VRTS - Asset managers' March AUM mixed highlighting stock market volatility

U.S. investment firms' assets under management performance in March appeared to be mixed even as the stock market rose the most among risk assets last month. On average, assets managers' AUM eked out an increase of 0.40% M/M in March, while the S&P 500 climbed 5.2%. Take a look at how the stock market fared with other asset classes in the following chart. Note that the S&P is off nearly 3% since the end of March, which could reflect negatively for April AUM numbers. Cohen & Steers (NYSE:CNS) and Invesco (NYSE:IVZ) took the main spotlight as the two best performing asset managers in March, according to the table below. On the other hand, AllianceBernstein (NYSE:AB) and Franklin Templeton (NYSE:BEN) posted the worst results out of the group, reflecting net outflows. After factoring in market volatility and a higher cost of capital, Citi analyst William Katz has lowered Federated Hermes (FHI) to Sell

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Asset managers' March AUM mixed, highlighting stock market volatility