大家好，有兴趣了解AMS在接下来的几年中如何合并。Already seeing T. Rowe Priceexpanding into Private Markets with its largest purchase. Do we expect other traditionally strong long-only managers (忠诚, Wellington, Capital Group) to start doing the same for market share / to gain capabilities in other alternative asset classes?
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Absolutely.
lmao。您在私人市场中已经提到的一些经理。我离开了最后是因为操作的障碍进入the private markets... me and one of the PMs scheming to launch certain products... COO pushing back because he was a total ignoramus dumb ass... so I joined a similar是to one you mentioned in the newly created private market division. so COO at my previous shop looks stupid now as I was the only one with exp to launch the offering and the new CEO there was keen.
在公平和fi, firms are actively pursuing alternatives / private markets. Far less transparency and less liquidity which gives them a big boost in harvesting beta (as they don't have to manage for redemptions). Able to receive and charge far greater fees. The large firms with great inhouse research depth will have a major advantage as many of these deals are off the grid. A passive mgr would have a real hard time being competitive which is why so many are moving there.
我希望我们将达到活动频谱一端有8-10个大型跨国资产经理，另一端有100s-1000s的小型/利基精品店。有一些中间立场的空间，但合并似乎有些不可避免。
I think a lot of Funds are acquiring private market capabilities because that's what's been performing/selling well. Large AMs will probably end up overpaying at the top of the market.
I'm curious exactly if other companies will follow T. Rowe Price's lead. Wellington and Capital largely attained their current structure through acquisition of boutique firms focused on specific styles so I'm curious if they will do this as well. T. Rowe Price largely did this as a means of ease from a regulatory issues perspective (Apparently, it's pretty tough to start a private credit business if you're a LO是，我想...但是我不是律师）。该公司（一段时间）希望扩展到私人信贷，这被视为最有价值的方法。我认为，对于那家公司的员工，扩展到私人信贷并不震惊。但Oak Hill Advisors, nobody was expecting.
It is a BOLD move for a relatively, shall I say平凡company, running a fairly mundane business with a very stimulating and strong research component. It speaks to not just a desire for large companies to expand into other areas, but a需要至。是like all industries will face consolidation, and this will be driven by the top handful of players, as we see here. I'm fairly hesitant to use this as a barometer for future acquisitions in是, but I think it is a facet of what the industry will see moving forward.
Essentially EVERY industry goes through commoditization. Fintech/ AI is accelerating that in the是space. Yet there are still many spots of the market that are inefficient and that's where Privates and Alts can really shine. The larger shops are adding this to put a mote around their core business.
也就是说，每个行业都有两个主要幸存者，甚至有壮成长的幸存者。大型规模的巨人可以在剃须刀薄边缘（想想沃尔玛 - 交易）和小型关系专注的精品店，这些精品店的重点是创造独特的客户体验。面临的挑战是决定您想成为哪一个以及如何到达那里。那些没有真正的（大规模）但想与交易球员竞争的人会被粉碎。您在每个行业中都会看到这一点。他们生活在“无人的土地”中。不是一个好地方。找到致力于世界统治的缩放球员，或者在赢得胜利和保持高利润任务的世界上做得最好的小家伙。
8% of AUM for Oak Hill seems like a steep price for an alts credit manager but what do I know?
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