Deals
BlackRock’s October Plunge Leads Selloff in Asset-Manager Stocks
- Industry index headed for biggest annual loss since 2008
- ‘If you are not growing you are dying,’ says one consultant
This article is for subscribers only.
It’s been a cruel month for U.S. asset managers.
BlackRock Inc., State Street Corp. and rivals have seen their shares take a hit as jittery institutional investors have seized up in choppy markets. The other culprits: weak revenue, lackluster fund flows and the perception that the industry is racing toward zero fees.