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Thursday, October 01, 2009

Investment Manager Valuations are Down Nearly Half, Says I-Banker

Reported by InvestmentWires Staff, 

Investment manager valuations are down 35-45 percent from peak levels, said Dan Seivert of investment bank ECHELON Partners at the MFWire Influencers Summit: Redefining Distribution at the Four Seasons in Boston Thursday morning.

Seivert explained that cash flows for most investment management firms have dropped 20-40 percent from peak levels (when the Dow was above 13,000).

Cash flow valuation multiples are down by 20-25 percent on average, he said.

This combination means valuations for many investment managers are down 35-45 percent, Seivert said.

That's not good news for fund firms, but on the bright side, Seivert noted that the industry is "one of the most durable industries."

"It can sustain severe market downturns," Seivert said.

Seivert was on a panel titled Exploiting Today's Market with John Casey of Casey Quirk, Erin Donnelly of Merrill Lynch and Don Phillips of Morningstar. 

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