MutualFundWire.com
   The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
Thursday, October 18, 2012 Is Nelson Peltz Responsible for State Street's Profits? Nelson Peltz's activist strategy to drive up State Street's [profile] shareholders' profits is gaining steam. Just two days after the Financial Times reported that big State Street investors want CEO Jay Hooley gone, an analyst for Saibus Research, writing for Seeking Alpha, has joined the chorus of voices putting management on notice. While not calling for the ouster of Hooley or CFO Edward Resch, the Saibus analyst says that 2013 "is a year of no excuses for STT's management." But the analyst thinks there's been progress, and credits Nelson Peltz for it. The analyst thinks Peltz's activist strategy -- including a white paper released last year that criticizes the firm's underperformance -- is paying off, and that Hooley & Co. have finally "seen the light." Saibus thinks that State Street Global Advisors' Q3 results are "encouraging" and that "[o]ur confidence in State Street and its management has been restored based on this quarter as well as the recent change in tone by STT's management." So, it's a divided message from the research firm: watch your back, but keep working. Plenty more nuts and bolts in the full analyst report. Printed from: MFWire.com/story.asp?s=41702 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |