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Global Asset Management M&A Insight 2016

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Global Asset Management M&A Insight 2016 Global Asset Management M&A Insight Winchester Capital 2016 I. BANNER YEAR FOR USA ASSET Chart I: US Asset Management Announced Acquisitions MANAGEMENT M&A TRANSACTIONS Volume and Value 2011-2015 2015 has been a banner year for asset management merger 160 30 and acquisition activity in the USA market. Total announced deal value in 2015 was a record $24.2 billion, an increase of $21.4 billion or 767% since 2011. The number of 150 22.5 announced transactions (149) is at its highest level in the last four years. This trend is expected to continue through 2016, 140 15 as current year-to-date announced transactions are forecasted to produce similar results. 2015 was also a record year for completed USD Billions No. of Transactions No. transaction value ($21.8 billion). Based on year-to-date transactions, 130 7.5 the total volume and value of completed transactions has softened, however, there are nearly 50 transactions totaling $11.5 billion that 120 2011 2012 2013 2014 2015 0 are pending completion which could markedly impact these year- to-date figures. The US market trend of continued growth is also Number of Transactions Transaction Value reflected in the global market. Source: Standard & Poor’s II. GLOBAL ASSET MANAGEMENT M&A MARKET Chart II: US Asset Management Completed Acquisitions Volume and Value 2011-2015 Over the past five years there have been over 3,000 acqui- sitions of asset management companies of varying size. 160 22 Of this amount, 10% have been made by publicly traded asset managers with market capitalizations greater than $1 billion. The asset management global M&A market has 120 16.5 been quite active from 2011-2015, with an average of 511 transactions completed each year. Strong market conditions remain in place and 80 11 should make for an active Q4 2016-2017. There continues to be increased availability of low cost debt for acquisitions. Recently, the USD Billions No. of Transactions No. United States Federal Reserve, Bank of England and 40 5.5 European Central Bank have all elected to keep interest rates at record low levels. Combined with the fact that acquiring firms 0 2011 2012 2013 2014 2015 0 continue to have strong balance sheets, there is a large amount of liquidity in the asset management M&A market. Number of Transactions Transaction Value Source: Standard & Poor’s www.winchestercapital.com 1 Global Asset Management M&A Insight Winchester Capital 2016 The global M&A Market has been active with a number of recent Chart III: Global Asset Management Completed Acquisitions high profile mergers and acquisitions. In September, MassMutual Volume and Value 2011-2015 completed a merger of four subsidiaries to create a $275 billion asset management company. Babson Capital Management (US), 580 70 Wood Creek Capital Management (US), Cornerstone Real Estate 560 60 Advisers (US), and Baring Asset Management (UK) were combined under the iconic brand of Barings. Additionally, the private 540 50 equity firm Warburg Pincus is in talks to acquire a 49% joint 520 40 venture with China’s Baosteel Group from Societe Generale, to tap 500 into the growing mutual fund industry in China. 30 480 USD Billions No. of Transactions No. Since 2015, the largest concentration of asset management 460 20 acquisitions representing $37.7 billion in value is in Europe and North America. Overall nearly 74% of all transactions in 440 10 2015-2016 have occurred in these key regions, which have seen 420 0 an increase in their proportion of transactions since 2014, 2011 2012 2013 2014 2015 compared to a slightly declining percentage in Asia. In 2016, Number of Transactions Transaction Value the value of completed transactions in North America is approximately $6 billion, with nearly $12 billion in transaction Source: Standard & Poor’s value pending completion. This suggests that there is potential for a robust asset management M&A market in Q4 2016 through 2017. Table I: Total Transaction Value for Global Asset Management M&A Market 2011-2016 ($m) Region 2011 2012 2013 2014 2015 2016 Announced Pending Totals Completion Europe 14.9 9.9 15.8 10.7 5.2 4.2 5.6 66.2 Africa / Middle East 1.2 0.3 0.4 0.0 0.6 0.2 0.8 3.7 United States and Canada 5.5 4.7 3.1 41.2 22.4 5.9 11.5 94.2 Asia / Pacific 4.5 4.7 5.0 6.6 3.0 3.8 5.6 33.3 Latin America and Caribbean 1.9 2.1 8.7 0.2 2.6 1.2 3.0 19.6 Totals 28.1 21.7 33.0 58.6 33.7 15.3 26.5 $216.9 Source: Standard & Poor’s Table II: Total Number of Transactions for Global Asset Management M&A Market 2011-2016 Region 2011 2012 2013 2014 2015 2016 Announced Pending Totals Completion Europe 191 188 168 176 186 116 59 1,084 Africa / Middle East 23 19 19 16 14 12 7 110 United States and Canada 230 186 193 174 177 107 82 1,149 Asia / Pacific 100 101 99 89 92 56 60 597 Latin America and Caribbean 15 21 40 16 26 18 9 145 Totals 559 515 519 471 495 309 217 3,085 Source: Standard & Poor’s www.winchestercapital.com 2 Global Asset Management M&A Insight Winchester Capital 2016 The median completed global EBITDA multiple for 2011-2016 global Chart IV: Global Asset Management Acquisitions asset management M&A transactions is 10.7x. Overall, median transaction Transaction Multiples 2011-2016 multiples have been trending down from 2011-2015, reaching a low value 14 of 7.7x. The 2016 year-to-date median EBITDA multiple has increased to 9.4x, an increase of 23% from the prior year’s multiple, however this value is 10.5 still below the full sample median value, suggesting there is still value in asset management transactions. The decreasing trend of transaction multiples 7 and the availability of lower cost debt create ideal market conditions for acquiring firms interested in increasing global AUM. Multiple (x) Multiple 3.5 III. ASSET MANAGEMENT ACQUIRERS BY RANK 0 Full Several companies have taken advantage of the strong market conditions 2011 2012 2013 2014 2015 2016 Sample Median EBITDA Multiple over the past five years to increase assets under management through global acquisitions. In Europe, Swiss firm Julius Baer Group Ltd has acquired 9 Source: Standard & Poor’s companies with total deal value of $1.3 billion. Of the top 15 acquirers of asset management companies, 6 of the companies were located in the United States, with The Carlyle Group LP acquiring 9 firms for $1.2 billion in total transaction value. Overall, the top 15 global asset man- agement acquirers have completed 63 transactions Table III: Top Acquirers of Asset Management Companies 2011-2016 for over $18 billion in total consideration over the Buyer Ticker Location Transactions Transaction past five years. Value Julius Baer Group Ltd. SWX:BAER Switzerland 9 1,336 IV. MAJOR DEALS ANNOUNCED The Carlyle Group LP NasdaqGS:CG United States 9 1,200 2015-2016 Aberdeen Asset Management PLC LSE:ADN United Kingdom 7 1,455 Fifteen transactions have been announced with Legg Mason, Inc. NYSE:LM United States 4 1,351 a total transaction value greater than $1.0 HarbourVest Partners, LLC United States 4 3,452 billion for 2015-2016. These 15 transactions Principal Financial Group Inc. NYSE:PFG United States 3 1,709 represent a total of more than $44 billion in TA Associates Management, L.P. United States 3 1,150 consideration. Of these deals, 9 are pending Redefine Properties Limited JSE:RDF South Africa 3 1,101 completion, for a total transaction value of over Canadian Imperial Bank of Commerce TSX:CM Canada 3 1,058 $20 billion. This suggests that the lower trend Henderson Group plc LSE:HGG United Kingdom 3 984 in 1H 2016 could be reversed in 2H 2016, as Piramal Enterprises Limited BSE:500302 India 3 804 deals are approved by regulatory authorities. The Blackstone Group L.P. NYSE:BX United States 3 765 The largest announced and completed transaction IOOF Holdings Limited ASX:IFL Australia 3 654 since 2015 is CPPIB Credit Investments Inc. $12 Schroders plc LSE:SDR United Kingdom 3 631 billion acquisition of Antares Capital, followed Natixis Global Asset Management, S.A. Spain 3 625 by Prologis, Inc. and Norges Bank Investment Management’s acquisition of KTR Capital Partners, Totals 63 $18,275 LLC for $5.9 billion. Source: Standard & Poor’s Limited to Global acquirers with at least $500m in total acquisitions. www.winchestercapital.com 3 Global Asset Management M&A Insight Winchester Capital 2016 Table IV: Largest Announced Global Asset Management Transactions from 2015-2016 Announcement M&A Target Buyers Total Transaction Date Closed Date Value ($m) Jun-15 Aug-15 Antares Capital CPPIB Credit Investments Inc. 12,000 Apr-15 May-15 KTR Capital Partners, LLC Prologis, Inc.; 5,900 Norges Bank Investment Management May-16 - American Capital, Ltd. Ares Capital Corporation 4,261 Nov-15 - CETIP S.A. - Mercados Organizados BM&FBOVESPA S.A. 2,905 Jul-16 - GE Capital Interbanca S.p.A. Banca IFIS SpA 2,833 Aug-16 - CIFC LLC F.A.B. Partners I LP 2,296 May-16 - Mirae Asset Securities Co., Ltd. Mirae Asset Daewoo Co., Ltd. 2,205 Dec-15 Apr-16 Daewoo Securities Co., Ltd. And Mirae Asset Securities Co., Ltd. 2,062 KDB Asset Management Co. Aug-15 Oct-15 Gem Alliance Limited Wincon Investment Company Limited 1,954 Dec-15 - Galaxy Internet Holdings Co., Ltd.
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