revised downward its outlook on US asset managers from "attractive" to "neutral," pointing to rising competition from higher deposit rates, among other factors.
"We believe that deteriorating international equity fund flows, increasing competition for investors' dollar from bank depositories, and the general lack of market conviction will continue to pressure assets under management and earnings growth over the coming quarters," Reuters
quoted a Goldman report as stating.
Goldman downgraded Calamos Asset Management's
stock from "neutral" to sell" and downgraded Franklin Resources'
from "buy" to neutral." For Janus
, Goldman maintained its "buy" rating, but took the Denver firm off the conviction buy list. Eaton Vance
bucked the trend, with the rating on its stock upgraded from "neutral" to "buy."
Armie Margaret Lee
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