Franklin Resources Inc. [see profile]
and Legg Mason Inc. [see profile]
started off the New Year on a sour note after being downgraded by FBR Capital Markets, Investment News reports
Tbe pub cited a report issued yesterday by FBR stating that it lowered its rating on Franklin Resources to “market perform,” from “outperform” and “underperform” from “market perform” for Legg Mason.
The report noted that after 23 months of net inflows into fixed-income mutual funds, bond funds saw $14 billion in net outflows in the first three weeks of December. Meanwhile, U.S. equity funds saw net inflows for the first time in 33 weeks during the week ended Dec. 31.
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