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    Seymour Jacobs

    Research Analyst at Jacobs Asset Management

    Sy Jacobs is the Managing Partner and founding member of Jacobs Asset Management, specializing in financial services investments through both hedge funds and private equity vehicles. Since founding the firm in 1995, he has overseen strategies focused on U.S. financial stocks, including growth capital investments in a range of financial services businesses, with nearly $250 million raised across three Special Opportunities Funds. Jacobs began his career as a research analyst covering specialty financial and bank stocks at firms such as Alex. Brown and Sons, Mabon Nugent, L.F. Rothschild and Co., and Salomon Brothers before starting Jacobs Asset Management. He holds a Bachelor of Arts magna cum laude from the University of Michigan and an MBA from New York University, and also serves as Chairman Emeritus of Venture for America.

    Seymour Jacobs's questions to A-Mark Precious Metals (AMRK) leadership

    Seymour Jacobs's questions to A-Mark Precious Metals (AMRK) leadership • Q4 2024

    Question

    Seymour Jacobs from Jacobs Asset Management asked for a review of the LPM acquisition's performance relative to initial models and the condition of the Asian market. He also sought details on the current M&A pipeline, including the nature, location, and potential scale of opportunities.

    Answer

    Executive Gregory Roberts stated that while A-Mark is pleased with the LPM assets and personnel, financial performance is slightly behind the model due to the global demand drop-off, but he remains optimistic. Regarding the M&A pipeline, Roberts described it as active with "exclusively new deals" rather than topping off existing investments. He noted opportunities exist in wholesale and retail, both domestically and internationally, though none are on the transformational scale of the JMB acquisition. He believes the current market provides more realistic valuations, which benefits A-Mark's strong balance sheet.

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