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Rating:Mr. Market Smiles On Two Fund Firms As the Dow Tumbles Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, January 04, 2016

Mr. Market Smiles On Two Fund Firms As the Dow Tumbles

Reported by Neil Anderson, Managing Editor

It's been a rough day in U.S. stock market today after a seven-percent drop in China, yet at least two publicly-traded mutual fund firms are being smiled on by Mister Market.

Joe Sullivan
Legg Mason
Chairman, Chief Executive Officer
The Dow fell 1.58 percent (more than 276 points) today and the S&P 500 fell 1.53 percent (over 31 points). Most publicly-traded asset managers are seeing their shares suffer, too. Yet shares in Legg Mason [profile] and Manning & Napier [profile] defied Mr. Market and their peers, rising 1.3 percent and 4.12 percent each, respectively.

Of the rest of the publicly-traded asset managers, not all of them suffered as much as the broad market. Virtus' [profile] shares fell 0.36 percent, Invesco's [profile] and Hennessy's [profile] 0.87 percent, Calamos' [profile] 1.03 percent, AB's [profile] 1.17 percent, Cohen & Steers' [profile] 1.28 percent, Waddell & Reed's [profile] 1.33 percent, and Federated's [profile] 1.38 percent.

Patrick Cunningham
Manning & Napier
Chief Executive Officer
Other asset managers' shares fell as far as the market and then some. Franklin Templeton's [profile] dipped 1.71 percent, T. Rowe Price's [profile] 1.82 percent, State Street's [profile] 1.86 percent, BlackRock's [profile] 2.18 percent, Eaton Vance's [profile] down 2.22 percent, Artisan's [profile] 2.25 percent, Janus' [profile] 2.27 percent, WisdomTree's [profile] and AMG's 2.36 percent, and Aberdeen's [profile] 2.56 percent. The biggest sufferer was Gamco [profile], whose shares fell 4.61 percent.

Shares in related companies suffered, too. Mutual fund watcher Morningstar's shares dipped 0.75 percent, retirement plan recordkeeper and mutual fund shop Voya's shares fell 1.00 percent, and retirement plan advice specialist Financial Engines' shares slipped 3.5 percent. 

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