Even though the equity markets have recovered from their March lows, the returns of many listed money managers in the U.S. are still down more than 10%. Some managers are down more than 30%, while their assets under management are relatively flat. Legg Mason's well-timed sale to Franklin Resources has enabled the firm to be the best performing manager year-to-date.
Markets have rebounded, but most U.S. listed managers are still down
Year-to-date and over the past five years, the largest managers have outperformed their smaller listed peers. The biggest winners have been BlackRock and T. Rowe Price Associates, both returning more than 15% annually over the past five years.
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