Blackrock为BGI付出了太多钱吗？

BlackRock chief executive Laurence Fink has a well-deserved reputation as a shrewd deal maker. So this spring, when Barclays was desperate for money, markets were still reeling from the financial crisis and investors were redeeming funds in a mad scramble for liquidity, the conditions were ideal for Fink, one of the most powerful CEOs in the U.S., to snap up the troubled U.K. bank’s money management business at a discount and create a $2.7 trillion-in-assets financial titan that would dwarf its competition and control more cash than the U.S. Federal Reserve.

然而，由一些账户，福思同意为巴克莱全球投资者支付的135亿美元是讨价还价的任何东西。“Blackrock正在为BGI支付全价，”纽约州克雷德，布鲁德和伍兹研究分析师Robert Lee说。李重视交易现金部分11.1倍以旧金山的BGI估计2010年估计税前收益，这笔交易后的第一个全年预计将关闭。这符合市场崩溃之前的资产管理公司的多个，这是收益十到12倍。考虑到这些商店最近几个月以陡峭的折扣销售，许多包括美国银行的哥伦比亚管理，在市场上延伸，问题是：Blackrock偿还了太多？

将交易拉到一起的团队表示，价格正确，并捍卫他们假设购买业务的债务30亿美元。“我们需要规模来支持我们认为需要的全球的存在，”布莱克克罗克首席运营官Susan Wagner说。

Scale is no longer a problem. BGI gives BlackRock the reach it needs to keep costs down and expands its global footprint at a time when the money management industry is desperate to tap new markets like India and China. The combined firm’s arsenal will include a wide range of products across the risk spectrum. "BlackRock is one of the few, if not the only, firms that have the breadth of product to accomplish this," says Joseph Hershberger, a managing director at Credit Suisse Securities, a lead adviser for BlackRock on the deal. "Except for Pimco, nothing of this quality has ever traded." The new BlackRock Global Advisors will oversee everything from stocks, bonds and money market instruments to passive and alternative investments, for both institutional and retail investors.

BlackRock’s top executives say the big prize was iShares, BGI’s exchange-traded funds business, but Fink wanted to get his hands on the rest of its huge passive portfolio as well. The $325 billion-in-assets iShares has been on a tear that industry heavyweights say shows no sign of letting up. "Fink has bought the ‘secret sauce’ for the next generation of the mutual fund," says Donald Putnam, managing partner at merchant bank Grail Partners. Between 2004 and 2008, iShares’ assets grew at a 26 percent annualized rate, compared with 2 percent for BGI’s overall business. Experts estimate iShares’ profit margin to be as much as 90 percent, not counting distribution and other costs. Robert Kapito, president of BlackRock, won’t reveal margins but claims the 90 percent figure is on the high side. He does say the potential is huge: "There will be significant growth in the ETF business."

ETF也可以轻松交叉边界。“如果你在瑞士，法国或辛辛那提的家庭和辛辛那提交谈，你正在处理不同的监管制度，”普特南指出。“ETF有可能达到那个播放领域的潜力。”在定义的贡献空间中也有上行的，因为ETF可能会将他们的渗透率提高到401（k）市场。Pali首都的分析师Douglas Sipkin表示，这笔交易将使Blackrock成为DC资产的第四大资产经理。

BGI还增加了Blackrock的非ETF被动基金管理的强度。“由于股票市场在过去几年中，”被动是一个相当大的运动，“凯蒂托指出。随着收购，Blackrock的被动产品组合从450亿美元爬到估计1.05万亿美元。

但是作为一个巨人并不容易任务 - 整合可能是悬挂在合并公司的最严重的风险。“大问题是BGI文化发生的事情，这是一年多年来取得成功的投资团队，”国家街道全球顾亚慱体育app怎么下载问首席执行官Scott Powers表示，BGI在索引和ETF中的密切竞争对手之一。

The cultures of BGI and BlackRock are similar in that both are strong quant managers, but there are also key differences, says Blake Grossman, CEO of BGI, which was Wells Fargo’s asset management arm before Barclays acquired it in 1996. The firm had already developed its academic bent, adopted from nearby Stanford University, where Grossman was a protégé of Nobel Prize–winning economist William Sharpe; today BGI is still packed with researchers who hold Ph.D.s in mathematics and economics.

BlackRock’s work environment, by contrast, is entrepreneurial and grew out of the expertise Fink gained in the brokerage industry in the early years of structuring mortgage products in the 1970s. It became more corporate when the firm merged with Merrill Lynch Investment Managers in 2006. "Larry’s drinking his own Kool-Aid when he says there is only one culture at BlackRock," says Putnam. "The critical culture question becomes how the individual teams will be integrated, and Larry is no better than anybody else at that."

Then there are the financial risks. BlackRock is sandbagging itself with $3 billion in debt, about $1 billion of which it plans to repay from existing lines of credit while seeking short-term loans from other lenders, one of which is Barclays. In June, citing refinancing risk, Standard & Poor’s cut BlackRock’s counterparty credit rating to A+/A-1 from AA-/A-1+, with a negative outlook.

Grossman predicts that the deal will have a "transformational" impact on the industry, possibly triggering a wave of consolidation. Many concur. "Passive investing is going to have a role in the institutional market and the consumer market," says Jes Staley, CEO of J.P. Morgan Asset Management. "This deal was less about the financials — it becomes a strategic gut check for the major money managers."