Positive macro-economic data out of Western Europe and the United States has lifted global equity markets this week and there are several ASX-listed asset managers able to leverage off this into the future.
A brighter outlook combined with the long-term growth in superannuation and advisory services means global equity managers like Platinum Asset Management Limited (ASX: PTM) and Magellan Financial Group Ltd (ASX: MFG) should be on investors’ radars. Magellan currently sells for $11.40 a reasonable entry point if it’s able to win more institutional business at home and abroad, while maintaining strong investment performance.
Another global asset manager with a positive outlook is Henderson Group plc (ASX: HGG), with a primary listing on the London Stock Exchange it’s been growing acquisitively and off the back of rising global equity markets.
This week the group announced the acquisition of North American asset manager Geneva Capital Management and also picked up small Australian equity managers H3 Global Advisers and 90 West in 2013. With a strong reputation for sales and distribution to drive organic growth, European heavy-hitter Henderson is now pursuing an aggressive acquisitive growth strategy in both North America and Australia. Selling at $4.63 it trades on 18.2 times analysts’ estimates for earnings per share of 25.4 cents in FY 2014. This may prove a decent price, especially if it continues to receive support from the macro environment.
Other asset managers with a global focus include BT Investment Management Limited (ASX: BTT) and Macquarie Group Ltd (ASX: MQG). Macquarie is world-renowned for its fundamental research and all of its capital markets facing businesses should deliver good profit growth on the back of a stronger macro-environment. Selling for $60.56 Mac Bank trades on just 14.9 times analysts’ estimates for 2015’s earnings and may have some significant upside yet.
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Motley Fool contributor Tom Richardson owns shares in Magellan and Macquarie Group. You can provide feedback on Twitter @tommyr345
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