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Investor Spotlight: The Rapid Rise of Thoma Bravo
Asset Management
It’s possible that the two firms most responsible for the rise of the LBO in the 1980s were KKR and Golder Thoma. While KKR famously pioneered the hostile mega-buyout, assuming the role of barbarian at the gate, Golder Thoma developed a different tactic: the buy-and-build strategy, using one company as a platform for add-ons as a way to drive growth.
On Value in the Emerging Markets
Asset Management
“Value” is an over-utilized term within the investment management industry. A wide range of fund managers employing disparate strategies claim to utilize “value disciplines” or to follow a “value approach.” In truth, there is no standardized definition for the notion of “value investing.” The progenitors of the value discipline, Benjamin Graham and David Dodd, never themselves used the term to
GMO: Quarterly Letter
Asset Management
Emerging Value and Margin of Superiority Why would a value manager buy more of an asset that has just gone up? Ben Inker Long-time GMO clients have become accustomed to a certain kind of behavior from our asset allocation portfolios. If they are reading stories about how well an asset class has been doing, chances are pretty good that their
Fund Manager Allocations
Asset Management
Summary: Global equities have risen 7% in the past 3 months and 16% in the past year, yet fund managers continue to hold significant amounts of cash, suggesting lingering doubts and fears. They have become more bullish towards equities, but not excessively so: less than half expect better profits and a better economy in the next 12 months. Allocations to
K.K.R. Bets Big on Health and Wellness
Asset Management
Private-equity titan Kohlberg Kravis Roberts (K.K.R.) is focusing heavily on health and wellness, demonstrated by two different deals made this week. In addition to a $2.8 billion acquisition of WebMD, K.K.R. has also taken a majority stake in the Nature’s Bounty Company, reports The New York Times. K.K.R.’s portfolio company Internet Brands agreed to purchase WebMD, with the deal occurring
Blackstone to Raise $3B Pan-Asia Fund, Posts 2Q Earnings
Asset Management
On the same day Blackstone released a 2Q earnings report reflecting substantial growth, Reuters reported that the buyout giant is aiming to raise up to $3 billion for a debut Pan-Asia fund targeting investments in the manufacturing and healthcare sectors. IBM's Complicated Watson Could Be Destroying Shareholder Value Silver Lake Registers To Raise Latest Behemoth Fund Such a fund would
Falling Oil Prices Brings EnerVest Fund to its Knees
Asset Management
Having borrowed $1.3 billion to buy oil and gas wells in 2013, a $2 billion EnerVest fund has now lost almost all of its value after energy prices plunged, reports The Wall Street Journal. Managed by Houston private-equity firm EnerVest Ltd., the fund has received investments from endowments, charities, and major pensions, as well as Wells Fargo & Co., per
Blackstone Continues Dealmaking Spree
Asset Management
Blackstone CEO Stephen Schwarzman recently expressed frustration with the private equity giant’s flat stock price, but he still has plenty to be happy about. The firm has churned out deals at a frenzied pace of late, with 39 completed transactions under its belt so far this year. That figure trails only KKR’s 45 completed deals, per the PitchBook Platform. Pershing
10 Reasons ESG Investing Is Growing
Asset Management
According to the Global Sustainable Investment Alliance, over $22 trillion of assets were managed under responsible investment strategies globally in 2016, up 25% from two years before. This is one of many statistics showing Environmental, Social and Governance (ESG) investing moving into the mainstream. We see 10 major trends contributing to the rise. Good governance is systemically important. The financial
Bank of America Trashes Risk Parity Funds, Launches One a Month Later
Asset Management
Bank of America Merrill Lynch recently released a research note suggesting that Risk Parity investment strategies currently represent a substantial source of systematic risk in global markets. The note was picked up breathlessly by several media outlets and posted under sensationalist headlines employing eye-catching terms like “spectre,” and “mayhem.” The introduction to the actual report says: Last week’s sharp sell-off