appraisal rights, asset managers, AUM, Bob Brooks, Clal Finance, Delaware law, fixed income, TAM, TAM:LN, Titanium Asset Management
My asset manager addiction knows no bounds – here’s another I own:
Titanium Asset Management (TAM:LN)
Titanium was a SPAC IPO that raised $120 million (20 mio shares at $6.00) in Jun-2007. Aah, remember the glory days..!? The investment objective was to purchase a number of asset managers – and in little more than a year, facing into the worst financial crisis since the ’30s, they acquired four companies: Wood Asset Management, Boyd Watterson, Sovereign Holdings (since absorbed into Boyd), and National Investment Services. Well…I think you can guess the rest!
Actually, I’ve never really sat down & figured out if they overpaid, experienced a client/AUM exodus, suffered integration issues, lost key personnel, etc. Maybe it was all these & more! But if we fast-forward, the legacy of those acquisitions lives on – here’s a brief summary of the last five years:
Ewww, kinda nasty…