Tags: Ross | European | financial | services

Wilbur Ross Sees More Investment Opportunities in European Financial Services

By    |   Tuesday, 18 March 2014 08:11 AM

While Wilbur Ross, CEO of WL Ross & Co., made out quite well on his investment in Bank of Ireland, he sees Europe remaining ripe for investment in financial services.

"We continue to think the financial services sector in Europe has a lot of distress remaining," he tells CNBC, noting that he will be focusing on Greece, Italy and Spain.

In the United States, Ross is impressed with the energy boom. "We continue to invest in the shale gas phenomenon in the U.S.," he states. Other industries that interest him include coal, maritime transport and heavy building materials.

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Ross notes that the turmoil in Ukraine isn't affecting his investment choices.

The most important development outside the United States during the last week as far as he is concerned was Puerto Rico's $3.5 billion issue of municipal bonds that was eagerly snapped up by U.S. investors.

"This effectively moves one of the biggest problems from the municipal bond market for the next couple of years," Ross explains. "It adds considerable liquidity to the market. To me, this is a very, very big event. And, it traded at a premium."

Plenty of investors have turned bullish on munis. The Barclays Capital Municipal Bond Index has gained 3.3 percent so far this year after dropping 2.6 percent in 2013.

"I don't see a big fear factor anymore," Duane McAllister, a portfolio manager at BMO Asset Management, tells The Wall Street Journal.

Investors have put $925 million into municipal bond funds so far this year, according to Lipper data cited by The Journal.

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InvestingAnalysis
While Wilbur Ross, CEO of WL Ross & Co., made out quite well on his investment in Bank of Ireland, he sees Europe remaining ripe for investment in financial services.
Ross,European,financial,services
281
2014-11-18
Tuesday, 18 March 2014 08:11 AM
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