Euromoney has announced a strategic review of its Asset Management business. This division accounted for 39% of FY18 revenues and 44% of FY18 operating profit before central costs. It has been under structural and cyclical pressure as its clients (primarily sell-side providers) have struggled with the dual impacts of MiFID II and the growth of passive asset management. A sale is not necessarily the only outcome of the review and, if that is the route chosen, management has a record of strong discipline in M&A pricing. A disposal would naturally result in the growing Price Reporting segment being a greater proportion of the continuing business. The valuation implications depend on how the proceeds were reinvested.Den vollständigen Artikel lesen ...