MutualFundWire.com: Fund Firm Stocks Tumble as the Markets Shake

MutualFundWire.com

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Friday, August 5, 2011

Fund Firm Stocks Tumble as the Markets Shake

The S&P 500 has dropped 10.83 percent since the beginning of last week, July 25. How are mutual fund firms, whose fees are largely asset-based, faring through the storm? We've compiled data on publicly-traded mutual fund firms and publicly-traded parents of mutual fund firms, as well as some broker-dealers and other firms related to the fund business (see chart below). All told, 40 of the 55 firms on the list are lagging the market.

Several mutual fund parents' stocks have suffered more than most in the past two weeks, doubling the S&P's losses. The stock of Unicredit Italiano (the Italian parent of Pioneer Investments), is down 19.35 percent, Value Line's down 21.01 percent, Macquarie Group (the Australian parent of Delaware) is down 22.65 percent and Financial Engines (an advice and managed accounts provider for 401(k) plans) is down 22.03 percent.

On the other end of the spectrum, very few firms in the fund business saw their stocks fall much less than the S&P. Hennessy Advisors and Gamco stood out from the pack; the former's stock stayed flat and the latter's stock only fell 2.03 percent. Independent broker-dealer titan LPL's shares only dipped 5.36 percent, Power Financial (the Canadian parent of Putnam) only slipped 5.82 percent, FBR Capital Markets dropped 6.14 percent.

Meanwhile, three funds firms -- Artisan Partners, Manning & Napier and Oaktree Capital Management -- have all recently filed to go public. Will the market cause any of them (or others pondering IPOs) to adjust their plans? MFWire.com could not immediately reach spokespeople for Artisan and Oaktree for comment for this story, and a Manning spokesperson was not immediately able to comment.

Publicly-Traded Fund Firms, B-Ds and Others
Ticker	Company (Fund Firm/B-D)	Share Price 8/5/2011	Percentage Change Since 7/25/2011
AB	AllianceBernstein	15.74	-15.41
AMG	Affiliated Managers Group	90.36	-12.9
AMP	Ameriprise Financial (Columbia)	47.28	-14.81
ART	Artio Global Investors	9.22	-13.44
ASX: MQG	Macquarie Group (Delaware)	23.25	-22.65
AZSEY	Allianz SE (Pimco)	11.45	-14.74
BEN	Franklin Resources (Franklin Templeton)	117.67	-11.87
BK	Bank of New York Mellon (Dreyfus)	22.85	-11.41
BLK	BlackRock	161.69	-14.02
CNS	Cohen & Steers	34.8	-14.18
COWN	Cowen Group (Ramius)	3.77	-10.45
CS	Credit Suisse	31.58	-16.06
DB	Deutsche Bank (DWS)	48.2	-13.03
DHIL	Diamond Hill Investment Group	74.74	-9.78
DST	DST Systems, Inc.	47.89	-14.63
ENV	Envestnet	12.88	-9.3
EV	Eaton Vance	23.29	-18.08
FBRC	FBR Capital Markets	2.75	-6.14
FII	Federated Investors	19.53	-11.95
FNGN	Financial Engines	19.57	-22.03
GBL	GAMCO	48.71	-2.03
GE	GE	16.51	-13.29
GROW	U.S. Global Investors	7	-14.95
GS	Goldman Sachs	125.18	-7.61
HNNA	Hennessy Advisors	3	0
IVZ	Invesco	19.56	-13.87
JEF	Jefferies Group	17.19	-15.82
JNS	Janus Capital Group	7.35	-19.32
JPM	JPMorgan Chase	37.6	10.88
LAZ	Lazard Freres	29.47	-19.48
LM	Legg Mason	27.02	-16.68
LON:OML	Old Mutual	112.09	-14.95
LON:SDR	Schroders	1532.55	-9.07
LPLA	LPL Financial	31.43	-5.36
MFC	ManuLife (John Hancock)	13.98	-16.79
MORN	Morningstar	55.71	-10.56
MS	Morgan Stanley (Morgan Stanley Smith Barney)	20.02	-16.23
NTRS	Northern Trust	41.3	-10.06
PFG	Principal Financial Group	25.33	-12.63
PWF	Power Financial (Putnam)	27.19	-5.82
RJF	Raymond James	28.62	-16.12
SCHW	Charles Schwab	13.66	-11.53
SEIC	SEI	17.76	-13.45
STT	State Street	38.74	-9.1
TROW	T. Rowe Price	51.51	-14.61
UBS	UBS	14.68	-16.16
BIT:UCG	Unicredit Italiano (Pioneer)	1.06	-19.35
UMBF	UMB Financial (Scout)	38.89	-10.95
VALU	Value Line Securities	10.3	-21.01
VRTS	Virtus Investment Partners	67.42	-13.87
WDR	Waddell & Reed (Ivy)	31.71	-16.88
WFC	Wells Fargo	25.21	-13.49
WHG	Westwood Holdings Group	35.56	-11.52
WPSL	W.P. Stewart & Co	7	-0.14
WSDT	WisdomTree	7.04	-10.2
Source: Google Finance