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Asset management buying opportunities for multi-affiliates
BNY Mellon Asset Management sees the financial crisis as a time of opportunity to increase its range of multi-affiliate firms through acquisition, according to its chairman, international, Jon Little.
Making Sense of Distressed Investment Opportunities
In early 2007, we started advising clients that we thought the next major investment opportunity would be in distressed securities. As the credit crisis has unfolded and the first ripples of this tidal wave have appeared, we have often been asked for our views on how to structure and fund these types of investments
Unlocking future value in commercial real estate
The drive towards a sustainable, low-carbon economy presents both risks and opportunities for commercial real estate investors. Here, we consider the potential impacts on rental income, capital value and future investment returns.
Investing In Climate Change 2009
One year ago, we published Investing in Climate Change: An Asset Management Perspective. We argued that the growing investment opportunities in climate change were driven by long-term mega-trends that would continue into the foreseeable future. One year on, the absolute necessity to act now to mitigate and adapt to climate change is even more urgent,
Realization Utility: an inbuilt bias to transact
We study the possibility that, aside from standard sources of utility, investors also derive utility from realizing gains and losses on assets that they own. We propose a tractable model of this “realization utility,” derive its predictions, and show that it can shed light on a number of puzzling facts. These include the poor trading
Friends or Foes? The Stock Price Impact of Sovereign Wealth
This paper examines the stock price impact of 163 announcements of Sovereign Wealth Fund (SWF) investments. We document an average positive risk-adjusted return of 2.1 percent for target firms during two days surrounding SWF acquisition announcements. The announcement effect is both statistically and economically significant. A multivariate analysis shows that the degree of transparency of
Defining Moments: the future for pension funds and the pension fund industry
The goal of the research was to drill deeply into the evolving forces in the industry and present a plausible picture of its future landscape, through both near-term and longer-term trends. Our time horizon looked out towards 2020. We, however, acknowledge the considerable difficulties with longer-range forecasting given the increasing pace of change. There is
Seize the Opportunity: Investing in US Real Estate
US investors have increased their sophistication in real estate investing – more private real estate, a greater risk appetite and use of synthetic investment tools. Rob Kochis and Christopher Lennon report.
Infrastructure on the Defensive
The unwinding of several high profile infrastructure funds in the recent past has prompted questions as to the performance of infrastructure assets/investments and the impact of the current credit markets, on the outlook for the sector. Mercer remains positive on the long-term fundamentals for the infrastructure sector, especially in the emerging markets. Moreover, we believe
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