had an underwhelming IPO, opening at 25-cents below their initial offering price of $19.50
, but that doesn't mean that mutual fund M&A is toast.
argues that ING shouldn't be considered a harbinger for deals to come because the company is not a pure-play asset manager.
Rather it is a complicated business sporting a huge variety of different functions.
“The market looks at ( ING) more as an insurer than as a money manager,” the article quotes Domonkos Koltai
, partner and co-founder of PL Advisors
, New York.
The appetite still seems to be strong for pure focus asset managers.
“The overall window is open more than it was a year ago,” Silver Lane's Elizabeth Nesvold told P&I.
Stay ahead of the news ... Sign up for our email alerts now