Large US asset managers are pinning their hopes on a broad-based recovery in equity markets to lift their businesses after suffering billions of dollars of outflows.
Traditional equity and fixed-income managers have been hit hard as investors cut their risk exposure and opt to sit in money market funds whose yields have been pumped up by rising interest rates. More than $5.6tn is held in money market funds, according to the Investment Company Institute.
“We need better industry conditions,” said Rob Sharps, chief executive of $1.3tn manager T Rowe Price, which reported more than $17bn in net outflows over the past quarter. Sharps said he expected “very substantial net outflows” in 2024 and doesn’t expect flows to turn positive until 2025.
您已阅读20%（746字），剩余80%（2926字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。