12/14/2015
Bloomberg GO - Conditions Ripe for Continued Bank M&A: Jimmy Dunne
Jimmy Dunne, Senior Managing Principal at Sandler O'Neill, and Scott Malpass, Chief Investment Officer at Notre Dame, talk about the need for continued M&A in the banking industry on Bloomberg GO.
1/6/2015
American Banker - Sandler's Dunne: Scale Matters Now More Than Ever
In a wide-ranging interview with American Banker, Sandler O'Neill Senior Managing Principal Jimmy Dunne discusses regulation, strategic issues, and the M&A environment for banks.
7/22/2014
Asset Manager Transaction Review – Deal Activity Slows, but Headline Transactions Lead the Way
Transaction activity in the asset manager sector in the first half of 2014 slipped behind last year’s strong pace, though a handful of large deals pushed overall deal value higher than in recent periods.
3/6/2014
The Rising Tide - 2013 M&A Activity in the Asset Management Industry
The optimism shared by investors and managers alike coming into 2013 proved to be well-founded by the year’s end. The rising tide lifted all boats, as deal making, IPO activity, and follow-on equity offerings across the asset management industry all posted strong showings in 2013.
1/15/2014
Collins Amendment Carve Out - Volcker Rule Relief for Investments in Bank TruPS CDOs
In response to industry pressure after the release of Volcker Rule requirements, U.S. regulatory agencies have offered an interim final rule, the Collins Amendment Carve Out, that would permit banking entities to retain investments in collateralized debt obligations (CDOs) consisting of Qualifying Trust Preferred Securities Collateral.
10/26/2013
Asset Manager Transaction Review - Deal Activity Ramps Up in Third Quarter
Transaction activity in the asset management sector in the third quarter of 2013 climbed back to recent norms, as 44 deals were announced. The slowdown in deals in the second quarter appears to have been an aberration.
7/11/2013
Asset Manager Transaction Review - Deal Activity Returns to Normalized Levels in Second Quarter of 2013
After two consecutive breakout quarters of robust transaction activity in the asset management sector, each with in excess of 40 deals announced, the pace decelerated in the second quarter of 2013 to more normalized levels.
7/11/2013
Asset Manager Transaction Review - Deal Activity Returns to Normalized Levels in Second Quarter of 2013
After two consecutive breakout quarters of robust transaction activity in the asset management sector, each with in excess of 40 deals announced, the pace decelerated in the second quarter of 2013 to more normalized levels.
4/11/2013
Asset Manager Transaction Review - M&A Momentum Continues in First Quarter of 2013
Transaction activity among asset managers is off to a running start in 2013, driven by an uptick in divestitures by financial institutions parting with non-core asset management businesses and continuing deal activity involving independent sellers seeking strategic partners.
4/8/2013
A Letter to Our Clients
Our Senior Managing Principals reflect on the firm’s 25th anniversary, deep client relationships and continued focus on financial companies.
3/14/2013
Shifting Into Higher Gear - 2012 M&A Activity in the Asset Management Industry
Resurgent global equity markets delivered a measure of prosperity and a reason for optimism to investors and the asset managment sector in 2012. Both M&A and IPO activity saw modest progress in 2012.
3/14/2013
Shifting Into Higher Gear - 2012 M&A Activity in the Asset Management Industry
Resurgent global equity markets delivered a measure of prosperity and a reason for optimism to investors and the asset managment sector in 2012. Both M&A and IPO activity saw modest progress in 2012.
1/16/2013
Asset Manager Transaction Review - Improved Transaction Activity in 2012
Transaction volume among asset managers increased for the second consecutive year, reflecting improving stock markets globally, increased M&A activity among independently owned asset managers seeking to avoid anticipated tax hikes, and the continued unwinding of non-core businesses by larger financial institutions.
4/9/2012
Asset Manager M&A Quarterly Review - M&A Growth Expected Due to Improving Market Conditions
M&A activity in the first quarter of 2012 remained consistent with the fourth quarter of 2011. In total, 34 transactions were announced during the quarter versus 33 in the fourth quarter of 2011.
2/5/2012
Deja Vu All Over Again - 2011 M&A Activity in the Asset Management Industry
Amid market volatility, M&A activity was relatively flat in 2011, with deal values up 7% from 2010 and deal volume down 5%. Organic growth was scarce among the publicly traded asset managers, causing multiples to compress in announced deals. Many prospective sellers spent the majority of the year focusing on client retention amid the market volatility.
12/19/2011
The Great Credit Redistribution
by Robert B. Albertson, Principal - Our conviction on financial stocks continues to improve. Financial stocks have become proxies for global uncertainties rather than sector fundamentals. But remaining losses are mostly embedded in reserves and investor expectations, and bank loan growth appears promising.
10/17/2011
Asset Manager M&A Quarterly Review: Continued M&A Growth Expected to Resume After 3Q Slowdown
M&A volume to stem from divestitures and sales of independently owned asset managers
9/7/2011
GQ China: Sandler O'Neill 10 Years After September 11, 2001
The Chinese edition of GQ details the rebuilding of Sandler O'Neill as well as the steps forward made by employees and families in the decade since 9/11.
3/23/2011
America's Economic Aneurysms?
by Robert B. Albertson, Principal - We have been very suspicious of the domestic U.S. economic recovery, doubting the sustainability of consumer spending and expecting a significant correction higher in Treasury bond rates. Why short-term indicators have pointed in the opposite direction for both.
11/4/2010
Double Bubble
by Robert B. Albertson, Principal - U.S. monetary policy is not only confronting a daunting liquidity trap, it is also driving U.S. indebtedness into a global box canyon, almost certainly marrying a declining U.S. dollar to higher long-term interest rates.
9/23/2010
Basel III and Its Implications: A Closer Look
Assessing the impact on the U.S. banking industry of the Basel Committee’s global capital standards announced on September 12th as originally introduced in December 2009 and later amended – highlights four near term and four long term implications.
6/8/2010
Safe Haven China
by Robert. B Albertson, Principal - China has simply built a better balance sheet than most industrialized economies and its equities are looking far more appealing than US or European alternatives.
5/5/2010
Government's Supporting Role
by Robert B. Albertson, Principal - The amount of government support in personal income has surpassed all records, raising serious concerns about the sustainability of consumer spending.
4/16/2010
Letter to Basel Committee on Banking Supervision
The policies outlined in the Basel Committee’s Consultative Documents would significantly deleverage the banking system, dramatically reduce industry profitability, exacerbate balance sheet and earnings volatility and undermine capital formation.