All underperformed the Putnum Lovell Index for the week, in spite of good to mixed earnings results. Showed exceptional asset growth from market performance and new business. Asset management growth, led by Janus Capital, has been phenomenal. Rail earnings slowed in the quarter. Liberty Financial Cos.
Average growth remains slow although some marginal improvement on distribution is emerging.
The company will confront a rising effective tax rate next year, but it trades below book value. Value equity styles and real estate activities holding back performance. Increased co-investment expense will pressure margins next year. Kans. City So. The range we observe today is in-line with private market, creating less of an absolute incentive to bring asset managers public.