Top spin

有时你只需咧嘴笑和忍受它。That's been the only alternative available to Old Mutual, the South African insurer that bought United Asset Management Corp. in June 2000. Old Mutual paid $2.2 billion, or 1.2 percent of assets, which seemed an attractive price to gain a toehold in the U.S. market. UAM's problems were widely known - the firm was a ragtag collection of 41 asset manager affiliates, many of them value equity firms, which collectively suffered six straight years of net cash outflows, even as the bull market roared ahead (Institutional Investor, June 2000). But Old Mutual had confidence that it could engineer a turnaround.

一年半后，很明显，南非公司为其美国滩头提供了过高的。自2000年9月以来，朝圣者和员工朝圣者蒸发的资产超过一半以上，uam最着名的零售业是其签名的积极增长基金被击倒。总体而言，旧的UAM现在被​​称为古老的双方美国持股，已经看到总资产下降到1500亿美元，从2000亿美元起，虽然跌幅主要是由于旧的互联公司在资产320亿美元的资产上销售。十一月，互联网宣布估计在U.K.投资集团于2000年获得7.48亿美元购买的U. IAM和Gerrard的收购估计的9.26亿美元。

但是，旧的士兵们卖出了12亿美元，以便更好地关注其核心运营 - 朝圣者和七个附属公司（分析投资者; Arcadian Asset Management; Barrow，Hanley Mewhinney＆Strauss;粘土芬利;德怀特资产管理公司; NWQ投资管理有限公司;和公积金律师）。

最重要的是,它改变了商业模式for those eight affiliates, now grouped in a holding company called Old Mutual Asset Managers, when it shifted from revenue-sharing to profit-sharing arrangements. Old Mutual hopes the new structure will give managers an incentive to invest in marketing and distribution, as well as compensation for top portfolio managers. Revenue sharing in effect gave them a disincentive, as the principals at many affiliates were inclined to pocket as much of the revenue as they could at the expense of strengthening distribution. At the moment, though, 19 managers with combined assets of $58.6 billion remain under the old system.

Scott Powers, who took over five months ago as CEO of Old Mutual U.S. Holdings, is looking for internal growth, rather than following the old UAM model of growth by acquisition. "We have great investment platforms," says Powers. "But we have to do a better job of distributing them."

Shifting to profit-sharing relationships came at considerable cost: To persuade Pilgrim Baxter founders and major shareholders Gary Pilgrim and Harold Baxter to agree to the change, Old Mutual has already paid the two executives $220 million, with perhaps hundreds of millions of dollars more to follow, depending on the outcome of negotiations under way.

分析师支持新战略,但成功——especially in the form of asset growth - is far from assured. "It's a bit early to say whether they have turned the corner," says Stewart Rider, a Merrill Lynch & Co. analyst.

最高管理营业额没有帮助原因。自2000年9月以来，权力是第三次首席执行官。首先，詹姆斯奥尔三世国产性局长詹姆斯·奥尔三世被赶上收入分担的19个附属公司，被迫在2000年底推出了最高作业。ORR成功的UAM创始人Norton Reamer担任首席执行官及时销售公司。他的替代品，凯文卡特，据报道，在10月离开公司，据报道，据报道，由于旧的相互决定，美国人将更适合这份工作。卡特是一名英国人，他从未为美国公司工作过，而波士顿的州，则在Mellon金融公司的机构资产管理组织和前身的机构资产管理组中花了14年。

为了完成工作，权力旨在增加成员公司之间的合作，进一步削减关联公司的数量，并为401（k）S和包装账户扩大市场的分销渠道。

12月份，来自七个奥姆美国附属公司的零售资金被重新加入朝圣者百思。朝圣者Baxter已经销售了一些最重要的价值基金。此外，它还与美国运通公司和美国Skandia有降落的分布商。值得注意的是，朝圣者百姓报告了2001年的净新现金流量，尽管其资产占28％。

For Old Mutual, that eases some of the strain of the terms of Pilgrim Baxter's 1995 sale to the old UAM. It bought the right to share a portion of Pilgrim Baxter's revenues. When Old Mutual arrived on the scene, it paid an initial $220 million to increase control to 80 percent of those revenues, with an option to acquire the remaining 20 percent stake at the end of 2001 for an additional $420 million. But with Pilgrim Baxter assets down 59 percent for the year ended September 30, 2001, Old Mutual held off on exercising the option and now hopes to lower the price tag.

Passing on the option would prevent an alignment of goals between the subsidiary and Old Mutual, analysts say. "But if they exercise the option, as we see it, it is going to definitely destroy value," says Sean Nossel, a J.P. Morgan analyst.

分析师认为，凭借利润分享，旧的互联网和其附属公司的利益远远变得更好。但是，这可能还不够。Citigroup / Salomon Smith Barney Analyst Johny Lambridis表示，“我的担忧是，老互联网已经付出了太多，无法购买这些收入分享协议。”

如果分析师的判断证明是正确的，那么它不是第一次拥有近代美国交易的人。

行动警报

Active money managers often find it easier to outperform their benchmarks in down markets. Last year they got their bear market, and they just squeaked by their bogey. As a group, active retail and institutional equity managers returned -11.95 percent (through December 18), versus -12.38 percent for the Standard & Poor's 500 index.

Most active equity fund managers could only beat the S&P 500 in six of the first 11 months in 2001. All in all, it was a roller-coaster year. In both October and November, roughly 51 percent of active mutual fund managers beat the S&P 500, according to data compiled by Morningstar. But in September only 28.5 percent were able to best the index. Overall, according to Morningstar, in 2000 66.8 percent of active managers beat the S&P; in 2001 49.1 percent did so.

On the institutional side, in the third quarter the median active large-cap equity manager returned -14.7 percent, compared with -15.2 percent for the Russell 1000 core index - the main benchmark for the large-cap universe - according to a performance survey of 700 separate accounts and commingled funds by William M. Mercer Investment Consulting.

But Louis Finney, director of research at Mercer, argues that if one were to deduct management fees, which can range from 50 to 100 basis points for an institutional fund, the median performance of separate account money managers would improve significantly.

Still, "as a group, active managers will fall short of the index return by the exact amount of the costs that they incur," says Jack Bogle, founder of Vanguard Group, which did more to popularize indexing than any other asset management firm. According to his Bogle Research Center, which is part of Vanguard, active mutual fund returns have averaged 13 percent per year since 1994, while the S&P 500 averaged a 15 percent annual gain.

“数字告诉，”Bogle说。“活跃经理有机会展示在下行市场中可以做的事情，而且它们无所作为。”

Bogle finds it telling that active managers carried on average a 3 percent cash position in April 2000, versus a 12 percent position in April 1999. After the tech bubble burst, managers presumably could have put a sizable cash position to good use. Instead, they were nearly fully invested.

Of course, some active money managers are closet indexers - which means that clients pay active management fees for something close to passive investing. Jeff Saef, head of the strategy and research team at Putnam Investments, advises pension funds to determine "whether a money manager is truly taking active bets or just indexing." To make that judgment, Saef tells plan sponsors to closely study their managers' portfolios and to track their trading activity.

像大多数顾问一样，Mercer的Finney认为有一个积极管理的地方，但他认为投资者应该比他们的风险调整的表现。“那里有积极的经理人击败了索引，”他说。但是，有效或被动经理是否可以增加价值的问题真正取决于您想要作为投资者的风险程度。如果您想要500个以500个优于表现的基点，您将不得不采取相当大的风险，但如果您想要只有50个优于表现，那将需要更少的风险。“- vince calio.