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Tag Archives: Impax Asset Management Group

UK Asset Managers & Argo Group

12 Wednesday Jun 2013

Posted by Wexboy in Uncategorized

≈ 36 Comments

Tags

% of AUM, Andreas Rialas, ARGO, Argo Group, asset managers, Charlemagne Capital, Dolphin Capital Investors, Ex-Cash Ratios, F&C Asset Management, Impax Asset Management Group, Investor Relations, Kyriakos Rialas, Miton Group, NAV discount, The Argo Fund, Third Point, UK

In April, I took a closer look at the universe of UK-listed asset managers. A key piece of research was a (relatively) simple analysis which focused on financial stability & market valuation – this study also offered a useful peer comparison with Argo Group Ltd. (ARGO:LN) (& see this recent post).

Frankly, the numbers (plus the rest of this post) speak for themselves, but let’s have a taste of the main highlights:

 Name   Ticker  Net Cash/Inv as % of Mkt Cap
 F&C Asset Management  FCAM (23)%
 Liontrust Asset Management  LIO 3.9%
 Henderson Group  HGG 6.2%
 Aberdeen Asset Management  ADN 7.9%
 Jupiter Fund Management  JUP 8.4%
 Polar Capital Holdings  POLR 16%
 Ashmore Group  ASHM 18%
 Miton Group  MGR 26%
 Schroders  SDR 34%
 Man Group  EMG 55%
 Impax Asset Management Group  IPX 59%
 Charlemagne Capital  CCAP 64%
 Median  17%
 Argo Group   ARGO 175%

It’s encouraging to see the entire sector now enjoys robust financial health. Only F&C Asset Management (FCAM:LN) is in a net debt position – all other companies sport net cash & investments on their balance sheets. But it’s also clear this healthy financial position is not the key driver of market valuations – for Argo’s peer group, net cash/investments only represents a median 17% of market cap. On the other hand, Argo’s $23.6 mio of net cash/investments amounts to a whopping 175% of its market cap.

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