TEMPLE ASSOCIATES
 Expert Advice for Asset Managers and Private Banks
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                                    July 2017 Home About Us Executive Search Strategic Advice Contact
 

 


Strategic  Advice                  


Temple Associates has developed long-term, senior-level relationships with clients as their independent advisor on strategic transactions such as mergers and acquisitions as well as the introduction of joint venture partners.

During the course of our work as recruitment consultant to a wide range of clients we have built up an extensive network of senior-level contacts. As a consequence we can provide decision-makers with a different perspective when they are confronted with strategic decisions as they try to grow or restructure their business.

Numbers alone can be deceiving and many acquisitions look attractive on paper but ultimately fail because the human element has been neglected during evaluation or later when the acquired business has to be integrated into existing operations.

Clients should also be aware that no deal is a 'must-do' deal. It is easy to get carried away when you pursue an attractive-looking deal. Many executives have gotten their companies in trouble by overreaching and forgetting about exercising discipline.

In addition to advice on strategy we also advise financial services firms on business management and you will find more information by following the link.


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Notable Transactions

Schroders
acquires Swiss Private Equity Fund of Fund Adveq ( $ 7 bio AuM) Again one has to wonder why terms, i.e. basically the price paid, is kept under wraps. After all, Schroder is a listed and therefore public entity. As a fund manager it is a trustee for ordinary savers and should be strident in its support for maximum transparency. Is the price too high? or was it a good bargain? And from the seller's perspective the same question applies, though to a lesser extent. The CEO as the likely main beneficiary may want discretion, but from whom? the wife? kids? the tax authority? jealous wider public?
21-Apr-2017

LGT Capital Partners buys Private Debt Manager European Capital (AuM Euro 660 Mio)
3-Mar-2017

Chinese Conglomerate HNA Group acquires 9.9pct of Austrian Fund
Manager C-Quadrat
20-Jan-2017

Old Mutual Wealth's Quilter Cheviot has acquired financial planning and wealth management company Attivo Investment Management for an undisclosed sum
25-Jan-2017

Canadian Pension Fund Brit.Columbia Inv Mgt buys majority stake in alternative lending firm Hayfin Capital Management (£7 Bio under management)
7-Jan-2017

New York Life Investments To Acquire Majority Stake in $ 2 Bio AuM Credit Value Partners
3-Jan-2017

2017

Henderson Investors acquires Janus (AuM $197 Bio) for $2.6 Bio
15-Oct-2016

Swiss Life Asset Managers acquires Property Manager Mayfair Capital
10-Oct-2016

Canada's Fiera Capital buys Emerging Markets Specialist Charlemagne Capital
6-Sep-2016

Wells Fargo Asset Management
buys $ 15 Bio AuM quant specialist Analytic Investors
9-Aug-2016

Dyal Capital Partners has bought a minority stake in middle-market private equity firm H.I.G. Capital. The passive non-voting stake, represents less than 15% of the economic interests of the $ 20 Bio AuM firm.
4-Aug-2016

Pacific Asset Advisors (PAAL), an investment management firm wholly-owned by Pacific Life Insurance Company, has completed its acquisition of Cadence Capital Management, a boutique investment firm with approximately USD4 billion in assets under management.
5-Jul-2016

Swiss Fund Manager GAM announces acquisition of $ 4 Bio AuM quant fund manager Cantab Capital
4-Aug-2016

Goldman's Petershill
sells five Hedge Fund stakes to Affiliated Managers for $800 Mio  (Winton, Capula, CapeView, Partner Fund Management, Mount Lucas Management)
6-Jun-2016

Rothschild acquires AuM Euro 10 Bio Private Client specialist  Martin Maurel (Marseille)
6-Jun-2016

Banque Havilland buys Geneva-based Banque Pasche from Groupe Mutuel-CIC
26-May-2016

OCBC’s Bank of Singapore acquires Barclays Wealth Singapore and Hong Kong for 1.75% of $8 Bio AuM
27-Nov-2016

Handelsbanken acquires Euro 2 Bio AuM Optimix Netherlands
20-Apr-2016

KBL European Bankers acquires  Insinger from BNP Paribas, merges it
with T Gilissen
12-Apr-2016

LGT
Liechtenstein acquires majority in Vestra Wealth UK
14-Mar-2016

Old Mutal to acquire Singapore’s AAM Advisory
UK-based wealth manager Old Mutual announced it had signed an agreement to acquire Singapore-based independent financial adviser AAM Advisory, which has about 100 staff and $450 million in assets under advice.
2-Feb-2016

Legg Mason acquires $12 Bio AuM EnTrust Hedge Multimanager for $400 Mio (3.3% of AuM)
22-Jan-2016

Aberdeen buys Arden Asset Management - expanding the Hedge Fund business will be a counterweight to exposure to Emerging Markets (8/15)
1-Jan-2016

2016

Investcorp
acquires SSARIS $800 Mio Hedge Fund of Fund
15-Nov-2015

AMG Affiliated Managers takes minority stake in $3.6 Bio AuM Ivory Hedge Fund
8-Nov-2015

AMG Affiliated Managers buys Systematica Hedge Fd stake held by Bluecrest, valuation approx 10% of AuM
8-Nov-2015

Goldman Sachs Asset Mgt acquires $550 Mio AuM Imprint Capital - to extend offering in impact investment. Is it soon de riguer for every asset manager to offer 'impact' investing products or is this a passing fad?
15-Aug-2015

Corsair Capital (Mervyn Davies) and Palamon (L Elson) acquire Currencies Direct for £200 Mio
11-Aug-2015


Mediobanca
acq 51% of Cairn Capital for £40 Mio from Royal Bank of Scotland, has option for rest, AuM $5.6 Bio
4-Aug-2015


China's Fosun enters Germany with acquisition of Hauck Aufhaeuser - it will be interesting how this jump into the water will pan out for this Chinese Firm. Dipping the toes may be an intelligent strategy but will it ever produce a meaningful contribution to this large firm's business results?
12-Jul-2015

2015

TIAA-CREF acquires Nuveen, combined AuM reaches $800 Bio, broadens product line-up. But is bond focus a drag on future outlook?
14-Oct-2014

Man
buys Numeric - at first sight the (initial) payment looks reasonable, but the devil may be in the earn-out terms.
14-Jun-2014

Standard Life buys Ignis - boosts AuM to £240 Bio - gathers critical mass.
12-Mar-2014

FX provider HiFX bought by Euronet - not cheap at 15 times EBITDA
10-Mar-2014

Legg Mason to buy former Deutsche Bank Unit QS Investors
1-Mar-2014

BNP Paribas acquires Poland's BGZ Bank from Rabobank - 1.2 times book
13-Dec-2013

SunTrust sells $ 50 Bio AuM RidgeWorth Investments (12/13)
15-Nov-2013

Standard Life Wealth acquires Newton Private Client Business
Firm pays £83.5 Mio and gains £ 5.5 Bio in private client assets
15-Nov-2013

New York Life acquires Dexia Asset Management
If you thought that the market for investment management in Europe was already over-crowded this deal shows that any fund management house that wants to be seen as a global player needs a presence here - despite the best efforts of regulators to frustrate market practitioners.
20-Oct-2013

UBP Union Bancaire Privee acquires Lloyds TSB's International Private Banking Assets
29-May-2013

Cantor Fitzgerald acquires $ 3 Bio AuM hedge fund Fintan Partners (3/14)
3-Mar-2013

Orix acquires Robeco
And a new player enters the fund management arena, we wish them good luck!
25-Feb-2013

Morgan Stanley sells Quilter - again
This time the firm is sold to Private Equity for a respectable £175 million which is quite reasonable as a ratio of assets under management  in the current climate (£7.6 billion).
25-Jan-2012

Sumitomo pays $93 mio for 5 pct stake in Moelis
This transaction confirms that - contrary to some cindications - the animal spirits in the financial markets are not yet completely extinct. Together with the sale of Royal Bank of Scotlands aircraft leasing business the other day the deal illustrates that Asian firms try to get a larger footprint in the financial services sector while their competitors - especially the European ones - are under pressure. One can only hope that they have the managerial capability to make the most of the good weather while it lasts, although the historic precedents from the previous forays during the 1980s and 1990s are not favourable.
19-Jan-2012


TPG buys 30% stake in Saxo Bank from General Atlantic and Espirito Santo for US$ 560 Mio valuing it at $ 1.87 Bio.
Saxo Bank proves that the financial service sector does not have to be dominated by the incumbent market leaders as long as market niches and trends are used in an intelligent and cost-effective way to build market share.
26-Aug-2011

UBP Geneva buys ABN Amro's Swiss Private Banking Unit
The trend towards a concentration of private banking activities in stronger hands is continuing with UBP's purchase of the unit that managed Euro 11 billion in client assets.
16-Aug-2011

IPO may value Russian Nomos Bank at 27 pct of assets
If Nomos can get away the sale of 20 pct of the share capital it would highlight the disparities in the valuation of banks. Memories of pre-crash euphoria cannot be dispelled.
31-Mar-11

CB Richard Ellis buys ING Real Estate Investment for $940 million
Contrary to talk of a property glut and property being overvalued there is strong underlying demand for the asset class as investors are seeking a refuge from volatile equities, bonds and hedge funds.
16-Feb-11

Bank Leumi pays Sfr 177 mio for Geneva's Banque Safdie
At just under 3 pct of assets under management the price seems to be a fair one.
10-Feb-11

Raiffeisen buys 70 pct of Polbank - valuation more realistic than pre-crunch
News that the Austrian Raiffeisen International buys a 70 pct stake in the aptly named Polbank in Poland confirms that the market for banking assets in the emerging markets is still decoupled from the market valuations in many developed markets. The price paid to the former holder of the stake, the Greek Eurobank EFG, represents around 12.7 pct of Polbanks balance sheet of Euro 5.5 billion (per Sept 2010). This is a much less aggressive valuation than those seen applied to banks in Eastern Europe a few years ago but still puts a lot of hope into the possibilities of reaping economies of scale from merging the business with Raiffeisen's existing network in Poland.
4-Feb-11

BBVA acquires 24.9 % stake in Turkey's Garanti Bank

While the price may appear to be high compared to still depressed share prices in most banks it is not a dramatic premium compared to prices paid for banks in emerging markets during the pre-crunch euphoria when they were way above intrinsic value.
3-Nov-10

Ampega-Gerling buys 32.6% of Austria's C-Quadrat
Consolidation in the asset management industry continues as this opportunistic acquisition demonstrates.
14-Oct-10

Siemens AG sells its Austrian investment management unit Innovest to Macquarie
The Australian firm continues its expansion into the gaps left in the market by the demise or merger of several large financial houses during the past few years
7-Oct-10

Credit Suisse pays $425 million for a 30% stake in hedge fund firm York Capital Management
The animal spirits are alive and well - at least at Credit Suisse! But is a minority stake really necessary to get access?
16-Sep-10

Santander to pay Euro 555 Mio for SEB's German Assets
Not a cheap price for Euro 8.5 Bio in loans and 4.6 Bio in deposits
13-Jul-10

RHJ completes £225 Mio purchase of Kleinwort Benson
From day one we thought that Dresdner overpaid for KB so this should be a happy departure for a name that still offers cachet.
5-Jul-10

Santander buys remaining 25% in Santander Mexicano
$2.5 Bio may be small change for the bank but it implies a hefty 20 percent plus of assets
1--Jun-10

Man Group plc will buy GLG Partners for $1.6 billion in cash and stock
This could turn out to be a turbulent marriage

28-May-10

Sciens Capital Management acquires Partners Group Hedge Fund platform
11-Apr-10

F&C buys Thames River Capital
Let's hope this helps F&C's share price
29-Apr-10

Nomura to acquire Nexen Energy Marketing UK
The commodity space remains hot - let's hope it is not a just another bubble
15-Feb-10

Affiliated Management Group (AMG) buys Artemis Fund Management
How large can you grow a multi-boutique asset manager?
12-Feb-10

Macquarie acquires Canadian Wealth Manager Blackmont Capital
Asset gathering remains the name of the game
31-Dec-2009

Nomura to acquire London Investment Banking boutique Tricorn Partners

Not all boutiques enjoy to stay single
16-Dec2009

Consortium buys troubled Constantia Private Bank
The worship of the 'Great Leader' as management style led another ship onto the rocks
26-Nov-09

Macquarie buys Fox-Pitt Kelton
Space vacated by the demise of some large investment banks gets populated by new players
01-Oct-09

Ameriprise to Buy Bank of America’s Columbia Funds
Another admission that  banking and asset management often make unhappy bedfellows
30-Sep-09

Bank of New York Mellon buys largest part of Insight Investment

The transaction demonstrates that prices for institutional asset managers remain depressed
13-Aug-09

Standard Bank South Africa takes 33% stake in Troika Dialog
A gutsy transaction in extremely difficult times
9-Mar-09


TD Ameritrade
to buy options specialist thinkorswim
Future of the brokerage industry is not as dark as many commentators predict
9-Jan-09


Mitsubishi UJF takes stake in Capula Invesment Management
Minority stakes in hedge fund management companies tend to be problematic - for the buyers!
21-Oct-08

Citibank buys 20% stake in AK Bank
A hefty price for a minority stake
20-Oct-06

Dexia buys 75% of Denizbank
A very full price
01-Jun-06


 
 

   
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