Illustration: Lucas Burtin
The Big Take
Mutual Fund Titans Plowed Into Private Markets. It Isn’t Working
Asset managers expanded into alternative investments for higher fees. Some ended up facing culture clashes and sluggish pickup from salespeople.
If there ever was a perfect moment for a mutual fund giant to leap into the hotter arena of alternative investments, T. Rowe Price Group Inc. seemingly found it. Its stock was soaring to record heights when executives picked their takeover target, Oak Hill Advisors.
The marriage hasn’t gone smoothly.