American Capital and Fortress Investment Search for Gains
11 8월 2011 - 9:16PM
Marketwired
Private equity firms had a successful first half of 2011 as asset
prices appreciated. On the downside, as The Wall Street Journal
reported this week, these companies may face headwinds in the
second half of the year as prices of stocks have fallen, "making it
harder to monetize gains by selling portfolio companies." The
Bedford Report examines the outlook for companies in the Asset
Management Industry and provides investment research on American
Capital Ltd. (NASDAQ: ACAS) and Fortress Investment Group LLC
(NYSE: FIG). Access to the full company reports can be found at:
www.bedfordreport.com/ACAS
www.bedfordreport.com/FIG
The state of the global economy is making it harder for asset
managers to boost profits. Regarding the most recent quarter,
Michael Novogratz, one of Fortress Investment Group's principals,
explains that there was "a breakdown in both consumer confidence
and corporate confidence" because of Europe's inability to solve
its debt problems and "the political gridlock that we saw in D.C.
and the perceived inability to really deal with the fiscal
issues."
In the company's fiscal second quarter, Fortress Investment said
that Assets under management rose to $43.8 billion at June 30 from
$43.1 billion as of March 31 and $41.7 billion a year earlier.
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Fortress Investment also reinstated its dividend. The company's
directors approved a quarterly dividend of 5 cents a share in the
fourth quarter. Its last payout, in the second quarter of 2008, was
22.5 cents per share. For the second quarter FIG's pretax
distributable earnings were $46 million, or 9 cents per share, down
from $73 million, or 14 cents a share, a year earlier.
American Capital Ltd. is one of the very few asset managers that
does not pay a dividend, although the company said it strengthened
its balance sheet in the recent quarter, paying down $100 million
of securitization debt, and improving its asset coverage ratio to
376%.
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American Capital Strategies (NASDAQ:ACAS)
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American Capital Strategies (NASDAQ:ACAS)
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