer Capital's Venture Capital newsletter provides perspective on some of the most relevant market trends affecting venture capital firms and other financial sponsors.
Mercer Capital's Investment Management Industry Newsletter | Q3 2019 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Value Focus: FinTech Industry | Second Quarter 2015Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Mercer Capital's Value Focus: Auto Dealer Industry | Data as of Mid-Year 2020Mercer Capital
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes a macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital's Investment Management Industry Newsletter | Q1 2019 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital | Getting It Right: Loan Valuation and Credit Marks in Today's...Mercer Capital
Although investors and perhaps bankers are not as focused on credit as was the case several years ago, properly assessing credit risk and determining appropriate credit marks remains the key arbiter in determining whether a deal is destined to struggle or meet/exceed expectations. This session looked at the evolution of loan portfolio valuations as part of due diligence and M&A pricing since the financial crisis. Davis and Gibbs provided insight into some of the nuances around the evaluation process and what to look for in terms of potential potholes regarding potential acquisitions.
Presented by Andrew K. Gibbs, CFA, CPA/ABV, and Jeff K. Davis, CFA of Mercer Capital at Bank Director's 2015 Acquire or Be Acquired Conference on January 26, 2015
Understand the Value of Your InsurTech CompanyMercer Capital
Valuing an InsurTech company can be complicated and difficult, but carries important significance for employees, investors, and stakeholders for the company. While all InsurTech companies have differences, including what niche (distribution, claims, benefits, etc.) they operate in or what stage of development the company is in, understanding the value of the business is critically important.
TandemModels® is delivered to investment managers and advisors in a single platform environment (SaaS) for asset allocation model design and management, trading, cash flow management, portfolio re-balancing, performance reporting, and custodial integration and reconciliation.
Mercer Capital's Investment Management Industry Newsletter | Q2 2019 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Apex Business Advisors helps business owners sell their companies. They offer free consultation and work solely for the seller. Potential buyers must sign a confidentiality agreement and provide financial documents before learning the business identity. Apex screens buyers through interviews to assess their finances and suitability. They do not charge upfront fees and are only paid upon successful sale. With extensive marketing and a large buyer database, Apex sells more businesses in the Kansas City area than any other brokerage.
Mercer Capital's Asset Management Industry Newsletter | Q2 2013 | Focus: Trad...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Asset Management Industry Newsletter | Q3 2018 | Focus: Alte...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Asset Management Industry Newsletter | Q1 2018 | Focus: Asse...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
This document summarizes key points from a report on portfolio valuation of private equity and venture capital positions. It discusses how recent declines in public markets may create pressure on valuations at year-end. Specifically, it notes that leverage loans, high yield bonds, and public equities are under pressure, with the Russell 2000 down 15% and S&P 500 down 10% from highs. This could lead to markdowns of private positions unless markets reverse course. It also warns that a potential risk is reduced capital flows into private investments, as many rely on new funding. The magnitude of potential markdowns is unknown after years of strong returns, but historical patterns suggest markets may see an opposite excess after periods of excess in one direction.
Mercer Capital's Investment Management Industry Newsletter | Q2 2021 | Focus:...Mercer Capital
The document discusses investment manager performance in the second quarter of 2021. Alternative asset managers significantly outperformed other sectors, rising 26% compared to 15% for traditional asset/wealth managers and 6% for aggregators. The segment focus looks more closely at alternative asset managers, which have benefited from rising allocations to alternative investments and the attractiveness of illiquid assets. The document also addresses ongoing strong M&A activity in the investment management space, driven by favorable market conditions and potential tax code changes.
Mercer Capital's Portfolio Valuation: Private Equity and Credit | Q1 2020Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
The document discusses fraudulent conveyance and solvency opinions. It provides:
1) An overview of fraudulent conveyance laws and how solvency opinions are used to evaluate transactions that could potentially leave a company with inadequate capital or unable to pay its debts.
2) A summary of the four tests used in solvency opinions - whether a transaction leaves a company balance sheet solvent, cash flow sufficient to pay debts, with adequate capital, and with surplus assets over liabilities and capital.
3) An example of how Mercer Capital provides solvency opinions to evaluate potential fraudulent conveyance issues for transactions like leveraged buyouts and dividend recapitalizations.
Mercer Capital's Investment Management Industry Newsletter | Q1 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
This document discusses ways that hedge fund managers align their interests with investors through various fee structures and incentives. It finds that high water marks and hurdle rates above 3% are commonly used. Managers also provide transparency, have personal investments in funds, and offer tiered fee structures where fees reduce as assets grow. The goal is a collaborative relationship where both managers and investors benefit from knowledge sharing, customized solutions, and long-term investing. There is no one-size-fits-all approach, and different methods should be tailored to individual situations to incentivize mutually beneficial behavior.
Mercer Capital | Valuation Insight | Corporate Finance in 30 Minutes Mercer Capital
This document provides a primer on corporate finance for directors and shareholders. It summarizes key concepts in three areas: capital structure, capital budgeting, and dividend policy. For capital structure, it discusses the tradeoff between debt and equity and how the optimal structure minimizes overall cost of capital. For capital budgeting, it outlines how management should select projects with expected returns exceeding the cost of capital. For dividend policy, it addresses shareholders' preferences for income versus growth and how these fit a company's strategic position. The goal is to give directors and shareholders a framework to meaningfully contribute to major financial decisions.
Mercer Capital's Value Focus: Auto Dealer Industry | Mid-Year 2021Mercer Capital
The document discusses options for auto dealerships to allocate excess capital, including reinvesting in the business through M&A or organic growth, or returning capital to shareholders through dividends or share repurchases. It notes that some public auto dealers have focused on share repurchases recently. For private dealers, reinvesting options like adding new locations may be limited, so returning capital to owners could be preferable if attractive growth prospects are absent. The document analyzes growth strategies and capital allocation considerations for both public and private auto dealerships amid high current profitability and liquidity levels.
Mercer Capital's Value Focus: Venture Capital | Mid-Year 2016Mercer Capital
Mercer Capital's Venture Capital newsletter provides perspective on some of the most relevant market trends affecting venture capital firms and other financial sponsors.
Mercer Capital's Investment Management Industry Newsletter | Q3 2019 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Value Focus: FinTech Industry | Second Quarter 2015Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Mercer Capital's Value Focus: Auto Dealer Industry | Data as of Mid-Year 2020Mercer Capital
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes a macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital's Investment Management Industry Newsletter | Q1 2019 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital | Getting It Right: Loan Valuation and Credit Marks in Today's...Mercer Capital
Although investors and perhaps bankers are not as focused on credit as was the case several years ago, properly assessing credit risk and determining appropriate credit marks remains the key arbiter in determining whether a deal is destined to struggle or meet/exceed expectations. This session looked at the evolution of loan portfolio valuations as part of due diligence and M&A pricing since the financial crisis. Davis and Gibbs provided insight into some of the nuances around the evaluation process and what to look for in terms of potential potholes regarding potential acquisitions.
Presented by Andrew K. Gibbs, CFA, CPA/ABV, and Jeff K. Davis, CFA of Mercer Capital at Bank Director's 2015 Acquire or Be Acquired Conference on January 26, 2015
Understand the Value of Your InsurTech CompanyMercer Capital
Valuing an InsurTech company can be complicated and difficult, but carries important significance for employees, investors, and stakeholders for the company. While all InsurTech companies have differences, including what niche (distribution, claims, benefits, etc.) they operate in or what stage of development the company is in, understanding the value of the business is critically important.
TandemModels® is delivered to investment managers and advisors in a single platform environment (SaaS) for asset allocation model design and management, trading, cash flow management, portfolio re-balancing, performance reporting, and custodial integration and reconciliation.
Mercer Capital's Investment Management Industry Newsletter | Q2 2019 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Apex Business Advisors helps business owners sell their companies. They offer free consultation and work solely for the seller. Potential buyers must sign a confidentiality agreement and provide financial documents before learning the business identity. Apex screens buyers through interviews to assess their finances and suitability. They do not charge upfront fees and are only paid upon successful sale. With extensive marketing and a large buyer database, Apex sells more businesses in the Kansas City area than any other brokerage.
Mercer Capital's Asset Management Industry Newsletter | Q2 2013 | Focus: Trad...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Asset Management Industry Newsletter | Q3 2018 | Focus: Alte...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Asset Management Industry Newsletter | Q1 2018 | Focus: Asse...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Asset Management Industry Newsletter | Q2 2018 | Focus: Weal...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Investment Management Industry Newsletter | Q3 2022 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
IMAP Financial Services sector Leaders: Jonathan Dalton and Khelan Dattani share insights into the global Financial Services sector. They look at how and why the COVID pandemic affected certain geographies and subsectors more than others and the subsequent impact on deal volumes and valuations. They identify the key areas of growth and common trends driving activity across the globe and examine why the sector is becoming increasingly attractive to PE investors, pinpointing opportunities for buyers and sellers.
Mercer Capital's Asset Management Industry Newsletter | Q1 2015 | Focus: Mutu...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Investment Management Industry Newsletter | Q4 2023 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Asset Management Industry Newsletter | Q2 2016 | Focus: Trad...Mercer Capital
This document provides an overview and analysis of the traditional asset management industry in the second quarter of 2016. It discusses the recent performance of major asset managers like BlackRock and how they have adapted to trends toward passive investing. It also summarizes the decline in valuations across the asset management sector due to pressures like fee compression and rising costs. The document reviews recent M&A activity, including acquisitions by Affiliated Managers Group, and provides multiples data for different types of asset managers.
Mercer Capital's Middle Market Transaction Update | Q1 2018Mercer Capital
This newsletter analyzes deal volume, deal value, and other M&A indicators in the middle market in light of the current environment.
Mercer Capital has been successfully executing mergers & acquisitions for a broad spectrum of middle-market companies since the mid-1980s. We specialize in providing merger & acquisition services to sellers or buyers of private businesses or public companies divesting divisions and subsidiaries.
Mercer Capital's Asset Management Industry Newsletter | Q2 2015 | Focus: Trad...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Equity Market - What to expect in August 2021?Vinod Prajapati
- The equity markets in India performed well in July 2021, with mid and small-cap stocks outperforming. Realty and metals sectors saw the highest gains, while auto and energy declined.
- Fund managers expect some market consolidation in the near term due to high valuations but remain positive for the long term given economic recovery. Select sectors like financials, IT, and consumption are favored.
- A mix of large, mid, and small-cap funds is recommended to benefit from opportunities across market caps.
Mercer Capital's Investment Management Industry Newsletter | Q4 2018 | Focus:...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
- After interviewing their investment manager partners, the consensus is one of cautious optimism about further stock market gains, but managers note the path remains precarious.
- Managers favor value stocks over growth and are underexposed to emerging markets and commodities despite recent strength in those areas.
- Within fixed income, emerging market bonds are becoming more attractive due to US dollar weakness.
- Government bonds are viewed more as portfolio insurance than a source of return given their low yields.
Randy Kerns, CIC, ChFC • Voya Financial Advisors Inc.
- Why passive investors get hammered by Mike Posey
- Can it really be earnings season already?
- What oil's plunge and the strong Dollar may mean for 2015 by Jeanette Schwarz Young
- Active management as a practice differentiator (John McGonagle, CFP, CRPC, Asset Architects LLC)
Seminar 8 creating an investment recommendationpvalantagul
The document provides guidance on creating an investment recommendation and pitching a stock. It outlines the key components of a stock pitch, including analyzing if a company is a good business and if it will be a good stock. An example stock pitch for Waste Management is then presented, analyzing the company, industry, financials, valuation, opportunities/risks, and recommending the stock as a buy. The document emphasizes synthesizing information from prior seminars to develop an investment thesis and recommendation.
Avant garde wealth mgmt - Quarterly letter - 1306Gaurav Jalan
The document summarizes the analysis of a basket of 251 Indian consumer companies by Avant Garde Wealth Management. It finds that while consumer stocks have strong earnings growth and return on equity, their valuations are currently at historic highs relative to earnings. Historically, high valuations for consumer stocks have coincided with weaker future returns despite ongoing earnings growth. The document also discusses the impact of the US Federal Reserve's comments about tapering quantitative easing, which caused short-term turmoil in global asset markets. It questions whether the Fed will actually be able to normalize monetary policy and raise interest rates given its enormous balance sheet.
Mercer Capital's Investment Management Industry Newsletter | Q2 2022 | Segmen...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Quarterly report for our investors - Fourth Quarter 2018BESTINVER
This quarterly report provides an overview of Bestinver's performance in 2018 and outlook. Key points include:
- Bestinfond value fund fell 13.4% and Bestinver Bolsa stock fund fell 8.7% in 2018, though the company remains confident in long-term returns.
- Opportunities exist from market volatility, and the company has been rotating portfolios into "ugly" companies at attractive prices.
- Exposure to industrials has increased through companies supplying automotive and stainless steel that have lost over 65% of value.
- Prudence is advised regarding financial and Chinese companies due to various risks, though some gains were achieved.
- With $6 billion under management
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
Quarterly report for our investors - First Quarter 2018BESTINVER
During the first quarter of 2018, the international portfolio fell 3.3% compared to a 4.3% fall in the European market index. Over the long term, the portfolio has outperformed with returns of 4.38% over 3 years and 10.76% over 5 years. The portfolio is trading at a potential growth of 54% from its current net asset value to its target value. Recent portfolio activity included selling positions that had achieved strong gains and reduced exposure, and using market fluctuations to add undervalued companies with good long-term potential such as Smith & Nephew.
Semelhante a Mercer Capital's Investment Management Industry Newsletter | Q3 2020 | Focus: Independent Trust Companies (20)
Mercer Capital's Bank Watch | September 2023 | The Interest Rate Environment ...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Investment Management Industry Newsletter | Q2 2023 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Bank Watch | July 2023 | Bank Impairment TestingMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Value Focus: Transportation & Logistics | Q1 2023 |Mercer Capital
Mercer Capital's Transportation & LogisticsIndustry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, mergers and acquisitions review, and guideline public company metrics.
Mercer Capital's Value Matters™ | Issue No. 1, 2023 Mercer Capital
Mercer Capital's Value Matters™, addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
Mercer Capital - Corporate Finance in 30 Minutes Whitepaper.pdfMercer Capital
Corporate finance does not need to be a mystery. In this whitepaper, we distill the
fundamental principles of corporate finance into an accessible and non-technical
primer. Structured around the three key decisions of capital structure, capital
budgeting, and distribution policy, the guide is designed to assist family business directors and shareholders without a finance background make relevant and
meaningful contributions to the most consequential financial decisions all companies must make. Our goal with this whitepaper is to give family business directors
and shareholders a vocabulary and conceptual framework for thinking about strategic corporate finance decisions, allowing them to bring their perspectives and
expertise to the discussion.
Mercer Capital's Bank Watch | March 2023 | “I’m Not Broke. I’m Just Not Liquid.”Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Bank Watch | February 2023 | Themes from Bank Director’s 202...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Value Focus: Exploration and Production | Fourth Quarter 202...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital's Bank Watch | December 2022 | Bank M&A 2022 - TurbulenceMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Value Matters™ | Issue No. 3, 2022|Mercer Capital
Mercer Capital's Value Matters™, published 6 times per year, addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
Mercer Capital's Value Focus: Transportation & Logistics | Q3 2022 Mercer Capital
Mercer Capital's Transportation & LogisticsIndustry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, mergers and acquisitions review, and guideline public company metrics.
Mercer Capital's Bank Watch | November 2022 | Community Bank Loan Portfolios ...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Bank Watch | October 2022 | How Are Tech-Forward Banks Perfo...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Value Focus: Transportation & Logistics | Q2 2022 | Feature...Mercer Capital
Mercer Capital's Transportation & LogisticsIndustry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, mergers and acquisitions review, and guideline public company metrics.
Mercer Capital's Value Focus:Medtech and Device| Q3 2022Mercer Capital
Mercer Capital's Medical Technology Industry newsletter provides perspective on valuation issues. Each newsletter also includes Stock Market Performance, Revenue & EBITDA Multiples, Operating Metrics, and Public Medical Device Companies
Mercer Capital's Bank Watch | September 2022| 2022 Core Deposit Intangibles U...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
South Dakota State University degree offer diploma Transcriptynfqplhm
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1. BUSINESS VALUATION &
FINANCIAL ADVISORY SERVICES
VALUE FOCUS
Investment Management
Third Quarter 2020 | Segment Focus: Independent Trust Companies
www.mercercapital.com
In this issue, we review public market performance across the investment management
industry in light of the COVID-19 global pandemic. The upward trend in publicly traded
asset and wealth manager share prices since March is promising for the industry.
AUM has risen with the market over this time, and it’s likely that industry-wide revenue
and earnings have as well. On balance, the outlook for RIAs has generally improved
with market conditions over the last several months.
In our segment focus for this quarter, we look at the performance of independent trust
companies. We explain how the performance of publicly traded investment managers
can guide our understanding of trust company valuations even though there are no
pure-play publicly traded trust companies. Overall, despite the global pandemic, the
long-term outlook for most independent trust companies appears healthy.
Also in this issue, we address industry M&A trends and factors driving deal activity.
In the midst of record high deal activity, we review our top four considerations when
purchasing an RIA.
In This Issue
RIAs Continue to Rebound 1
Segment Focus: Independent
Trust Companies | Outlook
During COVID-19 4
RIA MA Amid COVID-19:
Deal Activity Back to Record
Highs 5
Investment Manager
Multiples by Sector 7
About Mercer Capital 8