% of AUM, 3i Group, alternative assets, Apollo Global, Argo Group, Blackstone, Carlyle Group, Cowen, developed markets, distressed assets, emerging markets, Fortress, Janus Capital, KKR, Mr. Market, Oaktree Capital, Och-Ziff, Record plc, special situations, Tetragon Financial
We’ve just witnessed the rather limp launches of Oaktree Capital & Carlyle Group (reflecting the current malaise in asset manager valuations), so it’s a good time to look more closely at the asset manager universe. But where to start? Well, the boring end of the spectrum, I guess:
Traditional managers are dime a dozen, with little to distinguish them. Most focus on developed markets (reflecting a rather timid clientele), and demonstrate no particular ability to outperform the market over time. They now face relentless competition from an ever-expanding ETF universe which, on average, easily matches them on performance and wallops them on fees.