AB Announces February 28, 2015 Assets Under Management
We'll be monitoring how these firms adapt to the rapid growth of ETFs and the continued risk aversion of investors.
On June 14, the U.S. Senate Finance Committee introduced a bill that could potentially alter the way AllianceBernstein's AB income is taxed. To this point, the firm has benefited from below-average tax rates in part because of its partnership structure. The Senate finance bill, if enacted, would void the firm's tax-preferred status, thereby subjecting it to higher corporate tax rates. The bipartisan bill appears to stand at least a decent shot at passage. However, it remains unclear whether the bill will apply to Alliance, as it's ostensibly aimed at private-equity partnerships that have either gone public or are contemplating an offering in the future. (Per a representative, Alliance is not commenting pending further legal review; a call to the Senate Finance Committee was not returned as of this note). As such, we're placing our fair value estimate for Alliance under review as we further investigate the proposed bill's implications. We will closely monitor the situation and provide ...
Plus, Ivy Asset Strategy outed as flash crash culprit, and more.
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The manager of Leuthold Asset Allocation, which has been reeling from outflows, has left the firm, prompting the merger. Also, AllianceBernstein changes named managers in its target-date series and target-risk suite, ING swaps out managers on its asset-allocation team supporting multiasset funds, ...
We continue to be impressed by BlackRock's ability to generate organic growth.
In a tough week for Marsico, the firm is removed as a subadvisor on two separate funds. Also, Calamos plans dividend and mid-growth funds, Oppenheimer to close Discovery to new investors, and John Hancock makes a raft of portfolio-management changes.
T. Rowe Price seeks permission to create actively managed ETFs that are not transparent, a corporate-bond manager leaves PIMCO, and new managers are named to Oppenheimer Moderate and Ivy Global Natural Resources.
Poor investment performance and rising interest rates have exposed weaknesses in several asset managers.