Silver lining in cloudy asset management sector?
Madame Tussauds will later this month reopen its Chamber of Horrors. It should include charts of asset management company shares alongside Jack the Ripper’s wax statue and Dr Crippen’s spectacles. For while this has been a horrific year for most investors, it has been even worse for most investment managers themselves.
Just gawp at the share price performance of listed asset managers — from Schroders and Abrdn in the UK, Amundi and DWS in Europe and even US giants such as BlackRock and Franklin Templeton. In constant currency terms every single one has markedly underperformed the broader stock market in 2022.
The dollar-denominated declines range from 34 per cent to an astonishing 72 per cent for the UK’s Jupiter. And this is no irrational market tantrum. Talk to industry executives and it becomes clear that many insiders are strikingly morose about their own business.
This story originally appeared on: Financial Times - Author:Robin Wigglesworth
