Investors in mutual fund sponsors likely had a better day on Friday than the shareholders in the mutual funds themselves. While the stock market was flat, stock prices for publicly-traded asset managers rose mostly across the board.
The biggest gainers were Alliance Bernstein and Manning & Napier with gains of more than four percent. Other big gainers were Waddell & Reed, T. Rowe Price and Affiliated Managers Group, which each rose more than two percent.
Most of the 22 listed U.S. mutual fund shops have seen strong gains since the start of summer. Alliance Bernstein is up more than 18 percent over its 50-day moving average, for example. The majority of these stocks are trading at prices 5 to 10 percent higher than their 50-day moving average.
Exceptions are Cohen & Steers and Federated. Both of those firms have shares changing hands below that level.