FYI: 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.
Regards,
Ted
https://www.fa-mag.com/news/stocks-are-doing-ok--the-companies-that-buy-them--not-so-much-40838.html?print
