UK quoted asset management companies appear to have fared much more badly than the rest of the market, according to research from Seymour Pierce. Overall, a group of 13 quoted asset management firms lost around 60 percent of their value between 21 June 2007.
UK quoted asset management companies appear to have fared much more badly than the rest of the market, according to research from Seymour Pierce. Overall, a group of 13 quoted asset management firms lost around 60 percent of their value between 21 June 2007.
Some did much worse. Bluebay (61percent), Charlemagne Capital (78 percent), Liontrust (75 percent), RAB Capital (-78 percent) and Syndicate Asset Management (-96 percent) all did much worse.
The poor performance of Syndicate, which has made a number of private client acquisitions, as part of its ‘consolidator’ strategy, is particularly interesting. The market clearly thinks that consolidation does not work, at least in the case of Syndicate!
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Conversely, some of the other constituents in the list, including firms with a significant private client presence did much better. Hargreaves Landsdowne’s share price fell by just 6 percent over the period. Rathbone Brothers (-37 percent), Schroders (-40 percent) and iimia Investment Group (-41 percent) also did relatively better.
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