Removal of DOL Rule Will Not Eliminate Longer-Term Trends Affecting U.S. Asset Managers
While news of Donald Trump's election has sparked a rally in the shares of the U.S.-based asset managers, we think an overturning of the Department of Labor fiduciary rule, although more likely, does not alter the long-term secular trends affecting the industry. If anything, a reversal of the DOL rule will decelerate what we had expected to be an acceleration of the fee and margin compression we envision for the industry--driven by poor relative active investment performance and the growth and a...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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