In Argo's case, I address the slippage in AUM in the past couple of years by: i) haircutting
my valuation of the asset management business to 3.75 % of AUM (if AUM were increasing steadily & incentive fees being earned, a valuation of 7.5 % or even 10 % of AUM wdn't be unreasonable, considering Argo's fee structure, and ii) calling for more resources to be devoted to fund - raising, and other alternative revenue / fee sources (for example, like white - label & sub-advisory contracts) to be explored — see here: https://wexboy.wordpress.com/2012/11/16/argo-escape-from-an-evil-state/
Now, let's revisit
my valuation of the asset management business itself.
Not exact matches
Facebook's shares have lagged behind other big tech names, making the
valuation potentially attractive, says Tim Seymour
of Triogem
Asset Management, which has accounts holding shares in the social media firm.
More broadly, the regulatory agencies in the United States and the Financial Stability Board internationally have work under way focusing on possible fire - sale risk associated with the growing share
of less liquid bonds held in
asset management portfolios on behalf
of investors who may be counting on same - day redemption when
valuations fall.
The chief executive
of Goldman Sachs
Asset Management's (GSAM) international division played down fears
of a stock market correction despite concerns over international trade and hefty
valuations.
Citi also put a $ 4.5 billion to $ 5.2 billion
valuation on another IPO contender - Commonwealth Bank
of Australia's funds manager Colonial First State Global
Asset Management.
Here I'm only going to be discussing the
valuation of the parent company Brookfield
Asset Management.
2014.11.21 RBC Global
Asset Management Inc. announces final
valuation of RBC Target 2014 Corporate Bond Index ETF RBC Global
Asset Management Inc. today announced the final
valuation of the RBC Target 2014 Corporate Bond Index ETF (TSX: RQB)...
RBC Global
Asset Management Inc. today announced the final
valuation of RBC Target 2016 Corporate Bond Index ETF (TSX: RQD)...
In an attempt to cast light on this issue, my colleagues at Plexus
Asset Management have updated a previous multi-year comparison
of the price - earnings (PE) ratios
of the S&P 500 Index (as a measure
of stock
valuations) and the forward real returns (considering total returns, i.e. capital movements plus dividends).
Later working in investment banking at Goldman Sachs and
asset management at Deutsche Bank, Barbara Ann acquired a robust grasp
of private market
valuation that she went on to leverage at Holowesko Partners for nearly a decade, helping the hedge fund grow to several billion in AUM with her focus on special situations and takeout candidates.
Examining specific needs and how they will be met, it will cover topics such as
valuation processes,
asset management and the relative merits
of developments versus acquisitions.
The first article in this series discussed points made by Julie M. Riewe, Co-Chief
of the SEC's
Asset Management Unit, on enforcement trends, principal transactions, conflicts raised by side - by - side management, valuation, allocation of expenses and the potential deterrent value of smaller enforcemen
Management Unit, on enforcement trends, principal transactions, conflicts raised by side - by - side
management, valuation, allocation of expenses and the potential deterrent value of smaller enforcemen
management,
valuation, allocation
of expenses and the potential deterrent value
of smaller enforcement actions.
Value investors need a risk
management plan that prevents a permanent loss
of capital through the use
of asset allocation, diversification, and
valuation investing.
Based on its net cash / investments per share, plus a fund
management valuation of 6.3 % * $ 46.4 bio of Assets under Management (AUM), I pegged FIG at a Fair Value of $ 7.80
management valuation of 6.3 % * $ 46.4 bio
of Assets under
Management (AUM), I pegged FIG at a Fair Value of $ 7.80
Management (AUM), I pegged FIG at a Fair Value
of $ 7.80 per share.
Focusing on Tetragon, we have: Excellent relative performance during the crisis, substantial post-crisis NAV growth, a history
of share repurchases, current 20 % RoE & IRRs, far higher peer
valuations, plus the growth potential offered by its evolving
asset management strategy & platform.
-- My
valuation approach pegs the
asset management business at 5.95 %
of AUM, on an ex-cash basis.
Fortunately, when it comes to my disclosed Donegal Investment Group (DCP: ID) holding, it recently realised a major
asset, with the
valuation of its other major
asset to be determined by year - end (thereby triggering a disposal), and
management committed to returning capital to shareholders via share buybacks.
«Our local
asset management teams provide a bottom - up perspective on market conditions and
valuations,» said Dover, who has over 25 years
of experience in global investing.
This strategy makes sense, but the value
of asset management businesses obviously resides primarily in people & goodwill — I'm concerned about the potential implications for EIIB's market
valuation.
I wrote more on this topic last year in a series on alternative
asset managers — the series focused primarily on my approach to
asset management valuations, the level
of balance sheet cash & investments in the sector, and a brief run - down
of the managers themselves (inc. a number
of hedge fund managers).
And from my perspective, it's already part & parcel
of my
valuation of Argo's
asset management business.
I'll use an unchanged 3.75 %
of AUM
valuation *** for the
asset management business:
Argo's net cash & investments, on the other hand, represents 175 %
of market cap, while the
asset management business itself trades on a negative
valuation of (3.1) %
of AUM.
David Daglio, senior vice president
of the company that released the study, Boston Company
Asset Management, said in a statement that, «The early part
of 2009 appears similar to other periods that we have studied, where market distress has created exceptionally wide
valuation spreads across the marketplace.»
In this edition, we feature a Business Insider summary
of a recent Baupost letter, a summary
of Guy Spier's approach to using checklists, a video
of Tom Russo's talk at Google on «Global Value Investing», a ValueWalk article on Pzena
Asset Management, an FT article on Steve Jobs which analyses the start - up conditions at Apple; plus two more videos at the end
of this issue — one from Bill Miller on why he thinks now is the perfect time to buy US stocks, the other from London Value Investor Conference speaker Jean - Marie Eveillard who speaks about market cycles and the risks he sees ahead from «
valuation problems» brought about by quantitative easing.
We discussed the state
of intellectual
asset management, what makes intangible investors relevant today, the
valuation of intangible
assets, and the changing nature
of innovation.
He likened this to the nature
of the duty
of care assumed by a valuer in entering into a
valuation contract, specifically whether the duty extended to liability for a fall in value
of the property market following a negligent
valuation: his well - known judgment in South Australia
Asset Management Corporation v York Montague Limited [1997] AC 191, [1996] 3 All ER 365.
Old formula as prescribed by IRDA and as contained in the policy document: Market value
of the investment plus / (minus) expenses incurred in the purchase / (sale)
of assets plus current
assets and accrued interest (net
of fund
management charges) less current liabilities and provisions, divided by, number
of units outstanding under the fund at
valuation date (before creation / redemption
of units).
Rafferty
Assets Management commented that the SEC «expressed concerns regarding the liquidity and
valuation»
of the underlying
asset.»
Professor
of finance at the NYU's Stern School
of Business, Aswath Damodaran, often referred to as Wall Street's «Dean
of Valuation,» has said, «I don't believe cryptocurrencies are now or ever will be an
asset class,» or that they will change the «fundamental truths
of risk, investing and
management.»
AREAS
OF EXPERTISE Multi-Family & Commercial
Asset Management *
Valuation / Underwriting * Acquisitions / Dispositions * Section 8, 42, LIHTC * Budgeting / Finance * Value Enhancement * Corporate Strategy
Tags for this Online Resume: Alignment
of Business and IT Missions & Strategies, Analytics, Application Development,
Asset Management,
Asset Valuations, Best Practices, Big Data, Business Development, Business Intelligence, Business Process Reengineering, BPR, Business Strategy, Change
Management, Cloud Computing, Consultative Sales, Consulting, Cross-Functional Team Leadership, Customer Relationship
Management, CRM, Due Diligence, Enterprise Application Integration, EAI, Enterprise Architecture, Enterprise Resource Planning, ERP, Enterprise Software, Financial Analysis, Forecasting, IT Service
Management, ITSM, IT Strategy, Investment Analysis, Investment Strategy, Key Performance Indicators, KPI, Knowledge
Management, Managed Service Provider, MSP, Mergers and Acquisitions, M&A, Operations, Operational Efficiency, Operational Excellence, Operations
Management, Organizational Development, Portfolio
Management, Private Equity, Profit and Loss, P&L, Program
Management, Project
Management, Regulatory Compliance, ROI, Sales, Salesforce, Sales
Management, Security - Oriented Architecture, SOA, Staff Development, Staff
Management, Supply Chain, Systems Integration, Training and Development, Training Delivery, Account
Management, Client
Management, Client Relations, Client Relationship
Management, Crisis Communications, Crisis Intervention, Crisis
Management, IaaS, Key Account
Management, Major Account
Management, National Account
Management, PaaS, Public Speaking, Risk Assessment, Risk
Management, Risk Mitigation, SaaS, Solutions Selling, Strategic Business Planning, Strategic Communications, Strategic Partnerships, Strategic Planning
Prepared
valuation analyses and cash flow models on prospective acquisitions using ARGUS; and recorded acquisition / sale
of 1031 properties on multiple entities Prepared quarterly financial reports for tax auditors using QuickBooks, including all supporting schedules for 10 - K and 10 - Q filings Created / Maintained lease briefs for newly acquired
assets and performed due diligence for prospective acquisitions Managed and reconciled cash for company and 1031 exchange properties; and acted as primary contact for all treasury
management issues Filed annual business property statement and recorded estimated income tax payments — state and federal Created accounting procedures manual and supervised / trained assistants to perform accounts payable tasks Consulted with property accountants to resolve discrepancies in monthly financial reports Provided executives, shareholders, lenders and investors with monthly, quarterly and annual financial reports Ensured compliance with loan covenants and tenant in common (TIC) agreements
One where I can apply proven prowess in the areas
of: effective leadership, organization, resource
management,
asset valuation,
asset procurement, policy making, enforcement, and regulatory navigation.
Tags for this Online Resume: Financial Statements, Cash
Management, Business Plans, Budgets, Forecasting, Taxation, Internal Control, Consulting, Negotiations, Payroll Preparation, Supervision
of Employees, Strategic Skills and Vision, Communication, Auditing, Job Costing, Inventory Control, Breakeven Analysis, Corporate Documentation, Time
Management, Research and Development, Patent
Management, Patent Accounting, Organizational Skills, Consolidations, Policies and Procedures, Lease
Management and Accounting, Grant
Management and Accounting, Venture and Debt Capitalization, Financial Planning, Independent, Ethical, Revenue Models, Presentations, Integrity, Writing Skills, Team Building, People Skills,
Management Skills, Departmental Coordination, GAAP, GAAS, FIFO and LIFO, Goodwill, Revenue Recognition, Cost
of Goods Sold, Bad Debt
Management, Cash and Accrual Accounting, Accounts Receivable
Management, Accounts Payable
Management, Fixed
Asset Accounting, Depreciation, Union Negotiations, Contract Administration, Gross Margin Analysis, Inventory
Valuation Methods, Portfolio
Management, Trust Accounting, Projections, Chart
of Accounts, General Ledger, Journals, Credit Terms, Matching Principle, Trial Balance, Executive Summaries, Title IV Funding, Multi-State Taxation, IRS Negotiations, Tax Litigation, Teaching, Curriculum Development, Tax Planning, Tax Compliance, Automated Conversions, Performance Evaluations, Problem Solving, Automated Billing, Manual Billing, Application Approvals, Vendor Contacts, Purchase Orders, Invoice Verification, Benefits Implementation, Insurance
Management, Loan Negotiations, Banking Contacts, Payroll Tax Returns, Federal Tax Returns, State and Local Tax Returns, QuickBooks, Microsoft Excel, Microsoft Office, Peachtree Accounting, TurboTax, Accounting
Seeking a position in commercial real estate
valuation or
asset management where twelve years
of appraisal experience will add value.
The quality
of management teams in the REIT space varies widely, and the range
of valuation multiples that the market ascribes to portfolios
of similar
assets suggests that there is the potential to create shareholder value by transferring
assets from the underperforming REITs to the more capable
management teams.
Jackson is a 33 - year veteran
of the commercial real estate industry and has worked in leasing and sales brokerage, advisory,
valuation,
asset management, investment services, real estate development and project
management.
Arcturus Group, a real estate advisory and
asset management firm, completed its assignment to advise Canyon Value Realization Fund LP and Trilogy Portfolio Co., B - note holders in the Atlantis Resort in the Bahamas, on strategy,
valuation and debt structure in connection with the litigation and restructuring
of $ 2.6 billion in debt on the
asset.
Through every phase
of the investment and operating cycle, we apply a broad spectrum
of valuation, brokerage,
asset management and advisory services.
He has over 25 years
of diversified financial services experience assisting commercial and investment banks, investors, and government agencies in the
management, financing, sale and
valuation of asset portfolios.
However, the legal challenge surrounding the transaction underlines how arduous and lengthy the resolution
of distressed CMBS loans can sometimes get, notes Jonathan Mayblum, co-founder
of real estate advisory and
asset management firm Arcturus, which advised Canyon and Trilogy on strategy,
valuation and debt structure during the legal proceedings.
Lenders might also deal with entire real estate portfolios or operate thousands
of miles away from a specific
asset, so property managers must be able to offer capabilities ranging from capital markets research to
valuation to leasing to construction
management, says Steven M. Ring, city leader for Northern California corporate occupier and investor services with Cushman & Wakefield.
The coursework will encompass five specialties: appraisal and
valuation services;
asset and property
management; commercial investment; operation
of a real estate association; and sales, marketing, and
management.
Blackstone had $ 102 billion
of real estate under
management in the first quarter after taking advantage
of high
valuations by exiting
assets including $ 6.7 billion
of property.
Take this course on its own or together with Financing and Loan Analysis
of Investment Real Estate (ASM603) and Performance and
Valuation of Investment Real Estate (ASM604) with the
Asset Management Track.
Take this course on its own or together with Performance and
Valuation of Investment Real Estate (ASM604) and
Asset Analysis
of Investment Real Estate (ASM605) with the
Asset Management Track.
He has extensive knowledge
of commercial real estate including
asset management, development, acquisitions, underwriting,
valuations and financial modeling.