www.pwc.com Asset Management Valuation Quarterly Update Q4 2015 A publication from PwC s Deals practice
Financial Services Industry Asset Management Valuation Quarterly Update Recent Market Developments & Trends For the full year 2015, the S&P 1500 Asset Management & Custody Banks Index decreased by 11.6% as compared to the S&P 500 Index, which decreased by 0.7%. The combined assets of the nation s mutual funds decreased by $292 billion, or 1.8%, to $15.7 trillion in December 2015, according to the Investment Company Institute s survey of the mutual fund industry. US equity funds net outflows for 2015 totaled approximately $170 billion, the largest outflows observed since the 2008 financial downturn. International equity funds saw two consecutive months of outflows in November and December, but for the full year 2015 saw net inflows of approximately $94 billion, despite the MSCI World Index being down 4.0% for the year. For the month of December, taxable bond funds saw the highest amount of net outflows totaling $33 billion and finished the year with total outflows of approximately $40 billion. 10,000 5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 US Net Fund Flows vs. S&P 500 Return 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 20,000 16,000 12,000 8,000 4,000 0 4,000 8,000 12,000 16,000 International Net Fund Flows vs. MSCI World Index Return 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2.0% 4.0% 6.0% 8.0% Domestic Equity Flows S&P Monthly Returns International Fund Flows MSCI World Index Monthly Returns Trading market data and transaction observations The market capitalization of most of the asset management companies listed below decreased for the full year 2015, with the exception of Wisdom Tree Investments, The Blackstone Group, Ares Management, and Northern Trust, which saw their market capitalization increase by 3.7%, 4.2%, 0.6%, and 5.0%, respectively. In a challenging fund flows and market performance environment, only a handful of asset managers saw year over year increases in assets under management ("AUM") including T. Rowe Price, Eaton Vance, Janus Capital, Wisdom Tree Investments, The Blackstone Group, Oaktree Capital, and Apollo Global. Excluding acquisitions, only Eaton Vance, The Blackstone Group, and saw positive organic AUM growth for the year. Asset managers across all sub-segments (diversified, fund, alternative) saw consistent average declines in market capitalization of approximately 24% for the year. The custody bank sub-segment saw an average decline in market capitalization of approximately 5.0% for the year. From a valuation perspective, average forward earnings multiples for the diversified asset manager sub-group remained relatively flat year over year, while declining, on average, by 22%, 20%, and 10% for the fund manager, alternative asset manager, and custody bank sub-segments. In the fourth quarter of 2015, there were three transactions announced or closed within the asset management industry with deal values of $75 million or greater. There were no publicly disclosed deal multiples for these transactions. Top US Asset Management Constituents (1) Market Capitalization ($ B) Assets under Management ($ B) Price / AUM (%) Price / Forward Earnings Company 12/31/2014 9/30/2015 12/31/2015 12/31/2014 9/30/2015 12/31/2015 12/31/2014 9/30/2015 12/31/2015 12/31/2014 9/30/2015 12/31/2015 Diversified Asset Managers BlackRock, Inc. 59.9 49.5 56.5 4,652 4,506 4,645 1.3 1.1 1.2 18.2 14.8 16.9 Affiliated Managers Group Inc. 11.8 9.3 8.6 620 594 611 1.9 1.6 1.4 16.9 12.6 12.0 Legg Mason Inc. 6.1 4.6 4.2 709 672 672 0.9 0.7 0.6 12.5 13.9 13.1 OM Asset Management plc NA 1.9 1.8 221 209 212 NA 0.9 0.9 13.1 11.5 12.0 Virtus Investment Partners, Inc. 1.5 0.9 1.0 57 48 47 2.7 1.8 2.1 14.4 11.9 15.4 Sub-Group Average 1.7 1.2 1.3 15.0x 13.0x 13.9x Fund Managers Franklin Resources, Inc. 34.5 22.9 22.1 880 771 764 3.9 3.0 2.9 14.4 11.2 12.1 T. Rowe Price Group, Inc. 22.3 17.8 18.0 747 726 763 3.0 2.5 2.4 18.2 14.6 15.6 Invesco Ltd. 17.0 13.4 14.2 792 756 776 2.1 1.8 1.8 14.8 11.6 12.9 AllianceBernstein Holding L.P. 2.5 2.7 2.3 474 463 467 0.5 0.6 0.5 13.5 13.8 12.6 Eaton Vance Corp. 4.8 3.8 3.8 296 311 308 1.6 1.2 1.2 15.6 13.6 13.7 Federated Investors, Inc. 3.4 3.0 3.0 363 351 361 0.9 0.9 0.8 20.5 16.2 15.2 Janus Capital Group, Inc. 3.0 2.5 2.6 186 185 192 1.6 1.4 1.4 18.9 13.2 14.2 Waddell & Reed Financial, Inc. 4.2 2.9 2.4 124 106 104 3.4 2.7 2.3 13.6 11.4 10.1 WisdomTree Investments, Inc. 2.1 2.2 2.2 39 54 52 5.3 4.1 4.1 34.3 20.2 22.9 Artisan Partners Asset Management Inc. 3.8 2.8 2.9 108 97 100 3.5 2.9 2.9 15.7 12.2 13.8 Cohen & Steers Inc. 1.9 1.2 1.4 53 50 53 3.5 2.5 2.6 21.4 14.4 16.3 GAMCO Investors, Inc. 2.2 1.4 0.9 47 40 NA 4.7 3.5 NA 18.4 12.5 10.7 Calamos Asset Management Inc. 0.3 0.2 0.2 24 22 22 1.2 0.9 0.9 24.9 19.0 21.4 Manning & Napier, Inc. 0.2 0.1 0.1 48 37 35 0.4 0.3 0.4 11.2 8.0 10.2 Sub-Group Average 2.6 2.0 1.9 18.3x 13.7x 14.4x Alternative Asset Managers (2) The Blackstone Group L.P. 35.6 37.1 34.2 290 334 336 12.3 11.1 10.2 9.8 9.3 8.9 KKR & Co. L.P. 18.0 13.7 12.8 112 107 111 16.1 12.8 11.5 9.6 6.7 6.4 Oaktree Capital Group, LLC 7.8 7.6 7.3 91 100 97 8.6 7.6 7.6 16.0 15.5 16.1 Apollo Global Management, LLC 9.1 6.8 6.0 160 162 170 5.7 4.2 3.5 11.3 9.1 8.6 Lazard Ltd. 6.2 5.4 5.8 197 183 186 3.1 3.0 3.1 14.9 11.1 12.5 The Carlyle Group LP 9.7 5.4 5.1 194 188 183 5.0 2.9 2.8 10.1 7.7 6.9 Ares Management, L.P. 3.7 3.7 3.8 82 92 NA 4.5 4.1 NA 9.5 10.9 7.8 Och-Ziff Capital Management Group LLC 8.3 6.8 4.9 48 45 45 17.5 15.3 10.9 13.3 7.3 10.8 Fortress Investment Group LLC 3.0 2.5 2.3 68 74 NA 4.4 3.3 NA 10.1 5.9 5.8 Sub-Group Average 8.6 7.1 7.1 11.6x 9.3x 9.3x Custody Banks The Bank of New York Mellon Corporation 45.7 43.3 45.1 1,710 1,625 1,625 2.7 2.7 2.8 16.1 13.3 13.9 State Street Corporation 32.8 27.4 26.8 2,448 2,203 2,245 1.3 1.2 1.2 15.3 12.9 13.3 Northern Trust Corporation 15.9 15.9 16.7 934 887 875 1.7 1.8 1.9 19.0 16.4 17.7 Sub-Group Average 1.9 1.9 2.0 16.8x 14.2x 15.0x Average 4.2 3.4 3.1 15.7x 12.3x 12.9x Median 3.1 2.5 2.2 14.9x 12.5x 12.9x Fourth Quarter Transactions in the Asset Management Industry (3) Acquirer Target Mirae Asset Securities Co., Ltd. KDB Asset Management Co. Conning & Company, Asset Management Arm Octagon Credit Investors, LLC TA Associates Management, L.P.; Reverence Capital Frank Russell Company Close Announce Purchase Price ($ M) P/AUM (%) EV / EBITDA Price / Earnings - 12/24/2015 2,098 NA NA NA - 11/5/2015 176 NA NA NA - 10/8/2015 1,150 NA NA NA Average NA NA NA (1) Market data provided by Capital IQ, Inc. (2) IIncludes manager shares in market capitalization calculation. (3) Transaction data provided by Capital IQ, Inc. Selection criteria: (i) Target is a participant within the asset management industry, (ii) transaction was announced or closed between 10/1/2015 and 12/31/2015, (iii) total transaction value is greater than $75 million, and (iv) Percent sought is greater than 50%. (4) Certain financial data marked as "NA" was not available as of the publication date.
Financial Services Industry Asset Management Valuation Quarterly Update (continued) Top Asset Management Constituents by Geography (1) Company Price / AUM (%) Market Capitalization ($ B) Assets under management ($ B) Price / Forward Earnings 6/30/2015 9/30/2015 12/31/2014 6/30/2015 9/30/2015 12/31/2014 9/30/2015 12/31/2015 12/31/2014 12/31/2015 12/31/2015 12/31/2014 6/30/2015 9/30/2015 12/31/2015 United States BlackRock, Inc. 59.9 57.8 49.5 56.5 4,652 4,721 4,506 4,645 1.3 1.2 1.1 1.2 18.2 14.8 16.9 State Street Corporation 32.8 31.7 27.4 26.8 2,448 2,374 2,203 2,245 1.3 1.3 1.2 1.2 15.3 12.9 13.3 The Bank of New York Mellon Corporation 45.7 47.1 43.3 45.1 1,710 1,724 1,625 1,625 2.7 2.7 2.7 2.8 16.1 13.3 13.9 Northern Trust Corporation 15.9 17.8 15.9 16.7 934 946 887 875 1.7 1.9 1.8 1.9 19.0 16.4 17.7 Invesco Ltd. 17.0 16.1 13.4 14.2 792 804 756 776 2.1 2.0 1.8 1.8 14.8 11.6 12.9 Franklin Resources, Inc. 34.5 30.4 22.9 22.1 880 867 771 764 3.9 3.5 3.0 2.9 14.4 11.2 12.1 T. Rowe Price Group, Inc. 22.3 20.3 17.8 18.0 747 773 726 763 3.0 2.6 2.5 2.4 18.2 14.6 15.6 Legg Mason Inc. 6.1 5.7 4.6 4.2 709 699 672 672 0.9 0.8 0.7 0.6 12.5 13.9 13.1 Affiliated Managers Group Inc. 11.8 12.0 9.3 8.6 620 643 594 611 1.9 1.9 1.6 1.4 16.9 12.6 12.0 AllianceBernstein Holding L.P. 2.5 3.0 2.7 2.3 474 485 463 467 0.5 0.6 0.6 0.5 13.5 13.8 12.6 Federated Investors, Inc. 3.4 3.5 3.0 3.0 363 350 351 361 0.9 1.0 0.9 0.8 20.5 16.2 15.2 The Blackstone Group L.P. 35.6 47.5 37.1 34.2 290 333 334 336 12.3 14.3 11.1 10.2 9.8 9.3 8.9 Eaton Vance Corp. 4.8 4.6 3.8 3.8 296 313 311 308 1.6 1.5 1.2 1.2 15.6 13.6 13.7 OM Asset Management plc 1.9 2.1 1.9 1.8 221 227 209 212 NA 0.9 0.9 0.9 13.1 11.5 12.0 Janus Capital Group, Inc. 3.0 3.2 2.5 2.6 186 193 185 192 1.6 1.7 1.4 1.4 18.9 13.2 14.2 Lazard Ltd. 6.2 7.1 5.4 5.8 197 203 183 186 3.1 3.5 3.0 3.1 14.9 11.1 12.5 The Carlyle Group LP 9.7 9.1 5.4 5.1 194 193 188 183 5.0 4.7 2.9 2.8 10.1 7.7 6.9 Apollo Global Management, LLC 9.1 8.7 6.8 6.0 160 162 162 170 5.7 5.4 4.2 3.5 11.3 9.1 8.6 KKR & Co. L.P. 18.0 18.7 13.7 12.8 112 110 107 111 16.1 17.0 12.8 11.5 9.6 6.7 6.4 Waddell & Reed Financial, Inc. 4.2 4.0 2.9 2.4 124 121 106 104 3.4 3.3 2.7 2.3 13.6 11.4 10.1 Artisan Partners Asset Management Inc. 3.8 3.7 2.8 2.9 108 109 97 100 3.5 3.4 2.9 2.9 15.7 12.2 13.8 Oaktree Capital Group, LLC 7.8 8.2 7.6 7.3 91 103 100 97 8.6 7.9 7.6 7.6 16.0 15.5 16.1 Ares Management, L.P. 3.7 3.9 3.7 3.8 82 88 92 NA 4.5 4.5 4.1 NA 9.5 10.9 7.8 Fortress Investment Group LLC 3.0 3.2 2.5 2.3 68 72 74 NA 4.4 4.5 3.3 NA 10.1 5.9 5.8 Cohen & Steers Inc. 1.9 1.5 1.2 1.4 53 50 50 53 3.5 3.1 2.5 2.6 21.4 14.4 16.3 WisdomTree Investments, Inc. 2.1 3.0 2.2 2.2 39 62 54 52 5.3 4.9 4.1 4.1 34.3 20.2 22.9 Virtus Investment Partners, Inc. 1.5 1.2 0.9 1.0 57 52 48 47 2.7 2.2 1.8 2.1 14.4 11.9 15.4 Och-Ziff Capital Management Group LLC 8.3 9.5 6.8 4.9 48 48 45 45 17.5 19.9 15.3 10.9 13.3 7.3 10.8 GAMCO Investors, Inc. 2.2 1.7 1.4 0.9 47 45 40 NA 4.7 3.8 3.5 NA 18.4 12.5 10.7 Manning & Napier, Inc. 0.2 0.1 0.1 0.1 48 43 37 35 0.4 0.3 0.3 0.4 11.2 8.0 10.2 Calamos Asset Management Inc. 0.3 0.3 0.2 0.2 24 24 22 22 1.2 1.0 0.9 0.9 24.9 19.0 21.4 Sub-Group Average 4.2 4.1 3.4 3.1 15.7x 12.3x 12.9x Canada IGM Financial Inc. 10.1 7.9 6.2 6.3 123 109 98 NA 8.2 7.3 6.4 NA 13.2 10.3 11.0 CI Financial Corp 7.9 7.5 6.3 6.1 89 87 79 NA 8.9 8.6 8.0 NA 15.8 13.8 14.2 Fiera Capital Corporation 0.8 0.7 0.6 0.6 75 72 66 NA 1.0 1.0 0.9 NA 12.5 12.2 10.2 AGF Management Limited 0.6 0.4 0.3 0.3 31 29 25 NA 2.1 1.4 1.3 NA 12.3 9.4 9.4 Guardian Capital Group Ltd. 0.5 0.5 0.4 0.4 22 20 18 NA 2.2 2.3 2.2 NA 17.2 15.9 17.2 Canaccord Genuity Group Inc. 0.6 0.6 0.4 0.4 19 19 18 NA 3.3 2.9 2.0 NA 9.6 8.5 12.8 Sub-Group Average NA 4.3 3.9 3.5 NA 13.4x 11.7x 12.5x Europe UBS Group AG 62.4 77.8 67.6 71.4 2,578 2,807 2,639 NA 2.4 2.8 2.6 NA 10.6 11.5 12.6 Amundi Asset Management - - - 7.8 1,016 1,004 NA NA NA NA NA NA NA NA 13.4 Schroders plc 10.9 13.1 11.1 11.5 468 487 NA NA 2.3 2.7 NA NA 16.1 15.2 16.4 Aberdeen Asset Management PLC 8.7 8.2 5.7 5.5 515 446 429 NA 1.7 1.8 1.3 NA 12.5 NA 12.8 Henderson Group plc 3.6 4.4 4.2 4.8 127 129 NA NA 2.8 3.4 NA NA 13.9 14.5 17.0 Man Group plc 4.4 4.2 3.9 4.4 73 79 NA NA 6.0 5.3 NA NA 16.1 10.6 11.8 Ashmore Group PLC 2.9 3.0 2.5 2.5 64 59 NA NA 4.6 5.1 NA NA 13.8 14.6 16.3 Jupiter Fund Management Plc 2.5 3.1 3.0 3.0 50 54 NA NA 5.1 5.8 NA NA 13.6 14.6 15.6 Sub-Group Average 3.6 3.9 1.9 NA 13.8x 13.5x 14.5x Africa / Middle East Investec Limited 7.3 8.0 6.8 6.3 193 179 172 NA 3.8 4.4 3.9 NA 12.1 10.7 10.1 Coronation Fund Managers Limited 3.5 2.4 1.7 1.2 55 50 44 NA 6.3 4.7 3.7 NA 19.0 11.6 11.2 Sub-Group Average 5.1 4.6 3.8 NA 15.6x 11.2x 10.6x Asia-Pacific BT Investment Management Limited 1.4 1.7 1.7 2.5 63 60 55 NA 2.2 2.8 3.1 NA 17.5 18.3 22.3 Platinum Investment Management Limited 3.4 3.4 2.8 3.5 21 21 NA NA 16.4 16.3 NA NA 21.5 17.1 20.5 Value Partners Group Ltd 1.5 2.9 1.7 2.2 13 18 NA NA 12.0 16.4 NA NA 16.8 11.1 16.0 Sub-Group Average 2.1 2.7 2.1 2.7 10.2 11.8 3.1 NA 18.6x 15.5x 19.6x Average 4.5 4.5 3.3 3.1 15.3x 12.6x 13.4x Median 3.2 3.1 2.5 2.2 14.8x 12.4x 13.0x (1) All financial data obtained from Capital IQ. (2) Certain financial data marked as "NA" was not available as of the publication date.
Financial Services Industry Asset Management Valuation Quarterly Update (continued) Purchase Price Allocation Benchmarking - Transactions in the Asset Management Industry (1) Allocation of Purchase Price As a Percentage of Excess Consideration (2) Target Closing Purchase Price ($ MM) Goodwill Total Intangible Assets Trade names / trademarks Customer Relationships Management Contracts Other (3) KDB Asset Management Co. TBD 2,097.8 NA NA NA NA NA NA Octagon Credit Investors, LLC TBD 175.6 NA NA NA NA NA NA Frank Russell Company TBD 1,150.0 NA NA NA NA NA NA First Eagle Asset Management LLC 1-Dec-2015 4,000.0 NA NA NA NA NA NA Quilter Cheviot Limited 25-Feb-2015 940.3 50.3% 49.7% 2.6% 47.1% 0.0% 0.0% Dorsey Wright & Associates, Inc. 30-Jan-2015 225.0 44.0% 56.0% 42.9% 11.5% 0.0% 1.6% Frank Russell Company 3-Dec-2014 2,700.0 24.3% 75.7% 34.0% 40.1% 0.0% 1.5% Geneva Capital Management 1-Oct-2014 200.0 39.2% 60.8% 0.0% 0.0% 56.1% 4.7% Nuveen Investments Inc. 1-Oct-2014 6,250.0 NA NA NA NA NA NA Ignis Asset Management 1-Jul-2014 646.0 33.5% 66.5% 0.0% 66.5% 0.0% 0.0% F&C Asset Management 7-May-2014 1,597.8 72.0% 28.0% 0.0% 10.2% 17.9% 0.0% Scottish Widows Investment Partnership Ltd. 1-May-2014 1,067.0 36.6% 63.4% 0.0% 0.0% 63.4% 0.0% Chartwell Investment Partners 5-Mar-2014 60.0 64.1% 35.9% 0.0% 35.9% 0.0% 0.0% Atlantic Trust Advisors, Inc. 6-Jan-2014 210.0 48.3% 51.7% 0.0% 51.7% 0.0% 0.0% Jovian Capital Corporation 1-Oct-2013 95.4 37.5% 62.5% 0.0% 45.0% 17.5% 0.0% Artio Global Investors Inc. 21-May-2013 199.1 40.2% 59.8% 0.0% 0.0% 59.8% 0.0% Epoch Investment Partners, Inc. 27-Mar-2013 669.7 77.1% 22.9% 0.0% 22.9% 0.0% 0.0% Thomas Partners, Inc. 14-Dec-2012 85.0 NA NA NA NA NA NA Natcan Investment Management Inc. 4-Apr-2012 308.7 58.5% 41.5% 0.0% 14.9% 26.6% 0.0% Claymore Investments Inc. 7-Mar-2012 205.8 39.4% 60.6% 0.0% 60.6% 0.0% 0.0% Ashmore EEM, LLC 1-Jun-2011 153.0 55.1% 44.9% 2.0% 42.9% 0.0% 0.0% Commercial Industrial Finance Corp. 13-Apr-2011 89.7 55.4% 44.6% 1.2% 0.0% 43.4% 0.0% Henderson Group plc 4-Apr-2011 365.4 56.7% 43.3% 0.0% 0.0% 43.3% 0.0% Rule Investments and Terra Resource Investment Management and Resource Capital Investment 4-Feb-2011 173.4 71.6% 28.4% 0.0% 0.0% 28.4% 0.0% Acuity Investment Management Inc. and Acuity Funds Ltd. 1-Feb-2011 335.5 34.8% 65.2% 0.4% 9.9% 54.8% 0.0% Rensburg Fund Management Ltd. 19-Jan-2011 72.4 31.0% 69.0% NA NA NA NA BlueBay Asset Management plc 17-Dec-2010 1,454.0 87.2% 12.8% 0.0% 12.8% 0.0% 0.0% Hartford Investments Canada Corp. 15-Dec-2010 115.0 69.1% 30.9% 0.0% 0.0% 30.9% 0.0% Windhaven Investment Management, Inc. 9-Nov-2010 150.0 68.7% 31.3% NA NA NA NA Catella Brand AB 13-Sep-2010 86.0 75.3% 24.7% 16.9% 7.8% 0.0% 0.0% Prairie Capital Management LLC 30-Jul-2010 51.9 62.4% 37.6% NA NA NA NA Pantheon Ventures Ltd. 29-Jun-2010 894.3 43.0% 57.0% 0.0% 57.0% 0.0% 0.0% Rensburg Sheppards plc 25-Jun-2010 340.7 59.2% 40.8% 0.0% 40.8% 0.0% 0.0% Morgan Stanley Investment Management Inc., Retail Asset Management Business 1-Jun-2010 1,341.7 27.0% 73.0% 0.8% 4.6% 67.5% 0.0% BofA Global Capital Management Group, LLC, Certain Assets 30-Apr-2010 866.0 14.0% 86.0% 6.2% 7.4% 72.3% 0.0% Highbury Financial Inc. 15-Apr-2010 168.2 46.1% 53.9% 0.0% 53.9% 0.0% 0.0% Advisory Research Holdings, Inc. 1-Mar-2010 211.9 73.5% 26.5% 1.4% 25.1% 0.0% 0.0% River Road Asset Management, LLC 24-Feb-2010 61.0 48.3% 51.7% 0.0% 51.7% 0.0% 0.0% BlackRock Institutional Trust Company, N.A. 1-Dec-2009 14,126.0 37.6% 62.4% 7.7% 0.0% 54.7% 0.0% Insight Investment Management Limited Manulife Financial Corporation 2-Nov-2009 377.0 64.5% 35.5% 0.0% 35.5% 0.0% 0.0% Credit Suisse Group, Certain Fund Management Assets and Businesses 30-Jun-2009 306.5 38.2% 61.8% NA NA NA NA New Star Asset Management Group Ltd. 9-Apr-2009 94.2 41.4% 58.6% 0.0% 0.0% 58.6% 0.0% Anima S.G.R.p.A 23-Jan-2009 151.7 69.5% 30.5% 13.1% 0.0% 17.4% 0.0% Average 51.2% 48.8% 3.9% 22.9% 21.6% 0.2% Range of Useful Life (years) 2 to indefinite 5 to 15 4 to 9 4 to 7 Average Useful Life (years) 7 9 7 6 (1) Includes acquisitions of asset managers with purchase price greater than or equal to $50 million and transaction close dates occurring between January 1, 2009 and December 31, 2015. (2) Excess purchase price defined as total consideration less net tangible assets acquired. (3) Other includes primarily acquired technology. (4) Certain financial data marked as "NA" was not available as of the publication date.
Contacts To have a deeper discussion about valuation developments and trends, please contact: James Marshall Principal james.marshall@pwc.com +1 646 471 4256 Nisha Sheth Principal nisha.sheth@pwc.com +1 646 471 2164 Earl Wallis Managing Director earl.wallis@pwc.com +1 678 419 1745 Jameson McNeill Director jameson.mcneill@pwc.com +1 617 530 4171