The slump is due to the fallout from a sales scandal that erupted in 2016 and drove them to set aside another $1.5 billion towards legal expenses.
Private equity would jump at the reliable cash flow as well as the disruptive potential of the $24 billion TAMP’s investor-facing technology.
The January Effect has compelling statistical weight but the firm notes that a downturn is roughly as likely as a Bernie Sanders presidency.
BlackRock argues that the macro environment has undergone “a big shift” from last year, when central banks made an unusual dove turn to revive growth.