Thursday, 10 November 2016

Duff & Phelps and their reaction to the Trump victory

Yes, dear reader(s), it's the Thursday morning PR email, back by popular demand. 'Everyone loves these posts, boss!' Tell me about it! 'Well, everyone loves these posts. I think -' Shut up, for Christ's sake! / Let's do it! I'm pumped up. 'I'm feeling good, too.' Let's do it!

David Larsen, Managing Director in the Alternative Asset Advisory practice at Duff & Phelps in San Francisco, commented: "The funds that will be most at risk due to the initial market volatility caused by Donald Trump's victory, are the ones with exposure to multiple currencies, tariffs and geographies. For example, the Mexican Peso was one of the first victims of early indications that Trump would win. While some have criticized the industry for not pricing in a Trump victory, it is important to point out that the current situation is purely based on political uncertainty and not on economic structural issues. Evaluating the full impact of a Trump administration on funds will take much longer while we await clarity on what his cabinet and programme for the first 100 days will look like. One of the key points fund managers will keep a close eye on will be any continued rhetoric around taxation of carried interest, which although limited in fiscal revenue has proven to have populist support across party lines."

Hang on a minute! Where's Duff? 'He ain't Duff, man!' No, he's Larsen. Never mind. Let's turn to Phelps.

Ryan McNelley, Managing Director in the Alternative Asset Advisory practice at Duff & Phelps in London, commented on the perspective from Europe: "While the result of the US election will create short-term uncertainty similar to what we saw right after the EU Referendum, it is important to note that private equity firms and illiquid assets are more protected from short-term volatility as they are not under pressure to make or exit investments decisions. With 6 weeks to quarter end, in contrast to what we experienced following the Brexit vote, PE firms will have more time to consider the outcome and the implications it could have on valuation. Any deals that were due to close imminently are likely to proceed, but those with a longer lead time may want to take stock of market conditions and delay."

This is beyond a joke! Where is Phelps?! 'We want Phelps! We want Phelps! We want Phelps!' All right, Voice, that's enough. / Well, this is damn strange. We were promised Duff & Phelps. But we got Larsen & McNelley instead. 'Who promised us, boss?' Oh, that Vikki. You know Vikki. 'The PR girl?' Yeah.

Should you be interested in speaking to David or Ryan today, please do not hesitate on getting in touch.



Jesus H.! / Vikki, love, we want Duff & Phelps, yeah? What the hell is going on?! 'Oh, boss, you should take a look at this from the Duff & Phelps website -'

William Duff and George Phelps founded Duff & Phelps in 1932 in Chicago because they saw that banks and insurance companies struggling in the Great Depression needed investment research based on rigorous analysis and technical expertise. Over the years, the firm branched into financial advisory and corporate finance, broadening and deepening our service offering and expertise to assist businesses in industries outside of the banking and insurance sector while maintaining the same commitment to technical expertise. Through acquisition and organic growth Duff & Phelps has grown into the diverse and agile firm it is today, serving more than 5,000 clients each year, including over 50% of the S&P 500, 60% of the Fortune 100, 80% of the Am Law 100 and 70% of the world’s top-tier hedge and private equity funds.

Uh, 1932. They founded it in 1932. 'I fear they may not be around any more, William and George.' Okay. Well, this is depressing, ain't it? Let's move on.


No, let's not, actually. 'You got something better to do, Mikey?' Well, I've got to rehearse the last two songs for my new demo, and then record them, man. 'Okay. Good luck!' Thanks. / Oh, have a nice weekend, reader(s)! Laters.