Press Releases
News & Commentaries

News & Commentaries

Changes to Small BHC Policy Statement - Implications for M&A, Capital Planning, and Investment Strategy
By Thomas W. Killian, Principal - The Federal Reserve’s Small Bank Holding Company Policy Statement provides a very real opportunity for 88% of U.S. BHCs to optimize their M&A Strategy, Capital Planning, and Investment Strategy.
Rate Relief Anyway?
By Robert B. Albertson, Principal - Rather than throwing up their hands on bank stocks, investors should closely review and search for banks whose balance sheet profiles promise upside earnings surprise when short rates do advance, even if long rates fail to follow.
Oil Price Implications
By Robert B. Albertson, Principal - Current energy sector dynamics are increasingly influencing investment strategies, with overly-simplistic local and geographic conclusions that are creating opportunities to buy financials.
Normal in Slow Motion
By Robert B. Albertson, Principal - While the past cycle may feel anything but similar to the past, if we compress the time scale since 2008, the progression of phases takes on a more familiar, if not comforting pattern.
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.
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.
Tapering Everywhere
by Robert B. Albertson, Principal - While the supply of new Treasury debt is declining with the deficit, giving the Fed a helpful window to taper QE, foreign demand has already tapered more. The overall slack in demand must be taken up by domestic institutional and retail buying, which would require a sharp change in sentiment.
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.
The Volcker Rule’s Impact on Regional and Community Banks
by Thomas W. Killian, Principal - The Volcker Rule restricts U.S. banks from investing in funds with collateral comprised of less than 100% loans that are not registered with the SEC and from engaging in hedging activities that do not hedge a specific identified risk. We examine the rule's impact and outline changes in bank investment and hedging strategies.
Another Housing Bubble
by Robert B. Albertson, Principal - Home prices have once again advanced considerably faster than incomes, and have broken out of their historical band. QE has undeniably kept mortgage rates below where they would normally be. Tapering or withdrawal of QE would almost certainly cause home prices to fall again.
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.
Impact of Final Basel III Capital Ratios on U.S. Banking Organizations
by Thomas W. Killian, Principal - The OCC, Fed, and the FDIC have issued reports that will go a long way toward finalizing how Basel III capital rules will apply to U.S. depositories. We summarize the rules and key changes from previous guidance on how U.S. agencies will apply Basel III rules to U.S. institutions and highlight significant changes in capital planning, M&A strategy, and investment strategy.
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.