Business heads at mutual fund firms can be excused for feeling a little sea sick after the painful stock market volatility of the third quarter. According to new data released yesterday by kasina
, the average net margin of publicly-traded asset managers in the U.S. fell by more than 11 percent to 19.7 percent in Q3. That is down from average net margings of 22.2 percent in Q2.
The S&P 500 fell more than 14 percent in Q3, and revenues at the publicly-traded assets managers dipped 5.4 percent.
"The margin pressure was largely driven by market movement and was not the result of aggregate fund outflows," stated kasina CEO Steven Miyao
, adding that 96 percent of the asset drop came from market depreciation, not outflows.
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