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Money managers struggle with market volatility after getting beaten up

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News Tech: Traditional money managers have been under pressure for a number of years. These managers invest all or almost all of their assets in funds having exposure to public markets. Many of these companies have found it challenging to produce significant organic growth due to fee reduction and mutual fund outflows. Negative returns and a sell-off in the second quarter made these tendencies worse.

As of June 30, Invesco Ltd. reported assets under management of $1.39 trillion, a decrease of 10.6% from the previous quarter and 8.8% from the previous year. At the conclusion of the second quarter, T. Rowe Price Group Inc. reported assets under management of $1.31 trillion, a 19.3% reduction from the prior quarter and a 15.6% decline over the previous quarter.

AllianceBernstein Holding, for example, reported assets under management of $646.8 billion as of June 30 according on information from Pensions & Investments Earnings tracker. That was down 12.4% from a year ago and down 12% from the first quarter.

Greggory Warren, a financial services sector strategist for Morningstar Inc. located in Chicago, stated that traditional asset managers aren’t producing much, if any, organic growth because they have primarily been in asset-outflow mode for the past ten years. For all of them, the effects of the sell-off in the second quarter were rather concerning.

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