A rising tide of hot equity markets lifted almost all listed asset managers in 2021 but the dispersion between winners and losers is expected to increase next year as investors favour groups exposed to fast-growing areas such as private assets, according to analysts.
“Generally buoyant equity markets and pandemic-related cost savings have provided a significant crutch to asset managers’ earnings [since the] short, sharp market correction in March 2020” at the start of the pandemic, said Tom Mills, an analyst at Jefferies. “A future and potentially more prolonged drawdown would likely be more damaging to operating margins given many managers are now investing for growth.”
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