Asset Management Asset Management


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Asset Management Asset Management

  1. 1. Investor Day March 29, 2007 Asset Management Greg Quental Senior Managing Director
  2. 2. BSAM Businesses Endowments & Other Large Cap Growth Foundations 4% $1.30 Taft-Hartley 5% Equity Cap Small 6% Hedge Funds $0.02 Active Country Equity Absolute Return Strategies Public Sector Growth Equity 9% Funds of Hedge Funds Quantitative Equity Hedge Funds Large Cap Value Equity Hedge Funds Systematic Systematic Equity Country Equity $6.74 Active Absolute Return Corporate $10.55 Growth Equity Strategies Individual Value Equity Quantitative Equity Funds of Hedge Funds 61% Hedge Funds 15% Global Equity Systematic Equity Value Equity Global Equity Global Bear Measurisk® Bear Measurisk® Quantitative Equity $0.07 Strategic Solutions Fixed Income Strategic Solutions $0.05 Bank Loans Other Fixed Income and Core Plus Core $1.63 Bank Loans Corporates Enhanced Cash Fixed Core and Core Intermediate Plus Private Equity Income Core & Core Funds of Private Equity Funds Equity Corporates Liability Driven Investment $15.89 Short-Term Plus² Mortgage Backed Structured Products $18.72 Venture Capital Funds $4.72 $7.01 Enhanced Cash Short-Term Private Equity Intermediate Funds of Private Equity Funds Hedge Liability Driven Investment Structured Products Funds Mortgage Backed Venture Capital Funds $5.60 Short-Term Private Equity Intermediate Bank Loans $1.17 $1.05 $1.48 2 AUM does not includes merchant banking and PCS broker managed assets.
  3. 3. Reshaping BSAM – Balancing Profitability and Growth Assets Under Management(1) Net Revenues ($ billions) ($ millions) $60 $400 $54.1 $52.5 $350 $335 $50 $41.9 $300 $40 $37.8 $250 $228 $29.2 $186(2) $30 $200 $150 $132 $20 $119 $100 $10 $50 $0 $0 FY'03 FY'04 FY'05 FY'06 1Q '07 FY'03 FY'04 FY'05 FY'06 1Q '07 (1) AUM includes merchant banking and PCS broker managed assets. (2) Includes a one-time gain on the sale of mutual fund assets to Dreyfus of approximately $21.5M. 3
  4. 4. Traditional Business Recap BSAM External Bank Loans* Small Cap Value (BKF)** Systematic* Large Cap Growth* Quantitative Equity (BKF)** Large Cap Value* Short Term Fixed Income (STAMP)* Active Country Equity (HGA)** Balanced* Acquisition Start-up Core/Core Plus Times Square Synthetic Plan Sponsor** (Cigna)** YYY ETF** Before 2004* After 2004** 4
  5. 5. Hedge Fund Business Recap BSAM Bear Stearns Long/Short Equity* Emerging Markets** Long/Short Market Neutral Equity* Structured Credit Securities (Leveraged and Unleveraged)** Long/Short Special Situations Equity* All Grade Structured Credit Securities** Fund of BSAM Hedge Funds* Healthcare Sector Equity** Funds of Hedge Funds** Seeded Fund Program (8 Investments)** Asset Backed Investments (Restructure/Rehire)** Quantitative Equity** External Global Macro** Bank Loans** Geographic Focus Long/Short Equity** Country Allocation Equity** Customized FoHF Platform** Acquisition Hedge Fund Advisory** Bear Measurisk** Before 2004* After 2004** 5
  6. 6. Private Equity Business Recap Bear Stearns BSAM Media-Focused Fund* PE Distribution (Restructured)** Health-Focused Fund* Listed Private Equity Fund** External Single Feeder Funds** Fund of Private Equity Funds* Private Equity Advisors Structured PE Credit Fund** (BDC Financial)** Acquisition Crane Capital** Before 2004* After 2004** 6
  7. 7. 2007 Key Initiative Areas Globalization Expanded Marketing & Distribution Infrastructure Build 7
  8. 8. International Growth Initiatives Migdal – Israeli asset management Crane Capital – Global PE Currency Team in London Growth Equity Team in London Established Emerging Market Debt Team in London Japan sales effort/business management 8
  9. 9. Expanded Marketing and Distribution Buying External Distribution Capability The Money Portal – UK Central Park Capital – NYC Crane Capital – Global Third Party Distribution Private Equity Hedge Funds Expansion of Existing Sales Team Global hedge fund sales Expansion of platform sales team Bear Private Client Channel 9
  10. 10. Certain statements contained in this discussion are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those forward-looking statements. Numerous factors may affect our business, including but not limited to interest rates, market conditions, transactions included in our backlog failing to close, general economic conditions in the US or other geographic regions that may suffer economic downturns. For a fuller discussion of these risks see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Management” in the Company’s Annual Report to Stockholders, which has been filed with the Securities and Exchange Commission. The information in this document is provided by Bear Stearns for informational purposes only, and should be considered current only as of the date of its initial publication, without regard to the date on which you may actually review the information. 10
  11. 11. Equity Hedge Funds Bear Stearns Asset Management Prepared for Bear Stearns Investor Day Gregory G. March 29, 2007 Quental Senior Managing Director Fixed Income Private Equity