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Case Khan, S R — Air University Ahmad, F — Air University Distributor: ecch (www.ecch.com) Reference: 409-029-1 Language: English Category: Human Resource Management and Organisational Behaviour Data source: Generalised experience Product Year: 2009 Geo location: Pakistan Industry: Financial sector Size: 150 employees Timing: 2008 Topics: Recruitment; Training; Asset management; Companies Abstract: This case is about AMC’s (asset management companies) operating in Pakistan and the issues that they face in terms of the recruitment and training of individuals. The emphasis is laid at the end results in terms of attracting prospective clients and generating handsome amounts of investment. The case highlights the key issues of recruitment and training, in building an effective, efficient sales force which uses individuals to their optimum potential whilst also providing adequate information about the prevailing situation of the financial markets as well as competitor‘s actions. It also gives a picture of the complications and problems faced by inappropriate recruitment and training results.
Case Moeller, S — Cass Business School Distributor: ecch (www.ecch.com) Reference: 309-070-1 Language: English Category: Strategy and General Management Data source: Field research Product Year: 2009 Geo location: US Industry: Banking Size: $12 billion revenue Timing: 2006 Topics: Mergers and acquisitions (M&A); Banking; Strategy; Asset management; Asset servicing; Negotiation; Due diligence; Leadership; Management Abstract: This is the first of a two-case series (309-070-1 and 309-071-1). This case focuses on the events leading up to the announcement of the merger of The Bank of New York and Mellon Financial in December 2006. At the time, it was the largest merger in the asset servicing business, and the companies also conducted asset management and other banking activities. This case provides a brief background of both companies leading up to the merger. Most of the case focuses on: (1) the initial contacts between the two companies; (2) high level negotiations; (3) due diligence; (4) the use of advisors; and (5) preparations and events on announcement day. The case was written with the support of The Bank of New York Mellon, including interviews with the CEO and over 20 senior managers involved with the deal. The case was designed for use in a post-graduate MBA or MSc course on mergers and acquisitions and has also been used in executive education courses. There is a related case available that shows the integration efforts through closing in July 2007 and the first 100 days thereafter.
Case Moeller, S — Cass Business School Distributor: ecch (www.ecch.com) Reference: 309-071-1 Language: English Category: Strategy and General Management Data source: Field research Product Year: 2009 Geo location: US Industry: Banking Size: $12 billion revenue Timing: 2006-2007 Topics: Mergers and acquisitions (M&A); Banking; Strategy; Asset management; Asset servicing; Post-merger; Integration; Advisors; Leadership; Management Abstract: This is the second of a two-case series (309-070-1 and 309-071-1). This case focuses on the 6 months preceding closing and the first 100 days following the merger of The Bank of New York and Mellon Financial in July 2007. At the time, it was the largest merger in the asset servicing business, and the companies also conducted asset management and other banking activities. This case provides a brief background of both companies leading up to the merger. Most of the case focuses on the integration approach used by the two banks, including: (1) the goals of the merger; (2) the organisation developed (including integration committees); (3) post-merger integration planning actions; (4) the use of advisors; and (5) the events leading up to and immediately following the closing. The case was written with the support of The Bank of New York Mellon, including interviews with the CEO and over 20 senior managers involved with the deal. The case was designed for use in a post-graduate MBA or MSc course on mergers and acquisitions and has also been used in executive education courses. There is a related case available that shows why the deal took place and the events leading up to the announcement of the merger in December 2006.
Case Author(s): Viceira, Luis M.; Wagonfield, Alison Berkley Publication Date: 11/08/2007 Product Type: Background Note HBS Number: 208033 Geographic Setting: United States Industry Setting: Venture capital Number of Employees: 5,000 Gross Revenue: $3.4 billion Event Year Start: 2007 Event Year End: 2007 Subjects: Asset management; Capital markets; Financial planning; Mutual funds; Reinvestment; Stocks Academic Discipline: Finance Product Description: Provides an overview of the Exchange Traded Funds (EFT) industry and highlights the leadership role that Barclays Global Investors (BGI) has played in this developing asset class. BGI launched its first ETFs under the iShares brand name in 2000, and by mid-2007 BGI was the global leader in the $600 billion ETF market. BGI’s success had started attracting the interest of other large asset management firms, and Lee Kranefuss, CEO of BGI‘s iShares business was thinking about how BGI should compete in the increasingly crowded market. Should BGI expand into Europe and Asia more aggressively? Should BGI, already a large manager of 401(k) assets for corporations, pursue the 401(k) market with its iShares products? Would BGI need to cut its fees as other competitors such as Vanguard started marketing its “low-cost” ETF products? Learning objective: To help students evaluate the pros and cons of various international expansion models for a venture capital firm.
Case Author(s): Baker, Malcolm P.; Sesia , Aldo, Jr. Publication Date: 02/28/2007 Product Type: Case (Field) HBS Number: 9-207-084 Geographic Setting: United States Industry Setting: Financial services Gross Revenues: $60 billion revenues Event Year Start: 2006 Event Year End: 2006 Subjects: Asset management; Behavioral finance; Investment management; Investments; Investors; Mutual funds Academic Discipline: Finance Product Description: Following a successful model in Europe, JP Morgan has introduced a set of five U.S. retail mutual funds with an investment philosophy and marketing strategy grounded in behavioral finance. The asset management group believes that understanding investor biases like overconfidence, anchoring, and loss aversion is key to generating returns on the investment side and educating clients on the advisory side.
Case Author(s): Waikar, Sachin; Perkins, Susan Publication Date: 01/01/2007 Product Type: Case (Field) HBS Number: KEL328 Geographic Setting: Brazil Industry Setting: Telecommunications industry Subjects: Asset management; Corporate governance; International business; Strategy Academic Discipline: Finance Supplementary Materials: Supplement (Field), (KEL329), 3p, by Sachin Waikar, Susan Perkins Product Description: Citigroup has discovered that Daniel Dantas, hired five years earlier to manage Citigroup’s $750 million private equity investment in a Brazilian telecommunications industry joint venture, has allegedly mismanaged more than $300 million in assets and contracts. Dantas‘s misconduct relates to his management of Citigroup's CVC Fund and II-FIA, a legal entity representing a group of large Brazilian pension funds. Together with Dantas's Grupo Opportunity, CVC and II-FIA own Brasil Telecom, the third largest telecommunications company in the country. The partnership's pyramidal ownership structure makes his actions difficult to track. Citigroup must quickly determine how to disrupt Dantas's intricately woven web of control without allowing him to extract further value from the partnership. This case provides concrete examples of the expropriation risks joint venture partners face when unfamiliar with pyramidal group ownership structures.
Case Author(s): Waikar, Sachin; Perkins, Susan Publication Date: 01/01/2007 Product Type: Supplement (Field) HBS Number: KEL329 Subjects: Asset management; Corporate governance; International business; Joint ventures; Strategy Academic Discipline: Finance Product Description: An abstract is not available for this product. Must be used with: (KEL328) Citigroup’s Shareholder Tango in Brazil (A).
Case Froot, Kenneth A.; Farman, Ivan Commercial Financial Services (CFS) is a company that buys charged-off credit card receivables, securitizes them, and then attempts to collect on the receivables. The case deals with how the firm makes money and the limits of securitization as an efficient financing strategy. HBS Number: 9-299-023 Type: Case (Field) Publication Date: 10/14/1998 Revision Date: 5/14/1999 Geographic Setting: United States Industry Setting: financial services Number of Employees: :2,000 Event Year Start: 1998 Event Year End: 1998 Subjects: Asset management; Capital markets; Credit; Financial services; Financing
Case Author(s): Light, Jay O. Publication Date: 07/07/2003 Revision Date: 06/07/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 204020 Geographic Setting: Connecticut Gross Revenue: $4.2 billion revenues Event Year Start: 2003 Event Year End: 2003 Subjects: Asset management; Investment management; Marketing strategy; Target markets Academic Discipline: Finance Product Description: A hedge fund platform, a new and unique kind of asset management firm, contemplates various client markets for its services.
Case Author(s): Perold, Andre F.; Musher, Joshua Publication Date: 01/04/2002 Revision Date: 10/16/2007 Product Type: Case (Field) HBS Number: 9-202-049 Geographic Setting: Boston, MA Industry Setting: Securities & investing Number of Employees: 200 Event Year Start: 2001 Event Year End: 2001 Subjects: Asset allocation; Asset management; Investment management; Portfolio management; Quantitative analysis; Securities analysis; Stocks; Valuation Academic Discipline: Finance Product Description: Asset manager GMO underperforms the market during the 1996-2000 stock market bubble because of the focus on absolute risk. After suffering significant client withdrawals, performance again shines when the bubble collapses. Did they win the battle only to lose the war? This case reviews the quantitative investment process developed by the firm to manage assets and the philosophy behind the models and the firm. Now that performance has recovered, the partners contemplate why so much business was lost. Should they temper further bets to retain more business, or does the fiduciary duty to the client necessarily entail the risk that some clients will leave?
Case Donnellon, A; Timmons, J A; Mundell, S Publisher: Babson College Distributor: ecch (www.ecch.com) Reference: BAB028 Language: English Category: Human Resource Management and Organisational Behaviour Data source: Field research Product Year: 2000 Version Date: 16 October 2000 Topics: Latin America; Argentina; Venture capital; Mergers and acquisitions; Negotiations; Asset management; Enterprise resource planning Abstract: This is the first of a four-case series (BAB028 to BAB031). The Grupo ASSA case series is targeted towards executive and graduate level courses in international mergers and acquisitions, and negotiations, particularly when the instructor would like to take a closer look at the complex interpersonal relationships and conflicts that emerge during the process. The case is very rich and lends itself well to multisession coverage and group study. The case chronicles the acquisition of a south American ERP (enterprise resource planning) software solutions company by an aggressive private equity firm, offering discussion decision points at crucial stages over the entire process from negotiation to due diligence to closure. This case was previously numbered 404-123-1.
Case Donnellon, A; Timmons, J A; Mundell, S Publisher: Babson College Distributor: ecch (www.ecch.com) Reference: BAB029 Language: English Category: Human Resource Management and Organisational Behaviour Data source: Field research Product Year: 2000 Version Date: 16 October 2000 Topics: Latin America; Argentina; Venture capital; Mergers and acquisitions; Negotiations; Asset management; Enterprise resource planning Abstract: This is the second of a four-case series (BAB028 to BAB031). The Grupo ASSA case series is targeted towards executive and graduate level courses in international mergers and acquisitions, and negotiations, particularly when the instructor would like to take a closer look at the complex interpersonal relationships and conflicts that emerge during the process. The case is very rich and lends itself well to multisession coverage and group study. The case chronicles the acquisition of a south American ERP (enterprise resource planning) software solutions company by an aggressive private equity firm, offering discussion decision points at crucial stages over the entire process from negotiation to due diligence to closure. This case was previously numbered 404-124-1.
Case Donnellon, A; Timmons, J A; Mundell, S Publisher: Babson College Distributor: ecch (www.ecch.com) Reference: BAB030 Language: English Category: Human Resource Management and Organisational Behaviour Data source: Field research Product Year: 2000 Version Date: 16 October 2000 Topics: Latin America; Argentina; Venture capital; Mergers and acquisitions; Negotiations; Asset management; Enterprise resource planning Abstract: This is the third of a four-case series (BAB028 to BAB031). The Grupo ASSA case series is targeted towards executive and graduate level courses in international mergers and acquisitions, and negotiations, particularly when the instructor would like to take a closer look at the complex interpersonal relationships and conflicts that emerge during the process. The case is very rich and lends itself well to multisession coverage and group study. The case chronicles the acquisition of a south American ERP (enterprise resource planning) software solutions company by an aggressive private equity firm, offering discussion decision points at crucial stages over the entire process from negotiation to due diligence to closure. This case was previously numbered 404-125-1.
Case Donnellon, A; Timmons, J A; Mundell, S Publisher: Babson College Distributor: ecch (www.ecch.com) Reference: BAB031 Language: English Category: Human Resource Management and Organisational Behaviour Data source: Field research Product Year: 2000 Version Date: 6 August 2000 Topics: Latin America; Argentina; Venture capital; Mergers and acquisitions; Negotiations; Asset management; Enterprise resource planning Abstract: This is the fourth of a four-case series (BAB028 to BAB031). The Grupo ASSA case series is targeted towards executive and graduate level courses in international mergers and acquisitions, and negotiations, particularly when the instructor would like to take a closer look at the complex interpersonal relationships and conflicts that emerge during the process. The case is very rich and lends itself well to multisession coverage and group study. The case chronicles the acquisition of a south American ERP (enterprise resource planning) software solutions company by an aggressive private equity firm, offering discussion decision points at crucial stages over the entire process from negotiation to due diligence to closure. This case was previously numbered 404-126-1.
Case Author(s): Viceira, Luis M. Publication Date: 06/20/2005 Revision Date: 01/26/2006 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 205126 Event Year Start: 2004 Event Year End: 2005 Subjects: Asset allocation; Asset management; Investment management; Investments; Real estate investments; Risk management; Philanthropies; Diversification Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (206114), 25p, by Luis M. Viceira; Spreadsheet Supplement, (XLS051), 0p, by Luis M. Viceira Product Description: In early January 2005, Laurance Hoagland Jr., VP and CIO of the William and Flora Hewlett Foundation (HF), and his investment team met to finish their recommendations to the HF Investment Committee for a new asset allocation policy for the foundation’s investment portfolio. If the proposal was approved, HF would adopt a new asset allocation policy that included a substantial reduction in the overall exposure of the investment portfolio to domestic public equities and a significant increase in the allocation to absolute return strategies and TIPS. Hoagland and this team also needed to decide on a complementary recommendation to the HF Investment Committee to pledge approximately 5% of the total value of the portfolio to Sirius V, the latest fund at Sirius Investments, which specialized in global distressed real estate investments.
Case Author(s): Hawkins, David F. Publication Date: 07/27/2009 Revision Date: 06/04/2010 Product Type: Case (Gen Exp) Publisher: Harvard Business School HBS Number: 110017 Event Year Start: 2009 Subjects: Accounting; International Financial Reporting Standards; Assets; Asset management; Depreciation; Human capital Academic Discipline: Accounting & control Supplementary Materials: Supplement, (110018), 8p, by David F. Hawkins, Gregory S. Miller, V.G. Narayanan; Case Teaching Note, (110020), 11p, by David F. Hawkins Product Description: A series of caselets exploring the accounting for long-lived nonmonetary assets.
Case Lawler, William; Shank, John K.; Carr, Lawrence As Levi-Strauss implemented its custom-fitted jeans offering, the traditional value chain for clothing manufacturing and retailing was transformed. This case allows students to explore the subtleties of this transformation and the management implications. Teaching Purpose: To introduce students to value-chain analysis within the context of management accounting. HBS Number: BAB020 Type: Case (Library) Publication Date: 12/1/1998 Geographic Setting: United States Industry Setting: clothing Event Year Start: 1998 Event Year End: 1998 Subjects: Asset management; Clothing; Management accounting; Process analysis; Strategy implementation Supplementary Materials: Supplement (Library), (BAB021), 3p, by William Lawler, John K. Shank, Lawrence Carr; Teaching Note, (BAB520), 15p, by William Lawler, John K. Shank, Lawrence Carr Publisher: Babson College
Case Carr, L P; Lawler, W C; Shank, J Publisher: Babson College Distributor: ecch (www.ecch.com) Reference: BAB020 Language: English Category: Strategy and General Management Data source: Generalised experience Product Year: 1997 Version Date: 12.98 Geo location: United States Industry: Clothing Timing: 1998 Topics: Asset management; Clothing; Management accounting; Process analysis; Strategy implementation Abstract: This is the first of a two-case series (BAB020 and BAB021). As Levi-Strauss implemented its custom-fitted jeans offering, the traditional value chain for clothing manufacturing and retailing was transformed. This case allows students to explore the subtleties of this transformation and the management implications. Teaching objectives include to introduce students to value-chain analysis within the context of management accounting. This case was previously numbered 300-042-1.
Case Carr, L P; Lawler, W C; Shank, J K Publisher: Babson College Distributor: ecch (www.ecch.com) Reference: BAB021 Language: English Category: Strategy and General Management Data source: Generalised experience Product Year: 1997 Version Date: 12.98 Geo location: United States Industry: Clothing Timing: 1998 Topics: Asset management; Clothing; Management accounting; Process analysis; Strategy implementation Abstract: This is the second of a two-case series (BAB020 and BAB021). As Levi-Strauss implemented its custom-fitted jeans offering, the traditional value chain for clothing manufacturing and retailing was transformed. This case allows students to explore the subtleties of this transformation and the management implications. Teaching objectives include to introduce students to value-chain analysis within the context of management accounting. This case was previously numbered 300-043-1.
Case Author(s): Perold, Andre F.; McIsaac, Chris; Ricks, Marc Publication Date: 12/02/2003 Revision Date: 10/16/2006 Product Type: Case (Field) HBS Number: 9-204-013 Geographic Setting: New York, NY Industry Setting: Securities & investing Number of Employees: 40 Event Year Start: 2003 Event Year End: 2003 Subjects: Asset management; Compensation; Investment management; Organizational management; Portfolio management Academic Discipline: Finance Product Description: Maverick Capital, a $7 billion hedge fund, faced a number of long-term strategic questions, particularly the issue of growth. With all of its assets invested with one strategy, Maverick was already managing more capital in a dedicated approach than any hedge fund in the world. How much growth could Maverick sustain? If Maverick should grow, how should it do so, and how would this choice affect Maverick’s investment approach? Should Maverick take bigger positions in companies? Should it add more stocks to the portfolio? Was it time to reconsider Maverick‘s net long exposure to the market?
Case Author(s): Taliaferro, Ryan D.; Rose, Clayton ; Lane, David Publication Date: 10/27/2009 Revision Date: 02/09/2010 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 210016 Geographic Setting: New York Number of Employees: 40000 Gross Revenue: $12 billion Event Year Start: 2007 Subjects: Finance; Integration planning; Technology Academic Discipline: General management Supplementary Materials: Supplement, (210025), 2p, by Ryan D. Taliaferro, Clayton Rose, David Lane; Supplement, (210028), 3p, by Ryan D. Taliaferro, Clayton Rose, David Lane; Case Teaching Note, (210060), 12p, by Ryan D. Taliaferro, Clayton Rose Product Description: Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses - and realizing the $180 million of annual cost savings that they had promised Wall Street - were fraught with risk. Senior executives must evaluate the seriousness of the risks and identify alternative ways of integrating the two firms, while safeguarding the technologies that process and clear a substantial fraction of the world’s financial transactions. [Continues with “B” and “C” cases.]
Case Author(s): Taliaferro, Ryan D.; Rose, Clayton ; Lane, David Publication Date: 10/27/2009 Revision Date: 02/09/2010 Product Type: Supplement (Field) Publisher: Harvard Business School HBS Number: 210025 Geographic Setting: New York Number of Employees: 40000 Gross Revenue: $12 billion Event Year Start: 2007 Subjects: Finance; Integration planning; Technology Academic Discipline: General management Supplementary Materials: Supplement, (210028), 3p, by Ryan D. Taliaferro, Clayton Rose, David Lane; Case Teaching Note, (210060), 12p, by Ryan D. Taliaferro, Clayton Rose Product Description: [Continuation of “A” case.] Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses - and realizing the $180 million of annual cost savings that they had promised Wall Street - were fraught with risk. Senior executives must evaluate the seriousness of the risks and identify alternative ways of integrating the two firms, while safeguarding the technologies that process and clear a substantial fraction of the world’s financial transactions. [Continues with “C” case.]
Case Author(s): Taliaferro, Ryan D.; Rose, Clayton ; Lane, David Publication Date: 10/27/2009 Product Type: Supplement (Field) Publisher: Harvard Business School HBS Number: 210028 Geographic Setting: New York Number of Employees: 40000 Gross Revenue: $12 billion Event Year Start: 2007 Subjects: Finance; Integration planning; Technology Academic Discipline: General management Supplementary Materials: Case Teaching Note, (210060), 12p, by Ryan D. Taliaferro, Clayton Rose Product Description: [Continuation of “A” and “B” cases.] Less than a month after the close of the merger between The Bank of New York and Mellon Financial, managers at the two firms realized that plans for combining their asset servicing businesses - and realizing the $180 million of annual cost savings that they had promised Wall Street - were fraught with risk. Senior executives must evaluate the seriousness of the risks and identify alternative ways of integrating the two firms, while safeguarding the technologies that process and clear a substantial fraction of the world’s financial transactions.
Case Perold, Andre F.; Ahmed, Imran; Altschuler, Randy In the Spring of 1998, Merrill Lynch faced an array of challenges and opportunities related to its global asset management business. The firm had recently completed its $5.3 billion cash acquisition of U.K.-based Mercury Asset Manageme HBS Number: 9-299-005 Type: Case (Field) Publication Date: 11/18/1998 Revision Date: 7/16/1999 Geographic Setting: Global Industry Setting: money management Event Year Start: 1998 Event Year End: 1998 Subjects: Acquisitions; Asset management; Investment management; Mutual funds; Pension funds
Case Author(s): Rose, Clayton; Waggoner, Scott Publication Date: 07/26/2010 Product Type: Note Publisher: Harvard Business School HBS Number: 311013 Academic Discipline: General management Product Description: This Note provides an overview of the structure and function of the Asset Management industry, with a primary focus on the U.S. It was designed to support the HBS MBA course “Managing the Financial Firm.”
Case Author(s): Elberse, Anita; Hagiu, Andrei; Egawa, Masako Publication Date: 11/03/2007 Revision Date: 01/23/2008 Product Type: Case (Field) HBS Number: 9-707-431 Geographic Setting: Japan Industry Setting: Real estate Gross Revenues: $1.2 billion revenues Event Year Start: 2003 Event Year End: 2006 Subjects: Asset management; Real estate; Strategic positioning Academic Discipline: Competitive strategy Product Description: Minoru Mori is the CEO of Mori Building, which has built Roppongi Hills, an ambitious large-scale, mixed-use development in Tokyo, Japan that includes high-end retail, restaurants, hotel, office, library, and art museum. A destination site for tourists and local people, the performance of the development was strong, with the exception of the art museum, which posted losses. Also, the branding efforts by Mori were at odds with other tenants and he needed to manage “the town”. Last, another competing development was in the works just blocks away and Mori needed to determine how to address this new competitor.
Case Author(s): Elberse, Anita ; Hagiu, Andrei ; Egawa, Masako Publication Date: 11/03/2007 Revision Date: 08/28/2008 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 707431 Geographic Setting: Japan Gross Revenue: $1.2 billion revenues Event Year Start: 2003 Event Year End: 2006 Subjects: Asset management; Strategic positioning Academic Discipline: Competitive strategy Supplementary Materials: Case Teaching Note, (709479), 13p, by Andrei Hagiu Product Description: Minoru Mori is the CEO of Mori Building, which has built Roppongi Hills, an ambitious large-scale, mixed-use development in Tokyo, Japan that includes high-end retail, restaurants, hotel, office, library, and art museum. A destination site for tourists and local people, the performance of the development was strong, with the exception of the art museum, which posted losses. Also, the branding efforts by Mori was at odds with other tenants and he needed to manage “the town”. Last, another competing development was in the works just blocks away and Mori needed to determine how to address this new competitor.
Case Author(s): Sahlman, William A.; Kind, Liz Publication Date: 11/07/2003 Revision Date: 01/07/2005 Product Type: Case (Field) Product Description: Larry Baer, executive vice-president & COO, was eager to improve profitability for the San Francisco Giants baseball team. Over the last few years, the Giants have had a number of successes. They successfully built the first privately financed ball park in over 30 years. They set all-time records in season ticket holders, attendance, and sponsorship advertising. At the same time, the team was highly competitive in the field, ranking first or second in the league and making it to the World Series in 2002. However, they were expected to incur significant operating losses. Bear wondered what he should do. Teaching Purpose: To educate students about the business of baseball and the trade-offs between operating losses and asset appreciation. HBS Number: 9-804-092 Geographic Setting: San Francisco, CaliforniaIndustry Setting: major league baseballGross Revenues: $160 million revenues Event Year Start: 2003Event Year End: 2003 Subjects: Asset management; California Research Center; Corporate strategy; Financing; Marketing management; Operating costs; Profitability; Sports Academic Discipline: Entrepreneurship
Case Mueller-Stewens, G — University of St. Gallen Shivacheva, R — University of St. Gallen Distributor: ecch (www.ecch.com) Reference: 306-231-1 Language: English Category: Strategy and General Management Data source: Field research Product Year: 2006 Geo location: Switzerland, global Industry: Banking Size: Multinational revenues greater than US$30 billion Timing: 1998-2005 Topics: Banking; Strategy (corporate strategy); Investment banking; Consolidation; Growth; Strategic initiatives; UBS (Union Bank of Switzerland); Switzerland; Financial institutions; Integration; Organisation structure; Private banking; Asset management; Mergers Abstract: This is the fourth of a four-case series (306-228-1 to 306-231-1). Just three months after the shareholders of Credit Suisse Group approved the merger with Winterthur to form the largest financial services institution in Switzerland in September 1997, UBS (Union Bank of Switzerland) and SBC (Swiss Banking Corporation) announced their ambitions to create the world’s largest financial institution specialising in private banking and asset management with a market capitalisation of 85 billion Swiss francs (US$60 billion) and client assets under management of 1,320 billion Swiss francs (US$912.8 billion), named UBS. In the face of the ongoing consolidation of European commercial banking, the tightening of competition and the rationalisation trends in the banking industry, such strategic merger and acquisition initiatives seemed to be a logical step. However, in addition to the pure integration efforts and merger costs of 7 billion Swiss francs, the newly formed UBS had to deal with several unexpected challenges. Due to external shocks, such as the crisis in Asia and the crash of the long-term capital management hedge fund, as well as to internal erosions through a substantial loss of customers, and senior executives Source: ecch
Case Author(s): Katz, Sharon; Palepu, Krishna; Sesia , Aldo, Jr. Publication Date: 03/24/2008 Revision Date: 02/10/2009 Product Type: Case (Field) HBS Number: 108069 Industry Setting: Asset management Number of Employees: 100 Event Year Start: 2008 Event Year End: 2008 Subjects: Asset management; Cash flow; Investments; Valuation Academic Discipline: Finance Supplementary Materials: Teaching Note, (5-108-098), 16p, by Sharon Katz, Krishna Palepu Product Description: Leading index company Dow Jones recently signed a license and joint marketing agreement with Transparent Value LLC, the creator of a new fundamentals-based valuation methodology. The agreement allowed Dow Jones to offer a family of indexes based on the Transparent Value methodology. The methodology viewed stock prices as the clearest and most reliable signals of the market’s expectations about a company‘s future performance, and employed a Reverse Discounted Cash Flow (RDCF) valuation model to calculate the revenue required to support a given stock price for a given company. Then, the methodology applied a probability that the company would achieve the needed revenues in the next 12 months, based on its recent track record. Moreover, the methodology endeavored for specificity. For example, when possible, Transparent Value strove to determine what the company needed to do in its business activities to achieve the required revenues. Called “business performance requirements,” these could include the number of new store openings, or the number of product unit sales needed, as two examples. The fictitious case protagonist, a business development manager at a leading money management firm, is looking to launch an exchange-traded fund (ETF) using a fundamentals-based index as the underlying index. She needs to decide whether to base her ETF products on the Dow Jones — Transparent Val Source: Harvard
Case Author(s): Viceira, Luis M.; Tung, Helen H. Publication Date: 06/29/2007 Product Type: Note HBS Number: 9-207-130 Geographic Setting: United States Industry Setting: Pension funds industry Event Year Start: 2006 Event Year End: 2006 Subjects: Asset allocation; Asset management; Business & government; Financial planning; Investment management; Mutual funds; Pension funds; Risk Academic Discipline: Finance Product Description: Provides an overview of the evolution of the private retirement savings market in the U.S. since 1990; the management and administration of defined-contribution (DC) plans; the existing evidence about the investment and savings decisions of participants in DC plans; and the Pension Protection Act of 2006.
Case Author(s): Viceira, Luis M.; Tung, Helen H. Publication Date: 06/29/2007 Revision Date: 01/25/2008 Product Type: Note HBS Number: 207130 Geographic Setting: United States Industry Setting: Pension funds industry Event Year Start: 2006 Event Year End: 2006 Subjects: Asset allocation; Asset management; Business & government; Financial planning; Investment management; Mutual funds; Pension funds; Risk Academic Discipline: Finance Product Description: Provides an overview of the evolution of the private retirement savings market in the U.S. since 1990; the management and administration of defined-contribution (DC) plans; the existing evidence about the investment and savings decisions of participants in DC plans; and the Pension Protection Act of 2006.
Case Mueller-Stewens, G — University of St. Gallen Shivacheva, R — University of St. Gallen Distributor: ecch (www.ecch.com) Reference: 306-228-1 Language: English Category: Strategy and General Management Data source: Field research Product Year: 2006 Geo location: Switzerland, global Industry: Banking Size: Multinational revenues greater than US$30 billion Timing: 1998-2005 Topics: Banking; Strategy (corporate strategy); Investment banking; Consolidation; Growth; Strategic initiatives; UBS (Union Bank of Switzerland); Switzerland; Financial institutions; Integration; Organisation structure; Private banking; Asset management; Mergers Abstract: This is the first of a four-case series (306-228-1 to 306-231-1). Just three months after the shareholders of Credit Suisse Group approved the merger with Winterthur to form the largest financial services institution in Switzerland in September 1997, UBS (Union Bank of Switzerland) and SBC (Swiss Banking Corporation) announced their ambitions to create the world’s largest financial institution specialising in private banking and asset management with a market capitalisation of 85 billion Swiss francs (US$60 billion) and client assets under management of 1,320 billion Swiss francs (US$912.8 billion), named UBS. In the face of the ongoing consolidation of European commercial banking, the tightening of competition and the rationalisation trends in the banking industry, such strategic merger and acquisition initiatives seemed to be a logical step. However, in addition to the pure integration efforts and merger costs of 7 billion Swiss francs, the newly formed UBS had to deal with several unexpected challenges. Due to external shocks, such as the crisis in Asia and the crash of the long-term capital management hedge fund, as well as to internal erosions through a substantial loss of customers, and senior executives, Source: ecch
Case Mueller-Stewens, G — University of St. Gallen Shivacheva, R — University of St. Gallen Distributor: ecch (www.ecch.com) Reference: 306-229-1 Language: English Category: Strategy and General Management Data source: Field research Product Year: 2006 Geo location: Switzerland, global Industry: Banking Size: Multinational revenues greater than US$30 billion Timing: 1998-2005 Topics: Banking; Strategy (corporate strategy); Investment banking; Consolidation; Growth; Strategic initiatives; UBS (Union Bank of Switzerland); Switzerland; Financial institutions; Integration; Organisation structure; Private banking; Asset management; Mergers Abstract: This is the second of a four-case series (306-228-1 to 306-231-1). Just three months after the shareholders of Credit Suisse Group approved the merger with Winterthur to form the largest financial services institution in Switzerland in September 1997, UBS (Union Bank of Switzerland) and SBC (Swiss Banking Corporation) announced their ambitions to create the world’s largest financial institution specialising in private banking and asset management with a market capitalisation of 85 billion Swiss francs (US$60 billion) and client assets under management of 1,320 billion Swiss francs (US$912.8 billion), named UBS. In the face of the ongoing consolidation of European commercial banking, the tightening of competition and the rationalisation trends in the banking industry, such strategic merger and acquisition initiatives seemed to be a logical step. However, in addition to the pure integration efforts and merger costs of 7 billion Swiss francs, the newly formed UBS had to deal with several unexpected challenges. Due to external shocks, such as the crisis in Asia and the crash of the long-term capital management hedge fund, as well as to internal erosions through a substantial loss of customers, and senior executives Source: ecch
Case Mueller-Stewens, G — University of St. Gallen Shivacheva, R — University of St. Gallen Distributor: ecch (www.ecch.com) Reference: 306-230-1 Language: English Category: Strategy and General Management Data source: Field research Product Year: 2006 Geo location: Switzerland, global Industry: Banking Size: Multinational revenues greater than US$30 billion Timing: 1998-2005 Topics: Banking; Strategy (corporate strategy); Investment banking; Consolidation; Growth; Strategic initiatives; UBS (Union Bank of Switzerland); Switzerland; Financial institutions; Integration; Organisation structure; Private banking; Asset management; Mergers Abstract: This is the third of a four-case series (306-228-1 to 306-231-1). Just three months after the shareholders of Credit Suisse Group approved the merger with Winterthur to form the largest financial services institution in Switzerland in September 1997, UBS (Union Bank of Switzerland) and SBC (Swiss Banking Corporation) announced their ambitions to create the world’s largest financial institution specialising in private banking and asset management with a market capitalisation of 85 billion Swiss francs (US$60 billion) and client assets under management of 1,320 billion Swiss francs (US$912.8 billion), named UBS. In the face of the ongoing consolidation of European commercial banking, the tightening of competition and the rationalisation trends in the banking industry, such strategic merger and acquisition initiatives seemed to be a logical step. However, in addition to the pure integration efforts and merger costs of 7 billion Swiss francs, the newly formed UBS had to deal with several unexpected challenges. Due to external shocks, such as the crisis in Asia and the crash of the long-term capital management hedge fund, as well as to internal erosions through a substantial loss of customers, and senior executives, Source: ecch
Case Author(s): Trigeorgis, Lenos; Smit, Han T. J. Publication Date: 02/01/2009 Product Type: Case (Field) Publisher: California Management Review HBS Number: CMR419 Industry Setting: Airline industry; Airport industry; Asset management Subjects: Asset management; Assets; Cash flow; Corporate strategy; Game theory; Infrastructure; Investments; Options; Privatization Academic Discipline: Competitive strategy Product Description: To understand the recent trend toward privatization of infrastructure assets (e.g., airports), this article proposes a valuation methodology based on real options and game theory analysis that enables assessing when investors might overpay for infrastructure assets over standard discounted cash flow methods and when a premium is justified for their operating flexibility or strategic growth option value. While some infrastructure asset acquisitions may involve financial transactions whose value derives primarily from their expected cash flows, many of these infrastructure investments provide a platform and create the strategic context within which the firm can grow.
Case Author(s): Perold, Andre F.; Spitz, William T. Publication Date: 12/11/2006 Revision Date: 12/04/2007 Product Type: Case (Field) HBS Number: 9-207-062 Geographic Setting: Nashville, TN Number of Employees: 10 Event Year Start: 2006 Event Year End: 2006 Subjects: Asset management; Derivatives; Hedge funds; Leverage; Portfolio management; Private equity; Risk management Academic Discipline: Finance Product Description: As with many modern-day large pools of capital, the Vanderbilt University endowment is significantly invested in alternative assets such as hedge funds, private equity, real estate, and natural resources. The endowment’s investment committee chair is attempting to understand the complexity of the portfolio and the risks that might be present. How should the risks of these sophisticated strategies be measured? And, in particular, what risks is the endowment exposed to by virtue of the many types of leverage inherent in alternative investment strategies. Finally, did the institution have sufficient resources to manage such a portfolio, and was the investment committee providing sufficient oversight.
Case Author(s): Viceira, Luis M. Publication Date: 06/26/2007 Revision Date: 01/28/2008 Product Type: Case (Field) HBS Number: 9-207-129 Geographic Setting: United States Industry Setting: Mutual fund Number of Employees: 12,000 Event Year Start: 2006 Event Year End: 2006 Subjects: Asset allocation; Asset management; Financial planning; Investment management; Life cycles; Mutual funds; Pension funds; Risk Academic Discipline: Finance Product Description: The Vanguard Group is one of the largest asset managers in the U.S., with over $1 trillion in assets, ninety percent of which are mutual fund assets, and more than 12,000 employees at year-end 2006. Vanguard has built a strong reputation as the manager of reference for low-cost investing and high-quality customer service which always does what it thinks is best for its clients. Vanguard has recently launched a family of life-cycle funds called Target Retirement Funds. Life-cycle funds, which have proven popular both with investors in company-sponsored defined-contribution pension plans and with individual investors, are built on the idea of “age-based investing,” or the notion that investors should allocate more of their long-term savings to stocks when they are young and have longer retirement horizons, and decrease this allocation as they approach retirement. The management at Vanguard is examining the central role of these funds may play in some initiatives aimed at growing Vanguard’s retail, defined contribution and client advisory services. The pending approval of the Pension Protection Act will make it possible for sponsors of defined-contribution plans to take a more active role in advising plan participants, and the assets in individual retirement accounts and defined-contribution pension plans are expected to continue their rapid growth moving forward. Should Vanguard promote these funds Source: Harvard
Case Author(s): Lerner, Josh Publication Date: 01/03/2007 Revision Date: 05/08/2007 Product Type: Case (Field) HBS Number: 9-807-073 Geographic Setting: Connecticut Industry Setting: Education industry Number of Employees: 20 Event Year Start: 2006 Event Year End: 2006 Subjects: Asset allocation; Asset management; Assets; Financial management; Financial strategy; Leveraged buyouts; Venture capital Academic Discipline: Finance Product Description: The Yale Investments Office must decide whether to continue to allocate the bulk of the university’s endowment to illiquid investments — hedge funds, private equity, real estate, and so forth. Considers the risks and benefits of a different asset allocation strategy. Highlights the choice between different subclasses, e.g., between venture capital and leveraged buyout funds.
Case Author(s): Lerner, Josh Publication Date: 01/03/2007 Revision Date: 05/08/2007 Product Type: Case (Field) Publisher: Harvard Business School HBS Number: 807073 Geographic Setting: Connecticut Number of Employees: 20 Event Year Start: 2006 Event Year End: 2006 Subjects: Assets; Asset allocation; Financial management; Asset management; Financial strategy; Leveraged buyouts; Venture capital Academic Discipline: Finance Supplementary Materials: Case Teaching Note, (809015), 11p, by Josh Lerner, Ann Leamon; Spreadsheet Supplement, (XLS100), 0p, by Josh Lerner Product Description: The Yale Investments Office must decide whether to continue to allocate the bulk of the university’s endowment to illiquid investments — hedge funds, private equity, real estate, and so forth. Considers the risks and benefits of a different asset allocation strategy. Highlights the choice between different subclasses, e.g., between venture capital and leveraged buyout funds.
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