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1.77 MB
Extraction Summary
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People
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Organizations
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Locations
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Events
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Relationships
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Quotes
Document Information
Type:
Financial conference summary report
File Size:
1.77 MB
Summary
This document is a Bank of America Merrill Lynch report dated November 17, 2016, summarizing key takeaways from the '2016 Future of Financials Conference'. It analyzes investor sentiment regarding brokers and asset managers, particularly focusing on the outlook for capital markets and fixed income after an election. The document contains no information about Jeffrey Epstein or any related individuals; its 'HOUSE_OVERSIGHT' identifier suggests it was collected as part of a larger set of documents for a congressional committee.
Organizations (15)
| Name | Type | Context |
|---|---|---|
| Bank of America Merrill Lynch |
Author of the research report.
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| GS |
Broker firm (likely Goldman Sachs) that presented at the conference.
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| MS |
Broker firm (likely Morgan Stanley) that hosted 1-1 meetings with investors.
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| IVZ |
Asset manager (Invesco Ltd.) that presented or engaged in fireside chats.
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| EV |
Asset manager (Eaton Vance Corp.) that presented or engaged in fireside chats.
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| LM |
Asset manager (Legg Mason, Inc.) that presented or engaged in fireside chats.
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| AB |
Asset manager (AllianceBernstein Holding L.P.) that presented or engaged in fireside chats.
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| AMG |
Asset manager (Affiliated Managers Group, Inc.) that hosted 1-1 meetings with investors.
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| APAM |
Asset manager (Artisan Partners Asset Management Inc.) that hosted 1-1 meetings with investors.
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| BLK |
Asset manager (BlackRock, Inc.) that hosted 1-1 meetings with investors.
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| CNS |
Asset manager (Cohen & Steers, Inc.) that hosted 1-1 meetings with investors.
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| OMAM |
Asset manager (OM Asset Management plc) that hosted 1-1 meetings with investors.
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| VRTS |
Asset manager (Virtus Investment Partners, Inc.) that hosted 1-1 meetings with investors.
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| DOL |
Mentioned as a topic of discussion (likely Department of Labor), regarding its outlook.
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| HOUSE_OVERSIGHT |
Appears as a document identifier, likely referring to the U.S. House Committee on Oversight and Reform, suggesting th...
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Timeline (1 events)
2016-11-17
The '2016 Future of Financials Conference' was held, where brokers and asset managers presented to and met with investors. The audience was polled about their outlook on capital markets and fixed income following the recent election.
Not specified
Relationships (3)
GS
→
Presented to
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Investors
GS presented at the 2016 Future of Financials Conference.
MS
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Met with
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Investors
MS hosted 1-1 meetings with investors at the conference.
Asset Managers (IVZ, EV, LM, AB, etc.)
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Presented to / Met with
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Investors
Asset management firms either presented, engaged in fireside chats, or hosted 1-1 meetings with investors at the conference.
Key Quotes (1)
"Based on the backdrop and the election outcome, what is your outlook for the capital markets over the next 1-2 years"Source
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Quote #1
Full Extracted Text
Complete text extracted from the document (2,706 characters)
Brokers Takeaways
In brokers, GS presented, while MS hosted 1-1 meetings with investors. During the conference we polled the audience on several topics including the outlook for capital markets revenues.
In brokers, GS presented, while MS hosted 1-1 meetings with investors. During the conference we polled the audience on several topics including the outlook for capital markets revenues.
Investors modestly positive on capital markets over next 1-2 years
Given the election outcome, recent rise in rates, potential for higher growth and de-regulation, and lower corporate tax rates, we asked investors about their outlook for capital markets over the next 1-2 years. The majority of investors (78%) were positive about the capital markets sector, with 56% who expect modest improvement in regulation, revenue growth of 5-10%, and returns of 10-12% and 22% who think we could see significant improvement in regulation, revenues growth of 10%+, and returns 12%+.
Given the election outcome, recent rise in rates, potential for higher growth and de-regulation, and lower corporate tax rates, we asked investors about their outlook for capital markets over the next 1-2 years. The majority of investors (78%) were positive about the capital markets sector, with 56% who expect modest improvement in regulation, revenue growth of 5-10%, and returns of 10-12% and 22% who think we could see significant improvement in regulation, revenues growth of 10%+, and returns 12%+.
Chart 5: Based on the backdrop and the election outcome, what is your outlook for the capital markets over the next 1-2 years
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9% Little to no change in regulation, flattish revenues, and stable returns
13% Little to no change in regulation, but improving revenues (5%) and returns (10%+) with GDP growth
56% Modest improvement in regulation, revenues (5-10%), and returns (10-12%)
22% Significant improvement in regulation, revenues (10%+), and returns (12%+)
13% Little to no change in regulation, but improving revenues (5%) and returns (10%+) with GDP growth
56% Modest improvement in regulation, revenues (5-10%), and returns (10-12%)
22% Significant improvement in regulation, revenues (10%+), and returns (12%+)
Source: BofA Merrill Lynch Global Research
Asset Manager Takeaways
In asset management, four of the largest public managers, IVZ, EV, LM, and AB either presented or engaged in fireside chats, while several other firms including AMG, APAM, BLK, CNS, OMAM, and VRTS hosted 1-1 meetings with investors. During the conference we polled the audience on several topics including the outlook for DOL (in the panel section), the outlook for fixed income given the recent rise in rates/expected rate hike and outlook, active vs passive market share, M&A, and pricing/fee structures.
In asset management, four of the largest public managers, IVZ, EV, LM, and AB either presented or engaged in fireside chats, while several other firms including AMG, APAM, BLK, CNS, OMAM, and VRTS hosted 1-1 meetings with investors. During the conference we polled the audience on several topics including the outlook for DOL (in the panel section), the outlook for fixed income given the recent rise in rates/expected rate hike and outlook, active vs passive market share, M&A, and pricing/fee structures.
Fixed income outlook more muted
Given the recent rise in rates, a looming rate hike in December, and the potential for a higher growth/inflation outlook for the economy, we asked investors their outlook on fixed income performance and flows vs equities. The majority of investors believe we will see weaker fixed income performance and flows offset by stronger equity performance and flows (52%). Weaker fixed income/equity performance and flows was the second most popular answer at 24% while flat flows and performance came in third at 16%. Only 8% of the audience think we will see stronger fixed income/equity performance and flows, while nobody thinks fixed income will be stronger and equity will be weaker (both flows and performance).
Given the recent rise in rates, a looming rate hike in December, and the potential for a higher growth/inflation outlook for the economy, we asked investors their outlook on fixed income performance and flows vs equities. The majority of investors believe we will see weaker fixed income performance and flows offset by stronger equity performance and flows (52%). Weaker fixed income/equity performance and flows was the second most popular answer at 24% while flat flows and performance came in third at 16%. Only 8% of the audience think we will see stronger fixed income/equity performance and flows, while nobody thinks fixed income will be stronger and equity will be weaker (both flows and performance).
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2016 Future of Financials Conference | 17 November 2016
Bank of America
Merrill Lynch
HOUSE_OVERSIGHT_014318
2016 Future of Financials Conference | 17 November 2016
Bank of America
Merrill Lynch
HOUSE_OVERSIGHT_014318
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