Market Agitation Hits New Money-Management Stocks: Mutual Funds
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Neuberger & Berman LLC, Gabelli & Co., Offitbank and other fund managers planning to sell shares in their companies to the public may find investors have soured a bit on money-management stocks.
Investors have learned their lesson in the past year from three money-management companies that sold shares to the public -- Affiliated Managers Group Inc., Federated Investors Inc., and Waddell & Reed Financial Inc. -- which now trade below their IPO prices.