Aon see increase in business since becoming Man Utd sponsors
Mon 6th Dec 2010 | Football Sponsorship
Manchester United shirt sponsors Aon, have seen a significant increase in interest since taking over from AIG in July according to Reuters.
Now the top global insurance broker Aon looks to grow over the next couple of years on the back of improved pricing and a recent key acquisition, which appears to be attracting smart investors to the stock.
While some analysts see relatively limited prospects for Aon in 2011, onward most expect it to rebound substantially from 2012 onward, which could pay off handsomely for patient investors.
Two of the largest U.S. equity-oriented hedge funds, Eminence Capital and Glenview Capital Management, made big moves in Aon shares in the third quarter. Glenview raised its Aon stake sevenfold, and Eminence boosted its position by 6 percent.
That was enough to land Aon on the list of the top 10 increases in existing positions in the quarterly "Smart Money" survey of 30 of the largest stock-picking hedge funds, conducted by Thomson Reuters.
"What we're clearly seeing with most insurance brokers is that while last year's revenues were enormously pressured ... most of those factors are much less adverse than they were last year," said Meyer Shields, an analyst at Stifel Nicolaus.
"The potential for companies to produce top-line growth is reasonable. Last year it was impossible."
Interest from fund managers coincided with Aon's four-year sponsorship deal with Manchester United, one of the most widely followed sports teams in the world.
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