Stocks Are Doing OK. The Companies That Buy Them? Not So Much
- Asset-manager shares trail the market by a wide margin in 2018
- Outflows, fee pressure could be signaling ‘last days of disco’
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The U.S. stock market is having another solid year. You wouldn’t know it by looking at the shares of companies that manage money.
The S&P index of 18 asset managers and custody banks is down almost 11 percent this year, compared with a gain of more than 8 percent for the broad S&P 500 Index. Some fund companies, including Invesco Ltd., Legg Mason Inc. and Franklin Resources Inc., have fallen more than 25 percent.