Earnings and stock prices for various mutual fund managers are taking some hits. In Monday's "Fund Track" column, the Wall Street Journal
's Diya Dullapalli notes
declines in earnings at Janus
and T. Rowe Price
, October 24, 2008 for more on fund firms' earnings), while adding that layoffs revealed last week at AllianceBernstein
and Janus were forced by "dire results" (see MFWire
, October 23, 2008). And analyst Roger Smith
of Fox-Pitt Kelton Cochran Coronia Waller confirmed that his firm has downgraded several asset managers, including AllianceBernstein, AMG
and T. Rowe.
In fact, the only fund firm to earn praise in the column is Pimco
, which shouldn't come as a surprise to industry insiders.
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