IPO Filing: Turner Investments Inc. (TNR)

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Turner Investments Inc. has filed to come public via an IPO.  For filing purposes it listed $150 million as the amount up to which it will securities, although this is nominal and usually changes.  Turner will list on the NYSE under the stock ticker "TNR" and it names Goldman Sachs as the sole underwriter of the IPO.

Turner is an asset management company that managed $25.2 Billion in assets under management.  The company was founded in 1990 and it provides investment management services to institutions, intermediaries and individuals.  The company has a compounded assets under management growth rate of 27.3% over the last 5-years.

As of June 30, 2007, 59 of its clients had been clients for 5 years or more and 24 clients had been clients for 10 years or more, representing approximately 35.8% and 10.9%, respectively, of its assets under management.  10 of the principal products are growth-oriented and that is 88.4% of its assets under management.  It lists 3 products with 10.4% of assets under management as Core & Value, and lists 3 more Quantitative products that comprise 1.2% of assets under management.

While the company’s business is straight forward and easy to understand, this is actually purchasing units in the parent and has a complicated structure that we won’t break down until this IPO is closer.

Jon C. Ogg is a partner in 24/7 Wall St.; he does not own securities in the companies he covers.