 |
 | |
 |  |
| We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level. |
I have been conducting research in the past few weeks on a small company which started out as a blank check company called Highbury Financial. On November 30, 2006, Highbury completed an asset purchase agreement with ABN AMRO Funds to acquire substantially all of ABN AMRO's investment advisory, administration, distribution and related services to the ABN AMRO line of mutual funds which were renamed Aston Funds. Highbury paid $38.6 million in cash to ABN AMRO for the acquisition. What is interesting to me about this deal is that the line of mutual funds has steadily improved over the past several years thus it is possible that a large increase in assets could occur over the next few years. The mutual funds which were acquired were: River Road Asset Management- Firm out of Louisville, Kentucky run by Jim Shircliff (SC), Andrew Beck (business) and Henry Sanders (LC). The funds administered by this organization are all top quartile performers. The dynamic equity product is just starting to be marketed and is a large cap product. The small cap product has recently closed but a new mutual fund will be launched at the end of March 2007 with a small-mid mandate. Montag & Caldwell- Atlanta-based firm considered one of the premier managers of large cap quality growth and balanced products. The products tend to have more difficult in very strong up markets but have historically done quite well in down markets meaning that this manager may actually attract assets in down markets. TAMRO- Run both small core and large core products. Their approach is more theme-based and is very highly rated by Morningstar and other analysts. Tend to focus on consolidations and restructurings. Veredus- Small cap growth products. This is an extremely volatile manager which will tend to go in and out of favor. Did exceptional in 99 and 00 but underperforming during the bear market. TCH- Fixed income shop. I dont know much about this product other than it has performed a bit ahead of the Lehman Agg over the past 3 years. ABN AMRO Funds- Multiple products. Seem to have very good long term performance. McDonnell Funds- Municipal bond shop. The suite of products look very interesting and poised for solid growth. I am most interested in prospects for River Road, Montag & Caldwell and TAMRO which seem to very well run firms with solid asset bases and good downside protection (which could be useful in any down markets). Wall Street Analyst Expectations-- The firm is currently covered by one analyst with an estimate for 2007 earnings at 33 cents per share (they will of course report a loss for 2006 since they only have one month of business). The final 2006 numbers should be out in the next few days. In terms of insider activity not much going on although Woodbourne Partners has acquired a large sum of shares in January (over 1 million). Overall, I think this is an interesting story which could potentially be a very strong stock if growth potential is realized. | ||||||||||||||
|
| Home | Hot | SubjectMarks | PeopleMarks | Keepers | Settings |
| Terms Of Use | Contact Us | Copyright/IP Policy | Privacy Policy | About Us | FAQ | Advertise on SI |
| © 2025 Knight Sac Media. Data provided by Twelve Data, Alpha Vantage, and CityFALCON News |