Asset Management Valuation Quarterly Update Q4 2015

www.pwc.com
Asset Management
Valuation
Quarterly Update
Q4 2015
A publication
from PwC’s
Deals practice
Financial Services Industry - Asset Management Valuation Quarterly Update
As of December 31, 2015
Financial Services Industry – Asset Management Valuation Quarterly Update
Recent Market Developments & Trends
●
For the full year 2015, the S&P 1500 Asset Management & Custody Banks Index decreased by 11.6% as compared to the S&P 500 Index, which decreased by 0.7%.
●
The combined assets of the nation’s mutual funds decreased by $292 billion, or 1.8%, to $15.7 trillion in December 2015, according to the Investment Company Institute’s survey of the mutual fund industry.
●
US equity funds net outflows for 2015 totaled approximately $170 billion, the largest outflows observed since the 2008 financial downturn. International equity funds saw two consecutive months of outflows in November
and December, but for the full year 2015 saw net inflows of approximately $94 billion, despite the MSCI World Index being down 4.0% for the year.
●
For the month of December, taxable bond funds saw the highest amount of net outflows totaling $33 billion and finished the year with total outflows of approximately $40 billion.
International Net Fund Flows vs.
MSCI World Index Return
US Net Fund Flows vs. S&P 500 Return
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
‐2.0%
‐4.0%
‐6.0%
‐8.0%
10,000
5,000
0
‐5,000
‐10,000
‐15,000
‐20,000
‐25,000
‐30,000
Domestic Equity Flows
20,000
16,000
12,000
8,000
4,000
0
‐4,000
‐8,000
‐12,000
‐16,000
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
‐2.0%
‐4.0%
‐6.0%
‐8.0%
S&P Monthly Returns
International Fund Flows
MSCI World Index Monthly Returns
Trading market data and transaction observations
●
The market capitalization of most of the asset management companies listed below decreased for the full year 2015, with the exception of Wisdom Tree Investments, The Blackstone Group, Ares Management, and Northern Trust,
which saw their market capitalization increase by 3.7%, 4.2%, 0.6%, and 5.0%, respectively.
●
In a challenging fund flows and market performance environment, only a handful of asset managers saw year over year increases in assets under management ("AUM") including T. Rowe Price, Eaton Vance, Janus Capital,
Wisdom Tree Investments, The Blackstone Group, Oaktree Capital, and Apollo Global. Excluding acquisitions, only Eaton Vance, The Blackstone Group, and saw positive organic AUM growth for the year.
●
Asset managers across all sub-segments (diversified, fund, alternative) saw consistent average declines in market capitalization of approximately 24% for the year. The custody bank sub-segment saw an average
decline in market capitalization of approximately 5.0% for the year.
●
From a valuation perspective, average forward earnings multiples for the diversified asset manager sub-group remained relatively flat year over year, while declining, on average, by 22%, 20%, and 10% for the fund manager,
alternative asset manager, and custody bank sub-segments.
●
In the fourth quarter of 2015, there were three transactions announced or closed within the asset management industry with deal values of $75 million or greater. There were no publicly disclosed deal multiples for these transactions.
Top US Asset Management Constituents (1)
Company
Market Capitalization ($ B)
12/31/2014 9/30/2015 12/31/2015
Assets under Management ($ B)
12/31/2014 9/30/2015 12/31/2015
Price / AUM (%)
12/31/2014 9/30/2015
12/31/2015
Price / Forward Earnings
12/31/2014 9/30/2015 12/31/2015
Diversified Asset Managers
BlackRock, Inc.
Affiliated Managers Group Inc.
Legg Mason Inc.
OM Asset Management plc
Virtus Investment Partners, Inc.
Sub-Group Average
59.9
11.8
6.1
NA
1.5
49.5
9.3
4.6
1.9
0.9
56.5
8.6
4.2
1.8
1.0
4,652
620
709
221
57
4,506
594
672
209
48
4,645
611
672
212
47
1.3
1.9
0.9
NA
2.7
1.7
1.1
1.6
0.7
0.9
1.8
1.2
1.2
1.4
0.6
0.9
2.1
1.3
18.2
16.9
12.5
13.1
14.4
15.0x
14.8
12.6
13.9
11.5
11.9
13.0x
16.9
12.0
13.1
12.0
15.4
13.9x
Fund Managers
Franklin Resources, Inc.
T. Rowe Price Group, Inc.
Invesco Ltd.
AllianceBernstein Holding L.P.
Eaton Vance Corp.
Federated Investors, Inc.
Janus Capital Group, Inc.
Waddell & Reed Financial, Inc.
WisdomTree Investments, Inc.
Artisan Partners Asset Management Inc.
Cohen & Steers Inc.
GAMCO Investors, Inc.
Calamos Asset Management Inc.
Manning & Napier, Inc.
Sub-Group Average
34.5
22.3
17.0
2.5
4.8
3.4
3.0
4.2
2.1
3.8
1.9
2.2
0.3
0.2
22.9
17.8
13.4
2.7
3.8
3.0
2.5
2.9
2.2
2.8
1.2
1.4
0.2
0.1
22.1
18.0
14.2
2.3
3.8
3.0
2.6
2.4
2.2
2.9
1.4
0.9
0.2
0.1
880
747
792
474
296
363
186
124
39
108
53
47
24
48
771
726
756
463
311
351
185
106
54
97
50
40
22
37
764
763
776
467
308
361
192
104
52
100
53
NA
22
35
3.9
3.0
2.1
0.5
1.6
0.9
1.6
3.4
5.3
3.5
3.5
4.7
1.2
0.4
2.6
3.0
2.5
1.8
0.6
1.2
0.9
1.4
2.7
4.1
2.9
2.5
3.5
0.9
0.3
2.0
2.9
2.4
1.8
0.5
1.2
0.8
1.4
2.3
4.1
2.9
2.6
NA
0.9
0.4
1.9
14.4
18.2
14.8
13.5
15.6
20.5
18.9
13.6
34.3
15.7
21.4
18.4
24.9
11.2
18.3x
11.2
14.6
11.6
13.8
13.6
16.2
13.2
11.4
20.2
12.2
14.4
12.5
19.0
8.0
13.7x
12.1
15.6
12.9
12.6
13.7
15.2
14.2
10.1
22.9
13.8
16.3
10.7
21.4
10.2
14.4x
Alternative Asset Managers (2)
The Blackstone Group L.P.
KKR & Co. L.P.
Oaktree Capital Group, LLC
Apollo Global Management, LLC
Lazard Ltd.
The Carlyle Group LP
Ares Management, L.P.
Och-Ziff Capital Management Group LLC
Fortress Investment Group LLC
Sub-Group Average
35.6
18.0
7.8
9.1
6.2
9.7
3.7
8.3
3.0
37.1
13.7
7.6
6.8
5.4
5.4
3.7
6.8
2.5
34.2
12.8
7.3
6.0
5.8
5.1
3.8
4.9
2.3
290
112
91
160
197
194
82
48
68
334
107
100
162
183
188
92
45
74
336
111
97
170
186
183
NA
45
NA
12.3
16.1
8.6
5.7
3.1
5.0
4.5
17.5
4.4
8.6
11.1
12.8
7.6
4.2
3.0
2.9
4.1
15.3
3.3
7.1
10.2
11.5
7.6
3.5
3.1
2.8
NA
10.9
NA
7.1
9.8
9.6
16.0
11.3
14.9
10.1
9.5
13.3
10.1
11.6x
9.3
6.7
15.5
9.1
11.1
7.7
10.9
7.3
5.9
9.3x
8.9
6.4
16.1
8.6
12.5
6.9
7.8
10.8
5.8
9.3x
Custody Banks
The Bank of New York Mellon Corporation
State Street Corporation
Northern Trust Corporation
Sub-Group Average
45.7
32.8
15.9
43.3
27.4
15.9
45.1
26.8
16.7
1,710
2,448
934
1,625
2,203
887
1,625
2,245
875
2.7
1.3
1.7
1.9
2.7
1.2
1.8
1.9
2.8
1.2
1.9
2.0
16.1
15.3
19.0
16.8x
13.3
12.9
16.4
14.2x
13.9
13.3
17.7
15.0x
4.2
3.1
3.4
2.5
3.1
2.2
15.7x
14.9x
12.3x
12.5x
12.9x
12.9x
Purchase
Price ($ M)
2,098
176
1,150
P/AUM
(%)
NA
NA
NA
EV /
EBITDA
NA
NA
NA
Price /
Earnings
NA
NA
NA
Average
Notes:
(1) Market data provided by Capital IQ, Inc.
(2) IIncludes manager shares in market capitalization calculation.
(3) Transaction data provided by Capital IQ, Inc. Selection criteria: (i) Target is a participant within the asset management industry, (ii) transaction was announced or closed between 10/1/2015 and 12/31/2015,
(iii) total transaction value is greater than $75 million, and (iv) Percent sought is greater than 50%.
(4) Certain financial data marked as "NA" was not available as of the publication date.
NA
NA
NA
Average
Median
Fourth Quarter Transactions in the Asset Management Industry (3)
Acquirer
Mirae Asset Securities Co., Ltd.
Conning & Company, Asset Management Arm
TA Associates Management, L.P.; Reverence Capital
Target
KDB Asset Management Co.
Octagon Credit Investors, LLC
Frank Russell Company
Close
Date
-
Announce
Date
12/24/2015
11/5/2015
10/8/2015
© 2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
Financial Services Industry - Asset Management Valuation Quarterly Update
As of December 31, 2015
Financial Services Industry – Asset Management Valuation Quarterly Update (continued)
Top Asset Management Constituents by Geography (1)
Company
12/31/2014
Market Capitalization ($ B)
6/30/2015
9/30/2015
12/31/2015
Assets under management ($ B)
12/31/2014
6/30/2015
9/30/2015
12/31/2015
12/31/2014
Price / AUM (%)
6/30/2015
9/30/2015
12/31/2015
Price / Forward Earnings
12/31/2014
9/30/2015
12/31/2015
United States
BlackRock, Inc.
State Street Corporation
The Bank of New York Mellon Corporation
Northern Trust Corporation
Invesco Ltd.
Franklin Resources, Inc.
T. Rowe Price Group, Inc.
Legg Mason Inc.
Affiliated Managers Group Inc.
AllianceBernstein Holding L.P.
Federated Investors, Inc.
The Blackstone Group L.P.
Eaton Vance Corp.
OM Asset Management plc
Janus Capital Group, Inc.
Lazard Ltd.
The Carlyle Group LP
Apollo Global Management, LLC
KKR & Co. L.P.
Waddell & Reed Financial, Inc.
Artisan Partners Asset Management Inc.
Oaktree Capital Group, LLC
Ares Management, L.P.
Fortress Investment Group LLC
Cohen & Steers Inc.
WisdomTree Investments, Inc.
Virtus Investment Partners, Inc.
Och-Ziff Capital Management Group LLC
GAMCO Investors, Inc.
Manning & Napier, Inc.
Calamos Asset Management Inc.
Sub-Group Average
59.9
32.8
45.7
15.9
17.0
34.5
22.3
6.1
11.8
2.5
3.4
35.6
4.8
1.9
3.0
6.2
9.7
9.1
18.0
4.2
3.8
7.8
3.7
3.0
1.9
2.1
1.5
8.3
2.2
0.2
0.3
57.8
31.7
47.1
17.8
16.1
30.4
20.3
5.7
12.0
3.0
3.5
47.5
4.6
2.1
3.2
7.1
9.1
8.7
18.7
4.0
3.7
8.2
3.9
3.2
1.5
3.0
1.2
9.5
1.7
0.1
0.3
49.5
27.4
43.3
15.9
13.4
22.9
17.8
4.6
9.3
2.7
3.0
37.1
3.8
1.9
2.5
5.4
5.4
6.8
13.7
2.9
2.8
7.6
3.7
2.5
1.2
2.2
0.9
6.8
1.4
0.1
0.2
56.5
26.8
45.1
16.7
14.2
22.1
18.0
4.2
8.6
2.3
3.0
34.2
3.8
1.8
2.6
5.8
5.1
6.0
12.8
2.4
2.9
7.3
3.8
2.3
1.4
2.2
1.0
4.9
0.9
0.1
0.2
4,652
2,448
1,710
934
792
880
747
709
620
474
363
290
296
221
186
197
194
160
112
124
108
91
82
68
53
39
57
48
47
48
24
4,721
2,374
1,724
946
804
867
773
699
643
485
350
333
313
227
193
203
193
162
110
121
109
103
88
72
50
62
52
48
45
43
24
4,506
2,203
1,625
887
756
771
726
672
594
463
351
334
311
209
185
183
188
162
107
106
97
100
92
74
50
54
48
45
40
37
22
4,645
2,245
1,625
875
776
764
763
672
611
467
361
336
308
212
192
186
183
170
111
104
100
97
NA
NA
53
52
47
45
NA
35
22
1.3
1.3
2.7
1.7
2.1
3.9
3.0
0.9
1.9
0.5
0.9
12.3
1.6
NA
1.6
3.1
5.0
5.7
16.1
3.4
3.5
8.6
4.5
4.4
3.5
5.3
2.7
17.5
4.7
0.4
1.2
4.2
1.2
1.3
2.7
1.9
2.0
3.5
2.6
0.8
1.9
0.6
1.0
14.3
1.5
0.9
1.7
3.5
4.7
5.4
17.0
3.3
3.4
7.9
4.5
4.5
3.1
4.9
2.2
19.9
3.8
0.3
1.0
4.1
1.1
1.2
2.7
1.8
1.8
3.0
2.5
0.7
1.6
0.6
0.9
11.1
1.2
0.9
1.4
3.0
2.9
4.2
12.8
2.7
2.9
7.6
4.1
3.3
2.5
4.1
1.8
15.3
3.5
0.3
0.9
3.4
1.2
1.2
2.8
1.9
1.8
2.9
2.4
0.6
1.4
0.5
0.8
10.2
1.2
0.9
1.4
3.1
2.8
3.5
11.5
2.3
2.9
7.6
NA
NA
2.6
4.1
2.1
10.9
NA
0.4
0.9
3.1
18.2
15.3
16.1
19.0
14.8
14.4
18.2
12.5
16.9
13.5
20.5
9.8
15.6
13.1
18.9
14.9
10.1
11.3
9.6
13.6
15.7
16.0
9.5
10.1
21.4
34.3
14.4
13.3
18.4
11.2
24.9
15.7x
14.8
12.9
13.3
16.4
11.6
11.2
14.6
13.9
12.6
13.8
16.2
9.3
13.6
11.5
13.2
11.1
7.7
9.1
6.7
11.4
12.2
15.5
10.9
5.9
14.4
20.2
11.9
7.3
12.5
8.0
19.0
12.3x
16.9
13.3
13.9
17.7
12.9
12.1
15.6
13.1
12.0
12.6
15.2
8.9
13.7
12.0
14.2
12.5
6.9
8.6
6.4
10.1
13.8
16.1
7.8
5.8
16.3
22.9
15.4
10.8
10.7
10.2
21.4
12.9x
Canada
IGM Financial Inc.
CI Financial Corp
Fiera Capital Corporation
AGF Management Limited
Guardian Capital Group Ltd.
Canaccord Genuity Group Inc.
Sub-Group Average
10.1
7.9
0.8
0.6
0.5
0.6
7.9
7.5
0.7
0.4
0.5
0.6
6.2
6.3
0.6
0.3
0.4
0.4
6.3
6.1
0.6
0.3
0.4
0.4
123
89
75
31
22
19
109
87
72
29
20
19
98
79
66
25
18
18
NA
NA
NA
NA
NA
NA
NA
8.2
8.9
1.0
2.1
2.2
3.3
4.3
7.3
8.6
1.0
1.4
2.3
2.9
3.9
6.4
8.0
0.9
1.3
2.2
2.0
3.5
NA
NA
NA
NA
NA
NA
NA
13.2
15.8
12.5
12.3
17.2
9.6
13.4x
10.3
13.8
12.2
9.4
15.9
8.5
11.7x
11.0
14.2
10.2
9.4
17.2
12.8
12.5x
Europe
UBS Group AG
Amundi Asset Management
Schroders plc
Aberdeen Asset Management PLC
Henderson Group plc
Man Group plc
Ashmore Group PLC
Jupiter Fund Management Plc
Sub-Group Average
62.4
10.9
8.7
3.6
4.4
2.9
2.5
77.8
13.1
8.2
4.4
4.2
3.0
3.1
67.6
11.1
5.7
4.2
3.9
2.5
3.0
71.4
7.8
11.5
5.5
4.8
4.4
2.5
3.0
2,578
1,016
468
515
127
73
64
50
2,807
1,004
487
446
129
79
59
54
2,639
NA
NA
429
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
2.4
NA
2.3
1.7
2.8
6.0
4.6
5.1
3.6
2.8
NA
2.7
1.8
3.4
5.3
5.1
5.8
3.9
2.6
NA
NA
1.3
NA
NA
NA
NA
1.9
NA
NA
NA
NA
NA
NA
NA
NA
NA
10.6
NA
16.1
12.5
13.9
16.1
13.8
13.6
13.8x
11.5
NA
15.2
NA
14.5
10.6
14.6
14.6
13.5x
12.6
13.4
16.4
12.8
17.0
11.8
16.3
15.6
14.5x
7.3
3.5
8.0
2.4
6.8
1.7
6.3
1.2
193
55
179
50
172
44
NA
NA
3.8
6.3
5.1
4.4
4.7
4.6
3.9
3.7
3.8
NA
NA
NA
12.1
19.0
15.6x
10.7
11.6
11.2x
10.1
11.2
10.6x
1.4
3.4
1.5
2.1
1.7
3.4
2.9
2.7
1.7
2.8
1.7
2.1
2.5
3.5
2.2
2.7
63
21
13
60
21
18
55
NA
NA
NA
NA
NA
2.2
16.4
12.0
10.2
2.8
16.3
16.4
11.8
3.1
NA
NA
3.1
NA
NA
NA
NA
17.5
21.5
16.8
18.6x
18.3
17.1
11.1
15.5x
22.3
20.5
16.0
19.6x
4.5
3.2
4.5
3.1
3.3
2.5
3.1
2.2
Africa / Middle East
Investec Limited
Coronation Fund Managers Limited
Sub-Group Average
Asia-Pacific
BT Investment Management Limited
Platinum Investment Management Limited
Value Partners Group Ltd
Sub-Group Average
Average
Median
Notes:
(1) All financial data obtained from Capital IQ.
(2) Certain financial data marked as "NA" was not available as of the publication date.
© 2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
15.3x
14.8x
12.6x
12.4x
13.4x
13.0x
Financial Services Industry - Asset Management Valuation Quarterly Update
As of December 31, 2015
Financial Services Industry – Asset Management Valuation Quarterly Update (continued)
Purchase Price Allocation Benchmarking - Transactions in the Asset Management Industry (1)
Allocation of Purchase Price As a Percentage of Excess Consideration (2)
Trade names /
trademarks
Customer
Relationships
Management
Contracts
Other (3)
KDB Asset Management Co.
Octagon Credit Investors, LLC
Frank Russell Company
First Eagle Asset Management LLC
Quilter Cheviot Limited
Dorsey Wright & Associates, Inc.
Frank Russell Company
Geneva Capital Management
Nuveen Investments Inc.
Ignis Asset Management
F&C Asset Management
Scottish Widows Investment Partnership Ltd.
Chartwell Investment Partners
Atlantic Trust Advisors, Inc.
Jovian Capital Corporation
Artio Global Investors Inc.
Epoch Investment Partners, Inc.
Thomas Partners, Inc.
Natcan Investment Management Inc.
Claymore Investments Inc.
Ashmore EEM, LLC
Commercial Industrial Finance Corp.
Henderson Group plc
Rule Investments and Terra Resource Investment Management and Resource Capital Investment
TBD
TBD
TBD
1-Dec-2015
25-Feb-2015
30-Jan-2015
3-Dec-2014
1-Oct-2014
1-Oct-2014
1-Jul-2014
7-May-2014
1-May-2014
5-Mar-2014
6-Jan-2014
1-Oct-2013
21-May-2013
27-Mar-2013
14-Dec-2012
4-Apr-2012
7-Mar-2012
1-Jun-2011
13-Apr-2011
4-Apr-2011
4-Feb-2011
2,097.8
175.6
1,150.0
4,000.0
940.3
225.0
2,700.0
200.0
6,250.0
646.0
1,597.8
1,067.0
60.0
210.0
95.4
199.1
669.7
85.0
308.7
205.8
153.0
89.7
365.4
173.4
NA
NA
NA
NA
50.3%
44.0%
24.3%
39.2%
NA
33.5%
72.0%
36.6%
64.1%
48.3%
37.5%
40.2%
77.1%
NA
58.5%
39.4%
55.1%
55.4%
56.7%
71.6%
NA
NA
NA
NA
49.7%
56.0%
75.7%
60.8%
NA
66.5%
28.0%
63.4%
35.9%
51.7%
62.5%
59.8%
22.9%
NA
41.5%
60.6%
44.9%
44.6%
43.3%
28.4%
NA
NA
NA
NA
2.6%
42.9%
34.0%
0.0%
NA
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
NA
0.0%
0.0%
2.0%
1.2%
0.0%
0.0%
NA
NA
NA
NA
47.1%
11.5%
40.1%
0.0%
NA
66.5%
10.2%
0.0%
35.9%
51.7%
45.0%
0.0%
22.9%
NA
14.9%
60.6%
42.9%
0.0%
0.0%
0.0%
NA
NA
NA
NA
0.0%
0.0%
0.0%
56.1%
NA
0.0%
17.9%
63.4%
0.0%
0.0%
17.5%
59.8%
0.0%
NA
26.6%
0.0%
0.0%
43.4%
43.3%
28.4%
NA
NA
NA
NA
0.0%
1.6%
1.5%
4.7%
NA
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
NA
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Acuity Investment Management Inc. and Acuity Funds Ltd.
Rensburg Fund Management Ltd.
BlueBay Asset Management plc
Hartford Investments Canada Corp.
Windhaven Investment Management, Inc.
Catella Brand AB
Prairie Capital Management LLC
Pantheon Ventures Ltd.
Rensburg Sheppards plc
Morgan Stanley Investment Management Inc., Retail Asset Management Business
BofA Global Capital Management Group, LLC, Certain Assets
Highbury Financial Inc.
Advisory Research Holdings, Inc.
River Road Asset Management, LLC
BlackRock Institutional Trust Company, N.A.
Insight Investment Management Limited Manulife Financial Corporation
Credit Suisse Group, Certain Fund Management Assets and Businesses
New Star Asset Management Group Ltd.
Anima S.G.R.p.A
1-Feb-2011
19-Jan-2011
17-Dec-2010
15-Dec-2010
9-Nov-2010
13-Sep-2010
30-Jul-2010
29-Jun-2010
25-Jun-2010
1-Jun-2010
30-Apr-2010
15-Apr-2010
1-Mar-2010
24-Feb-2010
1-Dec-2009
2-Nov-2009
30-Jun-2009
9-Apr-2009
23-Jan-2009
335.5
72.4
1,454.0
115.0
150.0
86.0
51.9
894.3
340.7
1,341.7
866.0
168.2
211.9
61.0
14,126.0
377.0
306.5
94.2
151.7
34.8%
31.0%
87.2%
69.1%
68.7%
75.3%
62.4%
43.0%
59.2%
27.0%
14.0%
46.1%
73.5%
48.3%
37.6%
64.5%
38.2%
41.4%
69.5%
65.2%
69.0%
12.8%
30.9%
31.3%
24.7%
37.6%
57.0%
40.8%
73.0%
86.0%
53.9%
26.5%
51.7%
62.4%
35.5%
61.8%
58.6%
30.5%
0.4%
NA
0.0%
0.0%
NA
16.9%
NA
0.0%
0.0%
0.8%
6.2%
0.0%
1.4%
0.0%
7.7%
0.0%
NA
0.0%
13.1%
9.9%
NA
12.8%
0.0%
NA
7.8%
NA
57.0%
40.8%
4.6%
7.4%
53.9%
25.1%
51.7%
0.0%
35.5%
NA
0.0%
0.0%
54.8%
NA
0.0%
30.9%
NA
0.0%
NA
0.0%
0.0%
67.5%
72.3%
0.0%
0.0%
0.0%
54.7%
0.0%
NA
58.6%
17.4%
0.0%
NA
0.0%
0.0%
NA
0.0%
NA
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
NA
0.0%
0.0%
51.2%
48.8%
3.9%
22.9%
21.6%
0.2%
2 to indefinite
7
5 to 15
9
4 to 9
7
4 to 7
6
Closing
Date
Target
Average
Purchase
Price ($ MM)
Total Intangible
Goodwill
Assets
Range of Useful Life (years)
Average Useful Life (years)
Notes:
(1) Includes acquisitions of asset managers with purchase price greater than or equal to $50 million and transaction close dates occurring between January 1, 2009 and December 31, 2015.
(2) Excess purchase price defined as total consideration less net tangible assets acquired.
(3) Other includes primarily acquired technology.
(4) Certain financial data marked as "NA" was not available as of the publication date.
© 2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
Financial Services Industry - Asset Management Valuation Quarterly Update
As of December 31, 2015
Contacts
To have a deeper discussion about valuation developments and trends, please contact:
James Marshall
Principal
[email protected]
+1 646 471 4256
Nisha Sheth
Principal
[email protected]
+1 646 471 2164
Earl Wallis
Managing Director
[email protected]
+1 678 419 1745
Jameson McNeill
Director
[email protected]
+1 617 530 4171
© 2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.