M&A

“And I just found as an analyst over the years and a strategist and so forth that analysts, almost every deal, it's like a one-off right there. They're analyzing it without a framework. And if you have a framework for it just allows you to put things into conte…”

“We're seeing a lot of M&A going on in the space already. There are a lot of managers who were late to the game, and rather than create it themselves, they'd want to go in and buy somebody. So it's hot right now, and managers are paying premium prices For estab…”

“So essentially the CEOs that had higher levels of risk taking in their private lives, we saw the same attributes in the firm. So everything from higher leverage, Higher prevalence of M&A activity, higher equity return volatility. It was almost like everything …”

“We should be only building software that is truly new and novel, where we're going to be first or second to market. But if we're late to a market, the catch-up work, we've got to do that through M&A, because then you're buying market share, you're cutting pric…”

“If you were an investment committee, clearly you would know that you showed me an upside case that includes a bunch of acquisitions that we haven't done that have not been identified. You're going to be called out for it. It's okay to have a buy and build stra…”

“One of our partners is a longtime investment banker in this space, and we have a boutique M&A shop that's under the eGateway banner, and if we can help with non-organic growth, we're really excited to do so.”

“On exit, M&A on average is 25%, and IPOs are 42%, POPs, which would suggest that public markets pays more for assets on the exits than M&A does, corporates.”

“Manager consolidation and M&A is a theme that has been emerging and dominant for the last couple of years. But it is an emergent trend from several themes that are happening under the surface within this asset class around fundraising, product proliferation, i…”

“And startlingly, the R squared on total Earnings growth is almost as strong as organic growth only, and I think the reason for that is that when a company is approving acquisitions and we're obviously in control of that decision, we're typically doing it with …”

“Usually you don't spend any new money when you're being acquired, because every dollar that goes out the door has some revenue multiple attached to it.”

“Our best outcomes, as an aside, have always been an oligopolistic industry structure where there's three or four players who are going to irrationally compete to own the asset because they want it and they don't want their competitor to get it leads to the bes…”

“The asset management industry is fraught with bad M&A. It's hard to merge two completely disparate cultures. Tuck-ins are fine, but bringing in big stock mergers are tricky in the asset management industry where your people are your asset.”

“The one thing that I would have thought we would have done more, having a currency for acquisitions, was one of the reasons we went public. It hasn't materialized in the way we would have thought at the time. We tend to do a better job building our own busines…”