Buy side Archive

Mar 01, 2001
Recent trends in the index business are changing the way IROs look at these market measures. First, there has been a major boom in the amount of institutional capital, especially from pension funds, that is 'passively' managed. Brad Pope, head of US equity index product management at Barclays Global Investors, estimates that 30-40 percent of all institutional assets are now allocated according to various indices. And while pitching your company's stock to an index fund man...
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Apr 01, 2000
Telefonica's tender offer for three Latin American telecom firms sent the Latin markets into a flurry of activity in late winter, as the Spanish company offered minority shareholders a high premium to sell. That made overnight fortunes for some and invigorated the stocks of certain Latin telcos, but the offer also posed a few problems. Telefonica's decision to buy out the minority interests in Telefonica del Peru, Telefonica de Argentina, Telesp Participacoes...
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Jun 01, 1999
Trying to find attractive investment opportunities in today's market environment is no small feat. Indeed, as the Dow flirts with the 11,000 mark, fund managers and analysts the world over are digging ever deeper to unearth valuable information on the companies that they follow. Of course, 'looking past the numbers', 'kicking the tires' and other in-depth research techniques are not particularly new. But in today's highly competitive environment, many investme...
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May 01, 1999
Poorly-performing companies take heed: the world's biggest shareholders – institutional investors – are increasingly talking among themselves, comparing notes and networking to orchestrate a united, activist front in the fight for shareholder value. Moreover, with roots in the US, the vine of shareholder activism has taken hold in the UK and seems destined to spread to continental Europe and beyond. Yet while Anglo/US investors are often the most vigorous force ...
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May 01, 1999
When a Wall Street analyst puts a buy recommendation on a company, he means 'it's okay to be in the passive, low-risk, low-payoff dividend reinvestment plan,' explains a sardonic financial glossary recently offered by Brill's Content. Hold actually means sell, and on those rare occasions when a sell appears in brokerage house research, 'the company is most likely already in Chapter 11.' This is not far from the conventional Wall Street wisdom that analysts are...
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May 01, 1998
More than ten years ago, when the UK's Big Bang erupted, the heavyweight US investment houses tried to muscle their way onto the UK corporate scene, offering a dazzling array of products. Their efforts received mixed reviews but they remained determined to make inroads into the market. They toned down their style, adapted to new settings, poured in even more resources and slowly started to win spots on those coveted league tables. This is especially true when ...
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Sep 01, 1997
As shareholders go, Kevin is not the type that you might call an activist. But where the activists lead, he is keen to follow. He manages a moderately-sized fund for a large financial institution. His successes, such as they are, are achieved by spotting companies that are capable of being turned around and hoping that other shareholders will put forward the shareholder resolutions and start the proxy fights which will bring about the desired transformation in fortunes....
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Oct 01, 1996
Stock price bottoming out? More bad news on the way? Future looking hopeless? Maybe not... Here comes an activist... With its stock price haemorrhaging below the $10 mark in early 1996, Woolworth Corp added a surprising twist to its warning issued on January 22 to the effect that its fourth quarter and full year earnings would be below analyst expectations. A couple of days earlier, it had received from Greenway Partners a shareholder proposal to break up the compan...
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Oct 01, 1995
News that the activist fund manager Calpers wants to raise its overseas equities holdings from 13 per cent to 20 per cent of its assets could send shivers down the spines of executives in underperforming companies across the globe. And the chill wind of heightened expectation may be felt most in boardrooms across continental Europe. A significant chunk of the Californian fund's extra $6 bn or so is destined for investment in French and German interests (the rest targeted a...
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