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Tuesday, June 28, 2016|
U.S. Asset Managers Feel the Brexit Burn
British asset managers aren't the only ones reeling from Britons' vote last week to leave the EU. At least seven publicly-traded shops on this side of the pond have seen their shares fall more than 10 percent since the vote. On the flip side, several U.S. asset managers have actually suffered less than the broader U.S. stock market.
The hardest hit publicly-traded asset manager in the U.S. seems to be Invesco [profile], whose shares fell 19.5 percent from June 23 to June 27. Strategic beta ETF shop WisdomTree's [profile] shares are down 14.49 percent, while institutional asset manager rollup AMG's [profile] are down 14.07 percent.
By comparison, those drops are more than triple that of the broader U.S. stock market. The Nasdaq fell 4.95 percent, the S&P 500 fell 4.07 percent, and the Dow fell 3.6 percent.
Meanwhile, asset allocation specialist Manning & Napier [profile] may be the only U.S. asset manager whose shares have actually risen over the last few days. And both real estate investing shop Cohen & Steers [profile] and niche ETF specialist U.S. Global Investors [profile] have seen their shares fall less than the broader U.S. markets.
The chart below includes information on 20 publicly-traded U.S. asset managers that have mutual fund businesses.
Printed from: MFWire.com/story.asp?s=54319
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