Moat and Trend Assessment of Several Asset Managers Leads to Upgrades, Downgrades, and FVE Changes
We've updated our moat and trend ratings for a handful of U.S.-based asset managers--Invesco, Affiliated Managers Group, Franklin Resources, Eaton Vance, and Waddell & Reed--making several downgrades, one upgrade, and a handful of changes in our fair value estimates. As we look at the industry today, we see a confluence of a few different issues--poor relative active investment performance, the growth and acceptance of low-cost index-based products, and the expanding power of the retail-advi...Legg Mason is a holding company. Through its subsidiaries, the company is an asset management company that provides investment management and related products and services. The company's investment advisory services include discretionary and non-discretionary management of separate investment accounts for institutional and individual investors. The company's investment products include proprietary mutual funds ranging from money market and other liquidity products to fixed income, equity and alternative funds managed in various investment styles. The company also provides other domestic and offshore funds to both retail and institutional investors, privately placed real estate funds, hedge funds, and funds-of-hedge funds.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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